Reserves

As per 31 December 2018, the proved oil reserves amounted to 13,398 thousand barrels of oil (MBO) and the proved natural gas reserves amounted to 56,157 million cubic feet (MMCF). The total reserves amounted to 22,758 thousand barrels of oil equivalent (MBOE).

CategoryOilGasTotalPV10*
Total, Proved reserves13,39856,15722,758264,725
(MBL)(MMCF)(MBOE)(TUSD)
Proved developed produced1,8348,9513,32649,972
Proved developed nonproducing2,67518,0305,68067,309
Proved undeveloped8,88929,17613,752147,444

The estimate of reserves has been conducted by independent petroleum consultants DeGolyer and MacNaughton and was prepared in compliance with the United States Securities and Exchange Commission (SEC) regulations.

* Future prices were estimated using guidelines established by the SEC and FASB based on the 12 month average NYMEX oil price and gas price.