peachberry_tea

China North East Petroleum Catapults to the Next Level

Hmm I'm going to try and answer my own question now that I've actually gotten a chance to look at their 10K

Their proven developed reserves were determined by an independent party.. and that's 5.4mil barrels like you mentioned. How bout their probable/possible reserves? Were those management estimates or where did those reserve figures come from?

China North East Petroleum Catapults to the Next Level

Hmm one more question.. where does that 35% recovery rate come from? Is that typically how much they expect to recover from their fields or is it just some very conservative number used to estimate reserves? If it's a very conservative recovery rate then what's a more realistic recovery rate?

China North East Petroleum Catapults to the Next Level

Hey Nawar, thanks for the great article.

Wanted to get your thoughts on how reliable their reserve numbers are or where those numbers come from. Do they hire 3rd party engineers to determine the reserves? Or did they know how much oil was in the ground when they got they leased the stuff from PTR or whoever? If you could shine a bit of light on that that'd be great.

Thanks again