RE: $ 35 Billion for LFD....(Jeribe)You are confusing oil reserves with Prospective resource and Contingent resource. Prospective resource
is undiscovered potential only. Undiscovered. Contingent resource is non-commercial.
If they've guessed too high, the contingent number may be as low as 1 million bbls. Obviously, it is
contingent that oil reserves would be greater than 1 million bbls. If contingent resource is between
1 million and 60 million bbls, then a decision has to be made whether to appraise a discovery. Only after
appraisal can a reasonable decision be made.
Seismic can not read hydrocarbon deposits, only a better picture of expected formations and possible
drilling locations.
It is not reasonable to use any estimate of gas volume. Non-commercial and would always be considered
as contingent.
Only the inexperienced are fooled by Prospective and Contingent numbers. As a share holder, you are an owner.
Can you imagine telling a potential buyer that we have 3 billion barrels for sale... but they haven't been discovered.