Annual Report 2007 - Global Energy Development

08 Oil and gas reserves informationGlobal Energy Development PLCAnnual report 2007Oil and gas reserves information (unaudited)As at 31 December 2007The reserve estimates shown in this report are based on the joint reserve and resource definitions of the Society of PetroleumEngineers, the World Petroleum Congress, and the American Association of Petroleum Geologists. Proved and probable reserveestimates are based on a number of underlying assumptions including oil prices, future costs, oil in place and reservoir performance,which are inherently uncertain. Management uses established industry techniques to generate its estimates and regularly referencesits estimates against those of joint venture partners or external consultants. However, the amount of reserves that will ultimately berecovered from any field cannot be known with certainty until the end of the field’s life.All reserves are in the Latin America exploration and development area:Estimated net proved and probable reserves of crude oilproved Probablelatin America Latin America Total allbarrels barrels barrels’000s ’000s ’000sAt 1 January 2007Developed 1,748 74 1,822Undeveloped 2,981 11,399 14,3804,729 11,473 16,202Changes in year attributable to:Revision of previous estimates (331) (2,219) (2,550)Production (414) – (414)Developed 1,210 – 1,210Undeveloped 2,774 9,254 12,028At 31 December 2007 3,984 9,254 13,238Estimated net proved and probable reserves of natural gasproved Probablelatin America Latin America Total allcu ft (millions) cu ft (millions) cu ft (millions)At 1 January 2007Developed 374 – 374Undeveloped 4,500 14,381 18,8814,874 14,381 19,255Changes in year attributable to:Revision of previous estimates (1,137) (6,429) (7,566)Production – – –Developed – – –Undeveloped 3,737 7,952 11,689At 31 December 2007 3,737 7,952 11,689