I think you guys keep forgetting that these reserves will not all be proven at once. I think it was Centurian that said the exploration program would be done over a period of 8 years, for B4. So, while some percentage of the total will hopefully be proven within a year or two, some large percentage will not be, for another 7-8 years.
And, as that remaining percentage is proved, production will be decreasing the first reserves, for 7-8 years. This is all good but the point is that not all of the reserves will be on our books at the same time.
If a given block is completely ultimately depleted of 1 billion BOE (just a round figure) over the 24 year term of the lease, my guess is that the average reserves on the books of all participants in that block would be a combined total of maybe 500,000,000 boe - maybe less.
This is just a layman's WAG, but an indisputable point for consideration. Perhaps one of you oil guys can comment on the actual numbers.
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