John,
Thanks for the clarification.
I remember long, drawn out ground school 'arguments' over these questions. You are x miles over the sea etc, you have a y knot headwind your engine fails, what is the best gliding speed to reach land and - do you jettison your external stores?
Beats me how you work all that out, and cope with the engine out emergency problems to boot.
Thankfully, it never happened to me, or at least it never happened with only a single engine. I remember how the Hunter Avon always sounded much rougher crossing the coast outbound, particularly at night!