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1P proven reserves; those reserves claimed to have a reasonable certainty of being recoverable under existing economic and political conditions using existing technologies. Also referred to as P90 (i.e. having a 90% certainty of being produced).
2P proven and probable reserves; also referred to as P50, with a 50% certainty of being produced.
3P proven, probable and possible reserves; also referred to as P10, with a 10% certainty of being produced.
AIM Alternative Investment Market of London Stock Exchange
API the gravity or density of liquid petroleum products, as devised jointly by American Petroleum Institute and the National Institute of Standards and Technology
bbl(s) barrel(s)
BHP bottom hole pressure
boepd/bopd barrels of oil equivalent per day
centipoise (cP) the unit of measurement of viscosity
COGEH Canadian Oil and Gas Evaluation Handbook
Contingent Resources those quantities of petroleum estimated to be potentially recoverable from known accumulations using established technology or technology under development, but which are not currently considered to be commercially recoverable due to one or more contingencies.
CPR Competent Persons’ Report
DECC the Department of Energy and Climate Change
DP dynamic positioning
DST drill stem test
EMAS European Eco-Management and Audit Scheme
EMP Environmental Management Plan
EOR enhanced oil recovery
ES Environmental Statement
ESP electric submersible pump
EWT extended well test
FDP Field Development Plan
FPD First Phase Development
FPSO floating production and storage offtake vessel
FSU floating storage unit
GOR gas in oil ratio
Kv:Kh the ratio of vertical versus horizontal permeability
Lead an identified potential hydrocarbon trap which requires further work before becoming a drill-ready prospect
LSE the London Stock Exchange
MMbbls millions of barrels of oil
NPV(10) net present value in money of the day using a forward discount factor of 10%.
OIP/STOIIP oil in place, or stock tank oil initially in place, the estimate of total volumes of oil in any given reservoir including both producible and non-producible oil
OPEP Oil Pollution Emergency Plan
OWC oil water contact
Permeability the measurement of how easily a fluid can move through rock formations, measured in millidarcies (mD)
Prospect an identified potential hydrocarbon trap which is sufficiently well defined and de-risked to merit the drilling of an exploration well.
Prospective Resources those quantities of petroleum estimated to be potentially recoverable from undiscovered accumulations by applicable of future development projects.
RAR Reserves Assessment Report
RF recovery factor
SHEQ Safety, Health, Environment and Quality
SPD Second Phase Development
SPEE Society of Petroleum Evaluation Engineers
TD total depth, the length measured by the length of pipe required to reach the bottom
TRACS AGR TRACS International Limited
TSX-V Toronto Stock Exchange, Venture Division
TVDSS true vertical depth sub-sea
UKCS United Kingdom Continental Shelf
viscosity the measure of the resistance of a fluid which is being deformed by stress
WBM water based muds
XEL Xcite Energy Limited
XER Xcite Energy Resources Limited

Published : Monday, November 28, 2016 5:53 PM UTC