Proved and Probable Reserves definition
Proved and Probable Reserves means the sum of Proved Reserves and Probable Reserves as these terms are defined in the 2007 Petroleum Resource Management System (PRMS) approved by the Society of Petroleum Engineers (SPE).
Proved and Probable Reserves means the Proved Reserves and the Probable Reserves.
Proved and Probable Reserves means the interest of the Borrower in estimated quantities of Hydrocarbons from Hydrocarbon Properties (i) which geological and engineering data demonstrate with reasonable certainty to be recoverable in future years from known reservoirs under existing economic and operating conditions, i.e., prices and costs and with existing equipment and operating methods as of the date of any such determination and (ii) which are supported by favorable engineering and geological data, but which are subject to some element of risk which prevents classification in (i) above.
More Definitions of Proved and Probable Reserves
Proved and Probable Reserves means, at any date, reserves of Gold at the Mines as determined and calculated (a) in the case of all calculations of Proved and Probable Reserves (other than any such calculation relating to Proved and Probable Reserves for purposes of clause 16.9(d)), in accordance with the reporting requirements for proved and probable reserves as set out in the SAMREC Code, and (b) in the case of any calculations relating to Proved and Probable Reserves for the purposes of clause 16.9(d) , as set forth in the Development Plan;