Reserves and resources - our future

Reserves and resources are the volumes of oil, gas and other hydrocarbons that are estimated to be commercially recoverable from the bedrock at our licenses. They form the foundation of PA Resources future production and are therefore very important. PA Resources' assets are valued on the basis of the amount of reserves and resources. They are also important for our own decisions regarding investments etc. 

Reporting of reserves

PA Resources carries out a yearly update of its reserves and resources at the end of each year. The result is announced in the company's Year End Report.

Summary: PA Resources' Reserves and Resources*

Million barrels of oil equivalents 31 December 2010
Total
1P Reserves                                                                                       
46.0
2P Reserves 72.5
Contingent resources 140.6
Risked prospective resources** 297


* PA Resources' working interest share of the total reserves and resources.
** Resources in prospects considered viable to drill as well as resources in leads.
 

PA Resources’ reserves comprise 100 percent liquid oil and condensate and comprise reserves in the Tunisian fields of Didon, Didon North, Douleb, Semmama, Tamesmida, El Bibane, Ezzaouia and Zarat as well as the Azurite field in the Republic of Congo and the Aseng and Alen fields in Equatorial Guinea. 

PA Resources has in addition to its reserves, further volumes classified in Contingent Resources and in Risked Prospective Resources. The Contingent Resources are located on licenses where drilling has proven the existance of hydrocarbons, but where no decisions are made ​​on development yet. These resources also include gas from the oil fields Elyssa and Zarat in Tuinisia as well as Aseng in Equatorial Guinea, where decisions have been made not to extract the gas but instead re-inject it into the reservoir. The Risked Prospective Resources are located in prospects that are possible to drill, and in so-called Leads.

Reserves and Resources at 31 December 2010*
(million barrels of oil equivalents)

2P reserves, 72.5
Contingent resources, 140.6
Risked prospective resources, 297.2

*PA Resources Working Interest of all reserves and resources. The asset in Greenland is included in risked prospective resources.