Year End 2022 Reserves Audit: Abu Sennan Concession, Egypt

Year End 2022 Reserves Audit

Abu Sennan Concession, Egypt

as of 31 December 2022

Prepared For:	United Oil and Gas
By:	ERCE
Date:	April 2023

ERC Equipoise Ltd, 6th Floor Stephenson House, 2 Cherry Orchard Road, Croydon, CR0 6BA

Tel: [phone] Fax: [phone]

P6358 -United Oil and Gas- YE22 Audit Abu Sennan

Approved by:	Paul Taylor, Head of Reserves and Resources
Date released to client:	24/04/2023

April 2023

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P6358 -United Oil and Gas- YE22 Audit Abu Sennan

Table of Contents

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P6358 -United Oil and Gas- YE22 Audit Abu Sennan

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P6358 -United Oil and Gas- YE22 Audit Abu Sennan
List of Tables
Table 1.1: Audited Fields	4
Table 1.2: UOG Estimated Oil Reserves as of 31 December 2022	5
Table 1.3: UOG Estimated Gas Reserves as of 31 December 2022	6
Table 1.4: UOG estimated Oil Equivalent Reserves as of 31 December 2022	6
Table 1.5: Reconciliation of Reserves as of 31 December 2022 with Reserves as of 31
December 2021	7
Table 1.6: Reconciliation of Oil Reserves as of 31 December 2022 with Reserves as of 31
December 2021	7
Table 1.7: Reconciliation of Gas Reserves as of 31 December 2022 with Reserves as of 31
December 2021	7
Table 1.8: Summary of Post-tax NPV (US$ MM) Net to UOG as of 31st December 2022	8
Table 4.1: HIIP Estimates	17
Table 7.1: Planned Drilling Schedule	25
Table 7.2: Abu Sennan Fields TRR Estimates and Recovery Factors	26
Table 8.1: Abu Sennan (excluding extension) CAPEX forecasts	28
Table 8.2: Abu Sennan Extension CAPEX forecasts	29
Table 8.3: Abu Sennan (excluding extension) OPEX forecasts	30
Table 8.4: Abu Sennan Extension OPEX forecasts	31
Table 9.1: Status of Bonuses	32
Table 9.2: Cost Recovery balances and additions	33
Table 9.3: ERCE Assumed Brent Price Assumptions	33
Table 9.4: Results of the Economic Evaluation	35
Table 12.1: Summary of HCIIP, EUR and Recovery Factor	67
Table 13.1: Abu Sennan 1P Developed Reserves Cashflow	68
Table 13.2: Abu Sennan 1P Reserves Cashflow	69
Table 13.3: Abu Sennan 2P Developed Reserves Cashflow	70
Table 13.4: Abu Sennan 2P Reserves Cashflow	71
Table 13.5: Abu Sennan 3P Developed Reserves Cashflow	72
Table 13.6: Abu Sennan 3P Reserves Cashflow	73
Table 13.7: Abu Sennan Extension 1P Developed Reserves Cashflow	74
Table 13.8: Abu Sennan Extension 1P Reserves Cashflow	75
Table 13.9: Abu Sennan Extension 2P Developed Reserves Cashflow	76
Table 13.10: Abu Sennan Extension 2P Reserves Cashflow	77
Table 13.11: Abu Sennan Extension 3P Developed Reserves Cashflow	78
Table 13.12: Abu Sennan Extension 3P Reserves Cashflow	79

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