| Table 1 | ||||||||
| Gross Unrisked Contingent Resources at Kurdamir-1(1)(2)(9)(10) | ||||||||
| Gas, Condensate and Oil | ||||||||
| (As of December 14, 2010) | ||||||||
| Oligocene Reservoir | ||||||||
| Low Estimate | Best Estimate | High Estimate | Mean | |||||
| P90(5) | P50(6) | P10(7) | Estimate (8) | |||||
| Gas (BCF) | ||||||||
| 505 | 850 | 1420 | 920 | |||||
| Condensate (MMBBL) | ||||||||
| 22 | 33 | 48 | 35 | |||||
| Oil (MMBBL) | ||||||||
| 0.7 | 6.5 | 60 | 30 | |||||
| Solution gas (BCF) | 1 | 10 | 100 | 50 | ||||
| Table 2 | ||||||||
| Gross Unrisked Prospective Oil Resources at Kurdamir-1(3)(4)(9) | ||||||||
| (As of December 14, 2010) | ||||||||
| Oligocene Reservoir | ||||||||
| Low Estimate | Best Estimate | High Estimate | Mean | |||||
| P90(5) | P50(6) | P10(7) | Estimate (8) | |||||
| Oil (MMBBL) | 85 | 260 | 560 | 280 | ||||
| Solution gas (BCF) | 125 | 405 | 910 | 475 | ||||
Notes:
(1) The contingent resources are the gross volumes estimated for the Tertiary Oligocene carbonate reservoirs at Kurdamir-1, without any adjustments for working interest or encumbrances.
(2) Contingent Resources are those quantities of petroleum estimated, as of a given date, to be potentially recoverable from known accumulations using established technology or technology under development, but which are not currently considered to be commercially recoverable due to one or more contingencies. Contingent resources have an associated chance of development (economic, regulatory, market and facility, corporate commitment or political risks). These estimates have not been risked for the chance of development. There is no certainty that the contingent resources will be developed and, if they are developed, there is no certainty as to the timing of such development or that it will be commercially viable to produce any portion of the contingent resources.
(3) The prospective resources are the gross volumes estimated for the Tertiary Oligocene carbonate reservoirs at Kurdamir-1 below 2,469 metres, without any adjustments for working interest or encumbrances.
(4) Prospective resources are 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 (geological chance of success) and a chance of development (economic, regulatory, market and facility, corporate commitment or political risks). The chance of commerciality is the product of these two risk components. There is no certainty that any portion of the prospective resources will be discovered. If a discovery is made, there is no certainty that it will be developed or, if it is developed, there is no certainty as to the timing of such development or that it will be commercially viable to produce any portion of the prospective resources. In this case, prospective resources are undiscovered resources that indicate development potential in the event the discovery is commercial and should not be construed as reserves or contingent resources. Prospective resources are provided for oil in Table 2, if the oil column extends deeper in the structure. Additional information, likely through the drilling of an appraisal well, will be required to confirm the existence and extent of a deeper oil column downdip on the flanks of the structure.
(5) Low Estimate is considered to be a conservative estimate of the quantity that will actually be recovered. It is likely that the actual remaining quantities recovered will exceed the low estimate. If probabilistic methods are used, there should be at least a 90 percent probability (P90) that the quantities actually recovered will equal or exceed the low estimate.
(6) Best Estimate is considered to be the best estimate of the quantity that will actually be recovered. It is equally likely that the actual remaining quantities recovered will be greater of less than the best estimate. If probabilistic methods are used, there should be at least a 50 percent probability (P50) that the quantities actually recovered will equal or exceed the best estimate.
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