More numpty stuff to digest8 Jul 2020 17:30
Proved (P90): The lowest figure. It means that 90% of the calculated estimates will be equal or exceed P90 estimate.
Median (P50): This is the median.
Possible (P10): The highest figure, it means that 10% of the calculated estimates will be equal or exceed P10 estimate.
For example, if a geologists’ calculation estimates that there is a 90% chance that an oil field contains 50 million barrels and another estimate says there is a 10% chance of producing another 20 million barrels in addition to the 50 million barrels. So, we would refer to:
P10 as the highest figure – it is possible that we can produce up to 70 million barrels.
P90, the lowest figure – is it proved that we can produce up to 50 million barres.
Remember that the production profile is extremely important for Maros as it is the reference point for the entire analysis
Thank Jim Pazos
ANS151858
Answered 3 years ago Jim Pazos