Proven reserves (1P)
Proven reserves (1P) means the estimated amount of petroleum which has a very high probability (greater than 90 percent) of being able to be recovered from proven accumulations in the current financial circumstances and under current operating conditions.
Probable reserves (2P)
Probable reserves are reserves that are likely to consist of recoverable oil and gas accumulations. Proven plus probable reserves (2P) must have more than 50 percent probability of being technically and financially recoverable in the current or future financial circumstances.
Possible reserves (3P)
Possible reserves are reserves for which analyses indicate that it is less likely that they will be able to be recovered. Proven plus probable plus possible reserves must have more than 10 percent probability of being technically and financially recoverable in the current or future financial circumstances.
Contingent resources means the estimated recoverable volumes from known accumulations that have been proven through drilling but which do not yet fulfil the requirements for reserves.Because PA Resources has several fields with high inert contents, in quoting its Contingent gas Resources PA Resources nets the gross, raw gas resources down to the anticipated inert level at the point of sale.
Prospective resources means the resources estimated to exist in prospect areas considered viable to drill, but which have not yet been proven by drilling. PA Resources includes resources in leads in this category.
Risked prospective resources
Risked prospective resources means the prospective resources estimated to exist based on geological and technical investigations, taking into account the probability of discoveries.
Leads are possible accumulations of hydrocarbons where more data needs to be gathered and analysed before they can be called prospects, where drilling is considered to be feasible.