Independent Assessment of Horse Hill Licences

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	OIP, MMBO
	P90 Low	P50 Best	P10 High	Mean
Zone KIMMERIDGE TOTAL	1,949	5,230	8,881	5,355
Zone CORALLIAN	122	556	1,384	687
Zone OXFORD_CLAY	188	495	908	530
Zone OOLITE	410	1,544	3,352	1,769
Zone LIAS_CLAY	462	1,420	2,994	1,625
TOTAL*	3,131	9,245	17,519	9,965
* Arithmetic sum

3D	three dimensional
benches	Individual reservoir units contained within a resource play sequence
contingent resources	those quantities of petroleum estimated, as of a given date, to be potentially recoverable from known accumulations, but the applied project(s) are not yet considered mature enough for commercial development due to one or more contingencies; contingent resources may include, for example, projects for which there are currently no viable markets, or where commercial recovery is dependent on technology under development, or where evaluation of the accumulation is insufficient to clearly assess commerciality; contingent resources are further categorized in accordance with the level of certainty associated with the estimates and may be sub-classified based on project maturity and/or characterised by their economic status
conventional reservoir	a reservoir normally with an average permeability exceeding 1 milliDarcy.
hybrid reservoir	a conventional reservoir that sits within a generative source rock sequence comprised of shales.
limestone	a carbonate sedimentary rock predominantly composed of calcite of organic, chemical or detrital origin. Minor amounts of dolomite, chert and clay are common in limestones. Chalk is a form of fine-grained limestone
mean	or expected value, is the probability-weighted average of all possible values and is a measure of the central tendency either of a probability distribution or of the random variable characterized by that distribution
MMBO	millions of barrels of oil
NULIST	NULIST is a proprietary tool of Nutech; it provides petrophysical reservoir parameters in tabular form and additional calculations such as OIP
NULOOK	NULOOK is a proprietary tool of Nutech; it is an enhanced petrophysical analysis which utilises conventional open hole electric logs
oil initially in place (OIP)	the quantity of oil or petroleum that is estimated to exist originally in naturally occurring accumulations before any extraction or production
oil saturation	the amount of the pore space within a reservoir containing oil
P10	a 10% probability that a stated volume will be equalled or exceeded
P50	a 50% probability that a stated volume will be equalled or exceeded
P90	a 90% probability that a stated volume will be equalled or exceeded
pay	a reservoir or portion of a reservoir that contains economically producible hydrocarbons. The term derives from the fact that it is capable of "paying" an income. The overall interval in which pay sections occur is the gross pay; the smaller portions of the gross pay that meet local criteria for pay (such as minimum porosity, permeability and oil saturation) are net pay
permeability	the capability of a porous rock or sediment to permit the flow of fluids through its pore spaces
petrophysics	the study of physical and chemical rock properties and their interactions with fluids
play	a set of known or postulated oil and or gas accumulations sharing similar geologic, geographic, and temporal properties, such as source rock, migration pathways, timing, trapping mechanism, and hydrocarbon type
porosity	the percentage of void space in a rock formation, where the void may contain, for example, water or petroleum
prospective resources	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; prospective resources are further sub-divided in accordance with the level of certainty associated with recoverable estimates assuming their discovery and development and may be sub-classified based on project maturity
recovery factor	those quantities of petroleum, as a proportion of OIP anticipated to be commercially recoverable by application of development projects to known accumulations from a given date forward under defined conditions
reserves	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 the evaluation date) based on the development project(s) applied; reserves are further categorized in accordance with the level of certainty associated with the estimates and may be sub-classified based on project maturity and/or characterised by development and production status
reservoir	a subsurface rock formation containing an individual natural accumulation of moveable petroleum that is confined by impermeable rock/formations
resource play	a play where oil is found or expected to be present within a reservoir with low permeability i.e. a tight reservoir. The term in the case of HH-1, is applied to a play where trapped petroleum accumulations are expected to be pervasive throughout a large area and that are not significantly affected by hydrodynamic influences (also called "continuous-type deposits").
sandstone	a clastic sedimentary rock whose grains are predominantly sand-sized. The term is commonly used to imply consolidated sand or a rock made of predominantly quartz sand
stochastic simulation	a simulation that traces the evolution of variables that can change stochastically (randomly) with certain probabilities. A stochastic model creates a projection which is based on a set of random values
tight reservoir	a reservoir with low permeability, usually below 1 millidarcy

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