RE: RE: RE: RE: Remember The KRG"Baxter4... you haven't had one knowledgeable poster confirm what you have written. You won't either.
You are using the price for developed and producing."
Still trying to mislead eh! Developed and producing is defined as P1 (thanks for the link Slider
https://www.marathon.com/News/Glossary/#Glossary%20R) as explained below. Once this well is drilled and oil proven but not developed, then your 1.5 Bbbl OOIP reserves are clasified as P2. Your statement was wrong.
As for price, you used an article for North American P2 pricing in 2008 ($91.48 average oil price) while rthe reference I used was 2009 ($53.56 average) world pricing. Which is the better value to use for Kurdistan where an average well produces 100 times more than the average NA well. So the $14.40/bbl price paid for P2 reserves in 2009 is actually conservative since the price of oil currently exceeds $80/bbl, much higher than last years prices. If I use the current oil price, then the P2 reserves from your 1.5 billion bbl OOIP works out to $9/share. IVast is getting even more attractive the more I look at it.
Reserves
Reserves consist of oil and gas in the reservoir considered producible under existing economic and operating conditions. Proved reserves include those now developed (P1) and not yet developed (P2). Reserves where technical uncertainties prevent their classification as proved are designated probable (P3) or possible (P4) reserves, depending upon likelihood of eventual production. Oil and gas currently not producible because of economic, political, environmental or technical conditions are considered contingent resources. As is true of reserves, contingent resources are classified as proved (P5), probable (P6), or possible (P7).