Kurdistan

Investor Field Trip

Kurdistan Region
Overview
March 2014

Oil Search Limited

ARBN 055 079 868

Kurdistan Region Location

TURKEY

Caspian
Sea
KURDISTAN
REGION
OF IRAQ

TURKENISTAN

Erbil Office
Sulimaniyah Office
IRAN

SYRIA
Mediterranean
Sea
IRAQ
JORDAN

EGYPT

Red
Sea

SAUDI ARABIA

Persian
Gulf

U.A.E.

Kurdistan Region Overview

A semi-autonomous Region within Iraq and operates under dual Iraq (Federal) law and Kurdistan Region (KR) laws

Policy and major decisions determined by Regional Council for Oil & Gas Affairs Prime Minister, Deputy PM, Ministers for
Finance, Planning & Natural Resources

KR population approx. 4.6 million with ~ 70% of workforce employed by the Government

3 major cities dominate Erbil (~ 1million), Sulaymaniyah (~500000) & Dohuk (~300000). Many small centres and villages

KR covers approximately 40,000 square kilometres (excluding disputed territories)

Significant development over the last 10 years - infrastructure, real estate, education and essential services

Many Kurds are returning from Europe, North America and UK to participate in the opportunities presented

Industry base centred on petroleum, cement works, oil refineries, property development & small business (retail). A small
manufacturing base

Reliance on imports for fruit, vegetables and processed foods. Self sufficient in other aspects

Mostly a cash based economy with little take up of banking system financial system is undeveloped

Extensive wireless based communications network with little fibre optic and no copper wire infrastructure

Mix of Sunni and Shia Muslims. Also Arabs, Turkmen & Assyrians

Strong tribal affiliations in addition to ethnic & religious identities

Iraq & Kurdistan History

Ancient area with a traces of early settled existence 23rd Century BC. Has been part of Mesopotamia, Roman occupation,
and Ottoman control

Iraq established in 1920 under British rule after defeat of the Ottoman Empire. Kurdish ethnic homeland divided between
Iraq, Iran, Syria & Turkey under Treaty of Lausanne (1923)

From 1923 Kurds sought recognition and independence (led by Shayk Mahmud Barzani). Successive nationalist
movements resulted in autonomy being granted in 1970 under a peace accord with Iraq which collapsed 5 years later, with
physical conflict ongoing until the overthrow of Saddam Hussein in 2003

2005 pivotal year; Iraq National elections & Jalal Talabani elected as President. Constitution adopted recognizing Kurdistan
as a provincial region within Iraq (retroactive to 1992) and requiring Kurdish representation on the Presidential Council

2007 Kurdistan Oil & Gas Law enacted and PSCs signed. Draft 2007 Iraq O&G Law not enacted

Census to be held by 2008 to determine boundaries not undertaken. Boundary line remains an open issue

Constrained by reliance on GOI - KR exports are minor; funding comes from an allocation from the GOI budget based on
proportional population which is set at 17%. Allocations from Bagdad in 2013 were $11b & for 2014 are projected to be
~$12.5b

Key issues between Iraq (GOI) and Kurdistan (KRG):

Boundary of the Region entitlement to Kirkuk & related fields (disputed territories)
Right to & control over management of the oil & gas resource and right to independently export (and receive revenue)
Share of Federal Budget funding
Compensation for Saddams Anfals claim for US$450B submitted to Baghdad in 2013

Government
Iraq constitution: negotiated & approved by referendum in 2005, establishing Iraq as a single federal
democratic State including the KR & sharing certain powers with the Regions

Kurdistan Government: Parliamentary system with 111 elected members of which 11 seats are
reserved for non-Kurdish minority communities of the KR. Elections held every four years

Power share: The two ruling parties (KDP & PUK) have operated under a 50/50 power sharing
agreement since the formation of KRG in 1992. Contested the 2005 and 2009 elections as a
coalition

Change in political landscape: Gorran Party established in 2007 (breakaway from the PUK) has
changed the political map of the region. Gorran polled second to KDP in the 2013 election, PUK 3rd

New KRG government (post Sept 2013): Yet to be formed, expected to comprise of representatives
from the 3 parties with KDP retaining the majority

Iraqi parliament: (Council of Representatives COR) consists of 275 members. United Iraq Alliance
(UIA 85 seats) is the largest bloc. Prime Minister Malikis Islamic Dawa Party is part of this bloc

Kurds are allocated 59 seats in COR and are largely grouped in the Democratic Patriotic Alliance (DPAK 53
members) which acts as a unified voting bloc. Independent or non-affiliated Kurds hold the other 6 seats

COR elections (due in April 2014) dominate the relationship and negotiations between KRG and Iraq

KR Laws: Independent Judicial system like Iraq. New Federal laws not applicable in KR unless
endorsed through KR legislation

KR Area is Close to Fully Contracted

- Prospective acreage, - resource estimate of 40 billion barrels oil and 60 Tcf gas (USGS, 2010)
- Most of the available blocks have been taken up 28 IOCs in the Region
Block
K

J
N

L
I
J

R
J
S
T

Topkhana / Kurdamir

Talisman

Ain Sifni

Hunt

MOL (Kalegran)

Bazian / South Sangaw

KNOC

P
U
V

Ber Behr / Chia Surkh / Miran

Genel

Dohuk / Tawke / Irbil

DNO

Sindi/Amedi

Perenco
HKN Energy

W
Y
I
Z
H

aa
Z

bb

Expl/Dev/Prodn Block

A
B

Open Block

Oil Field
Gas Field

WesternZagros

Taza Block

Garmian

Oil Search

O
D

Taza

Akre-Bijeel
Al Qush / Bashiqa / Pirmam /
Betwata / Qara-Hanjeer /
Arbat East
Atrush

Operator

bb

ExxonMobil
TAQA

Sarsang

Central Dohuk

Murphy

Sulivani

Petroquest

Sheikh Adi / Shaikan

Gulf Keystone

Dinarta / Shakrok

Hess

Rovi / Qara Dagh / Sarta

Chevron

Barda Rash

Afren

Hawler

Oryx

Khurmala

Kurdistan NOC

Harir / Safeen

Marathon

Bina Bawi

OMV

Taq Taq Kewa Chirmila

TTOPCO

Qala Dze / Piramagrum

Repsol

Khalakan

Gas Plus
Pearl Pet

Chemchemal / Kor Mor

aa

Baranan

TOTAL

bb

Shakal / Halabjah

Gazprom

Gas/Condensate Field

Ongoing Development of Energy Infrastructure

to Serve the Progression of Discoveries
Current Exports to Turkey

TURKEY

1
3
Fish Khabur

Dohuk
Power Plant
100% Diesel

Tawke Oil
Field

IRAN
7

Erbil Power Plant

50-75% Gas
Balance Diesel

Taq Taq Oil

Field

5
New Khurmala
Power Plant
125mmscf/d
Initially Distillates

IRAQ

Khurmala

Kirkuk Oil
Field
6

Taza Block

Oil Field

Kor Mor
Liquids &
Gas Field

Taza
PSC

Gas/Condensate Field
Oil Pipeline
Proposed Oil Pipeline
Gas Pipeline
Power Plant
Refinery

Garmian

Kirkuk Ceyhan: 2012 exports of 400,000

mmbbl/d versus 1.6mmbbl/d capacity

Tawke Fish Khabur: 100,000 bbls/d

Taq Taq Khurmala: 20. Capacity ~150,000

bbl/d.

5 Khurmala Fish Khabur: 24 - 36, Capacity

~300,000 bbl/d

Gas pipelines
6 Kor Mor Chemchemal Erbil power plants,
174km, 350mmscf/d

Planned oil & gas pipeline South

8 Oil & gas pipeline extension to the Garmian Block
planned by KRG*

Refineries & Power Stations

Kurdamir

Gas Field

Oil pipelines

7 Shaikan Field to Dohuk power plant: 50km (under

construction)

Miran

Dev/Prodn Block

Exploration/Open Block

Chemchemal
Power Plant
100% Gas

Reported ~70,000 bbl/d via truck

3 Refineries: (~150kbbl/d capacity). Planned

expansions set to double capacity over 5 years
4 major Power Plants (2200MW). Planned
additions set to double installed capacity over 5
years

*As published in The Oil & Gas Year 2013, Kurdistan Region of Iraq

Export Infrastructure & Export Routes

TURKEY

Oil:
KRG 40 oil pipeline connecting Taq Taq field to

Fish Khabur - Turkey:

- 40 500,000 bbl/d
- 46 1 mmbbl/d

Fish Kabur on Iraq-Turkey border completed

late 2013. 1mmbbl/d capability (export point
Ceyhan)

Fish Khabur
Tawke Field

Approx. 1mmbbl of crude oil export injected into

Khurmala - Dohuk:
- 36 300,000 bbl/d

IRAN
Taq Taq Field
Khurmala

Taq Taq - Khurmala:

- 20 150-200k bbl/d

new pipeline since January 2014 (in storage)

KRG building closer ties to Turkey, providing

long term alternative export route (TurkeyKurdistan Energy Accord signed March 2013)

Significant step towards achieving sustainable

exports from region and unlocking value from oil
fields

Turkey cautiously supports KRG export plan but

would like Baghdad endorsement

Kirkuk Field

IRAQ

Proposed
pipeline
Kor Mor Field

Dev/Prodn Block
Taza Block

Kurdamir

Exploration/Open Block

Taza
PSC

Oil Field
Gas Field
Gas/Condensate Field
Oil Pipeline
Proposed Oil Pipeline

Garmian

Current production capacity 400kbbl/d

Route to south & north via Turkey (Ceyhan)
remains an option subject to agreement with
GOI

Domestic refinery demand remains an open

market

Gas:
Turkey export, domestic power generation,
cement, ammonia/fertilizer options
8

Oil Export Projections

Iraq and KRG (est.) Historical
Production and Exports (EIA)
3500
3000
2500
2000
1500
1000
500
0
2013
Iraq Production

2012

2011

Iraq Exports

2010

2009

KRG Production

2008

KRG Exports

11 Declarations of Commerciality

KRG projection for KRI (December 2013 Minister Ashti Hawrami) Production target of 1 mmbbl/d by 2015, 2 mmbbl/d by 2020
Iraq projections of 5 mmbbl/d by 2018 & 6 mmbbl/d by 2020 and to be a
leader of OPEC production

Operator

Block

Field

Declaration date

DNO International

Erbil

Bastora

Jun-11

DNO International

Erbil

Benenan

Jun-11

Afren

Rash

Barda Rash

Jul-11

Shaikan

Shaikan

Aug-12
Oct-12

Gulf Keystone
DNO International
OMV
Genel Energy

53 rigs in the KRI as at late 2013 with more on order & for delivery in 2014
Many discoveries since 2007 with 11 fields declared commercial

Kalegran (MOL)

Dohuk

Summail

Bina Bawi

Bina Bawi

Mar-13

Miran

Miran

Aug-13
Oct-13

Akri Bijeel

Bijeel

Hunt Oil

Ain Sifni

Simrit

Nov-13

WesternZagros

Garmian

Sarqala

Dec-13

Oryx Petroleum

Hawler

Demir Dagh

Feb-14

Significant Events in Development

of Kurdistan Region Oil Potential

2005

2006

2007
2

2008

2009

2010

1) Oct 2005
Iraqi constitution adopted

2) Feb 2007
Draft federal petroleum law

3) Jun 2007
Agreement on initial revenue sharing 17% of net oil revenues from all
regions in Iraq go to Kurdistan

4) Aug 2007
KRG petroleum law approved by KRG Parliament

5) Feb 2011
Iraqi Prime Minister announces Kurdistan PSCs will be respected. Oil
exports from Kurdistan resume via Federal system (Ceyhan)

6) May 2011
Federal Ministry of Finance confirms release of the first oil export payment
to KRG contractor (approx. 50% of net revenues)

7) June & Sep 2011

Kurdistan producers receive first 2 payments for oil exports from the
Federal Ministry of Finance

2011
5

2012
8

10

2013
11

12

13

2014
14

15

9) Aug 2012
KRG resumes oil exports to progress reconciliation with Federal Government over
the oil and gas law

10) Sep 2012

Agreement signed with KRG and Federal Government to increase Kurdistan
Regions oil exports and ~$500m payment received from Baghdad

11) Dec 2012

KRG cease oil exports due to ongoing dispute with the Federal Government

12) Jan & Feb 2013

KRG approves trucked oil exports from Taq Taq field to Turkey. KRG (Ministry of
Natural Resources) announces intention to build its own export pipeline to Turkey

13) March 2013

Agreements signed with Turkish government for gas supply from KRI. Turkey
indicates it will facilitate direct oil and gas exports

14) Nov 2013

Construction completed on the Khurmala Fish Khabur oil Pipeline

15) Jan 2014

Oil export shipments commence in KRG pipeline

8) Apr 2012
KRG cease oil export in April due to dispute with the Federal Government

10

Reasonable Fiscal Terms

Summary of Taza PSC terms
Total Oil Produced
100 bbls
Royalty Oil
10% of Total Crude Oil

Net Available Oil

10 bbls

90 bbls

Profit Oil

Cost Recovery
Up to 40% of Net Available Oil

Sharing based on R-factor(1)

sliding range of 30% - 12%(2)

36 bbls

54 bbls
30%

70%

Contractor Group

KRG

16 bbls

38 bbls

PSC Governance:
OSH
75%

TOTAL

25%

OSH
60%

27 bbls

9 bbls

10 bbls

KRG
20%

20%

Management Committee (2 MNR reps & 2

OSH reps) for all operational matters

3 bbls

3 bbls

Certain approvals require KRG (Minister)

approval (e.g. Appraisal & Development plans)

TOTAL

Entitlement
Same structure for gas with a different (higher) R-Factor share to Contractor (40% 20%)

11

Reasonable Fiscal Terms

First mover advantage in Kurdistan
Contractor profit oil allocation % (post capacity building payment %)
40%
New terms introduced in early 2011

capacity building payment %

35%
30%
0%
3%

25%

3%
0%
20%

20%

20%
30%

20%

30%
30%

15%

40%

10%
5%
0%
Tawke

Garmian

Kurdamir

Taq Taq

Taza

Kurdamir

Tawke*

Barda Rash

Atrush

Taq Taq*

Shaikan

12

Kurdistan
Investor Field Trip
Kurdistan Regional
Geology / Exploration
March 2014

Oil Search Limited

ARBN 055 079 868

Kurdistan Geology Background

Reproduced from Petroceltic Presentation

14

Location and Regional Setting

Located on the NE collisional
margin of the Arabian Plate

Structuration is a result of the

Kurdistan

collision of Arabia/N Africa with

Eurasia

Comprises Low fold Zone in SW

to High Fold and Thrust Zone in
N and NE

Geological setting and

petroleum systems are
contiguous with adjacent Iran

Iraq lies in one of the worlds

most prolific hydrocarbon
provinces with numerous supergiant fields, including Kirkuk
(20bln bbls)

15

Location and Regional Structural Map

Iraq lies on the northern part of the
Arabian Platform - a long-lived, gently
subsiding, southern continental margin
of the Tethys Ocean

The plate motions from the Cretaceous

Taza

to Tertiary closed the Tethys Ocean,

resulting in the collision of the northern
edge of the Arabian plate with the
Eurasian plate

As the Arabian Platform collided with

the Iranian block, structural shortening
of the Arabian Platform resulted,
forming the Zagros Fold Belt and the
Zagros foreland basin

Continued convergence through the

later Tertiary produced southward
folding and thrusting and produced the
anticlines that characterise the Zagros
Fold and Thrust Belt.

16

Zagros Evolution Plate Tectonics

Kurdistan
Taza Area

Homke, 2007

Taza area located on Arabian Plate

positioned in Tethys ocean until Miocene
collision

Marine carbonate reservoirs, high TOC

source, regional seals
17

Taza Area Regional Structure and

Objectives
Taza
Trend
SW

Prospective section is younger and deeper

moving from High Fold Zone (Cretaceous,
Jurassic and Triassic objectives) to Miocene
and Oligocene primary objectives in Taza area
NE

Source: Western Zagros presentation

18

Southern Kurdistan Licensing

Oil and Gas Fields

Taza

Source: WoodMackenzie

19

Kurdistan Region of Iraq

Zagros Fold Belt Stratigraphy-Taza Area

Taza-1 Oil bearing

Oligo-Miocene
reservoirs proven in
Low Fold Zone
fractured carbonates
plus dual porosity
system

R S
R

Taza-2 planned
TD in Shiranish
Formation, major
reservoir at Kirkuk
and Taq Taq

S
R

S
R
S
S Main Sealing Units

R Main Reservoir Units

S

S Main Source Rocks

20

Example reservoir distribution:

Jeribe Formation

Source: Oil Search 2013

Jeribe Fm is widespread and its open fracture system will contribute to sustained flow

21

Kurdistan Region Iraq

Early Movers Pre 2005
The first two licences in
Kurdistan were
awarded in the early
2000s - Taq Taq to
Addax and Tawke to
DNO

Most of the area was

vacant with much
earlier discoveries at
Kor Mor, Chem Chemal
and Chia Surkh lying
dormant

OSL involved early on

in a number of blocks,
but divested due to lack
of materiality, retaining
Taza due to upside
potential
Source: TOGY 2009 Yearbook

22

Kurdistan Contracted Acreage 2013

Since 2007, licencing
activity has increased
significantly. By the end of
2011 most of the territory
administered by the KRG
had been licenced.

More than 50 blocks have

been awarded.

The blocks have generally

been awarded on a
negotiated basis.

Almost all of the PSCs are

Taza

published on the KRGs

Ministry website.

23

Kurdistan Drilling Success

Exploration and Development in Kurdistan is steadily increasing.

Approximately 55 exploration wells drilled since 2003
More than 40 drilling rigs are currently active in the country
High overall success rate (60%) confirms highly prospective region.

Major oil discoveries:

Shaikan (GKP)
Tawke (DNO)
Barda Rash (Afren)
Atrush (Aspect)
Kurdamir (WZ)
Taza (Oil Search)
Large gas
discoveries:
Miran West (Genel)
Topkana (Talisman)
24

Zagros Basin Creaming Curves

Shaikan

Shaikan

Kurkuk

The initial discovery well, Naft Khaneh-1, was

drilled in 1920.

There is significant remaining potential.

A number of key wells will be drilled during 2014.

126 exploration wells have been drilled since

1920 resulting in the discovery of 68bn boe.

The largest field, Kirkuk, discovered in 1927.

25

Kurdistan
Investor Field Trip
Taza Appraisal
Programme
March 2014

Oil Search Limited

ARBN 055 079 868

Taza PSC
PSC Effective Date 1 November 2009; Exploration Period of 5 years
Very encouraging results at Taza 1 (2013):
Positive test light oil, flow rates 1,100 bopd from Euphrates / Upper Kirkuk
Continuous shows over a c. 250m interval from top Jeribe

Currently in Second Sub Period of the Exploration Period, to 31 October 2014

Obligations in current Sub Period are 1 exploration well to be drilled to the
Cretaceous and optional seismic

Following Taza 1 discovery, our activity levels in country have increased

significantly

Multi-disciplinary appraisal team formed

Appraisal data gathering with further wells, flow testing and 3D seismic during
2014, in order to prepare for a decision on commerciality
27

Taza 2 Update

Oil Search Limited

ARBN 055 079 868

Taza 2 update

Taza 2 is the commitment exploration well of the Second Sub-period

Located 10km NNW of Taza-1
To be completed by 31 October 2014
Taza 2 objectives:

Complete Taza PSC Second-Sub Period Commitment

Penetrate Cretaceous Shiranish Objective
Gain appraisal information on the Jeribe/Dhiban , Euphrates and Kirkuk
formations away from Taza-1
Facies distribution
Fracture distribution
Pressure profile and communication
Fluid variations

Test deeper reservoirs Jaddala, Aliije, Shiranish in a near crestal

position on the Taza structure
29

Taza 2 Location
SW

K42-10-02

K42-10-04

Taza 2

K42-10-06

NE
L.Bakhtiari
U.Fars

L.Fars
Saliferous
Jeribe
Euphrates
Shiranish
Qamchuqa

Jurassic

30

Taza-2 Predicted Stratigraphy

200m of Shiranish planned
Depth as of 12 March 2014 is 2611m
at 13.5/8 casing point

Following the setting of the 13.5/8

casing, plan is to drill ahead in
12.1/4 hole to just above the Jeribe
Formation, expected at c. 3200m MD.

A further casing string is planned to

be set at this depth before drilling
ahead into the first reservoir
objectives

31

Further wells Taza 3, 4

Oil Search Limited

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Taza 3 and 4 Locations

Approximate Top
Reservoir Depth
Structure

Taza 3 southeast well

for structural, reservoir
and fluid constraint near
plunge

Taza 4
Potential Location

Taza 4 Forelimb
(western) well for
structural, fluid, and
reservoir constraint,
also fracture
characterisation and
distribution

Taza 3 Location

33

Location of Taza 3

34

Location Window for Taza 4

Taza 4 Target Box

35

Taza 3D
Seismic

Oil Search Limited

ARBN 055 079 868

Taza 3D Seismic Survey

Euphrates ML Depth Map

Key contracts awarded and

preparatory work has started

Mobilisation of equipment and

personnel to field initiated at
end-February

Camp construction ongoing

ERW survey initiated
Seismic acquisition expected to
begin this month

2D long-offset dip line to be

acquired through potential Taza
4 location
Acquire before 3D survey

3D Survey Area

Wide Azimuth processing to

image deep structure and
steeper dips
Use for 3D parameter testing
37

Taza 3D - Status
ERW clearance mobilising into field
Start-up meeting held with AOFS on Jan 29 in Erbil
AOFS mobilising camp
AOFS currently organising Security, arranging local hiring committee
and preparing HSES documents (Seismic Risk Plan, ERP, Bridging
Documents, etc.)

AOFS surveyors in field checking Control Stations from 2010 survey to

ensure that 3D survey is to a common datum.

Community engagement ongoing re duration and nature of work and

local hiring opportunities

38

Taza Early
Development
Potential

Oil Search Limited

ARBN 055 079 868

Taza Extended Well Test / Early

Production Facility
Investigating the potential to bring in a 5,000 bopd facility for a long term test
period on one of the existing or new Taza wells.

EWT / EPF has a number of strategically important objectives. Specifically to

demonstrate:
Example 10,000 bopd EPF in Kurdistan

Sustainable production rates with a

safe, clean and reliable operation

Quality data to further evaluate the well

and reservoir pressures, fluids,
performance

Decision support for the EWT facility

expansion to EPF with 10,000 bopd
capacity as first phase of development

Longer term investigation of the

presence of H2S / CO2 which were
observed in the Taza 1 well tests
Shaikan 1 EPF
40

Development Concept Select Study

Oil Search is conducting a prequalification process to identify and engage a Concept
Select partner to carry out option selection studies for Taza Development and to ensure
the field is developed as efficiently as possible

We are in the process of identifying, screening, and selecting a group of specialist

contracting organisations capable of performing these concept selection option studies
who have prior MENA experience in similar reservoirs

Currently there are 5 contracting organisations completing a prequalification / EOI

submission process

41

Kurdistan
Investor Field Trip
Community
Affairs
March 2014

Oil Search Limited

ARBN 055 079 868

Taza Block Demographics

Approx. 1400 residents on site across 27 villages. 11 former (destroyed) villages uninhabited
Many former residents & family descendants have migrated to nearby towns
Subsistence lifestyle relying on seasonal agriculture & herding
Limited infrastructure which varies between villages
Predominantly Kurdish
10 villages with schools

CA/CSR Activity

Dedicated Community Affairs team currently of 8 local staff and two expats
Working closely with local authorities on labour hire & work opportunities
Openly available to the community and enjoy a very good relationship
Community Development projects directed at high impact areas
schools
water and electricity supply
road upgrade projects
general community projects

Focus Areas
People Capacity Building (Training & Competency)
Organization requirements to identify roles and plan for
Kurdish citizens

Education & skills development (University College)

Local content
The Taza activities to date have created business and work
opportunities for 352 people from the local area. This will be
magnified by the 3-D seismic program

New local business activities to service Taza operations

Community Programs
Block & regional opportunities and potential sharing with
adjacent PSC Operators

New agriculture opportunities & improve current techniques

Revegetation

Oil Search Limited

ARBN 055 079 868

46

Disclaimer
While every effort is made to provide accurate and complete information, Oil Search Limited does not
warrant that the information in this presentation is free from errors or omissions or is suitable for its
intended use. Subject to any terms implied by law which cannot be excluded, Oil Search Limited accepts
no responsibility for any loss, damage, cost or expense (whether direct or indirect) incurred by you as a
result of any error, omission or misrepresentation in information in this presentation. All information in
this presentation is subject to change without notice.
This presentation also contains forward-looking statements which are subject to particular risks
associated with the oil and gas industry. Oil Search Limited believes there are reasonable grounds for
the expectations on which the statements are based. However actual outcomes could differ materially
due to a range of factors including oil and gas prices, demand for oil, currency fluctuations, drilling
results, field performance, the timing of well work-overs and field development, reserves depletion,
progress on gas commercialisation and fiscal and other
government issues and approvals.