The table attached summarizes the Company's Working Interest (Gross) Reserves and Prospective Resources for the Jeribe/Upper Dhiban reservoir on the Garmian Block and the Contingent Resources for the Oligocene and the Eocene reservoirs on the Kurdamir Block as at September 1, 2014 (other than the Prospective Resources which are as at July 1, 2014).
The economic evaluations provided are based on the initial phased development plans for the Garmian and Kurdamir blocks that have been submitted to the Kurdistan Regional Government ("KRG"), and the additional conceptual development plans for future phased development of the remaining Prospective Resources in the Jeribe/Upper Dhiban reservoir at Garmian and the Contingent Resources in the Oligocene and Eocene reservoirs at Kurdamir.
The Reserves, Prospective Resources and economic valuations for the Garmian Block as shown below consider oil volumes only and do not consider gas volumes as, under the Garmian Production Sharing Contract ("PSC"), the KRG has the right to develop these resources. The Company and the KRG continue discussions on the development of the gas and the potential for the Company to participate in this development.
Other than as indicated above, the Company has yet to complete conceptual development plans or economic evaluations for the over 1 Billion Barrels of remaining Prospective Resources on the Kurdamir or Garmian blocks as indicated in the table below. As the Company continues to delineate these additional Prospective Resources on both of its blocks and incorporates the reservoirs into its conceptual development plans, it will provide independently verified economic evaluations in its annual information form or other continuous disclosure filings.
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(Source: WesternZagros)
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