TEAM of 7 Geologists Confirmation of 119,896,810 Barrels of Proven and Probable Reserves:
The 119,896,810 barrels of proven and probable reserves was derived from the original confirmation of the TEAM of 7 Geologists from the Ukraine Government that confirmed the 16,357 thousand tons of reserves. Let’s do the conversion.
>>> 16,357 thousand tons of reserves = 16,357,000 tons of reserves
16,357,000 tons of reserves x 7.33 barrels of oil = 119,896,810 barrels of oil
Keep in mind, this indicated 119,896,810 barrels of oil is considered Proven & Probable reserves per the source document from the Petroleum Reserves Definitions from the Society of Petroleum Engineers:
So, from reading above, we can presume that there is an at least 90% amount of reserves that are ”Proven” and that there is an at least 50% amount of reserves that are ”Probable” from the total amount of 119,896,810 barrels of oil reserves. The 90% and 50% are amounts that indicate the probability that the quantities actually recovered will equal or exceed the estimate. Or in other words, the probability for the amount of the confirmed 119,896,810 barrels of oil that should be considered money in the bank to be there in the ground.
So for our sake here, let’s remain as conservative as we logical can remain and presume only an at least 50% of the reserves will be actually recovered to be money in the bank for QEDN and NRGT both. This means below for the amount of barrels of oil that should be at a minimum, considered to be actually recovered:
119,896,810 barrels of oil x .50 Actually Recovered = $59,948,405 Barrels of Oil Actually Recovered
This means that out of the $5,635,150,070 Retail Valuation…
NRGT owns 78% which = $4,395,417,055 Retail Valuation QEDN owns 22% which = $1,239,733,015 Retail Valuation
The Special Permit to drill was approved by Deputy Minister Yevdoshchuk M.I. Signature Seal of the Ministry of Nature Ministry of Environmental Protection of Ukraine ID code 00013735 B?003491: