Reserves / Resources

2022 Reserves and Resources

On February 16, 2023, ShaMaran reported the total Company’s gross 2P reserves1 grew by 225% from 30.4 million barrels of oil (“MMbbls”) at December 31, 2021 to 68.3 MMbbls at December 31, 2022 and a 2P net reserves replacement ratio2 of 950%3. The Company’s net 2C resources4 increased by close to 20% from 34.8 MMbbls at December 31, 2021 to 41.5 MMbbls at December 31, 2022 such increase being primarily associated with the closing of the Sarsang acquisition. The Company’s 2P Reserves Life Index5 stands now at close to 12 years.

As of year-end 2022, the Atrush field has achieved a cumulative production of approximately 67 MMbbls and the Sarsang field a cumulative production of approximately 55 MMbbls.

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