Skipper

Block 9/21a (Source: Wood Mackenzie PathFinder/IOG)

The current licence, P1609, was awarded in 2009 and is currently owned:

IOG

100% (Operator)

Based on samples from the 1990 well, API is estimated at 14-16 degrees.

Certified Stock Tank Oil Initially in Place (STOIIP) estimates from the CPR are:

Skipper STOIIP (MMBbls) P90 P50 P10
Gross 123.1 136.5 150.8

(Source: Competent Person’s Report.  AGR Tracs.  September 2013.)

CPR economically recoverable resources are estimated at:

Skipper Resources (MMBbls) Low Estimate Best Estimate High Estimate
Gross 17.9 26.2 34.9

(Source: Competent Person’s Report.  AGR Tracs.  September 2013.)

IOG Management’s estimate of recoverable resources using a 25% recovery factor are:

Skipper Resources (MMBbls) Low Estimate Best Estimate High Estimate
Gross 30.8 34.1 37.7

IOG is planning to drill the Skipper appraisal well during 2016. First oil target is 2018.