4
Proved Reserves (1P)
Working Interest Basis
(1)
Total
Proved + Probable Reserves
(2P) Working Interest Basis
(1)
mmboe
(2)
(1)
Group 1P and 2P reserves in these columns are presented on a “working interest” basis and are therefore not directly comparable with the
1P and 2P Reserves presented on a “net entitlement” basis. Group working interest reserves are the Group's revenue working interest
fraction of the gross reserves of a given field. In assets governed by a PSC or a service contract (as opposed to assets under a tax/royalty
fiscal regime), Group net entitlement volumes under the terms of the PSC or service contract can be expected to be less than working
interest volumes.
(2)
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.
(3)
The Group is currently seeking opportunities to sell its interest in its Mansuriya asset in Iraq or otherwise exit the asset and intends to spend
only the minimum capital expenditures required under the Mansuriya licence. According to GCA’s report, as at 31 May 2014, of the
volumes presented in the table, Mansuriya represented 47.5 mmboe of 1P reserves on a revenue working interest basis, 72.9 mmboe of 2P
reserves on a revenue working interest basis, 14.4 mmboe of 1P reserves on a net entitlement basis, 15.7 mmboe of 2P reserves on a net
entitlement basis and 6.3 mmboe of 2C contingent resources on a revenue working interest basis. The Group is engaged in active
negotiations to farm out a portion of its working interest share in the Block 9 licence and expects to conclude an arrangement by the end of
2014. If such a farm out arrangement is entered into, the proportion of the Block 9 contingent resources in the CPR that are attributable to
the Group will be reduced accordingly. See “
Risk Factors—Risks relating to the Group—The economic valuations contained in the CPR
may not provide an accurate estimate of the value of the Group or its assets
.”
(4)
Excludes Oman due to the fact that activities in the Karim Small Fields are carried out pursuant to a service agreement, the terms of which
do not allow external reporting of reserves volumes.
(5)
Sum totals may differ from sums of line items presented as a result of rounding.
Set out below is a table summarising, as at 31 May 2014, estimates of the Group’s risked and unrisked best estimate
prospective oil and gas resources and the probability of success. These estimates are derived from the “
Competent
Person’s Report
.” For explanations of the terms, see “
Presentation of financial and other information—Reserves and
Resources Reporting—Basis of Preparation
.”
Unrisked
Prospective
Oil
Resources
(1)
(mmbbl)
Unrisked
Prospective
Gas
Resources
(1)
(Bscf)
Unrisked
Prospective
Condensate
Resources
(1)
(mmboe)
Total
Unrisked
Prospective
Resources
(2)
(mmboe)
Geological
chance of
success
(%)
(3)
Total Risked
Prospective
Resources
(1)
(2)(4)
(mmboe)
Location
Core MENA
Egypt
(4)
........................
65.7
-
-
65.7
14
9.4
Yemen.........................
80.9
-
-
80.9
15
11.8
Other
Pakistan.......................
-
355.8
10.9
70.2
9
6.1
Total
(5)
........................
146.6
355.8
10.9
216.8
13
27.3
(1)
The prospective resources in this table are presented on a “working interest” basis and are therefore not directly comparable with the
reserves presented as net entitlement volumes. Group working interest resources are the Group’s revenue working interest fraction of the
gross resources of a given field. In assets governed by a PSC or a service contract (as opposed to assets under a tax/royalty fiscal regime),
Group net entitlement volumes under the terms of the PSC or service contract can be expected to be less than the stated volumes.
Prospective resources should not be aggregated with reserves or contingent resources because of the different levels of risk involved. The
prospective resources in this table are composed of 45 prospects and 53 leads; it would require 98 exploration wells to test all of these
potential volumes.
(2)
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.
