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The choice of reference pressure is made by engineer depending on common sense.

The popular choice usual practise is to:

select 

LaTeX Math Inline
body--uriencoded--p_%7Bref%7D = p(t=0)
 as the bottom=hole pressure at initial time moment.

select 

LaTeX Math Inline
body--uriencoded--p_%7Bref%7D = p_e(t)
 as the bottom=hole pressure at initial time moment.

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