Resource Estimates

Resource estimates

The Resource Estimates presented below are based on a Baker Hughes Report of February 2017 and a Forrest Garb Competent Person’s Report of 2012. Since then, the Eblana-3 and Eblana-9 wells have been drilled and have produced large amounts of additional data. Additional geochemical, magnetic and seismic data have also been acquired, and the oil system model has been substantially revised.

The Company anticipates that significant revisions to Resource Estimates will be made in the light of the most recent information, and those estimates may reduce or increase relative to the data presented here. The tables below should be considered to have historical value only and should not be taken as an indication of Company assets or be taken into consideration in any investment decision.

Baker Hughes Resource Estimates (February 2017) – Updip from Eblana #1 only

Resource categoryLow estimateBest estimateHigh estimate
Oil-In-Place (bbls)283,000,0001,033,000,0001,993,000,000
Contingent Recoverable Oil (bbls) @ 20% recovery factor

Forrest Garb Resource Estimates ( May 2012 Competent person’s Report)

Low Estimate (P90)
Best Estimate (P50)High Estimate (P10)
Eblana #1 area(million barrels)(million barrels)(million barrels)
Contingent recoverable8.63619.25633.513
20sq km Core Area(million barrels)(million barrels)(million barrels)
Prospective Recoverable11.87320.18945.049
Total prospective 88 sq km(million barrels)(million barrels)(million barrels)
Prospective recoverable20.13857.200683.646