xvi
Memorandum may not be comparable to information required or permitted to be made public by other international
companies engaged in oil and gas producing activities. In particular, the Group’s service contracts in Iraq and other
jurisdictions may not provide the legal right to extract hydrocarbons to the degree necessary for the Group to recognise
reserves from those fields, notwithstanding that SPE-PRMS standards permit the Group to do so. As a result of these and
other factors, if other standards were applied, the Group’s estimated reserve levels may be substantially lower than those
currently reported in this Offering Memorandum. Prospective investors should read the CPR for more information on the
Group’s reserves and resources and the reserves and the related definitions used by the Group.
Market, Economic, Industry and Other Third-Party Data
Unless the source is otherwise stated, the market, economic and industry data in this document constitute the Group’s
own estimates. The Group cannot assure you that any of these studies or estimates are accurate, and none of its internal
surveys or information have been verified by any independent sources. While the Group is not aware of any
misstatements regarding its estimates presented herein, its estimates involve risks, assumptions and uncertainties and are
subject to change based on various factors, including those discussed under the heading “
Risk factors
” in this Offering
Memorandum.
The Group has obtained the market data and certain industry forecasts used in this document from internal surveys,
reports and studies, as well as publicly available information, market research and industry publications, including the
US Energy Information Administration (“
EIA
”), the Oil and Gas Journal (“
OGJ
”), International Energy Agency
(“
IEA
”), the BP Statistical Review of World Energy (the “
BP Statistical Review
”), The Outlook for Energy: A View to
2040 published by ExxonMobil in 2014 (“
Outlook for Energy
”), country reports for Egypt, Iraq, Yemen and Oman
published by Wood Mackenzie (“
Wood Mackenzie
”) and the Al-Nasiriya Integrated Project conducted by the
Petroleum Contracts and Licensing Directorate of the Iraqi Ministry of Oil. These and other industry publications
generally state that while the information they contain has been obtained from sources believed to be reliable, the
accuracy and completeness of such information is not guaranteed. The Group believes that these industry publications,
surveys and forecasts are reliable but it has not independently verified them and cannot guarantee their accuracy or
completeness. Forecasts and other forward looking information obtained from these sources are subject to the same
qualifications and uncertainties as the other forward looking statements in this Offering Memorandum.
The Group cannot assure you that any of the assumptions underlying any statements regarding the oil and gas industry
are accurate or correctly reflect its position in the industry. Market data and statistics are inherently predictive and
speculative and are not necessarily reflective of actual market conditions. Such statistics are based on market research,
which itself is based on sampling and subjective judgments by both the researchers and the respondents, including
judgments about what types of products and transactions should be included in the relevant market. In addition, the value
of comparisons of statistics for different markets is limited by many factors, including that (i) the markets are defined
differently, (ii) the underlying information was gathered by different methods and (iii) different assumptions were
applied in compiling the data. Accordingly, the market, economic and industry data included in this Offering
Memorandum should be viewed with caution and no representation or warranty is given by any person, including the
Group and the Initial Purchaser, as to their accuracy.
The Group confirms that all third party information contained in this document has been accurately reproduced and, so
far as they are aware and have been able to ascertain from information published by third parties, no facts have been
omitted which would render the reproduced information inaccurate or misleading. Where third party information has
been used in this Offering Memorandum, the source of such information has been identified.
No Incorporation of Website
The contents of the Issuer’s website (or any other website), and including any materials which are hyper-linked to such
websites, do not form part of this Offering Memorandum and prospective investors should not rely on them.
References to Defined Terms
Certain terms used in this document, including certain capitalised terms and certain technical and other terms, are
defined and explained in “
Certain definitions
” and “
Glossary of terms
” in this document.
