Second Quarter 2014 Activity Report
Page 6
2.
R
ESERVES AND
R
ESOURCES
:
Kuwait Energy engaged GCA, an independent energy consulting firm, to undertake an audit of its MENA reserves
and resources. As at 31 May 2014, Kuwait Energy’s working interest Proven and Probable (2P) reserves are 165.7
mmboe, working interest contingent resources were 850.0 mmboe and the best estimate of risked prospective
resources was 27.3 mmboe. A breakdown of the reserves and resources is shown in the tables below:
Classification Category
Kuwait Energy Reserves and Resources (in mmboe)
YE13
Jan-May
2014
Production
Exploration
adds
Revisions
Acquisitions
and
Divestments
MY14
as at
31
May
MY14-Net
Entitlement
Reserves
1P
90.5
-3.0
0.0
2.7
-0.1
90.2
26.8
2P
213.1
0.1
2.1
-46.6*
165.7
37.3
3P
300.7
0.2
-0.4
-93.5
204.0
47.5
Contingent
resources
2C
853.0
0.0
-2.0
-0.7
850.0
Prospective
resources
Best
37.1
0.0
-1.6
-8.1
27.3
*
Due to divestment of Ukraine and Russia assets
Proven Reserves Replacement Ratio (RRR) = 88%
Proven plus Probable Reserves Replacement Ratio (RRR) = -1503%
Notes
1.
Reserves and resources estimates are Kuwait Energy working interest.
2. Prospective resources are risked.
3. Estimates above exclude Karim Small Fields (Oman) which is covered by a Service Agreement and does not allow external reserves reporting.
4. For MY14, gas and condensate volumes were converted to oil equivalent volumes using conversion factors of 6.0 mscf/boe and 1.0 bbl/boe
respectively.
5. Reserves replacement ratio takes into account acquisition or divestment activities during the year.
6. Contingent Resources do not include Pakistan.
Reserves and Resources Definition
Reserves and resources have been estimated in accordance with the 2007 PRMS – commonly referred to as the SPE PRMS
as approved/endorsed by SPE, WPC, AAPG and SPEE.
