The Company has informed the Stock Exchanges that based on management assessment, the Company’s Proved and Probable (2P) reserves on a working interest basis from existing assets is estimated to be around 40 million barrels of oil equivalent (mmboe). On net entitlement basis, the Company’s share of 2P reserves from these assets could be around 34 mmboe.
1. Reserve estimates are based on internal assessment and as per SPE guidelines.
2. Working Interest basis is HOEC’s share of production calculated by reference to joint venture participating interest under the respective Production Sharing Contracts.
3. The net entitlement basis takes into account adjustment for
Government share of profit petroleum as per the terms of the respective Production Sharing Contracts.
4. Long term oil price has been assumed at USD 25/bbl.
5. PY-1 Gas sales agreement and price is under discussions.
6. Six mcf of natural gas equals 1 boe.
7. Actual results could differ from estimates.