We reviewed the available technical data to establish an independent view of resources in this license area in accordance with the PRMS. The data reviewed included seismic interpretations along with full PETREL and eclipse models of discovered fields. We established an independent view of 1P and 2P reserves and contingent resources for each viable structure. We performed an audit of proposed fields development plans to verify the technical basis, costs and schedule. A valuation of reserves was performed using discounted cash flow and fair market valuation methods. The ultimate product of the work was the establishment of a recommended purchase price for the available equity.
