TIDMAAK
RNS Number : 6496O
Arawak Energy Limited
11 March 2009
Arawak ENERGY LIMITEd
Whiteley Chambers, Don Street, St. Helier, Jersey JE4 9WG
LSE & TSX TRADING SYMBOL: AAK
11 March 2009
FOR IMMEDIATE RELEASE
ARAWAK releases 2008 reserves summary
Arawak Energy Limited ("Arawak" or the "Company"), an oil and gas exploration
and production company, announces the results of its independent reserves
evaluation as at 31 December 2008. Evaluations were conducted by McDaniel &
Associates Consultants Ltd for Kazakhstan, and Ryder Scott Company, L.P. for
Russia and Azerbaijan, and were prepared in accordance with standards set out
under the National Instrument 51-101 Standards of Disclosure for Oil and Gas
Activities of the Canadian Securities Administrators ("NI 51-101").
The Company's proved(5) reserves ("1P") totalled 36.99 million barrels of oil
equivalent ("boe") as at 31 December 2008, a decline of 7% from the 39.93
million boe recorded as at 31 December 2007(4). Arawak's probable(6) reserves
increased 6% to 24.86 million boe as at 31 December 2008 compared with 23.41
million boe a year ago. Overall, the Company's net proved plus probable reserves
("2P") declined 2% to 61.85 million boe.
Arawak's total working interest production in 2008 was 4.17 million boe, or
11,393 barrels of oil equivalent per day ("boepd"). At the beginning of March
2009, Arawak was producing approximately 14,300 boepd.
The assets included in the latest evaluation are a 100% working interest in the
Akzhar, Besbolek, Alimbai and Karataikyz oil fields and a 40% participation in
the Saigak oil field, all in Kazakhstan, a 50% working interest in the North
Irael and Sotchemyu-Talyu oil fields in Russia, and a 29.7% holding in the South
West Gobustan oil and gas blocks in Azerbaijan.
Under NI 51-101 reporting standards, the reserve auditors also provide
field-level net present value ("NPV") calculations of the reserve base at
standard discount rates. These NPV calculations do not take into account general
and administrative costs, corporate overheads, the indebtedness of the group or
the Company's actual cost of capital, and therefore may be materially different
from any market valuation of the business on normal commercial terms. Using an
assumed 10% discount rate, the NPV of the Company's 2008 year-end 2P reserves
base was US$608.1 million. Further information regarding NPVs and the associated
price assumptions can be found in Appendix 1. Dollar amounts referred to in
Appendix 1 are expressed in United States dollars.
Kazakhstan Reserves Summary
* 1P reserves increased 7% to 23.06 million barrels of oil from 21.49 million
barrels as at 31 December 2007(4) after production of 2.50 million barrels of
oil;
* 2P reserves rose 8% to 37.44 million barrels of oil from 34.76 million
barrels as at 31 December 2007(4);
* The reserves growth in Kazakhstan is primarily attributable to exploration
success at the Akzhar field, which was later confirmed by delineation drilling;
* Arawak drilled ten successful development wells in the Akzhar field in the
fourth quarter of 2008 following regulatory approval in September of the
technical plan of development. However, perforation of five wells was delayed
until 2009 due to the temporary suspension of production in December as a result
of unfavourable commercial conditions. Production at Akzhar recommenced in
mid-January and is currently at approximately 6,000 barrels of oil per day as
new wells continue to be brought on stream.
Russia Reserves Summary
* 1P reserves decreased 35% to 7.98 million barrels of oil from 12.29 million
barrels as at 31 December 2007 after production of 1.63 million barrels of oil;
* 2P reserves declined 29% to 9.44 million barrels of oil from 13.31 million
barrels as at 31 December 2007;
* Additional incremental volumes relating to recently interpreted 3D seismic data
for the North Irael field have been incorporated as probable and possible(7)
reserves;
* Reappraisal of some marginal well locations against revised economic thresholds
for taxation and increasing costs has resulted in a downwards adjustment to the
corresponding reserve estimates.
Azerbaijan Reserves Summary
* 1P reserves fell 3% to 5.95 million boe from 6.16 million boe as at 31 December
2007;
* 2P reserves slipped 2% to 14.97 million boe with oil accounting for 58% of the
total, or 8.63 million barrels, and gas accounting for 42% or 6.34 million boe;
* No drilling activity occurred in 2008 while seismic data was processed and
interpreted.
Reserves summary table:
(Reserves stated in thousand of barrels of oil equivalent ("Mboe"))
+------------------+----------+----------+----------+----------+------------+
| Field |Operator | Arawak |Arawak's |Arawak's | Arawak's |
| | |Interest | share |share of | share of |
| | | | of | proved | proved |
| | | | proved | plus | plus |
| | | |reserves |probable | probable |
| | | | Mboe(1) |reserves | plus |
| | | | | Mboe(1) | possible |
| | | | | | reserves |
| | | | | | Mboe(1) |
+------------------+----------+----------+----------+----------+------------+
| Kazakhstan | | | | | |
+------------------+----------+----------+----------+----------+------------+
| Akzhar | Arawak | 100% | 16,372 | 27,154 | 39,867 |
+------------------+----------+----------+----------+----------+------------+
| Besbolek | Arawak | 100% | 4,530 | 6,898 | 11,806 |
+------------------+----------+----------+----------+----------+------------+
| Saigak | Maersk | 40% | 1,320 | 2,260 | 3,157 |
| | Oil | | | | |
+------------------+----------+----------+----------+----------+------------+
| Karataikyz | Arawak | 100% | 252 | 354 | 522 |
+------------------+----------+----------+----------+----------+------------+
| Alimbai | Arawak | 100% | 587 | 770 | 953 |
+------------------+----------+----------+----------+----------+------------+
| East Zharkamys | Arawak | 100% | - | - | - |
| III | | | | | |
+------------------+----------+----------+----------+----------+------------+
| Tamdykol | Arawak | 100% | - | - | - |
+------------------+----------+----------+----------+----------+------------+
| Total Kazakhstan | | | 23,061 | 37,436 | 56,305 |
+------------------+----------+----------+----------+----------+------------+
| Russia | | | | | |
+------------------+----------+----------+----------+----------+------------+
| Sotchemyu-Talyu | PNG(9) | 50% | 6,463 | 6,463 | 6,856 |
+------------------+----------+----------+----------+----------+------------+
| North Irael | Recher | 50% | 1,513 | 2,977 | 3,657 |
| | (9) | | | | |
+------------------+----------+----------+----------+----------+------------+
| Kymbozhyuskaya | Arawak | 100% | - | - | - |
+------------------+----------+----------+----------+----------+------------+
| South | Arawak | 100% | - | - | - |
| Sotchemyu | | | | | |
+------------------+----------+----------+----------+----------+------------+
| Total Russia | | | 7,977 | 9,440 | 10,513 |
+------------------+----------+----------+----------+----------+------------+
| Azerbaijan | | | | | |
+------------------+----------+----------+----------+----------+------------+
| South West | CNPC | 29.736% | 2,311 | 8,627 | 12,909 |
| Gobustan - oil | | | | | |
| | | | | | |
+------------------+----------+----------+----------+----------+------------+
| South West | CNPC | 29.736% | 3,639 | 6,342 | 9,341 |
| Gobustan - gas | | | | | |
+------------------+----------+----------+----------+----------+------------+
| Total | | | 5,950 | 14,970 | 22,249 |
| Azerbaijan | | | | | |
+------------------+----------+----------+----------+----------+------------+
| Total Reserves | | | 36,987 | 61,846 | 89,068 |
+------------------+----------+----------+----------+----------+------------+
Notes:
1. Columns and rows may not add up precisely due to rounding.
2. Proved, probable and possible reserves are based on forecast prices and costs
evaluated as of 31 December 2008 by the independent reserves evaluators.
3. The reserves outlined are Arawak's working interest (operating or non-operating)
share before deduction of royalty obligations payable to other parties and
without including any royalty interests of Arawak.
4. Reserves as of 31 December 2007 were restated in June 2008 to include reserves
associated with the acquisition of a 40% working interest in the Saigak field in
Kazakhstan.
5. "Proved" reserves are those reserves that can be estimated with a high degree of
certainty to be recoverable. It is likely that the actual remaining quantities
recovered will exceed the estimated proved reserves.
6. "Probable" reserves are those additional reserves that are less certain to be
recovered than proved reserves. It is equally likely that the actual remaining
quantities recovered will be greater or less than the sum of the estimated
proved plus probable reserves.
7. "Possible" reserves are those additional reserves that are less certain to be
recovered than probable reserves. It is unlikely that the actual quantities
recovered will exceed or equal the sum of the estimated proved plus probable
plus possible reserves.
8. For the purpose of this announcement a barrel of oil equivalent ("boe") is
derived by converting gas to oil in the ratio of six thousand cubic feet of
natural gas to one barrel of crude oil. Boe may be misleading, particularly if
used in isolation. A boe conversion is based on an energy equivalency conversion
method primarily applicable at the burner tip and does not represent a value
equivalency at the wellhead.
9. Arawak's producing assets in Russia are held through ZAO PechoraNefteGas ("PNG")
and LLC NK Recher-Komi ("Recher"), in which Arawak has a 50% interest.
For further information please contact:
Arawak Energy Limited
Tel: +44 (0) 20 7973 4285
Tanya Pang, Head of Investor Relations Fax: +44 (0) 20 7824 8466
E-mail:info@arawakenergy.com
Web: www.arawakenergy.com
Brunswick Group LLP
Tel: +44 (0)20 7404 5959
Patrick Handley
JPMorgan Cazenove Limited
Tel: +44 (0)20 7588 2828
Steve Baldwin
Neil Haycock
Oriel Securities Limited
Tel: +44 (0)20 7710 7600
Richard Crawley
Natalie Fortescue
Notes to editors:
Arawak's Common Shares are listed for trading on both the Toronto Stock Exchange
("TSX") and the London Stock Exchange ("LSE") under the symbol "AAK". On 16
January 2008, Arawak together with Rosco S.A. ("Rosco"), announced that the
Boards of both companies had reached agreement on the terms of a recommended and
increased pre-conditional cash offer to be made by Rosco (or a wholly owned
subsidiary of Rosco) to acquire the entire issued and to be issued share capital
of Arawak (the "Increased Recommended Offer"). The Increased Recommended Offer
is being made at a price of CAD 1.00 for each Arawak share. All documentation
related to the Offer can be found on www.arawakenergy.com or on www.sedar.com.
Arawak is engaged in the exploration, development and production of oil and
natural gas in Kazakhstan, Russia and Azerbaijan. In Kazakhstan, the Company
holds five producing fields and two exploration blocks. The Company has a 40%
participating interest in the Saigak producing block acquired in June 2008. The
remaining assets are held through its 100% wholly-owned subsidiary Altius Energy
Corporation ("Altius"). Altius' main producing field is Akzhar with smaller
fields at Besbolek, Karataikyz and Alimbai. The two exploration blocks East
Zharkamys III and Tamdykol are also situated in western Kazakhstan. Arawak's
producing assets in Russia are held through ZAO PechoraNefteGas ("PNG") and LLC
NK Recher-Komi ("Recher-Komi"), in which Arawak has a 50% interest with the
remaining interest being held by Lundin Petroleum AB. Also in Russia, Arawak
holds a 100% interest in the Kymbozhyuskaya exploration block and in the South
Sotchemyu appraisal block. In Azerbaijan, the Company's asset is its interest in
the Exploration Development and Production Sharing Agreement ("EDPSA") for the
South West Gobustan oil and gas fields. CGL, a company registered in Anguilla,
British West Indies, in which the Company has a 37.17% interest, holds an 80%
interest in the EDPSA with the remaining 20% held by an affiliate of SOCAR. The
remaining 62.83% share in CGL is held by two affiliates of the project operator,
CNPC.
This announcement includes "forward-looking statements", including statements
with respect to Arawak's anticipated exploration and development activities
which are based on the opinions and estimates of management at the date the
statements are made, and are subject to a variety of risks and uncertainties and
other factors that could cause actual events or results to differ materially
from those projected in the forward-looking statements. These risks and
uncertainties include, but are not limited to, risks associated with the oil and
gas industry (including operational risks in development, exploration and
production; delays or changes in plans with respect to exploration or
development projects or capital expenditures; the uncertainty of reserve
estimates; the uncertainty of estimates and projections in relation to
production, costs and expenses and health, safety and environmental risks), the
risk of commodity price and foreign exchange rate fluctuations, the uncertainty
associated with commercial negotiations and negotiating with foreign governments
and risks associated with international activity. Statements relating to
"reserves" are deemed to be forward looking statements as they involve the
implied assessment, based on certain estimates and assumptions, that the
reserves described exist in the quantities predicted or estimated and can be
profitably produced in the future. Although Arawak believes that its
expectations represented by these forward-looking statements are reasonable,
there can be no assurance that such expectations will prove to be correct. Due
to the risks, uncertainties and assumptions inherent in forward-looking
statements, prospective investors in the Company's securities should not place
undue reliance on these forward-looking statements. For a detailed description
of the risks and uncertainties facing Arawak, readers should refer to Arawak's
Annual Information Form for the year ended 31 December, 2007 and dated 31 March,
2008 as filed at www.sedar.com.
APPENDIX 1
Net present values of future net revenue based on forecast prices and costs
(thousands of $ (M$)):
+-----+-----------+-----------+----------------+---+--------------+-------+-------------+----------------+------+----------------+--------------+-------+-------+---+----------------+-------+------------+-------+----------+--+----------------+-------+--------------+-------+-----+--+--+----------------+------+----------------+-----------+----------------+-------+-----------+----------------+--+----------+--+
| | | | | | | | | | | | | | | | | | Net Unit |
| | | | | | | | | | | | | | | | | | |
+-----+-----------------------+--------------------+------------------------------------+-----------------------+-----------------------------------------------+---+--------------------------------------------------------+--+---------------------------------------+-------------+--+--+-----------------------+----------------------------+------------------------------------+-------------------+-------------+
| | | | | | | | | | | | | | | | | | Value |
| | | | | | | | | | | | | | | | | | Before |
+-----+-----------------------+--------------------+------------------------------------+-----------------------+-----------------------------------------------+---+--------------------------------------------------------+--+---------------------------------------+-------------+--+--+-----------------------+----------------------------+------------------------------------+-------------------+-------------+
| | | | | | | | Income |
| | | | | | | | Tax |
+-----+-----------------------+--------------------+------------------------------------------------------------------------------------------------------------------------------------------------------+-------+------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------+--+-------------+
| | | | Before Deducting | | After Deducting | | Discounted |
| | | | | | | | at |
+-----+-----------------------+--------------------+------------------------------------------------------------------------------------------------------------------------------------------------------+-------+------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------+--+-------------+
| | | | Income Taxes Discounted At | | Incoming Taxes Discounted At | | 10%/year |
+-----+-----------------------+--------------------+------------------------------------------------------------------------------------------------------------------------------------------------------+-------+------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------+--+-------------+
| | | | 0% | | 5% | | 10% | | 15% | | 20% | | 0% | | 5% | | 10% | | 15% | | 20% | | |
+-----+-----------------------+--------------------+--------------+-------+------------------------------+-----------------------+--------------+-------+----------------------------+-------+------------+-------+------------------------------+-------+--------------+-------+----------------------------+-----------------------+----------------------------+-------+----------------------------+--+-------------+
| | | | (M$) | | (M$) | | (M$) | | (M$) | | (M$) | | (M$) | | (M$) | | (M$) | | (M$) | | (M$) | | ($/boe) |
+-----+-----------------------+--------------------+--------------+-------+------------------------------+-----------------------+--------------+-------+----------------------------+-------+------------+-------+------------------------------+-------+--------------+-------+----------------------------+-----------------------+----------------------------+-------+----------------------------+--+-------------+
| Proved Developed | | | | | | | | | | | | | | | | | | | | | |
| Producing (1) (5) | | | | | | | | | | | | | | | | | | | | | |
+-----------------------------------------------------------------+-------+------------------------------+-----------------------+--------------+-------+----------------------------+-------+------------+-------+------------------------------+-------+--------------+-------+----------------------------+-----------------------+----------------------------+-------+----------------------------+--+----------+--+
| | Kazakhstan | 306,038 | | 257,826 | | 221,503 | | 193,452 | | 171,321 | | 241,454 | | 203,055 | | 174,183 | | 151,926 | | 134,394 | | 16.15 | |
+-----+--------------------------------------------+--------------+-------+------------------------------+-----------------------+--------------+-------+----------------------------+-------+------------+-------+------------------------------+-------+--------------+-------+----------------------------+-----------------------+----------------------------+-------+----------------------------+--+----------+--+
| | Russia | | 50,261 | | 43,346 | | 37,766 | | 33,222 | | 29,486 | | 44,379 | | 38,226 | | 33,288 | | 29,286 | | 26,009 | | 6.83 | |
+-----+-----------------------+--------------------+--------------+-------+------------------------------+-----------------------+--------------+-------+----------------------------+-------+------------+-------+------------------------------+-------+--------------+-------+----------------------------+-----------------------+----------------------------+-------+----------------------------+--+----------+--+
| | Azerbaijan | | 304 | | 265 | | 233 | | 207 | | 184 | | 304 | | 265 | | 233 | | 207 | | 184 | | 3.90 | |
+-----+-----------------------+--------------------+--------------+-------+------------------------------+-----------------------+--------------+-------+----------------------------+-------+------------+-------+------------------------------+-------+--------------+-------+----------------------------+-----------------------+----------------------------+-------+----------------------------+--+----------+--+
| | Total | | 356,603 | - | 301,437 | - | 259,502 | - | 226,881 | - | 200,992 | - | 286,137 | - | 241,546 | - | 207,704 | - | 181,419 | - | 160,587 | | 13.44 | |
+-----+-----------------------+--------------------+--------------+-------+------------------------------+-----------------------+--------------+-------+----------------------------+-------+------------+-------+------------------------------+-------+--------------+-------+----------------------------+-----------------------+----------------------------+-------+----------------------------+--+----------+--+
| Proved Developed | | | | | | | | | | | | | | | | | | | | | |
| Non-Producing (1) | | | | | | | | | | | | | | | | | | | | | |
| (6) | | | | | | | | | | | | | | | | | | | | | |
+-----------------------------------------------------------------+-------+------------------------------+-----------------------+--------------+-------+----------------------------+-------+------------+-------+------------------------------+-------+--------------+-------+----------------------------+-----------------------+----------------------------+-------+----------------------------+--+----------+--+
| | Kazakhstan | - | - | - | - | - | - | - | - | - | - | | - | - | - | - | - | - | - | - | | - | |
| | | | | | | | | | | | | - | | | | | | | | | | | |
+-----+--------------------------------------------+--------------+-------+------------------------------+-----------------------+--------------+-------+----------------------------+-------+------------+-------+------------------------------+-------+--------------+-------+----------------------------+-----------------------+----------------------------+-------+----------------------------+--+----------+--+
| | Russia | | 15,025 | | 11,954 | | 9,624 | | 7,835 | | 6,448 | | 11,946 | | 9,566 | | 7,746 | | 6,340 | | 5,243 | | 7.45 | |
+-----+-----------------------+--------------------+--------------+-------+------------------------------+-----------------------+--------------+-------+----------------------------+-------+------------+-------+------------------------------+-------+--------------+-------+----------------------------+-----------------------+----------------------------+-------+----------------------------+--+----------+--+
| | Azerbaijan | | 2,035 | | 1,649 | | 1,352 | | 1,120 | | 937 | | 2,035 | | 1,649 | | 1,352 | | 1,120 | | 937 | | 4.47 | |
+-----+-----------------------+--------------------+--------------+-------+------------------------------+-----------------------+--------------+-------+----------------------------+-------+------------+-------+------------------------------+-------+--------------+-------+----------------------------+-----------------------+----------------------------+-------+----------------------------+--+----------+--+
| | Total | | 17,060 | - | 13,603 | - | 10,975 | - | 8,955 | - | 7,385 | - | 13,981 | - | 11,215 | - | 9,097 | - | 7,460 | - | 6,180 | | 6.89 | |
+-----+-----------------------+--------------------+--------------+-------+------------------------------+-----------------------+--------------+-------+----------------------------+-------+------------+-------+------------------------------+-------+--------------+-------+----------------------------+-----------------------+----------------------------+-------+----------------------------+--+----------+--+
| Proved | | | | | | | | | | | | | | | | | | | | | | |
| Undeveloped | | | | | | | | | | | | | | | | | | | | | | |
| (1) (7) | | | | | | | | | | | | | | | | | | | | | | |
+--------------------------------------------------+--------------+-------+------------------------------+-----------------------+--------------+-------+----------------------------+-------+------------+-------+------------------------------+-------+--------------+-------+----------------------------+-----------------------+----------------------------+-------+----------------------------+--+----------+--+
| | Kazakhstan | 220,103 | | 166,296 | | 128,744 | | 101,717 | | 81,739 | | 147,153 | | 108,805 | | 82,375 | | 63,574 | | 49,828 | | 18.50 | |
+-----+--------------------------------------------+--------------+-------+------------------------------+-----------------------+--------------+-------+----------------------------+-------+------------+-------+------------------------------+-------+--------------+-------+----------------------------+-----------------------+----------------------------+-------+----------------------------+--+----------+--+
| | Russia | | 11,094 | | 9,444 | | 8,067 | | 6,912 | | 5,939 | | 8,655 | | 7,359 | | 6,274 | | 5,362 | | 4,592 | | 6.98 | |
+-----+-----------------------+--------------------+--------------+-------+------------------------------+-----------------------+--------------+-------+----------------------------+-------+------------+-------+------------------------------+-------+--------------+-------+----------------------------+-----------------------+----------------------------+-------+----------------------------+--+----------+--+
| | Azerbaijan | | 73,126 | | 45,551 | | 27,613 | | 15,903 | | 8,251 | | 73,126 | | 45,551 | | 27,613 | | 15,903 | | 8,251 | | 4.94 | |
+-----+-----------------------+--------------------+--------------+-------+------------------------------+-----------------------+--------------+-------+----------------------------+-------+------------+-------+------------------------------+-------+--------------+-------+----------------------------+-----------------------+----------------------------+-------+----------------------------+--+----------+--+
| | Total | | 304,323 | - | 221,291 | - | 164,424 | - | 124,532 | - | 95,930 | | 228,934 | - | 161,715 | - | 116,262 | - | 84,839 | - | 62,671 | | 4.75 | |
+-----+-----------------------+--------------------+--------------+-------+------------------------------+-----------------------+--------------+-------+----------------------------+-------+------------+-------+------------------------------+-------+--------------+-------+----------------------------+-----------------------+----------------------------+-------+----------------------------+--+----------+--+
| TOTAL | | | | | | | | | | | | | | | | | | | | | | | |
| PROVED | | | | | | | | | | | | | | | | | | | | | | | |
| (1) | | | | | | | | | | | | | | | | | | | | | | | |
+-----------------------------+--------------------+--------------+-------+------------------------------+-----------------------+--------------+-------+----------------------------+-------+------------+-------+------------------------------+-------+--------------+-------+----------------------------+-----------------------+----------------------------+-------+----------------------------+--+----------+--+
| | Kazakhstan | 526,140 | - | 424,122 | - | 350,247 | - | 295,170 | - | 253,060 | - | 388,607 | - | 311,859 | - | 256,558 | - | 215,501 | - | 184,222 | | 16.94 | |
+-----------------+--------------------------------+--------------+-------+------------------------------+-----------------------+--------------+-------+----------------------------+-------+------------+-------+------------------------------+-------+--------------+-------+----------------------------+-----------------------+----------------------------+-------+----------------------------+--+----------+--+
| | Russia | | 76,379 | - | 64,744 | - | 55,456 | - | 47,970 | - | 41,874 | - | 64,981 | - | 55,150 | - | 47,307 | - | 40,987 | - | 35,844 | | 6.95 | |
+-----------------+----------------------------+---+--------------+-------+------------------------------+-----------------------+--------------+-------+----------------------------+-------+------------+-------+------------------------------+-------+--------------+-------+----------------------------+-----------------------+----------------------------+-------+----------------------------+--+----------+--+
| | Azerbaijan | | 75,465 | - | 47,465 | - | 29,199 | - | 17,230 | - | 9,372 | - | 75,465 | - | 47,465 | - | 29,199 | - | 17,230 | - | 9,372 | | 4.91 | |
+-----------------+----------------------------+---+--------------+-------+------------------------------+-----------------------+--------------+-------+----------------------------+-------+------------+-------+------------------------------+-------+--------------+-------+----------------------------+-----------------------+----------------------------+-------+----------------------------+--+----------+--+
| | Total | | 677,984 | - | 536,331 | - | 434,902 | - | 360,370 | - | 304,306 | - | 529,052 | - | 414,475 | - | 333,064 | - | 273,718 | - | 229,438 | | 12.57 | |
+-----------------+----------------------------+---+--------------+-------+------------------------------+-----------------------+--------------+-------+----------------------------+-------+------------+-------+------------------------------+-------+--------------+-------+----------------------------+-----------------------+----------------------------+-------+----------------------------+--+----------+--+
| TOTAL | | | | | | | | | | | | | | | | | | | | | | | |
| PROBABLE | | | | | | | | | | | | | | | | | | | | | | | |
| (2) | | | | | | | | | | | | | | | | | | | | | | | |
+----------------------------------------------+---+--------------+-------+------------------------------+-----------------------+--------------+-------+----------------------------+-------+------------+-------+------------------------------+-------+--------------+-------+----------------------------+-----------------------+----------------------------+-------+----------------------------+--+----------+--+
| | Kazakhstan | 413,804 | | 295,749 | | 219,389 | | 167,829 | | 131,713 | | 280,405 | | 195,853 | | 141,973 | | 106,097 | | 81,294 | | 17.31 | |
+-----------------+--------------------------------+--------------+-------+------------------------------+-----------------------+--------------+-------+----------------------------+-------+------------+-------+------------------------------+-------+--------------+-------+----------------------------+-----------------------+----------------------------+-------+----------------------------+--+----------+--+
| | Russia | | 16,607 | | 14,125 | | 12,051 | | 10,311 | | 8,844 | | 12,721 | | 10,805 | | 9,198 | | 7,845 | | 6,700 | | 8.23 | |
+-----------------+----------------------------+---+--------------+-------+------------------------------+-----------------------+--------------+-------+----------------------------+-------+------------+-------+------------------------------+-------+--------------+-------+----------------------------+-----------------------+----------------------------+-------+----------------------------+--+----------+--+
| | Azerbaijan | | 235,352 | | 169,110 | | 123,818 | | 92,126 | | 69,488 | | 235,352 | | 169,110 | | 123,818 | | 92,126 | | 69,488 | | 13.73 | |
+-----------------+----------------------------+---+--------------+-------+------------------------------+-----------------------+--------------+-------+----------------------------+-------+------------+-------+------------------------------+-------+--------------+-------+----------------------------+-----------------------+----------------------------+-------+----------------------------+--+----------+--+
| | Total | | 665,764 | - | 478,983 | - | 355,258 | - | 270,266 | - | 210,045 | - | 528,479 | - | 375,768 | - | 274,989 | - | 206,068 | - | 157,482 | | 15.34 | |
+-----------------+----------------------------+---+--------------+-------+------------------------------+-----------------------+--------------+-------+----------------------------+-------+------------+-------+------------------------------+-------+--------------+-------+----------------------------+-----------------------+----------------------------+-------+----------------------------+--+----------+--+
| TOTAL | | | | | | | | | | | | | | | | | | | | | | |
| PROVED | | | | | | | | | | | | | | | | | | | | | | |
| PLUS | | | | | | | | | | | | | | | | | | | | | | |
+--------------------------------------------------+--------------+-------+------------------------------+-----------------------+--------------+-------+----------------------------+-------+------------+-------+------------------------------+-------+--------------+-------+----------------------------+-----------------------+----------------------------+-------+----------------------------+--+----------+--+
| PROBABLE | | | | | | | | | | | | | | | | | | | | | | | |
| (1) (2) | | | | | | | | | | | | | | | | | | | | | | | |
+----------------------------------------------+---+--------------+-------+------------------------------+-----------------------+--------------+-------+----------------------------+-------+------------+-------+------------------------------+-------+--------------+-------+----------------------------+-----------------------+----------------------------+-------+----------------------------+--+----------+--+
| | Kazakhstan | 939,943 | - | 719,871 | - | 569,636 | - | 462,999 | - | 384,772 | - | 669,011 | - | 507,713 | - | 398,531 | - | 321,597 | - | 265,515 | | 17.08 | |
+-----------------+--------------------------------+--------------+-------+------------------------------+-----------------------+--------------+-------+----------------------------+-------+------------+-------+------------------------------+-------+--------------+-------+----------------------------+-----------------------+----------------------------+-------+----------------------------+--+----------+--+
| | Russia | | 92,987 | - | 78,868 | - | 67,507 | - | 58,281 | - | 50,718 | - | 77,702 | - | 65,955 | - | 56,505 | - | 48,832 | - | 42,544 | | 7.15 | |
+-----------------+----------------------------+---+--------------+-------+------------------------------+-----------------------+--------------+-------+----------------------------+-------+------------+-------+------------------------------+-------+--------------+-------+----------------------------+-----------------------+----------------------------+-------+----------------------------+--+----------+--+
| | Azerbaijan | | 310,817 | - | 216,575 | - | 153,017 | - | 109,356 | - | 78,860 | - | 310,817 | - | 216,575 | - | 153,017 | - | 109,356 | - | 78,860 | | 10.22 | |
+-----------------+----------------------------+---+--------------+-------+------------------------------+-----------------------+--------------+-------+----------------------------+-------+------------+-------+------------------------------+-------+--------------+-------+----------------------------+-----------------------+----------------------------+-------+----------------------------+--+----------+--+
| | Total | | 1,343,747 | - | 1,015,314 | - | 790,160 | - | 630,636 | - | 514,350 | - | 1,057,530 | - | 790,243 | - | 608,053 | - | 479,785 | - | 386,919 | | 13.68 | |
+-----------------+----------------------------+---+--------------+-------+------------------------------+-----------------------+--------------+-------+----------------------------+-------+------------+-------+------------------------------+-------+--------------+-------+----------------------------+-----------------------+----------------------------+-------+----------------------------+--+----------+--+
| TOTAL | | | | | | | | | | | | | | | | | | | | | | | |
| POSSIBLE | | | | | | | | | | | | | | | | | | | | | | | |
| (3) | | | | | | | | | | | | | | | | | | | | | | | |
+----------------------------------------------+---+--------------+-------+------------------------------+-----------------------+--------------+-------+----------------------------+-------+------------+-------+------------------------------+-------+--------------+-------+----------------------------+-----------------------+----------------------------+-------+----------------------------+--+----------+--+
| | Kazakhstan | 692,371 | | 504,554 | | 381,290 | | 296,905 | | 237,039 | | 451,819 | | 325,661 | | 243,950 | | 188,623 | | 149,730 | | 23.08 | |
+-----------------+--------------------------------+--------------+-------+------------------------------+-----------------------+--------------+-------+----------------------------+-------+------------+-------+------------------------------+-------+--------------+-------+----------------------------+-----------------------+----------------------------+-------+----------------------------+--+----------+--+
| | Russia | | 16,583 | | 13,535 | - | 11,172 | - | 9,314 | - | 7,837 | - | 13,177 | - | 10,805 | - | 8,957 | - | 7,498 | - | 6,334 | | 10.41 | |
+-----------------+----------------------------+---+--------------+-------+------------------------------+-----------------------+--------------+-------+----------------------------+-------+------------+-------+------------------------------+-------+--------------+-------+----------------------------+-----------------------+----------------------------+-------+----------------------------+--+----------+--+
| | Azerbaijan | | 139,223 | | 89,423 | | 58,710 | | 39,196 | | 26,483 | | 139,223 | | 89,423 | | 58,710 | | 39,196 | | 26,483 | | 8.06 | |
+-----------------+----------------------------+---+--------------+-------+------------------------------+-----------------------+--------------+-------+----------------------------+-------+------------+-------+------------------------------+-------+--------------+-------+----------------------------+-----------------------+----------------------------+-------+----------------------------+--+----------+--+
| | Total | | 848,177 | - | 607,512 | - | 451,172 | - | 345,415 | - | 271,360 | - | 604,219 | - | 425,889 | - | 311,617 | - | 235,317 | - | 182,547 | | 18.14 | |
+-----------------+----------------------------+---+--------------+-------+------------------------------+-----------------------+--------------+-------+----------------------------+-------+------------+-------+------------------------------+-------+--------------+-------+----------------------------+-----------------------+----------------------------+-------+----------------------------+--+----------+--+
| TOTAL | | | | | | | | | | | | | | | | | | | | | | |
| PROVED | | | | | | | | | | | | | | | | | | | | | | |
| PLUS | | | | | | | | | | | | | | | | | | | | | | |
+--------------------------------------------------+--------------+-------+------------------------------+-----------------------+--------------+-------+----------------------------+-------+------------+-------+------------------------------+-------+--------------+-------+----------------------------+-----------------------+----------------------------+-------+----------------------------+--+----------+--+
| PROBABLE | | | | | | | | | | | | | | | | | | | | | | | |
| PLUS | | | | | | | | | | | | | | | | | | | | | | | |
+----------------------------------------------+---+--------------+-------+------------------------------+-----------------------+--------------+-------+----------------------------+-------+------------+-------+------------------------------+-------+--------------+-------+----------------------------+-----------------------+----------------------------+-------+----------------------------+--+----------+--+
| POSSIBLE | | | | | | | | | | | | | | | | | | | | | | | | |
+-----------------+----------------------------+---+--------------+-------+------------------------------+-----------------------+--------------+-------+----------------------------+-------+------------+-------+------------------------------+-------+--------------+-------+----------------------------+-----------------------+----------------------------+-------+----------------------------+--+----------+--+
| | Kazakhstan | 1,632,314 | - | 1,224,425 | - | 950,927 | - | 759,904 | - | 621,811 | - | 1,120,830 | - | 833,374 | - | 642,481 | - | 510,221 | - | 415,246 | | 19.07 | |
+-----------------+--------------------------------+--------------+-------+------------------------------+-----------------------+--------------+-------+----------------------------+-------+------------+-------+------------------------------+-------+--------------+-------+----------------------------+-----------------------+----------------------------+-------+----------------------------+--+----------+--+
| | Russia | | 109,569 | - | 92,403 | - | 78,679 | - | 67,595 | - | 58,555 | - | 90,879 | - | 76,760 | - | 65,462 | - | 56,330 | - | 48,878 | | 7.48 | |
+-----------------+----------------------------+---+--------------+-------+------------------------------+-----------------------+--------------+-------+----------------------------+-------+------------+-------+------------------------------+-------+--------------+-------+----------------------------+-----------------------+----------------------------+-------+----------------------------+--+----------+--+
| | Azerbaijan | | 450,040 | - | 305,998 | - | 211,727 | - | 148,552 | - | 105,344 | | 450,040 | - | 305,998 | - | 211,727 | - | 148,552 | - | 105,344 | | 9.52 | |
+-----------------+----------------------------+---+--------------+-------+------------------------------+-----------------------+--------------+-------+----------------------------+-------+------------+-------+------------------------------+-------+--------------+-------+----------------------------+-----------------------+----------------------------+-------+----------------------------+--+----------+--+
| | Total | | 2,191,924 | - | 1,622,826 | - | 1,241,333 | - | 976,051 | - | 785,710 | | 1,661,749 | - | 1,216,132 | - | 919,670 | - | 715,103 | - | 569,468 | | 15.02 | |
+-----+-----------+-----------+----------------+---+--------------+-------+-------------+----------------+------+----------------+--------------+-------+-------+---+----------------+-------+------------+-------+----------+--+----------------+-------+--------------+-------+-----+--+--+----------------+------+----------------+-----------+----------------+-------+-----------+----------------+--+----------+--+
1. "Proved" reserves are those reserves that can be estimated with a high degree of
certainty to be recoverable. It is likely that the actual remaining quantities
recovered will exceed the estimated proved reserves.
2. "Probable" reserves are those additional reserves that are less certain to be
recovered than proved reserves. It is equally likely that the actual remaining
quantities recovered will be greater or less than the sum of the estimated
proved plus probable reserves.
3. "Possible" reserves are those additional reserves that are less certain to be
recovered than probable reserves. It is unlikely that the actual quantities
recovered will exceed the sum of the estimated proved plus probable plus
possible reserves.
4. "Developed" reserves are those reserves that are expected to be recovered from
existing wells and installed facilities or, if facilities have not been
installed, that would involve a low expenditure (e.g. when compared to the cost
of drilling a well) to put the reserves on production.
5. "Developed Producing" reserves are those reserves that are expected to be
recovered from completion intervals open at the time of the estimate. These
reserves may be currently producing or, if shut-in, they must have previously
been on production, and the date of resumption of production must be known with
reasonable certainty.
6. "Developed Non-Producing" reserves are those reserves that either have not been
on production, or have previously been on production, but are shut in, and the
date of resumption of production is unknown.
7. "Undeveloped" reserves are those expected to be recovered from know
accumulations where a significant expenditure (for example, when compared to the
cost of drilling a well) is required to render them capable of production. They
must fully meet the requirements of the reserves classification (proved,
probable, possible) to which they are assigned.
The pricing assumptions used in the Kazakhstan McDaniel Report with respect to
net present values of future net revenue (forecast) are set forth below. As a
result of both economic and political forces, there is significant uncertainty
regarding the forecasting of future hydrocarbon prices. The Kazakhstan McDaniel
Report assumes 85% of Arawak's production from the Akzhar, Besbolek and
Karataikyz fields is sold at export price and 15% is sold at the domestic price.
For the Alimbai field the Kazakhstan McDaniel Report assumes 0% to be sold to
the export markets in 2009 and 80% thereafter. Under the terms of the Temir
Production Sharing Agreement 100% of production from the Saigak field is
entitled to be exported. The domestic price excludes VAT.
+--------+-----------+---------+--------------+---------+--------------+---------+----------+--------------+------------+------------+
| Crude Oil |
+------------------------------------------------------------------------------------------------------------------------------------+
| Date | WTI | Brent | Urals | Urals | Akzhar | Akzhar | Akzhar | Besbolek, | Besbolek, | Besbolek, |
| | Cushing |($/bbl) | Price | Crude | Export | Export |Domestic | Karataikyz |Karataikyz |Karataikyz |
| |Oklahoma | |Differential | Oil | Price | Price | Price | & Alimbai | & Alimbai | & Alimbai |
| | ($/bbl) | | ($2009/bbl) | Price |Differential |($/bbl) | ($/bbl) | Export | Export | Domestic |
| | | | |($/bbl) | $2009/bbl | | | Price | Price | Price |
| | | | | | | | |Differential | ($/bbl) | ($/bbl) |
| | | | | | | | |($2009 /bbl) | | |
+--------+-----------+---------+--------------+---------+--------------+---------+----------+--------------+------------+------------+
| 2009 | 54.00 | 52.15 | 3.00 | 49.15 | 16.64 | 35.51 | 25.00 | 16.24 | 35.91 | 25.00 |
+--------+-----------+---------+--------------+---------+--------------+---------+----------+--------------+------------+------------+
| 2010 | 65.00 | 63.21 | 3.00 | 60.15 | 16.64 | 46.23 | 25.00 | 16.24 | 46.64 | 25.00 |
+--------+-----------+---------+--------------+---------+--------------+---------+----------+--------------+------------+------------+
| 2011 | 73.00 | 71.25 | 3.00 | 68.13 | 16.64 | 53.94 | 25.00 | 16.24 | 54.35 | 25.00 |
+--------+-----------+---------+--------------+---------+--------------+---------+----------+--------------+------------+------------+
| 2012 | 82.00 | 80.30 | 3.00 | 77.11 | 16.64 | 62.64 | 28.19 | 16.24 | 63.06 | 28.38 |
+--------+-----------+---------+--------------+---------+--------------+---------+----------+--------------+------------+------------+
| 2013 | 91.00 | 89.34 | 3.00 | 86.10 | 16.64 | 71.33 | 32.10 | 16.24 | 71.77 | 32.29 |
+--------+-----------+---------+--------------+---------+--------------+---------+----------+--------------+------------+------------+
| 2014 | 93.00 | 91.35 | 3.00 | 88.04 | 16.64 | 72.98 | 32.84 | 16.24 | 73.42 | 33.04 |
+--------+-----------+---------+--------------+---------+--------------+---------+----------+--------------+------------+------------+
| 2015 | 94.86 | 93.22 | 3.00 | 89.85 | 16.64 | 74.49 | 33.52 | 16.24 | 74.94 | 33.72 |
+--------+-----------+---------+--------------+---------+--------------+---------+----------+--------------+------------+------------+
| 2016 | 96.76 | 95.13 | 3.00 | 91.69 | 16.64 | 76.02 | 34.21 | 16.24 | 76.48 | 34.41 |
+--------+-----------+---------+--------------+---------+--------------+---------+----------+--------------+------------+------------+
| 2017 | 98.69 | 97.08 | 3.00 | 93.56 | 16.64 | 77.58 | 34.91 | 16.24 | 78.05 | 35.12 |
+--------+-----------+---------+--------------+---------+--------------+---------+----------+--------------+------------+------------+
| 2018 | 100.67 | 99.06 | 3.00 | 95.48 | 16.64 | 79.18 | 35.63 | 16.24 | 79.65 | 35.84 |
+--------+-----------+---------+--------------+---------+--------------+---------+----------+--------------+------------+------------+
| 2019 | 102.68 | 101.09 | 3.00 | 97.43 | 16.64 | 80.80 | 36.36 | 16.24 | 81.29 | 36.58 |
+--------+-----------+---------+--------------+---------+--------------+---------+----------+--------------+------------+------------+
| 2020 | 104.73 | 103.15 | 3.00 | 99.42 | 16.64 | 82.46 | 37.11 | 16.24 | 82.96 | 37.33 |
+--------+-----------+---------+--------------+---------+--------------+---------+----------+--------------+------------+------------+
| 2021 | 106.83 | 105.26 | 3.00 | 101.45 | 16.64 | 84.15 | 37.87 | 16.24 | 84.66 | 38.10 |
+--------+-----------+---------+--------------+---------+--------------+---------+----------+--------------+------------+------------+
| 2022 | 108.96 | 107.40 | 3.00 | 103.52 | 16.64 | 85.88 | 38.65 | 16.24 | 86.40 | 38.88 |
+--------+-----------+---------+--------------+---------+--------------+---------+----------+--------------+------------+------------+
| 2023 | 111.14 | 109.59 | 3.00 | 105.64 | 16.64 | 87.64 | 39.44 | 16.24 | 88.17 | 39.67 |
+--------+-----------+---------+--------------+---------+--------------+---------+----------+--------------+------------+------------+
| 2024 | 111.14 | 109.59 | 3.00 | 105.64 | 16.64 | 87.64 | 39.44 | 16.24 | 88.17 | 39.67 |
+--------+-----------+---------+--------------+---------+--------------+---------+----------+--------------+------------+------------+
| 2025 | 111.14 | 109.59 | 3.00 | 105.64 | 16.64 | 87.64 | 39.44 | 16.24 | 88.17 | 39.67 |
+--------+-----------+---------+--------------+---------+--------------+---------+----------+--------------+------------+------------+
| 2026 | 111.14 | 109.59 | 3.00 | 105.64 | 16.64 | 87.64 | 39.44 | 16.24 | 88.17 | 39.67 |
+--------+-----------+---------+--------------+---------+--------------+---------+----------+--------------+------------+------------+
| 2027 | 111.14 | 109.59 | 3.00 | 105.64 | 16.64 | 87.64 | 39.44 | 16.24 | 88.17 | 39.67 |
+--------+-----------+---------+--------------+---------+--------------+---------+----------+--------------+------------+------------+
| 2028 | 111.14 | 109.59 | 3.00 | 105.64 | 16.64 | 87.64 | 39.44 | 16.24 | 88.17 | 39.67 |
+--------+-----------+---------+--------------+---------+--------------+---------+----------+--------------+------------+------------+
+--------+-----------+---------+--------------+---------+----------+-----------+
| Crude Oil |
+------------------------------------------------------------------------------+
| Date | WTI | Brent | Saigak | Saigak | Saigak |Inflation |
| | Cushing |($/bbl) | Export | Export |Domestic | Forecast |
| |Oklahoma | | Price | Price | Price | % |
| | ($/bbl) | |Differential |($/bbl) | ($/bbl) | |
| | | | ($2009/bbl) | | | |
+--------+-----------+---------+--------------+---------+----------+-----------+
| 2009 | 54.00 | 52.15 | 16.50 | 35.65 | 25.00 | 2.0 |
+--------+-----------+---------+--------------+---------+----------+-----------+
| 2010 | 65.00 | 63.21 | 16.83 | 46.38 | 25.00 | 2.0 |
+--------+-----------+---------+--------------+---------+----------+-----------+
| 2011 | 73.00 | 71.25 | 17.17 | 54.08 | 25.00 | 2.0 |
+--------+-----------+---------+--------------+---------+----------+-----------+
| 2012 | 82.00 | 80.30 | 17.51 | 62.79 | 28.25 | 2.0 |
+--------+-----------+---------+--------------+---------+----------+-----------+
| 2013 | 91.00 | 89.34 | 17.86 | 71.48 | 32.17 | 2.0 |
+--------+-----------+---------+--------------+---------+----------+-----------+
| 2014 | 93.00 | 91.35 | 18.22 | 73.14 | 32.91 | 2.0 |
+--------+-----------+---------+--------------+---------+----------+-----------+
| 2015 | 94.86 | 93.22 | 18.58 | 74.64 | 33.59 | 2.0 |
+--------+-----------+---------+--------------+---------+----------+-----------+
| 2016 | 96.76 | 95.13 | 18.95 | 76.18 | 34.28 | 2.0 |
+--------+-----------+---------+--------------+---------+----------+-----------+
| 2017 | 98.69 | 97.08 | 19.33 | 77.75 | 34.99 | 2.0 |
+--------+-----------+---------+--------------+---------+----------+-----------+
| 2018 | 100.67 | 99.06 | 19.72 | 79.34 | 35.70 | 2.0 |
+--------+-----------+---------+--------------+---------+----------+-----------+
| 2019 | 102.68 | 101.09 | 20.11 | 80.97 | 36.44 | 2.0 |
+--------+-----------+---------+--------------+---------+----------+-----------+
| 2020 | 104.73 | 103.15 | 20.52 | 82.63 | 37.19 | 2.0 |
+--------+-----------+---------+--------------+---------+----------+-----------+
| 2021 | 106.83 | 105.26 | 20.93 | 84.33 | 37.95 | 2.0 |
+--------+-----------+---------+--------------+---------+----------+-----------+
| 2022 | 108.96 | 107.40 | 21.34 | 86.06 | 38.73 | 2.0 |
+--------+-----------+---------+--------------+---------+----------+-----------+
| 2023 | 111.14 | 109.59 | 21.77 | 87.82 | 39.52 | 2.0 |
+--------+-----------+---------+--------------+---------+----------+-----------+
| 2024 | 111.14 | 109.59 | 21.77 | 87.82 | 39.52 | 0.0 |
+--------+-----------+---------+--------------+---------+----------+-----------+
| 2025 | 111.14 | 109.59 | 21.77 | 87.82 | 39.52 | 0.0 |
+--------+-----------+---------+--------------+---------+----------+-----------+
| 2026 | 111.14 | 109.59 | 21.77 | 87.82 | 39.52 | 0.0 |
+--------+-----------+---------+--------------+---------+----------+-----------+
| 2027 | 111.14 | 109.59 | 21.77 | 87.82 | 39.52 | 0.0 |
+--------+-----------+---------+--------------+---------+----------+-----------+
| 2028 | 111.14 | 109.59 | 21.77 | 87.82 | 39.52 | 0.0 |
+--------+-----------+---------+--------------+---------+----------+-----------+
The pricing assumptions used in the Russia Ryder Scott Report with respect to
net present values of future net revenue (forecast) are set forth below. As a
result of both economic and political forces, there is significant uncertainty
regarding the forecasting of future hydrocarbon prices.
+--------+-----------+---------+---------+---------+----------+---------+---------+
| Crude Oil |
+---------------------------------------------------------------------------------+
| Date | WTI | Brent | Urals | Export |Domestic | Blend¹ |Netback |
| | Cushing |($/bbl) |($/bbl) |($/bbl) | ($/bbl) |($/bbl) | Price |
| |Oklahoma | | | | | | |
| | ($/bbl) | | | | | | |
+--------+-----------+---------+---------+---------+----------+---------+---------+
| 2009 | 54.00 | 52.15 | 50.15 | 47.15 | 28.80 | 36.14 | 14.31 |
+--------+-----------+---------+---------+---------+----------+---------+---------+
| 2010 | 65.00 | 63.21 | 61.21 | 58.21 | 35.55 | 44.62 | 16.69 |
+--------+-----------+---------+---------+---------+----------+---------+---------+
| 2011 | 73.00 | 71.25 | 69.25 | 66.25 | 40.47 | 50.78 | 18.43 |
+--------+-----------+---------+---------+---------+----------+---------+---------+
| 2012 | 82.00 | 80.30 | 78.30 | 75.30 | 45.99 | 57.71 | 20.37 |
+--------+-----------+---------+---------+---------+----------+---------+---------+
| 2013 | 91.00 | 89.34 | 87.34 | 84.34 | 51.52 | 64.65 | 22.32 |
+--------+-----------+---------+---------+---------+----------+---------+---------+
| 2014 | 93.00 | 91.35 | 89.35 | 86.35 | 52.75 | 66.19 | 22.76 |
+--------+-----------+---------+---------+---------+----------+---------+---------+
| 2015 | 94.86 | 93.22 | 91.22 | 88.22 | 53.89 | 67.62 | 23.16 |
+--------+-----------+---------+---------+---------+----------+---------+---------+
| 2016 | 96.76 | 95.13 | 93.13 | 90.13 | 55.06 | 69.09 | 23.57 |
+--------+-----------+---------+---------+---------+----------+---------+---------+
| 2017 | 98.69 | 97.08 | 95.08 | 92.08 | 56.24 | 70.58 | 23.99 |
+--------+-----------+---------+---------+---------+----------+---------+---------+
| 2018 | 100.67 | 99.06 | 97.06 | 94.06 | 57.46 | 72.10 | 24.42 |
+--------+-----------+---------+---------+---------+----------+---------+---------+
| 2019 | 102.68 | 101.09 | 99.09 | 96.09 | 58.69 | 73.65 | 24.85 |
+--------+-----------+---------+---------+---------+----------+---------+---------+
| 2020 | 104.73 | 103.15 | 101.15 | 98.15 | 59.95 | 75.23 | 25.30 |
+--------+-----------+---------+---------+---------+----------+---------+---------+
| 2021 | 106.83 | 105.26 | 103.26 | 100.26 | 61.24 | 76.85 | 25.75 |
+--------+-----------+---------+---------+---------+----------+---------+---------+
| 2022 | 108.96 | 107.40 | 105.40 | 102.40 | 62.55 | 78.49 | 26.21 |
+--------+-----------+---------+---------+---------+----------+---------+---------+
| 2023 | 111.14 | 109.59 | 107.59 | 104.59 | 63.89 | 80.17 | 26.68 |
+--------+-----------+---------+---------+---------+----------+---------+---------+
| 2024 | 111.14 | 109.59 | 107.59 | 104.59 | 63.89 | 80.17 | 26.68 |
+--------+-----------+---------+---------+---------+----------+---------+---------+
| 2025 | 111.14 | 109.59 | 107.59 | 104.59 | 63.89 | 80.17 | 26.68 |
+--------+-----------+---------+---------+---------+----------+---------+---------+
| 2026 | 111.14 | 109.59 | 107.59 | 104.59 | 63.89 | 80.17 | 26.68 |
+--------+-----------+---------+---------+---------+----------+---------+---------+
| 2027 | 111.14 | 109.59 | 107.59 | 104.59 | 63.89 | 80.17 | 26.68 |
+--------+-----------+---------+---------+---------+----------+---------+---------+
| 2028 | 111.14 | 109.59 | 107.59 | 104.59 | 63.89 | 80.17 | 26.68 |
+--------+-----------+---------+---------+---------+----------+---------+---------+
| | | | | | | | |
+--------+-----------+---------+---------+---------+----------+---------+---------+
| ¹ Blend assumes export sales 40% and domestic sales | | |
| 60% | | |
+--------+-----------+---------+---------+---------+----------+---------+---------+
The pricing assumptions used in the Azerbaijan Ryder Scott Report with respect
to net present values of future net revenue (forecast) for the proved plus
probable case are set forth below. As a result of both economic and political
forces, there is significant uncertainty regarding the forecasting of future
hydrocarbon prices.
+--------+-----------+---------+---------+---------+--------------------+
| Crude Oil | Natural Gas |
+--------------------------------------------------+--------------------+
| Date | WTI | Brent | Urals | Export | SW Gobustan |
| | Cushing |($/bbl) |($/bbl) |($/bbl) | ($/mcf) |
| |Oklahoma | | | | |
| | ($/bbl) | | | | |
+--------+-----------+---------+---------+---------+--------------------+
| 2009 | 54.00 | 52.15 | 47.98 | 43.94 | 1.33 |
+--------+-----------+---------+---------+---------+--------------------+
| 2010 | 65.00 | 63.21 | 58.15 | 54.04 | 2.76 |
+--------+-----------+---------+---------+---------+--------------------+
| 2011 | 73.00 | 71.25 | 65.55 | 61.35 | 2.80 |
+--------+-----------+---------+---------+---------+--------------------+
| 2012 | 82.00 | 80.30 | 73.87 | 69.59 | 2.82 |
+--------+-----------+---------+---------+---------+--------------------+
| 2013 | 91.00 | 89.34 | 82.20 | 77.83 | 2.82 |
+--------+-----------+---------+---------+---------+--------------------+
| 2014 | 93.00 | 91.35 | 84.05 | 79.59 | 2.82 |
+--------+-----------+---------+---------+---------+--------------------+
| 2015 | 94.86 | 93.22 | 85.77 | 81.23 | 2.83 |
+--------+-----------+---------+---------+---------+--------------------+
| 2016 | 96.76 | 95.13 | 87.52 | 82.89 | 2.83 |
+--------+-----------+---------+---------+---------+--------------------+
| 2017 | 98.69 | 97.08 | 89.31 | 84.59 | 2.83 |
+--------+-----------+---------+---------+---------+--------------------+
| 2018 | 100.67 | 99.06 | 91.14 | 86.32 | 2.83 |
+--------+-----------+---------+---------+---------+--------------------+
| 2019 | 102.68 | 101.09 | 93.00 | 88.08 | 2.83 |
+--------+-----------+---------+---------+---------+--------------------+
| 2020 | 104.73 | 103.15 | 94.90 | 89.88 | 2.83 |
+--------+-----------+---------+---------+---------+--------------------+
| 2021 | 106.83 | 105.26 | 96.84 | 91.72 | 2.83 |
+--------+-----------+---------+---------+---------+--------------------+
| 2022 | 108.96 | 107.40 | 98.81 | 93.60 | 2.83 |
+--------+-----------+---------+---------+---------+--------------------+
| 2023 | 111.14 | 109.59 | 100.83 | 95.51 | 2.83 |
+--------+-----------+---------+---------+---------+--------------------+
| 2024 | 111.14 | 109.59 | 100.83 | 95.51 | 2.83 |
+--------+-----------+---------+---------+---------+--------------------+
| 2025 | 111.14 | 109.59 | 100.83 | 95.51 | 2.83 |
+--------+-----------+---------+---------+---------+--------------------+
| 2026 | 111.14 | 109.59 | 100.83 | 95.51 | 2.83 |
+--------+-----------+---------+---------+---------+--------------------+
| 2027 | 111.14 | 109.59 | 100.83 | 95.51 | 2.83 |
+--------+-----------+---------+---------+---------+--------------------+
| 2028 | 111.14 | 109.59 | 100.83 | 95.51 | 2.83 |
+--------+-----------+---------+---------+---------+--------------------+
1. In the Azerbaijan, after tax income is equal to before tax income as the State
Oil Company of the Azerbaijan Republic ("SOCAR") pays taxes on behalf of the
Company.
2. For the proved case, the forecast price of natural gas for the SW Gobustan
EDPSA was held constant at $1.33/mcf. The gas price used for the proved plus
probable scenario was flat $2.83/mcf for the life of the project. The terms of
the South West Gobustan EDPSA allows for future changes in gas pricing.
This information is provided by RNS
The company news service from the London Stock Exchange
END
MSCJMMRTMMIBBFL
Arawak (LSE:AAK)
과거 데이터 주식 차트
부터 5월(5) 2024 으로 6월(6) 2024
Arawak (LSE:AAK)
과거 데이터 주식 차트
부터 6월(6) 2023 으로 6월(6) 2024
