Petroleum evaluation engineers are going to just love the grayhairs evaluation process!!!
If you GUESS at the zone of interest , then GUESS at the properties of the formation ( porosity , permeability , thickness ) , then GUESS that the unknown zone of interest has some continuity and is not affected by discontinuities both vertical (structural ) and lateral ( stratigraphic ) , then GUESS that that the host rock is hydrocarbon bearing , then GUESS at a reservoir model and a recovery factor ( which BTW involves a ` whole bunch' of engineering considerations ) , then GUESS at the timing and pricing of production .......
GUESS , GUESS , GUESS !!!!!! Now you know why they call them POTENTIAL RESERVES !!! Calculating a NAV without even having seen the logs is LUDRICOUS !!!!!!
If ANYBODY is considering investing based on the bilge emanating from grayhairs and his buddies , they owe it to themselves to read the BEARCAT thread in detail with particular emphasis on all his posts leading up to post #1218. There is some `Deja Moo' ......... yes , you have heard this bull before !!!!
grayhairs ....thanks for being concerned about my portfolio ......you are right in that my resource stocks have taken a hit ......fortunately YOU and I were able to take profits in the Strachan sisters when prices were at a premium. Thanks again for being so transparent ......you silly engineer you !!!!
PS .....I like to "pussle you" because you such a puss !!!
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