136
TYC
15.00
Carried
Block 82.....
PSC
Kuwait Energy
21.25
25.00
Medco Energi
(5)
38.25
45.00
Indian Oil Corporation Limited
12.75
15.00
Oil India Limited
12.75
15.00
TYC
15.00
Carried
(1) PSC = Production Sharing 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) 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 contract.
(5) The party indicated is the operator of the asset.
The Group’s exploration, appraisal and development plan 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 Yemen, the
Group’s exploration, appraisal and development plan includes total expected capital expenditures of $11.2 million in
respect of Block 82 through the end of 2016. Additional detail is set out in the description of each asset below.
In October 2010 the Group entered into a Memorandum of Understanding (MoU) with the Yemen Ministry of Oil and
Minerals to undertake a study of the potential development of natural gas reserves in Yemen and the optimisation of the
country’s natural gas resources for the benefit of its people and develop a long-term Yemen Gas Master Plan. Under the
framework of the MoU, the Group is to advise the Ministry on the most suitable uses and applications for the country’s
gas resources in order to ensure production sustainability and maximise revenue generation and job creation. In
accordance with the MoU, the Yemen Gas Master Plan was completed in April 2011 and submitted to the PEPA in
Yemen. As part of phase one of the plan, the Group is seeking approval from the Yemen Government to proceed with a
small scale liquefied natural gas project.
Reserves and production data
The Group has reserves in two of its four assets in Yemen. Set out below is a table summarising, as at 31 May 2014,
estimates of the Group’s net entitlement hydrocarbon reserves in Yemen, which include only oil reserves. 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)
Block 5......................
1.2
0.1
1.4
1.7
1.9
Block 43....................
0.1
-
0.1
0.1
0.1
Yemen net entitlement
reserves
(2) (3)
.............
1.3
0.1
1.4
1.7
2.1
