TIDMUOG
RNS Number : 3690V
United Oil & Gas PLC
14 April 2021
United Oil & Gas PLC / Index: AIM / Epic: UOG / Sector: Oil
& Gas
14 April 2021
United Oil and Gas plc
("United" or "the Company")
Independent Reserves Report Results - Material Upgrade to Abu
Sennan Reserves
United Oil & Gas PLC (AIM: "UOG"), the growing oil and gas
company with a portfolio of production, development, exploration
and appraisal assets is pleased to provide the following reserves
update on the Abu Sennan concession, onshore Egypt (the
"Licence").
United holds a 22% working interest in the Licence, which is
operated by Kuwait Energy Egypt.
Highlights:
-- Independent reserves and resources report, relevant to end
2020, by Gaffney Cline & Associates ("Independent Reserves
Report") indicates material increase in reserves at Abu Sennan:
o 24% increase in Abu Sennan Gross 2P Reserves to 16.8 MMboe
(15% gas) from 13.5 MMboe at the beginning of 2020, representing a
near 200% reserves replacement ratio, before the recent drilling
success at the ASH-3 and ASD-1X wells
o Gross 1P reserves up by 59% to 6.7 MMboe and gross 3P reserves
up by 21% to 34.7 MMboe (from 4.2 MMboe and 28.6 MMboe respectively
at the beginning of 2020)
-- Significant additional growth opportunities evaluated in the
report, noting 21 exploration prospects, many with multiple
reservoir targets
Reserves
The results of an Independent Reserves Report that was completed
on the Abu Sennan concession at the end of 2020 by Gaffney, Cline
& Associates, using PRMS definitions for Reserves and
Resources, has now become available to United. The comparison with
the last reported Reserves as at 31 December 2019 on a Gross Field
basis are summarised in Table 1, below.
A summary of the reserves and resource volumes taken from the
report is included in the Appendix, and the full Independent
Reserves and Resources Report will be available on the Company's
website at
https://www.uogplc.com/investors/reports-presentations-and-meetings/
The report indicates that gross 2P reserves have increased to
16.8 MMboe (15% gas) compared to 13.5 MMboe at the end of 2019.
This is an annual increase of 24%, and given that c. 3.3 MMboe was
produced from the Abu Sennan assets during 2020, indicates a
reserves replacement ratio for 2020 of 198%. Gross 1P and 3P
reserves have also increased, and are up by 59% to 6.7 MMboe and
21% to 34.7 MMboe respectively (from 4.2 MMboe and 28.6 MMboe at
the beginning of 2020).
Applying United's 22% working interest to the gross 2P reserves
gives 3.7 MMboe, up from 2.97 MMboe at the end of 2019.
The Independent Reserves Report has an effective date of 31(st)
December 2020, and has not incorporated the results of the
successful ASH-3 and ASD-1X wells that were drilled since the start
of 2021.
Table 1. Reconciliation of Abu Sennan Reserves as at 31(st)
December 2020 with Reserves as at 31(st) December 2019 on a Gross
Field basis
Gross Field Reserves (MMboe)
End 2019 Exploration 2020 Production Revisions End 2020
Adds
---------- ------------- ----------------- ----------- ----------
Proved (1P) 4.179 0 -3.297 5.773 6.655
---------- ------------- ----------------- ----------- ----------
Proved + Probable
(2P) 13.526 0.134 -3.297 6.391 16.754
---------- ------------- ----------------- ----------- ----------
Proved + Probable
+ Possible (3P) 28.589 0.269 -3.297 9.123 34.685
---------- ------------- ----------------- ----------- ----------
Notes:
1. Revisions are due to production performance in 2020, the
results of wells drilled in late 2019 and 2020, notably ASH-2 and
El Salmiya-5, and the maturation of the ASH gas development from
Contingent Resources to Reserves.
2. The exploration add is the AR-G reservoir at El Salmiya; in
the 1P case, all potentially recoverable volumes fall beyond the
economic limit given the current development plan
3. Totals may not exactly equal the sum of the individual entries due to rounding
4. United holds a 22% net working interest in the Abu Sennan concession
Prospective Resources
The report also included an evaluation of 21 exploration
prospects located within the Abu Sennan concession, of which the
largest has gross best estimate Prospective Resources of 5 MMboe
and a 35% chance of success.
United's Chief Executive Officer, Brian Larkin commented:
"It is really pleasing to see the Abu Sennan assets continuing
to perform so strongly, and so consistently, with a reserves
replacement ratio of over 190% for the second year in a row.
"We remain confident that the Licence has much more to offer,
and indeed, these upgraded reserve numbers take no account of the
successes already achieved so far during the 2021 drilling
campaign. This report significantly increases our understanding of
the potential of this asset, pointing to 21 potential exploration
targets. With further development drilling due to commence shortly
at Al Jahraa, and further development and exploration targets
identified across the licence, we are looking forward to further
news flow and growth from Abu Sennan, both in the coming months and
in the longer-term."
Broker update
The Company is pleased to confirm that Optiva Securities Limited
now continues as the Company's sole Broker.
**S**
Jonathan Leather, an Executive Director of the Company, who has
over 20 years of relevant experience in the oil and gas industry,
has reviewed and approved the information contained in this
announcement. Dr Jonathan Leather is a qualified person as defined
in the guidance note for Mining Oil & Gas Companies of the
London Stock Exchange and is a member of the Petroleum Exploration
Society of Great Britain and the Society of Petroleum
Engineers.
The information contained within this announcement is deemed by
the Company to constitute inside information as stipulated under
the Market Abuse Regulations (EU) No. 596/2014 as it forms part of
UK Domestic Law by virtue of the European Union (Withdrawal) Act
2018 ("UK MAR").
Glossary: '1P' means Proved Reserves
'2P' means Proved plus Probable Reserves
'3P' means Proved plus Probable plus Possible Reserves
Bscf means Billion Cubic Feet
boe means Barrels of oil equivalent
bbl, bbls means barrel, barrels
bbl/d means barrels per day
M means thousand
MM means million
NPV means net present value
PRMS means the 2018 Petroleum Resource Management System
(SPE)
SPE means Society of Petroleum Engineers
'Prospective Resources' means those quantities of petroleum
estimated, as of a given date, to be potentially recoverable from
undiscovered accumulations by application of future development
projects. Prospective Resources have both an associated chance of
discovery and a chance of development. They are further subdivided
in accordance with the level of certainty associated with
recoverable estimates assuming their discovery and development and
may be sub-classified based on project maturity.
'Proved Reserves' means 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 regulation - Proved
reserves can be categorized as developed or undeveloped
'Probable Reserves' are those unproved reserves which analysis
of geological and engineering data suggests are more likely than
not to be recoverable. In this context, when probabilistic methods
are used, there should be at least a 50% probability that the
quantities actually recovered will equal or exceed the sum of
estimated proved plus probable reserves
'Possible Reserves' are those unproved reserves which analysis
of geological and engineering data suggests are less likely to be
recoverable than probable reserves. In this context, when
probabilistic methods are used, there should be at least a 10%
probability that the quantities actually recovered will equal or
exceed the sum of estimated proved plus probable plus possible
reserves
United Oil & Gas Plc (Company)
Brian Larkin, CEO brian.larkin@uogplc.com
Beaumont Cornish Limited (Nominated
Adviser)
Roland Cornish and Felicity Geidt +44 (0) 20 7628 3396
Optiva Securities Limited Broker
Christian Dennis +44 (0) 20 3137 1902
Murray (PR Advisor)
Joe Heron +353 (0) 87 6909735
jheron@murrayconsultants.ie
Camarco (Financial PR/IR)
Billy Clegg +44 (0) 20 3757 4983
James Crothers uog@camarco.co.uk
Notes to Editors
United Oil & Gas is a high growth oil and gas company with a
portfolio of low-risk, cash generative production and development
assets across Egypt, UK, Italy and a high impact exploration
licence in Jamaica.
Led by an experienced management team with a strong track record
of growing full cycle businesses and partnered with established
industry players, the Company is well positioned to deliver future
growth through portfolio optimisation and targeted
acquisitions.
United Oil & Gas is listed on the AIM market of the London
Stock Exchange. For further information on United Oil and Gas
please visit https://www.uogplc.com/
Appendix: Summary from Year End 2020 Reserves and Resources, Abu
Sennan, Egypt, prepared for United Oil & Gas plc, April
2021
Note that United's policy is to quote working interest volumes,
whereas GaffneyCline quotes net economic entitlement under the PSC
that governs the asset.
Summary
The Abu Sennan concession is governed by a Production Sharing
Contract (PSC). Seven development licences cover the eight fields
that have already been discovered and put into production. An
exploration licence covers the rest of the concession area. Oil and
gas Reserves are attributed to six of the eight fields (two are no
longer producing). Prospective Resources are attributed to a number
of exploration Prospects that have been identified within the
concession area. No Contingent Resources are currently
identified.
Reserves Summary
The oil and gas Reserves attributable to UOG in Abu Sennan as at
31(st) December 2020 are shown in Table 1. The Reserves shown in
Table 1 are expressed as a total in barrels of oil equivalent (boe)
in Table 2. Gas volumes are converted to oil equivalent volumes
using a conversion factor of 5.0 Mscf/boe (commensurate with the
high calorific content of the gas).
Table 1 : Summary of Reserves
as at 31(st) December 2020
(a) Oil
Status Gross Field WI Net Entitlement
(MBbl) (%) (MBbl)
Proved Proved + Proved + Probable+ Proved Proved + Proved + Probable+
Probable Possible Probable Possible
------- ---------- -------------------------- ------- ---------- --------------------------
Developed 5,825 10,657 16,173 22.0 545 997 1,512
------- ---------- -------------------------- ----- ------- ---------- --------------------------
Undeveloped 0 3,532 11,851 0 330 849
------- ---------- -------------------------- ----- ------- ---------- --------------------------
Total 5,825 14,189 28,023 545 1,328 2,361
------- ---------- -------------------------- ----- ------- ---------- --------------------------
(b) Gas
Status Gross Field WI Net Entitlement
(Bscf) (%) (Bscf)
Proved Proved + Proved + Probable+ Proved Proved + Proved + Probable+
Probable Possible Probable Possible
------- ---------- -------------------------- ------- ---------- --------------------------
Developed 4.15 9.35 19.47 22.0 0.39 0.87 1.82
------- ---------- -------------------------- ----- ------- ---------- --------------------------
Undeveloped 0.00 3.48 13.84 0.00 0.33 1.08
------- ---------- -------------------------- ----- ------- ---------- --------------------------
Total 4.15 12.83 33.31 0.39 1.20 2.90
------- ---------- -------------------------- ----- ------- ---------- --------------------------
Notes:
1. Gross Field Reserves are 100% of the volumes estimated to be
commercially recoverable from the asset under the intended
development plan.
2. Net Entitlement Reserves are UOG's net economic entitlement
under the PSC that governs this asset.
3. Totals may not exactly equal the sum of the individual entries due to rounding.
Table 2 : Summary of Reserves as at 31(st) December 2020
Expressed in Oil Equivalent Volumes (Mboe)
Status Gross Field WI Net Entitlement
(Mboe) (%) (Mboe)
Proved Proved + Probable Proved + Probable + Proved Proved + Probable Proved + Probable +
Possible Possible
------ ----------------- --------------------- ------ ----------------- ---------------------
Developed 6,655 12,527 20,066 22.0 623 1,172 1,876
------ ----------------- --------------------- ---- ------ ----------------- ---------------------
Undeveloped 0 4,227 14,618 0 396 1,065
------ ----------------- --------------------- ---- ------ ----------------- ---------------------
Total 6,655 16,754 34,685 623 1,568 2,941
------ ----------------- --------------------- ---- ------ ----------------- ---------------------
Note:
1. The Reserves shown in this Table are the sum of the oil and
gas Reserves shown separately in Table 1, gas volumes being
converted to oil equivalent volumes using a conversion factor of
5.0 Mscf/boe.
2. Totals may not exactly equal the sum of the individual entries due to rounding.
A summary of changes in Gross Field Reserves (in boe) since
31(st) December 2019 is shown in Table 3.
Table 3 : Reconciliation of Reserves as at 31(st) December
2020
with Reserves as at 31(st) December 2019
Case Gross Field Reserves
(Mboe)
End 2019 Exploration Adds 2020 Production Revisions End 2020
-------- ---------------- --------------- --------- --------
Proved 4,179 0 -3,297 5,773 6,655
-------- ---------------- --------------- --------- --------
Proved + Probable 13,526 134 -3,297 6,391 16,754
-------- ---------------- --------------- --------- --------
Proved + Probable + Possible 28,589 269 -3,297 9,123 34,685
-------- ---------------- --------------- --------- --------
Notes:
1. Revisions are due to production performance in 2020, the
results of wells drilled in late 2019 and 2020, notably ASH-2 and
El Salmiya-5, and the maturation of the ASH gas development from
Contingent Resources to Reserves.
2. The exploration add is the AR-G reservoir at El Salmiya; in
the 1P case, all potentially recoverable volumes fall beyond the
economic limits given the current development plan.
3. Totals may not exactly equal the sum of the individual entries due to rounding.
A breakdown of the Gross Field Reserves to the individual field
and reservoir level is shown in Table 4.
Table 4 : Field and Reservoir Level Breakdown of Reserves
as at 31(st) December 2020
Field Reservoir Gross Field Oil Reserves Gross Field Gas Reserves
(MBbl) (Bscf)
Proved Proved + Proved + Proved Proved + Proved +
Probable Probable+ Probable Probable+
Possible Possible
------- --------------- --------------- ------- ---------------- ---------------
Al Jahraa(2) AR-C 2,752 5,736 9,969 0.00 0.00 0.00
--------------- ------- --------------- --------------- ------- ---------------- ---------------
AR-D 57 227 570 0.00 0.00 0.00
------------------------------ ------- --------------- --------------- ------- ---------------- ---------------
AR-G 71 205 1,145 0.00 0.00 0.00
------------------------------ ------- --------------- --------------- ------- ---------------- ---------------
L Bahariya 65 389 1,508 0.54 2.60 7.64
------------------------------ ------- --------------- --------------- ------- ---------------- ---------------
AR-E (Jah-7) 13 21 35 0.00 0.00 0.00
------------------------------ ------- --------------- --------------- ------- ---------------- ---------------
U Bahariya 18 61 203 0.00 0.00 0.00
------------------------------ ------- --------------- --------------- ------- ---------------- ---------------
L Bahariya II 10 33 135 0.00 0.00 0.00
------------------------------ ------- --------------- --------------- ------- ---------------- ---------------
Sub-Total 2,985 6,673 13,564 0.54 2.60 7.64
------------------------------ ------- --------------- --------------- ------- ---------------- ---------------
El Salmiya AR-C 13 234 774 0.00 0.58 2.16
--------------- ------- --------------- --------------- ------- ---------------- ---------------
AR-E 273 849 1,751 0.00 0.00 0.00
------------------------------ ------- --------------- --------------- ------- ---------------- ---------------
AR-G 0 134 261 0.00 0.00 0.00
------------------------------ ------- --------------- --------------- ------- ---------------- ---------------
Kharita 250 414 909 1.40 2.86 9.94
------------------------------ ------- --------------- --------------- ------- ---------------- ---------------
Sub-Total 536 1,632 3,695 1.40 3.44 12.10
------------------------------ ------- --------------- --------------- ------- ---------------- ---------------
ASA AR-C 32 0 0 0.00 0.00 0.00
--------------- ------- --------------- --------------- ------- ---------------- ---------------
AR-E 144 348 750 0.00 0.00 0.00
------------------------------ ------- --------------- --------------- ------- ---------------- ---------------
Sub-Total 175 348 750 0.00 0.00 0.00
------------------------------ ------- --------------- --------------- ------- ---------------- ---------------
ASH AEB 1,830 5,116 9,162 2.20 6.78 13.56
--------------- ------- --------------- --------------- ------- ---------------- ---------------
ASZ AR-C 298 421 852 0.00 0.00 0.00
--------------- ------- --------------- --------------- ------- ---------------- ---------------
Total 5,825 14,189 28,023 4.15 12.83 33.31
------- --------------- --------------- ------- ---------------- ---------------
Notes:
1. The Reserves shown here equate to the Reserves shown in Table 1.
2. Al Jahraa volumes shown here include Al Jahraa SE.
3. No Reserves are attributed to the ZZ and Al Ahmadi fields, or
to reservoirs not listed here.
4. Totals may not exactly equal the sum of the individual entries due to rounding.
Prospective Resources Summary
The Prospective Resources attributable to UOG in Abu Sennan as
at 31(st) December 2020 are shown in Table 5. Only the potential
volumes estimated to lie within the Abu Sennan licence area are
reported here. GaffneyCline has not examined the economics of any
of these Prospects, some of which are very small.
Prospective Resources are shown both as gross volumes and net to
UOG on a Working Interest basis, i.e. UOG's Working Interest
fraction of the gross volumes. These do not represent UOG's actual
Net Entitlement under the terms of the PSC that governs the asset,
which would be lower. Net Working Interest is quoted here since the
Prospective Resources are not yet sufficiently mature to estimate
the associated production profiles and costs that are needed to
calculate the Net Entitlement.
Table 5 : Summary of Oil Prospective Resources (Prospects)
as at 31(st) December 2020
(a) Outside the Existing Development Areas
Prospect Gross (MBbl) WI Net (WI Basis) (MBbl) P(g)
(%) (%)
1U 2U 3U 1U 2U 3U
----- ----- ------ ----- -------- --------
ASX(3) AR-C 241 692 1,438 22 53 152 316 29
----------- ----- ----- ------ ----- ----- -------- -------- -----
AR-E 180 407 812 40 90 179 22
------------------------- ----- ----- ------ ----- ----- -------- -------- -----
AR-G 60 306 763 13 67 168 27
------------------------- ----- ----- ------ ----- ----- -------- -------- -----
ASU AR-G 3 25 64 22 1 5 14 43
----------- ----- ----- ------ ----- ----- -------- -------- -----
L Bahariya 40 114 233 9 25 51 39
------------------------- ----- ----- ------ ----- ----- -------- -------- -----
ARQ AR-C 87 217 439 22 19 48 97 45
----------- ----- ----- ------ ----- ----- -------- -------- -----
AR-E 57 202 454 12 44 100 34
------------------------- ----- ----- ------ ----- ----- -------- -------- -----
AR-G 109 316 666 24 69 146 28
------------------------- ----- ----- ------ ----- -------- -------- -----
L Bahariya 55 195 455 12 43 100 34
------------------------- ----- ----- ------ ----- ----- -------- -------- -----
ASG-I AR-C 68 151 287 22 15 33 63 34
----------- ----- ----- ------ ----- ----- -------- -------- -----
AR-E 26 88 193 6 19 43 25
------------------------- ----- ----- ------ ----- ----- -------- -------- -----
AR-G 53 111 198 12 24 44 21
------------------------- ----- ----- ------ ----- -------- -------- -----
L Bahariya 20 37 66 4 8 15 25
------------------------- ----- ----- ------ ----- ----- -------- -------- -----
ASG-II AR-C 44 93 172 22 10 20 38 34
----------- ----- ----- ------ ----- ----- -------- -------- -----
AR-E 51 102 184 11 22 41 25
------------------------- ----- ----- ------ ----- ----- -------- -------- -----
AR-G 41 83 141 9 18 31 21
------------------------- ----- ----- ------ ----- -------- -------- -----
L Bahariya 14 30 56 3 7 12 25
------------------------- ----- ----- ------ ----- ----- -------- -------- -----
ASF AR-G 212 872 2,027 22 47 192 446 30
----------- ----- ----- ------ ----- ----- -------- -------- -----
Bahariya 124 561 1,334 27 123 294 26
------------------------- ----- ----- ------ ----- ----- -------- -------- -----
AEB 48 166 375 11 37 83 34
------------------------- ----- ----- ------ ----- ----- -------- -------- -----
ASK AR-G 148 346 681 22 32 76 150 20
----------- ----- ----- ------ ----- ----- -------- -------- -----
Bahariya 80 236 654 18 52 144 16
------------------------- ----- ----- ------ ----- ----- -------- -------- -----
AEB 86 205 417 19 45 92 20
------------------------- ----- ----- ------ ----- ----- -------- -------- -----
Salmiya West AR-C 156 384 896 22 34 84 197 35
----------- ----- ----- ------ ----- ----- -------- -------- -----
AR-E 102 246 481 22 54 106 35
------------------------- ----- ----- ------ ----- ----- -------- -------- -----
Bahariya 192 363 615 42 80 135 42
------------------------- ----- ----- ------ ----- -------- -------- -----
Kharita 904 1,506 2,373 199 331 522 36
------------------------- ----- ----- ------ ----- ----- -------- -------- -----
SW Al Ahmadi AR-C 1,567 5,030 13,532 22 345 1,107 2,977 35
----------- ----- ----- ------ ----- ----- -------- -------- -----
Bahariya 1,349 3,543 7,193 297 779 1,583 24
------------------------- ----- ----- ------ ----- ----- -------- -------- -----
Continued on next page
(a) Outside the Existing Development Areas (continued)
Prospect Gross (MBbl) WI Net (WI Basis) (MBbl) P(g)
(%) (%)
1U 2U 3U 1U 2U 3U
---- ---- ------ ------ -------- -------
South Al Jahraa 1 ARC 55 163 442 22 12 36 97 54
-------- ---- ---- ------ ----- ------ -------- ------- -----
ARE 30 74 167 7 16 37 36
---------------------------- ---- ---- ------ ----- ------ -------- ------- -----
South Al Jahraa 2 ARC 83 175 335 22 18 38 74 54
-------- ---- ---- ------ ----- ------ -------- ------- -----
ARE 34 80 177 7 18 39 36
---------------------------- ---- ---- ------ ----- ------ -------- ------- -----
South Al Jahraa 5 ARC 98 295 828 22 22 65 182 54
-------- ---- ---- ------ ----- ------ -------- ------- -----
ARE 43 150 498 9 33 110 36
---------------------------- ---- ---- ------ ----- ------ -------- ------- -----
South Al Jahraa 6 ARC 48 91 153 22 11 20 34 54
-------- ---- ---- ------ ----- ------ -------- ------- -----
ARE 40 86 168 9 19 37 36
---------------------------- ---- ---- ------ ----- ------ -------- ------- -----
NE Al Jahraa 7 ARC 289 609 1,150 22 64 134 253 58
-------- ---- ---- ------ ----- ------ -------- ------- -----
ARE 211 471 961 46 104 211 38
---------------------------- ---- ---- ------ ----- ------ -------- ------- -----
ARG I 164 284 463 36 63 102 36
---------------------------- ---- ---- ------ ------ -------- ------- -----
ARG II 122 270 528 27 59 116 36
---------------------------- ---- ---- ------ ----- ------ -------- ------- -----
NE Al Jahraa 8 ARC 328 651 1,170 22 72 143 257 54
-------- ---- ---- ------ ----- ------ -------- ------- -----
ARE 199 479 1,068 44 105 235 36
---------------------------- ---- ---- ------ ----- ------ -------- ------- -----
ASH West II (5) AEB 211 456 994 22 46 100 219 30
-------- ---- ---- ------ ----- ------ -------- ------- -----
(b) Within the Existing Development Areas
Prospect Gross (MBbl) WI Net (WI Basis) (MBbl) P(g)
(%) (%)
1U 2U 3U 1U 2U 3U
---- ----- ------ ----------- ---------- ----
ASA AR-C 84 220 765 22 18 48 168 40
------------ ---- ----- ------ ----- ----------- ---------- ---- -----
AR-E 100 337 1,541 22 74 339 40
--------------------------- ---- ----- ------ ----- ----------- ---------- ---- -----
Bahariya 8 28 101 2 6 22 35
--------------------------- ---- ----- ------ ----------- ---------- ---- -----
Kharita 229 837 1,848 50 184 407 42
--------------------------- ---- ----- ------ ----- ----------- ---------- ---- -----
Al Jahraa (4) U Bahariya 33 145 703 22 7 32 155 40
------------ ---- ----- ------ ----- ----------- ---------- ---- -----
L Bahariya 56 141 406 12 31 89 40
--------------------------- ---- ----- ------ ----- ----------- ---------- ---- -----
Al Ahmadi-3 AR-C 110 270 630 22 24 59 139 32
------------ ---- ----- ------ ----- ----------- ---------- ---- -----
AR-G 96 190 372 21 42 82 32
--------------------------- ---- ----- ------ ----- ----------- ---------- ---- -----
Bahariya 153 291 496 34 64 109 22
--------------------------- ---- ----- ------ ----------- ---------- ---- -----
Kharita (4) 775 1,311 2,092 170 288 460 40
--------------------------- ---- ----- ------ ----- ----------- ---------- ---- -----
ASH East (4) AEB 252 546 1,147 22 56 120 252 60
------------ ---- ----- ------ ----- ----------- ---------- ---- -----
ASH West (4) AEB 270 565 1,164 22 59 124 256 40
------------ ---- ----- ------ ----- ----------- ---------- ---- -----
Continued on next page
Notes:
1. Gross Prospective Resources are 100% of the volumes estimated
to be recoverable from the Prospect, in the event that a discovery
is made and subsequently developed.
2. UOG Net Prospective Resources in this table are UOG's Working
Interest fraction of the Gross Prospective Resources; they do not
represent UOG's actual Net Entitlement under the terms of the PSC
that governs the asset, which would be lower.
3. Prospect ASX extends outside the licence area; only the
volumes estimated to lie within the licence area are reported
here.
4. Volumes shown for Al Jahraa, Al Ahmadi-3 Kharita, and ASH
East, West and West II are combined oil and gas volumes in
Mboe.
5. The P(g) reported here represents an indicative estimate of
the probability that drilling this Prospect would result in a
discovery. This does not include any assessment of the risk that a
discovery, if made, may not be developed.
6. The volumes reported here are "unrisked" in the sense that no
adjustment has been made for the risk that no discovery will be
made or that any discovery would not be developed.
7. Identification of Prospective Resources associated with a
Prospect is not indicative of any certainty that the Prospect will
be drilled, or will be drilled in a timely manner.
8. Prospective Resources should not be aggregated with each
other, or with Reserves or Contingent Resources, because of the
different levels of risk involved.
9. 1U = Low estimate, 2U = Best estimate, 3U = High estimate.
10. AR-C = Abu Roash C member, AR-E = Abu Roash E member, AR-G =
Abu Roash G member, AEB = Alam El Bueib Formation.
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