G-2
data suggest are less likely to be recoverable than probable reserves such that, when
probabilistic methods are used, there is at least a 10% probability that the actual quantities
recovered will equal or exceed the 3P estimate
Proved
Proved reserves are those quantities of petroleum which, by analysis of geological and
engineering data, can be estimated with reasonable certainty to be commercially recoverable,
from a given date forward, from known reservoirs and under current economic conditions,
operating methods, and government regulations
Probable
Probable reserves are those additional reserves which analysis of geoscience and engineering
data indicate are less likely to be recovered than proved reserves but more certain to be
recovered than possible reserves such that, when probabilistic methods are used, there is at
least a 50% probability that the actual quantities recovered will equal or exceed the 2P estimate
Production
The quantity of petroleum produced in a given period
PSC
Production sharing contract
Reserves
Reserves are those quantities of hydrocarbons which are anticipated to be commercially
recovered from known accumulations from a given date forward
Revenue Interest
The Group’s percentage interest of the contractor’s revenue received under the contract or
joint-venture agreement for an asset
RRR
Reserves Replacement Ratio; derived using total reserves additions in a period/ total production
in same period
Side Track
A secondary wellbore drilled away from the original hole
Source Well
A well drilled to a known horizon to produce water as a source for injection into another
productive horizon
Wakala
Investment agency contract.
Water cut
The percentage of water for every barrel fluid produced
WI, Working Interest
The Group’s percentage equity interest in an asset, before reduction for royalties or production
share owed to the government under the applicable fiscal terms
Workover Well
A well intervention, which is any operation carried out on an existing well during or at the end
of its productive life, which alters the state of the well and/or well geometry, provides well
diagnostics, or manages the production of the well for the purpose of restoring, prolonging, or
enhancing the production from that well
1C
The “low estimate” scenario of contingent resources, such that there is a 90% probability that
quantities of contingent resources actually recovered will equal or exceed the low estimate
2C
The “best estimate” scenario of contingent resources, such that there is a 50% probability that
quantities of contingent resources actually recovered will equal or exceed the best estimate
3C
The “high estimate” scenario of contingent resources, such that there is a 90% probability that
quantities of contingent resources actually recovered will equal or exceed the high estimate
1P
Proved Reserves
2P
Proved plus Probable Reserves
