Six test wells were drilled into the Marcus shale formation. Initial extraction rates for these six...

Six test wells were drilled into the Marcus shale formation. Initial extraction rates for these six wells, in barrels/day, are: 545 , 615, 722, 487, 566, and 621.

You have been tasked with deciding whether the likely yield justifies developing this site.

a. What is the range of extraction rates so that there is a 90% probability of containing the actual average extraction rate?

b. If you wish to be conservative, what single value for the likely extraction rate will you give?

Expert Solution

First of all we need to calculate the mean and standard deviation of the given data

a)

Now

b)

Mean value= 592.667

Hence we give single value 592 barrels per day

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orchestra answered 1 year ago

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