Technical Terms

“1C” “1C” “2C” “3C” “1P” “2P”
“3P”
“Brent” “Brownfield” “CBM” “Commercial Production”
“Concession”
“Contingent Resources”
“E&P”
“Enhanced Oil Recovery” or “EOR” “EPCC” Denotes low estimate scenario of Contingent Resources Denotes best estimate scenario of Contingent Resources Denotes high estimate scenario of Contingent Resources Proved Reserves; denotes low estimate scenario of Reserves Proved plus Probable Reserves; denotes best estimate scenario of Reserves Proved plus Probable plus Possible Reserves; denotes high estimate scenario of Reserves Major trading classification of sweet light crude oil A mature field on decline or in the final stages of productive life Coal bed methane, is a form of natural gas extracted from coal beds A programme of regular production of oil and/or gas from the contract area and delivery of the same at the relevant delivery point for sale A grant of access for a defined area and time period that transfers certain entitlements to produced hydrocarbons from the host country to an enterprise. The enterprise is generally responsible for exploration, development, production, and sale of hydrocarbons that may be discovered Under a typical Concession fiscal regime arrangement, the oil company (enterprise) bears all exploration and production risks, holds control and ownership of the oil and gas Reserves, and pays taxes and royalties to the host government (host country). In general, end of field life abandonment obligations remain with the oil company Those quantities of petroleum estimated, as of a given date, to be potentially recoverable from known accumulations by application of development projects, but which are not currently considered to be commercially recoverable due to one or more contingencies. Contingent Resources are a class of discovered recoverable resources. Contingent Resources are classified into three categories in accordance with the level of certainty associated with the estimates, namely, 1C, 2C and 3C with 1C being the most certain Exploration and production (oil and gas exploration, development and production) The enhanced recovery techniques that go beyond water or gas flooding to maximise total reservoir recovery. It may involve steam, fire, chemicals, miscible gases, bacteria or other techniques Engineering, procurement, construction and commissioning “FOP” “HSE” “Improved Oil Recovery” or “lOR” “lac” “LNG” “NOC” “Possible Reserves” “Probable Reserves” Field development plan, a document outlining the proposed development of an oil and gas field or the proposed extension to an existing oil and gas development to optimise oil and gas production. It encompasses the conceptual project specification for subsurface (Le. the type, number and location of wells, geological aspects of the fields) and surface (Le. oil and gas processing, piping, storage and transportation, etc). An FOP also includes petroleum engineering data, cost estimates, human resources requirements and the project planning schedule. It is usually a regulatory or host government requirement to prepare, review and have approval of the FOP Health, safety and environment Any of the various methods, chiefly reservoir drive mechanism and enhanced recovery techniques, designed to improve the flow of hydrocarbons from the reservoir to the wellbore or to recover more oil after the primary and secondary methods (water and gas floods) are uneconomical International oil company, publicly owned international oil and gas companies such as ExxonMobil, Shell, BP, Total SA and Chevron Corporation with operations across various aspect of the oil and gas business in the upstream, midstream and downstream segment Liquefied natural gas National oil company, oil and gas company fully, or majority owned by the government. Examples include PETRONAS, POO, Pertamina and PTT Exploration and Production Public Company Limited An incremental category of estimated recoverable volumes associated with a defined degree of uncertainty. Possible Reserves are those additional Reserves which analysis of geoscience and engineering data suggest are less likely to be recoverable than Probable Reserves. The total quantities ultimately recovered from the project have a low probability to exceed the sum of Proved plus Probable plus Possible (“3P”) Reserves, which is equivalent to the high estimate scenario. When probabilistic methods are used, there should be at least a 10% probability that the actual quantities recovered will equal or exceed the 3P estimate An incremental category of estimated recoverable volumes associated with a defined degree of uncertainty. Probable Reserves are those additional Reserves that are less likely to be recovered than Proved Reserves but more certain to be recovered than Possible Reserves. It is equally likely that actual remaining quantities recovered will be greater than or less than the sum of the estimated Proved plus Probable Reserves (“2P”). In this context, when probabilistic methods are used, there should be at least a 50% probability that the actual quantities recovered will equal or exceed the 2P estimate “Prospective Resources” “Proved Reserves” “PSC” “Range of uncertainty” 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 and a chance of development. This class represents a higher risk than Contingent Resources since the risk of discovery is also added. For Prospective Resources to become classified as Contingent Resources, hydrocarbons must be discovered, the accumulations must be further evaluated and an estimate of quantities that would be recoverable under appropriate development projects prepared An incremental category of estimated recoverable volumes associated with a defined degree of uncertainty. Proved Reserves are those quantities of petroleum which, by analysis of geoscience and engineering data, can be estimated with reasonable certainty to be commercially recoverable, from a given date forward, from known reservoirs and under defined economic conditions, operating methods, and government regUlations. If deterministic methods are used, the term reasonable certainty is intended to express a high degree of confidence that the quantities will be recovered. If probabilistic methods are used, there should be at least a 90% probability that the quantities actually recovered will equal or exceed the estimate. Often referred to as “1P”, also as “Proven” Production sharing contract, a contract signed between a host country and a contractor (oil company). In production sharing contracts, the host government awards the execution of exploration and production activities to a contractor. The contractor typically bears all risk and costs for exploration, development, and production. In return, if exploration is successful, the contractor is given the opportunity to recover the investment from production, sUbject to pre’­agreed terms and conditions. The oil company is first entitled to cost recovery for both capital investment and operating expenses (Cost Oil) from the revenue generated by oil and gas production. The remaining revenue, less applicable taxes, royalties and field abandonment provisions, is shared between the oil company and the host government (Profit Oil). In general, end of field life abandonment obligations remain with the contractor The range of uncertainty of the recoverable and/or potentially recoverable volumes may be represented by either deterministic scenarios or by a probability distribution. When the range of uncertainty is represented by a probability distribution, a low, best, and high estimate shall be provided such that: • There should be at least a 90% probability (P90) that the quantities actually recovered will equal or exceed the low estimate
• There should be at least a 50% probability (P50) that the quantities actually recovered will equal or exceed the best estimate
• There should be at least a 10% probability (P10) that the quantities actually recovered will equal or exceed the high estimate

“Reserves” “Reserves Replacement Ratio” “RSC” “Unconventional resources” “Wildcat” “Working Interest” “WTI” When using the deterministic scenario method, typically there should also be low, best, and high estimates, where such estimates are based on qualitative assessments of relative uncertainty using consistent interpretation guidelines. Under the deterministic incremental (risk-based) approach, quantities at each level of uncertainty are estimated discretely and separately Reserves are those quantities of petroleum anticipated to be commercially recoverable by application of development projects to known accumulations from a given date forward under defined conditions. Reserves must further satisfy four criteria: They must be discovered, recoverable, commercial, and remaining (as of a given date) based on the development project(s) applied. For Reserves, the general cumulative terms 10w/besUhigh estimates are denoted as 1P/2P/3P, respectively. The associated incremental quantities are termed Proved, Probable and Possible This ratio measures the amount of proved Reserves added to an E&P company’s Reserves base during a year relative to the amount of oil and gas produced in that year. A company’s Reserves replacement ratio must be at least 1.0 or 100% for the company to stay in business. Otherwise, it will eventually run out of oil and gas. A ratio of 100% means the current production is sustainable, above 100% means production can grow, and below 100% means production is likely to decline. This ratio is one of the measures used by shareholders to assess the operating performance of an E&P company Risk service contract, a contract signed between a host country and a contractor (oil company). Under a typical RSC, the host government is the owner of the oil and gas field, hence it will own all the Reserves and production, but the oil company’s capital investment is recoverable. The oil company will earn a remuneration fee that would cover the costs of service and infrastructure provided to extract the oil and gas and will also be rewarded with certain performance bonuses should the oil company exceed the agreed key performance indicators (KPI). End of field life abandonment obligations remain with the host government Unconventional resources exist in petroleum accumulations that are pervasive throughout a large area and are not significantly affected by hydrodynamic influences (also called “continuous-type deposits”). Examples include CBM, basin-centered gas, shale gas, gas hydrates, natural bitumen, and oil shale deposits. Typically, such accumulations require specialised extraction technology A well in a previously undrilled area or an exploratory well A company’s equity interest in a project before reduction for royalties or production share owned to others under the applicable fiscal terms West Texas Intermediate, a benchmark price for crude oil OIL AND GAS UNITS OF MEASUREMENT Crude oil is normally measured by volume in US gallons or barrels, or by weight in tons or tonnes. Crude oil prices are generally quoted in USD per barrel. Quantities of oil produced, moved or processed are expressed in barrels of oil per day. Natural gas is typically measured by volume and is stated in cubic feet or cubic meters under standard conditions of pressure and temperature. The pricing of gas is based on its energy content. The most common unit is USD per million British thermal unit. In order to quantify the total oil and gas resources found in a field, country or region, in a single equivalent unit of measurement, the amount of gas can be converted into barrels or tonnes of oil equivalent. A barrel or tonne of oil equivalent is a unit of energy based on the approximate energy released by burning one barrel or tonne of crude oil. Prefixes represent steps of 1000 and they are: k (kilo) = 1,000 m (million) =1,000,000 b (billion) =1,000,000,000 t (trillion) =1,000,000,000,000 The abbreviations of units of measurements used in this Prospectus are: bbl Barrel of oil bcf Billion cubic feet boe Barrels of oil equivalent bpd Barrels of oil per day kbd Thousand barrels of oil per day MMbo Million barrels of oil MMcfd Million cubic feet per day MMboe Million barrels of oil equivalent MMtoe Million tonnes of oil equivalent THE REST OF THIS PAGE IS INTENTIONALLY LEFT BLANK

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