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As of 31 December 2016,

Kuwait Energy’s

WI Proven and Probable (“2P”) reserves were 810

mmboe

; a decrease

from the previous year by 1%. The WI contingent resources (“2C”) was

1,040 mmboe

and the best estimate of risked

prospective resources (“P50”) was

28 mmboe

.

It is worth noting that

the

valuation of a private E&P company is most commonly based on its audited reserves

and associated economic models.

Classification

Category

Kuwait Energy Reserves and Resources (in mmboe)

Year-End 2015

2016 Production

Exploration Adds

Revisions

Acquisitions & Divestments

Year-End 2016

Year-End 2016

Net Entitlement

Reserves

1P

312

-8

0

33

-9

328

91

2P

818

0

21

-21

810

142

3P

1,651

0

38

-25

1,656

215

Contingent

Resources

2C

942

0

181

-84

1,040

Prospective

Resources

Best

34

0

0

-6

34

Total

Year-End 2016

Year-End 2015

1P

RRR =

301%

1P

RRR =

780%

2P

RRR =

-5%

2P

RRR =

1986%

Notes:

Audited figures by GCA as of 31 December 2016.

Excludes

KSF

, Oman which cannot be included in external reserves reporting as per the service contract.

Reserves Replacement Ratio considers acquisitions and divestment.

Prospective Resources estimates are risked.

N/E stands for Net Entitlement.

Totals may not exactly equal the sum of the individual entries due to rounding to nearest whole number.

20% working interest in

Siba

, Iraq, was farmed out to EGPC effective 1 January 2016.

25% working interest in

Abu Sennan

, Egypt, was farmed out to GlobalConnect effective 31 December 2016.

R

ESERVES AND

R

ESOURCES