What does Probable Reserves mean?
Probable reserves are those unproved reserves which are more likely to be recoverable as the techno-economic studies. There is at least a 50% probability that the quantities will be actually recovered. This is known as P2.
Futures Knowledge Explains Probable Reserves
The estimated amount of hydrocarbon reserves that are in the underground reservoir are classified in three categories: Proved reserves (P1), Proved plus probable reserves (P2) and Proved, probable plus possible reserves (P3). Proven reserves have a very high degree of recovery with wells in place and techniques that are proven. But probable and possible reserves are based on future techno-economic conditions. Probable reserve has a higher chance of recovery than possible reserves.