Question

Which of the following lists reserve names in the order of decreasing probability of existence?

A) Proven reserves, probable reserves, possible reserves, speculative reserves
B) Speculative reserves, possible reserves, probable reserves, proven reserves
C) Proven reserves, possible reserves, probable reserves, speculative reserves
D) Probable reserves, proven reserves, possible reserves, speculative reserves

Answer 1

The correct order of reserve names in decreasing probability of existence is proven reserves, possible reserves, probable reserves, speculative reserves.

Step-by-step explanation:

The correct answer is Option C: Proven reserves, possible reserves, probable reserves, speculative reserves.

Proven reserves are the reserves of a resource that have been discovered, explored, and are known to exist with a high degree of certainty. They have been verified by geological and engineering data.

Possible reserves are resources that are thought to exist but require further exploration to determine their extent and feasibility.

Probable reserves are resources that are considered to have a reasonable certainty of being recoverable and commercially viable.

Speculative reserves have a low probability of existence and are based on limited or preliminary data.