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Visoka oil field: 28.6 km2, 4 layers to a depth of 800 to 1,900 metres.

 

The  “Independent reserves Report of the Visoka Field, Albania as at 30th September 2013” used the following estimated Bulk Rock Volume (BRV) and deterministic STOIIP values for calculations:

Parameter

Low

Best

High

BRV (106 m3)

5,127

8,185

11,689

STOIIP (MMstb)

274

601

1,643

 

 The report provides a summary of recoverable oil reserves:

1P: Proven (MMstb)

37.51

2P: Proven + Probable (MMstb)

65.32

3P: Proven + Probable + Possible (MMstb)

119.90

Proven reserves are reserves with a reasonable certainty (normally at least 90% confidence) of being recoverable under existing economic and political conditions, with existing technology.

Probable reserves are reserves with a 50% confidence level of recovery.

Possible reserves are reserves that have a less likely chance of being recovered than probable reserves. This term is often used for reserves with at least a 10% certainty of being produced.

 

The following table summarizes Net Present Values applicable to Transoilgroup’s 100% working interest in the Visoka oil field discounted at 0% and 10% per year as at 30th September 2013:

 

Reserves category

Post Tax NPVs
  (MM$)

0%

10%

1P: Proven

401.17

179.07

2P: Proven + Probable

848.08

347.65

3P: Proven + Probable + Possible

1,717.91

583.21

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TRANSOILGROUP AG

Schönbüelpark 10

CH-9016 St. Gallen

Switzerland

Tel.: +41 (0) 71 544 01 20

Fax: +41 (0) 71 535 59 08