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Thursday, January 31, 2008 1:28:09 PM
I know proven oil is the quantity of oil, based on all available information including seismic and drilling etc that is 90% sure to be extracted. That probable oil is that oil that has a 50% chance of being extracted and possible oil has a 10% chance of being found.
But where do risked and unrisked fit into this? I had thought that unrisked oil was that which had a high probability (?%)of being present while risked oil was a much lessor (?%) chance of being extracted.
Whenever I think I know what these terms mean, I get confused again by some report or other.
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