103
(3)
The ‘geological chance of success’ is a percentage which represents the estimated percentage probability of achieving the status of a
Contingent Resource (where the geological chance of success is considered to be 100%). This dimension of risk assessment does not
incorporate the considerations of economic uncertainty and commerciality. GCA has presented the Prospective Resources in the
“
Competent Person’s Report
” as unrisked volumes and has not aggregated these volumes. The aggregation and application of the geological
chance of success to derive risked volumes has been undertaken by the Group.
(4)
“Risked Prospective Resources” represent the P50 probabilistic outcome multiplied by the geological chance of success.
(5)
For Abu Sennan in Egypt, the Group has presented the volumes for the “oil” case; in the CPR, GCA also presents a “gas” case, as there is a
chance any discovery may prove to be gas rather than oil.
(6)
Sum totals may differ from sums of line items presented as a result of rounding.
The table below summarises the Group’s average daily oil production on a working interest basis for each of the
jurisdictions in which it has producing assets. For information about the movements in the Group’s hydrocarbon
production between periods, see “
Management’s discussion and analysis of financial condition and results of
operation—Results of Operations
.”
Year ended 31 December
Three months
ended 31 March
2008
2009
2010
2011
2012
2013
2013
2014
(boepd)
Location
Egypt
Abu Sennan ............... -
-
-
-
204
445
331
690
Area A ....................... 1,729
4,008
4,386
4,210
4,434
4,351
3,959
4,178
Burg El
Arab ...........................212
193
348
423
1,144
882
837
951
ERQ...........................798
2,092
3,420
3,896
6,672
8,876
6,250
9,695
Egypt Total
.....................................................................
2,738
6,293
8,154
8,529
12,454
14,553
11,377
15,514
Yemen
Block 5 ...................... -
-
-
-
656
4,185
5,108
4,012
Block 43 .................... 1,185
1,093
776
636
563
532
645
376
Yemen Total
...................................................................
1,185
1,093
776
636
1,219
4,717
5,753
4,388
Oman
Oman KSF
(1)
....................................................................
2,128
2,635
2,758
2,825
3,065
2,628
2,829
2,566
Group average daily
working interest
production
......................................................................
6,051
10,021
11,688
11,990
16,738
21,898
19,959
22,468
(1)
Reflects the contribution of the Group’s 20% interest in Medco LLC, which holds a 75% working interest in the Karim Small Fields in
Oman. As the Group does not control Medco LLC, under IFRS 11 Medco LLC cannot be consolidated with the Group’s revenue or expense
items on its consolidated income statement. The Group’s interest in Medco LLC is therefore accounted for in the Group’s consolidated
income statement under “Net result from joint venture.”
The table below presents certain Group operating data for each of the time periods indicated. See “
Presentation of
financial and other information—Non
-
IFRS financial measures
.”
Year ended 31 December
Three months ended
31 March
2011
2012
2013
2013
2014
Benchmark – average
International Brent Crude oil
price ($ per barrel)
(1)
...................
110.9
111.7
108.7
118.4
112.6
