Assets are quantified and classified according to a set of industry definitions, and a summary of those which may help interpretation of the TRACs evaluation results follow:
| Concept | Description |
|---|---|
| Possible / High / P10 | Using probabilistic methods to analyse geological and engineering data it has been determined that there should be at least a 10%, probability that the quantities actually recovered will equal or exceed the estimate |
| Probable / Best / P50 | Using probabilistic methods to analyse geological and engineering data it has been determined that there should be at least a 50%, probability that the quantities actually recovered will equal or exceed the estimate |
| Proved / Low / P90 | Using probabilistic methods to analyse geological and engineering data it has been determined that there should be at least a 90%, probability that the quantities actually recovered will equal or exceed the estimate |
| Contingent Resources | Volumes of hydrocarbons estimated to be potentially recoverable from discovered accumulations but still to be classified as viable for commercial production following development activities on the asset |
| Prospective Resources | Volumes of hydrocarbons estimated to be potentially recoverable from undiscovered accumulations following development activities on the asset |
| Discovered / Undiscovered accumulations | A "discovered" accumulation is one which has proved hydrocarbons can be recovered at the surface in a flow measurable by standard industry testing methods. An “undiscovered” accumulation has been identified through geological, geophysical or empirical analysis but which has yet to be developed to the point of recovery at surface. |
| Unrisked net volumes | Net volumes of hydrocarbons calculated without reference to the risk that the accumulation may differ in size to that estimated. For example, if an accumulation is estimated to hold 100mmbo and PDIP's interest is 60%, PDIP's Unrisked net volume is 60mmbo. If there is a 90% confidence that the volume estimate is robust, the risked net volume would work out to 54mmbo. |
| STOIIP | Stock Tank Oil Initially In Place – the total oil content of an accumulation |
| GIIP | Gas Initially In Place – the total gas content of an accumulation |
Areas of operation
Port au Port peninsular
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