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7
As at 31 December 2014
3
, Kuwait Energy’s working interest Proven and Probable (“2P”) reserves are approximately 671
mmboe. Working interest contingent resources (“2C”) is approximately 760 mmboe and the best estimate of risked prospective
resources (“P50”) is approximately 32 mmboe.
However, figures for reserves and resources shown in the table below are
adjusted to take into account the acquisition of an additional 25% WI in Burg El Arab and the farm out of 10% in Block 9.
Notes:
Reserves replacement ratio takes into account acquisition or divestment activities during the year.
Proven Reserves Replacement Ratio (RRR) = 2021%
Proven plus Probable Reserves Replacement Ratio (RRR) = 5246%
Reserves and Resources estimates are Kuwait Energy working interest.
Prospective Resources estimates are risked.
Total may not exactly equal the sum of the individual entries due to rounding.
2014 production is based on actuals up to November 2014 and an estimate for December 2014.
Excludes Karim Small Fields (Oman) which cannot be included in external reserves reporting as per contract.
Reserves Replacement Ratio considers acquisitions and divestment.
Eurasia assets (Ukraine and Russia) were divested in 2014.
YE14 volumes were adjusted to reflect the acquisition of 25% in Burg El Arab and farm out of 10% in Block 9.
Classification
Category
YE13
Production
Exploration
adds
Revisions
Acquisitions
and
Divestments
YE14
YE14-Net
Entitlement
Reserves
1P
90.5
-7.5
145.3
30.9
-24.1
235.1
63.3
2P
213.1
436.7
76.6
-118.4
600.5
99.8
3P
300.7
890.5
143.5
-240.3
1,086.8
139.2
Contingent
resources
2C
853.0
0.0
-93.0
-98.4
661.6
Prospective
resources
Best
37.1
0.0
0.7
-8.5
29.3
R
ESERVES AND
R
ESOURCES
3
Audited by Gaffney, Cline & Associates (“GCA”) as at 31 December 2014.