Contingent Resources means those quantities of petroleum estimated, as of a given date, 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. Contingencies may include factors such as economic, legal, environmental, political, and regulatory matters or a lack of markets. It is also appropriate to classify as contingent resources the estimated discovered recoverable quantities associated with a project in the early evaluation stage.
Contingent Resources means quantities of petroleum estimated, as of a given date, 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. Contingencies may include factors such as economic, legal, environmental, political, and regulatory matters, or a lack of markets. Contingent resources are further classified in accordance with the level of certainty associated with the estimates and may be subclassified based on project maturity and/or characterized by their economic status;
Contingent Resources means those quantities of petroleum estimated, as of a given date, to be potentially recoverable from known accumulations by application of development projects but which are not currently considered to be commercially recoverable due to one or more contingencies. Contingent Resources are a class of discovered recoverable resources.
Examples of Contingent Resources in a sentence
Contingent Resources may include, for example, projects for which there are currently no viable markets, or where commercial recovery is dependent on technology under development, or where evaluation of the accumulation is insufficient to clearly assess commerciality.
Contingent Resources are defined in the COGE Handbook as those quantities of petroleum estimated, as of a given date, 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.
There is no certainty that it will be commercially viable for Grizzly to produce any portion of the Contingent Resources.
The basic classification requires establishment of criteria for a petroleum discovery and thereafter the distinction between commercial and sub-commercial projects in known accumulations (and hence between Reserves and Contingent Resources).
Estimated recoverable quantities within such a discovered (known) accumulation(s) shall initially be classified as Contingent Resources pending definition of projects with sufficient chance of commercial development to reclassify all, or a portion, as Reserves.
More Definitions of Contingent Resources
Contingent Resources has the meaning given in Appendix A: Glossary of Terms Used In Resource Evaluations of the PRMS.
Contingent Resources means those quantities of oil and gas estimated on a given date to be potentially recoverable from known accumulations but are not currently economic;
Contingent Resources means quantities of petroleum estimated, as at a given date, to be potentially recoverable from known accumulations by application of development projects, but which are not currently considered to be commercially recoverable owing to one or more contingencies;
Contingent Resources is defined in COGEH. The volumes listed in the table above entitled "Contingent Bitumen Resources" refer to recoverable bitumen estimates, as per the definition of "Contingent Resources" in COGEH. The bitumen estimates in the above table were calculated at the outlet of the proposed extraction plant. The Best Estimate is the current basis of the audited mine plan. The Low and High estimates are derived in the Company's document entitled the "Fort Hills Project Conceptual Mine Plan Study" which was completed in March, 2006. The contingencies that prevent these bitumen resources from being classified as reserves include, but are not limited to, revised regulatory approval, completed feasibility study and full company commitment. We have no responsibility to update our report for events and circumstances occurring after the respective preparation date. Because the resources data are based on judgments regarding future events, actual results will vary and the variations may be material. Sproule Associates Ltd. Calgary, Alberta February 23, 2007 /s/ Grant I. Sanden, P. Eng ---------------------------- Grant I. Sanden, P.Eng. Xxxxxxxxx 26/02/2007 dd/mm/yr /s/ R. Keith MacLeod, P. Eng ----------------------------- R. Keith MacLeod, P.Eng. Xxxxxxxxx Vice-President 26/02/2007 dd/mm/yr SCHEDULE C REPORT OF MANAGEMENT AND DIRECTORS ON DECEMBER 2006 OIL AND GAS DISCLOSURE Management of Teck Cominco Limited (the "Corporation") is responsible for the preparation and disclosure of information with respect to the Corporation's oil and gas activities in accordance with securities regulatory requirements. An independent qualified reserves evaluator has evaluated the resources data associated with the Fort Hills oil sands project and has concluded that the best estimate of contingent resources associated with the Corporation's 15% interest in the project is 708 million barrels of recoverable bitumen. The report of the independent qualified reserves evaluator has been filed with securities regulatory authorities. A committee of the Board of Directors of the Corporation composed of a majority of independent directors has
Contingent Resources means those quantities of petroleum estimated, as of a given date, 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. Contingent Resources have an associated chance of development (economic, regulatory, market and facility, corporate commitment or political risks). Contingent Resources are not risked for the chance of development. There is no certainty that they will be commercially viable to produce any portion of the contingent resources;
Contingent Resources are those quantities of petroleum estimated, as of a given date, to be potentially recoverable from known accumulations, but the applied project(s) are not yet considered mature enough for commercial development due to one or more contingencies. Contingent resources may include, for example, projects for which there are currently no viable markets, or where commercial recovery is dependent on technology under development, or where evaluation of the accumulation is insufficient to clearly assess commerciality.
Contingent Resources. Not all technically feasible development plans will be commercial. The commercial viability of a development project is dependent on the forecast of fiscal conditions over the life of the project. For Contingent Resources the risk component relating to the likelihood that an accumulation will be commercially developed is referred to as the “chance of development.” For Contingent Resources the chance of commerciality is equal to the chance of development. CAUTIONARY STATEMENTS