120
Dover Investments Limited
28.00
Carried
(6)
Beach Petroleum (Egypt) Pty Ltd
22.00
22.00
(1) PSC = Production Sharing Contract; SC = Service Contract.
(2) Revenue Interest is the percentage interest of the Group in the revenues derived from sale of production from an asset, before taking into
account any taxes, fees, royalties or other payments.
(3) Cost Interest is the percentage contribution of the Group to the exploration, development and operating costs for an asset, before taking into
account contractual cost recovery available to the Group, if any.
(4) The party indicated is the operator of the asset.
(5) Excluding the Group’s entitlement to receive 7.5% of Dover Investments’ share of the profit oil attributed to the contractor group in return
for carrying Dover Investment’s costs.
(6) A “carried” cost interest indicates that the carried entity’s undivided interest in the costs, obligations and liabilities associated with the asset
are not borne by the carried entity but are instead borne by its JV partners pursuant to the relevant licence.
The Group’s exploration, appraisal and development programme through to the end of 2016 is summarised under “—
Planned capital expenditure and near-term exploration and appraisal programmes
.” With regard to its assets in Egypt,
the Group’s exploration, appraisal and development programme includes total expected capital expenditures for Area A
of $7.0 million through the end of 2016. Additional details are set out in the description of each asset below.
Reserves and production data
The Group has reserves in all four of its assets in Egypt. Set out below is a table summarising, as at 31 May 2014,
estimates of the Group’s net entitlement hydrocarbon reserves in assets in Egypt. These estimates are derived from
the“
Competent Person’s Report
.”
Proved (1P)
Developed
Proved (1P)
Undeveloped
Proved (1P)
Total
Proved +
Probable (2P)
Proved,
Probable +
Possible (3P)
Asset
(mmboe)
(1)
ERQ
1.8
0.1
1.9
3.0
4.7
Area A
0.8
-
0.8
3.3
6.7
Burg El Arab
0.4
0.1
0.5
2.1
3.1
Abu Sennan
0.1
-
0.1
1.9
4.6
Egypt net entitlement
reserves
(2) (3)
3.0
0.2
3.3
10.3
19.1
(1) Gas and condensate volumes have been converted by the Group to oil equivalent volumes using conversion factors of 6.0 mscf/boe and 1.0
bbl/boe respectively.
(2) Sum totals may differ from sums of line items presented as a result of rounding.
(3) Group 1P and 2P Reserves in this table are presented on a “net entitlement” basis, and present reserves estimated to be attributable to the
Group based on its contractual working interest of the costs, benefits and ownership of a particular asset, including cost recovery and profit
share amounts, and reduced by royalties or share of production owing to others under applicable lease and fiscal terms, as adjusted up for
any corporation tax paid on their behalf and in kind. In assets governed by a PSC or a service contract (as opposed to assets under a
tax/royalty regime), the Group’s net entitlement reserves are calculated in accordance with the terms of the PSC or service contract on the
basis of forecast price and cost assumptions as evaluated in reports prepared by GCA.
According to the CPR, on a net entitlement basis as at 31 May 2014, 2.5 Bscf (0.4 mmboe), or 4.0%, of the Group’s total
2P net entitlement reserves in Egypt and 9.6 Bscf (1.6 mmboe), or 8.4%, of the Group’s total 3P net entitlement reserves
