The net proved and probable economically recoverable reserves are approximately 1.42 billion cubic meter.

The company assigned 128 million barrels of probable reserves to the first phase of its Saleski development.

Iraq's proven oil reserves stand at around 100 billion barrels: its probable reserves, a further 50 billion.

The company's estimated "proven and probable" reserves of 15 million ounces are worth $6 billion at the current price of about $400 an ounce.

The three categories of reserves generally used are proven, probable, and possible reserves.

"And that does not take into account the fact that there could be large probable reserves," he said.

The acquisition added over 10 million boe of proved and probable reserves and raised company production by about 5%.

The proven and probable reserve based on a 0.5-gram-per-tonne cutoff grade is 4.54 million ounces of gold.

Using the higher figure for probable reserves, Oryx said it was paying about $3.23 a barrel over all.

Possible reserves are attributed to known accumulations that have a less likely chance of being recovered than probable reserves.