EX-15.4

EX-15.4 14 d482381dex154.htm EX-15.4 EX-15.4

Exhibit 15.4

LOGO

January 31, 2018

China National Oil and Gas Exploration

And Development Corporation

International Holding Ltd (“CNODCI”)

No.6-1 Fuchengmen Beidajie

Xicheng District

Beijing, China 100034


Attention:		Mr. Lv Gong Xun, President

Reference:		CNODCI Interest in PetroKazakhstan Inc.
		Evaluation of Crude Oil Reserves
		Third Party Report

Dear Sir:

1.	INTRODUCTION

McDaniel & Associates Consultants Ltd. (“McDaniel”) was requested by PetroKazakhstan Inc. (“PKI”) to prepare an evaluation of the crude oil reserves and the net present values of these reserves for the interests of PKI in the South Turgai Basin, Republic of Kazakhstan, effective as of December 31, 2017. McDaniel submitted to PKI an Executive Summary Report and Detailed Technical Report for the evaluation of PKI in January 2018.

PKI is an integrated oil and gas company, owned 67 percent by CNODCI and 33 percent by JSC KazMunaiGas Exploration Production (“KMG EP”). PKI requested McDaniel to prepare this Third Party Report for CNODCI based on the 67 percent interest owned by CNODCI in PKI for the assets of CNODCI that are held within three operating subsidiaries: PetroKazakhstan Kumkol Resources (“PKKR”), Kolzhan LLP (“Kolzhan”) and PetroKazakhstan Ventures Inc. (“PKVI”).

This report was prepared to support PKI’s and CNODCI’s annual securities filings with the SEC. The data employed in this evaluation and the assumptions and procedures used to estimate the reserves and net present values are consistent with standard industry reserves evaluation procedures.

2.	METHODOLOGY

Crude oil reserves estimates and their associated net present values were evaluated in this report by McDaniel & Associates Consultants Ltd. for the interests of PKI in Kazakhstan.

Essentially all of the basic information employed in the preparation of this report was obtained from PKI including geological, geophysical, engineering and financial data. McDaniel utilized this data to prepare an independent assessment of the crude oil reserves as of December 31, 2017. The reserves estimates presented in this report have been prepared in accordance with the United States Securities and Exchange Commission (SEC) reserves definitions and guidance (see Section 3). Only the proved reserves and sub-classifications were included in this report.

2200, Bow Valley Square 3, 255 - 5 Avenue SW, Calgary AB T2P 3G6 Tel: (403) 262-5506 Fax: (403) 233-2744 www.mcdan.com

CNODCI Interest in PetroKazakhstan Inc.

Evaluation of Oil and Gas Reserves – Third Party Report

Page 2

January 31, 2018

Net present value estimates were calculated based on future revenue forecasts. As per SEC guidelines, the future net revenues and net present values presented were calculated using the first day of the month crude oil prices for each of the 12 months prior to the effective date of December 31, 2017 and were presented in United States dollars. No escalation of the prices were made nor were the operating and capital costs increased for inflation in this evaluation. Future capital costs and operating costs were based on PKI budgets for each respective property with adjustments as deemed appropriate by McDaniel.

3.	RESERVES DEFINITIONS

The SEC reserves definitions are contained in the Final Rule of Modernization of Oil and Gas Reporting (17 CFR Parts 210, 211, 229 and 249) published by the SEC Regulation on January 14, 2009. A summary of the key proved reserves definitions in Regulation S-X 210.4-10 is presented below.

Reserves

Reserves are estimated remaining quantities of oil and gas and related substances anticipated to be economically producible, as of a given date, by application of development projects to known accumulations. In addition, there must exist, or there must be a reasonable expectation that there will exist, the legal right to produce or a revenue interest in the production, installed means of delivering oil and gas or related substances to market, and all permits and financing required to implement the project.

Note: Reserves should not be assigned to adjacent reservoirs isolated by major, potentially sealing, faults until those reservoirs are penetrated and evaluated as economically producible. Reserves should not be assigned to areas that are clearly separated from a known accumulation by a non- productive reservoir (i.e., absence of reservoir, structurally low reservoir, or negative test results). Such areas may contain prospective resources (i.e., potentially recoverable resources from undiscovered accumulations).

Proved Oil and Gas Reserves

Proved oil and gas reserves are those quantities of oil and gas, which, by analysis of geoscience and engineering data, can be estimated with reasonable certainty to be economically producible—from a given date forward, from known reservoirs, and under existing economic conditions, operating methods, and government regulations—prior to the time at which contracts providing the right to operate expire, unless evidence indicates that renewal is reasonably certain, regardless of whether deterministic or probabilistic methods are used for the estimation. The project to extract the hydrocarbons must have commenced or the operator must be reasonably certain that it will commence the project within a reasonable time.

(i)

The area of the reservoir considered as proved includes:

(A)

The area identified by drilling and limited by fluid contacts, if any, and

(B)

Adjacent undrilled portions of the reservoir that can, with reasonable certainty, be judged to be continuous with it and to contain economically producible oil or gas on the basis of available geoscience and engineering data.

(ii)

In the absence of data on fluid contacts, proved quantities in a reservoir are limited by the lowest known hydrocarbons (LKH) as seen in a well penetration unless geoscience, engineering, or performance data and reliable technology establishes a lower contact with reasonable certainty.

(iii)

Where direct observation from well penetrations has defined a highest known oil (HKO) elevation and the potential exists for an associated gas cap, proved oil reserves may be assigned in the structurally higher portions of the reservoir only if geoscience, engineering, or performance data and reliable technology establish the higher contact with reasonable certainty.

CNODCI Interest in PetroKazakhstan Inc.

Evaluation of Oil and Gas Reserves – Third Party Report

Page 3

January 31, 2018

(iv)

Reserves which can be produced economically through application of improved recovery techniques (including, but not limited to, fluid injection) are included in the proved classification when:

(A)

Successful testing by a pilot project in an area of the reservoir with properties no more favorable than in the reservoir as a whole, the operation of an installed program in the reservoir or an analogous reservoir, or other evidence using reliable technology establishes the reasonable certainty of the engineering analysis on which the project or program was based; and

(B)

The project has been approved for development by all necessary parties and entities, including governmental entities.

(v)

Existing economic conditions include prices and costs at which economic producibility from a reservoir is to be determined. The price shall be the average price during the 12-month period prior to the ending date of the period covered by the report, determined as an unweighted arithmetic average of the first-day-of-the-month price for each month within such period, unless prices are defined by contractual arrangements, excluding escalations based upon future conditions.

Analogous Reservoir

Analogous reservoirs, as used in resources assessments, have similar rock and fluid properties, reservoir conditions (depth, temperature, and pressure) and drive mechanisms, but are typically at a more advanced stage of development than the reservoir of interest and thus may provide concepts to assist in the interpretation of more limited data and estimation of recovery. When used to support proved reserves, an “analogous reservoir” refers to a reservoir that shares the following characteristics with the reservoir of interest:

(i)

Same geological formation (but not necessarily in pressure communication with the reservoir of interest);

(ii)

Same environment of deposition; (iii) Similar geological structure; and (iv) Same drive mechanism.

Reasonable Certainty

If deterministic methods are used, reasonable certainty means a high degree of confidence that the quantities will be recovered. If probabilistic methods are used, there should be at least a 90 percent probability that the quantities actually recovered will equal or exceed the estimate. A high degree of confidence exists if the quantity is much more likely to be achieved than not, and, as changes due to increased availability of geoscience (geological, geophysical, and geochemical), engineering, and economic data are made to estimated ultimate recovery (EUR) with time, reasonably certain EUR is much more likely to increase or remain constant than to decrease.

CNODCI Interest in PetroKazakhstan Inc.

Evaluation of Oil and Gas Reserves – Third Party Report

Page 4

January 31, 2018

4.	EVALUATION SUMMARY

4.1

NET RESERVES

The net share of proved developed, proved undeveloped and total proved crude oil reserves as of December 31, 2017 attributable to CNODCI for each of the three subsidiary companies are summarized below.

CNODCI’S NET ENTITLEMENT OF PROVED RESERVES⁽¹⁾

AS OF DECEMBER 31, 2017


	Proved Developed		Proved Undeveloped		Total Proved
Crude Oil, Mbbl
PKKR		15,500		1,579		17,079
Kolzhan		7,295		3,476		10,770
PKVI		818		334		1,152
Total		23,613		5,389		29,001

(1)	Net entitlement reserves are the working interest reserves in each property after deducting royalties payable to others. In the case of all properties, there are no royalties payable to others.

4.2

GROSS RESERVES

The total proved developed, proved undeveloped and total proved crude oil reserves as of December 31, 2017 for each of the three subsidiary companies are presented below for reference purposes only. These gross reserves estimates are based on a 100 percent working interest in each of the properties and include all reserves attributable to government and working interest partners.

GROSS PROVED RESERVES

AS OF DECEMBER 31, 2017


	Proved Developed		Proved Undeveloped		Total Proved
Crude Oil, Mbbl
PKKR		23,135		2,357		25,492
Kolzhan		17,569		9,045		26,614
PKVI		1,628		665		2,293
Total		42,332		12,067		54,399

4.3

NET PRESENT VALUES

The net present values for the proved developed, proved undeveloped and total proved crude oil reserves as of December 31, 2017 attributable to CNODCI for each of the three subsidiary companies are presented below. All of the net present values have been presented at a 10 percent discount rate.

CNODCI Interest in PetroKazakhstan Inc.

Evaluation of Oil and Gas Reserves – Third Party Report

Page 5

January 31, 2018

CNODCI NET PRESENT VALUES DISCOUNTED AT 10 PERCENT

AS OF DECEMBER 31, 2017, $MM


	Proved Developed		Proved Undeveloped		Total Proved
PKKR		155		24		179
Kolzhan		80		41		122
PKVI		11		5		16
Total		246		70		317

4.4

NET PRESENT VALUES SENSITIVITY ANALYSIS

A sensitivity analysis has been prepared for the net present values for the proved developed, proved undeveloped and total proved crude oil reserves as of December 31, 2017 attributable to CNODCI for each of the three subsidiary companies. At the request of PKI, all of the oil prices, capital costs and operating costs have been escalated at two percent per year throughout the evaluation period.

CNODCI NET PRESENT VALUES SENSITIVITY DISCOUNTED AT 10 PERCENT

AS OF DECEMBER 31, 2017, $MM


	Proved Developed		Proved Undeveloped		Total Proved
PKKR		158		25		183
Kolzhan		83		44		127
PKVI		12		5		17
Total		253		74		327

5	SUMMARY TABLES

Summary tables showing the reserves, reserves reconciliation, future production forecasts and future revenue forecasts are presented in the Appendix for each of the three subsidiary companies.

6	BASIS OF OPINION

McDaniel & Associates Consultants Ltd. has over 60 years of experience in the evaluation of oil and gas properties. McDaniel is registered with the Association of Professional Engineers and Geoscientists of Alberta (APEGA). All of the professionals involved in the preparation of this report have in excess of five years of experience in the evaluation of oil and gas properties. Mr. Cam Boulton, Vice President, supervised the preparation of this report. Mr. Boulton is a professional engineer registered with APEGA and has over 10 years of experience in the evaluation of oil and gas properties. All of the persons involved in the preparation of this report and McDaniel & Associates are independent of PKI and CNODCI.

In preparing this report, we relied upon certain factual information including ownership, well data, production data, prices, revenues, operating costs, capital costs, contracts, and other relevant data supplied by PKI. The supplied information was only relied upon where in our opinion it appeared reasonable and consistent with our knowledge of the properties; however, no independent verification of the information was made.

CNODCI Interest in PetroKazakhstan Inc.

Evaluation of Oil and Gas Reserves – Third Party Report

Page 6

January 31, 2018

This report was prepared by McDaniel for the use of PKI and CNODCI for its securities filings with the SEC and is not to be used for any other purpose without the knowledge and consent of McDaniel & Associates Consultants Ltd.

We reserve the right to revise any estimates provided herein if any relevant data existing prior to preparation of this report was not made available, if any data between the preparation date and the evaluation date of this evaluation were to vary significantly from that forecast, or if any data provided was found to be erroneous.

Sincerely,

McDANIEL & ASSOCIATES CONSULTANTS LTD.

APEGA PERMIT NUMBER: P3145



C. Boulton, P. Eng.
Vice President

CB:jep

[17-0192]

Table 1

CNODCI Interest in PKI

PetroKazakhstan Kumkol Resources

Summary of Reserves and Net Present Values

Effective December 31, 2017

Summary of Reserves⁽¹⁾⁽²⁾


	Crude Oil Reserves - Bbls						Natural Gas Reserves						Natural Gas Liquids Reserves
Reserve Category	Property Gross Mbbl		Company Gross Mbbl		Company Net Mbbl		Property Gross MMcf		Company Gross MMcf		Company Net MMcf		Property Gross Mbbl		Company Gross Mbbl		Company Net Mbbl
Proved Developed Reserves		23,135		15,500		15,500		—		—		—		—		—		—
Proved Undeveloped Reserves		2,357		1,579		1,579		—		—		—		—		—		—
Total Proved Reserves		25,492		17,079		17,079		—		—		—		—		—		—


	Crude Oil Reserves - Tonnes						BOE Reserves⁽³⁾
	Property Gross MT		Company Gross MT		Company Net MT		Property Gross Mbbl		Company Gross Mbbl		Company Net Mbbl
Proved Developed Reserves		2,982		1,998		1,998		23,135		15,500		15,500
Proved Undeveloped Reserves		307		206		206		2,357		1,579		1,579
Total Proved Reserves		3,289		2,204		2,204		25,492		17,079		17,079

Summary of Company Share of Net Present Values Before Income Taxes


	$MM US Dollars
Reserve Category	0.0%		5.0%		10.0%		15.0%		20.0%
Proved Developed Reserves		179		166		155		146		137
Proved Undeveloped Reserves		30		27		24		21		19
Total Proved Reserves		210		193		179		167		157

Summary of Company Share of Net Present Values After Income Taxes


	$MM US Dollars
Reserve Category	0.0%		5.0%		10.0%		15.0%		20.0%
Proved Developed Reserves		145		135		126		118		111
Proved Undeveloped Reserves		21		18		16		14		13
Total Proved Reserves		167		153		142		132		123

(1)	The above reserves estimates are presented after applying license expiry and economic limit cutoffs.

(2)	Company Gross reserves are based on Company working interest share of the reserves for each property. Company Net reserves are the working interest reserves in each property after deducting royalties payable to others. In the case of all properties, there are no royalties payable to others.

(3)	Based on a gas to BOE conversion of 6:1

Table 2

CNODCI Interest in PKI

PetroKazakhstan Kumkol Resources

Forecast of Production and Revenues

Proved Developed Reserves

Effective December 31, 2017

Property Gross Share of Production and Gross Revenues


			Crude Oil										Natural Gas						Natural Gas Liquids
Year	Producing Well Count		Daily Rate Bopd		Annual Volume Mbbl		Annual Volume MT		Crude Oil Price US$/bbl		Sales Revenue US$MM		Annual Volume MMcf		Natural Gas Price US$/Mcf		Sales Revenue US$MM		Annual Volume Mbbl		NGL Price US$/bbl		Sales Revenue US$MM		Total Sales Revenue US$MM
2018		431		20,506		7,485		970		29		218		—		—		—		—		—		—		218
2019		408		15,977		5,832		756		28		165		—		—		—		—		—		—		165
2020		387		12,387		4,521		586		32		143		—		—		—		—		—		—		143
2021		356		8,631		3,150		410		32		99		—		—		—		—		—		—		99
2022		110		3,804		1,389		183		32		44		—		—		—		—		—		—		44
2023		31		1,190		434		56		32		14		—		—		—		—		—		—		14
2024		27		887		324		42		32		10		—		—		—		—		—		—		10
2025		—		—		—		—		—		—		—		—		—		—		—		—		—
2026		—		—		—		—		—		—		—		—		—		—		—		—		—
2027		—		—		—		—		—		—		—		—		—		—		—		—		—
2028		—		—		—		—		—		—		—		—		—		—		—		—		—
2029		—		—		—		—		—		—		—		—		—		—		—		—		—
2030		—		—		—		—		—		—		—		—		—		—		—		—		—
2031		—		—		—		—		—		—		—		—		—		—		—		—		—
2032		—		—		—		—		—		—		—		—		—		—		—		—		—
Rem.		—		—		—		—		—		—		—		—		—		—		—		—		—
Total						23,135		3,004				692		—				—		—				—		692

Property Gross Share of Royalties, Expenses, Taxes and Net Cash Flow


Year	Total MET US$MM		Total MET %		Export Rent Tax US$MM		Export Rent Tax %		Total Operating Costs US$MM		Aband. Costs US$MM		Capital Costs US$MM		Hist. Costs & Com. Bonus US$MM		Net Cash Flow B. Tax US$MM		Property Tax US$MM		Corporate Tax US$MM		Excess Profits Tax US$MM		Net Cash Flow A. Tax US$MM
2018		3		2		7		3		73		0		24		—		110		1		12		10		87
2019		2		1		3		2		66		0		25		—		69		1		9		4		54
2020		4		3		9		6		59		0		7		—		64		1		6		1		55
2021		3		3		6		6		49		19		6		—		16		1		2		0		13
2022		1		3		3		6		25		8		1		—		6		0		1		—		5
2023		0		3		1		6		9		0		—		—		3		0		0		—		3
2024		0		3		1		6		8		1		—		—		0		0		—		—		0
2025		—		—		—		—		—		—		—		—		—		—		—		—		—
2026		—		—		—		—		—		—		—		—		—		—		—		—		—
2027		—		—		—		—		—		—		—		—		—		—		—		—		—
2028		—		—		—		—		—		—		—		—		—		—		—		—		—
2029		—		—		—		—		—		—		—		—		—		—		—		—		—
2030		—		—		—		—		—		—		—		—		—		—		—		—		—
2031		—		—		—		—		—		—		—		—		—		—		—		—		—
2032		—		—		—		—		—		—		—		—		—		—		—		—		—
Rem.		—		—		—		—		—		—		—		—		—		—		—		—		—
Total		14		2		29		4		290		29		63		—		268		3		31		16		217

Company Working Interest Share Summary


Year	Gross Annual Oil Production Mbbl		Net Annual Oil Production Mbbl		Net Annual Gas Production MMcf		Net Annual NGL Production Mbbl		Gross Sales Revenue US$MM		Total MET US$MM		Export Tax US$MM		Operating & Aband. Costs US$MM		Capital Costs US$MM		Hist. Costs & Com. Bonus US$MM		Net Cash Flow B. Tax US$MM		Total Taxes US$MM		Net Cash Flow A.T. US$MM
2018		5,015		5,015		—		—		146		2		4		49		16		—		74		16		58
2019		3,907		3,907		—		—		110		1		2		45		16		—		46		10		36
2020		3,029		3,029		—		—		96		3		6		40		4		—		43		6		37
2021		2,111		2,111		—		—		67		2		4		46		4		—		11		2		9
2022		930		930		—		—		29		1		2		22		1		—		4		1		3
2023		291		291		—		—		9		0		1		6		—		—		2		0		2
2024		217		217		—		—		7		0		0		6		—		—		0		0		0
2025		—		—		—		—		—		—		—		—		—		—		—		—		—
2026		—		—		—		—		—		—		—		—		—		—		—		—		—
2027		—		—		—		—		—		—		—		—		—		—		—		—		—
2028		—		—		—		—		—		—		—		—		—		—		—		—		—
2029		—		—		—		—		—		—		—		—		—		—		—		—		—
2030		—		—		—		—		—		—		—		—		—		—		—		—		—
2031		—		—		—		—		—		—		—		—		—		—		—		—		—
2032		—		—		—		—		—		—		—		—		—		—		—		—		—
Rem.		—		—		—		—		—		—		—		—		—		—		—		—		—
Total		15,500		15,500		—		—		464		9		19		214		42		—		179		34		145

Table 3

CNODCI Interest in PKI

PetroKazakhastan Kumkol Resources

Forecast of Production and Revenues

Total Proved Reserves

Effective December 31, 2017

Property Gross Share of Production and Gross Revenues


			Crude Oil										Natural Gas						Natural Gas Liquids
Year	Producing Well Count		Daily Rate Bopd		Annual Volume Mbbl		Annual Volume MT		Crude Oil Price US$/bbl		Sales Revenue US$MM		Annual Volume MMcf		Natural Gas Price US$/Mcf		Sales Revenue US$MM		Annual Volume Mbbl		NGL Price US$/ bbl		Sales Revenue US$MM		Total Sales Revenue US$MM
2018		438		21,495		7,846		1,018		29		228		—		—		—		—		—		—		228
2019		424		17,806		6,499		844		28		184		—		—		—		—		—		—		184
2020		408		14,077		5,138		667		32		162		—		—		—		—		—		—		162
2021		379		9,863		3,600		469		32		114		—		—		—		—		—		—		114
2022		122		4,484		1,637		216		32		52		—		—		—		—		—		—		52
2023		33		1,217		444		58		32		14		—		—		—		—		—		—		14
2024		29		898		328		42		32		10		—		—		—		—		—		—		10
2025		—		—		—		—		—		—		—		—		—		—		—		—		—
2026		—		—		—		—		—		—		—		—		—		—		—		—		—
2027		—		—		—		—		—		—		—		—		—		—		—		—		—
2028		—		—		—		—		—		—		—		—		—		—		—		—		—
2029		—		—		—		—		—		—		—		—		—		—		—		—		—
2030		—		—		—		—		—		—		—		—		—		—		—		—		—
2031		—		—		—		—		—		—		—		—		—		—		—		—		—
2032		—		—		—		—		—		—		—		—		—		—		—		—		—
Rem.		—		—		—		—		—		—		—		—		—		—		—		—		—
Total						25,492		3,313				764		—				—		—				—		764

Property Gross Share of Royalties, Expenses, Taxes and Net Cash Flow


Year	Total MET US$MM		Total MET %		Export Rent Tax US$MM		Export Rent Tax %		Total Operating Costs US$MM		Aband. Costs US$MM		Capital Costs US$MM		Hist. Costs & Com. Bonus US$MM		Net Cash Flow B. Tax US$MM		Property Tax US$MM		Corporate Tax US$MM		Excess Profits Tax US$MM		Net Cash Flow A. Tax US$MM



2018		4		2		7		3		74		0		32		—		112		1		13		12		86
2019		2		1		3		2		68		0		28		—		82		1		12		7		62
2020		4		3		10		6		61		0		9		—		77		1		9		3		65
2021		3		3		7		6		51		20		6		—		27		1		4		0		22
2022		2		3		3		6		26		8		1		—		12		0		1		—		11
2023		0		3		1		6		9		0		—		—		3		0		0		—		3
2024		0		3		1		6		8		1		—		—		0		0		—		—		0
2025		—		—		—		—		—		—		—		—		—		—		—		—		—
2026		—		—		—		—		—		—		—		—		—		—		—		—		—
2027		—		—		—		—		—		—		—		—		—		—		—		—		—
2028		—		—		—		—		—		—		—		—		—		—		—		—		—
2029		—		—		—		—		—		—		—		—		—		—		—		—		—
2030		—		—		—		—		—		—		—		—		—		—		—		—		—
2031		—		—		—		—		—		—		—		—		—		—		—		—		—
2032		—		—		—		—		—		—		—		—		—		—		—		—		—
Rem.		—		—		—		—		—		—		—		—		—		—		—		—		—
Total		16		2		32		4		297		30		76		—		313		3		39		22		249

Company Working Interest Share Summary


Year	Gross Annual Oil Production Mbbl		Net Annual Oil Production Mbbl		Net Annual Gas Production MMcf		Net Annual NGL Production Mbbl		Gross Sales Revenue US$MM		Total MET US$MM		Export Tax US$MM		Operating & Aband. Costs US$MM		Capital Costs US$MM		Hist. Costs & Com. Bonus US$MM		Net Cash Flow B. Tax US$MM		Total Taxes US$MM		Net Cash Flow A.T. US$MM
2018		5,257		5,257		—		—		153		2		5		50		21		—		75		17		58
2019		4,354		4,354		—		—		123		2		2		46		19		—		55		13		42
2020		3,443		3,443		—		—		109		3		7		41		6		—		51		8		43
2021		2,412		2,412		—		—		76		2		5		47		4		—		18		3		15
2022		1,097		1,097		—		—		35		1		2		23		1		—		8		1		7
2023		298		298		—		—		9		0		1		6		—		—		2		0		2
2024		220		220		—		—		7		0		0		6		—		—		0		0		0
2025		—		—		—		—		—		—		—		—		—		—		—		—		—
2026		—		—		—		—		—		—		—		—		—		—		—		—		—
2027		—		—		—		—		—		—		—		—		—		—		—		—		—
2028		—		—		—		—		—		—		—		—		—		—		—		—		—
2029		—		—		—		—		—		—		—		—		—		—		—		—		—
2030		—		—		—		—		—		—		—		—		—		—		—		—		—
2031		—		—		—		—		—		—		—		—		—		—		—		—		—
2032		—		—		—		—		—		—		—		—		—		—		—		—		—
Rem.		—		—		—		—		—		—		—		—		—		—		—		—		—
Total		17,079		17,079		—		—		512		11		22		219		51		—		210		43		167

Table 4

CNODCI Interest in PKI

Kolzhan LLP

Summary of Reserves and Net Present Values

Effective December 31, 2017

Summary of Reserves⁽¹⁾⁽²⁾


	Crude Oil Reserves - Bbls						Natural Gas Reserves						Natural Gas Liquids Reserves
Reserve Category	Property Gross Mbbl		Company Gross Mbbl		Company Net Mbbl		Property Gross MMcf		Company Gross MMcf		Company Net MMcf		Property Gross Mbbl		Company Gross Mbbl		Company Net Mbbl
Proved Developed Reserves		17,569		7,295		7,295		—		—		—		—		—		—
Proved Undeveloped Reserves		9,045		3,476		3,476		—		—		—		—		—		—
Total Proved Reserves		26,614		10,770		10,770		—		—		—		—		—		—


	Crude Oil Reserves - Tonnes						BOE Reserves⁽³⁾
	Property Gross MT		Company Gross MT		Company Net MT		Property Gross Mbbl		Company Gross Mbbl		Company Net Mbbl
Proved Developed Reserves		2,246		927		927		17,569		7,295		7,295
Proved Undeveloped Reserves		1,161		444		444		9,045		3,476		3,476
Total Proved Reserves		3,407		1,371		1,371		26,614		10,770		10,770

Summary of Company Share of Net Present Values Before Income Taxes


	$MM US Dollars
Reserve Category	0.0%		5.0%		10.0%		15.0%		20.0%
Proved Developed Reserves		109		93		80		71		64
Proved Undeveloped Reserves		66		51		41		34		28
Total Proved Reserves		175		144		122		105		92

Summary of Company Share of Net Present Values After Income Taxes


	$MM US Dollars
Reserve Category	0.0%		5.0%		10.0%		15.0%		20.0%
Proved Developed Reserves		69		58		50		44		39
Proved Undeveloped Reserves		35		27		21		17		14
Total Proved Reserves		105		86		72		61		53

(1)	The above reserves estimates are presented after applying license expiry and economic limit cutoffs.

(2)	Company Gross reserves are based on Company working interest share of the reserves for each property. Company Net reserves are the working interest reserves in each property after deducting royalties payable to others. In the case of all properties, there are no royalties payable to others.

(3)	Based on a gas to BOE conversion of 6:1

Table 5

CNODCI Interest in PKI

Kolzhan LLP

Forecast of Production and Revenues

Proved Developed Reserves

Effective December 31, 2017

Property Gross Share of Production and Gross Revenues


			Crude Oil										Natural Gas						Natural Gas Liquids
Year	Producing Well Count		Daily Rate Bopd		Annual Volume Mbbl		Annual Volume MT		Crude Oil Price US$/bbl		Sales Revenue US$MM		Annual Volume MMcf		Natural Gas Price US$/Mcf		Sales Revenue US$MM		Annual Volume Mbbl		NGL Price US$/bbl		Sales Revenue US$MM		Total Sales Revenue US$MM
2018		110		10,665		3,893		497		28		110		—		—		—		—		—		—		110
2019		104		8,563		3,125		399		31		98		—		—		—		—		—		—		98
2020		94		7,056		2,575		329		31		81		—		—		—		—		—		—		81
2021		87		5,917		2,160		276		31		68		—		—		—		—		—		—		68
2022		84		4,989		1,821		233		31		57		—		—		—		—		—		—		57
2023		79		4,069		1,485		190		32		47		—		—		—		—		—		—		47
2024		71		3,276		1,196		153		32		38		—		—		—		—		—		—		38
2025		36		1,834		670		86		32		21		—		—		—		—		—		—		21
2026		32		1,141		416		54		32		13		—		—		—		—		—		—		13
2027		29		624		228		29		32		7		—		—		—		—		—		—		7
2028		—		—		—		—		—		—		—		—		—		—		—		—		—
2029		—		—		—		—		—		—		—		—		—		—		—		—		—
2030		—		—		—		—		—		—		—		—		—		—		—		—		—
2031		—		—		—		—		—		—		—		—		—		—		—		—		—
2032		—		—		—		—		—		—		—		—		—		—		—		—		—
Rem.		—		—		—		—		—		—		—		—		—		—		—		—		—
Total						17,569		2,246				541		—				—		—				—		541

Property Gross Share of Royalties, Expenses, Taxes and Net Cash Flow


Year	Total MET US$MM		Total MET %		Export Rent Tax US$MM		Export Rent Tax %		Total Operating Costs US$MM		Aband. Costs US$MM		Capital Costs US$MM		Hist. Costs & Com. Bonus US$MM		Net Cash Flow B. Tax US$MM		Property Tax US$MM		Corporate Tax US$MM		Excess Profits Tax US$MM		Net Cash Flow A. Tax US$MM
2018		2		1		2		2		27		0		13		—		66		0		14		22		31
2019		4		4		6		6		24		0		24		—		40		0		9		10		21
2020		2		3		5		6		21		0		5		—		47		0		8		9		29
2021		2		3		4		6		20		0		5		—		36		0		6		7		23
2022		2		3		4		6		18		0		5		—		29		0		5		5		19
2023		1		3		3		6		16		0		0		—		26		0		4		4		18
2024		1		3		2		6		15		3		0		—		17		0		3		2		12
2025		1		3		1		6		7		0		—		—		11		0		2		1		9
2026		0		3		1		6		6		0		—		—		5		0		1		—		5
2027		0		3		0		6		5		0		—		—		1		0		—		—		1
2028		—		—		—		—		—		—		—		—		—		—		—		—		—
2029		—		—		—		—		—		—		—		—		—		—		—		—		—
2030		—		—		—		—		—		—		—		—		—		—		—		—		—
2031		—		—		—		—		—		—		—		—		—		—		—		—		—
2032		—		—		—		—		—		—		—		—		—		—		—		—		—
Rem.		—		—		—		—		—		—		—		—		—		—		—		—		—
Total		15		3		29		5		159		7		53		—		278		2		51		60		166

Company Working Interest Share Summary


Year	Gross Annual Oil Production Mbbl		Net Annual Oil Production Mbbl		Net Annual Gas Production MMcf		Net Annual NGL Production Mbbl		Gross Sales Revenue US$MM		Total MET US$MM		Export Tax US$MM		Operating & Aband. Costs US$MM		Capital Costs US$MM		Hist. Costs & Com. Bonus US$MM		Net Cash Flow B. Tax US$MM		Total Taxes US$MM		Net Cash Flow A.T. US$MM
2018		1,685		1,685		—		—		49		1		1		13		5		—		29		13		16
2019		1,337		1,337		—		—		42		2		3		12		10		—		16		7		9
2020		1,088		1,088		—		—		34		1		2		11		2		—		19		6		12
2021		899		899		—		—		28		1		2		10		2		—		14		5		9
2022		749		749		—		—		24		1		1		9		2		—		11		3		7
2023		607		607		—		—		19		1		1		8		0		—		9		3		7
2024		489		489		—		—		15		0		1		9		0		—		5		2		4
2025		224		224		—		—		7		0		0		3		—		—		4		1		3
2026		139		139		—		—		4		0		0		2		—		—		2		0		2
2027		76		76		—		—		2		0		0		2		—		—		0		0		0
2028		—		—		—		—		—		—		—		—		—		—		—		—		—
2029		—		—		—		—		—		—		—		—		—		—		—		—		—
2030		—		—		—		—		—		—		—		—		—		—		—		—		—
2031		—		—		—		—		—		—		—		—		—		—		—		—		—
2032		—		—		—		—		—		—		—		—		—		—		—		—		—
Rem.		—		—		—		—		—		—		—		—		—		—		—		—		—
Total		7,295		7,295		—		—		225		7		12		77		20		—		109		40		69

Table 6

CNODCI Interest in PKI

Kolzhan LLP

Forecast of Production and Revenues

Total Proved Reserves

Effective December 31, 2017

Property Gross Share of Production and Gross Revenues


			Crude Oil										Natural Gas						Natural Gas Liquids
Year	Producing Well Count		Daily Rate Bopd		Annual Volume Mbbl		Annual Volume MT		Crude Oil Price US$/bbl		Sales Revenue US$MM		Annual Volume MMcf		Natural Gas Price US$/Mcf		Sales Revenue US$MM		Annual Volume Mbbl		NGL Price US$/bbl		Sales Revenue US$MM		Total Sales Revenue US$MM
2018		116		12,103		4,417		564		28		125		—		—		—		—		—		—		125
2019		122		12,276		4,481		573		31		141		—		—		—		—		—		—		141
2020		119		11,197		4,087		523		32		129		—		—		—		—		—		—		129
2021		114		9,170		3,347		428		32		105		—		—		—		—		—		—		105
2022		110		7,563		2,760		353		32		87		—		—		—		—		—		—		87
2023		105		6,167		2,251		288		32		71		—		—		—		—		—		—		71
2024		93		5,073		1,852		237		32		58		—		—		—		—		—		—		58
2025		83		3,952		1,442		185		32		45		—		—		—		—		—		—		45
2026		45		2,304		841		109		32		27		—		—		—		—		—		—		27
2027		41		1,543		563		73		32		18		—		—		—		—		—		—		18
2028		37		989		361		47		32		11		—		—		—		—		—		—		11
2029		33		579		211		27		32		7		—		—		—		—		—		—		7
2030		—		—		—		—		—		—		—		—		—		—		—		—		—
2031		—		—		—		—		—		—		—		—		—		—		—		—		—
2032		—		—		—		—		—		—		—		—		—		—		—		—		—
Rem.		—		—		—		—		—		—		—		—		—		—		—		—		—
Total						26,614		3,407				824		—				—		—				—		824

Property Gross Share of Royalties, Expenses, Taxes and Net Cash Flow


Year	Total MET US$MM		Total MET %		Export Rent Tax US$MM		Export Rent Tax %		Total Operating Costs US$MM		Aband. Costs US$MM		Capital Costs US$MM		Hist. Costs & Com. Bonus US$MM		Net Cash Flow B. Tax US$MM		Property Tax US$MM		Corporate Tax US$MM		Excess Profits Tax US$MM		Net Cash Flow A. Tax US$MM
2018		2		1		2		2		29		0		23		—		69		0		16		25		29
2019		6		4		9		6		29		0		34		—		63		0		15		18		30
2020		5		4		8		6		27		0		5		—		83		0		15		20		48
2021		4		4		7		6		25		0		6		—		64		0		11		15		37
2022		3		4		5		6		23		0		2		—		53		0		9		11		32
2023		2		3		4		6		21		0		0		—		43		0		7		9		27
2024		2		3		4		6		18		0		0		—		34		0		6		7		21
2025		1		3		3		6		16		3		—		—		22		0		4		4		14
2026		1		3		2		6		9		0		—		—		15		0		2		1		11
2027		1		3		1		6		8		0		—		—		8		0		1		0		7
2028		0		3		1		6		6		—		—		—		4		0		0		—		3
2029		0		3		0		6		5		—		—		—		1		0		—		—		1
2030		—		—		—		—		—		—		—		—		—		—		—		—		—
2031		—		—		—		—		—		—		—		—		—		—		—		—		—
2032		—		—		—		—		—		—		—		—		—		—		—		—		—
Rem.		—		—		—		—		—		—		—		—		—		—		—		—		—
Total		27		3		46		6		215		7		70		—		459		3		86		111		259

Company Working Interest Share Summary


Year	Gross Annual Oil Production Mbbl		Net Annual Oil Production Mbbl		Net Annual Gas Production MMcf		Net Annual NGL Production Mbbl		Gross Sales Revenue US$MM		Total MET US$MM		Export Tax US$MM		Operating & Aband. Costs US$MM		Capital Costs US$MM		Hist. Costs & Com. Bonus US$MM		Net Cash Flow B. Tax US$MM		Total Taxes US$MM		Net Cash Flow A.T. US$MM
2018		1,902		1,902		—		—		55		1		2		14		8		—		30		15		15
2019		1,861		1,861		—		—		59		2		4		14		14		—		25		12		13
2020		1,664		1,664		—		—		52		2		3		13		2		—		32		12		20
2021		1,362		1,362		—		—		43		2		3		12		2		—		24		9		15
2022		1,115		1,115		—		—		35		1		2		11		1		—		20		7		13
2023		899		899		—		—		28		1		2		10		0		—		16		6		10
2024		733		733		—		—		23		1		1		9		0		—		12		4		8
2025		572		572		—		—		18		1		1		9		—		—		7		3		4
2026		282		282		—		—		9		0		1		3		—		—		5		1		4
2027		189		189		—		—		6		0		0		3		—		—		3		1		2
2028		121		121		—		—		4		0		0		2		—		—		1		0		1
2029		71		71		—		—		2		0		0		2		—		—		0		0		0
2030		—		—		—		—		—		—		—		—		—		—		—		—		—
2031		—		—		—		—		—		—		—		—		—		—		—		—		—
2032		—		—		—		—		—		—		—		—		—		—		—		—		—
Rem.		—		—		—		—		—		—		—		—		—		—		—		—		—
Total		10,770		10,770		—		—		334		11		19		102		28		—		175		70		105

Table 7

CNODCI Interest in PKI

PetroKazakhstan Ventures Inc.

Summary of Reserves and Net Present Values

Effective December 31, 2017

Summary of Reserves⁽¹⁾⁽²⁾


	Crude Oil Reserves - Bbls						Natural Gas Reserves						Natural Gas Liquids Reserves
Reserve Category	Property Gross Mbbl		Company Gross Mbbl		Company Net Mbbl		Property Gross MMcf		Company Gross MMcf		Company Net MMcf		Property Gross Mbbl		Company Gross Mbbl		Company Net Mbbl
Proved Developed Reserves		1,628		818		818		—		—		—		—		—		—
Proved Undeveloped Reserves		665		334		334		—		—		—		—		—		—
Total Proved Reserves		2,293		1,152		1,152		—		—		—		—		—		—


	Crude Oil Reserves - Tonnes						BOE Reserves⁽³⁾
	Gross MT		Gross MT		Net MT		Gross Mbbl		Gross Mbbl		Net Mbbl
Proved Developed Reserves		213		107		107		1,628		818		818
Proved Undeveloped Reserves		87		44		44		665		334		334
Total Proved Reserves		300		151		151		2,293		1,152		1,152

Summary of Company Share of Net Present Values Before Income Taxes


	$MM US Dollars
Reserve Category	0.0%		5.0%		10.0%		15.0%		20.0%
Proved Developed Reserves		13		12		11		10		10
Proved Undeveloped Reserves		7		6		5		4		4
Total Proved Reserves		20		18		16		15		13

Summary of Company Share of Net Present Values After Income Taxes


	$MM US Dollars
Reserve Category	0.0%		5.0%		10.0%		15.0%		20.0%
Proved Developed Reserves		11		10		9		8		8
Proved Undeveloped Reserves		5		4		4		3		3
Total Proved Reserves		16		14		12		11		10

(1)	The above reserves estimates are presented after applying license expiry and economic limit cutoffs.

(2)	Company Gross reserves are based on Company working interest share of the reserves for each property.

Company Net reserves are the working interest reserves in each property after deducting royalties payable to others. In the case of all properties, there are no royalties payable to others.

(3)	Based on a gas to BOE conversion of 6:1

Table 8

CNODCI Interest in PKI

PetroKazakhstan Ventures Inc.

Forecast of Production and Revenues

Proved Developed Reserves

Effective December 31, 2017

Property Gross Share of Production and Gross Revenues


			Crude Oil										Natural Gas						Natural Gas Liquids
Year	Producing Well Count		Daily Rate Bopd		Annual Volume Mbbl		Annual Volume MT		Crude Oil Price US$/bbl		Sales Revenue US$M		Annual Volume MMcf		Natural Gas Price US$/Mcf		Sales Revenue US$M		Annual Volume Mbbl		NGL Price US$/bbl		Sales Revenue US$M		Total Sales Revenue US$M
2018		16		1,698		620		80		27,110		16,807		—		—		—		—		—		—		16,807
2019		15		1,002		366		47		31,560		11,546		—		—		—		—		—		—		11,546
2020		16		645		236		30		31,560		7,435		—		—		—		—		—		—		7,435
2021		14		429		157		20		31,560		4,939		—		—		—		—		—		—		4,939
2022		9		265		97		13		31,560		3,058		—		—		—		—		—		—		3,058
2023		7		181		66		9		31,560		2,083		—		—		—		—		—		—		2,083
2024		6		134		49		6		31,560		1,546		—		—		—		—		—		—		1,546
2025		6		103		38		5		31,560		1,192		—		—		—		—		—		—		1,192
2026		—		—		—		—		—		—		—		—		—		—		—		—		—
2027		—		—		—		—		—		—		—		—		—		—		—		—		—
2028		—		—		—		—		—		—		—		—		—		—		—		—		—
2029		—		—		—		—		—		—		—		—		—		—		—		—		—
2030		—		—		—		—		—		—		—		—		—		—		—		—		—
2031		—		—		—		—		—		—		—		—		—		—		—		—		—
2032		—		—		—		—		—		—		—		—		—		—		—		—		—
Rem.		—		—		—		—		—		—		—		—		—		—		—		—		—
Total						1,628		210				48,607		—				—		—				—		48,607

Property Gross Share of Royalties, Expenses, Taxes and Net Cash Flow


Year	Total MET US$M		Total MET %		Export Rent Tax US$M		Export Rent Tax %		Total Operating Costs US$M		Aband. Costs US$M		Capital Costs US$M		Hist. Costs & Com. Bonus US$M		Net Cash Flow B. Tax US$M		Property Tax US$M		Corporate Tax US$M		Excess Profits Tax US$M		Net Cash Flow A. Tax US$M
2018		50		0		—		—		2,674		86		2,074		—		11,923		19		1,784		2,120		8,000
2019		344		3		725		6		2,224		86		3,267		—		4,901		44		641		29		4,186
2020		222		3		467		6		2,097		86		147		—		4,417		55		163		—		4,199
2021		147		3		310		6		1,841		86		129		—		2,426		48		—		—		2,378
2022		91		3		192		6		1,426		86		—		—		1,264		42		—		—		1,222
2023		62		3		131		6		1,143		86		—		—		661		36		—		—		626
2024		46		3		97		6		1,002		86		—		—		316		30		—		—		286
2025		36		3		75		6		903		—		—		—		179		26		—		—		153
2026		—		—		—		—		—		—		—		—		—		—		—		—		—
2027		—		—		—		—		—		—		—		—		—		—		—		—		—
2028		—		—		—		—		—		—		—		—		—		—		—		—		—
2029		—		—		—		—		—		—		—		—		—		—		—		—		—
2030		—		—		—		—		—		—		—		—		—		—		—		—		—
2031		—		—		—		—		—		—		—		—		—		—		—		—		—
2032		—		—		—		—		—		—		—		—		—		—		—		—		—
Rem.		—		—		—		—		—		—		—		—		—		—		—		—		—
Total		998		2		1,996		4		13,309		600		5,617		—		26,087		301		2,588		2,149		21,049

Company Working Interest Share Summary


Year	Gross Annual Oil Production Mbbl		Net Annual Oil Production Mbbl		Net Annual Gas Production MMcf		Net Annual NGL Production Mbbl		Gross Sales Revenue US$M		Total MET US$M		Export Tax US$M		Operating & Aband. Costs US$M		Capital Costs US$M		Hist. Costs & Com. Bonus US$M		Net Cash Flow B. Tax US$M		Total Taxes US$M		Net Cash Flow A.T. US$M
2018		312		312		—		—		8,445		25		—		1,387		1,042		—		5,992		1,972		4,020
2019		184		184		—		—		5,802		173		364		1,161		1,642		—		2,463		359		2,103
2020		118		118		—		—		3,736		111		234		1,097		74		—		2,220		110		2,110
2021		79		79		—		—		2,482		74		156		968		65		—		1,219		24		1,195
2022		49		49		—		—		1,537		46		96		759		—		—		635		21		614
2023		33		33		—		—		1,047		31		66		617		—		—		332		18		314
2024		25		25		—		—		777		23		49		546		—		—		159		15		144
2025		19		19		—		—		599		18		38		454		—		—		90		13		77
2026		—		—		—		—		—		—		—		—		—		—		—		—		—
2027		—		—		—		—		—		—		—		—		—		—		—		—		—
2028		—		—		—		—		—		—		—		—		—		—		—		—		—
2029		—		—		—		—		—		—		—		—		—		—		—		—		—
2030		—		—		—		—		—		—		—		—		—		—		—		—		—
2031		—		—		—		—		—		—		—		—		—		—		—		—		—
2032		—		—		—		—		—		—		—		—		—		—		—		—		—
Rem.		—		—		—		—		—		—		—		—		—		—		—		—		—
Total		818		818		—		—		24,425		501		1,003		6,989		2,823		—		13,109		2,532		10,577

Table 9

CNODCI Interest in PKI

PetroKazakhstan Ventures Inc.

Forecast of Production and Revenues

Total Proved Reserves

Effective December 31, 2017

Property Gross Share of Production and Gross Revenues


			Crude Oil										Natural Gas						Natural Gas Liquids						Total Sales Revenue US$M
Year	Producing Well Count		Daily Rate Bopd		Annual Volume Mbbl		Annual Volume MT		Crude Oil Price US$/bbl		Sales Revenue US$M		Annual Volume MMcf		Natural Gas Price US$/Mcf		Sales Revenue US$M		Annual Volume Mbbl		NGL Price US$/bbl		Sales Revenue US$M		Total Sales Revenue US$M
2018		17		1,848		675		87		27,110		18,291		—		—		—		—		—		—		18,291
2019		18		1,367		499		64		31,560		15,741		—		—		—		—		—		—		15,741
2020		19		1,023		373		48		31,560		11,781		—		—		—		—		—		—		11,781
2021		17		712		260		34		31,560		8,197		—		—		—		—		—		—		8,197
2022		12		472		172		22		31,560		5,438		—		—		—		—		—		—		5,438
2023		10		329		120		16		31,560		3,795		—		—		—		—		—		—		3,795
2024		9		239		87		11		31,560		2,753		—		—		—		—		—		—		2,753
2025		9		175		64		8		31,560		2,015		—		—		—		—		—		—		2,015
2026		7		117		43		6		31,560		1,350		—		—		—		—		—		—		1,350
2027		—		—		—		—		—		—		—		—		—		—		—		—		—
2028		—		—		—		—		—		—		—		—		—		—		—		—		—
2029		—		—		—		—		—		—		—		—		—		—		—		—		—
2030		—		—		—		—		—		—		—		—		—		—		—		—		—
2031		—		—		—		—		—		—		—		—		—		—		—		—		—
2032		—		—		—		—		—		—		—		—		—		—		—		—		—
Rem.		—		—		—		—		—		—		—		—		—		—		—		—		—
Total						2,293		296				69,362		—				—		—				—		69,362

Property Gross Share of Royalties, Expenses, Taxes and Net Cash Flow


Year	Total MET US$M		Total MET %		Export Rent Tax US$M		Export Rent Tax %		Total Operating Costs US$M		Aband. Costs US$M		Capital Costs US$M		Hist. Costs & Com. Bonus US$M		Net Cash Flow B. Tax US$M		Property Tax US$M		Corporate Tax US$M		Excess Profits Tax US$M		Net Cash Flow A. Tax US$M
2018		54		0		—		—		2,825		86		3,524		—		11,803		19		1,963		2,387		7,433
2019		469		3		988		6		2,595		86		3,992		—		7,612		44		1,255		507		5,805
2020		351		3		739		6		2,510		86		145		—		7,951		55		828		200		6,867
2021		244		3		514		6		2,202		86		129		—		5,022		48		359		—		4,614
2022		162		3		341		6		1,745		86		—		—		3,104		42		59		—		3,004
2023		113		3		238		6		1,495		86		—		—		1,863		36		—		—		1,828
2024		82		3		173		6		1,329		86		—		—		1,083		30		—		—		1,053
2025		60		3		126		6		1,213		—		—		—		616		26		—		—		590
2026		40		3		85		6		996		—		—		—		228		22		—		—		207
2027		—		—		—		—		—		—		—		—		—		—		—		—		—
2028		—		—		—		—		—		—		—		—		—		—		—		—		—
2029		—		—		—		—		—		—		—		—		—		—		—		—		—
2030		—		—		—		—		—		—		—		—		—		—		—		—		—
2031		—		—		—		—		—		—		—		—		—		—		—		—		—
2032		—		—		—		—		—		—		—		—		—		—		—		—		—
Rem.		—		—		—		—		—		—		—		—		—		—		—		—		—
Total		1,576		2		3,205		5		16,910		600		7,790		—		39,281		323		4,464		3,095		31,400

Company Working Interest Share Summary


Year	Gross Annual Oil Production Mbbl		Net Annual Oil Production Mbbl		Net Annual Gas Production MMcf		Net Annual NGL Production Mbbl		Gross Sales Revenue US$M		Total MET US$M		Export Tax US$M		Operating & Aband. Costs US$M		Capital Costs US$M		Hist. Costs & Com. Bonus US$M		Net Cash Flow B. Tax US$M		Total Taxes US$M		Net Cash Flow A.T. US$M
2018		339		339		—		—		9,191		27		—		1,462		1,771		—		5,931		2,196		3,735
2019		251		251		—		—		7,910		236		496		1,347		2,006		—		3,825		908		2,917
2020		188		188		—		—		5,920		176		372		1,304		73		—		3,995		545		3,451
2021		131		131		—		—		4,119		123		258		1,150		65		—		2,523		205		2,318
2022		87		87		—		—		2,733		81		171		920		—		—		1,560		51		1,509
2023		60		60		—		—		1,907		57		120		794		—		—		936		18		919
2024		44		44		—		—		1,383		41		87		711		—		—		544		15		529
2025		32		32		—		—		1,013		30		64		609		—		—		309		13		297
2026		21		21		—		—		678		20		43		501		—		—		115		11		104
2027		—		—		—		—		—		—		—		—		—		—		—		—		—
2028		—		—		—		—		—		—		—		—		—		—		—		—		—
2029		—		—		—		—		—		—		—		—		—		—		—		—		—
2030		—		—		—		—		—		—		—		—		—		—		—		—		—
2031		—		—		—		—		—		—		—		—		—		—		—		—		—
2032		—		—		—		—		—		—		—		—		—		—		—		—		—
Rem.		—		—		—		—		—		—		—		—		—		—		—		—		—
Total		1,152		1,152		—		—		34,854		792		1,610		8,799		3,914		—		19,739		3,960		15,779