Reserves & Resources
At year end 2013 we reported 2P reserves of 65.3 MMboe. These were broken down as follows:
|Total||65.3 MMboe (51% gas: 49% oil)|
A high proportion (70%) of the Group’s reserves are in the 1P (proven) category demonstrating the tangibility of the production base. This tangibility allows us to leverage the production base, which in turn enables the business to fund itself through an appropriate mix of debt and equity.
Sitting behind the 2P reserves is a further 121.3 MMboe of contingent resources. These are proven hydrocarbons that require a capital commitment or sales agreement to move through to commerciality. Our operations team are focused on ensuring that we are continually converting resource to reserves, adding value to the core business.