Annual Report & Accounts 2013

 

OIL AND GAS RESERVES

Proved and probable reserves at 31 December 2013



Algeria

Egypt

Bulgaria

Group Total

Oil

Gas

Total

Oil

Gas

Total

Gas

Oil & Gas

 

Mboe

Mboe

Mboe

Mboe

Mboe

Mboe

Mboe

Mboe

Working interest basis

 

 

 

 

 

 

 

 

Proved developed

-

-

-

5,297

23,089

28,386

3,301

31,687

Proved undeveloped

37,867

124,086

161,953

2,065

8,476

10,541

1,011

173,505

Proved

37,867

124,086

161,953

7,362

31,565

38,927

4,312

205,192

 

 

 

 

 

 

 

 

Probable developed

-

-

-

2,299

7,847

10,146

892

11,038

Probable undeveloped

34,823

103,265

138,088

21

5,289

5,310

1,064

144,462

Probable

34,823

103,265

138,088

2,320

13,136

15,456

1,956

155,500

 

 

 

 

 

 

 

 

Total developed

-

-

-

7,596

30,936

38,532

4,193

42,725

Total undeveloped

72,690

227,351

300,041

2,086

13,765

15,851

2,075

317,967

Proved and probable

72,690

227,351

300,041

9,682

44,701

54,383

6,268

360,692

 

 

 

 

 

 

 

 

Movements on reserves during the year

 

 

 

 

 

At 1 January

73,700

230,522

304,222

11,679

54,012

65,691

8,474

378,387

Additions

-

-

-

-

-

-

-

-

Revisions

(1,010)

(3,171)

(4,181)

(898)

(2,980)

(3,878)

(448)

(8,507)

Production

-

-

-

(1,099)

(6,331)

(7,430)

(1,758)

(9,188)

At 31 December

72,690

227,351

300,041

9,682

44,701

54,383

6,268

360,692


Algeria

Egypt

Bulgaria

Group Total

 

Oil

Gas

Total

Oil

Gas

Total

Gas

Oil & Gas

 

Mboe

Mboe

Mboe

Mboe

Mboe

Mboe

Mboe

Mboe

Net entitlement basis

 

 

 

 

 

 

 

 

Proved developed

-

-

-

2,480

9,392

11,872

3,301

15,173

Proved undeveloped

20,272

69,009

89,281

786

2,413

3,199

1,011

93,491

Proved

20,272

69,009

89,281

3,266

11,805

15,071

4,312

108,664

 

 

 

 

 

 

 

 

Probable developed

-

-

-

297

687

984

892

1,876

Probable undeveloped

13,213

39,864

53,077

375

3,825

4,200

1,064

58,341

Probable

13,213

39,864

53,077

672

4,512

5,184

1,956

60,217

 

 

 

 

 

 

 

 

Developed

-

-

-

2,777

10,079

12,856

4,193

17,049

Undeveloped

33,485

108,873

142,358

1,161

6,238

7,399

2,075

151,832

Proved and probable

33,485

108,873

142,358

3,938

16,317

20,255

6,268

168,881

 

 

 

 

 

 

 

 

Movements on reserves during the year

 

 

 

 

 

At 1 January

33,356

108,521

141,877

4,417

18,898

23,315

8,474

173,666

Additions

-

-

-

-

-

-

-

-

Revisions

129

352

481

7

237

244

(448)

277

Production

-

-

-

(486)

(2,818)

(3,304)

(1,758)

(5,062)

At 31 December

33,485

108,873

142,358

3,938

16,317

20,255

6,268

168,881


Notes

1) The year end 2013 net entitlement reserves for Algeria and Egypt were calculated assuming a Brent oil price of $90 per barrel (flat) (2012 - $90).

2) A conversion factor of 5,800 is used for the calculation of barrel of oil equivalents for Bulgarian and Egyptian reserves.

3) Conversion factors for Algerian commodities are as follows; gas - 5,349 Mcf/boe, condensate - 1.15 bbl/boe, LPG - 1.61 bbl/boe in accordance with the provisions of the Isarene PSC.

4) The proved and probable oil reserve above for Algeria include LPG of 62,449 Mbbl and 28,847 Mbbl on a working interest basis and net entitlement basis respectively.

5) The proved and probable oil numbers above for Egypt include LPG of 2,402 Mbbl and 978 Mbbl on a working interest basis and net entitlement basis respectively.

6) Reserves are defined as those quantities of petroleum which are anticipated to be commercially recovered from known accumulations from a given date forward and are prepared in accordance with the classification guidelines set by the Society of Petroleum Engineers (SPE) and the World Petroleum Congress (WPC). Reference should be made to the full SPE/WPC Petroleum Reserves Definitions for the complete definitions and guidelines.

7) Working interest reserves illustrates the Company’s gross volume of the fields’ total reserves before deductions. Net entitlement reserves show the Group’s net volumes after deductions, reflecting the production sharing agreements.