APPENDIX D

ESTIMATES
of

RESERVES AND FUTURE REVENUE, CONTINGENT RESOURCES AND CASH FLOW, AND PROSPECTIVE RESOURCES
to the

KRISENERGY LTD INTEREST

in

CERTAIN OIL AND GAS PROPERTIES

located

OFFSHORE THAILAND, INDONESIA, CAMBODIA, AND VIETNAM AND ONSHORE BANGLADESH

as of

DECEMBER 31, 2012

VOLUME 1 OF 2

BASED ON PRICE AND COST PARAMETERS specified by KRISENERGY LTD

D-1

July 1, 2013

Board of Directors KrisEnergy Ltd 83 Clemenceau Avenue 10-05, UE Square, Shell House Singapore 239920 Gentlemen: In accordance with your request, we have estimated the proved, probable, and possible reserves and future revenue, as of December 31, 2012, to the KrisEnergy Ltd (KrisEnergy) interest in certain oil and gas properties located in Blocks B8/32 and B9A and Nong Yao Field, offshore Thailand; Kambuna Field, offshore Indonesia; and Bangora Field, onshore Bangladesh. Also as requested, we have estimated the development pending contingent resources and cash flow, as of December 31, 2012, to the KrisEnergy interest in certain discoveries located offshore Thailand, Indonesia, and Cambodia; the development unclarified contingent resources, as of December 31, 2012, to the KrisEnergy working interest in certain other discoveries located offshore Thailand, Indonesia, and Cambodia and onshore Bangladesh; and the prospective resources, as of December 31, 2012, to the KrisEnergy working interest in prospects and leads located offshore Thailand, Indonesia, Cambodia, and Vietnam and onshore Bangladesh. It is our understanding that KrisEnergy executed a share sale purchase agreement on April 8, 2013, to acquire a 30 percent working interest and operatorship in Block 9, onshore Bangladesh. The acquisition is contingent upon the approval of the Bangladesh Oil, Gas & Mineral Corporation (Petrobangla) and will have a retroactive effective date of January 1, 2013. As requested, the KrisEnergy interest shown in this report for the Bangladesh properties is the interest expected to be owned when all approvals are finalized. It is also our understanding that KrisEnergy signed a farm-out agreement on March 15, 2013, to acquire a 30 percent working interest and operatorship in Block G6/48, offshore Thailand. The transaction is pending approval by the Thailand government and will have a retroactive effective date of January 1, 2013. As requested, the KrisEnergy interest shown in this report for Block G6/48 is the interest expected to be owned when all approvals are finalized. A list of KrisEnergys assets included in this report is shown on Table I. We completed our evaluation on or about the date of this letter. This report has been prepared using price and cost parameters specified by KrisEnergy, as discussed in subsequent paragraphs of this letter. Monetary values shown in this report are expressed in United States dollars ($), thousands of United States dollars (M$), or millions of United States dollars (MM$). It is our understanding that KrisEnergy intends to use this report as part of its filing on the Singapore Stock Exchange (SGX). The estimates in this report have been prepared in accordance with the definitions and guidelines set forth in the 2007 Petroleum Resources Management System (PRMS) approved by the Society of Petroleum Engineers (SPE). As presented in the 2007 PRMS, petroleum accumulations can be classified, in decreasing order of likelihood of commerciality, as reserves, contingent resources, or prospective resources. Different classifications of petroleum accumulations have varying degrees of technical and commercial risk that are difficult to quantify; thus reserves, contingent resources, and prospective resources should not be aggregated without extensive consideration of these factors. Definitions are presented immediately following this letter. The tables following the definitions set forth our estimates of reserves, contingent resources, and prospective resources, by category, to the KrisEnergy interest for each asset area. Following the tables is a list of abbreviations used in this report.

D-2

RESERVES
Reserves are those quantities of petroleum anticipated to be commercially recoverable from known accumulations by application of development projects from a given date forward under defined conditions. Reserves must be discovered, recoverable, commercial, and remaining as of the evaluation date based on the planned development projects to be applied. Proved reserves are those quantities of oil and gas which, by analysis of engineering and geoscience data, can be estimated with reasonable certainty to be commercially recoverable; probable and possible reserves are those additional reserves which are sequentially less certain to be recovered than proved reserves. As presented in the accompanying summary projections, Tables II through IX, we estimate the gross (100 percent) reserves and working interest reserves and future net revenue to the KrisEnergy interest in these properties, as of December 31, 2012, to be:
Gross (100 Percent) Reserves Oil Gas (MBBL) (MMCF) 21,537.4 44.4 21,019.0 42,600.8 122,916.4 131,574.6 15,444.9 78,558.5 225,578.0 891,322.0 Working Interest Reserves Future Net Revenue(1) (M$) Oil Gas Present Worth (MBBL) (MMCF) Total At 10% 1,059.6 13.3 974.1 2,047.1 8,893.2 22,699.3 4,633.5 3,640.8 30,973.5 (867.0)(2) 6,468.5 69,407.3 75,008.8 11,454.2 5,482.2 53,452.1 70,388.5 189,798.6 260,187.1 83,671.4 343,858.5

Category Proved Developed Producing Proved Developed Non-Producing Proved Undeveloped Proved (1P) Probable Proved + Probable (2P) Possible Proved + Probable + Possible (3P)
Totals may not add because of rounding.
(1)

93,586.4 322,325.6

165,517.2 1,116,900.0 10,940.3 124,559.9 397,334.4 40,407.8 362,072.5 3,585.5 52,554.8 162,789.5

205,925.0 1,478,972.5 14,525.8 177,114.7 560,123.9

(2)

Future net revenue is after deductions for royalties and KrisEnergys share of future capital costs, abandonment costs, operating expenses, special remuneratory benefit, training fees, and income taxes. Future net revenue is negative after deducting estimated abandonment costs.

The oil volumes shown include crude oil and condensate. Oil volumes are expressed in thousands of barrels (MBBL); a barrel is equivalent to 42 United States gallons. Gas volumes are expressed in millions of cubic feet (MMCF) at standard temperature and pressure bases. The estimates shown in this report are for proved, probable, and possible reserves. Reserves categorization conveys the relative degree of certainty; reserves subcategorization is based on development and production status. The estimates of reserves and future revenue included herein have not been adjusted for risk. Gross revenue for the reserves shown in this report is KrisEnergys share of the gross (100 percent) revenue from the properties after deductions for royalties. Future net revenue is after additional deductions for KrisEnergys share of future capital costs, abandonment costs, operating expenses, special remuneratory benefit, training fees, and income taxes. The future net revenue has been discounted at an annual rate of 10 percent to determine its present worth, which is shown to indicate the effect of time on the value of money. Future net revenue presented in this report, whether discounted or undiscounted, should not be construed as being the fair market value of the properties. We have made no investigation of potential gas volume and value imbalances resulting from overdelivery or underdelivery to the KrisEnergy interest. Therefore, our estimates of reserves and future revenue do not include adjustments for the settlement of any such imbalances; our projections are based on KrisEnergy receiving its net revenue interest share of estimated future gross gas production. D-3

CONTINGENT RESOURCES Contingent resources are those quantities of petroleum which are estimated, as of a given date, to be potentially recoverable from known accumulations, but for which the applied project or projects are not yet considered mature enough for commercial development because of one or more contingencies. The discoveries assessed in this report have been subclassified as development pending or development unclarified. The 2007 PRMS defines a development pending discovery as a discovered accumulation where project activities are ongoing to justify commercial development in the foreseeable future and a development unclarified discovery as a discovered accumulation where project activities are on hold and/or where justification as a commercial development may be subject to significant delay. The contingent resources shown in this report are contingent upon one or more of the following: (1) commitment of the license partners to develop the resources, (2) submission and approval of a Plan of Development (POD), Production Area Application (PAA), or Production Permit Application (PPA), (3) completion of a gas sales agreement, and (4) collection of additional technical data, to be collected through delineation wells and flow tests, to establish commercial viability. The costs required to resolve these contingencies have not been included in this report; estimates of cash flow are based on the assumption that applicable contingencies will be successfully addressed. If these contingencies are successfully addressed, some portion of the contingent resources estimated in this report may be reclassified as reserves; our estimates have not been risked to account for the possibility that the contingencies are not successfully addressed. This report does not include economic analysis for the development unclarified contingent resources. Because of the early stage of development of these projects, we did not perform an economic analysis on these resources; as such, the economic status of these resources is undetermined. We estimate the gross (100 percent) contingent resources and working interest contingent resources and net contingent cash flow to the KrisEnergy interest in these discoveries, as of December 31, 2012, to be:
Gross (100 Percent) Contingent Resources Oil Gas (MBBL) (MMCF) Working Interest Contingent Resources Oil Gas (MBBL) (MMCF) Net Contingent Cash Flow(1) (M$) Discounted Total At 10%

Subclassification/Category Development Pending Low Estimate (1C) Best Estimate (2C) High Estimate (3C) Development Unclarified(2) Low Estimate (1C) Best Estimate (2C) High Estimate (3C)

8,600.0 35,538.1 64,599.5 1,669.4 3,656.7 27,861.6

180,500.0 322,325.0 449,385.3 11,002.4 153,032.4 310,840.7

2,273.8 9,222.4 17,031.4 407.2 898.1 6,953.4

76,712.5 147,618.8 208,868.0 3,054.6 59,533.9 112,203.7

93,654.3 377,595.9 659,986.8

(2) (2) (2)

21,791.8 183,361.8 331,058.3

(2) (2) (2)

Note: Contingent resources are the arithmetic sum of multiple probability distributions.
(1)

(2)

Net contingent cash flow is after deductions for royalties and KrisEnergys share of future capital costs, abandonment costs, operating expenses, special remuneratory benefit, and income taxes. Because of the early stage of development of these projects, we did not perform an economic analysis on these resources; as such, the economic status of these resources is undetermined.

The oil volumes shown include crude oil and condensate. The contingent resources shown in this report have been estimated using probabilistic methods. Once all contingencies have been successfully addressed, the probability that the quantities of contingent resources actually recovered will equal or exceed the estimated amounts is 90 percent for the low estimate, 50 percent for the best estimate, and 10 percent for the high estimate. For the purposes of this report, the volumes and parameters associated with the low, best, and high estimate scenarios of contingent resources are referred to as 1C, 2C, and 3C, respectively. The estimates of contingent resources included herein have not been adjusted for development risk. As recommended in the D-4

PRMS, the 1C, 2C, and 3C contingent resources have been aggregated beyond the project level by arithmetic summation; therefore, these totals do not include the portfolio effect that might result from statistical aggregation. Gross contingent revenue shown in this report for the development pending discoveries is KrisEnergys share of the gross (100 percent) revenue from the properties after deductions for royalties. Net contingent cash flow is after additional deductions for KrisEnergys share of future capital costs, abandonment costs, operating expenses, special remuneratory benefit, and income taxes. The net contingent cash flow has been discounted at an annual rate of 10 percent to indicate the effect of time on the value of money; the contingent cash flow, whether discounted or undiscounted, should not be construed as being the fair market value of the properties.

PROSPECTIVE RESOURCES
Prospective resources are those quantities of petroleum which are estimated, as of a given date, to be potentially recoverable from undiscovered accumulations by application of future development projects. The prospective resources included in this report should not be construed as reserves or contingent resources; they represent exploration opportunities and quantify the development potential in the event a petroleum discovery is made. The undiscovered accumulations assessed in this report have been subclassified as prospects and leads. The 2007 PRMS defines a prospect as a project associated with a potential accumulation that is sufficiently well defined to represent a viable drilling target, a lead as a project associated with a potential accumulation that is currently poorly defined and requires more data acquisition and/or evaluation in order to be classified as a prospect, and a play as a project associated with a prospective trend of potential prospects, but which requires more data acquisition and/or evaluation in order to define specific leads or prospects. A geologic risk assessment was performed for these prospects and leads, as discussed in subsequent paragraphs. Because of the early stage of development of these prospects and leads, we did not perform an economic analysis on these resources; as such, the economic status of these resources is undetermined. Totals of unrisked prospective resources beyond the prospect and lead levels are not reflective of volumes that can be expected to be recovered and are shown for convenience only. Because of the geologic risk associated with each prospect and lead, meaningful totals beyond these levels can be defined only by summing risked prospective resources. Such risk is often significant. We estimate the unrisked and risked gross (100 percent) prospective resources and the unrisked and risked working interest prospective resources to the KrisEnergy interest in these prospects and leads, as of December 31, 2012, to be:
Prospective Resources Gross (100 Percent) Working Interest Unrisked Risked Unrisked Risked Oil Gas Oil Gas Oil Gas Oil Gas (MMBBL) (BCF) (MMBBL) (BCF) (MMBBL) (BCF) (MMBBL) (BCF)

Subclassification/ Category

Prospects Low Estimate Best Estimate High Estimate Leads Low Estimate Best Estimate High Estimate

948.3 1,601.5 2,762.0 1,529.5 2,255.9 3,475.4

3,125.7 5,488.3 11,577.4 2,498.4 3,577.3 5,354.7

140.1 244.7 425.1 172.3 244.9 369.9

460.4 724.1 1,313.0 355.7 513.5 800.4

237.3 400.9 691.5 409.2 595.2 905.8

819.6 1,437.3 3,020.3 1,138.4 1,492.8 2,072.3

35.0 61.2 106.3 46.9 65.7 97.8

125.7 200.0 367.1 168.2 221.7 321.4

Note: Prospective resources are the arithmetic sum of multiple probability distributions.

The oil volumes shown include crude oil and condensate. Oil volumes are expressed in millions of barrels (MMBBL); a barrel is equivalent to 42 United States gallons. Gas volumes are expressed in billions of cubic feet (BCF) at standard temperature and pressure bases. D-5

The prospective resources shown in this report have been estimated using probabilistic methods and are dependent on a petroleum discovery being made. If a discovery is made and development is undertaken, the probability that the recoverable volumes will equal or exceed the unrisked estimated amounts is 90 percent for the low estimate, 50 percent for the best estimate, and 10 percent for the high estimate. As recommended in the PRMS, the low, best, and high estimate prospective resources have been aggregated beyond the block and area levels by arithmetic summation; therefore, these totals do not include the portfolio effect that might result from statistical aggregation. Unrisked prospective resources are estimated ranges of recoverable oil and gas volumes assuming their discovery and development and are based on estimated ranges of undiscovered in-place volumes. The estimates for risked resources are derived directly from the estimates for unrisked resources, incorporating a geologic risk assessment for each prospect; such risked resources do not incorporate a development risk assessment. Geologic risking of prospective resources addresses the probability of success for the discovery of a significant quantity of potentially moveable petroleum; this risk analysis is conducted independent of estimations of petroleum volumes. Principal geologic risk elements of the petroleum system include (1) trap and seal characteristics; (2) reservoir presence and quality; (3) source rock capacity, quality, and maturity; and (4) timing, migration, and preservation of petroleum in relation to trap and seal formation. Risk assessment is a highly subjective process dependent upon the experience and judgment of the evaluators and is subject to revision with further data acquisition or interpretation. Included in this report is a discussion of the primary geologic risk elements for each prospect and lead. Each prospect and lead was evaluated to determine ranges of in-place and recoverable petroleum and was risked as an independent entity without dependency between potential prospect drilling outcomes. If petroleum discoveries are made, smaller-volume prospects and leads may not be commercial to independently develop, although they may become candidates for satellite developments and tie-backs to existing infrastructure at some future date. The development infrastructure and data obtained from early discoveries will alter both geologic risk and future economics of subsequent discoveries and developments. It should be understood that the prospective resources discussed and shown herein are those undiscovered, speculative resources estimated beyond reserves or contingent resources where geological and geophysical data suggest the potential for discovery of petroleum but where the level of proof is insufficient for classification as reserves or contingent resources. The unrisked prospective resources shown in this report are the range of volumes that could reasonably be expected to be recovered in the event of the discovery and development of these prospects and leads.

ECONOMIC PARAMETERS
As requested, this report has been prepared using oil and gas price parameters specified by KrisEnergy. While only one economic case is presented, it is intended to represent KrisEnergys interpretation of constant and forecast cases. Oil prices for the reserves and development pending contingent resources are based on the December 31, 2012, EIA Europe Brent Spot Price FOB of $110.80 per barrel and are adjusted by field area for quality, transportation fees, and regional price differentials. Oil prices are held constant throughout the lives of the properties. Gas prices for Block B8/32 and Block B9A reserves are based on the Tantawan Gas Sales Agreement price of $6.112 per MMBTU and are adjusted by field area for energy content. The gas price for Bangora Field reserves is the contract price of $2.315 per MCF. Gas prices for Block B8/32, Block B9A, and Bangora Field reserves are held constant throughout the lives of the properties. Gas prices for Kambuna Field reserves are based on contract prices and are adjusted by field area for energy content. Kambuna Field gas prices, before adjustments, are shown in the following table: Period Ending 2-28-2013 7-31-2013 Thereafter D-6 Gas Price ($/MMBTU) 5.280 5.340 5.440

Gas prices for the development pending contingent resources are based on recent gas contracts in similar areas. The gas price used for Lengo and East Lengo Fields is $6.500 per MMBTU, which is then adjusted for energy content. The gas price used for Kutai Field is $6.000 per MMBTU, which is then adjusted for energy content. Gas prices for the development pending contingent resources are escalated 3 percent per year from the year of first production throughout the lives of the properties. Operating costs used in this report are based on operating expense records of and budgets prepared by the operators of the properties, as provided by KrisEnergy. These costs include the per-well overhead expenses allowed under concession agreements along with estimates of costs to be incurred at and below the field level. Headquarters general and administrative overhead expenses of KrisEnergy are included to the extent that they are covered under concession agreements for the operated properties. As requested, operating costs are held constant throughout the lives of the properties. Capital costs used in this report were provided by KrisEnergy and are based on budgeted expenditures and actual costs from recent activity. Capital costs are included as required for workovers, new development wells, and production equipment. Based on our understanding of future development plans, a review of the records provided to us, and our knowledge of similar properties, we regard these estimated capital costs to be reasonable. Abandonment costs used in this report are KrisEnergys estimates of the costs to abandon the wells, platforms, and production facilities, net of any salvage value. As requested, capital costs and abandonment costs are held constant to the date of expenditure.

GENERAL INFORMATION
As shown in the Table of Contents, this report includes an executive summary and, for each asset, a technical discussion with pertinent maps, logs, and figures. This report does not include any value that could be attributed to interests in undeveloped acreage beyond those tracts for which undeveloped reserves and contingent resources have been estimated. For the purposes of this report, we did not perform any field inspection of the properties, nor did we examine the mechanical operation or condition of the wells and facilities. Based on the information provided by KrisEnergy, it is our opinion that a field visit was not required and would not materially affect our evaluation. We have not investigated possible environmental liability related to the properties; therefore, our estimates do not include any costs due to such possible liability. The reserves, contingent resources, and prospective resources shown in this report are estimates only and should not be construed as exact quantities. Estimates may increase or decrease as a result of market conditions, future operations, changes in regulations, or actual reservoir performance. Our estimates are based on certain assumptions including, but not limited to, that the properties will be developed consistent with current development plans, that the properties will be operated in a prudent manner, that no governmental regulations or controls will be put in place that would impact the ability of the interest owner to recover the volumes, and that our projections of future production will prove consistent with actual performance. If these volumes are recovered, the revenues therefrom and the costs related thereto could be more or less than the estimated amounts. Because of governmental policies and uncertainties of supply and demand, the sales rates, prices received, and costs incurred may vary from assumptions made while preparing this report. For the purposes of this report, we used technical and economic data including, but not limited to, well logs, geologic maps, seismic data, well test data, production data, historical price and cost information, and property ownership interests. The reserves, contingent resources, and prospective resources in this report have been estimated using a combination of deterministic and probabilistic methods; these estimates have been prepared in accordance with generally accepted petroleum engineering and evaluation principles set forth in the Standards Pertaining to the Estimating and Auditing of Oil and Gas Reserves Information promulgated by the SPE (SPE Standards). We used standard engineering and geoscience methods, or a combination of methods, including performance analysis, volumetric D-7

analysis, and analogy, that we considered to be appropriate and necessary to classify, categorize, and estimate volumes in accordance with the 2007 PRMS definitions and guidelines. The contingent and prospective resources and a portion of the reserves shown in this report are for undeveloped locations; such volumes are based on estimates of reservoir volumes and recovery efficiencies along with analogy to properties with similar geologic and reservoir characteristics. As in all aspects of oil and gas evaluation, there are uncertainties inherent in the interpretation of engineering and geoscience data; therefore, our conclusions necessarily represent only informed professional judgment. The data used in our estimates were obtained from KrisEnergy, various operators of the properties, public data sources, and the nonconfidential files of Netherland, Sewell & Associates, Inc. (NSAI) and were accepted as accurate. Supporting work data are on file in our office. The contractual rights to the properties have not been examined by NSAI, nor has the actual degree or type of interest owned been independently confirmed by us.

QUALIFICATIONS
The technical persons responsible for preparing the estimates presented herein meet the requirements regarding qualifications, independence, objectivity, and confidentiality set forth in the SPE Standards and the proposed introduction of the Mainboard Listing Rules for mineral, oil, and gas companies issued on June 20, 2012. We are independent petroleum engineers, geologists, geophysicists, and petrophysicists; we do not own an interest in these properties, we are not employed on a contingent basis, and we are not officers or proposed officers of any group, holding, or associated company of KrisEnergy. Furthermore, none of our staff or associates own shares or equity in KrisEnergy. NSAI was established in 1961 and has offices located at 1601 Elm Street, Suite 4500, Dallas, 75201, and 1221 Lamar, Suite 1200, Houston, 77010. NSAI performs consulting petroleum engineering services under Texas Board of Professional Engineers Registration No. F-2699 and has conducted reserves certifications, technical studies, economic evaluations, and advisory work throughout the world. This report has been supervised by Mr. Scott Frost and Mr. Allen Evans. Mr. Frost and Mr. Evans do not have, nor do they expect to receive, any direct or indirect interest in the securities of KrisEnergy, its parents, or its subsidiaries. Mr. Frost is a Licensed Professional Engineer in the State of Texas (No. 88738), is a member in good standing of the SPE, and has over 30 years of practical experience in petroleum engineering, with over 25 years of experience in the estimation and evaluation of reserves. He graduated from Vanderbilt University in 1979 with a Bachelor of Engineering Degree in Mechanical Engineering and from Tulane University in 1984 with a Master of Business Administration Degree.

D-8

Mr. Evans is a Licensed Professional Geoscientist in the State of Texas, (Geology, No. 1286), is a member in good standing of the American Association of Petroleum Geologists, and has over 30 years of practical experience in geological and geophysical studies and evaluations, with over 15 years of experience in the estimation and evaluation of reserves. He graduated from Old Dominion University in 1981 with a Bachelor of Science Degree in Geology and in 1987 with a Master of Science Degree in Geology. For and behalf of NETHERLAND, SEWELL & ASSOCIATES, INC. Texas Registered Engineering Firm F-2699

By: C.H. (Scott) Rees III, P.E. Chairman and Chief Executive Officer

By: Philip S. (Scott) Frost, P.E. 88738 Senior Vice President Date Signed: July 1, 2013 PSF:TDL

By: Allen E. Evans, Jr., P.G. 1286 Vice President Date Signed: July 1, 2013

Please be advised that the digital document you are viewing is provided by Netherland, Sewell & Associates, Inc. (NSAI) as a convenience to our clients. The digital document is intended to be substantively the same as the original signed document maintained by NSAI. The digital document is subject to the parameters, limitations, and conditions stated in the original document. In the event of any differences between the digital document and the original document, the original document shall control and supersede the digital document.

D-9

PETROLEUM RESERVES AND RESOURCES CLASSIFICATION AND DEFINITIONS

Excerpted from the Petroleum Resources Management System Approved by the Society of Petroleum Engineers (SPE) Board of Directors, March 2007 This document contains information excerpted from definitions and guidelines prepared by the Oil and Gas Reserves Committee of the Society of Petroleum Engineers (SPE) and reviewed and jointly sponsored by the World Petroleum Council (WPC), the American Association of Petroleum Geologists (AAPG), and the Society of Petroleum Evaluation Engineers (SPEE).

Preamble
Petroleum resources are the estimated quantities of hydrocarbons naturally occurring on or within the Earths crust. Resource assessments estimate total quantities in known and yet-to-be-discovered accumulations; resources evaluations are focused on those quantities that can potentially be recovered and marketed by commercial projects. A petroleum resources management system provides a consistent approach to estimating petroleum quantities, evaluating development projects, and presenting results within a comprehensive classification framework. These definitions and guidelines are designed to provide a common reference for the international petroleum industry, including national reporting and regulatory disclosure agencies, and to support petroleum project and portfolio management requirements. They are intended to improve clarity in global communications regarding petroleum resources. It is expected that this document will be supplemented with industry education programs and application guides addressing their implementation in a wide spectrum of technical and/or commercial settings. It is understood that these definitions and guidelines allow flexibility for users and agencies to tailor application for their particular needs; however, any modifications to the guidance contained herein should be clearly identified. The definitions and guidelines contained in this document must not be construed as modifying the interpretation or application of any existing regulatory reporting requirements.

1.0 Basic Principles and Definitions

The estimation of petroleum resource quantities involves the interpretation of volumes and values that have an inherent degree of uncertainty. These quantities are associated with development projects at various stages of design and implementation. Use of a consistent classification system enhances comparisons between projects, groups of projects, and total company portfolios according to forecast production profiles and recoveries. Such a system must consider both technical and commercial factors that impact the projects economic feasibility, its productive life, and its related cash flows.

1.1 Petroleum Resources Classification Framework

Petroleum is defined as a naturally occurring mixture consisting of hydrocarbons in the gaseous, liquid, or solid phase. Petroleum may also contain nonhydrocarbons, common examples of which are carbon dioxide, nitrogen, hydrogen sulfide and sulfur. In rare cases, non-hydrocarbon content could be greater than 50%. The term resources as used herein is intended to encompass all quantities of petroleum naturally occurring on or within the Earths crust, discovered and undiscovered (recoverable and unrecoverable), plus those quantities already produced. Further, it includes all types of petroleum whether currently considered conventional or unconventional. Figure 1-1 is a graphical representation of the SPE/ WPC/ AAPG/SPEE resources classification system. The system defines the major recoverable resources classes: Production, Reserves, Contingent Resources, and Prospective Resources, as well as Unrecoverable petroleum.
PRODUCTION
COMMERCIAL

RESERVES 1P
Proved Probable

TOTAL PETROLEUM INITIALLY-IN-PLACE (PIIP)

DISCOVERED PIIP

2P
Possible

3P
Increasing Chance of Commerciality

SUB-COMMERCIAL

CONTINGENT RESOURCES 1C 2C
UNRECOVERABLE

3C

UNDISCOVERED PIIP

PROSPECTIVE RESOURCES
Low Estimate Best Estimate UNRECOVERABLE High Estimate

Range of Uncertainty
Not to scale

Figure 1-1: Resources Classification Framework.

Definitions - Page 1 of 12

D-10

PETROLEUM RESERVES AND RESOURCES CLASSIFICATION AND DEFINITIONS

Excerpted from the Petroleum Resources Management System Approved by the Society of Petroleum Engineers (SPE) Board of Directors, March 2007 The Range of Uncertainty reflects a range of estimated quantities potentially recoverable from an accumulation by a project, while the vertical axis represents the Chance of Commerciality, that is, the chance that the project that will be developed and reach commercial producing status. The following definitions apply to the major subdivisions within the resources classification: TOTAL PETROLEUM INITIALLY-IN-PLACE is that quantity of petroleum that is estimated to exist originally in naturally occurring accumulations. It includes that quantity of petroleum that is estimated, as of a given date, to be contained in known accumulations prior to production plus those estimated quantities in accumulations yet to be discovered (equivalent to total resources). DISCOVERED PETROLEUM INITIALLY-IN-PLACE is that quantity of petroleum that is estimated, as of a given date, to be contained in known accumulations prior to production. PRODUCTION is the cumulative quantity of petroleum that has been recovered at a given date. While all recoverable resources are estimated and production is measured in terms of the sales product specifications, raw production (sales plus non-sales) quantities are also measured and required to support engineering analyses based on reservoir voidage (see Production Measurement, section 3.2). Multiple development projects may be applied to each known accumulation, and each project will recover an estimated portion of the initially-in-place quantities. The projects shall be subdivided into Commercial and Sub-Commercial, with the estimated recoverable quantities being classified as Reserves and Contingent Resources respectively, as defined below. RESERVES are those quantities of petroleum anticipated to be commercially recoverable by application of development projects to known accumulations from a given date forward under defined conditions. Reserves must further satisfy four criteria: they must be discovered, recoverable, commercial, and remaining (as of the evaluation date) based on the development project(s) applied. Reserves are further categorized in accordance with the level of certainty associated with the estimates and may be sub-classified based on project maturity and/or characterized by development and production status. CONTINGENT RESOURCES are those quantities of petroleum estimated, as of a given date, to be potentially recoverable from known accumulations, but the applied project(s) are not yet considered mature enough for commercial development due to one or more contingencies. Contingent Resources may include, for example, projects for which there are currently no viable markets, or where commercial recovery is dependent on technology under development, or where evaluation of the accumulation is insufficient to clearly assess commerciality. Contingent Resources are further categorized in accordance with the level of certainty associated with the estimates and may be subclassified based on project maturity and/or characterized by their economic status. UNDISCOVERED PETROLEUM INITIALLY-IN-PLACE is that quantity of petroleum estimated, as of a given date, to be contained within accumulations yet to be discovered. PROSPECTIVE RESOURCES are those quantities of petroleum estimated, as of a given date, to be potentially recoverable from undiscovered accumulations by application of future development projects. Prospective Resources have both an associated chance of discovery and a chance of development. Prospective Resources are further subdivided in accordance with the level of certainty associated with recoverable estimates assuming their discovery and development and may be sub-classified based on project maturity. UNRECOVERABLE is that portion of Discovered or Undiscovered Petroleum Initially-in-Place quantities which is estimated, as of a given date, not to be recoverable by future development projects. A portion of these quantities may become recoverable in the future as commercial circumstances change or Definitions - Page 2 of 12

D-11

PETROLEUM RESERVES AND RESOURCES CLASSIFICATION AND DEFINITIONS

Excerpted from the Petroleum Resources Management System Approved by the Society of Petroleum Engineers (SPE) Board of Directors, March 2007 technological developments occur; the remaining portion may never be recovered due to physical/chemical constraints represented by subsurface interaction of fluids and reservoir rocks. Estimated Ultimate Recovery (EUR) is not a resources category, but a term that may be applied to any accumulation or group of accumulations (discovered or undiscovered) to define those quantities of petroleum estimated, as of a given date, to be potentially recoverable under defined technical and commercial conditions plus those quantities already produced (total of recoverable resources).

1.2 Project-Based Resources Evaluations

The resources evaluation process consists of identifying a recovery project, or projects, associated with a petroleum accumulation(s), estimating the quantities of Petroleum Initially-in-Place, estimating that portion of those in-place quantities that can be recovered by each project, and classifying the project(s) based on its maturity status or chance of commerciality. This concept of a project-based classification system is further clarified by examining the primary data sources contributing to an evaluation of net recoverable resources (see Figure 1-2) that may be described as follows:

RESERVOIR
(in-place volumes)

Net Recoverable Resources

Entitlement

PROJECT
(production/cash flow)

PROPERTY
(ownership/contract terms)
Figure 1-2: Resources Evaluation Data Sources.

The Reservoir (accumulation): Key attributes include the types and quantities of Petroleum Initially-in-Place and the fluid and rock properties that affect petroleum recovery. The Project: Each project applied to a specific reservoir development generates a unique production and cash flow schedule. The time integration of these schedules taken to the projects technical, economic, or contractual limit defines the estimated recoverable resources and associated future net cash flow projections for each project. The ratio of EUR to Total Initially-in-Place quantities defines the ultimate recovery efficiency for the development project(s). A project may be defined at various levels and stages of maturity; it may include one or many wells and associated production and processing facilities. One project may develop many reservoirs, or many projects may be applied to one reservoir. The Property (lease or license area): Each property may have unique associated contractual rights and obligations including the fiscal terms. Such information allows definition of each participants share of produced quantities (entitlement) and share of investments, expenses, and revenues for each recovery project and the reservoir to which it is applied. One property may encompass many reservoirs, or one reservoir may span several different properties. A property may contain both discovered and undiscovered accumulations.

In context of this data relationship, project is the primary element considered in this resources classification, and net recoverable resources are the incremental quantities derived from each project. Project represents the link between the petroleum accumulation and the decision-making process. A project may, for example, constitute the development of a single reservoir or field, or an incremental development for a producing field, or the integrated development of several fields and associated facilities with a common ownership. In general, an individual project will represent the level at which a decision is made whether or not to proceed (i.e., spend more money) and there should be an associated range of estimated recoverable quantities for that project. Definitions - Page 3 of 12

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PETROLEUM RESERVES AND RESOURCES CLASSIFICATION AND DEFINITIONS

Excerpted from the Petroleum Resources Management System Approved by the Society of Petroleum Engineers (SPE) Board of Directors, March 2007 An accumulation or potential accumulation of petroleum may be subject to several separate and distinct projects that are at different stages of exploration or development. Thus, an accumulation may have recoverable quantities in several resource classes simultaneously. In order to assign recoverable resources of any class, a development plan needs to be defined consisting of one or more projects. Even for Prospective Resources, the estimates of recoverable quantities must be stated in terms of the sales products derived from a development program assuming successful discovery and commercial development. Given the major uncertainties involved at this early stage, the development program will not be of the detail expected in later stages of maturity. In most cases, recovery efficiency may be largely based on analogous projects. In-place quantities for which a feasible project cannot be defined using current, or reasonably forecast improvements in, technology are classified as Unrecoverable. Not all technically feasible development plans will be commercial. The commercial viability of a development project is dependent on a forecast of the conditions that will exist during the time period encompassed by the projects activities (see Commercial Evaluations, section 3.1). Conditions include technological, economic, legal, environmental, social, and governmental factors. While economic factors can be summarized as forecast costs and product prices, the underlying influences include, but are not limited to, market conditions, transportation and processing infrastructure, fiscal terms, and taxes. The resource quantities being estimated are those volumes producible from a project as measured according to delivery specifications at the point of sale or custody transfer (see Reference Point, section 3.2.1). The cumulative production from the evaluation date forward to cessation of production is the remaining recoverable quantity. The sum of the associated annual net cash flows yields the estimated future net revenue. When the cash flows are discounted according to a defined discount rate and time period, the summation of the discounted cash flows is termed net present value (NPV) of the project (see Evaluation and Reporting Guidelines, section 3.0). The supporting data, analytical processes, and assumptions used in an evaluation should be documented in sufficient detail to allow an independent evaluator or auditor to clearly understand the basis for estimation and categorization of recoverable quantities and their classification.

2.0 Classification and Categorization Guidelines

2.1 Resources Classification
The basic classification requires establishment of criteria for a petroleum discovery and thereafter the distinction between commercial and sub-commercial projects in known accumulations (and hence between Reserves and Contingent Resources). 2.1.1 Determination of Discovery Status A discovery is one petroleum accumulation, or several petroleum accumulations collectively, for which one or several exploratory wells have established through testing, sampling, and/or logging the existence of a significant quantity of potentially moveable hydrocarbons. In this context, significant implies that there is evidence of a sufficient quantity of petroleum to justify estimating the in-place volume demonstrated by the well(s) and for evaluating the potential for economic recovery. Estimated recoverable quantities within such a discovered (known) accumulation(s) shall initially be classified as Contingent Resources pending definition of projects with sufficient chance of commercial development to reclassify all, or a portion, as Reserves. Where in-place hydrocarbons are identified but are not considered currently recoverable, such quantities may be classified as Discovered Unrecoverable, if considered appropriate for resource management purposes; a portion of these quantities may become recoverable resources in the future as commercial circumstances change or technological developments occur.

Definitions - Page 4 of 12

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PETROLEUM RESERVES AND RESOURCES CLASSIFICATION AND DEFINITIONS

Excerpted from the Petroleum Resources Management System Approved by the Society of Petroleum Engineers (SPE) Board of Directors, March 2007 2.1.2 Determination of Commerciality Discovered recoverable volumes (Contingent Resources) may be considered commercially producible, and thus Reserves, if the entity claiming commerciality has demonstrated firm intention to proceed with development and such intention is based upon all of the following criteria:

Evidence to support a reasonable timetable for development. A reasonable assessment of the future economics of such development projects meeting defined investment and operating criteria. A reasonable expectation that there will be a market for all or at least the expected sales quantities of production required to justify development. Evidence that the necessary production and transportation facilities are available or can be made available. Evidence that legal, contractual, environmental and other social and economic concerns will allow for the actual implementation of the recovery project being evaluated.

To be included in the Reserves class, a project must be sufficiently defined to establish its commercial viability. There must be a reasonable expectation that all required internal and external approvals will be forthcoming, and there is evidence of firm intention to proceed with development within a reasonable time frame. A reasonable time frame for the initiation of development depends on the specific circumstances and varies according to the scope of the project. While 5 years is recommended as a benchmark, a longer time frame could be applied where, for example, development of economic projects are deferred at the option of the producer for, among other things, market-related reasons, or to meet contractual or strategic objectives. In all cases, the justification for classification as Reserves should be clearly documented. To be included in the Reserves class, there must be a high confidence in the commercial producibility of the reservoir as supported by actual production or formation tests. In certain cases, Reserves may be assigned on the basis of well logs and/or core analysis that indicate that the subject reservoir is hydrocarbon-bearing and is analogous to reservoirs in the same area that are producing or have demonstrated the ability to produce on formation tests.

2.2 Resources Categorization

The horizontal axis in the Resources Classification (Figure 1.1) defines the range of uncertainty in estimates of the quantities of recoverable, or potentially recoverable, petroleum associated with a project. These estimates include both technical and commercial uncertainty components as follows:

The total petroleum remaining within the accumulation (in-place resources). That portion of the in-place petroleum that can be recovered by applying a defined development project or projects. Variations in the commercial conditions that may impact the quantities recovered and sold (e.g., market availability, contractual changes).

Where commercial uncertainties are such that there is significant risk that the complete project (as initially defined) will not proceed, it is advised to create a separate project classified as Contingent Resources with an appropriate chance of commerciality. 2.2.1 Range of Uncertainty The range of uncertainty of the recoverable and/or potentially recoverable volumes may be represented by either deterministic scenarios or by a probability distribution (see Deterministic and Probabilistic Methods, section 4.2). When the range of uncertainty is represented by a probability distribution, a low, best, and high estimate shall be provided such that:

There should be at least a 90% probability (P90) that the quantities actually recovered will equal or exceed the low estimate. Definitions - Page 5 of 12

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PETROLEUM RESERVES AND RESOURCES CLASSIFICATION AND DEFINITIONS

Excerpted from the Petroleum Resources Management System Approved by the Society of Petroleum Engineers (SPE) Board of Directors, March 2007

There should be at least a 50% probability (P50) that the quantities actually recovered will equal or exceed the best estimate. There should be at least a 10% probability (P10) that the quantities actually recovered will equal or exceed the high estimate.

When using the deterministic scenario method, typically there should also be low, best, and high estimates, where such estimates are based on qualitative assessments of relative uncertainty using consistent interpretation guidelines. Under the deterministic incremental (risk-based) approach, quantities at each level of uncertainty are estimated discretely and separately (see Category Definitions and Guidelines, section 2.2.2). These same approaches to describing uncertainty may be applied to Reserves, Contingent Resources, and Prospective Resources. While there may be significant risk that sub-commercial and undiscovered accumulations will not achieve commercial production, it is useful to consider the range of potentially recoverable quantities independently of such a risk or consideration of the resource class to which the quantities will be assigned. 2.2.2 Category Definitions and Guidelines Evaluators may assess recoverable quantities and categorize results by uncertainty using the deterministic incremental (risk-based) approach, the deterministic scenario (cumulative) approach, or probabilistic methods (see 2001 Supplemental Guidelines, Chapter 2.5). In many cases, a combination of approaches is used. Use of consistent terminology (Figure 1.1) promotes clarity in communication of evaluation results. For Reserves, the general cumulative terms low/best/high estimates are denoted as 1P/2P/3P, respectively. The associated incremental quantities are termed Proved, Probable and Possible. Reserves are a subset of, and must be viewed within context of, the complete resources classification system. While the categorization criteria are proposed specifically for Reserves, in most cases, they can be equally applied to Contingent and Prospective Resources conditional upon their satisfying the criteria for discovery and/or development. For Contingent Resources, the general cumulative terms low/best/high estimates are denoted as 1C/2C/3C respectively. For Prospective Resources, the general cumulative terms low/best/high estimates still apply. No specific terms are defined for incremental quantities within Contingent and Prospective Resources. Without new technical information, there should be no change in the distribution of technically recoverable volumes and their categorization boundaries when conditions are satisfied sufficiently to reclassify a project from Contingent Resources to Reserves. All evaluations require application of a consistent set of forecast conditions, including assumed future costs and prices, for both classification of projects and categorization of estimated quantities recovered by each project (see Commercial Evaluations, section 3.1). Based on additional data and updated interpretations that indicate increased certainty, portions of Possible and Probable Reserves may be re-categorized as Probable and Proved Reserves. Uncertainty in resource estimates is best communicated by reporting a range of potential results. However, if it is required to report a single representative result, the best estimate is considered the most realistic assessment of recoverable quantities. It is generally considered to represent the sum of Proved and Probable estimates (2P) when using the deterministic scenario or the probabilistic assessment methods. It should be noted that under the deterministic incremental (risk-based) approach, discrete estimates are made for each category, and they should not be aggregated without due consideration of their associated risk (see 2001 Supplemental Guidelines, Chapter 2.5).

Definitions - Page 6 of 12

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PETROLEUM RESERVES AND RESOURCES CLASSIFICATION AND DEFINITIONS

Excerpted from the Petroleum Resources Management System Approved by the Society of Petroleum Engineers (SPE) Board of Directors, March 2007

Table 1: Recoverable Resources Classes and Sub-Classes

Class/Sub-Class Reserves Definition
Reserves are those quantities of petroleum anticipated to be commercially recoverable by application of development projects to known accumulations from a given date forward under defined conditions.

Guidelines
Reserves must satisfy four criteria: they must be discovered, recoverable, commercial, and remaining based on the development project(s) applied. Reserves are further subdivided in accordance with the level of certainty associated with the estimates and may be sub-classified based on project maturity and/or characterized by their development and production status. To be included in the Reserves class, a project must be sufficiently defined to establish its commercial viability. There must be a reasonable expectation that all required internal and external approvals will be forthcoming, and there is evidence of firm intention to proceed with development within a reasonable time frame. A reasonable time frame for the initiation of development depends on the specific circumstances and varies according to the scope of the project. While 5 years is recommended as a benchmark, a longer time frame could be applied where, for example, development of economic projects are deferred at the option of the producer for, among other things, market-related reasons, or to meet contractual or strategic objectives. In all cases, the justification for classification as Reserves should be clearly documented. To be included in the Reserves class, there must be a high confidence in the commercial producibility of the reservoir as supported by actual production or formation tests. In certain cases, Reserves may be assigned on the basis of well logs and/or core analysis that indicate that the subject reservoir is hydrocarbon-bearing and is analogous to reservoirs in the same area that are producing or have demonstrated the ability to produce on formation tests.

On Production

The development project is currently producing and selling petroleum to market.

The key criterion is that the project is receiving income from sales, rather than the approved development project necessarily being complete. This is the point at which the project chance of commerciality can be said to be 100%. The project decision gate is the decision to initiate commercial production from the project.

Approved for Development

All necessary approvals have been obtained, capital funds have been committed, and implementation of the development project is under way.

At this point, it must be certain that the development project is going ahead. The project must not be subject to any contingencies such as outstanding regulatory approvals or sales contracts. Forecast capital expenditures should be included in the reporting entitys current or following years approved budget. The project decision gate is the decision to start investing capital in the construction of production facilities and/or drilling development wells.

Definitions - Page 7 of 12

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PETROLEUM RESERVES AND RESOURCES CLASSIFICATION AND DEFINITIONS

Excerpted from the Petroleum Resources Management System Approved by the Society of Petroleum Engineers (SPE) Board of Directors, March 2007 Class/Sub-Class
Justified for Development

Definition
Implementation of the development project is justified on the basis of reasonable forecast commercial conditions at the time of reporting, and there are reasonable expectations that all necessary approvals/contracts will be obtained.

Guidelines
In order to move to this level of project maturity, and hence have reserves associated with it, the development project must be commercially viable at the time of reporting, based on the reporting entitys assumptions of future prices, costs, etc. (forecast case) and the specific circumstances of the project. Evidence of a firm intention to proceed with development within a reasonable time frame will be sufficient to demonstrate commerciality. There should be a development plan in sufficient detail to support the assessment of commerciality and a reasonable expectation that any regulatory approvals or sales contracts required prior to project implementation will be forthcoming. Other than such approvals/contracts, there should be no known contingencies that could preclude the development from proceeding within a reasonable timeframe (see Reserves class). The project decision gate is the decision by the reporting entity and its partners, if any, that the project has reached a level of technical and commercial maturity sufficient to justify proceeding with development at that point in time.

Contingent Resources

Those quantities of petroleum estimated, as of a given date, to be potentially recoverable from known accumulations by application of development projects, but which are not currently considered to be commercially recoverable due to one or more contingencies. A discovered accumulation where project activities are ongoing to justify commercial development in the foreseeable future.

Contingent Resources may include, for example, projects for which there are currently no viable markets, or where commercial recovery is dependent on technology under development, or where evaluation of the accumulation is insufficient to clearly assess commerciality. Contingent Resources are further categorized in accordance with the level of certainty associated with the estimates and may be sub-classified based on project maturity and/or characterized by their economic status. The project is seen to have reasonable potential for eventual commercial development, to the extent that further data acquisition (e.g. drilling, seismic data) and/or evaluations are currently ongoing with a view to confirming that the project is commercially viable and providing the basis for selection of an appropriate development plan. The critical contingencies have been identified and are reasonably expected to be resolved within a reasonable time frame. Note that disappointing appraisal/evaluation results could lead to a reclassification of the project to On Hold or Not Viable status. The project decision gate is the decision to undertake further data acquisition and/or studies designed to move the project to a level of technical and commercial maturity at which a decision can be made to proceed with development and production.

Development Pending

Development Unclarified or on Hold

A discovered accumulation where project activities are on hold and/or where justification as a commercial development may be subject to significant delay.

The project is seen to have potential for eventual commercial development, but further appraisal/evaluation activities are on hold pending the removal of significant contingencies external to the project, or substantial further appraisal/ evaluation activities are required to clarify the potential for eventual commercial development. Development may be subject to a significant time delay. Note that a change in circumstances, such that there is no longer a reasonable expectation that a critical contingency can be removed in the foreseeable future, for example, could lead to a reclassification of the project to Not Viable status.

Definitions - Page 8 of 12

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PETROLEUM RESERVES AND RESOURCES CLASSIFICATION AND DEFINITIONS

Excerpted from the Petroleum Resources Management System Approved by the Society of Petroleum Engineers (SPE) Board of Directors, March 2007 Class/Sub-Class Definition Guidelines
The project decision gate is the decision to either proceed with additional evaluation designed to clarify the potential for eventual commercial development or to temporarily suspend or delay further activities pending resolution of external contingencies. Development Not Viable A discovered accumulation for which there are no current plans to develop or to acquire additional data at the time due to limited production potential. The project is not seen to have potential for eventual commercial development at the time of reporting, but the theoretically recoverable quantities are recorded so that the potential opportunity will be recognized in the event of a major change in technology or commercial conditions. The project decision gate is the decision not to undertake any further data acquisition or studies on the project for the foreseeable future.

Prospective Resources

Those quantities of petroleum which are estimated, as of a given date, to be potentially recoverable from undiscovered accumulations.

Potential accumulations are evaluated according to their chance of discovery and, assuming a discovery, the estimated quantities that would be recoverable under defined development projects. It is recognized that the development programs will be of significantly less detail and depend more heavily on analog developments in the earlier phases of exploration. Project activities are focused on assessing the chance of discovery and, assuming discovery, the range of potential recoverable quantities under a commercial development program. Project activities are focused on acquiring additional data and/or undertaking further evaluation designed to confirm whether or not the lead can be matured into a prospect. Such evaluation includes the assessment of the chance of discovery and, assuming discovery, the range of potential recovery under feasible development scenarios. Project activities are focused on acquiring additional data and/or undertaking further evaluation designed to define specific leads or prospects for more detailed analysis of their chance of discovery and, assuming discovery, the range of potential recovery under hypothetical development scenarios.

Prospect

A project associated with a potential accumulation that is sufficiently well defined to represent a viable drilling target. A project associated with a potential accumulation that is currently poorly defined and requires more data acquisition and/or evaluation in order to be classified as a prospect. A project associated with a prospective trend of potential prospects, but which requires more data acquisition and/or evaluation in order to define specific leads or prospects.

Lead

Play

Table 2: Reserves Status Definitions and Guidelines

Status Developed Reserves Definition
Developed Reserves are expected quantities to be recovered from existing wells and facilities.

Guidelines
Reserves are considered developed only after the necessary equipment has been installed, or when the costs to do so are relatively minor compared to the cost of a well. Where required facilities become unavailable, it may be necessary to reclassify Developed Reserves as Undeveloped. Developed Reserves may be further sub-classified as Producing or Non-Producing. Improved recovery reserves are considered producing only after the improved recovery project is in operation.

Developed Producing Reserves

Developed Producing Reserves are expected to be recovered from completion intervals that are open and producing at the time of the estimate.

Definitions - Page 9 of 12

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PETROLEUM RESERVES AND RESOURCES CLASSIFICATION AND DEFINITIONS

Excerpted from the Petroleum Resources Management System Approved by the Society of Petroleum Engineers (SPE) Board of Directors, March 2007 Status
Developed NonProducing Reserves

Definition
Developed Non-Producing Reserves include shut-in and behind-pipe Reserves.

Guidelines
Shut-in Reserves are expected to be recovered from (1) completion intervals which are open at the time of the estimate but which have not yet started producing, (2) wells which were shut-in for market conditions or pipeline connections, or (3) wells not capable of production for mechanical reasons. Behind-pipe Reserves are expected to be recovered from zones in existing wells which will require additional completion work or future re-completion prior to start of production. In all cases, production can be initiated or restored with relatively low expenditure compared to the cost of drilling a new well.

Undeveloped Reserves

Undeveloped Reserves are quantities expected to be recovered through future investments:

(1) from new wells on undrilled acreage in known accumulations, (2) from deepening existing wells to a different (but known) reservoir, (3) from infill wells that will increase recovery, or (4) where a relatively large expenditure (e.g. when compared to the cost of drilling a new well) is required to (a) recomplete an existing well or (b) install production or transportation facilities for primary or improved recovery projects.

Table 3: Reserves Category Definitions and Guidelines

Category Proved Reserves Definition
Proved Reserves are those quantities of petroleum, which by analysis of geoscience and engineering data, can be estimated with reasonable certainty to be commercially recoverable, from a given date forward, from known reservoirs and under defined economic conditions, operating methods, and government regulations.

Guidelines
If deterministic methods are used, the term reasonable certainty is intended to express a high degree of confidence that the quantities will be recovered. If probabilistic methods are used, there should be at least a 90% probability that the quantities actually recovered will equal or exceed the estimate. The area of the reservoir considered as Proved includes (1) the area delineated by drilling and defined by fluid contacts, if any, and (2) adjacent undrilled portions of the reservoir that can reasonably be judged as continuous with it and commercially productive on the basis of available geoscience and engineering data. In the absence of data on fluid contacts, Proved quantities in a reservoir are limited by the lowest known hydrocarbon (LKH) as seen in a well penetration unless otherwise indicated by definitive geoscience, engineering, or performance data. Such definitive information may include pressure gradient analysis and seismic indicators. Seismic data alone may not be sufficient to define fluid contacts for Proved reserves (see 2001 Supplemental Guidelines, Chapter 8). Reserves in undeveloped locations may be classified as Proved provided that: The locations are in undrilled areas of the reservoir that can be judged with reasonable certainty to be commercially productive. Interpretations of available geoscience and engineering data indicate with reasonable certainty that the objective formation is laterally continuous with drilled Proved locations.

Definitions - Page 10 of 12

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PETROLEUM RESERVES AND RESOURCES CLASSIFICATION AND DEFINITIONS

Excerpted from the Petroleum Resources Management System Approved by the Society of Petroleum Engineers (SPE) Board of Directors, March 2007 Category Definition Guidelines
For Proved Reserves, the recovery efficiency applied to these reservoirs should be defined based on a range of possibilities supported by analogs and sound engineering judgment considering the characteristics of the Proved area and the applied development program.

Probable Reserves

Probable Reserves are those additional Reserves which analysis of geoscience and engineering data indicate are less likely to be recovered than Proved Reserves but more certain to be recovered than Possible Reserves.

It is equally likely that actual remaining quantities recovered will be greater than or less than the sum of the estimated Proved plus Probable Reserves (2P). In this context, when probabilistic methods are used, there should be at least a 50% probability that the actual quantities recovered will equal or exceed the 2P estimate. Probable Reserves may be assigned to areas of a reservoir adjacent to Proved where data control or interpretations of available data are less certain. The interpreted reservoir continuity may not meet the reasonable certainty criteria. Probable estimates also include incremental recoveries associated with project recovery efficiencies beyond that assumed for Proved.

Possible Reserves

Possible Reserves are those additional reserves which analysis of geoscience and engineering data indicate are less likely to be recoverable than Probable Reserves.

The total quantities ultimately recovered from the project have a low probability to exceed the sum of Proved plus Probable plus Possible (3P), which is equivalent to the high estimate scenario. When probabilistic methods are used, there should be at least a 10% probability that the actual quantities recovered will equal or exceed the 3P estimate. Possible Reserves may be assigned to areas of a reservoir adjacent to Probable where data control and interpretations of available data are progressively less certain. Frequently, this may be in areas where geoscience and engineering data are unable to clearly define the area and vertical reservoir limits of commercial production from the reservoir by a defined project. Possible estimates also include incremental quantities associated with project recovery efficiencies beyond that assumed for Probable.

Probable and Possible Reserves

(See above for separate criteria for Probable Reserves and Possible Reserves.)

The 2P and 3P estimates may be based on reasonable alternative technical and commercial interpretations within the reservoir and/or subject project that are clearly documented, including comparisons to results in successful similar projects. In conventional accumulations, Probable and/or Possible Reserves may be assigned where geoscience and engineering data identify directly adjacent portions of a reservoir within the same accumulation that may be separated from Proved areas by minor faulting or other geological discontinuities and have not been penetrated by a wellbore but are interpreted to be in communication with the known (Proved) reservoir. Probable or Possible Reserves may be assigned to areas that are structurally higher than the Proved area. Possible (and in some cases, Probable) Reserves may be assigned to areas that are structurally lower than the adjacent Proved or 2P area.

Definitions - Page 11 of 12

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PETROLEUM RESERVES AND RESOURCES CLASSIFICATION AND DEFINITIONS

Excerpted from the Petroleum Resources Management System Approved by the Society of Petroleum Engineers (SPE) Board of Directors, March 2007 Category Definition Guidelines
Caution should be exercised in assigning Reserves to adjacent reservoirs isolated by major, potentially sealing, faults until this reservoir is penetrated and evaluated as commercially productive. Justification for assigning Reserves in such cases should be clearly documented. Reserves should not be assigned to areas that are clearly separated from a known accumulation by non-productive reservoir (i.e., absence of reservoir, structurally low reservoir, or negative test results); such areas may contain Prospective Resources. In conventional accumulations, where drilling has defined a highest known oil (HKO) elevation and there exists the potential for an associated gas cap, Proved oil Reserves should only be assigned in the structurally higher portions of the reservoir if there is reasonable certainty that such portions are initially above bubble point pressure based on documented engineering analyses. Reservoir portions that do not meet this certainty may be assigned as Probable and Possible oil and/or gas based on reservoir fluid properties and pressure gradient interpretations.

The 2007 Petroleum Resources Management System can be viewed in its entirety at http://www.spe.org/spe-app/spe/industry/reserves/prms.htm. Definitions - Page 12 of 12

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SUMMARY OF RESERVES AND FUTURE NET REVENUE KRISENERGY LTD INTEREST AS OF DECEMBER 31, 2012 Gross Reserves(1) Country/Asset/Category Offshore Thailand Blocks B8/32 and B9A Proved Developed Producing Proved Undeveloped Proved (1P) Probable Proved + Probable (2P) Possible Proved + Probable + Possible (3P) Block G11/48, Nong Yao Field Probable Proved + Probable (2P) Possible Proved + Probable + Possible (3P) Offshore Indonesia Kambuna Field Proved Developed Producing Proved (1P) Probable Proved + Probable (2P) Possible Proved + Probable + Possible (3P)
Totals may not add because of rounding.

Working Interest Reserves(2) Oil (MBBL) Gas (MMCF)

Net Reserves(3) Oil (MBBL) Gas (MMCF)

Future Net Revenue(4) (M$) Total Present Worth at 10%

Oil (MBBL)

Gas (MMCF)

21,286.2 21,019.0 42,305.1 107,336.7 149,641.8 32,097.2 181,739.0 15,100.0 15,100.0 7,900.0 23,000.0

66,016.4 78,558.5 144,574.8 685,214.4 829,789.3 221,026.4 1,050,815.7 0.0 0.0 0.0 0.0

986.5 974.1 1,960.6 4,974.5 6,935.1 1,487.5 8,422.7 3,775.0 3,775.0 1,975.0 5,750.0

3,059.5 3,640.8 6,700.3 31,756.3 38,456.6 10,243.5 48,700.1 0.0 0.0 0.0 0.0

899.2 854.1 1,753.3 4,379.0 6,132.2 1,273.7 7,405.9 3,115.0 3,115.0 1,618.8 4,733.9

2,863.3 3,367.4 6,230.7 28,595.0 34,825.7 8,906.5 43,732.2 0.0 0.0 0.0 0.0

(13,700.9)(5) 69,407.3 55,706.4 206,777.0 262,483.5 92,186.9 354,670.4 73,205.3 73,205.3 41,269.2 114,474.5

(408.6)(5) 53,452.1 53,043.5 109,082.4 162,125.9 45,010.2 207,136.1 54,444.6 54,444.6 25,678.0 80,122.6

44.8 44.8 4.3 49.1 4.5 53.6

555.0 555.0 43.4 598.4 49.7 648.1

11.2 11.2 1.1 12.3 1.1 13.4

138.8 138.8 10.8 149.6 12.4 162.0

8.3 8.3 0.8 9.1 0.8 10.0

120.5 120.5 9.4 130.0 10.8 140.8

27.1 27.1 154.3 181.4 168.5 349.9

25.9 25.9 147.1 173.0 160.6 333.6

Note: Reserves categorization conveys the relative degree of certainty; reserves subcategorization is based on development and production status. The estimates of reserves and future revenue included herein have not been adjusted for risk.
(1) (2)

(3) (4)

(5)

Gross reserves correspond to the 100 percent interest or 8/8ths reserves. KrisEnergys current working interest is 4.6345 percent in Blocks B8/32 and B9A and 25 percent in Nong Yao and Kambuna Fields. It is anticipated that local participation will reduce the working interest in Nong Yao Field to 22.5 percent. For Nong Yao Field, working interest reserves are estimated based on the current working interest and revenue is estimated based on the future reduced working interest. KrisEnergy executed a share sale purchase agreement on April 8, 2013, to acquire a 30 percent working interest and operatorship in Block 9, onshore Bangladesh. The acquisition is contingent upon the approval of Petrobangla and will have a retroactive effective date of January 1, 2013. As requested, working interest reserves for Block 9 are estimated based on the interest expected to be owned when all approvals are finalized. Net reserves are the portion of gross reserves representing KrisEnergys revenue entitlement. Future net revenue is after deductions for royalties and KrisEnergys share of future capital costs, abandonment costs, operating expenses, special remuneratory benefit, training fees, and income taxes. Future net revenue is negative after deducting estimated abandonment costs.

All estimates and exhibits herein are part of this NSAI report and are subject to its parameters and conditions.

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SUMMARY OF RESERVES AND FUTURE NET REVENUE KRISENERGY LTD INTEREST AS OF DECEMBER 31, 2012 Working Interest Reserves(2) Oil (MBBL) Gas (MMCF)

Gross Reserves(1) Country/Asset/Category Onshore Bangladesh Block 9, Bangora Field Proved Developed Producing Proved Developed Non-Producing Proved (1P) Probable Proved + Probable (2P) Possible Proved + Probable + Possible (3P) Total Proved Developed Producing Proved Developed Non-Producing Proved Undeveloped Proved (1P) Probable Proved + Probable (2P) Possible Proved + Probable + Possible (3P)
Totals may not add because of rounding.

Net Reserves(3) Oil (MBBL) Gas (MMCF)

Future Net Revenue(4) (M$) Total Present Worth at 10%

Oil (MBBL)

Gas (MMCF)

206.4 44.4 250.8 475.5 726.3 406.1 1,132.4

65,003.2 15,444.9 80,448.2 206,064.2 286,512.4 140,996.4 427,508.8

61.9 13.3 75.2 142.6 217.9 121.8 339.7

19,501.0 4,633.5 24,134.4 61,819.3 85,953.7 42,298.9 128,252.6

37.8 8.1 45.9 59.0 104.9 44.6 149.5

12,355.7 2,935.8 15,291.5 36,175.8 51,467.3 22,065.6 73,532.9

12,806.7 6,468.5 19,275.2 42,188.9 61,464.1 29,165.0 90,629.1

11,837.0 5,482.2 17,319.2 26,124.4 43,443.6 12,822.6 56,266.2

21,537.4 44.4 21,019.0 42,600.8 122,916.4 165,517.2 40,407.8 205,925.0

131,574.6 15,444.9 78,558.5 225,578.0 891,322.0 1,116,900.0 362,072.5 1,478,972.5

1,059.6 13.3 974.1 2,047.1 8,893.2 10,940.3 3,585.5 14,525.8

22,699.3 4,633.5 3,640.8 30,973.5 93,586.4 124,559.9 52,554.8 177,114.7

945.3 8.1 854.1 1,807.5 7,553.8 9,361.3 2,937.9 12,299.2

15,339.5 2,935.8 3,367.4 21,642.7 64,780.3 86,423.0 30,982.9 117,405.9

(867.0)(5) 6,468.5 69,407.3 75,008.8 322,325.6 397,334.4 162,789.5 560,123.9

11,454.2 5,482.2 53,452.1 70,388.5 189,798.6 260,187.1 83,671.4 343,858.5

Note: Reserves categorization conveys the relative degree of certainty; reserves subcategorization is based on development and production status. The estimates of reserves and future revenue included herein have not been adjusted for risk.
(1) (2)

(3) (4)

(5)

Gross reserves correspond to the 100 percent interest or 8/8ths reserves. KrisEnergys current working interest is 4.6345 percent in Blocks B8/32 and B9A and 25 percent in Nong Yao and Kambuna Fields. It is anticipated that local participation will reduce the working interest in Nong Yao Field to 22.5 percent. For Nong Yao Field, working interest reserves are estimated based on the current working interest and revenue is estimated based on the future reduced working interest. KrisEnergy executed a share sale purchase agreement on April 8, 2013, to acquire a 30 percent working interest and operatorship in Block 9, onshore Bangladesh. The acquisition is contingent upon the approval of Petrobangla and will have a retroactive effective date of January 1, 2013. As requested, working interest reserves for Block 9 are estimated based on the interest expected to be owned when all approvals are finalized. Net reserves are the portion of gross reserves representing KrisEnergys revenue entitlement. Future net revenue is after deductions for royalties and KrisEnergys share of future capital costs, abandonment costs, operating expenses, special remuneratory benefit, training fees, and income taxes. Future net revenue is negative after deducting estimated abandonment costs.

All estimates and exhibits herein are part of this NSAI report and are subject to its parameters and conditions.

D-23

SUMMARY OF DEVELOPMENT PENDING CONTINGENT RESOURCES AND CASH FLOW KRISENERGY LTD INTEREST AS OF DECEMBER 31, 2012 Gross Contingent Resources(1) Country/Asset/Category Offshore Thailand Block G6/48, Rossukon Field Low Estimate (1C) Best Estimate (2C) High Estimate (3C) Block G10/48, Wassana Field Low Estimate (1C) Best Estimate (2C) High Estimate (3C) Block G10/48, Niramai Field Low Estimate (1C) Best Estimate (2C) High Estimate (3C) Offshore Indonesia Bulu PSC, Lengo Field Low Estimate (1C) Best Estimate (2C) High Estimate (3C) East Muriah PSC, East Lengo Field Low Estimate (1C) Best Estimate (2C) High Estimate (3C) Kutai PSC, Dambus and Mangkok Fields Low Estimate (1C) Best Estimate (2C) High Estimate (3C) Offshore Cambodia Block A, Platform A Low Estimate (1C) Best Estimate (2C) High Estimate (3C) Total(5) Low Estimate (1C) Best Estimate (2C) High Estimate (3C)
Totals may not add because of rounding.

Working Interest Contingent Resources(2) Oil (MBBL) Gas (MMCF)

Net Contingent Resources(3) Oil (MBBL) Gas (MMCF)

Net Contingent Cash Flow(4) (M$) Total Discounted at 10%

Oil (MBBL)

Gas (MMCF)

3,700.0 8,374.7 20,500.0 0.0 13,573.3 21,900.0 0.0 4,900.0 7,100.0

0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0

1,110.0 2,512.4 6,150.0 0.0 3,393.3 5,475.0 0.0 1,225.0 1,775.0

0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0

1,050.8 2,356.8 5,701.6 0.0 2,824.7 4,506.2 0.0 969.1 1,390.0

0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0

6,077.0 49,608.5 137,489.0 0.0 79,631.6 123,453.3 0.0 7,483.1 10,498.4

109.4 26,187.2 72,496.4 0.0 53,849.8 80,750.3 0.0 2,602.9 4,343.0

0.0 180,500.0 0.0 227,000.0 0.0 283,048.2 0.0 0.0 0.0 0.0 19,644.4 48,860.9

0.0 0.0 0.0 0.0 0.0 0.0

76,712.5 96,475.0 120,295.5 0.0 9,822.2 24,430.4

0.0 0.0 0.0 0.0 0.0 0.0

54,539.2 64,846.4 77,090.9 0.0 8,019.1 15,995.3

70,965.6 99,212.4 133,462.4 0.0 8,964.3 31,032.3

18,215.4 33,253.7 50,244.8 0.0 1,574.3 11,559.6

0.0 0.0 90.1 75,680.7 146.8 117,476.3

0.0 49.2 80.2

0.0 41,321.6 64,142.0

0.0 39.8 64.9

0.0 27,375.3 38,035.4

0.0 70,863.1 110,014.8

0.0 34,955.2 51,483.4

4,900.0 8,600.0 14,952.7

0.0 0.0 0.0

1,163.8 2,042.5 3,551.3

0.0 0.0 0.0

975.5 1,600.0 2,446.4

0.0 0.0 0.0

16,611.7 61,833.1 114,036.6

3,467.0 30,938.7 60,180.9

8,600.0 180,500.0 35,538.1 322,325.0 64,599.5 449,385.3

2,273.8 9,222.4 17,031.4

76,712.5 147,618.8 208,868.0

2,026.3 54,539.2 7,790.4 100,240.8 14,109.1 131,121.6

93,654.3 377,595.9 659,986.8

21,791.8 183,361.8 331,058.3

(1) (2)

(3) (4)

(5)

Gross contingent resources correspond to the 100 percent interest or 8/8ths resources. KrisEnergys current working interest is 25 percent in Block G10/48, 42.5 percent in the Bulu PSC, 50 percent in the East Muriah PSC, 54.6 percent in the Kutai PSC, and 23.75 percent in Block A. It is anticipated that local participation will reduce the current working interest proportionately in each asset based on the local participant obtaining 10 percent, except for Block A. Where applicable, working interest contingent resources are estimated based on the current working interest and net contingent cash flows are estimated based on the future reduced working interest. KrisEnergy signed a farm-out agreement on March 15, 2013, to acquire a 30 percent working interest and operatorship in Block G6/48, Gulf of Thailand. The transaction is pending approval by the Thailand government and will have a retroactive effective date of January 1, 2013. As requested, working interest contingent resources for Block G6/48 are estimated based on the interest expected to be owned when all approvals are finalized. Net contingent resources are the portion of gross resources representing KrisEnergys cash flow entitlement. Net contingent cash flow is after deductions for royalties and KrisEnergys share of future capital costs, abandonment costs, operating expenses, special remuneratory benefit, and income taxes. Totals are the arithmetic sum of multiple asset-level probability distributions.

All estimates and exhibits herein are part of this NSAI report and are subject to its parameters and conditions.

D-24

SUMMARY OF DEVELOPMENT UNCLARIFIED CONTINGENT RESOURCES KRISENERGY LTD INTEREST AS OF DECEMBER 31, 2012 Gross Contingent Resources(1) Country/Asset/Category Offshore Thailand Block G10/48, Mayura Field Low Estimate (1C) Best Estimate (2C) High Estimate (3C) Block G11/48, Angun Field Low Estimate (1C) Best Estimate (2C) High Estimate (3C) Block G11/48, Mantana Field Low Estimate (1C) Best Estimate (2C) High Estimate (3C) Offshore Indonesia Tanjung Aru PSC, Halimun and Papandayan Fields Low Estimate (1C) Best Estimate (2C) High Estimate (3C) Offshore Cambodia Block A, Platform B Low Estimate (1C) Best Estimate (2C) High Estimate (3C) Block A, Platform C Low Estimate (1C) Best Estimate (2C) High Estimate (3C) Onshore Bangladesh Block 9, Lalmai Field Low Estimate (1C) Best Estimate (2C) High Estimate (3C) Total(3) Low Estimate (1C) Best Estimate (2C) High Estimate (3C)
Totals may not add because of rounding.

Working Interest Contingent Resources(2) Oil (MBBL) Gas (MMCF)

Oil (MBBL)

Gas (MMCF)

453.7 1,140.3 3,124.7 285.1 663.8 21,066.8 0.0 0.0 0.0

0.0 0.0 0.0 0.0 0.0 0.0 4,922.7 14,842.6 26,077.9

113.4 285.1 781.2 71.3 166.0 5,266.7 0.0 0.0 0.0

0.0 0.0 0.0 0.0 0.0 0.0 1,230.7 3,710.7 6,519.5

0.0 0.0 0.0

0.0 110,510.4 155,810.7

0.0 0.0 0.0

0.0 47,519.5 66,998.6

762.1 1,423.8 2,476.6 145.6 314.9 652.0

0.0 0.0 0.0 0.0 0.0 0.0

181.0 338.2 588.2 34.6 74.8 154.9

0.0 0.0 0.0 0.0 0.0 0.0

23.0 113.9 541.5

6,079.6 27,679.3 128,952.1

6.9 34.2 162.4

1,823.9 8,303.8 38,685.6

1,669.4 3,656.7 27,861.6

11,002.4 153,032.4 310,840.7

407.2 898.1 6,953.4

3,054.6 59,533.9 112,203.7

(1) (2)

(3)

Gross contingent resources correspond to the 100 percent interest or 8/8ths resources. KrisEnergys current working interest is 25 percent in Blocks G10/48 and G11/48, 43 percent in the Tanjung Aru PSC, and 23.75 percent in Block A. It is anticipated that local participation will reduce the current working interest proportionately in each asset based on the local participant obtaining 10 percent, except for Block A. Working interest contingent resources are estimated based on the current working interest. KrisEnergy executed a share sale purchase agreement on April 8, 2013, to acquire a 30 percent working interest and operatorship in Block 9, onshore Bangladesh. The acquisition is contingent upon the approval of Petrobangla and will have a retroactive effective date of January 1, 2013. As requested, working interest contingent resources for Block 9 are estimated based on the interest expected to be owned when all approvals are finalized. Totals are the arithmetic sum of multiple asset-level probability distributions.

All estimates and exhibits herein are part of this NSAI report and are subject to its parameters and conditions.

D-25

SUMMARY OF PROSPECTS PROSPECTIVE RESOURCES KRISENERGY LTD INTEREST AS OF DECEMBER 31, 2012 Unrisked Prospective Resources Gross(1) Country/Asset/Category Offshore Thailand Block G10/48 Low Estimate Best Estimate High Estimate Block G11/48 Low Estimate Best Estimate High Estimate Offshore Indonesia Bulu PSC Low Estimate Best Estimate High Estimate Kutai PSC Low Estimate Best Estimate High Estimate Tanjung Aru PSC Low Estimate Best Estimate High Estimate Offshore Cambodia Block A Low Estimate Best Estimate High Estimate Offshore Vietnam Block 105 Low Estimate Best Estimate High Estimate Block 120 Low Estimate Best Estimate High Estimate Onshore Bangladesh Block 9 Low Estimate Best Estimate High Estimate Total(3) Low Estimate Best Estimate High Estimate
Totals may not add because of rounding.

Risked Prospective Resources Gross(1) Oil (MMBBL) Gas (BCF) Working Interest(2) Oil (MMBBL) Gas (BCF)

Working Interest(2) Oil (MMBBL) Gas (BCF)

Oil (MMBBL)

Gas (BCF)

27.8 41.8 65.1 0.0 0.0 0.0

0.0 0.0 0.0 24.9 49.7 108.8

6.9 10.5 16.3 0.0 0.0 0.0

0.0 0.0 0.0 6.2 12.4 27.2

7.8 11.9 18.8 0.0 0.0 0.0

0.0 0.0 0.0 6.3 12.8 28.4

2.0 3.0 4.7 0.0 0.0 0.0

0.0 0.0 0.0 1.6 3.2 7.1

3.5 6.1 10.9 0.0 0.1 0.3 0.0 0.0 0.0

0.0 0.0 0.0 38.3 80.9 210.3 94.1 149.6 238.2

1.5 2.6 4.6 0.0 0.1 0.1 0.0 0.0 0.0

0.0 0.0 0.0 20.9 44.2 114.8 40.5 64.3 102.4

0.8 1.5 2.6 0.0 0.0 0.1 0.0 0.0 0.0

0.0 0.0 0.0 11.9 26.9 73.9 19.3 30.7 48.9

0.4 0.6 1.1 0.0 0.0 0.1 0.0 0.0 0.0

0.0 0.0 0.0 6.5 14.7 40.3 8.3 13.2 21.0

29.6 45.0 75.5

0.0 0.0 0.0

7.0 10.7 17.9

0.0 0.0 0.0

13.2 20.2 33.5

0.0 0.0 0.0

3.1 4.8 7.9

0.0 0.0 0.0

19.9 36.9 92.1 867.4 1,471.6 2,518.1

2,771.2 4,921.5 10,604.3 0.0 0.0 0.0

5.0 9.2 23.0 216.9 367.9 629.5

692.8 1,230.4 2,651.1 0.0 0.0 0.0

2.5 4.3 8.6 115.7 206.7 361.5

350.3 544.1 997.3 0.0 0.0 0.0

0.6 1.1 2.2 28.9 51.7 90.4

87.6 136.0 249.3 0.0 0.0 0.0

0.0 0.0 0.0 948.3 1,601.5 2,762.0

197.2 286.7 415.7 3,125.7 5,488.3 11,577.4

0.0 0.0 0.0 237.3 400.9 691.5

59.2 86.0 124.7 819.6 1,437.3 3,020.3

0.0 0.0 0.0 140.1 244.7 425.1

72.5 109.6 164.5 460.4 724.1 1,313.0

0.0 0.0 0.0 35.0 61.2 106.3

21.8 32.9 49.3 125.7 200.0 367.1

(1) (2)

(3)

Gross prospective resources correspond to the 100 percent interest or 8/8ths resources. KrisEnergys current working interest is 42.5 percent in the Bulu PSC, 54.6 percent in the Kutai PSC, 43 percent in the Tanjung Aru PSC, 23.75 percent in Block A, and 25 percent in Blocks G10/48, G11/48, 105, and 120. It is anticipated that local participation will reduce the current working interest proportionately in each asset based on the local participant obtaining 10 percent, except for Blocks A, 105, and 120. Working interest prospective resources are estimated based on the current working interest. KrisEnergy executed a share sale purchase agreement on April 8, 2013, to acquire a 30 percent working interest and operatorship in Block 9, onshore Bangladesh. The acquisition is contingent upon the approval of Petrobangla and will have a retroactive effective date of January 1, 2013. As requested, working interest prospective resources for Block 9 are estimated based on the interest expected to be owned when all approvals are finalized. Totals are the arithmetic sum of multiple asset-level probability distributions.

All estimates and exhibits herein are part of this NSAI report and are subject to its parameters and conditions.

D-26

SUMMARY OF LEADS PROSPECTIVE RESOURCES KRISENERGY LTD INTEREST AS OF DECEMBER 31, 2012 Unrisked Prospective Resources Gross(1) Country/Asset/Category Offshore Thailand Block G6/48 Low Estimate Best Estimate High Estimate Block G11/48 Low Estimate Best Estimate High Estimate Offshore Indonesia Bulu PSC Low Estimate Best Estimate High Estimate East Muriah PSC Low Estimate Best Estimate High Estimate East Seruway PSC Low Estimate Best Estimate High Estimate Offshore Cambodia Block A Low Estimate Best Estimate High Estimate Offshore Vietnam Block 105 Low Estimate Best Estimate High Estimate Block 120 Low Estimate Best Estimate High Estimate Total(3) Low Estimate Best Estimate High Estimate
Totals may not add because of rounding.

Risked Prospective Resources Gross(1) Oil (MMBBL) Gas (BCF) Working Interest(2) Oil (MMBBL) Gas (BCF)

Working Interest(2) Oil (MMBBL) Gas (BCF)

Oil (MMBBL)

Gas (BCF)

1.1 1.8 3.1 0.0 0.0 0.0

0.0 0.0 0.0 12.0 26.7 60.1

0.3 0.5 0.9 0.0 0.0 0.0

0.0 0.0 0.0 3.0 6.7 15.0

0.3 0.5 0.8 0.0 0.0 0.0

0.0 0.0 0.0 2.3 5.0 11.3

0.1 0.1 0.2 0.0 0.0 0.0

0.0 0.0 0.0 0.6 1.3 2.8

4.8 7.6 12.2 0.0 0.0 0.0 36.1 41.6 48.6

0.0 0.0 0.0 49.2 115.9 350.6 668.7 759.3 861.3

2.0 3.2 5.2 0.0 0.0 0.0 36.1 41.6 48.6

0.0 0.0 0.0 24.6 58.0 175.3 668.7 759.3 861.3

0.7 1.1 1.7 0.0 0.0 0.0 5.5 6.3 7.4

0.0 0.0 0.0 11.7 28.5 90.6 101.8 114.9 131.6

0.3 0.5 0.7 0.0 0.0 0.0 5.5 6.3 7.4

0.0 0.0 0.0 5.8 14.2 45.3 101.8 114.9 131.6

93.2 114.4 143.3

0.0 0.0 0.0

22.1 27.2 34.0

0.0 0.0 0.0

28.7 35.2 43.9

0.0 0.0 0.0

6.8 8.4 10.4

0.0 0.0 0.0

12.9 21.7 35.7 1,381.3 2,068.8 3,232.5 1,529.5 2,255.9 3,475.4

1,768.4 2,675.4 4,082.7 0.0 0.0 0.0 2,498.4 3,577.3 5,354.7

3.2 5.4 8.9 345.3 517.2 808.1 409.2 595.2 905.8

442.1 668.8 1,020.7 0.0 0.0 0.0 1,138.4 1,492.8 2,072.3

1.7 2.9 4.9 135.5 198.8 311.2 172.3 244.9 369.9

239.9 365.1 567.0 0.0 0.0 0.0 355.7 513.5 800.4

0.4 0.7 1.2 33.9 49.7 77.8 46.9 65.7 97.8

60.0 91.3 141.7 0.0 0.0 0.0 168.2 221.7 321.4

(1) (2)

(3)

Gross prospective resources correspond to the 100 percent interest or 8/8ths resources. KrisEnergys current working interest is 42.5 percent in the Bulu PSC, 50 percent in the East Muriah PSC, 100 percent in the East Seruway PSC, 23.75 percent in Block A, and 25 percent in Blocks G11/48, 105, and 120. It is anticipated that local participation will reduce the current working interest proportionately in each asset based on the local participant obtaining 10 percent, except for the East Seruway PSC and Blocks A, 105, and 120. Working interest prospective resources are estimated based on the current working interest. KrisEnergy signed a farm-out agreement on March 15, 2013, to acquire a 30 percent working interest and operatorship in Block G6/48, Gulf of Thailand. The transaction is pending approval by the Thailand government and will have a retroactive effective date of January 1, 2013. As requested, working interest prospective resources for Block G6/48 are estimated based on the interest expected to be owned when all approvals are finalized. Totals are the arithmetic sum of multiple asset-level probability distributions.

All estimates and exhibits herein are part of this NSAI report and are subject to its parameters and conditions.

D-27

ABBREVIATIONS
$ % 1C 1P 2C 2P 3C 3P Ac ACDA ADP AF API BAPEX BBL BBL/MMCF BCF BCPD BHP BLPD BOPD BTU BWPD CAPEX Chevron-Cambodia CO2 COTL CRS DCA DST EUR F FB FPSO FSO ft FVF FWHP G&A GOC GOR GRV GWC H2S HKO HKW hr in km km2 KrisEnergy LKG United States dollars percent degrees low estimate scenario of contingent resources proved best estimate scenario of contingent resources proved plus probable high estimate scenario of contingent resources proved plus probable plus possible acre Apsara Core Development Area Asset Development Plan acre-feet American Petroleum Institute Bangladesh Petroleum Exploration and Production Company barrels barrels per million cubic feet billions of cubic feet barrels of condensate per day bottomhole pressure barrels of liquid per day barrels of oil per day British thermal units barrels of water per day capital expenditures Chevron Overseas Petroleum (Cambodia) Limited carbon dioxide Chevron Offshore Thailand Limited Comprehensive Reserves Study decline curve analysis drillstem test estimated ultimate recovery Fahrenheit fault block floating production, storage, and offloading vessel floating storage and offloading vessel feet formation volume factor flowing wellhead pressure general and administrative gas-oil contact gas-oil ratio gross rock volume gas-water contact hydrogen sulfide highest known oil highest known water hours inches kilometers square kilometers KrisEnergy Ltd lowest known gas D-28

ABBREVIATIONS

LKO m m Ma MBBL MBOE MBOEPD MBOPD MCF MCF/MBBL MD MDT MMBBL MMBOE MMBTU MMBTU/MCF MMCF MMCFD MTJDA Mubadala n N2 Neon NRV NSAI OCM OGIP OHIP ohm-m OOIP OPEX ORRI OWC P/Z P05 P10 P50 P90 P95 P99 PAA Pearl-EM Petrobangla Pg PLN POD PPA ppm Pre-FEED PRMS PSC psi

lowest known oil porosity exponent meters millions of years before present thousands of barrels thousands of barrels of oil equivalent thousands of barrels of oil equivalent per day thousands of barrels of oil per day thousands of cubic feet thousands of cubic feet per thousand barrels measured depth modular dynamic test millions of barrels million barrels of oil equivalent millions of British thermal units millions of British thermal units per thousand cubic feet millions of cubic feet millions of cubic feet of gas per day Malaysia-Thai Joint Development Area Mubadala Petroleum saturation exponent nitrogen Neon Energy Limited net rock volume Netherland, Sewell & Associates, Inc. operating committee meeting original gas-in-place original hydrocarbons-in-place ohm-meters original oil-in-place operating expenses overriding royalty interests oil-water contact pressure decline curve 5 percent confidence level 10 percent confidence level 50 percent confidence level 90 percent confidence level 95 percent confidence level 99 percent confidence level Production Area Application Pearl Oil (East Muriah) Ltd. Bangladesh Oil, Gas & Mineral Corporation probability of geologic success Perusahaan Listrik Negara Plan of Development Production Permit Application parts per million Pre-Front-End Engineering and Design Petroleum Resources Management System Production Sharing Contract pounds per square inch

D-29

ABBREVIATIONS

psi/ft psia psig PVT RB/STB RFT Rose Rw SCF SCF/ft3 SCF/STB Serica SGg SMT SP SPE SPE Standards SRB SRFT Sw TAC TCF TCM THB TST Tullow TVD TVDSS TVT TWT US US$ XPT

pounds per square inch per foot pounds per square inch absolute pounds per square inch gauge pressure-volume-temperature reservoir barrels per stock tank barrel repeat formation test Rose and Associates, LLP formation water resistivity standard cubic feet standard cubic feet per reservoir cubic foot standard cubic feet per stock tank barrel Serica Energy specific gravity of gas Seismic Micro-Technology, Inc. spill point Society of Petroleum Engineers Standards Pertaining to the Estimating and Auditing of Oil and Gas Reserves Information promulgated by the SPE special remuneratory benefit slimhole repeat formation test water saturation technical assistance contract trillions of cubic feet technical committee meeting Thai Baht tubing string testing Tullow Oil International Limited true vertical depth true vertical depth subsea true vertical thickness two-way time United States United States dollars express pressure test

D-30

TABLE OF CONTENTS
VOLUME 1 SUMMARY OF ASSETS SUMMARY PROJECTIONS OF RESERVES AND REVENUE Proved Developed Producing Reserves Proved Developed Non-Producing Reserves Proved Undeveloped Reserves Proved (1P) Reserves Probable Reserves Proved + Probable (2P) Reserves Possible Reserves Proved + Probable + Possible (3P) Reserves SUMMARY PROJECTIONS OF RESOURCES AND CASH FLOW Low Estimate (1C) Contingent Resources Best Estimate (2C) Contingent Resources High Estimate (3C) Contingent Resources EXECUTIVE SUMMARY 1.1 1.2 1.3 1.4 Scope of Project Basis of Report Data Sources and Availability Evaluation Methodology 1.4.1 Petrophysical Evaluation 1.4.1.1 Clastic Reservoirs 1.4.1.2 Carbonate Reservoirs 1.4.2 Performance Analysis 1.4.3 Probabilistic Analysis 1.4.4 Geologic Risking of Prospective Resources 1.4.5 Economics General Information 1.5.1 Limitations and Risk 1.5.2 Site Visit 1.5.3 Qualifications 1.5.4 Independence 1.5.5 Fees Figures 1.6.1 KrisEnergy Ltd Assets 1 1 2 2 2 2 3 3 4 4 5 6 6 6 7 7 7 X XI XII II III IV V VI VII VIII IX I

1.5

1.6

TECHNICAL DISCUSSIONS THAILAND BLOCKS B8/32 AND B9A 2.1 Overview 2.2 Data Sources 2.3 Geophysical and Geological Summary 2.3.1 Regional Overview 2.3.2 Mapping 2.4 Petrophysical Summary 2.5 Reservoir Engineering Summary 2.5.1 Development History 2.5.2 Performance Analysis D-31 8 9 9 9 10 10 11 11 11

TABLE OF CONTENTS
VOLUME 1 (Continued) TECHNICAL DISCUSSIONS (Continued) THAILAND (Continued) BLOCKS B8/32 AND B9A (Continued) 2.5 Reservoir Engineering Summary (Continued) 2.5.3 Development Plan 12 2.5.4 Capital Expenditures 13 2.5.5 Operating Expenses 13 2.6 Economics Overview 13 2.7 Figures 2.7.1 Location Map Estimated Ultimate Recovery and Gas-Oil Ratio Maps Blocks B8/32, B9A, and G4/43 2.7.2 1P Per-Well EUR (Unrisked) 2.7.3 2P Per-Well EUR (Unrisked) 2.7.4 3P Per-Well EUR (Unrisked) 2.7.5 2P Gas-Oil Ratio Block B8/32 (South) 2.7.6 1P Per-Well EUR (Unrisked) 2.7.7 2P Per-Well EUR (Unrisked) 2.7.8 3P Per-Well EUR (Unrisked) 2.7.9 2P Gas-Oil Ratio 2.7.10 Historical Platform Development by Field 2.7.11 Historical Well Development by Field 2.7.12 Gross Historical Daily Production by Field 2.7.13 Current Platform Status 2.7.14 2P EUR by Platform and 2P Per-Well EUR by Platform vs. First Production Date 2.7.15 Probabilistic Estimates of EUR Per Well and GOR 2.7.16 Summary of Unrisked and Risked EUR Per Well and GOR for Future Development Platforms 2.7.17 Development and Nondevelopment Capital Expenditure Estimates 2.7.18 Future Platform Development Capital Expenditure Estimates 2.7.19 Gross Annual Capital Expenditure Estimates 2.7.20 Gross Annual Operating Expense Estimates 2.7.21 Fiscal Terms Summary Projections of Reserves and Revenue 2.7.22 Proved Developed Producing Reserves 2.7.23 Proved Undeveloped Reserves 2.7.24 Proved (1P) Reserves 2.7.25 Probable Reserves 2.7.26 Proved + Probable (2P) Reserves 2.7.27 Possible Reserves 2.7.28 Proved + Probable + Possible (3P) Reserves BLOCK G6/48 3.1 Overview 3.1.1 Contingent Oil Resources 3.1.2 Prospective Oil Resources 3.2 Data Sources 3.3 Geophysical and Geological Summary 3.3.1 Field Overview 3.3.2 Geologic Mapping D-32 15 15 16 16 16 16 17

TABLE OF CONTENTS
VOLUME 1 (Continued) TECHNICAL DISCUSSIONS (Continued) THAILAND (Continued) BLOCK G6/48 (Continued) 3.4 Petrophysical Summary 3.5 Reservoir Engineering Summary 3.5.1 Probabilistic Resources Determination 3.5.1.1 Contingent Oil Resources 3.5.1.2 Prospective Oil Resources 3.6 Economics Overview 3.7 Figures 3.7.1 Location Map 3.7.2 Gross Rock Volume Basis Depth Structure Maps 3.7.3 Top Pay 2 Zone 3.7.4 Top Pay 6 Zone 3.7.5 Top Pay 7 Zone 3.7.6 Interpreted Well Log Rossukon-1 3.7.7 Petrophysical Summary 3.7.8 Volumetric Input Parameters Contingent Resources 3.7.9 Summary of OOIP and Gross (100 Percent) Contingent Oil Resources 3.7.10 Volumetric Input Parameters Prospective Resources 3.7.11 Summary of Gross (100 Percent) Unrisked and Risked Prospective Resources 3.7.12 Gross Annual Capital Expenditure Estimates 3.7.13 Gross Annual Operating Expense Estimates Summary Projections of Resources and Cash Flow 3.7.14 Low Estimate (1C) Contingent Resources 3.7.15 Best Estimate (2C) Contingent Resources 3.7.16 High Estimate (3C) Contingent Resources WASSANA FIELD, BLOCK G10/48 4.1 Overview 4.2 Data Sources 4.3 Geophysical and Geological Summary 4.3.1 Field Overview 4.3.2 Geologic Mapping 4.4 Petrophysical Summary 4.5 Reservoir Engineering Summary 4.5.1 Probabilistic Resources Determination 4.6 Economics Overview 4.7 Figures 4.7.1 Gross Rock Volume Basis Depth Structure Maps 4.7.2 Top Pay 2 Zone 4.7.3 Top Pay 4 Zone 4.7.4 Interpreted Well Log Wassana-2 4.7.5 Petrophysical Summary 4.7.6 MDT Analysis Summary 4.7.7 Volumetric Input Parameters Contingent Resources 4.7.8 Summary of OOIP and Gross (100 Percent) Contingent Oil Resources D-33

17 18 18 18 18 19

20 21 21 21 22 22 23 23 24

TABLE OF CONTENTS
VOLUME 1 (Continued) TECHNICAL DISCUSSIONS (Continued) THAILAND (Continued) WASSANA FIELD, BLOCK G10/48 (Continued) 4.7 Figures (Continued) 4.7.9 Gross Annual Capital Expenditure Estimates 4.7.10 Gross Annual Operating Expense Estimates Summary Projections of Resources and Cash Flow 4.7.11 Best Estimate (2C) Contingent Resources 4.7.12 High Estimate (3C) Contingent Resources NIRAMAI FIELD, BLOCK G10/48 5.1 Overview 5.2 Data Sources 5.3 Geophysical and Geological Summary 5.3.1 Field Overview 5.3.2 Geologic Mapping 5.4 Petrophysical Summary 5.5 Reservoir Engineering Summary 5.5.1 Probabilistic Resources Determination 5.6 Economics Overview 5.7 Figures 5.7.1 Gross Rock Volume Basis Depth Structure Maps 5.7.2 Top Pay 1 Zone 5.7.3 Top Pay 2 Zone 5.7.4 Top Pay 5 Zone 5.7.5 Interpreted Well Log Niramai-1 5.7.6 Petrophysical Summary 5.7.7 Volumetric Input Parameters Contingent Resources 5.7.8 Summary of OOIP and Gross (100 Percent) Contingent Oil Resources 5.7.9 Gross Annual Capital Expenditure Estimates 5.7.10 Gross Annual Operating Expense Estimates Summary Projections of Resources and Cash Flow 5.7.11 Best Estimate (2C) Contingent Resources 5.7.12 High Estimate (3C) Contingent Resources MAYURA FIELD, BLOCK G10/48 6.1 Overview 6.2 Data Sources 6.3 Geophysical and Geological Summary 6.3.1 Field Overview 6.3.2 Geologic Mapping 6.4 Petrophysical Summary 6.5 Reservoir Engineering Summary 6.5.1 Probabilistic Resources Determination 6.6 Figures 6.6.1 Gross Rock Volume Basis Depth Structure Maps 6.6.2 Top Pay 4 Zone 6.6.3 Top Pay 12 Zone D-34

25 25 26 26 26 26 27 27 27

29 29 30 30 30 30 31 31

TABLE OF CONTENTS
VOLUME 1 (Continued) TECHNICAL DISCUSSIONS (Continued) THAILAND (Continued) MAYURA FIELD, BLOCK G10/48 (Continued) 6.6 Figures (Continued) 6.6.4 Interpreted Well Log Mayura-1 6.6.5 Petrophysical Summary 6.6.6 Volumetric Input Parameters Contingent Resources 6.6.7 Summary of OOIP and Gross (100 Percent) Contingent Oil Resources PROSPECTIVE RESOURCES, BLOCK G10/48 7.1 Overview 7.2 Data Sources 7.3 Geophysical and Geological Summary 7.4 Reservoir Engineering Summary 7.4.1 Probabilistic Resources Determination 7.5 Figures 7.5.1 Volumetric Input Parameters Prospective Resources 7.5.2 Summary of Gross (100 Percent) Unrisked and Risked Prospective Resources NONG YAO FIELD, BLOCK G11/48 8.1 Overview 8.2 Data Sources 8.3 Geophysical and Geological Summary 8.3.1 Field Overview 8.3.2 Geologic Mapping 8.4 Petrophysical Summary 8.5 Reservoir Engineering Summary 8.5.1 Probabilistic Reserves Determination 8.6 Economics Overview 8.7 Figures 8.7.1 Gross Rock Volume Basis 8.7.2 Depth Structure Map Top Pay 6 Zone 8.7.3 Interpreted Well Log Nong Yao-2ST 8.7.4 Petrophysical Summary 8.7.5 MDT Analysis Summary 8.7.6 Volumetric Input Parameters Reserves 8.7.7 Summary of OOIP and Gross (100 Percent) Oil Reserves 8.7.8 Gross Annual Capital Expenditure Estimates 8.7.9 Gross Annual Operating Expense Estimates Summary Projections of Reserves and Revenue 8.7.10 Probable Reserves 8.7.11 Possible Reserves 8.7.12 Proved + Probable + Possible (3P) Reserves ANGUN FIELD, BLOCK G11/48 9.1 Overview 9.2 Data Sources 9.3 Geophysical and Geological Summary 9.3.1 Field Overview 9.3.2 Geologic Mapping D-35

32 32 32 33 33

34 35 35 35 35 36 36 37 37

38 39 39 39 39

TABLE OF CONTENTS
VOLUME 1 (Continued) TECHNICAL DISCUSSIONS (Continued) THAILAND (Continued) ANGUN FIELD, BLOCK G11/48 (Continued) 9.4 Petrophysical Summary 9.5 Reservoir Engineering Summary 9.5.1 Probabilistic Resources Determination 9.6 Figures 9.6.1 Gross Rock Volume Basis 9.6.2 Depth Structure Map Top Pay 14 Zone 9.6.3 Interpreted Well Log Angun-1 9.6.4 Petrophysical Summary 9.6.5 Volumetric Input Parameters Contingent Resources 9.6.6 Summary of OOIP and Gross (100 Percent) Contingent Oil Resources MANTANA FIELD, BLOCK G11/48 10.1 Overview 10.2 Data Sources 10.3 Geophysical and Geological Summary 10.3.1 Field Overview 10.3.2 Geologic Mapping 10.4 Petrophysical Summary 10.5 Reservoir Engineering Summary 10.5.1 Probabilistic Resources Determination 10.6 Figures 10.6.1 Gross Rock Volume Basis Depth Structure Map 10.6.2 Top Pay 19 Zone 10.6.3 Top Pay 24 Zone 10.6.4 Interpreted Well Log Mantana-1 10.6.5 Petrophysical Summary 10.6.6 Volumetric Input Parameters Contingent Resources 10.6.7 Summary of OGIP and Gross (100 Percent) Contingent Gas Resources PROSPECTIVE RESOURCES, BLOCK G11/48 11.1 Overview 11.2 Data Sources 11.3 Geophysical and Geological Summary 11.4 Reservoir Engineering Summary 11.4.1 Probabilistic Resources Determination 11.5 Figures 11.5.1 Volumetric Input Parameters Prospective Resources 11.5.2 Summary of Gross (100 Percent) Unrisked and Risked Prospective Resources

40 40 40

41 41 42 42 42 42 42 43

44 44 45 45 45

D-36

TABLE OF CONTENTS
VOLUME 2

TECHNICAL DISCUSSIONS (Continued) INDONESIA KAMBUNA FIELD, GLAGAH-KAMBUNA TAC 12.1 Overview 12.2 Data Sources 12.3 Geophysical and Geological Summary 12.3.1 Field Overview 12.3.2 Geologic Mapping 12.4 Reservoir Engineering Summary 12.5 Economics Overview 12.6 Figures 12.6.1 Location Map 12.6.2 Gross Operating Expense Estimates Summary Projections of Reserves and Revenue 12.6.3 Proved Developed Producing Reserves 12.6.4 Probable Reserves 12.6.5 Proved + Probable (2P) Reserves 12.6.6 Possible Reserves 12.6.7 Proved + Probable + Possible (3P) Reserves BULU PSC 13.1 Overview 13.1.1 Contingent Gas Resources 13.1.2 Prospective Oil Resources 13.2 Data Sources 13.3 Geophysical and Geological Summary 13.3.1 Field Overview 13.3.2 Geologic Mapping 13.4 Petrophysical Summary 13.5 Reservoir Engineering Summary 13.5.1 Probabilistic Resources Determination 13.5.1.1 Contingent Gas Resources 13.5.1.2 Prospective Oil Resources 13.6 Economics Overview 13.7 Figures 13.7.1 Location Map 13.7.2 Gross Rock Volume Basis Depth Structure Maps 13.7.3 Top Upper Kujung I Zone 13.7.4 Top Lower Kujung I Zone 13.7.5 Interpreted Well Log Lengo-1 13.7.6 Petrophysical Summary 13.7.7 Volumetric Input Parameters Contingent Resources 13.7.8 Summary of OGIP and Gross (100 Percent) Contingent Gas Resources 13.7.9 Volumetric Input Parameters Prospective Resources 13.7.10 Summary of Gross (100 Percent) Unrisked and Risked Prospective Resources 13.7.11 Gross Annual Capital Expenditure Estimates 13.7.12 Gross Annual Operating Expense Estimates Summary Projections of Resources and Cash Flow 13.7.13 Low Estimate (1C) Contingent Resources 13.7.14 Best Estimate (2C) Contingent Resources D-37

46 46 47 47 47 47 47

48 48 49 49 49 49 50 50 50 51 51 51 51

TABLE OF CONTENTS
VOLUME 2 (Continued) TECHNICAL DISCUSSIONS (Continued) INDONESIA (Continued) BULU PSC (Continued) 13.7 Figures (Continued) 13.7.15 High Estimate (3C) Contingent Resources EAST MURIAH PSC 14.1 Overview 14.1.1 Contingent Gas Resources 14.1.2 Prospective Gas Resources 14.2 Data Sources 14.3 Geophysical and Geological Summary 14.3.1 Field Overview 14.3.2 Geologic Mapping 14.4 Petrophysical Summary 14.5 Reservoir Engineering Summary 14.5.1 Probabilistic Resources Determination 14.5.1.1 Contingent Gas Resources 14.5.1.2 Prospective Gas Resources 14.6 Economics Overview 14.7 Figures 14.7.1 Gross Rock Volume Basis 14.7.2 Depth Structure Map Top Kujung I Zone 14.7.3 Interpreted Well Log East Lengo-1 14.7.4 Petrophysical Summary 14.7.5 Volumetric Input Parameters Contingent Resources 14.7.6 Summary of OGIP and Gross (100 Percent) Contingent Gas Resources 14.7.7 Volumetric Input Parameters Prospective Resources 14.7.8 Summary of Gross (100 Percent) Unrisked and Risked Prospective Resources 14.7.9 Gross Annual Capital Expenditure Estimates 14.7.10 Gross Annual Operating Expense Estimates Summary Projections of Resources and Cash Flow 14.7.11 Best Estimate (2C) Contingent Resources 14.7.12 High Estimate (3C) Contingent Resources KUTAI PSC 15.1 Overview 15.1.1 Contingent Resources 15.1.2 Prospective Resources 15.2 Data Sources 15.3 Geophysical and Geological Summary 15.3.1 Field Overview 15.3.2 Geologic Mapping 15.4 Petrophysical Summary 15.5 Reservoir Engineering Summary 15.5.1 Well Test Summary 15.5.2 Reservoir Properties 15.5.3 Probabilistic Resources Determination 15.5.3.1 Contingent Resources 15.5.3.2 Prospective Resources D-38

53 53 54 54 55 55 55 55 55 56 56 56 56

58 58 59 59 59 59 60 60 61 61 61 61 61 61

TABLE OF CONTENTS
VOLUME 2 (Continued) TECHNICAL DISCUSSIONS (Continued) INDONESIA (Continued) KUTAI PSC (Continued) 15.6 Economics Overview 15.7 Figures 15.7.1 Location Map 15.7.2 Gross Rock Volume Basis Depth Structure Maps 15.7.3 Dambus Top C1 Zone 15.7.4 Dambus Top C2 Zone 15.7.5 Mangkok Top Upper Zone Interpreted Well Logs 15.7.6 Dambus-1ST 15.7.7 Mangkok-1ST4 15.7.8 Petrophysical Summary 15.7.9 Volumetric Input Parameters Contingent Resources 15.7.10 Summary of OHIP and Gross (100 Percent) Contingent Resources 15.7.11 Volumetric Input Parameters Prospective Resources 15.7.12 Summary of Gross (100 Percent) Unrisked and Risked Prospective Resources 15.7.13 Gross Annual Capital Expenditure Estimates 15.7.14 Gross Annual Operating Expense Estimates Summary Projections of Resources and Cash Flow 15.7.15 Best Estimate (2C) Contingent Resources 15.7.16 High Estimate (3C) Contingent Resources TANJUNG ARU PSC 16.1 Overview 16.1.1 Contingent Gas Resources 16.1.2 Prospective Gas Resources 16.2 Data Sources 16.3 Geophysical and Geological Summary 16.3.1 Field Overview 16.3.2 Geologic Mapping 16.4 Petrophysical Summary 16.5 Reservoir Engineering Summary 16.5.1 Probabilistic Resources Determination 16.5.1.1 Contingent Gas Resources 16.5.1.2 Prospective Gas Resources 16.6 Figures 16.6.1 Gross Rock Volume Basis Net Gas Isopach Maps 16.6.2 Papandayan Pleistocene Zone 16.6.3 Papandayan Upper Pliocene Zone Depth Structure Maps 16.6.4 Halimun Top Upper Pliocene Zone 16.6.5 Halimun Top Lower Pliocene Zone Interpreted Well Logs 16.6.6 Halimun-1 16.6.7 Papandayan-1 D-39

62

63 63 64 64 64 64 65 65 65 66 66 66

TABLE OF CONTENTS
VOLUME 2 (Continued) TECHNICAL DISCUSSIONS (Continued) INDONESIA (Continued) TANJUNG ARU PSC (Continued) 16.6 Figures (Continued) 16.6.8 Petrophysical Summary 16.6.9 Volumetric Input Parameters Contingent Resources 16.6.10 Summary of OGIP and Gross (100 Percent) Contingent Gas Resources 16.6.11 Volumetric Input Parameters Prospective Resources 16.6.12 Summary of Gross (100 Percent) Unrisked and Risked Prospective Resources

EAST SERUWAY PSC 17.1 Overview 17.2 Data Sources 17.3 Geophysical and Geological Summary 17.4 Reservoir Engineering Summary 17.4.1 Probabilistic Resources Determination 17.5 Figures 17.5.1 Volumetric Input Parameters Prospective Resources 17.5.2 Summary of Gross (100 Percent) Unrisked and Risked Prospective Resources UDAN EMAS PSC 18.1 Overview 18.2 Data Sources 18.3 Geophysical and Geological Summary 18.4 Figure 18.4.1 Location Map CAMBODIA BLOCK A 19.1 Overview 19.1.1 Contingent Oil Resources 19.1.2 Prospective Oil Resources 19.2 Data Sources 19.3 Geophysical and Geological Summary 19.3.1 Block Overview 19.3.2 Geologic Mapping 19.4 Petrophysical Summary 19.5 Reservoir Engineering Summary 19.5.1 Well Test Summary 19.5.2 Reservoir Properties 19.5.3 Probabilistic Resources Determination 19.5.3.1 Contingent Oil Resources 19.5.3.2 Prospective Oil Resources 19.6 Economics Overview 19.7 Figures 19.7.1 Location Map Depth Structure Maps 19.7.2 Top Sequence 4 Minimum Potential Oil 19.7.3 Top Sequence 4 Maximum Potential Oil D-40

67 67 67 68 68

69 69 69

70 70 71 73 73 73 74 75 75 75 75 76 76 76 77

TABLE OF CONTENTS
VOLUME 2 (Continued) TECHNICAL DISCUSSIONS (Continued) INDONESIA (Continued) TANJUNG ARU PSC (Continued) 19.7 Figures (Continued) 19.7.4 Top Sequence 3 Minimum Potential Oil 19.7.5 Top Sequence 3 Maximum Potential Oil Summary of GRV and Geologic Chance of Success Parameters 19.7.6 Apsara Area Prospects 19.7.7 Non-Apsara Area Leads Interpreted Well Logs 19.7.8 Pimean Akas-2ST 19.7.9 Pimean Akas-4 19.7.10 Petrophysical Summary 19.7.11 Well Test Data 19.7.12 Volumetric Input Parameters Contingent Resources 19.7.13 Summary of OOIP and Gross (100 Percent) Contingent Oil Resources Volumetric Input Parameters Prospective Resources 19.7.14 Apsara Area Prospects 19.7.15 Non-Apsara Area Leads Summary of Gross (100 Percent) Unrisked and Risked Prospective Resources 19.7.16 Apsara Area Prospects 19.7.17 Non-Apsara Area Leads 19.7.18 Gross Annual Capital Expenditure Estimates 19.7.19 Gross Annual Operating Expense Estimates Summary Projections of Resources and Cash Flow 19.7.20 Low Estimate (1C) Contingent Resources 19.7.21 Best Estimate (2C) Contingent Resources 19.7.22 High Estimate (3C) Contingent Resources VIETNAM BLOCK 105 20.1 Overview 20.2 Data Sources 20.3 Geophysical and Geological Summary 20.4 Reservoir Engineering Summary 20.4.1 Probabilistic Resources Determination 20.5 Figures 20.5.1 Location Map 20.5.2 Volumetric Input Parameters Prospective Resources 20.5.3 Summary of Gross (100 Percent) Unrisked and Risked Prospective Resources BLOCK 120 21.1 Overview 21.2 Data Sources 21.3 Geophysical and Geological Summary 21.4 Reservoir Engineering Summary 21.4.1 Probabilistic Resources Determination

78 78 78 79 79

81 81 81 82 82

D-41

TABLE OF CONTENTS
VOLUME 2 (Continued) TECHNICAL DISCUSSIONS (Continued) VIETNAM (Continued) BLOCK 120 (Continued) 21.5 Figures 21.5.1 Volumetric Input Parameters Prospective Resources 21.5.2 Summary of Gross (100 Percent) Unrisked and Risked Prospective Resources BANGLADESH BLOCK 9 22.1 Overview 22.1.1 Reserves 22.1.2 Contingent Resources 22.1.3 Prospective Resources 22.2 Data Sources 22.3 Geophysical and Geological Summary 22.3.1 Field Overview 22.3.2 Geologic Mapping 22.4 Petrophysical Summary 22.5 Reservoir Engineering Summary 22.5.1 Reserves and Resources Determination 22.5.1.1 Reserves 22.5.1.2 Contingent Resources 22.5.1.3 Prospective Resources 22.6 Economics Overview 22.7 Figures 22.7.1 Location Map 22.7.2 Net Rock Volume Basis Depth Structure Maps 22.7.3 Top D Sand 22.7.4 Top B Sand Interpreted Well Logs 22.7.5 Bangora-5 22.7.6 Lalmai-3 22.7.7 Petrophysical Summary 22.7.8 Volumetric Input Parameters Contingent Resources 22.7.9 Summary of OHIP and Gross (100 Percent) Contingent Resources 22.7.10 Volumetric Input Parameters Prospective Resources 22.7.11 Summary of Gross (100 Percent) Unrisked and Risked Prospective Resources 22.7.12 Gross Annual Capital Expenditure Estimates 22.7.13 Gross Annual Operating Expense Estimates Summary Projections of Reserves and Revenue 22.7.14 Proved Developed Producing Reserves 22.7.15 Proved Developed Non-Producing Reserves 22.7.16 Proved (1P) Reserves 22.7.17 Probable Reserves 22.7.18 Proved + Probable (2P) Reserves 22.7.19 Possible Reserves 22.7.20 Proved + Probable + Possible (3P) Reserves D-42

83 83 84 84 85 85 85 86 87 87 88 88 88 89 89

ASSET TABLE KRISENERGY LTD PROPERTIES LOCATED OFFSHORE THAILAND, INDONESIA, CAMBODIA, AND VIETNAM AND ONSHORE BANGLADESH AS OF DECEMBER 31, 2012 Country Thailand B8/32 Block Field Working Interest (%) Development Status License Expiry Date
(1)

License Area (km2) 1,992.0

Thailand Indonesia Bangladesh Thailand Cambodia Thailand Thailand Thailand Indonesia Indonesia Indonesia Indonesia Cambodia Thailand Thailand Vietnam Vietnam Indonesia Indonesia Notes:

Benchamas, N Benchamas, Chaba, N Jarmjuree, Maliwan, Tantawan B9A Rajpruek Glagah-Kambuna Kambuna 9(3) Bangora G11/48 Nong Yao A Apsara A G10/48 Wassana G10/48 Niramai G6/48(6) Rossukon Bulu Lengo East Muriah East Lengo Kutai Dambus/Mangkok Tanjung Aru Papandayan/Halimun A Apsara B/C G10/48 Mayura G11/48 Angun/Mantana 105 120 East Seruway Udan Emas

4.63450 Production

4.63450 25.00000 30.00000 25.00000 23.75000 25.00000 25.00000 30.00000 42.50000 50.00000 54.60000 43.00000 23.75000 25.00000 25.00000 25.00000 25.00000 100.00000 100.00000

Production Production Production Development Development Pending Development Pending Development Pending Development Pending Development Pending Development Pending Development Pending Development Unclarified Development Unclarified Development Unclarified Development Unclarified Exploration Exploration Exploration Exploration

May 18, 2024 Jun 30, 2013(2) Aug 26, 2033 Nov 19, 2022
(5)

80.0 380.0 23.2(4) 4,709.0 4,695.7 4,695.7 1,124.0 697.0 3,751.0 2,832.0 4,191.0 4,709.0 4,695.7 6,791.0 7,192.0 8,574.0 5,865.0 5,396.0

Dec 7, 2015 Dec 7, 2015 Jan 7, 2016 Oct 13, 2013(7) Nov 12, 2014 Jan 15, 2017 Dec 18, 2017
(5)

Dec 7, 2015 Feb 12, 2016 Jan 4, 2014 Jan 22, 2014 Oct 11, 2017 Jul 20, 2018

Exploration licenses may be extended multiple times and durations vary. Thailand production area license duration is initially 20 years and may be extended up to 10 years with the consent of the DMF; the corresponding area is limited to production facilities location. Indonesia production license duration is 30 years following government approval of a plan of development; the corresponding area is the entire remaining exploration block. Future working interest in Indonesia and Thailand will be reduced proportionately through 10 percent local participation preproduction, except Blocks B8/32, B9A, Glagah-Kambuna, G6/48, East Seruway, and Udan Emas. Description of fiscal terms, environmental requirements, and abandonment liability are contained in the OC.

(1) (2) (3)

(4) (5) (6)

(7)

Variable August 22, 2015, through October 18, 2029, among six production licenses (refer to the OC for details). Planned block relinquishment date. KrisEnergy executed a share sale purchase agreement on April 8, 2013, to acquire a 30 percent working interest and operatorship in Block 9, onshore Bangladesh. The acquisition is contingent upon the approval of Petrobangla and will have a retroactive effective date of January 1, 2013. As requested, working interest reserves, contingent resources, and prospective resources for Block 9 are estimated based on the interest expected to be owned when all approvals are finalized. Production license area within G11/48 exploration block. Indefinitely extended by Cambodian government while it processes the production permit application. KrisEnergy signed a farm-out agreement on March 15, 2013, to acquire a 30 percent working interest and operatorship in Block G6/48, Gulf of Thailand. The transaction is pending approval by the Thailand government and will have a retroactive effective date of January 1, 2013. As requested, working interest contingent and prospective resources for Block G6/48 are estimated based on the interest expected to be owned when all approvals are finalized. End of final exploration period.

Provided by KrisEnergy.

All estimates and exhibits herein are part of this NSAI report and are subject to its parameters and conditions.

Table I D-43

SUMMARY PROJECTION OF RESERVES AND REVENUE AS OF DECEMBER 31, 2012 CERTAIN PROPERTIES LOCATED OFFSHORE THAILAND AND INDONESIA AND ONSHORE BANGLADESH PROVED DEVELOPED PRODUCING RESERVES NET RESERVES OIL (MBBL) 376.1 213.1 145.1 97.7 71.7 41.5 81.5 4,648.6 486.8 555,400.0 127,418.0 7,357.1 4,592.0 2,919.5 236.0 153.4 42,069.4 23,837.2 16,238.8 10,941.7 8,021.6 22,235.1 13,070.7 8,179.0 1,408.9 915.9 232,327.7 217,148.0 214,217.0 165,300.0 165,300.0 252,164.0 198,341.3 183,827.7 169,890.7 169,890.7 12,381.2 11,332.0 11,196.2 7,660.8 7,660.8 25,740.0 GAS (MMCF) OIL (M$) GAS (M$) NET INVSTMT (M$) GROSS REVENUE TO NET INTEREST GROSS (100%) INVSTMT (M$) GROSS (100%) OPERATING EXPENSE (M$)

KRISENERGY LTD INTEREST

GROSS RESERVES GAS (MMCF) 10,898.0 6,901.2 4,404.4 248.5 161.5 85.8

WORKING INTEREST RESERVES

PERIOD ENDING 433.2 240.6 161.4 104.6 76.0 43.8

OIL (MBBL)

GAS (MMCF)

OIL (MBBL)

NET OPERATING EXPENSE (M$) 17,209.9 13,301.3 12,628.7 7,873.6 7,873.6 5,905.2

NET TAXES(1) (M$) 187.2 11,017.8 952.3 0.0 0.0 0.0

NET REVENUE (M$) 34,526.0 1,256.8 (359.4) (3,183.8) (6,596.9) (26,509.8)

CUM P.W. 10% (M$) 32,919.3 34,008.7 33,725.5 31,444.7 27,148.7 11,454.2

12-31-2013 12-31-2014 12-31-2015 12-31-2016 12-31-2017

8,615.8 4,829.9 3,249.5 2,256.9 1,639.4

62,788.5 35,924.7 22,165.4 5,361.3 3,483.9

946.0

1,850.8

D-44
22,699.3 945.3 15,339.5 105,757.3 46,296.4 1,549,692.7

12-31-2018 12-31-2019 12-31-2020 12-31-2021 12-31-2022

12-31-2023 12-31-2024 12-31-2025 12-31-2026 12-31-2027

12-31-2028 12-31-2029 12-31-2030 12-31-2031 12-31-2032 1,101,532.4 75,971.1 64,792.3 12,157.3 (867.0) 11,454.2

TOTAL

21,537.4

131,574.6

1,059.6

CUM PROD

217,022.9

1,218,012.5

ULTIMATE

238,560.3

1,349,587.1 BASED ON KRISENERGY PRICE AND COST PARAMETERS PRESENT WORTH PROFILE FOR 08 PCT, PRESENT WORTH M$ FOR 15 PCT, PRESENT WORTH M$ FOR 20 PCT, PRESENT WORTH M$ FOR 25 PCT, PRESENT WORTH M$ FOR 30 PCT, PRESENT WORTH M$ 9,587.1 15,201.6 17,934.5 19,930.1 21,383.9

TOTALS MAY NOT ADD BECAUSE OF ROUNDING.

(1)

NET TAXES INCLUDE COST REIMBURSEMENTS ASSOCIATED WITH LOCAL PARTICIPATION, TRAINING FEES, SPECIAL REMUNERATORY BENEFIT, AND INCOME TAXES.

Table II

All estimates and exhibits herein are part of this NSAI report and are subject to its parameters and conditions.

SUMMARY PROJECTION OF RESERVES AND REVENUE AS OF DECEMBER 31, 2012 CERTAIN PROPERTIES LOCATED OFFSHORE THAILAND AND INDONESIA AND ONSHORE BANGLADESH PROVED DEVELOPED NON-PRODUCING RESERVES NET RESERVES OIL (MBBL) 1.5 3.9 2.7 564.1 1,409.9 961.7 165.3 436.3 297.7 1,305.9 3,263.9 2,226.4 2,045.0 2,045.0 0.0 0.0 0.0 0.0 613.5 613.5 0.0 GAS (MMCF) OIL (M$) GAS (M$) NET INVSTMT (M$) GROSS REVENUE TO NET INTEREST GROSS (100%) INVSTMT (M$) GROSS (100%) OPERATING EXPENSE (M$)

KRISENERGY LTD INTEREST

GROSS RESERVES GAS (MMCF) 890.3 2,225.2 1,517.9

WORKING INTEREST RESERVES

PERIOD ENDING 2.4 6.5 4.4

OIL (MBBL)

GAS (MMCF)

OIL (MBBL)

NET OPERATING EXPENSE (M$) 0.0 0.0 0.0

NET TAXES(1) (M$) 0.0 0.0 0.0

NET REVENUE (M$) 857.7 3,086.7 2,524.1

CUM P.W. 10% (M$) 817.7 3,493.3 5,482.2

12-31-2013 12-31-2014 12-31-2015 12-31-2016 12-31-2017

8.2 21.5 14.7

2,967.8 7,417.5 5,059.7

D-45
13.3 4,633.5 8.1 2,935.8 899.2 6,796.3 4,090.0

12-31-2018 12-31-2019 12-31-2020 12-31-2021 12-31-2022

12-31-2023 12-31-2024 12-31-2025 12-31-2026 12-31-2027

12-31-2028 12-31-2029 12-31-2030 12-31-2031 12-31-2032 0.0 1,227.0 0.0 0.0 6,468.5 5,482.2

TOTAL

44.4

15,444.9

CUM PROD

61.5

30,293.4

ULTIMATE

105.9

45,738.3 BASED ON KRISENERGY PRICE AND COST PARAMETERS PRESENT WORTH PROFILE FOR 08 PCT, PRESENT WORTH M$ FOR 15 PCT, PRESENT WORTH M$ FOR 20 PCT, PRESENT WORTH M$ FOR 25 PCT, PRESENT WORTH M$ FOR 30 PCT, PRESENT WORTH M$ 5,657.8 5,082.5 4,731.2 4,420.7 4,144.6

TOTALS MAY NOT ADD BECAUSE OF ROUNDING.

(1)

NET TAXES INCLUDE COST REIMBURSEMENTS ASSOCIATED WITH LOCAL PARTICIPATION, TRAINING FEES, SPECIAL REMUNERATORY BENEFIT, AND INCOME TAXES.

Table III

All estimates and exhibits herein are part of this NSAI report and are subject to its parameters and conditions.

SUMMARY PROJECTION OF RESERVES AND REVENUE AS OF DECEMBER 31, 2012 CERTAIN PROPERTIES LOCATED OFFSHORE THAILAND AND INDONESIA AND ONSHORE BANGLADESH PROVED UNDEVELOPED RESERVES NET RESERVES OIL (MBBL) OIL (M$) 8,791.2 20,513.1 25,391.5 19,453.3 13,725.4 7,705.0 2,211.3 0.0 0.0 1,311.1 2,419.1 4,619.9 5,669.7 4,022.9 91,704.3 60,170.0 90,620.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 4,250.0 2,788.6 4,199.8 0.0 0.0 0.0 78.6 183.3 226.9 173.8 122.6 68.9 367.7 217.8 402.2 768.1 942.8 668.9 GAS (MMCF) GAS (M$) NET INVSTMT (M$) GROSS REVENUE TO NET INTEREST GROSS (100%) INVSTMT (M$) GROSS (100%) OPERATING EXPENSE (M$)

KRISENERGY LTD INTEREST

GROSS RESERVES GAS (MMCF) 242.0 441.1 835.3 1,021.3 712.3 388.8

WORKING INTEREST RESERVES

PERIOD ENDING 92.4 212.2 260.8 196.8 137.1 74.8

OIL (MBBL)

GAS (MMCF)

OIL (MBBL)

NET OPERATING EXPENSE (M$) 0.0 0.0 0.0 0.0 0.0 0.0

NET TAXES(1) (M$) 314.8 2,709.6 10,657.1 9,451.3 6,742.6 5,312.5

NET REVENUE (M$) 5,537.5 17,434.0 15,154.6 15,671.8 11,005.7 4,603.8

CUM P.W. 10% (M$) 5,279.8 20,391.3 32,332.8 43,559.3 50,726.5 53,452.1

12-31-2013 12-31-2014 12-31-2015 12-31-2016 12-31-2017

1,994.1 4,578.6 5,626.4 4,246.6 2,959.1

5,221.6 9,518.6 18,023.6 22,036.0 15,368.9

1,614.1

8,389.8

D-46
974.1 3,640.8 854.1 3,367.4 95,579.4 20,254.1 242,494.3

12-31-2018 12-31-2019 12-31-2020 12-31-2021 12-31-2022

12-31-2023 12-31-2024 12-31-2025 12-31-2026 12-31-2027

12-31-2028 12-31-2029 12-31-2030 12-31-2031 12-31-2032 0.0 11,238.4 0.0 35,187.8 69,407.3 53,452.1

TOTAL

21,019.0

78,558.5

CUM PROD

0.0

0.0

ULTIMATE

21,019.0

78,558.5 BASED ON KRISENERGY PRICE AND COST PARAMETERS PRESENT WORTH PROFILE FOR 08 PCT, PRESENT WORTH M$ FOR 15 PCT, PRESENT WORTH M$ FOR 20 PCT, PRESENT WORTH M$ FOR 25 PCT, PRESENT WORTH M$ FOR 30 PCT, PRESENT WORTH M$ 56,134.0 47,597.3 42,737.7 38,660.8 35,206.9

TOTALS MAY NOT ADD BECAUSE OF ROUNDING.

(1)

NET TAXES INCLUDE COST REIMBURSEMENTS ASSOCIATED WITH LOCAL PARTICIPATION, TRAINING FEES, SPECIAL REMUNERATORY BENEFIT, AND INCOME TAXES.

Table IV

All estimates and exhibits herein are part of this NSAI report and are subject to its parameters and conditions.

SUMMARY PROJECTION OF RESERVES AND REVENUE AS OF DECEMBER 31, 2012 CERTAIN PROPERTIES LOCATED OFFSHORE THAILAND AND INDONESIA AND ONSHORE BANGLADESH PROVED (1P) RESERVES

KRISENERGY LTD INTEREST

GROSS RESERVES NET RESERVES OIL (MBBL) 456.2 400.3 374.7 271.6 194.3 110.4 449.2 12,353.6 2,698.1 555,400.0 127,418.0 8,139.0 6,404.1 4,649.4 1,178.8 822.3 51,025.8 44,786.6 41,927.9 30,395.0 21,747.0 24,852.1 18,753.8 15,025.3 7,078.7 4,938.8 326,077.0 279,363.0 304,837.0 165,300.0 165,300.0 252,164.0 198,341.3 183,827.7 169,890.7 169,890.7 17,244.8 14,734.1 15,395.9 7,660.8 7,660.8 25,740.0 GAS (MMCF) OIL (M$) GAS (M$) NET INVSTMT (M$) GAS (MMCF) 12,030.3 9,567.5 6,757.6 1,269.7 873.7 474.6

WORKING INTEREST RESERVES GROSS (100%) INVSTMT (M$) GROSS (100%) OPERATING EXPENSE (M$)

GROSS REVENUE TO NET INTEREST

PERIOD ENDING 528.1 459.2 426.6 301.4 213.1 118.6

OIL (MBBL)

GAS (MMCF)

OIL (MBBL)

NET OPERATING EXPENSE (M$) 17,209.9 13,301.3 12,628.7 7,873.6 7,873.6 5,905.2

NET TAXES(1) (M$) 502.0 13,727.5 11,609.3 9,451.3 6,742.6 5,312.5

NET REVENUE (M$) 40,921.2 21,777.5 17,319.2 12,488.0 4,408.8 (21,905.9)

CUM P.W. 10% (M$) 39,016.8 57,893.2 71,540.5 80,486.3 83,357.4 70,388.5

12-31-2013 12-31-2014 12-31-2015 12-31-2016 12-31-2017

10,618.1 9,430.1 8,890.5 6,503.5 4,598.5

70,977.9 52,860.8 45,248.7 27,397.3 18,852.8

2,560.0

10,240.6

D-47
2,047.1 30,973.5 1,807.5 21,642.7 202,235.9 73,346.8 1,796,277.0

12-31-2018 12-31-2019 12-31-2020 12-31-2021 12-31-2022

12-31-2023 12-31-2024 12-31-2025 12-31-2026 12-31-2027

12-31-2028 12-31-2029 12-31-2030 12-31-2031 12-31-2032 1,101,532.4 88,436.5 64,792.3 47,345.1 75,008.8 70,388.5

TOTAL

42,600.8

225,578.0

CUM PROD

217,084.4

1,248,305.9

ULTIMATE

259,685.2

1,473,883.9 BASED ON KRISENERGY PRICE AND COST PARAMETERS PRESENT WORTH PROFILE FOR 08 PCT, PRESENT WORTH M$ FOR 15 PCT, PRESENT WORTH M$ FOR 20 PCT, PRESENT WORTH M$ FOR 25 PCT, PRESENT WORTH M$ FOR 30 PCT, PRESENT WORTH M$ 71,378.9 67,881.3 65,403.4 63,011.5 60,735.4

TOTALS MAY NOT ADD BECAUSE OF ROUNDING.

(1)

NET TAXES INCLUDE COST REIMBURSEMENTS ASSOCIATED WITH LOCAL PARTICIPATION, TRAINING FEES, SPECIAL REMUNERATORY BENEFIT, AND INCOME TAXES.

Table V

All estimates and exhibits herein are part of this NSAI report and are subject to its parameters and conditions.

SUMMARY PROJECTION OF RESERVES AND REVENUE AS OF DECEMBER 31, 2012 CERTAIN PROPERTIES LOCATED OFFSHORE THAILAND AND INDONESIA AND ONSHORE BANGLADESH PROBABLE RESERVES NET RESERVES OIL (MBBL) 67.1 356.8 1,272.2 1,106.1 846.5 425.1 2,015.6 3,881.5 7,018.1 7,071.3 7,504.6 38,644.7 136,134.5 118,958.1 91,661.4 2,153.9 6,627.5 11,104.8 19,473.3 20,937.4 124,982.0 146,995.0 125,290.0 305,300.0 208,390.0 1,005.0 84,427.0 115,609.3 132,486.3 132,486.3 21,119.1 23,284.5 8,469.9 15,417.4 10,926.1 GAS (MMCF) OIL (M$) GAS (M$) NET INVSTMT (M$) GROSS REVENUE TO NET INTEREST GROSS (100%) INVSTMT (M$) GROSS (100%) OPERATING EXPENSE (M$)

KRISENERGY LTD INTEREST

GROSS RESERVES GAS (MMCF) 523.7 2,911.8 5,848.0 11,106.5 11,351.3

WORKING INTEREST RESERVES

PERIOD ENDING

OIL (MBBL)

GAS (MMCF)

OIL (MBBL)

NET OPERATING EXPENSE (M$) 46.6 8,411.9 16,155.8 21,047.2 21,047.2

NET TAXES(1) (M$) (1,079.0) 4,924.0 41,983.4 75,340.0 40,700.4

NET REVENUE (M$) (10,428.1) 8,651.8 80,630.1 26,626.8 39,925.1

CUM P.W. 10% (M$) (9,942.8) (2,443.6) 61,091.8 80,165.9 106,166.2

12-31-2013 12-31-2014 12-31-2015 12-31-2016 12-31-2017

1,684.5 4,282.2 9,176.8 10,114.1 10,140.6

8,625.9 21,674.5 32,033.1 57,431.7 70,389.8

79.3 422.0 1,562.8 1,350.5 1,019.5

D-48
519.6 400.2 267.0 178.1 120.9 65.3 538.1 61.7 508.7 6,915.4 3,026.3 320,100.0 3,311.7 3,418.7 2,237.2 1,468.7 985.7 457.9 356.5 241.5 163.6 112.4 2,976.0 3,069.1 2,035.8 1,357.7 923.0 51,352.5 39,966.8 27,072.7 18,348.0 12,606.6 17,617.7 18,261.4 12,104.7 8,067.7 5,486.5 375,970.0 235,970.0 0.0 0.0 0.0 93,586.4 7,553.8 64,780.3 828,346.2 248,349.1 3,486,047.0

12-31-2018 12-31-2019 12-31-2020 12-31-2021 12-31-2022

10,435.0 11,117.0 10,194.7 10,289.4 12,013.1

94,227.4 101,987.3 102,530.8 79,628.0 64,729.7

827.5 549.8 483.4 484.6 562.7

12,930.6 12,231.0 10,799.4 7,862.3 6,061.6

697.8 474.7 420.1 426.0 492.9

7,855.6 7,884.2 7,484.0 5,766.5 4,508.0

76,155.6 52,990.2 47,032.2 47,742.5 55,260.4

26,025.8 28,352.0 28,592.6 22,387.0 18,130.5

(102,630.0) 483,770.0 403,970.0 445,970.0 411,970.0

174,959.0 246,973.7 241,937.0 241,937.0 214,717.4 171,297.7 171,297.7 171,297.7 171,297.7 171,297.7 128,473.3

(4,249.1) 28,465.9 19,229.3 21,175.8 19,600.1 17,424.3 10,936.0 0.0 0.0 0.0 14,835.0

23,015.6 16,455.0 15,321.8 15,321.8 14,060.3 7,938.8 7,938.8 7,938.8 7,938.8 7,938.8 5,954.1

29,416.4 25,376.3 18,354.9 18,102.4 15,839.8 19,118.1 20,821.4 18,487.5 12,684.3 7,246.9 3,887.3

53,998.5 11,045.0 22,718.8 15,529.5 23,890.8 24,488.9 18,532.0 12,751.2 5,792.5 2,907.4 (14,734.7)

138,134.7 144,079.1 155,194.9 162,102.4 171,762.9 180,765.1 186,958.2 190,832.0 192,431.8 193,161.8 189,798.6

12-31-2023 12-31-2024 12-31-2025 12-31-2026 12-31-2027

11,211.6 8,634.8 5,761.3 3,842.0 2,609.3

71,457.1 73,765.9 48,272.5 31,689.8 21,267.8

12-31-2028 12-31-2029 12-31-2030 12-31-2031 12-31-2032

1,409.9

11,610.6

TOTAL

122,916.4

891,322.0

8,893.2

2,571,499.8

206,634.4

196,531.2

351,204.0

322,325.6

189,798.6

CUM PROD

22.0

124.9

ULTIMATE

122,938.4

891,446.9 BASED ON KRISENERGY PRICE AND COST PARAMETERS PRESENT WORTH PROFILE FOR 08 PCT, PRESENT WORTH M$ FOR 15 PCT, PRESENT WORTH M$ FOR 20 PCT, PRESENT WORTH M$ FOR 25 PCT, PRESENT WORTH M$ FOR 30 PCT, PRESENT WORTH M$ 209,127.2 151,429.4 123,338.7 102,210.1 85,933.8

TOTALS MAY NOT ADD BECAUSE OF ROUNDING.

(1)

NET TAXES INCLUDE COST REIMBURSEMENTS ASSOCIATED WITH LOCAL PARTICIPATION, TRAINING FEES, SPECIAL REMUNERATORY BENEFIT, AND INCOME TAXES.

Table VI

All estimates and exhibits herein are part of this NSAI report and are subject to its parameters and conditions.

SUMMARY PROJECTION OF RESERVES AND REVENUE AS OF DECEMBER 31, 2012 CERTAIN PROPERTIES LOCATED OFFSHORE THAILAND AND INDONESIA AND ONSHORE BANGLADESH PROVED + PROBABLE (2P) RESERVES NET RESERVES OIL (MBBL) 523.3 757.1 1,646.9 1,377.7 1,040.8 808.2 474.7 420.1 426.0 492.9 457.9 356.5 241.5 163.6 112.4 61.7 508.7 6,915.4 3,026.3 320,100.0 2,976.0 3,069.1 2,035.8 1,357.7 923.0 51,352.5 39,966.8 27,072.7 18,348.0 12,606.6 17,617.7 18,261.4 12,104.7 8,067.7 5,486.5 375,970.0 235,970.0 0.0 0.0 0.0 8,304.8 7,884.2 7,484.0 5,766.5 4,508.0 88,509.2 52,990.2 47,032.2 47,742.5 55,260.4 28,723.9 28,352.0 28,592.6 22,387.0 18,130.5 452,770.0 483,770.0 403,970.0 445,970.0 411,970.0 302,377.0 246,973.7 241,937.0 241,937.0 214,717.4 171,297.7 171,297.7 171,297.7 171,297.7 171,297.7 128,473.3 8,564.1 8,419.7 8,530.9 8,196.9 7,893.6 58,530.4 83,431.3 178,062.4 149,353.1 113,408.3 27,005.9 25,381.3 26,130.1 26,552.0 25,876.2 451,059.0 426,358.0 430,127.0 470,600.0 373,690.0 253,169.0 282,768.3 299,437.0 302,377.0 302,377.0 38,363.9 38,018.6 23,865.9 23,078.2 18,586.9 21,490.9 28,465.9 19,229.3 21,175.8 19,600.1 17,424.3 10,936.0 0.0 0.0 0.0 14,835.0 GAS (MMCF) OIL (M$) GAS (M$) NET INVSTMT (M$) GROSS REVENUE TO NET INTEREST GROSS (100%) INVSTMT (M$) GROSS (100%) OPERATING EXPENSE (M$) NET OPERATING EXPENSE (M$) 17,256.5 21,713.2 28,784.5 28,920.8 28,920.8 28,920.8 16,455.0 15,321.8 15,321.8 14,060.3 7,938.8 7,938.8 7,938.8 7,938.8 7,938.8 5,954.1

KRISENERGY LTD INTEREST

GROSS RESERVES GAS (MMCF) 12,554.0 12,479.4 12,605.6 12,376.3 12,225.1 13,405.2 12,231.0 10,799.4 7,862.3 6,061.6 3,311.7 3,418.7 2,237.2 1,468.7 985.7 538.1

WORKING INTEREST RESERVES

PERIOD ENDING 607.4 881.2 1,989.4 1,651.9 1,232.6 946.2 549.8 483.4 484.6 562.7 519.6 400.2 267.0 178.1 120.9 65.3

OIL (MBBL)

GAS (MMCF)

OIL (MBBL)

NET TAXES(1) (M$) (577.0) 18,651.5 53,592.8 84,791.3 47,442.9 34,728.8 25,376.3 18,354.9 18,102.4 15,839.8 19,118.1 20,821.4 18,487.5 12,684.3 7,246.9 3,887.3

NET REVENUE (M$) 30,493.0 30,429.3 97,949.4 39,114.8 44,333.8 32,092.6 11,045.0 22,718.8 15,529.5 23,890.8 24,488.9 18,532.0 12,751.2 5,792.5 2,907.4 (14,734.7)

CUM P.W. 10% (M$) 29,073.9 55,449.6 132,632.3 160,652.2 189,523.6 208,523.2 214,467.7 225,583.5 232,491.0 242,151.5 251,153.6 257,346.7 261,220.6 262,820.4 263,550.3 260,187.1

12-31-2013 12-31-2014 12-31-2015 12-31-2016 12-31-2017

12,302.6 13,712.3 18,067.3 16,617.6 14,739.2

79,603.9 74,535.3 77,281.8 84,829.0 89,242.6

12-31-2018 12-31-2019 12-31-2020 12-31-2021 12-31-2022

12,995.0 11,117.0 10,194.7 10,289.4 12,013.1

104,468.0 101,987.3 102,530.8 79,628.0 64,729.7

D-49
124,559.9 9,361.3 86,423.0 1,030,582.1 321,695.8 5,282,324.0

12-31-2023 12-31-2024 12-31-2025 12-31-2026 12-31-2027

11,211.6 8,634.8 5,761.3 3,842.0 2,609.3

71,457.1 73,765.9 48,272.5 31,689.8 21,267.8

12-31-2028 12-31-2029 12-31-2030 12-31-2031 12-31-2032

1,409.9

11,610.6

TOTAL

165,517.2

1,116,900.0

10,940.3

3,673,032.2

295,070.9

261,323.6

398,549.1

397,334.4

260,187.1

CUM PROD

217,106.4

1,248,430.8

ULTIMATE

382,623.6

2,365,330.8 BASED ON KRISENERGY PRICE AND COST PARAMETERS PRESENT WORTH PROFILE FOR 08 PCT, PRESENT WORTH M$ FOR 15 PCT, PRESENT WORTH M$ FOR 20 PCT, PRESENT WORTH M$ FOR 25 PCT, PRESENT WORTH M$ FOR 30 PCT, PRESENT WORTH M$ 280,506.1 219,310.8 188,742.1 165,221.6 146,669.2

TOTALS MAY NOT ADD BECAUSE OF ROUNDING.

(1)

NET TAXES INCLUDE COST REIMBURSEMENTS ASSOCIATED WITH LOCAL PARTICIPATION, TRAINING FEES, SPECIAL REMUNERATORY BENEFIT, AND INCOME TAXES.

Table VII

All estimates and exhibits herein are part of this NSAI report and are subject to its parameters and conditions.

SUMMARY PROJECTION OF RESERVES AND REVENUE AS OF DECEMBER 31, 2012 CERTAIN PROPERTIES LOCATED OFFSHORE THAILAND AND INDONESIA AND ONSHORE BANGLADESH POSSIBLE RESERVES NET RESERVES OIL (MBBL) 20.6 50.2 137.9 330.4 362.3 99.1 180.2 235.6 713.5 914.6 2,305.3 5,610.5 15,066.4 35,597.5 39,026.4 583.1 1,046.8 1,373.6 2,711.9 3,223.3 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 GAS (MMCF) OIL (M$) GAS (M$) NET INVSTMT (M$) GROSS REVENUE TO NET INTEREST GROSS (100%) INVSTMT (M$) GROSS (100%) OPERATING EXPENSE (M$)

KRISENERGY LTD INTEREST

GROSS RESERVES GAS (MMCF) 113.5 206.3 269.8 1,033.2 2,118.7

WORKING INTEREST RESERVES

PERIOD ENDING 24.4 59.1 168.9 419.7 449.2

OIL (MBBL)

GAS (MMCF)

OIL (MBBL)

NET OPERATING EXPENSE (M$) 0.0 0.0 0.0 0.0 0.0

NET TAXES(1) (M$) 521.1 2,705.8 9,237.8 25,424.6 28,367.4

NET REVENUE (M$) 2,367.3 3,951.5 7,202.3 12,884.9 13,882.3

CUM P.W. 10% (M$) 2,257.1 5,682.2 11,357.5 20,587.6 29,628.1

12-31-2013 12-31-2014 12-31-2015 12-31-2016 12-31-2017

506.5 1,274.3 2,160.2 3,423.8 3,605.6

2,230.6 4,450.8 5,809.0 9,688.5 13,732.6

D-50
145.0 149.1 132.9 98.7 76.4 41.1 517.4 37.8 477.3 4,229.4 2,861.2 0.0 6,933.5 6,584.8 6,144.9 5,105.1 4,163.5 116.2 123.3 111.6 83.3 65.4 4,360.5 4,475.0 4,301.7 3,531.3 2,859.1 13,008.2 13,800.7 12,490.5 9,315.0 7,311.8 12,270.2 14,735.6 15,562.2 12,085.7 9,398.3 36,000.0 142,000.0 2,000.0 2,000.0 2,000.0 52,554.8 2,937.9 30,982.9 319,809.3 103,902.6 218,000.0

12-31-2018 12-31-2019 12-31-2020 12-31-2021 12-31-2022

3,543.6 4,166.2 3,583.4 2,412.1 3,041.3

21,013.6 21,695.3 21,989.2 22,697.7 23,404.9

427.1 601.6 479.2 162.9 150.3

3,288.7 3,704.2 3,910.3 4,251.9 4,208.9

347.1 501.9 400.9 129.6 119.5

1,400.0 1,519.4 1,577.6 1,970.6 2,367.5

37,415.2 53,875.0 43,104.2 14,275.0 13,378.3

4,912.7 5,064.6 5,132.6 5,993.4 6,947.3

0.0 (31,000.0) 0.0 31,000.0 34,000.0

0.0 55,403.3 60,440.0 10,073.3 22,683.0 16,200.0 15,800.0 15,000.0 15,000.0 15,000.0 14,274.9

0.0 (6,975.0) 0.0 6,975.0 1,575.7 2,175.7 7,088.3 600.0 600.0 600.0 0.0

0.0 12,465.7 13,599.0 2,266.5 1,051.2 4,860.0 4,740.0 4,500.0 4,500.0 4,500.0 661.6

26,164.2 19,311.6 19,371.1 13,343.2 5,980.3 7,286.1 7,704.4 7,122.9 10,110.6 7,187.9 5,299.7

16,163.8 34,137.2 15,266.6 (2,316.3) 11,718.3 10,956.6 9,003.6 15,829.8 6,190.1 4,422.2 1,129.3

39,197.5 57,570.3 65,039.9 64,009.7 68,748.1 72,775.7 75,784.6 80,593.7 82,303.3 83,413.6 83,671.4

12-31-2023 12-31-2024 12-31-2025 12-31-2026 12-31-2027

2,833.8 2,956.6 2,633.1 1,918.3 1,461.1

35,942.3 47,486.2 52,488.6 39,020.5 29,257.8

12-31-2028 12-31-2029 12-31-2030 12-31-2031 12-31-2032

887.9

11,164.8

TOTAL

40,407.8

362,072.5

3,585.5

239,874.5

12,639.8

53,144.0

195,138.6

162,789.5

83,671.4

CUM PROD

5.3

43.8

ULTIMATE

40,413.2

362,116.3 BASED ON KRISENERGY PRICE AND COST PARAMETERS PRESENT WORTH PROFILE FOR 08 PCT, PRESENT WORTH M$ FOR 15 PCT, PRESENT WORTH M$ FOR 20 PCT, PRESENT WORTH M$ FOR 25 PCT, PRESENT WORTH M$ FOR 30 PCT, PRESENT WORTH M$ 94,324.9 63,539.6 49,740.1 39,949.3 32,792.5

TOTALS MAY NOT ADD BECAUSE OF ROUNDING.

(1)

NET TAXES INCLUDE COST REIMBURSEMENTS ASSOCIATED WITH LOCAL PARTICIPATION, TRAINING FEES, SPECIAL REMUNERATORY BENEFIT, AND INCOME TAXES.

Table VIII

All estimates and exhibits herein are part of this NSAI report and are subject to its parameters and conditions.

SUMMARY PROJECTION OF RESERVES AND REVENUE AS OF DECEMBER 31, 2012 CERTAIN PROPERTIES LOCATED OFFSHORE THAILAND AND INDONESIA AND ONSHORE BANGLADESH PROVED + PROBABLE + POSSIBLE (3P) RESERVES NET RESERVES OIL (MBBL) 543.9 807.3 1,784.9 1,708.1 1,403.1 8,663.2 8,599.9 8,766.4 8,910.3 8,808.2 60,835.7 89,041.8 193,128.8 184,950.6 152,434.7 27,589.0 26,428.1 27,503.8 29,263.9 29,099.5 451,059.0 426,358.0 430,127.0 470,600.0 373,690.0 253,169.0 282,768.3 299,437.0 302,377.0 302,377.0 38,363.9 38,018.6 23,865.9 23,078.2 18,586.9 GAS (MMCF) OIL (M$) GAS (M$) NET INVSTMT (M$) GROSS REVENUE TO NET INTEREST GROSS (100%) INVSTMT (M$) GROSS (100%) OPERATING EXPENSE (M$)

KRISENERGY LTD INTEREST

GROSS RESERVES GAS (MMCF) 12,667.5 12,685.7 12,875.5 13,409.5 14,343.8

WORKING INTEREST RESERVES

PERIOD ENDING 631.8 940.3 2,158.3 2,071.6 1,681.8

OIL (MBBL)

GAS (MMCF)

OIL (MBBL)

NET OPERATING EXPENSE (M$) 17,256.5 21,713.2 28,784.5 28,920.8 28,920.8

NET TAXES(1) (M$) (55.9) 21,357.2 62,830.6 110,215.8 75,810.3

NET REVENUE (M$) 32,860.3 34,380.8 105,151.6 51,999.7 58,216.2

CUM P.W. 10% (M$) 31,331.1 61,131.8 143,989.8 181,239.8 219,151.8

12-31-2013 12-31-2014 12-31-2015 12-31-2016 12-31-2017

12,809.1 14,986.6 20,227.5 20,041.3 18,344.8

81,834.5 78,986.1 83,090.8 94,517.5 102,975.2

D-51
664.6 549.3 399.9 276.7 197.4 106.5 1,055.5 99.4 986.0 11,144.8 5,887.5 10,245.2 10,003.4 8,382.1 6,573.8 5,149.1 574.1 479.8 353.1 246.9 177.8 7,336.4 7,544.1 6,337.4 4,889.1 3,782.1 64,360.7 53,767.5 39,563.2 27,663.0 19,918.4 29,887.9 32,997.0 27,666.9 20,153.4 14,884.8 411,970.0 377,970.0 2,000.0 2,000.0 2,000.0 320,100.0 177,114.7 12,299.2 117,405.9 1,350,391.4 425,598.4 5,500,324.0

12-31-2018 12-31-2019 12-31-2020 12-31-2021 12-31-2022

16,538.6 15,283.2 13,778.1 12,701.5 15,054.5

125,481.6 123,682.6 124,520.0 102,325.7 88,134.6

1,373.3 1,151.4 962.6 647.4 713.0

16,693.9 15,935.2 14,709.7 12,114.2 10,270.5

1,155.3 976.6 820.9 555.6 612.3

9,704.7 9,403.5 9,061.7 7,737.1 6,875.5

125,924.4 106,865.1 90,136.4 62,017.5 68,638.7

33,636.7 33,416.7 33,725.1 28,380.4 25,077.8

452,770.0 452,770.0 403,970.0 476,970.0 445,970.0

302,377.0 302,377.0 302,377.0 252,010.3 237,400.4 187,497.7 187,097.7 186,297.7 186,297.7 186,297.7 142,748.2

21,490.9 21,490.9 19,229.3 28,150.8 21,175.8 19,600.1 18,024.3 600.0 600.0 600.0 14,835.0

28,920.8 28,920.8 28,920.8 17,588.3 15,111.5 12,798.8 12,678.8 12,438.8 12,438.8 12,438.8 6,615.7

60,893.0 44,687.9 37,726.0 31,445.6 21,820.1 26,404.2 28,525.7 25,610.3 22,795.0 14,434.8 9,187.0

48,256.4 45,182.2 37,985.4 13,213.2 35,609.1 35,445.5 27,535.6 28,581.0 11,982.6 7,329.6 (13,605.3)

247,720.8 272,038.0 290,623.4 296,500.6 310,899.6 323,929.4 333,131.3 341,814.3 345,123.7 346,964.0 343,858.5

12-31-2023 12-31-2024 12-31-2025 12-31-2026 12-31-2027

14,045.5 11,591.4 8,394.3 5,760.4 4,070.5

107,399.4 121,252.1 100,761.1 70,710.3 50,525.6

12-31-2028 12-31-2029 12-31-2030 12-31-2031 12-31-2032

2,297.8

22,775.4

TOTAL

205,925.0

1,478,972.5

14,525.8

3,912,906.7

307,710.6

314,467.6

593,687.7

560,123.9

343,858.5

CUM PROD

217,111.8

1,248,474.6

ULTIMATE

423,036.8

2,727,447.1 BASED ON KRISENERGY PRICE AND COST PARAMETERS PRESENT WORTH PROFILE FOR 08 PCT, PRESENT WORTH M$ FOR 15 PCT, PRESENT WORTH M$ FOR 20 PCT, PRESENT WORTH M$ FOR 25 PCT, PRESENT WORTH M$ FOR 30 PCT, PRESENT WORTH M$ 374,831.0 282,850.3 238,482.1 205,170.9 179,461.6

TOTALS MAY NOT ADD BECAUSE OF ROUNDING.

(1)

NET TAXES INCLUDE COST REIMBURSEMENTS ASSOCIATED WITH LOCAL PARTICIPATION, TRAINING FEES, SPECIAL REMUNERATORY BENEFIT, AND INCOME TAXES.

Table IX

All estimates and exhibits herein are part of this NSAI report and are subject to its parameters and conditions.

SUMMARY PROJECTION OF RESOURCES AND CASH FLOW AS OF DECEMBER 31, 2012 CERTAIN PROPERTIES LOCATED OFFSHORE THAILAND, INDONESIA, AND CAMBODIA LOW ESTIMATE (1C) CONTINGENT RESOURCES DEVELOPMENT PENDING NET RESOURCES OIL (MBBL) 0.0 0.0 0.0 157.1 943.0 766.6 159.7 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 4,705.1 4,680.8 4,387.0 3,343.9 2,364.6 0.0 0.0 0.0 0.0 0.0 25,827.5 26,465.4 25,527.4 20,038.5 14,568.4 0.0 0.0 0.0 0.0 15,000.0 30,000.0 30,000.0 30,000.0 30,000.0 27,500.0 6,196.5 6,196.5 6,196.5 5,550.9 4,730.0 81,538.4 16,985.6 0.0 0.0 0.0 29,341.0 30,221.6 31,128.1 28,721.4 25,208.3 0.0 30,000.0 0.0 0.0 0.0 127,815.0 61,735.0 30,000.0 30,000.0 30,000.0 0.0 8,062.5 0.0 0.0 0.0 0.0 0.0 0.0 0.0 5,737.5 0.0 0.0 0.0 475.9 5,711.5 0.0 0.0 0.0 16,706.6 100,307.0 0.0 0.0 0.0 2,171.5 26,273.6 50,800.0 60,200.0 123,200.0 211,250.0 1,500.0 0.0 0.0 0.0 38,468.8 127,815.0 15,145.0 16,685.0 36,362.8 65,825.4 573.8 GAS (MMCF) OIL (M$) GAS (M$) NET INVSTMT (M$) GROSS REVENUE TO NET INTEREST GROSS (100%) INVSTMT (M$) GROSS (100%) OPERATING EXPENSE (M$)

KRISENERGY LTD INTEREST

GROSS RESOURCES GAS (MMCF) 0.0 0.0 0.0 587.5 7,051.3 7,650.0 7,650.0 7,650.0 7,650.0 7,650.0 7,650.0 7,650.0 7,114.8 5,099.4 3,309.5

WORKING INTEREST RESOURCES

PERIOD ENDING

OIL (MBBL)

GAS (MMCF)

OIL (MBBL)

NET OPERATING EXPENSE (M$) 0.0 0.0 0.0 9,861.3 36,408.6 36,408.6 19,800.2 11,475.0 11,475.0 11,475.0 11,475.0 11,475.0 11,475.0 11,475.0 10,518.8

NET TAXES(1) (M$) 2,399.2 (3,475.2) 2,655.4 12,349.7 (2,984.3) 13,656.6 8,695.0 (562.9) 2,679.2 5,960.8 6,233.2 6,513.9 6,101.2 3,686.1 1,753.5

NET CASH FLOW (M$) (17,544.2) (13,209.8) (39,018.1) (69,158.3) 92,582.6 60,814.3 10,649.4 20,216.0 14,567.2 7,772.4 8,119.3 8,476.4 7,951.2 4,877.4 (3,441.4)

CUM CASH FLOW DISC AT 10% (M$) (16,727.8) (28,177.8) (58,923.5) (108,465.2) (48,172.8) (12,169.2) (6,437.7) 3,453.6 9,933.0 13,075.9 16,060.5 18,893.2 21,308.8 22,655.9 21,791.8

12-31-2013 12-31-2014 12-31-2015 12-31-2016 12-31-2017

0.0 0.0 0.0 788.9 3,955.9

0.0 0.0 0.0 1,382.4 16,591.2

0.0 0.0 0.0 187.4 1,054.3

D-52
0.0 0.0 0.0 0.0 0.0 76,712.5 2,026.3 54,539.2 215,537.5 285,492.6 491,950.0

12-31-2018 12-31-2019 12-31-2020 12-31-2021 12-31-2022

3,180.4 674.8 0.0 0.0 0.0

18,000.0 18,000.0 18,000.0 18,000.0 18,000.0

853.5 178.5 0.0 0.0 0.0

12-31-2023 12-31-2024 12-31-2025 12-31-2026 12-31-2027

0.0 0.0 0.0 0.0 0.0

18,000.0 18,000.0 16,740.7 11,998.6 7,787.1

12-31-2028 12-31-2029 12-31-2030 12-31-2031 12-31-2032 593,333.8 148,391.9 193,322.4 65,661.5 93,654.3 21,791.8

TOTAL

8,600.0

180,500.0

2,273.8

CUM PROD

0.0

0.0

ULTIMATE

8,600.0

180,500.0 BASED ON KRISENERGY PRICE AND COST PARAMETERS DISCOUNTED CASH FLOW PROFILE FOR 08 PCT, PRESENT WORTH M$ FOR 15 PCT, PRESENT WORTH M$ FOR 20 PCT, PRESENT WORTH M$ FOR 25 PCT, PRESENT WORTH M$ FOR 30 PCT, PRESENT WORTH M$ 31,516.9 3,692.4 (8,168.4) (15,976.0) (21,096.2)

TOTALS MAY NOT ADD BECAUSE OF ROUNDING.

(1)

NET TAXES INCLUDE COST REIMBURSEMENTS ASSOCIATED WITH LOCAL PARTICIPATION, SPECIAL REMUNERATORY BENEFIT, AND INCOME TAXES.

Table X

All estimates and exhibits herein are part of this NSAI report and are subject to its parameters and conditions.

SUMMARY PROJECTION OF RESOURCES AND CASH FLOW AS OF DECEMBER 31, 2012 CERTAIN PROPERTIES LOCATED OFFSHORE THAILAND, INDONESIA, AND CAMBODIA BEST ESTIMATE (2C) CONTINGENT RESOURCES DEVELOPMENT PENDING NET RESOURCES OIL (MBBL) 0.0 0.0 357.7 938.1 2,377.5 2,123.5 1,382.3 594.4 4.5 4.4 3.3 2.3 1.6 1.0 0.0 0.0 401.4 0.0 2,535.6 15,000.0 7,642.5 7,147.6 5,820.3 4,324.7 2,703.8 345.9 241.8 169.0 109.7 0.0 45,203.1 42,926.7 35,857.0 27,403.4 16,689.2 0.0 0.0 0.0 15,000.0 0.0 13,529.1 13,424.0 10,122.8 9,278.3 8,384.7 221,935.2 144,530.0 62,596.9 483.7 467.0 69,983.7 71,404.4 54,843.2 52,102.3 48,749.1 0.0 15,000.0 45,000.0 0.0 7,500.0 176,255.0 212,505.0 143,940.8 43,000.0 40,750.0 40,000.0 40,000.0 40,000.0 39,166.7 30,000.0 5,000.0 0.0 3,375.0 11,437.5 0.0 3,375.0 0.0 0.0 0.0 7,371.0 0.0 5,737.5 0.0 0.0 302.2 4,328.8 12,830.6 0.0 0.0 36,460.0 96,501.9 247,999.5 0.0 0.0 1,776.9 24,567.1 64,758.1 74,100.0 110,200.0 288,333.3 338,000.0 1,500.0 0.0 0.0 22,793.3 79,658.8 176,255.0 21,752.8 31,392.8 91,724.7 99,012.9 573.8 GAS (MMCF) OIL (M$) GAS (M$) NET INVSTMT (M$) GROSS REVENUE TO NET INTEREST GROSS (100%) INVSTMT (M$) GROSS (100%) OPERATING EXPENSE (M$)

KRISENERGY LTD INTEREST

GROSS RESOURCES GAS (MMCF) 0.0 0.0 373.1 5,341.4 15,823.6 16,685.9 16,685.0 16,314.9 15,787.9 14,661.8 13,242.8 12,188.0 9,529.4 6,602.9 3,883.3 499.0

WORKING INTEREST RESOURCES

PERIOD ENDING 0.0 0.0 423.5 1,134.8 2,798.3 2,498.7 1,677.3 668.8 5.6 5.4 4.0 2.8 2.0 1.3 0.0 0.0

OIL (MBBL)

GAS (MMCF)

OIL (MBBL)

NET OPERATING EXPENSE (M$) 0.0 0.0 5,794.5 21,961.8 50,646.6 50,646.6 60,377.8 43,961.8 17,739.0 16,726.5 16,389.0 16,389.0 16,389.0 15,979.5 11,475.0 1,912.5

NET TAXES(1) (M$) 669.7 (11,166.9) 3,352.4 28,474.6 73,122.4 101,203.9 60,868.6 39,165.5 22,006.9 13,675.8 12,440.6 11,438.9 8,328.3 4,928.1 2,228.6 165.7

CUM NET CASH FLOW CASH FLOW DISC AT 10% (M$) (M$) (22,422.5) (20,225.9) (62,634.8) (28,380.2) 188,415.0 140,068.4 91,313.0 22,875.4 12,840.1 15,438.8 16,719.5 15,340.5 11,308.7 (765.5) 2,985.6 (5,280.1) (21,379.1) (38,910.6) (88,265.9) (108,596.1) 14,105.0 97,029.0 146,174.1 157,366.5 163,077.7 169,320.6 175,466.7 180,593.2 184,028.8 183,817.4 184,567.0 183,361.8

12-31-2013 12-31-2014 12-31-2015 12-31-2016 12-31-2017

0.0 0.0 1,693.1 4,576.2 10,828.7

0.0 0.0 683.3 10,171.9 34,030.9

D-53
9,222.4 147,618.8 7,790.4 100,240.8 811,840.4 558,799.9 909,633.3

12-31-2018 12-31-2019 12-31-2020 12-31-2021 12-31-2022

9,552.9 6,389.9 2,458.6 10.3 9.9

36,060.0 36,058.1 35,317.8 34,263.9 32,039.1

12-31-2023 12-31-2024 12-31-2025 12-31-2026 12-31-2027

7.4 5.1 3.6 2.3 0.0

29,400.0 27,447.9 21,562.8 14,978.0 9,137.2

12-31-2028 12-31-2029 12-31-2030 12-31-2031 12-31-2032

0.0

1,174.1

TOTAL

35,538.1

322,325.0

1,089,324.6

275,753.0

346,388.6

370,902.9

377,595.9

183,361.8

CUM PROD

0.0

0.0

ULTIMATE

35,538.1

322,325.0 BASED ON KRISENERGY PRICE AND COST PARAMETERS DISCOUNTED CASH FLOW PROFILE FOR 08 PCT, PRESENT WORTH M$ FOR 15 PCT, PRESENT WORTH M$ FOR 20 PCT, PRESENT WORTH M$ FOR 25 PCT, PRESENT WORTH M$ FOR 30 PCT, PRESENT WORTH M$ 211,575.6 127,929.7 88,321.2 59,574.7 38,439.8

TOTALS MAY NOT ADD BECAUSE OF ROUNDING.

(1)

NET TAXES INCLUDE COST REIMBURSEMENTS ASSOCIATED WITH LOCAL PARTICIPATION, SPECIAL REMUNERATORY BENEFIT, AND INCOME TAXES.

Table XI

All estimates and exhibits herein are part of this NSAI report and are subject to its parameters and conditions.

SUMMARY PROJECTION OF RESOURCES AND CASH FLOW AS OF DECEMBER 31, 2012 CERTAIN PROPERTIES LOCATED OFFSHORE THAILAND, INDONESIA, AND CAMBODIA HIGH ESTIMATE (3C) CONTINGENT RESOURCES DEVELOPMENT PENDING NET RESOURCES OIL (MBBL) 0.0 0.0 440.4 1,207.3 3,120.1 3,034.6 2,540.2 1,842.2 1,222.4 497.6 187.1 5.8 4.3 3.0 2.1 1.5 0.6 1,747.2 458.2 157.0 69.0 13,009.8 3,957.0 15,000.0 15,000.0 11,629.7 10,865.5 8,160.0 6,049.3 4,121.0 19,897.1 613.4 455.7 319.4 224.0 69,054.9 66,576.6 51,589.4 39,394.1 27,875.6 15,000.0 0.0 0.0 0.0 7,500.0 16,128.0 14,572.9 12,113.8 11,709.8 11,669.1 316,987.8 266,105.8 193,633.3 128,830.7 52,931.7 82,575.1 77,009.2 65,679.3 65,540.8 67,271.7 0.0 0.0 15,000.0 30,000.0 0.0 176,255.0 186,255.0 183,338.3 201,218.3 93,440.0 68,220.0 43,000.0 43,000.0 43,000.0 40,250.0 20,000.0 5,833.3 0.0 0.0 3,375.0 6,937.5 0.0 4,500.0 0.0 0.0 0.0 3,375.0 5,737.5 7,371.0 0.0 0.0 322.0 5,256.9 16,318.2 0.0 0.0 44,897.5 124,092.5 325,414.8 0.0 0.0 1,893.4 29,954.4 82,239.0 74,100.0 110,200.0 288,333.3 338,000.0 1,500.0 0.0 0.0 22,793.3 79,658.8 176,255.0 21,752.8 31,392.8 91,724.7 99,012.9 573.8 GAS (MMCF) OIL (M$) GAS (M$) NET INVSTMT (M$) GROSS REVENUE TO NET INTEREST GROSS (100%) INVSTMT (M$) GROSS (100%) OPERATING EXPENSE (M$)

KRISENERGY LTD INTEREST

GROSS RESOURCES GAS (MMCF) 0.0 0.0 397.5 6,486.7 20,124.4 21,346.8 21,346.8 21,346.8 21,346.8 21,346.8 21,346.8 19,863.5 14,349.9 10,048.1 6,327.6 2,549.4 640.0

WORKING INTEREST RESOURCES

PERIOD ENDING

OIL (MBBL)

GAS (MMCF)

OIL (MBBL)

NET OPERATING EXPENSE (M$) 0.0 0.0 5,794.5 21,961.8 50,646.6 50,646.6 54,471.6 53,815.3 57,838.3 32,871.0 25,305.0 17,739.0 17,739.0 17,739.0 16,501.5 8,739.0 2,866.5

NET TAXES(1) (M$) 669.7 (11,166.9) 3,352.4 49,028.1 117,065.5 182,369.7 161,016.2 121,195.2 79,316.0 51,189.5 37,033.0 25,995.6 14,601.9 9,236.0 4,791.2 1,674.1 468.3

NET CASH FLOW (M$) (22,422.5) (20,225.9) (54,080.7) (15,955.9) 239,368.0 166,546.7 127,627.3 80,927.1 50,279.7 36,142.9 22,114.1 23,455.4 19,704.1 12,738.4 3,431.9 (2,983.8) (6,679.8)

CUM CASH FLOW DISC AT 10% (M$) (21,379.1) (38,910.6) (81,525.4) (92,955.4) 62,927.7 161,527.5 230,217.1 269,812.9 292,177.2 306,791.9 314,921.1 322,759.5 328,745.6 332,263.8 333,125.5 332,444.4 331,058.3

12-31-2013 12-31-2014 12-31-2015 12-31-2016 12-31-2017

0.0 0.0 2,099.3 5,949.5 14,268.2

0.0 0.0 728.1 12,304.4 43,323.9

0.0 0.0 525.1 1,476.8 3,694.9

D-54
1.8 0.8 208,868.0 14,109.1 131,121.6 1,474,629.8 743,620.3 909,633.3

12-31-2018 12-31-2019 12-31-2020 12-31-2021 12-31-2022

14,436.8 11,901.9 8,253.9 5,258.3 1,745.6

46,200.0 46,200.0 46,200.0 46,200.0 46,200.0

3,784.2 3,157.5 2,221.8 1,425.3 527.0

12-31-2023 12-31-2024 12-31-2025 12-31-2026 12-31-2027

646.9 13.0 9.7 6.8 4.8

46,200.0 42,953.3 30,989.6 21,698.9 13,776.9

197.4 7.1 5.3 3.7 2.6

12-31-2028 12-31-2029 12-31-2030 12-31-2031 12-31-2032

3.3 1.5

5,238.2 1,172.1

TOTAL

64,599.5

449,385.3

17,031.4

1,382,517.0

275,753.0

434,674.6

847,835.6

659,986.8

331,058.3

CUM PROD

0.0

0.0

ULTIMATE

64,599.5

449,385.3 BASED ON KRISENERGY PRICE AND COST PARAMETERS DISCOUNTED CASH FLOW PROFILE FOR 08 PCT, PRESENT WORTH M$ FOR 15 PCT, PRESENT WORTH M$ FOR 20 PCT, PRESENT WORTH M$ FOR 25 PCT, PRESENT WORTH M$ FOR 30 PCT, PRESENT WORTH M$ 378,251.8 238,949.3 173,597.8 126,339.0 91,599.4

TOTALS MAY NOT ADD BECAUSE OF ROUNDING.

(1)

NET TAXES INCLUDE COST REIMBURSEMENTS ASSOCIATED WITH LOCAL PARTICIPATION, SPECIAL REMUNERATORY BENEFIT, AND INCOME TAXES.

Table XII

All estimates and exhibits herein are part of this NSAI report and are subject to its parameters and conditions.

EXECUTIVE SUMMARY KRISENERGY LTD PROPERTIES LOCATED OFFSHORE THAILAND, INDONESIA, CAMBODIA, AND VIETNAM AND ONSHORE BANGLADESH 1.1 SCOPE OF PROJECT
As requested, we have estimated the proved, probable, and possible reserves and future revenue, as of December 31, 2012, to the KrisEnergy Ltd (KrisEnergy) interest in certain oil and gas properties located in Blocks B8/32 and B9A and Nong Yao Field, offshore Thailand; Kambuna Field, offshore Indonesia; and Bangora Field, onshore Bangladesh. Also as requested, we have estimated the development pending contingent resources and cash flow, as of December 31, 2012, to the KrisEnergy interest in certain discoveries located offshore Thailand, Indonesia, and Cambodia; the development unclarified contingent resources, as of December 31, 2012, to the KrisEnergy working interest in certain other discoveries located in offshore Thailand, Indonesia, and Cambodia and onshore Bangladesh; and the prospective resources, as of December 31, 2012, to the KrisEnergy working interest in prospects and leads located in offshore Thailand, Indonesia, Cambodia, and Vietnam and onshore Bangladesh. It is our understanding that KrisEnergy executed a share sale purchase agreement on April 8, 2013, to acquire a 30 percent working interest and operatorship in Block 9, onshore Bangladesh. The acquisition is contingent upon the approval of the Bangladesh Oil, Gas & Mineral Corporation (Petrobangla) and will have a retroactive effective date of January 1, 2013. As requested, the KrisEnergy interest shown in this report for the Bangladesh properties is the interest expected to be owned when all approvals are finalized. It is also our understanding that KrisEnergy signed a farm-out agreement on March 15, 2013, to acquire a 30 percent working interest and operatorship in Block G6/48, offshore Thailand. The transaction is pending approval by the Thailand government and will have a retroactive effective date of January 1, 2013. As requested, the KrisEnergy interest shown in this report for Block G6/48 is the interest expected to be owned when all approvals are finalized. A list of KrisEnergys assets included in this report is shown on Table I. The location of KrisEnergys assets are shown on the location map in Figure 1.6.1. Additional location maps identifying these project areas and licenses are included in the respective technical discussion sections. Reserves, contingent resources, and prospective resources by asset are included in the tables following the definitions and in the technical discussions. It should be understood that a majority of the volumes estimated in this report are classified as contingent or prospective resources and, as such, are subject to greater technical and commercial risk than reserves.

1.2

BASIS OF REPORT
The estimates in this report have been prepared in accordance with the definitions and guidelines set forth in the 2007 Petroleum Resources Management System (PRMS) approved by the Society of Petroleum Engineers (SPE). As presented in the 2007 PRMS, petroleum accumulations can be classified, in decreasing order of likelihood of commerciality, as reserves, contingent resources, or prospective resources. Different classifications of petroleum accumulations have varying degrees of technical and commercial risk that are difficult to quantify; thus reserves, contingent resources, and prospective resources should not be aggregated without extensive consideration of these factors.

Page 1 D-55

1.3

DATA SOURCES AND AVAILABILITY

KrisEnergy provided a comprehensive technical database for our assessment and allowed full access to its technical staff through email, teleconferences, and a series of meetings held between October 2012 and April 2013. Data provided included:

Historical monthly oil, gas, and water production data by well Most recent operating committee meeting (OCM) and technical committee meeting (TCM) presentations available through October 2012 Seismic data Well logs for all new discoveries and other pertinent wells Modular dynamic test (MDT), repeat formation test (RFT), and express pressure test (XPT) pressure and temperature data Available flowing well test data for new discovery wells Hydrocarbon sample data and pressure-volume-temperature (PVT) analysis Summaries of fiscal terms for all assets Operator records and budgets for operating expenses (OPEX) and capital expenditures (CAPEX) for all new developments Historical monthly hydrocarbon pricing data for producing properties KrisEnergy cash flow economics models

Additional data specific to each asset is listed in the technical discussion for each asset. The review and analysis of the information provided enabled us to make our assessments of the reserves, contingent resources, and prospective resources of the company.

1.4

EVALUATION METHODOLOGY 1.4.1 1.4.1.1 PETROPHYSICAL EVALUATION Clastic Reservoirs

The petrophysical evaluation of each clastic reservoir was carried out with a three-component porosity-water saturation model that takes into account the presence of structural and laminar shale inclusions within the reservoir sands as well as the presence of diagenetic clays lining the pore system. Shale volume was estimated using the gamma ray, neutron porosity, and bulk density measurements. Standard gamma ray shale volume transforms, along with neutron-density separation methods, were employed. Porosity was calculated from shale-corrected neutron porosity and bulk density measurements using conventional cross-plot techniques. Estimates of the formation water resistivity (Rw) as well as the electrical properties parameters (porosity exponent [m] and saturation exponent [n]) were made using Pickett plot analysis techniques. Rw was found to vary both vertically and areally in some of the reservoirs. Areal variations were sometimes found to correspond to reservoir compartmentalization resulting from faulting. Well test and flow performance data were employed to verify the water resistivity estimates. Page 2 D-56

While well log-derived shale volume estimates tend to be reasonably accurate, the relative distribution of structural and laminar shale within the reservoir sands cannot be accurately estimated with the well logging suite typically employed for these fields. For this reason, a range of porosity and water saturation estimates were made where the relative fraction of structural and laminar shale was varied. For the low estimate case, it was assumed that all of the shale was distributed as structural inclusions within the reservoir sands. For the high estimate case, it was assumed that all of the shale was deposited in discrete laminations within the reservoir sands. For the best estimate case, it was assumed that 50 to 70 percent of the estimated shale volume was distributed as laminations, with the remaining fraction distributed as structural inclusions. The depositional environment associated with each reservoir was considered when making the base case laminar shale fraction estimates. The density, neutron, and resistivity measurements were corrected for structural and laminar shale volume and shale resistivity and then the Dual-Water model was used to make water saturation estimates accounting for the conductivity of the diagenetic, pore-lining clay minerals. All reservoirs were assumed to contain approximately 4 percent pore-lining clay on a bulk rock volume basis.

1.4.1.2

Carbonate Reservoirs

The petrophysical evaluation of each carbonate reservoir was carried out with a model designed to estimate the relative volumes of limestone, dolomite, and shale for each interpretation depth so that the porosity and water saturation estimates accounted for mineralogical variations associated with carbonate formations. Shale volume was estimated from the gamma ray measurements with corrections to account for natural radiation commonly associated with carbonate formations. Porosity was estimated from shale-corrected neutron porosity and bulk density measurements using a procedure that simultaneously finds the porosity and relative volumes of dolomite and limestone that are consistent with the well log measurements. The method is an extension of the standard neutron-density cross-plot analysis technique. Estimates of the Rw as well as the electrical properties parameters (m and n) were made using Pickett plot analysis techniques. Well test and flow performance data were employed to verify the water resistivity estimates. Water saturation was estimated using the standard Archie model. Additional water saturation estimates were made using the Indonesian model, which accounts for the conductivity of thin shale laminations typically present in carbonate formations.

1.4.2

PERFORMANCE ANALYSIS

Decline curve analysis (DCA) and analogy were the primary tools for projecting reserves for currently producing wells. These methodologies are generally considered the most reliable methods for projecting reserves in producing wells with significant production histories and consistent operating conditions. In general, DCA consists of using a wells historical production characteristics to forecast future production trends. For each platform, we performed several types of analysis including (1) platform-level DCA, (2) type curve analysis, and (3) individual well-level DCA. The platform-level DCA includes plotting total platform oil production, associated gas-oil ratio (GOR), and water production versus time on a semi-log scale. We also review the water cut (percent water production) and water-oil ratio trends versus cumulative production on a semi-log scale. The platform-level plots include only currently active producers so that performance is not masked by wells that are no longer producing. This analysis is helpful in identifying overall platform production trends and is not subject to allocation issues that may arise when looking at data on a per-well basis. These projections also help to account for the significant amount of ongoing workover programs that are not specifically forecast by the operator but are a significant part of the work activity in the field. The major disadvantage of the platform-level projections is that they do not expose performance variations in different parts of the platform area. Page 3 D-57

Type curve analysis consists of normalizing all production wells to a common start date and generating an average well production curve. A computer program is run to generate an average first-month production rate by summing the first month of production for each well in the field and dividing by the number of data points. This process continues for each subsequent month of production available, and an average production decline curve is created. This analysis is useful in determining the average initial rates for wells in the field and the shape of an average production decline curve. The data can also be subdivided into more useful groups, such as date of first production or common infill spacing. We performed this analysis on various groups of wells to understand average DCA characteristics in various parts of the field as well as to get average DCA characteristics for future new development platforms. Individual well-level DCA is essentially the same as the field-level DCA except that it is performed on each producing well. Assuming reasonable production allocations within a field, this analysis should give a more accurate forecast of reserves for the current completion in each well and thus the field as a whole assuming no additional workover activities. This analysis can help identify variations in well performance throughout the field and areas with remaining unswept hydrocarbons. We can also forecast OPEX and field life more accurately because variable costs can be assigned on a per-well basis. As additional wells are drilled or as wells reach their variable cost economic limit, incremental costs will be accurately accounted for. This analysis was used to determine the proved (1P) forecast for existing producing wells.

1.4.3

PROBABILISTIC ANALYSIS

A probabilistic spreadsheet model was constructed to calculate low, best, and high estimate oil- and gas-in-place, contingent resources, prospective resources, and Nong Yao Field reserves. The model utilizes the Crystal Ball add-in to Excel to run a Monte Carlo simulation of various forecast parameters based on prescribed input parameters. We determined the type of distribution and input parameters for the various volumetric parameters by individual reservoir. Gross rock volume (GRV) input parameters were defined by either a normal or lognormal distribution, with input values usually being represented by bounding conditions such as a spill point or highest known water (HKW) for the high estimate case, a low known hydrocarbon for the low estimate case, or a hydrocarbon water contact for the most likely case. Generally, tables summarizing the basis for the GRV calculations by zone are provided as figures in the technical discussions. In most cases, the remaining volumetric parameters of net-to-gross ratio, porosity, hydrocarbon saturation, formation volume factor (FVF), and recovery factor were all input as triangular distributions with minimum, most likely, and maximum values. In field areas where this is not the case, we have included a description of the methodology used in the Probabilistic Resources Determination section of the respective technical discussions. Net-to-gross ratio, porosity, hydrocarbon saturation, and FVF are based on the petrophysical calculations and PVT data available and are included in the technical discussion sections for each asset. Recovery factors are based on analogous fields in the region. Dependencies between all input parameters are addressed in the probabilistic models, and correlation coefficients range from -0.9 to 0.7. All volumetric input parameters and resulting in-place hydrocarbons and resources are summarized on figures in the respective technical discussions.

1.4.4

GEOLOGIC RISKING OF PROSPECTIVE RESOURCES

Because of the inherent uncertainty associated with prospective resources, a geologic risk factor is applied to the gross (100 percent) volumes. A geologic risk factor considers each of the elements of a successful petroleum system, which include the presence of organically rich, Page 4 D-58

thermally mature source beds capable of generating hydrocarbons as well as the presence of adequate migration pathways for mature hydrocarbons to migrate out of source beds into porous and permeable reservoir beds. We conducted a geologic risk assessment for each prospect and lead included in this report using a four-component methodology based on Otis and Schneidermann1 to measure the probability of geologic success (Pg). Geologic risk assessment addresses the probability of success for discovering hydrocarbons without regard to commerciality. Each of the four elements is assigned a value from 0.0 to 1.0, and the product of the four components is the overall Pg. Principal geologic risk elements of the petroleum system include (1) trap and seal characteristics; (2) reservoir presence and quality; (3) source rock capacity, quality, and maturity; and (4) timing, migration, and preservation of petroleum in relation to trap and seal formation. Because of the subjective nature of geologic risk assessment, any such assessment is highly dependent on the experience of the evaluators, the available data to define each prospect, the available regional data describing reservoir and production characteristics, and the historical local and regional hydrocarbon discovery success rates. Otis and Schneidermann define a Pg greater than 0.50 as very low risk, a Pg between 0.50 and 0.25 as low risk, a Pg between 0.25 and 0.125 as moderate risk, a Pg between 0.125 and 0.0625 as high risk, and a Pg below 0.0625 as very high risk exploration opportunities.

1.4.5

ECONOMICS

Economics were run for all assets with reserves and contingent resources subclassified as development pending. The Netherland, Sewell & Associates, Inc. (NSAI) proprietary economics program was used to forecast production by reserves and resources category, utilizing the CAPEX and OPEX schedules discussed in the technical discussions and based on the 100 percent working interest case. The cash flow economics models used for these assets are spreadsheet models that were developed by KrisEnergy and reviewed by NSAI. We used the 100 percent production, OPEX, and CAPEX flowstreams from the NSAI program as input into the KrisEnergy economics models to calculate net reserves and future net revenue or contingent resources and cash flow to the KrisEnergy interest. As requested, this report has been prepared using oil and gas price parameters specified by KrisEnergy. While only one economic case is presented, it is intended to represent KrisEnergys interpretation of constant and forecast cases. Oil prices for the reserves and development pending contingent resources are based on the December 31, 2012, EIA Europe Brent Spot Price FOB of $110.80 per barrel (BBL) and are adjusted by field area for quality, transportation fees, and regional price differentials. Oil prices are held constant throughout the lives of the properties. Gas prices for Block B8/32 and Block B9A reserves are based on the Tantawan Gas Sales Agreement price of $6.112 per MMBTU and are adjusted by field area for energy content. The gas price for Bangora Field reserves is the contract price of $2.315 per thousands of cubic feet (MCF). Gas prices for Block B8/32, Block B9A, and Bangora Field reserves are held constant throughout the lives of the properties. Gas prices for Kambuna Field reserves are based on contract prices and are adjusted by field area for energy content. Kambuna Field gas prices, before adjustments, are shown in the following table: Period Ending 2-28-2013 7-31-2013 Thereafter
1

Gas Price ($/MMBTU) 5.280 5.340 5.440

Otis, R.M. and N. Schneidermann, 1997, A Process for Evaluating Exploration Prospects, AAPG Bulletin, Volume 81, Number 7, pages 1087-1109.

Page 5 D-59

Gas prices for the development pending contingent resources are based on recent gas contracts in similar areas. The gas price used for Lengo and East Lengo Fields is $6.500 per MMBTU, which is then adjusted for energy content. The gas price used for Kutai Field is $6.000 per MMBTU, which is then adjusted for energy content. Gas prices for the development pending contingent resources are escalated 3 percent per year from the year of first production throughout the lives of the properties. Operating costs used in this report are based on operating expense records of and budgets prepared by the operators of the properties, as provided by KrisEnergy. These costs include the per-well overhead expenses allowed under concession agreements along with estimates of costs to be incurred at and below the field level. Headquarters general and administrative overhead expenses of KrisEnergy are included to the extent that they are covered under concession agreements for the operated properties. As requested, operating costs are held constant throughout the lives of the properties. Capital costs used in this report were provided by KrisEnergy and are based on budgeted expenditures and actual costs from recent activity. Capital costs are included as required for workovers, new development wells, and production equipment. Based on our understanding of future development plans, a review of the records provided to us, and our knowledge of similar properties, we regard these estimated capital costs to be reasonable. Abandonment costs used in this report are KrisEnergys estimates of the costs to abandon the wells, platforms, and production facilities, net of any salvage value. As requested, capital costs and abandonment costs are held constant to the date of expenditure.

1.5

GENERAL INFORMATION 1.5.1 LIMITATIONS AND RISK

In evaluating the information at our disposal concerning this report, we have excluded from our consideration all matters as to which the controlling interpretation may be political, socioeconomic, legal, or accounting, rather than engineering and geologic. NSAI does not assess environmental factors because they are outside our business scope. As in all aspects of oil and gas evaluation, there are uncertainties inherent in the interpretation of engineering and geologic data; therefore, our conclusions necessarily represent only informed professional judgment. The data used in our estimates were obtained from KrisEnergy, various operators of the properties, public data sources, and the nonconfidential files of NSAI and were accepted as accurate. Oil and gas exploration is a business that is based on uncertainty and incomplete information. Any program designed to drill and test for hydrocarbons will have numerous risks associated with it, including but not limited to the uncertainty of the presence of hydrocarbons and the risk of mechanical failures that could result in cost overruns, surface or subsurface environmental damage, or even a blowout that could cause damage or destruction to the well and surface equipment and possibly put drilling personnel at risk. The lack of commercial hydrocarbons in a given prospect may be due to several factors including timing of hydrocarbon migration; trap failure; missing, tight, or impermeable reservoir; and no or low hydrocarbon content. Investors are therefore advised of the risk that the resources described herein may not be discovered or may not become commercial to develop.

1.5.2

SITE VISIT

For the purposes of this report, we did not perform any field inspection of the properties, nor did we examine the mechanical operation or condition of the wells and facilities. Based on the information provided by KrisEnergy, it is our opinion that a field visit was not required and would not materially affect our evaluation. We have not investigated possible environmental liability related to the properties; therefore, our estimates do not include any cost due to such possible liability. Page 6 D-60

1.5.3

QUALIFICATIONS

The technical persons responsible for preparing the estimates presented herein meet the requirements regarding qualifications, independence, objectivity, and confidentiality set forth in the Standards Pertaining to the Estimating and Auditing of Oil and Gas Reserves Information promulgated by the SPE (SPE Standards) and the proposed introduction of the Mainboard Listing Rules for mineral, oil, and gas companies issued on June 20, 2012. NSAI was established in 1961 and has offices located at 1601 Elm Street, Suite 4500, Dallas, 75201, and 1221 Lamar, Suite 1200, Houston, 77010. NSAI performs consulting petroleum engineering services under Texas Board of Professional Engineers Registration No. F-2699 and has conducted reserves certifications, technical studies, economic evaluations, and advisory work throughout the world. This report has been supervised by Mr. Scott Frost and Mr. Allen Evans. Mr. Frost and Mr. Evans do not have, nor do they expect to receive, any direct or indirect interest in the securities of KrisEnergy, its parents, or its subsidiaries. Mr. Frost is a Licensed Professional Engineer in the State of Texas (No. 88738), is a member in good standing of the SPE, and has over 30 years of practical experience in petroleum engineering, with over 25 years of experience in the estimation and evaluation of reserves. He graduated from Vanderbilt University in 1979 with a Bachelor of Engineering Degree in Mechanical Engineering and from Tulane University in 1984 with a Master of Business Administration Degree. Mr. Evans is a Licensed Professional Geoscientist in the State of Texas, (Geology, No. 1286), is a member in good standing of the American Association of Petroleum Geologists, and has over 30 years of practical experience in geological and geophysical studies and evaluations, with over 15 years of experience in the estimation and evaluation of reserves. He graduated from Old Dominion University in 1981 with a Bachelor of Science Degree in Geology and in 1987 with a Master of Science Degree in Geology.

1.5.4

INDEPENDENCE

We are independent petroleum engineers, geologists, geophysicists, and petrophysicists with respect to KrisEnergy; we do not own an interest in the properties that are the subject of this report nor are we employed on a contingent basis.

1.5.5

FEES

Fees for conducting this independent technical assessment are being charged to KrisEnergy based on actual man-hours expended and our standard billing rate schedules effective April 1, 2012, and April 1, 2013, plus associated out-of-pocket costs.

Page 7 D-61

NETHERLAND, SEWELL & ASSOCIATES, INC.

China

Bangladesh

Myanmar

Block 105
Laos

Block 9
Bay of Bengal

Philippine Sea Block 120 South China Sea

Philippines

Thailand

Blocks B8/32 and B9A Block A Block G10/48 Block G11/48

Malaysia

Gulf of Thailand

All estimates and exhibits herein are part of this NSAI report and are subject to its parameters and conditions.
Block G6/48
Vie
Cambodia

tna

D-62
East Seruway PSC
Kalimantan Sumatra

Celebes Sea

West Papua

Papua

Papua New Guinea

Kutai PSC Udan Emas PSC

Sulawesi

Glagah-Kambuna TAC

Indonesia
Banda Sea Arafura Sea

East Muriah PSC

Java Sea

Tanjung Aru PSC

Flores Sea

Java

Southeast Asia
Bulu PSC

Figure 1.6.1

KrisEnergy Ltd Assets

TECHNICAL DISCUSSION BLOCKS B8/32 AND B9A GULF OF THAILAND 2.1 OVERVIEW
As requested, we have estimated the proved, probable, and possible reserves and future revenue, as of December 31, 2012, to the KrisEnergy interest in certain oil and gas properties located in Blocks B8/32 and B9A in the Gulf of Thailand. Several producing areas operated by Chevron Offshore Thailand Limited (COTL) are located in Blocks B8/32 and B9A. These concessions are shown on the map in Figure 2.7.1 and are located in the northern Pattani Basin approximately 250 kilometers (km) to the south of Rayong and 180 km northeast of Koh Samui. The primary producing area, known as the Benchamas Field area, consists of 20 platforms and 398 wells as of November 30, 2012. Production is processed on separate processing platforms and offloaded to the floating storage and offloading vessel (FSO) Benchamas Explorer. Additional producing fields flowing to the Benchamas facilities include Maliwan (5 platforms and 94 wells), North Jarmjuree (2 platforms and 32 wells), and Lanta (3 platforms and 52 wells). The majority of Lanta facilities and wells are in Block G4/43, but a few of the wells have been drilled in Block B8/32. The second major producing area is Tantawan Field, which consists of 8 platforms and 180 wells. Production is processed by the floating production, storage, and offloading vessel (FPSO) Tantawan Explorer. Rajpruek Field, which consists of 1 platform and 16 wells, is located east of Tantawan, and production is processed through the Tantawan complex. A third producing area, Chaba, began production in 2009 from 1 platform and 19 wells. Production is currently being processed through the offset Platong Field to the east. These Gulf of Thailand fields produce from Early Miocene age channel sands. Numerous normal faults provide structural closures for hydrocarbon accumulations. It is not uncommon for an individual well to penetrate more than 10 separate reservoirs with a total of more than 500 feet (ft) of oil and gas pay in the well. Continuous field production began in Tantawan Field in February 1997. The Benchamas Field area development began in 1999, and by the end of 2000, production for the concession was over 35,000 barrels of oil per day (BOPD) and 160 million cubic feet of gas per day (MMCFD) from 8 platforms and over 90 wells. In 2001, the first Maliwan platform was installed, and an average of 3 platforms per year have been installed in the fields since 2002. Peak production of approximately 65,000 BOPD and 250 MMCFD was achieved in late 2005. As of November 30, 2012, a total of 298 producing wells from 36 platforms were producing over 40,300 BOPD and 132 MMCFD. Cumulative production for Blocks B8/32, B9A, and G4/43 (Benchamas Field Complex) has exceeded 225 million barrels (MMBBL) of oil and 1.01 trillion cubic feet (TCF) of gas. The interest evaluated in this report does not include the Block G4/43 development; however, G4/43 production, CAPEX, and OPEX have been included in our evaluation to determine the appropriate field economic limits. Production and associated costs from the Lanta Field wells have been allocated to the appropriate blocks.

Page 8 D-63

We estimate the gross (100 percent) reserves and net reserves to the KrisEnergy working interest in Blocks B8/32 and B9A, as of December 31, 2012, to be: Gross (100 Percent) Reserves Oil Gas (MBBL) (MMCF) 21,286.2 21,019.0 42,305.1 107,336.7 149,641.8 32,097.2 181,739.0 66,016.4 78,558.5 144,574.8 685,214.4 829,789.3 221,026.4 1,050,815.7 Working Interest Reserves(1) Oil Gas (MBBL) (MMCF) 986.5 974.1 1,960.6 4,974.5 6,935.1 1,487.5 8,422.7 3,059.5 3,640.8 6,700.3 31,756.3 38,456.6 10,243.5 48,700.1

Category Proved Developed Producing Proved Undeveloped Proved (1P) Probable Proved + Probable (2P) Possible Proved + Probable + Possible (3P)
(1)

KrisEnergys working interest is 4.6345 percent in Blocks B8/32 and B9A.

The oil reserves shown include crude oil and condensate. Oil volumes are expressed in thousands of barrels (MBBL); a barrel is equivalent to 42 United States gallons. Gas volumes are expressed in millions of cubic feet (MMCF) at standard temperature and pressure bases.

2.2

DATA SOURCES
Data were provided to us by KrisEnergy in both electronic and hard copy format. The key data utilized in our evaluation in addition to the data listed in the Executive Summary are listed below:

COTL maps with platforms and well traces Net pay calculations for all exploration wells Petrophysical answer logs for 3 wells: TAWC-36, -39, and -48 COTL Comprehensive Reserves Study (CRS), 2008 through 2012 Asset Development Plan (ADP) workshop presentations, March 2010 and 2012 Summary concession agreements for Blocks B8/32 and B9A Excerpts from the Tantawan gas sales agreement and price calculation sheets for October 2012 through March 2013 pricing

2.3

GEOPHYSICAL AND GEOLOGICAL SUMMARY 2.3.1 REGIONAL OVERVIEW

The Gulf of Thailand consists of a north-south trend of four Cenozoic foreland basins. These Oligocene-aged basins were formed by rifting tectonics in response to regional tension that continued through the Late Miocene. Sedimentation in these rifted grabens consisted of fluvial and lacustrine sands and clays. In the Early Miocene, lacustrine conditions gradually gave way Page 9 D-64

to more fluvial-dominated deposition and the sedimentation of clean channel sands. These channel sands have excellent petrophysical properties (high porosity and high permeability) and can range in thickness from less than 5 ft to greater than 50 ft. The southern portions of the Gulf of Thailand basins are generally gas prone, with the source rocks consisting of organic-rich fluvial and lacustrine shales that have reached depths that generally result in gas-phase hydrocarbons. In the northern end of the Pattani Basin, burial has been considerably less, and hydrocarbons are oil phase as seen in Benchamas and Tantawan Fields. A high CO2 content is associated with most of Thailands commercial gas accumulations, and condensate is almost always present. Oil gravities in the Gulf of Thailand region range from 14.5 to 64.0API, with most tests having oil in the low-to-mid API range. The geology in the Gulf of Thailand is complex, both structurally and stratigraphically. Numerous normal faults provide structural closures for hydrocarbon accumulations throughout Benchamas and Tantawan Fields. In addition, because most of the productive reservoirs are channel deposits, the areal extent and connectivity is complex and can change over short distances.

2.3.2

MAPPING

Very little detailed geological, geophysical, or petrophysical data were provided for our analysis. We were not able to validate any of COTLs structural maps, well path traces, or the net pays in the exploration or production wells. We assumed that the maps and the data provided were accurate and all data annotated on the maps were usable for our study. COTLs maps were used for determining existing platform and development well locations, planned future platform locations, generalized productive areas, prospective versus nonprospective areas, Gulf of Thailand block outlines, and exploration well locations. Historical production data were provided for each well. Since the primary scope was to determine the 1P, 2P, and 3P reserves for the producing platforms and for future platforms, the average platform per-well estimated ultimate recovery (EUR) was calculated, plotted, and contoured across the producing fields in Blocks B8/32 and B9A. Forty platforms currently exist in the area, and the platform EUR averages ranged from approximately 100 to 2,150 thousand barrels of oil equivalent (MBOE) per well. The 1P, 2P, and 3P EUR oil cases were contoured. In addition, based on the associated gas production data for each existing platform, we calculated an average GOR for the 2P case and contoured it with a methodology similar to that used in the oil cases. As seen on COTLs structure maps, there are northwest-to-southeasttrending areas where COTLs interpretation shows structural synclines or areas of insignificant small fault blocks. We elected to exclude these areas from our maps and considered them nonprospective zones with no oil or gas potential; therefore, we did not contour across any of these nonprospective areas. Using these EUR maps we were then able to interpolate an expected MBOE EUR for 1P, 2P, and 3P cases and the GOR associated with the 2P case for any of the future platforms. The 1P, 2P, and 3P unrisked per-well MBOE EUR and 2P GOR maps are shown in Figures 2.7.2 through 2.7.9.

2.4

PETROPHYSICAL SUMMARY
We understand that almost all wells on these blocks have a complete suite of log curves. We requested digital log files for all wells, but none were available for this study. We were provided with COTLs petrophysical output logs for 3 representative wells (TAWC-36, -39, and -48) and COTLs net pay estimates for all exploration wells. Additional net pay estimates for specific wells were available from the TCM presentations where predrill and postdrill results were presented. Average net pay by platform was also available from the COTL CRS. Page 10 D-65

Wells encounter normal sand/shale sequences with porosities ranging from 20 to 33 percent. Formation water is relatively fresh, with a chloride concentration of less than 10,000 parts per million.

2.5

RESERVOIR ENGINEERING SUMMARY 2.5.1 DEVELOPMENT HISTORY

The initial continuous production from Block B8/32 was recorded from Tantawan Field in February 1997. Production from the Tantawan A, B, and C platforms reached a peak rate of approximately 8,000 BOPD and 100 MMCFD in early 1998. A fourth platform, Tantawan D, began producing in 1998, but block development began in earnest with the development of the Benchamas Field area in 1999. Four platforms began producing in 1999, including three in Benchamas. As of November 30, 2012, a total of 40 platforms had produced, including 20 in the Benchamas Field area, 8 in Tantawan, 5 in Maliwan, 2 in North Jarmjuree, 3 in Lanta, and 1 each in Rajpruek and Chaba. Through November 30, 2012, cumulative production from Blocks B8/32 and B9A was 213.3 MMBBL of oil and 1.0 TCF of gas from 743 wells. Cumulative production from Block G4/43 was 12.5 MMBBL of oil and 5.3 billion cubic feet (BCF) of gas from 48 wells. Figures 2.7.10 and 2.7.11 show the historical platform and well development for the Benchamas Field Complex. Figure 2.7.12 shows the annual production history by producing area in MBOE per day. Production peaked in 2006 at 95 MBOE per day and was 62 MBOE per day in 2012. As of November 30, 2012, the Benchamas Field Complex was producing 40,300 BOPD with an average GOR of 3,290 from 298 producing wells on 36 platforms. An additional 493 wells and 4 platforms were shut in. Average cumulative production was 9.8 million barrels of oil equivalent (MMBOE) per platform and 0.5 MMBOE per well. Current platform status is shown in Figure 2.7.13. Many wells produce from more than one reservoir, but some are single-zone producers. Production characteristics from the various producing intervals can vary considerably throughout the field. Many reservoirs are water-drive reservoirs with low-viscosity crude and high water production that achieve high recovery of the original oil-in-place (OOIP), while others are fault isolated and require water injection to achieve maximum recovery. However, we did not have access to sufficient well data to perform volumetric calculations on a well or reservoir basis for this evaluation. Our understanding of these reservoirs is based on individual well performance analysis, prior study of the field area, and detailed evaluation of similar reservoirs located in the Gulf of Thailand.

2.5.2

PERFORMANCE ANALYSIS

Individual well-level DCA was used to determine the 1P forecast for existing producing wells and platform-level DCA was used to project the 2P and 3P reserves for each existing platform. Since detailed logs and maps by producing horizon were not available for this evaluation and COTL indicates that it performs statistical analysis to book reserves, we developed a methodology to determine appropriate reserves for future platform developments in the Benchamas Field Complex. We first utilized prior detailed analysis of the drilling program over a 5-year period of time from 2000 to 2004. Our analysis indicates that 213 development wells were drilled during that time period at a success rate of 99 percent. This indicates that there is reasonable certainty that COTL drilling will be successful on these blocks. This is why COTL has been able to add an average of over 2 new platforms per year for the past 15 years. We also determined that reserves for recent platform additions in areas forecast for future development had been constant since 2000. We excluded from the analysis platforms in the Page 11 D-66

fully developed core portion of Benchamas Field where many waterflood projects have been installed and outlying areas like North Jarmjuree where future development is not planned in the near term. Figure 2.7.14 shows that the 2P EUR and per-well EUR trends are very flat over time. This trend may be due in part to the increasing role of horizontal well drilling in the Benchamas Field Complex. However, horizontal drilling has taken place on old and new platforms alike. Overall, there have been 64 horizontal wells drilled in the Benchamas Field Complex. When compared to vertical wells on the same platforms, these wells average approximately 81 percent higher reserves and achieve higher initial oil producing rates with lower GORs. We expect horizontal drilling to have an even greater role in the future development of the fields, which would further support these flat EUR trends over time. We then determined that mapping of the existing-platform per-well MBOE EUR data was an appropriate methodology for determining the range of reserves achievable for various future platform locations. A probabilistic spreadsheet model was constructed to calculate the 1P, 2P, and 3P MBOE EUR per well for each existing platform. The model utilizes the Crystal Ball addin to Excel to run a Monte Carlo simulation of various forecast parameters based on prescribed input parameters. 1P and 3P EURs for each well from the DCA results were used as input data. A normal distribution was assumed for the well-by-well input parameters. From these input parameters, the model calculated the P90, P50, and P10 MBOE EUR per well for each platform. These values were used for the 1P, 2P, and 3P estimates, respectively. Since average GOR values did not vary significantly between the 1P, 2P, and 3P cases, we utilized the 2P GOR estimates by platform for our mapping purposes. The 1P, 2P, and 3P MBOE EUR per well and 2P GOR estimates for each producing platform are shown in Figure 2.7.15. These estimates were used to develop the EUR and GOR maps described in the Mapping section of this technical discussion (Section 2.3.2).

2.5.3

DEVELOPMENT PLAN

Historically, COTL has only forecast development plans for 2 to 3 years during semiannual TCMs. However, in March 2010 and March 2012, COTL presented its ADP for the Benchamas Field Complex development. The plan outlines the potential to extend the Block B8/32 contract through 2032 and to continue installation of new platforms in each of the producing areas at a steady pace. New producing platforms would be installed at a pace of 2 platforms per year. Each platform would have an initial 20-well development program with infill programs to follow in the years after installation. Overall, the plan would call for 50 to 90 new drill wells per year including infill drilling. Horizontal wells would also be utilized when possible. The development plan in this technical discussion is based on the COTL budget for 2013 through 2015 and the ADP for the Benchamas Field Complex beyond 2015. Reserves for each future platform location were determined from the appropriate 1P, 2P, or 3P per-well MBOE EUR map. Platforms were also categorized as 1P, 2P, or 3P locations. For 1P locations, proved, probable, and possible reserves are included in our analysis. Similarly, we only forecast probable and possible reserves for the 2P locations and only possible reserves for the 3P locations. Classification was based on proximity to existing producing platforms and net pay results from offset exploration wells. Platforms were only classified as 1P if they were already installed or forecast in the 2013 budget. We also determined risk factors to account for the risk of potential drainage from existing highEUR platforms and to ensure that the platform EUR did not exceed the EUR of offsetting existing production. Seven platforms were given risk factors ranging from 0.50 to 1.00 for such reasons. The future development platforms used in our estimates along with reserves category, projected first production date, and unrisked and risked reserves are shown in Figure 2.7.16. Page 12 D-67

The forecast for each future development platform was based on the 1P, 2P, and 3P MBOE EUR per well. The GOR estimates were used to convert the per-well MBOE EUR estimates into appropriate oil and gas volumes. As outlined in the ADP, each platform was assumed to have an initial 20-well development. Oil and gas forecasts were based on our platform type curve analysis. Oil volumes assume a 0.5-year production build-up period followed by a 30 percent average annual decline rate. GOR was assumed to be flat over the life of the forecast.

2.5.4

CAPITAL EXPENDITURES

CAPEX estimates are based primarily on historical data and the 2013 through 2015 budget information presented by COTL in the October 2012 TCM. From this information we estimate future platform costs to be approximately $104 million. This cost includes all platform and pipeline costs and the initial 20-well development drilling costs. Additional per-well infill drilling costs are estimated to be $3.34 million for 2013, $3.55 million for 2014, and $3.50 million thereafter. Details of our CAPEX estimates are shown in Figures 2.7.17 through 2.7.19. Platform installations are based on the COTL ADP. Total drill wells are based on the TCM data for 2013 through 2015 and then revert to 80 wells per year. In the first 3 years, the estimated number of total wells drilled annually is the maximum of the number of wells shown in the budget or the development wells based on an initial 20-well development for each future platform. Infill wells are assumed to be the difference between the annual drill well total and the number of wells associated with forecast platforms. In addition to the development CAPEX for new platforms and infill drilling, we have estimated additional nondevelopment CAPEX based on the budget information for 2013 through 2015. These nondevelopment CAPEX estimates are detailed in Figure 2.7.17. Additional CAPEX are included for the abandonment of the platforms and wells at the economic limit of the Benchamas Field Complex. KrisEnergy estimates abandonment costs of $320.1 million for the entire producing complex. CAPEX are held constant to the date of expenditure.

2.5.5

OPERATING EXPENSES

OPEX estimates are based primarily on historical data and the 2013 through 2015 budget information presented by COTL in the October 2012 TCM. Expenses are included for operations, support, and operators fee. These costs have been treated as fixed expenses and split between Blocks B9A and G4/43 and the Tantawan and non-Tantawan portions of Block B8/32. OPEX are held constant throughout the lives of the properties. Details of the OPEX estimates by expense category and block are shown in Figure 2.7.20.

2.6

ECONOMICS OVERVIEW
The NSAI proprietary economics program was used to forecast production by well and reserves category, utilizing the CAPEX and OPEX schedules previously discussed, based on the 100 percent working interest case. The cash flow economics model used for Blocks B8/32 and B9A is a spreadsheet model that was developed by KrisEnergy. We used the model to calculate net reserves and future net revenue to the KrisEnergy interest. Basic fiscal terms used in the model are shown in Figure 2.7.21. Page 13 D-68

Oil pricing data for the Benchamas Field Complex for 2012 were compared to 2012 EIA Europe Brent Spot Price FOB pricing in order to calculate a price adjustment factor for each field area. The price adjustment factors are shown below: Field Area Benchamas Tantawan Rajpruek Chaba Price Adjustment Factor (Decimal) 1.010 1.003 0.992 1.016

Gas for Blocks B8/32 and B9A is sold under the Tantawan Gas Sales agreement. Gas prices are calculated at six-month intervals on April 1 and October 1 of each year. The base price in Thai Baht (THB) per MMBTU is based on a formula that factors in the price of fuel oil, the THBto-US$ exchange rate, the US Producer Price Index, and the Thailand wholesale price index for the prior six-month period. For the purposes of this technical discussion, we have converted the contract price to US$ based on the THB-to-US$ exchange rate of 30.9991, which is used in the pricing formula for the October 1, 2012, prices. As requested, for the purposes of this technical discussion we have assumed that all volumes receive the current normal contract formula price of $6.112 per MMBTU. Historical gas sales data for January 2012 through October 2012 from COTL were analyzed to determine appropriate shrinkage and heating value factors. These factors are shown in the following table: Remaining After Shrinkage (Decimal) 0.906 0.662 0.882 BTU Factor (MMBTU/MCF) 1.086 1.048 0.937

Field Area Benchamas Tantawan and Rajpruek Chaba

Estimates of reserves and future net revenue to the KrisEnergy interest in Blocks B8/32 and B9A are shown in Figures 2.7.22 through 2.7.28.

Page 14 D-69

NETHERLAND, SEWELL & ASSOCIATES, INC. 10100'00" 10110'00" 10120'00" 10130'00" 10140'00"

North Benchamas Field

1040'00"

Benchamas Field
1030'00"

Maliwan Field

1020'00"

North Jarmjuree Field

Tantawan Field

1010'00"

Rajpruek Field

1000'00"

Block B9A Block B8/32

950'00"

940'00"

Chaba Field

930'00"

Thailand

Field, prospect, and lead sizes are not to scale.

Legend
Cambodia

Blocks B8/32 and B9A

Gulf of Thailand

Gulf of Thailand

Vietnam

Blocks B8/32 and B9A South China Sea

Platform Oil Reserves Gas Reserves Contingent Oil Contingent Gas Prospective Resources Oil Prospect Oil Lead Gas Prospect Gas Lead

Location Map
SCALE IN KILOMETERS 0 10 20 40

All estimates and exhibits herein are part of this NSAI report and are subject to its parameters and conditions.

Th ai la nd

Figure 2.7.1 D-70

NETHERLAND, SEWELL & ASSOCIATES, INC.

740,000 MT R
LAP-04

750,000 MT R

760,000 MT R

770,000 MT R

BLOCK G4/43 Lanta Field

BN03 0 / 14 / 14

BLOCK B8/32
BN01 10 / 0 / 10 BNP-03

LAD-03 250

North Benchamas Field

1,180,000 MTR

BND-02 330 BN02 0 / 77 / 77 BNWL 08/2004 316 BE11 38 / 166 / 204 BEWD 01/2003 623 BEP-02 BN04 14 / 185 / 199 BEWK 11/2004 344

1, 180,000 MTR

20 0

4 00

60 0

60

BE18 4 / 69 / 73 BE04 129 / 60 / 189

LAD-02 400

0 -Twin) BEWW (BEWB 1,300 1 2 00 BE10 84 / 263 / 347 BE20 BEWB 0 / 68 / 68 08/1999 BEWU BE23 2,139 05/2008 103 / 252 / 355 537 BE03 BEWH 176 / 362 / 538 07/2002 80 850 BE17S 0 123 / 53 / 176 BEWG 12/2002 450 BEWF 03/2004 BE05 683 100 / 99 / 199 BE21
1

00

14 16 1 8 00 0 0 00

1,170,000 MTR

400

0 20 0

BEP-05 300

1,170,000 MTR

20 0

60 0

LAP-07

1,160,000 MTR

400

LAP-06 180

0 BE01 BE19 130 / 70 / 200 BEWS (BED -04) 117 / 147 / 264 BE06 08/2011 69 / 162 / 231 303 BE24 225 / 286 / 511 4
00
BE26 85 / 61 / 146 BEWI 12/2002 0 0549 BEWJ 01/2005 BED-03 1,133 290 BEWO 05/2006 554 BEWQ 05/2006 216

2 00

BEP-12

2 00

BEWN 09/2004 467

BEWT (BED -10) 05/2010 326 BEWA 06/1999 1 1,281

4 00

LAWA 01/2008 464

291 / 258 / 549

400

BE16 10 0 174 / 11 / 185

6 00

600

600

80

40 0

BED-06 300

8 00

10

1, 160,000 MTR

4 00

20
0

LAWE 08/2008 302

600
0 BED-14 800
80
1
BEWE 08/2002 723 BE02S 0 / 41 / 41

60

BE09 99 / 128 / 227 BE28 274 / 111 / 385 BED-08 790

0 00

BE29 2 / 68 / 70 BEWV (BED -15) 350

00 BE07 0 / 42 / 42
BE08 387 / 69 / 456 BEWC 08/1999 1,096 MA10 22 / 4 / 26 MA13 0 / 29 / 29

6 00

40 0

BEWY (BED -13/BEP -11) 675 BEWP 11/2004 405

80
0

BE22 145 / 131 / 276

BEWX 10/2009 495

10

BED-01 900

1,150,000 MTR

1,150,000 MTR

Benchamas Field
BE25 45 / 50 / 95

40 0

800

60
MAW D 09/2006 492

0
MAW A MA0 7 10/2001 41 / 55 / 96 360

4 00

NJWR 10/2006 98

BE27 156 / 65 / 221

MA01 57 / 81 / 138 MAD-12 510

Maliwan Field

40

0
MA03 40 / 22 / 62 MAW G (MAD -04) 12/2010 428 MAP-09 250 MAP-05 800 MAW B 04/2007 522

60 0
JA09 74 / 30 / 104

1,140,000 MTR

NJWA 08/2004 142 JA08 95 / 127 / 222

1,140,000 MTR

8 00

4 00

MA0 9 269 / 81 / 350

6 00

JA12 34 / 52 / 86 NJD-17

JA11 114 / 41 / 155 NJD-16

MAW C MAP-02 03/2009 440 832 MA05 142 / 55 / 197 MA0 2 255 / 56 / 31 1 MA0 4 152 / 53 / 205 MAP-06 650 MAD-01 520

MAP-08 275

TA22 14 / 0 / 14

4 00

North Jarmjuree Field

MA12 MA08 30 / 28 / 58 110 / 75 / 185

1, 130,000 MTR

60 0

Tantawan Field

1, 130,000 MTR

NJD-15 JA10 104 / 34 / 138 JA04 128 / 28 / 156 NJD-14 MA11 92 / 0 / 92

MAD-07 450

200
TA09S 0 / 50 / 50

40
MAP-11

0
MAP-10 TAP-02

JA01 48 / 40 / 88

MA06 10 / 11 / 21 JA02 0 / 0/ 0

00

2 00

4 00

BLOCK B8/32
NJP-09

BLOCK B9A
2 00
1,120,000 MTR
RJWA 05/2007 190

Symbol Legend PDP existing platform 1P future platform 2P future platform 3P future platform Exploration well Platform location

400

1,120,000 MTR

JA03 27 / 10 / 37

TA24 TAP-01 77 / 10 / 87 420

Rajpruek Field
NJP-08 NJP-10 TAWH 02/2004 399 TA18 11 / 26 / 37 TA11 200 79 / 27 / 106 TA04 162 / 38 / 200 TAD-05 TAWE 375 06/1999 365 TA03 65 / 75 / 140 TAWL (TAD-04) 11/2010 143

TA21 399 / 62 / 461 NJP-11 NJP-07 NJP-12

NJP-02

NJP-13

TA06 0 / 49 / 49

400

Posted Data Platform/well name First production date Net pay feet (gas/oil/total) Unrisked per-well EUR
1, 110,000 MTR

TAWA 02/1997 530

400

20

1, 110,000 MTR

NJP-06 TAWD 02/1998 613

TAWB 02/1997 477

TA23 44 / 115 / 159

NJP-03 NJP-01 NJP-05 TA05 44 / 36 / 80 TAWK 05/2009 183 TAWC 08/1997 776

60

Blocks B8/32, B9A, and G4/43

Gulf of Thailand

BLOCK B8/32
JA07 14 / 58 / 72 NJP-04

TA20 165 / 72 / 237

60

40

JA06 19 / 71 / 90

1P Per-Well EUR (Unrisked)

Contour Interval: 100 MBOE
SCALE IN METERS 0 2,500 5,000 10,000

0
20
0

Map Projection: Universal Transverse Mercator Zone 47N

740,000 MT R 750,000 MT R 760,000 MT R 770,000 MT R

All estimates and exhibits herein are part of this NSAI report and are subject to its parameters and conditions.

Figure 2.7.2 D-71

NETHERLAND, SEWELL & ASSOCIATES, INC.

740,000 MT R
LAP-04

750,000 MT R

760,000 MT R

770,000 MT R

BLOCK G4/43 Lanta Field

BN03 0 / 14 / 14

BLOCK B8/32
BN01 10 / 0 / 10 BNP-03

LAD-03 300

North Benchamas Field

1,180,000 MTR

BND-02 360 BN02 0 / 77 / 77 BNWL 08/2004 319 BE11 38 / 166 / 204 BEWD 01/20030 629 BEP-02

1, 180,000 MTR

BN04 14 / 185 / 199 BEWK 11/2004 344

20 0

400

0 60

BE18 4 / 69 / 73 BE04 129 / 60 / 189

LAD-02 450

BEWW (BEWB -Twin) 1 02 0 0 1,350 1 BE10 84 / 263 / 347 BE20 BEWB 0 / 68 / 68 08/1999 BEWU BE23 2,145 05/2008 103 / 252 / 355 564 BE03 BEWH 176 / 362 / 538 07/2002 1 80 856 BE17S 0 123 / 53 / 176 BEWG 12/2002 452 BEWF 03/2004 BE05 689 100 / 99 / 199 BE21

60

00

18 4 01 6 00 00 0

1,170,000 MTR

20 0

40 0

0 200

BEP-05 340

1,170,000 MTR

6 00

BEWN 09/2004 470

BEWT (BED -10) 05/2010 363 BEWA 06/1999 1,285

40 0
BEP-12

LAWA 01/2008 476

40 0

291 / 258 / 549

6 00

BE16 174 / 11 / 185

80

4 00

BED-06 320

120

80

10

LAP-07

1,160,000 MTR

400

LAP-06 200

0BE01 BE19 130 / 70 / 200 BEWS (BED -04) 117 / 147 / 264 BE06 08/2011 69 / 162 / 231 340 BE24 225 / 286 / 511 4
0
0 0
BE26 85 / 61 / 146 BEWI 12/2002 549 BEWJ 01/2005 BED-03 1,154 300

1, 160,000 MTR

60

LAWE 08/2008 310

BEWO 05/2006 567

60

BEWQ 05/2006 217 BE09 99 / 128 / 227

BE29 2 / 68 / 70

BEWV (BED -15) 400

20
0

2 00

BED-14 900

60

0
BEWE 08/2002 727 BE02S 0 / 41 / 41

0 BE28 274 / 111 / 385 BED-08 825 6 0

0
BE07 0 / 42 / 42

40

80
0

100
0

80

BE22 145 / 131 / 276

80

1,150,000 MTR

BEWP 11/2004 420

BE25 45 / 50 / 95

40

NJWR 10/2006 98

BE27 156 / 65 / 221

MA01 57 / 81 / 138 MAD-12 620 MA03 40 / 22 / 62 MAW G (MAD -04) 12/2010 481

4 00

20

40 0

0
MA10 22 / 4 / 26 MA13 0 / 29 / 29

BE08 387 / 69 / 456 BEWC 08/1999 1,102

BEWY (BED -13/BEP -11) 750

6 00

BEWX 10/2009 558

10

00

BED-01 925

1,150,000 MTR

Benchamas Field
60
MAW D 09/2006 502

8 00
0
MAW A MA0 7 10/2001 41 / 55 / 96 360

6 00

Maliwan Field

JA09 74 / 30 / 104

60

1,140,000 MTR

NJWA 08/2004 144 JA08 95 / 127 / 222

80 0
MAP-05 900 MA0 9 269 / 81 / 350

MAP-09 350

MAW B 04/2007 527

40
0

1,140,000 MTR

JA12 34 / 52 / 86 NJD-17

JA11 114 / 41 / 155 NJD-16

MAW C MAP-02 03/2009 500 880 MA05 142 / 55 / 197 MA0 2 255 / 56 / 31 1

600

MAP-08 300

TA22 14 / 0 / 14

40 0

MA0 4 152 / 53 / 205 MAP-06 750

80 0

MAD-01 600

North Jarmjuree Field

Tantawan Field

MA12 MA08 30 / 28 / 58 110 / 75 / 185

1, 130,000 MTR

600

1, 130,000 MTR

NJD-15 JA10 104 / 34 / 138 JA04 128 / 28 / 156 NJD-14

4 00

MAD-07 500

MA11 92 / 0 / 92

TA09S 0 / 50 / 50

0 20

MAP-10 MAP-11

TAP-02

JA01 48 / 40 / 88

MA06 10 / 11 / 21 JA02 0 / 0/ 0

20

40 0

BLOCK B8/32
NJP-09 JA03 27 / 10 / 37

BLOCK B9A
1,120,000 MTR
RJWA 05/2007 194

Symbol Legend PDP existing platform 1P future platform 2P future platform 3P future platform Exploration well Platform location

1,120,000 MTR

TA24 TAP-01 77 / 10 / 87 480

2 00

40

Rajpruek Field
NJP-08 NJP-10 TAWH 02/2004 404 TA18 11 / 26 / 37

TA21 399 / 62 / 461 NJP-11 NJP-07 NJP-12

00

2 00 TA11 79 / 27 / 106 TA04 162 / 38 / 200 TAD-05 TAWE 400 06/1999 365
2 00
TA03 65 / 75 / 140 TAWL (TAD-04) 11/2010 152

Posted Data Platform/well name First production date Net pay feet (gas/oil/total) Unrisked per-well EUR
1, 110,000 MTR

TAWA 02/1997 531 TA06 0 / 49 / 49

NJP-02

NJP-13

400

1, 110,000 MTR

NJP-06 TAWD 02/1998 616

60 0

TAWB 02/1997 479

TA23 44 / 115 / 159

NJP-03 NJP-01 NJP-05 TA05 44 / 36 / 80 TAWK 05/2009 186 TAWC 08/1997 786

Blocks B8/32, B9A, and G4/43

Gulf of Thailand

BLOCK B8/32
JA07 14 / 58 / 72 NJP-04

TA20 165 / 72 / 237

60

0 00 0 4 20

JA06 19 / 71 / 90

2P Per-Well EUR (Unrisked)

Contour Interval: 100 MBOE
SCALE IN METERS 0 2,500 5,000 10,000

Map Projection: Universal Transverse Mercator Zone 47N

740,000 MT R 750,000 MT R 760,000 MT R 770,000 MT R

All estimates and exhibits herein are part of this NSAI report and are subject to its parameters and conditions.

Figure 2.7.3 D-72

NETHERLAND, SEWELL & ASSOCIATES, INC.

740,000 MT R
LAP-04

750,000 MT R

760,000 MT R

770,000 MT R

BLOCK G4/43 Lanta Field

BN03 0 / 14 / 14

BLOCK B8/32
BN01 10 / 0 / 10 BNP-03

LAD-03 350

North Benchamas Field

20
0
1, 180,000 MTR

1,180,000 MTR

BND-02 390 BN02 0 / 77 / 77 BNWL 08/2004 323 BN04 14 / 185 / 199 BEWK 11/2004 344

0 60

BE11 38 / 166 / 204 BEWD 01/2003 635

BEP-02

4 00

BE18 4 / 69 / 73 BE04 129 / 60 / 189

20 0

LAD-02 500

BEWW (BEWB 0 0 -Twin) 10 1,350 120 BE10 14 00 84 / 263 / 347 1 60 1BE20 BEWB 0 / 68 / 68 08/1999 BEWU BE23 2,151 05/2008 103 / 252 / 355 592 BE03 BEWH 176 / 362 / 538 07/2002 861 BE17S 123 / 53 / 176 BEWG 12/2002 454 BEWF 03/2004 BE05 695 100 / 99 / 199 BE21

60 0

40 0

0 0 80 0 0 0 2

BEP-05 390

1,170,000 MTR

1,170,000 MTR

400

LAWA 01/2008 488

291 / 258 / 549

BE16 174 / 11 / 185 BEWT (BED -10) 05/2010 402 BEWA 06/1999 1,290

LAP-07

1,160,000 MTR

00

LAP-06 225

BE01 BE19 130 / 70 / 200 BEWS (BED -04) 117 / 147 / 264 BE06 08/2011 69 / 162 / 231 374 BE24 80 225 / 286 / 511

4 00

40 0

BEWN 09/2004 473

4 00
BED-06 410 BEP-12

80

60

6 00

8 00

40

60 0

12 0 10 0

LAWE 08/2008 318

4 00

BE26 85 / 61 / 146 BEWI 12/2002 00 549 BEWJ 01/2005 BED-03 1,177 310

80

40

1, 160,000 MTR

BEWO 05/2006 582

BEWQ 05/2006 219 BE09 99 / 128 / 227

20 0

60
BED-14 950

0 BE28 274 / 111 / 385 BED-08 840 6

BEWE 08/2002 732

40

1 0 00

00

BE29 2 / 68 / 70 BEWV (BED -15) 450

BE22 145 / 131 / 276

BE07 80 0 / 42 / 42 0

BE02S 0 / 41 / 41

0 BE08 387 / 69 / 456

00

0 (BED -13/BEP -11) BEWY 760

60

800

1,150,000 MTR

BEWP 11/2004 434

BEWX 10/2009 617

BEWC 08/1999 1,108 BED-01 950

MA10 22 / 4 / 26 MA13 0 / 29 / 29

0 40

0 60

1,150,000 MTR

Benchamas Field
BE25 45 / 50 / 95

800
60
MAW D 09/2006 511

0
MAW A MA0 7 10/2001 41 / 55 / 96 360

NJWR 10/2006 98

200

BE27 156 / 65 / 221

MA01 57 / 81 / 138 MAD-12 650

40

Maliwan Field
0

60
0

MA03 40 / 22 / 62 MAW G (MAD -04) 12/2010 531

JA09 74 / 30 / 104

200

800
NJWA 08/2004 146

6 00

MAP-09 350 MAW B 04/2007 532

1,140,000 MTR

MAP-05 950 MA0 9 269 / 81 / 350

1,140,000 MTR

4 00

JA12 34 / 52 / 86 NJD-17

JA08 95 / 127 / 222

JA11 114 / 41 / 155 NJD-16

200

MAW C MAP-02 03/2009 525 930 MA05 142 / 55 / 197 MA0 2 255 / 56 / 31 1 MA0 4 152 / 53 / 205 MAP-06 800 MA12 MA08 30 / 28 / 58 110 / 75 / 185

1 00

8 00

60 0

MAP-08 350

TA22 14 / 0 / 14

MAD-01 630

4 00

North Jarmjuree Field

Tantawan Field

1, 130,000 MTR

JA10 104 / 34 / 138 JA04 128 / 28 / 156 NJD-14

6 00

NJD-15

MAD-07 550

20 0
TA09S 0 / 50 / 50

1, 130,000 MTR

MA11 92 / 0 / 92

40

MAP-10

400

TAP-02

JA01 48 / 40 / 88

MAP-11

MA06 10 / 11 / 21 JA02 0 / 0/ 0

200

4 00

BLOCK B8/32 BLOCK B9A

1,120,000 MTR
RJWA 05/2007 197

NJP-09

Symbol Legend PDP existing platform 1P future platform 2P future platform 3P future platform Exploration well Platform location

2 00

1,120,000 MTR

JA03 27 / 10 / 37

TA24 TAP-01 77 / 10 / 87 500

NJP-08

NJP-10 TAWH 02/2004 409

400

Rajpruek Field
200 TA11 79 / 27 / 106 TA04 162 / 38 / 200 TAD-05 TAWE 420 06/1999 365
4 00
TA03 65 / 75 / 140 TAWL (TAD-04) 11/2010 161

TA18 11 / 26 / 37

TA21 399 / 62 / 461 NJP-11 NJP-07 NJP-12

Posted Data Platform/well name First production date Net pay feet (gas/oil/total) Unrisked per-well EUR
1, 110,000 MTR

TAWA 02/1997 532 TA06 0 / 49 / 49

2 00

NJP-02

NJP-13

1, 110,000 MTR

NJP-06 TAWD 02/1998 618

TAWB 02/1997 480 TA23

600

60

NJP-03 NJP-01 NJP-05 TA05 44 / 36 / 80 TAWK 20 05/2009 189

44 / 115 / 159 0

40 0

BLOCK B8/32
JA07 14 / 58 / 72 NJP-04

TA20 165 / 72 / 237

80

TAWC 08/1997 0 796

Blocks B8/32, B9A, and G4/43

Gulf of Thailand

60

JA06 19 / 71 / 90

3P Per-Well EUR (Unrisked)

Contour Interval: 100 MBOE
760,000 MT R 770,000 MT R

Map Projection: Universal Transverse Mercator Zone 47N

740,000 MT R 750,000 MT R

SCALE IN METERS 0 2,500 5,000 10,000

All estimates and exhibits herein are part of this NSAI report and are subject to its parameters and conditions.

Figure 2.7.4 D-73

NETHERLAND, SEWELL & ASSOCIATES, INC.

740,000 MT R
LAP-04

750,000 MT R

760,000 MT R

770,000 MT R

BLOCK G4/43 Lanta Field

BN03 0 / 14 / 14

BLOCK B8/32
BN01 10 / 0 / 10 BNP-03

LAD-03 500

North Benchamas Field

1,180,000 MTR

BND-02 3,000

1, 180,000 MTR

0
BN02 0 / 77 / 77 BNWL 08/2004 704 BE11 38 / 166 / 204 BEWD 01/2003 3,486 BEP-02

30 0

BN04 0 / 199 14 / 185

30
BEWK 11/2004 2,138 BEP-05 2,100

LAD-02 500

BEWW (BEWB -Twin) 2,800 3 0 00 BE10 84 / 263 / 347 BE20 BEWB 0 / 68 / 68 08/1999 BEWU BE232 0 0 2,451 0 05/2008 103 / 252 / 355 1,608 2 0 00 BE03 176 / 362 / 538 BEWH 07/2002 2,145 BE17S 123 / 53 / 176 BEWG 12/2002 1,494 BEWF 03/2004 BE05 4,867 100 / 99 / 199 BE21

2 3 0 00 0 0 0

BE18 4 / 69 / 73 BE04 129 / 60 / 189

1,170,000 MTR

200 0

3000
1,170,000 MTR

3 00

40 00

3 000

50 0 0

LAWA 01/2008 340

291 / 258 / 549

BE16 174 / 11 / 185

BED-06 2,500

00

LAP-07

20

1,160,000 MTR

LAP-06 2,300

BE01 BE19 130 / 70 / 200 BEWS (BED -04) 117 / 147 / 264 BE06 08/2011 69 / 162 / 231 1,194 BE24 225 / 286 / 511

2 0 00

BEWN 09/2004 3,086

BEWT (BED -10) 05/2010 2,773 30 4 BEWA 00 06/1999 00 0 5,416

BEP-12

300 0

10

8 00 0

1,150,000 MTR

BEWP 11/2004 1,41 1

000

80 0

NJWR 10/2006 3,435

BE27 156 / 65 / 221

MA01 57 / 81 / 138

12 1 4 00 0 00 0

MAD-12 14,500

JA09 74 / 30 / 104

12/2010 27,325

30

16 0 00 MA03 18 0 0 0 40 / 22 / 62 2 0000 00 20 24 000 00 -04) MAW G (MAD

1,140,000 MTR

NJWA 08/2004 4,475 JA08 95 / 127 / 222

00

MAP-05 26,000

25

MA0 9 5 0 269 / 81 / 350

JA12 34 / 52 / 86 NJD-17

60 0 0

JA11 114 / 41 / 155 NJD-16

MAW C MAP-02 03/2009 36,000 33,193 MA05 142 / 55 / 197 MA0 2 35 0 00 255 / 56 / 31 1 MA0 4 152 / 53 / 205 MAP-06 24,000 MAD-01 3 00 0 0 29,000

30 0 00

North Jarmjuree Field

1, 130,000 MTR

NJD-15

6 00 0

JA10 104 / 34 / 138 NJD-14

JA04 128 / 28 / 156

JA01 48 / 40 / 88

JA02 0 / 0/ 0

NJP-09 JA03 27 / 10 / 37

1,120,000 MTR

NJP-08

NJP-10 TAWH 02/2004 20,543

NJP-11 NJP-07 NJP-12

NJP-02

NJP-13

1, 110,000 MTR

NJP-06 TAWD 02/1998 8,891 NJP-03 NJP-01 NJP-05

BLOCK B8/32
JA07 14 / 58 / 72 NJP-04

JA06 19 / 71 / 90

Map Projection: Universal Transverse Mercator Zone 47N

740,000 MT R 750,000 MT R 760,000 MT R 770,000 MT R

All estimates and exhibits herein are part of this NSAI report and are subject to its parameters and conditions.

MAW D 09/2006 9,853

40

MAW A MA0 7 10/2001 11,866 41 / 55 / 96

00 0

1, 160,000 MTR

0 LAWE 08/2008 721

BE26 85 / 61 / 146 BEWI 12/2002 1,376 1 0 0BEWJ 0 01/2005 BED-03 808 2,000

BEWO 05/2006 3,267

BEWQ 05/2006 4,500

3 00 0

6 0 00

BE09 99 / 128 / 227

0 40 0 00 50
60

BED-14 1,600

200

BE28 274 / 111 / 385 BED-08 12 0 13,000

00

BE29 2 / 68 / 70

BEWE 08/2002 2,590 BE22 145 / 131 / 276 BE02S 0 / 41 / 41

BEWV (BED -15) 1,500

00 0 0 14 0 BE07 0 / 42 / 42 0 0 16 1800 0 BE08 2 / 69 / 456 387 220 BEWC 0

0

10

2 000

0 0 0 0 00 00

BEWY (BED -13/BEP -11) 1,100

BEWX 10/2009 3,315

08/1999 26,322

MA10 22 / 4 / 26 MA13 0 / 29 / 29

10 00
BE25 45 / 50 / 95

BED-01 16,500

1,150,000 MTR

Benchamas Field
2000
3000
40

40 0
60
00

00 16 00

2 0 00

Maliwan Field

00
5 00 0

00

MAW B 04/2007 35,338

MA12 MA08 2 30 / 28 / 58 0 000 110 / 75 / 185

MA11 92 / 0 / 92

MAP-11

MA06 10 / 11 / 21

MAP-09 26,000

1,140,000 MTR

MAP-08 36,000

TA22 14 / 0 / 14

25 0 0 0

Tantawan Field

1, 130,000 MTR

MAD-07 15 0 0 15,000 0

100 0

0
MAP-10

TA09S 0 / 50 / 50

TAP-02

BLOCK B8/32
50

TA24 TAP-01 77 / 10 / 87 10,000

00

BLOCK B9A
1,120,000 MTR
RJWA 05/2007 2,919

Symbol Legend PDP existing platform 1P future platform 2P future platform 3P future platform Exploration well Platform location

Rajpruek Field

0 00 10

TA18 11 / 26 / 37

200 00

TA21 399 / 62 / 461

TA11 79 / 27 / 106 TA04 162 / 38 / 200 TAD-05 TAWE 17,000 06/1999 12,838 TA03 65 / 75 / 140 TAWL (TAD-04) 11/2010 7,028

Posted Data Platform/well name First production date Net pay feet (gas/oil/total) Gas-oil ratio
1, 110,000 MTR

TAWA 00 15 02/1997 13,158

0 TA06 00 0 / 49 / 49 1

000 5 02/1997
7,127 TA23 44 / 115 / 159

TAWB

TA05 44 / 36 / 80 TAWK 10 05/2009 0 9,554

TAWC 08/1997 3,945

Blocks B8/32, B9A, and G4/43

Gulf of Thailand

D-74

00

TA20 165 / 72 0 / 237

00

2P Gas-Oil Ratio
Contour Interval: Variable SCF/BBL
SCALE IN METERS 0 2,500 5,000 10,000

Figure 2.7.5

NETHERLAND, SEWELL & ASSOCIATES, INC.

,
730,000 MTR

,
750,000 MTR

740,000 MTR

SJP-10

1,080,000 MTR

1, 080,000 MTR

SJP-11

SJP-13

SJP-12

SJP-14

20 0

Plamuk Field
1,070,000 MTR

4 00

00

1, 070,000 MTR

Surat Field
KU06 56 / 111 / 167 KU07 147 / 53 / 200 KU02 13 / 119 / 132 CBWA 03/2009 465

20 0

CBP-11

CBP-06

40 0

CB03 14 / 29 / 43

CBP-15 350

CBP-14

CBP-05

BLOCK B8/32

CBP-12

Chaba Field
4 00

400
CBP-07 CBP-02 220

CBP-04 325 CB04 72 / 4 / 76

2 00

2 00

CBP-08 CB01 91 / 54 / 145 KU04 0 / 0/ 0

1,060,000 MTR

1, 060,000 MTR

CBP-10

CBP-19 325

20 0

20

0
CBP-03 CB05S 61 / 0 / 61 CBP-13

200

730,000 MTR

740,000 MTR

750,000 MTR

Block B8/32 (South)

Symbol Legend PDP existing platform 1P future platform 2P future platform 3P future platform Exploration well Platform location Posted Data Platform/well name First production date Net pay feet (gas/oil/total) Unrisked per-well EUR

Gulf of Thailand

1P Per-Well EUR (Unrisked)

Contour Interval: 100 MBOE
SCALE IN METERS

Map Projection: Universal Transverse Mercator Zone 47N

2,500

5,000

10,000

All estimates and exhibits herein are part of this NSAI report and are subject to its parameters and conditions.

Figure 2.7.6 D-75

NETHERLAND, SEWELL & ASSOCIATES, INC.

,
730,000 MTR

,
750,000 MTR

740,000 MTR

SJP-10

1,080,000 MTR

1, 080,000 MTR

SJP-11

SJP-13

SJP-12

SJP-14

Plamuk Field
200 1,070,000 MTR

20

0
1, 070,000 MTR

CB03 14 / 29 / 43 CBP-11

40 0

Surat Field
KU06 56 / 111 / 167 KU07 147 / 53 / 200 CBP-15 400

CBP-06

40

CBP-14 CBWA 03/2009 494

KU02 13 / 119 / 132

BLOCK B8/32

CBP-12

2 00

CBP-05

Chaba Field

40 0

CBP-07 CBP-02 280

CBP-04 380 CB04 72 / 4 / 76

40

CBP-08 CB01 91 / 54 / 145

1,060,000 MTR

2 00 KU04 0 / 0/ 0

1, 060,000 MTR

00
2

CBP-10

CBP-19 350

CB05S 61 / 0 / 61

2 00
CBP-03 CBP-13

2 00

730,000 MTR

740,000 MTR

750,000 MTR

Block B8/32 (South)

Symbol Legend PDP existing platform 1P future platform 2P future platform 3P future platform Exploration well Platform location Posted Data Platform/well name First production date Net pay feet (gas/oil/total) Unrisked per-well EUR

Gulf of Thailand

2P Per-Well EUR (Unrisked)

Contour Interval: 100 MBOE
SCALE IN METERS

Map Projection: Universal Transverse Mercator Zone 47N

2,500

5,000

10,000

All estimates and exhibits herein are part of this NSAI report and are subject to its parameters and conditions.

Figure 2.7.7 D-76

NETHERLAND, SEWELL & ASSOCIATES, INC.

,
730,000 MTR

,
750,000 MTR

740,000 MTR

SJP-10

1,080,000 MTR

1, 080,000 MTR

SJP-11

SJP-13

SJP-12

SJP-14

Plamuk Field
20

0
1, 070,000 MTR

1,070,000 MTR

0 40
CB03 14 / 29 / 43 CBP-11 KU06 56 / 111 / 167 KU07 147 / 53 / 200 KU02 13 / 119 / 132 CBP-05 CBWA 03/2009 525 CBP-15 425

Surat Field

CBP-06

CBP-14

BLOCK B8/32

CBP-12

Chaba Field

40

CBP-07 CBP-02 350 CBP-04 450 CB04 4 00 72 / 4 / 76

1,060,000 MTR

2 00

CBP-08

CB01 91 / 54 / 145 KU04 0 / 0/ 0

1, 060,000 MTR

CBP-10

20 0
CBP-19 400

400
CB05S 61 / 0 / 61

20 0
CBP-03 CBP-13

2 00

730,000 MTR

740,000 MTR

750,000 MTR

Block B8/32 (South)

Symbol Legend PDP existing platform 1P future platform 2P future platform 3P future platform Exploration well Platform location Posted Data Platform/well name First production date Net pay feet (gas/oil/total) Unrisked per-well EUR

Gulf of Thailand

3P Per-Well EUR (Unrisked)

Contour Interval: 100 MBOE
SCALE IN METERS

Map Projection: Universal Transverse Mercator Zone 47N

2,500

5,000

10,000

All estimates and exhibits herein are part of this NSAI report and are subject to its parameters and conditions.

Figure 2.7.8 D-77

NETHERLAND, SEWELL & ASSOCIATES, INC.

,
730,000 MTR

,
750,000 MTR

740,000 MTR

SJP-10

1,080,000 MTR

1, 080,000 MTR

SJP-11

SJP-13

SJP-12

SJP-14

Plamuk Field
1,070,000 MTR 1, 070,000 MTR

Surat Field
CB03 14 / 29 / 43 CBP-11 KU06 56 / 111 / 167 KU07 147 / 53 / 200 KU02 13 / 119 / 132 CBP-05 CBWA 03/2009 2,574 CBP-15 1,800

CBP-06

CBP-14

BLOCK B8/32

CBP-12

Chaba Field

CBP-07 CBP-02 1,800 CBP-08 CB01 91 / 54 / 145 KU04 0 / 0/ 0 CBP-10 CB04 72 / 4 / 76 CBP-04 1,800

1,060,000 MTR

1, 060,000 MTR

CBP-19 1,800

CBP-03 CB05S 61 / 0 / 61

CBP-13

730,000 MTR

740,000 MTR

750,000 MTR

Block B8/32 (South)

Symbol Legend PDP existing platform 1P future platform 2P future platform 3P future platform Exploration well Platform location Posted Data Platform/well name First production date Net pay feet (gas/oil/total) Gas-oil ratio

Gulf of Thailand

2P Gas-Oil Ratio

SCALE IN METERS

Map Projection: Universal Transverse Mercator Zone 47N

2,500

5,000

10,000

All estimates and exhibits herein are part of this NSAI report and are subject to its parameters and conditions.

Figure 2.7.9 D-78

HISTORICAL PLATFORM DEVELOPMENT BY FIELD BLOCKS B8/32, B9A, AND G4/43, GULF OF THAILAND

Year

Benchamas

Field Maliwan N. Jarmjuree Chaba Tantawan Rajpruek Lanta Total

Cumulative Average Platforms per Year

A,B,C A E,G,H,I D F,K,N,P,L J O,Q A D B A A,E C G A K L B 5 2 1 8 1 3 R H U X T S 20

A,B,C D E

D-79

1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012(1) 40

3 1 4 0 1 4 1 7 1 4 2 3 4 3 2 0

3.0 2.0 2.7 2.0 1.8 2.2 2.0 2.6 2.4 2.6 2.5 2.6 2.7 2.7 2.7 2.5

Total

Note: Data are based on first production date.

(1)

Data are through November 30, 2012.

Figure 2.7.10

All estimates and exhibits herein are part of this NSAI report and are subject to its parameters and conditions.

HISTORICAL WELL DEVELOPMENT BY FIELD BLOCKS B8/32, B9A, AND G4/43, GULF OF THAILAND

Year

Benchamas

Maliwan

Field N. Jarmjuree Chaba Tantawan Rajpruek Lanta Total

Cumulative Average New Wells per Year

27 10 13 6 6

D-80 16 16 11 14 1 32 19 94 180 18 398 16

6 8 15 23

1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012(1) 30 15 13 34 33 44 35 47 16 20 40 25 14 32 12 6 11 1 2 14 14 31 1 6 9 22 18 3 32 5 4 11 52

27 10 43 21 20 34 47 76 80 74 62 63 96 59 36 43 791

27.0 18.5 26.7 25.3 24.2 25.8 28.9 34.8 39.8 43.2 44.9 46.4 50.2 50.9 49.9 -

Total

Note: Data are based on first production date.

(1)

Data are through November 30, 2012.

Figure 2.7.11

All estimates and exhibits herein are part of this NSAI report and are subject to its parameters and conditions.

GROSS HISTORICAL DAILY PRODUCTION BY FIELD (MBOE) BLOCKS B8/32, B9A, AND G4/43, GULF OF THAILAND Benchamas Maliwan Field N. Jarmjuree Chaba Tantawan Rajpruek Lanta Total

Year

D-81

1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012(1)

0 0 9 40 48 60 77 58 72 73 56 44 38 39 28 30

0 0 0 0 0 1 0 4 2 5 16 15 17 15 18 15

0 0 0 0 0 0 0 2 2 1 1 2 0 0 0 1

0 0 0 0 0 0 0 0 0 0 0 0 6 5 3 3

19 21 16 17 17 14 15 15 18 16 12 11 14 11 10 5

0 0 0 0 0 0 0 0 0 0 1 2 2 2 1 0

0 0 0 0 0 0 0 0 0 0 0 9 9 8 7 7

19 21 25 57 65 74 92 79 94 95 86 82 85 80 67 62

(1)

Data are through November 30, 2012.

Figure 2.7.12

All estimates and exhibits herein are part of this NSAI report and are subject to its parameters and conditions.

CURRENT PLATFORM STATUS BLOCKS B8/32, B9A, AND G4/43, GULF OF THAILAND Cumulative Production as of November 30, 2012 Oil Gas Oil Equiv (MMBBL) (BCF) (MMBOE) 17.6 36.1 3.5 8.1 7.7 8.0 7.7 9.0 5.8 19.1 3.5 4.9 6.5 5.0 1.8 1.7 1.1 5.4 3.1 4.2 4.6 8.7 1.3 3.2 1.8 1.6 1.9 2.7 0.7 1.2 0.9 2.0 4.0 5.3 15.1 5.0 2.4 1.7 1.2 0.5 225.8 96.3 85.0 87.2 28.2 20.2 40.7 11.8 20.0 8.0 14.4 7.6 15.0 23.6 8.2 7.8 1.9 4.9 12.1 12.7 3.1 9.0 3.3 0.2 2.5 21.5 54.5 51.7 34.2 16.4 6.4 3.0 5.3 54.6 39.0 65.4 46.3 31.3 35.8 10.8 6.5 1,006.3 33.7 50.2 18.0 12.8 11.1 14.7 9.7 12.4 7.1 21.5 4.8 7.4 10.4 6.4 3.1 2.0 1.9 7.4 5.3 4.7 6.1 9.2 1.4 3.6 5.4 10.7 10.5 8.4 3.4 2.3 1.4 2.9 13.1 11.8 26.0 12.7 7.7 7.7 3.0 1.6 393.5

Platform BEWA BEWB BEWC BEWD BEWE BEWF BEWG BEWH BEWI BEWJ BEWK BEWN BEWO BEWP BEWQ BEWS BEWT BEWU BEWX BNWL CBWA LAWA LAWB LAWE MAWA MAWB MAWC MAWD MAWG NJWA NJWR RJWA TAWA TAWB TAWC TAWD TAWE TAWH TAWK TAWL Total

Daily Oil (MBOPD) 0.41 0.43 0.04 0.82 0.36 0.74 0.24 0.43 0.00 3.07 0.00 0.40 2.04 2.76 0.08 3.87 3.29 2.17 2.73 0.44 1.15 2.18 4.14 0.43 0.00 0.04 0.70 2.04 0.90 0.58 0.01 0.14 0.10 0.20 2.03 0.22 0.00 0.00 0.14 1.01 40.33

November 2012 Rate GOR Daily Oil Equiv (MCF/MBBL) (MBOEPD) 4,560 10,370 100,750 3,060 4,420 2,580 1,170 580 0 380 0 5,930 1,720 1,040 7,130 1,570 1,690 1,610 2,880 520 5,700 230 0 300 0 192,250 37,700 4,590 19,630 1,070 3,000 6,070 4,200 700 2,300 2,640 0 0 25,710 1,190 3,290 0.72 1.17 0.71 1.23 0.62 1.06 0.29 0.47 0.00 3.27 0.00 0.79 2.62 3.24 0.18 4.88 4.22 2.75 4.04 0.48 2.24 2.26 4.14 0.46 0.00 1.32 5.10 3.60 3.85 0.68 0.02 0.28 0.18 0.22 2.80 0.31 0.00 0.26 0.74 1.21 62.43

Well Count as of November 30, 2012 Producing Shut-in Total 8 3 4 3 5 7 3 6 0 13 0 4 12 13 2 21 15 16 13 5 9 14 12 5 0 6 10 11 10 5 4 11 7 4 12 4 0 3 7 11 298 19 21 13 19 11 16 19 9 13 10 14 13 11 11 13 3 5 5 9 11 10 11 2 8 15 16 9 10 7 13 10 5 18 21 24 17 21 17 11 3 493 27 24 17 22 16 23 22 15 13 23 14 17 23 24 15 24 20 21 22 16 19 25 14 13 15 22 19 21 17 18 14 16 25 25 36 21 21 20 18 14 791

All estimates and exhibits herein are part of this NSAI report and are subject to its parameters and conditions.

Figure 2.7.13 D-82

NETHERLAND, SEWELL & ASSOCIATES, INC.

2P EUR BY PLATFORM VS. FIRST PRODUCTION DATE AS OF DECEMBER 31, 2012

60
Platform Platform - select FPDAT>2000
BEWB

Linear (Platform - select FPDAT>2000)

50

40 2P EUR (MMBOE)
BEWA

30

TAWC BEWJ

20
TAWA

BEWC MAWC BEWF TAWD BEWH BEWE BEWD BEWG BEWI MAWA BNWL NJWA BEWK BEWQ NJWR RJWA LAWE TAWK TAWL TAWH BEWP BEWN BEWO MAWB MAWD BEWX BEWU LAWA CBWA BEWT MAWG LAWB BEWS

10

TAWB TAWE

0 12/96

12/98

12/00

12/02

12/04 First Production Date

12/06

12/08

12/10

12/12

2P PER-WELL EUR BY PLATFORM VS. FIRST PRODUCTION DATE AS OF DECEMBER 31, 2012
2.5
Platform Platform - select FPDAT>2000
BEWB

Linear (Platform - select FPDAT>2000)

2.0

2P per-well EUR (MMBOE)

1.5
BEWA BEWJ BEWC

1.0
TAWC BEWH BEWE TAWD TAWA BEWI TAWH TAWB TAWE MAWA BEWG BNWL NJWA NJWR BEWN BEWP BEWK BEWQ RJWA BEWD BEWO MAWB BEWF BEWU LAWA

MAWC

BEWX CBWA BEWT MAWG BEWS LAWB

0.5

MAWD LAWE TAWK

TAWL

0.0 12/96

12/98

12/00

12/02

12/04 First Production Date

12/06

12/08

12/10

12/12

All estimates and exhibits herein are part of this NSAI report and are subject to its parameters and conditions.

Figure 2.7.14 D-83

PROBABILISTIC ESTIMATES OF EUR PER WELL AND GOR BLOCKS B8/32, B9A, AND G4/43, GULF OF THAILAND AS OF DECEMBER 31, 2012 Existing Platform BEWA BEWB BEWC BEWD BEWE BEWF BEWG BEWH BEWI BEWJ BEWK BEWN BEWO BEWP BEWQ BEWS BEWT BEWU BEWX BNWL CBWA LAWA LAWB LAWE MAWA MAWB MAWC MAWD MAWG NJWA NJWR RJWA TAWA TAWB TAWC TAWD TAWE TAWH TAWK TAWL EUR per Well (MBOE) 1P 2P 3P 1,281 2,139 1,096 623 723 683 450 850 549 1,133 344 467 554 405 216 303 326 537 495 316 465 464 362 302 360 522 832 492 428 142 98 190 530 477 776 613 365 399 183 143 1,285 2,145 1,102 629 727 689 452 856 549 1,154 344 470 567 420 217 340 363 564 558 319 494 476 419 310 360 527 880 502 481 144 98 194 531 479 786 616 365 404 186 152 1,290 2,151 1,108 635 732 695 454 861 549 1,177 344 473 582 434 219 374 402 592 617 323 525 488 474 318 360 532 930 511 531 146 98 197 532 480 796 618 365 409 189 161 2P GOR (MCF/MBBL) 5,416 2,451 26,322 3,486 2,590 4,867 1,494 2,145 1,376 808 2,138 3,086 3,267 1,411 4,500 1,194 2,773 1,608 3,315 704 2,574 340 159 721 11,866 35,338 33,193 9,853 27,325 4,475 3,435 2,919 13,158 7,127 3,945 8,891 12,838 20,543 9,554 7,028

All estimates and exhibits herein are part of this NSAI report and are subject to its parameters and conditions.

Figure 2.7.15 D-84

SUMMARY OF UNRISKED AND RISKED EUR PER WELL AND GOR FOR FUTURE DEVELOPMENT PLATFORMS BLOCKS B8/32, B9A, AND G4/43, GULF OF THAILAND AS OF DECEMBER 31, 2012 Reserves Category 0.60 0.60 0.60 0.50 0.80 0.50 0.90 0.50 1.00 0.80 0.80 1.00 1.00 0.80 1.00 Projected First Prod. Date Risking Factor (Decimal) 1P 2P 3P Unrisked EUR per Well (MBOE) 1P 2P 3P Risked EUR per Well (MBOE) 1P 2P 3P 2P GOR (MCF/MBBL)

Future Development Platform

Percent of Wells in B8/32

D-85
0.60 0.80 0.80 0.90 1.00 1.00

BED-01 BED-03 BED-06 BED-08 BED-14 BEP-05 BEWV (BED-15) BEWW (BEWB-Twin) BEWY (BED-13/BEP-11) BND-02 CBP-02 CBP-04 CBP-15 CBP-19 LAD-02 LAD-03 LAP-06 MAD-01 MAD-07 MAD-12 MAP-02 MAP-05 MAP-06 MAP-08 MAP-09 TAD-05 TAP-01

100 100 100 100 100 100 91 100 100 100 100 100 100 100 0 0 40 100 100 100 100 100 100 100 100 100 100

2P 2P 2P 2P 2P 2P 1P 1P 1P 2P 2P 2P 2P 2P 2P 2P 2P 1P 2P 2P 2P 2P 2P 3P 3P 2P 2P

10/17 10/16 04/16 10/22 10/21 10/15 09/13 03/13 07/14 04/18 04/21 04/19 04/22 10/20 05/14 04/17 07/20 07/15 04/20 10/18 10/19 04/23 10/23 10/24 04/24 07/17 07/16

900 290 300 790 800 300 350 1,300 675 330 220 325 350 325 400 250 180 520 450 510 440 800 650 275 250 375 420

925 300 320 825 900 340 400 1,350 750 360 280 380 400 350 450 300 200 600 500 620 500 900 750 300 350 400 480

950 310 410 840 950 390 450 1,350 760 390 350 450 425 400 500 350 225 630 550 650 525 950 800 350 350 420 500

540 290 300 474 480 300 350 650 540 330 220 325 350 325 400 250 180 520 450 510 440 480 520 275 250 375 420

740 300 320 660 720 340 400 675 675 360 280 380 400 350 450 300 200 600 500 620 500 720 675 300 350 400 480

950 310 410 840 950 390 450 675 760 390 350 450 425 400 500 350 225 630 550 650 525 950 800 350 350 420 500

16,500 2,000 2,500 13,000 1,600 2,100 1,500 2,800 1,100 3,000 1,800 1,800 1,800 1,800 500 500 2,300 29,000 15,000 14,500 36,000 26,000 24,000 36,000 26,000 17,000 10,000

Figure 2.7.16

All estimates and exhibits herein are part of this NSAI report and are subject to its parameters and conditions.

DEVELOPMENT AND NONDEVELOPMENT CAPITAL EXPENDITURE ESTIMATES BLOCKS B8/32, B9A, AND G4/43, GULF OF THAILAND AS OF DECEMBER 31, 2012 Development Forecast Drill Wells Platforms Infill 371.3 336.1 423.7 Total B8/32 & B9A Infill wells Subtotal G4/43 Budget (MM$) B8/32 B9A Lanta Development CAPEX (MM$) Nondevelopment CAPEX (MM$) Other 30.9 (9.4) 47.5 Subtotal Total (MM$) B8/32 and B9A Portion of Total

Year

Platform Installations

Budget

Associated with New Platforms

69 49 66

D-86
514 390 904.0 2,352.5 275.6 1,360.8 3,988.9 104.00 20.00 80.00 3.34 3.55 3.50 0.00 320.10 95.00

2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 Abandonment 1,131.1 1,441.5 0.4

2 2 2 3 3 2 2 3 2 2 2 2

36.7 9.4 48.2 60.0 60.0 40.0 40.0 60.0 40.0 40.0 40.0 40.0

32 40 18 20 20 40 40 20 40 40 40 40

69.0 49.0 66.0 80.0 80.0 80.0 80.0 80.0 80.0 80.0 80.0 80.0

135.6 114.1 204.7 299.6 202.7 214.8 214.8 236.0 208.0 208.0 174.0 140.0

39.2 70.0 0.0 34.0 70.0 10.2 10.2 42.0 0.0 0.0 0.0 0.0

107.8 140.7 62.3 70.0 70.0 140.0 140.0 70.0 140.0 140.0 140.0 140.0

282.6 324.8 267.0 403.6 342.7 365.0 365.0 348.0 348.0 348.0 314.0 280.0

86.8 80.5 99.1 95.0 95.0 95.0 95.0 95.0 95.0 95.0 95.0 95.0 320.1

0.2 0.2 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0

10.0 10.0 10.0 10.0 10.0 10.0 10.0 10.0 10.0 10.0 10.0 10.0

127.9 81.3 156.6 105.0 105.0 105.0 105.0 105.0 105.0 105.0 105.0 105.0 320.1 120.0 69.0 1,630.9

410.5 406.1 423.7 508.6 447.7 470.0 470.0 453.0 453.0 453.0 419.0 385.0 320.1 5,619.8

362.3 327.1 414.6 465.6 368.7 450.8 450.8 402.0 444.0 444.0 410.0 376.0 320.1 5,235.8

Total

27

184

Input

Platform/pipeline/drilling CAPEX (MM$) Phase I Development (wells/platform) COTL long-term drilling forecast (wells/year)

Development Well CAPEX (MM$) 2013 2014 Thereafter

Escalation rate (percent/year) Abandonment (MM$)

Nondevelopment/drilling CAPEX (MM$)

Figure 2.7.17

All estimates and exhibits herein are part of this NSAI report and are subject to its parameters and conditions.

FUTURE PLATFORM DEVELOPMENT CAPITAL EXPENDITURE ESTIMATES FOR FUTURE DEVELOPMENT PLATFORMS BLOCKS B8/32, B9A, AND G4/43, GULF OF THAILAND AS OF DECEMBER 31, 2012

Remaining Development CAPEX (MM$) 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 Total

Future Development Platform 86.6 39.0 4.9 14.4 0.1 47.7 9.3 70.0 47.0 13.1 16.2 16.3 10.8 0.3 20.9 69.7 68.7 15.0 6.6 17.4 70.0 70.0 17.0 34.0 17.0 17.0 6.6 22.3 70.0 86.4 34.0 70.0 34.0 17.0 10.4 13.9 59.3 34.0 12.0 11.8 15.2 0.1 14.3

Percent Projected Development CAPEX (MM$) of Wells Reserves First in B8/32 Category Prod. Date Platform Pipeline Drilling Total Previously Spent CAPEX (MM$)

D-87
21.0 14.3 Total 662.5 246.6 1,894.3 2,803.4 175.3 174.8 184.1 204.7 333.6

70.0 70.0 17.0 17.0 17.0 17.0 17.0

BEWW (BEWB-Twin) BEWV (BED-15) LAD-02 BEWY (BED-13/BEP-11) MAD-01 BEP-05 BED-06 TAP-01 BED-03 LAD-03 TAD-05 BED-01 BND-02 MAD-12 CBP-04 MAP-02 MAD-07 LAP-06 CBP-19 CBP-02 BED-14 CBP-15 BED-08 MAP-05 MAP-06 MAP-09 MAP-08 70.0 70.0 17.0 17.0 17.0 17.0 17.0 272.7 225.0 225.0

100.00 91.22 0.00 100.00 100.00 100.00 100.00 100.00 100.00 0.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 40.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

1P 1P 2P 1P 1P 2P 2P 2P 2P 2P 2P 2P 2P 2P 2P 2P 2P 2P 2P 2P 2P 2P 2P 2P 2P 3P 3P

03/13 09/13 05/14 07/14 07/15 10/15 04/16 07/16 10/16 04/17 07/17 10/17 04/18 10/18 04/19 10/19 04/20 07/20 10/20 04/21 10/21 04/22 10/22 04/23 10/23 04/24 10/24

24.5 25.3 24.5 11.7 19.3 20.9 22.8 30.5 24.5 24.5 41.9 24.5 24.5 24.5 24.5 24.5 24.5 24.5 24.5 24.5 24.5 24.5 24.5 24.5 24.5 24.5 24.5

0.0 14.1 9.5 5.2 6.8 10.5 8.5 10.5 9.5 9.5 10.4 9.5 9.5 9.5 9.5 9.5 9.5 9.5 9.5 9.5 9.5 9.5 9.5 9.5 9.5 9.5 9.5

76.0 58.8 70.0 67.9 82.9 68.7 70.0 70.0 70.0 70.0 70.0 70.0 70.0 70.0 70.0 70.0 70.0 70.0 70.0 70.0 70.0 70.0 70.0 70.0 70.0 70.0 70.0

100.5 98.3 104.0 84.8 109.0 100.2 101.4 111.0 104.0 104.0 122.3 104.0 104.0 104.0 104.0 104.0 104.0 104.0 104.0 104.0 104.0 104.0 104.0 104.0 104.0 104.0 104.0

70.0 70.0 70.0 17.0 17.0 17.0 17.0

70.0 70.0 17.0 17.0 17.0 17.0

70.0 70.0 17.0 17.0 17.0 17.0 278.0 208.0 208.0

70.0 70.0 17.0 17.0 174.0

70.0 70.0

13.9 59.3 104.0 79.9 94.6 100.1 101.4 101.6 104.0 104.0 101.3 104.0 104.0 104.0 104.0 104.0 104.0 104.0 104.0 104.0 104.0 104.0 104.0 104.0 104.0 104.0 104.0 140.0 2,628.1

Figure 2.7.18

All estimates and exhibits herein are part of this NSAI report and are subject to its parameters and conditions.

GROSS ANNUAL CAPITAL EXPENDITURE ESTIMATES BLOCKS B8/32, B9A, AND G4/43, GULF OF THAILAND AS OF DECEMBER 31, 2012 Gross Capital Expenditures (MM$) 2013 (1) 2014 (1) 2015 (1)

Block/Expenditure Block B8/32 Construction Platforms Pipelines - Development Pipelines - Other Subtotal Drilling Development Water Injection Delineation/Exploration Subtotal Other Facility Projects Well Services Miscellaneous Subtotal Total B8/32 Nonplatform/Drilling Costs Block B9A Total Nonplatform/Drilling Costs Subtotal Blocks B8/32 and B9A Block G4/43 Nonplatform/Drilling Costs Total

Thereafter

33.7 10.2 3.6 47.5 230.2 0.0 0.0 230.2 60.0 15.9 7.3 83.2 361.0 86.8 0.3 0.2 361.3 10.0 (4) 371.3

56.9 13.8 15.5 86.3 174.5 0.0 6.6 181.0 39.2 13.8 5.4 58.4 325.7 80.5 0.4 0.2 326.1 10.0 (5) 336.1

55.1 28.8 29.4 113.3 230.6 0.0 6.9 237.6 47.2 11.9 3.8 62.8 413.7 99.1 0.0 0.0 413.7 10.0 (5) 423.7

(2) (2)

20.0 20.0
(2)

0.0 5.0 5.0 50.0 15.0 5.0 70.0 95.0 (3) 95.0 0.0 (3) 0.0 95.0 (3) 10.0 105.0 (3)

Note: Does not include additional costs of $320.1 million for the abandonment of the platforms and wells at the economic limit of the Benchamas Field Complex.
(1) (2) (3)

(4) (5)

Data are from the October 2012 TCM for Blocks B8/32 and B9A. As forecast in the Future Platform Development schedule. NSAI economics include additional platform and drilling costs at $104 million per platform as forecast plus infill drilling costs. KrisEnergy estimates for Block G4/43. Estimated because no new TCM data are available.

All estimates and exhibits herein are part of this NSAI report and are subject to its parameters and conditions.

Figure 2.7.19 D-88

GROSS ANNUAL OPERATING EXPENSE ESTIMATES BLOCKS B8/32, B9A, AND G4/43, GULF OF THAILAND AS OF DECEMBER 31, 2012 Gross Operating Expenses (MM$) 2013 (1) 2014 (1) 2015 (1) Annual Thereafter (MM$)

Block/Expense Block B8/32 Operations Asset Management & Operations Consumable Materials and Maintenance Service Fee Shared Facilities Subtotal Support Well Services Logistics Other Subtotal Operators Fee Abandonment Total Tantawan Non-Tantawan Block B9A Total Block G4/43 Total Total Total Blocks B8/32 and
(1) (2)

31.4 28.5 12.7 91.2 163.7 16.0 4.6 12.7 33.3 2.3 23.8 223.1 49.9 173.2 5.5 15.0 243.6

32.5 31.2 12.7 99.3 175.7 16.8 4.7 13.3 34.8 2.4 21.4 234.3 52.6 181.7 5.7 15.0 254.9 241.4

33.8 29.4 12.0 93.2 168.3 19.1 4.9 13.6 37.6 2.2 7.1 215.2 48.2 167.0 5.6 21.0 241.8 222.9

33.8 29.4 12.0 93.2 168.3 19.1 4.9 13.6 37.6 2.2 10.0 218.1 48.8 169.3 5.6 21.0 244.7 225.8

B9A (2)

230.1

Data are from the October 2012 TCM. Total includes a portion of the Lanta OPEX which is based on the percentage of Lanta wells in Block B8/32 and is approximately 9.7 percent of the Block G4/43 Total.

All estimates and exhibits herein are part of this NSAI report and are subject to its parameters and conditions.

Figure 2.7.20 D-89

FISCAL TERMS BLOCKS B8/32 AND B9A, GULF OF THAILAND Block B8/32 Thai III August 1991 Tantawan Benchamas Maliwan N. Jarmjuree Chaba MBOPD <2 2-5 5-10 10-20 >20 May 1995 September 1998 October 2001 September 2004 February 2009 30 Royalty (%) 5.00 6.25 10.00 12.50 15.00 Block B9A Thai I July 2003 May 2004

Concession Terms Effective Date First Production Date

Production Period (years)(1) Government Royalty

30 12.5%

BG ORRI

MMBOE <7 7-14 >14

Royalty (%) 4 15 20 50%

SRB(2) Tax on Net Profits

0-75% 50%

(1) (2)

Twenty-year original production period plus 10 year extension Special remuneratory benefit based on annual revenue per meter per well drilled

All estimates and exhibits herein are part of this NSAI report and are subject to its parameters and conditions.

Figure 2.7.21 D-90

SUMMARY PROJECTION OF RESERVES AND REVENUE AS OF DECEMBER 31, 2012 BLOCKS B8/32 AND B9A GULF OF THAILAND PROVED DEVELOPED PRODUCING RESERVES WORKING INTEREST RESERVES (4.6345%) NET RESERVES OIL (MBBL) 349.9 201.0 137.4 97.7 71.7 41.5 81.5 4,648.6 486.8 555,400.0 127,418.0 1,335.3 668.2 388.8 236.0 153.4 39,136.5 22,501.7 15,376.1 10,941.7 8,021.6 7,762.3 3,987.1 2,320.4 1,408.9 915.9 225,964.7 212,148.0 209,217.0 165,300.0 165,300.0 229,020.0 182,141.3 167,627.7 169,890.7 169,890.7 10,472.3 9,832.0 9,696.2 7,660.8 7,660.8 25,740.0 GAS (MMCF) OIL (M$) GAS (M$) NET INVSTMT (M$) OIL (MBBL) 392.7 220.8 148.6 104.6 76.0 43.8 85.8 1,445.4 708.2 410.2 248.5 161.5 GAS (MMCF) GROSS (100%) INVSTMT (M$) GROSS (100%) OPERATING EXPENSE (M$) GROSS REVENUE TO NET INTEREST

KRISENERGY LTD INTEREST

GROSS RESERVES

PERIOD ENDING

OIL (MBBL)

GAS (MMCF)

NET OPERATING EXPENSE (M$) 10,613.9 8,441.3 7,768.7 7,873.6 7,873.6 5,905.2

NET TAXES(1) (M$) 0.0 10,867.8 802.3 0.0 0.0 0.0

NET REVENUE (M$) 25,812.5 (2,652.3) (570.6) (3,183.8) (6,596.9) (26,509.8)

CUM P.W. 10% (M$) 24,611.2 22,312.2 21,862.6 19,581.9 15,285.8 (408.6)

12-31-2013 12-31-2014 12-31-2015 12-31-2016 12-31-2017

8,473.1 4,763.9 3,206.9 2,256.9 1,639.4

31,187.3 15,281.6 8,851.5 5,361.3 3,483.9

12-31-2018 12-31-2019 12-31-2020 12-31-2021 12-31-2022

946.0

1,850.8

D-91
986.5 3,059.5 899.2 2,863.3 100,626.2 16,881.5 1,533,329.7

12-31-2023 12-31-2024 12-31-2025 12-31-2026 12-31-2027

12-31-2028 12-31-2029 12-31-2030 12-31-2031 12-31-2032 1,045,988.4 71,062.2 48,476.3 11,670.1 (13,700.9) (408.6)

TOTAL

21,286.2

66,016.4

CUM PROD

214,295.0

1,004,754.3

ULTIMATE

235,581.2

1,070,770.6 BASED ON KRISENERGY PRICE AND COST PARAMETERS PRESENT WORTH PROFILE FOR 8 PCT, PRESENT WORTH M$ FOR 15 PCT, PRESENT WORTH M$ FOR 20 PCT, PRESENT WORTH M$ FOR 25 PCT, PRESENT WORTH M$ FOR 30 PCT, PRESENT WORTH M$ (2,454.7) 3,757.5 6,872.5 9,218.4 10,994.7

TOTALS MAY NOT ADD BECAUSE OF ROUNDING.

(1) NET

TAXES INCLUDE SPECIAL REMUNERATORY BENEFIT AND INCOME TAXES.

Figure 2.7.22

All estimates and exhibits herein are part of this NSAI report and are subject to its parameters and conditions.

SUMMARY PROJECTION OF RESERVES AND REVENUE AS OF DECEMBER 31, 2012 BLOCKS B8/32 AND B9A GULF OF THAILAND PROVED UNDEVELOPED RESERVES WORKING INTEREST RESERVES (4.6345%) NET RESERVES OIL (MMCF) 78.6 183.3 226.9 173.8 122.6 68.9 367.7 7,705.0 2,211.3 0.0 0.0 217.8 402.2 768.1 942.8 668.9 8,791.2 20,513.1 25,391.5 19,453.3 13,725.4 1,311.1 2,419.1 4,619.9 5,669.7 4,022.9 91,704.3 60,170.0 90,620.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 4,250.0 2,788.6 4,199.8 0.0 0.0 0.0 GAS (MBBL) OIL (M$) GAS (M$) NET INVSTMT (M$) OIL (MBBL) 92.4 212.2 260.8 196.8 137.1 74.8 388.8 242.0 441.1 835.3 1,021.3 712.3 GAS (MMCF) GROSS (100%) INVSTMT (M$) GROSS (100%) OPERATING EXPENSE (M$) GROSS REVENUE TO NET INTEREST

KRISENERGY LTD INTEREST

GROSS RESERVES

PERIOD ENDING

OIL (MBBL)

GAS (MMCF)

NET OPERATING EXPENSE (M$) 0.0 0.0 0.0 0.0 0.0 0.0

NET TAXES(1) (M$) 314.8 2,709.6 10,657.1 9,451.3 6,742.6 5,312.5

NET REVENUE (M$) 5,537.5 17,434.0 15,154.6 15,671.8 11,005.7 4,603.8

CUM P.W. 10% (M$) 5,279.8 20,391.3 32,332.8 43,559.3 50,726.5 53,452.1

12-31-2013 12-31-2014 12-31-2015 12-31-2016 12-31-2017 8,389.8

1,994.1 4,578.6 5,626.4 4,246.6 2,959.1

5,221.6 9,518.6 18,023.6 22,036.0 15,368.9

12-31-2018 12-31-2019 12-31-2020 12-31-2021 12-31-2022

1,614.1

D-92
974.1 3,640.8 854.1 3,367.4 95,579.4 20,254.1 242,494.3 0.0

12-31-2023 12-31-2024 12-31-2025 12-31-2026 12-31-2027

12-31-2028 12-31-2029 12-31-2030 12-31-2031 12-31-2032 0.0 11,238.4 0.0 35,187.8 69,407.3 53,452.1

TOTAL

21,019.0

78,558.5

CUM PROD

0.0

ULTIMATE

21,019.0

78,558.5 BASED ON KRISENERGY PRICE AND COST PARAMETERS PRESENT WORTH PROFILE FOR 8 PCT, PRESENT WORTH M$ FOR 15 PCT, PRESENT WORTH M$ FOR 20 PCT, PRESENT WORTH M$ FOR 25 PCT, PRESENT WORTH M$ FOR 30 PCT, PRESENT WORTH M$ 56,134.0 47,597.3 42,737.7 38,660.8 35,206.9

TOTALS MAY NOT ADD BECAUSE OF ROUNDING.

(1) NET

TAXES INCLUDE SPECIAL REMUNERATORY BENEFIT AND INCOME TAXES.

Figure 2.7.23

All estimates and exhibits herein are part of this NSAI report and are subject to its parameters and conditions.

SUMMARY PROJECTION OF RESERVES AND REVENUE AS OF DECEMBER 31, 2012 BLOCKS B8/32 AND B9A GULF OF THAILAND PROVED (1P) RESERVES WORKING INTEREST RESERVES (4.6345%) NET RESERVES OIL (MBBL) 428.4 384.3 364.3 271.6 194.3 110.4 449.2 12,353.6 2,698.1 555,400.0 127,418.0 1,553.1 1,070.4 1,156.9 1,178.8 822.3 47,927.6 43,014.8 40,767.6 30,395.0 21,747.0 9,073.4 6,406.2 6,940.4 7,078.7 4,938.8 317,669.0 272,318.0 299,837.0 165,300.0 165,300.0 229,020.0 182,141.3 167,627.7 169,890.7 169,890.7 14,722.4 12,620.6 13,895.9 7,660.8 7,660.8 25,740.0 GAS (MMCF) OIL (M$) GAS (M$) NET INVSTMT (M$) OIL (MBBL) 485.1 433.0 409.4 301.4 213.1 118.6 474.6 1,687.4 1,149.4 1,245.5 1,269.7 873.7 GAS (MMCF) GROSS (100%) INVSTMT (M$) GROSS (100%) OPERATING EXPENSE (M$) GROSS REVENUE TO NET INTEREST

KRISENERGY LTD INTEREST

GROSS RESERVES

PERIOD ENDING

OIL (MBBL)

GAS (MMCF)

NET OPERATING EXPENSE (M$) 10,613.9 8,441.3 7,768.7 7,873.6 7,873.6 5,905.2

NET TAXES(1) (M$) 314.8 13,577.5 11,459.3 9,451.3 6,742.6 5,312.5

NET REVENUE (M$) 31,350.0 14,781.6 14,584.0 12,488.0 4,408.8 (21,905.9)

CUM P.W. 10% (M$) 29,891.0 42,703.5 54,195.5 63,141.3 66,012.4 53,043.5

12-31-2013 12-31-2014 12-31-2015 12-31-2016 12-31-2017

10,467.3 9,342.6 8,833.2 6,503.5 4,598.5

36,408.9 24,800.2 26,875.1 27,397.3 18,852.8

12-31-2018 12-31-2019 12-31-2020 12-31-2021 12-31-2022

2,560.0

10,240.6

D-93
1,960.6 6,700.3 1,753.3 6,230.7 196,205.7 37,135.5 1,775,824.0

12-31-2023 12-31-2024 12-31-2025 12-31-2026 12-31-2027

12-31-2028 12-31-2029 12-31-2030 12-31-2031 12-31-2032 1,045,988.4 82,300.6 48,476.3 46,857.9 55,706.4 53,043.5

TOTAL

42,305.1

144,574.8

CUM PROD

214,295.0

1,004,754.3

ULTIMATE

256,600.1

1,149,329.1 BASED ON KRISENERGY PRICE AND COST PARAMETERS PRESENT WORTH PROFILE FOR 8 PCT, PRESENT WORTH M$ FOR 15 PCT, PRESENT WORTH M$ FOR 20 PCT, PRESENT WORTH M$ FOR 25 PCT, PRESENT WORTH M$ FOR 30 PCT, PRESENT WORTH M$ 53,679.4 51,354.7 49,610.2 47,879.2 46,201.5

TOTALS MAY NOT ADD BECAUSE OF ROUNDING.

(1) NET

TAXES INCLUDE SPECIAL REMUNERATORY BENEFIT AND INCOME TAXES.

Figure 2.7.24

All estimates and exhibits herein are part of this NSAI report and are subject to its parameters and conditions.

SUMMARY PROJECTION OF RESERVES AND REVENUE AS OF DECEMBER 31, 2012 BLOCKS B8/32 AND B9A GULF OF THAILAND PROBABLE RESERVES

KRISENERGY LTD INTEREST

GROSS RESERVES NET RESERVES OIL (MBBL) 66.1 125.5 141.9 229.7 297.0 351.9 448.0 416.2 420.4 488.6 457.9 356.5 241.5 163.6 112.4 61.7 508.7 6,915.4 3,026.3 320,100.0 2,976.0 3,069.1 2,035.8 1,357.7 923.0 51,352.5 39,966.8 27,072.7 18,348.0 12,606.6 17,617.7 18,261.4 12,104.7 8,067.7 5,486.5 375,970.0 235,970.0 0.0 0.0 0.0 2,496.1 3,014.1 3,263.0 2,640.2 2,213.6 39,333.4 50,135.4 46,603.3 47,126.9 54,786.7 13,618.5 17,077.7 18,820.7 15,149.7 12,819.1 (104,630.0) 450,770.0 401,970.0 443,970.0 409,970.0 98,319.0 225,737.0 225,737.0 225,737.0 198,517.4 171,297.7 171,297.7 171,297.7 171,297.7 171,297.7 128,473.3 329.4 586.3 611.7 988.9 1,581.3 7,388.5 14,022.7 15,860.9 25,679.1 33,188.4 1,890.7 3,318.7 3,535.2 5,515.9 8,227.9 44,600.0 54,795.0 114,790.0 300,300.0 203,390.0 1,005.0 59,243.7 55,169.3 55,846.3 55,846.3 2,067.0 2,539.5 5,319.9 13,917.4 9,426.1 (4,849.1) 20,890.9 18,629.3 20,575.8 19,000.1 17,424.3 10,936.0 0.0 0.0 0.0 14,835.0 GAS (MMCF) OIL (M$) GAS (M$) NET INVSTMT (M$) OIL (MBBL) 77.8 147.9 167.0 269.2 345.8 406.1 508.0 470.5 475.5 555.7 519.6 400.2 267.0 178.1 120.9 65.3 538.1 3,311.7 3,418.7 2,237.2 1,468.7 985.7 2,802.3 3,355.5 3,646.8 2,928.1 2,440.5 376.7 656.0 687.3 1,118.7 1,784.3 GAS (MMCF)

WORKING INTEREST RESERVES (4.6345%) GROSS (100%) INVSTMT (M$) GROSS (100%) OPERATING EXPENSE (M$)

GROSS REVENUE TO NET INTEREST

PERIOD ENDING

OIL (MBBL)

GAS (MMCF)

NET OPERATING EXPENSE (M$) 46.6 2,745.6 2,556.8 2,588.2 2,588.2 4,556.6 10,461.8 10,461.8 10,461.8 9,200.3 7,938.8 7,938.8 7,938.8 7,938.8 7,938.8 5,954.1

NET TAXES(1) (M$) 1,229.2 4,924.0 6,915.9 6,353.0 8,787.9 15,045.0 18,773.4 18,204.9 17,952.4 15,689.8 19,118.1 20,821.4 18,487.5 12,684.3 7,246.9 3,887.3

NET REVENUE (M$) 5,936.5 7,132.3 4,603.5 8,336.4 20,614.2 38,199.4 17,087.0 18,128.1 13,286.6 23,715.7 24,488.9 18,532.0 12,751.2 5,792.5 2,907.4 (14,734.7)

CUM P.W. 10% (M$) 5,660.3 11,842.4 15,469.9 21,441.7 34,866.3 57,481.3 66,677.6 75,547.2 81,457.1 91,046.8 100,048.9 106,242.0 110,115.8 111,715.6 112,445.6 109,082.4

12-31-2013 12-31-2014 12-31-2015 12-31-2016 12-31-2017

1,678.9 3,190.2 3,604.2 5,808.6 7,462.0

8,128.8 14,155.1 14,830.8 24,138.9 38,499.5

12-31-2018 12-31-2019 12-31-2020 12-31-2021 12-31-2022

8,762.7 10,960.6 10,151.6 10,259.0 11,989.7

60,466.4 72,402.1 78,689.1 63,180.7 52,659.3

D-94
4,974.5 31,756.3 4,379.0 28,595.0 490,387.4 164,538.6 3,251,965.0

12-31-2023 12-31-2024 12-31-2025 12-31-2026 12-31-2027

11,211.6 8,634.8 5,761.3 3,842.0 2,609.3

71,457.1 73,765.9 48,272.5 31,689.8 21,267.8

12-31-2028 12-31-2029 12-31-2030 12-31-2031 12-31-2032

1,409.9

11,610.6

TOTAL

107,336.7

685,214.4

2,186,119.8

150,712.3

101,315.7

196,120.8

206,777.0

109,082.4

CUM PROD

21.5

120.0

ULTIMATE

107,358.2

685,334.5 BASED ON KRISENERGY PRICE AND COST PARAMETERS PRESENT WORTH PROFILE FOR 8 PCT, PRESENT WORTH M$ FOR 15 PCT, PRESENT WORTH M$ FOR 20 PCT, PRESENT WORTH M$ FOR 25 PCT, PRESENT WORTH M$ FOR 30 PCT, PRESENT WORTH M$ 122,659.9 83,111.7 65,135.9 52,356.4 43,042.8

TOTALS MAY NOT ADD BECAUSE OF ROUNDING.

(1) NET

TAXES INCLUDE SPECIAL REMUNERATORY BENEFIT AND INCOME TAXES.

Figure 2.7.25

All estimates and exhibits herein are part of this NSAI report and are subject to its parameters and conditions.

SUMMARY PROJECTION OF RESERVES AND REVENUE AS OF DECEMBER 31, 2012 BLOCKS B8/32 AND B9A GULF OF THAILAND PROVED + PROBABLE (2P) RESERVES WORKING INTEREST RESERVES (4.6345%) NET RESERVES OIL (MBBL) 494.5 509.8 506.1 501.3 491.3 462.3 448.0 416.2 420.4 488.6 457.9 356.5 241.5 163.6 112.4 61.7 508.7 6,915.4 3,026.3 320,100.0 2,976.0 3,069.1 2,035.8 1,357.7 923.0 51,352.5 39,966.8 27,072.7 18,348.0 12,606.6 17,617.7 18,261.4 12,104.7 8,067.7 5,486.5 375,970.0 235,970.0 0.0 0.0 0.0 2,945.2 3,014.1 3,263.0 2,640.2 2,213.6 51,687.0 50,135.4 46,603.3 47,126.9 54,786.7 16,316.6 17,077.7 18,820.7 15,149.7 12,819.1 450,770.0 450,770.0 401,970.0 443,970.0 409,970.0 225,737.0 225,737.0 225,737.0 225,737.0 198,517.4 171,297.7 171,297.7 171,297.7 171,297.7 171,297.7 128,473.3 1,882.6 1,656.7 1,768.6 2,167.7 2,403.6 55,316.2 57,037.5 56,628.6 56,074.1 54,935.4 10,964.1 9,725.0 10,475.6 12,594.6 13,166.7 362,269.0 327,113.0 414,627.0 465,600.0 368,690.0 230,025.0 241,385.0 222,797.0 225,737.0 225,737.0 16,789.4 15,160.1 19,215.9 21,578.2 17,086.9 20,890.9 20,890.9 18,629.3 20,575.8 19,000.1 17,424.3 10,936.0 0.0 0.0 0.0 14,835.0 GAS (MMCF) OIL (M$) GAS (M$) NET INVSTMT (M$) OIL (MBBL) 562.9 580.8 576.4 570.6 558.9 524.8 508.0 470.5 475.5 555.7 519.6 400.2 267.0 178.1 120.9 65.3 538.1 3,311.7 3,418.7 2,237.2 1,468.7 985.7 3,276.9 3,355.5 3,646.8 2,928.1 2,440.5 2,064.1 1,805.4 1,932.9 2,388.4 2,658.0 GAS (MMCF) GROSS (100%) INVSTMT (M$) GROSS (100%) OPERATING EXPENSE (M$) GROSS REVENUE TO NET INTEREST

KRISENERGY LTD INTEREST

GROSS RESERVES

PERIOD ENDING

OIL (MBBL)

GAS (MMCF)

NET OPERATING EXPENSE (M$) 10,660.5 11,187.0 10,325.5 10,461.8 10,461.8 10,461.8 10,461.8 10,461.8 10,461.8 9,200.3 7,938.8 7,938.8 7,938.8 7,938.8 7,938.8 5,954.1

NET TAXES(1) (M$) 1,543.9 18,501.5 18,375.2 15,804.3 15,530.4 20,357.4 18,773.4 18,204.9 17,952.4 15,689.8 19,118.1 20,821.4 18,487.5 12,684.3 7,246.9 3,887.3

NET REVENUE (M$) 37,286.5 21,914.0 19,187.5 20,824.4 25,023.0 16,293.5 17,087.0 18,128.1 13,286.6 23,715.7 24,488.9 18,532.0 12,751.2 5,792.5 2,907.4 (14,734.7)

CUM P.W. 10% (M$) 35,551.3 54,545.9 69,665.4 84,583.0 100,878.6 110,524.8 119,721.1 128,590.7 134,500.6 144,090.3 153,092.4 159,285.5 163,159.3 164,759.1 165,489.1 162,125.9

12-31-2013 12-31-2014 12-31-2015 12-31-2016 12-31-2017

12,146.2 12,532.8 12,437.5 12,312.0 12,060.5

44,537.7 38,955.3 41,705.9 51,536.2 57,352.4

12-31-2018 12-31-2019 12-31-2020 12-31-2021 12-31-2022

11,322.7 10,960.6 10,151.6 10,259.0 11,989.7

70,707.0 72,402.1 78,689.1 63,180.7 52,659.3

D-95
6,935.1 38,456.6 6,132.2 34,825.7 686,593.0 201,674.1 5,027,789.0

12-31-2023 12-31-2024 12-31-2025 12-31-2026 12-31-2027

11,211.6 8,634.8 5,761.3 3,842.0 2,609.3

71,457.1 73,765.9 48,272.5 31,689.8 21,267.8

12-31-2028 12-31-2029 12-31-2030 12-31-2031 12-31-2032

1,409.9

11,610.6

TOTAL

149,641.8

829,789.3

3,232,108.2

233,012.9

149,792.1

242,978.7

262,483.5

162,125.9

CUM PROD

214,316.5

1,004,874.3

ULTIMATE

363,958.3

1,834,663.5 BASED ON KRISENERGY PRICE AND COST PARAMETERS PRESENT WORTH PROFILE FOR 8 PCT, PRESENT WORTH M$ FOR 15 PCT, PRESENT WORTH M$ FOR 20 PCT, PRESENT WORTH M$ FOR 25 PCT, PRESENT WORTH M$ FOR 30 PCT, PRESENT WORTH M$ 176,339.2 134,466.4 114,746.1 100,235.6 89,244.3

TOTALS MAY NOT ADD BECAUSE OF ROUNDING.

(1) NET

TAXES INCLUDE SPECIAL REMUNERATORY BENEFIT AND INCOME TAXES.

Figure 2.7.26

All estimates and exhibits herein are part of this NSAI report and are subject to its parameters and conditions.

SUMMARY PROJECTION OF RESERVES AND REVENUE AS OF DECEMBER 31, 2012 BLOCKS B8/32 AND B9A GULF OF THAILAND POSSIBLE RESERVES WORKING INTEREST RESERVES (4.6345%) NET RESERVES OIL (MBBL) 19.8 50.2 71.7 84.4 87.6 89.0 85.4 80.9 85.5 118.3 109.5 114.6 103.8 76.2 59.1 37.8 477.3 4,229.4 2,861.2 0.0 599.6 1,189.8 1,519.8 1,060.9 755.3 12,269.8 12,832.8 11,625.9 8,536.0 6,614.7 3,563.7 7,130.3 9,122.2 6,366.6 4,527.9 34,000.0 140,000.0 0.0 0.0 0.0 470.7 436.0 417.0 408.4 449.4 9,951.3 9,553.5 9,057.0 9,578.7 13,253.1 2,761.6 2,556.7 2,445.7 2,376.9 2,506.9 0.0 0.0 0.0 0.0 34,000.0 0.0 0.0 0.0 0.0 22,683.0 0.0 0.0 0.0 0.0 0.0 14,274.9 88.3 180.2 235.1 299.1 319.6 2,209.6 5,610.5 8,024.9 9,441.5 9,798.4 510.4 1,046.8 1,372.6 1,752.7 1,845.8 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 1,575.7 1,575.7 6,488.3 0.0 0.0 0.0 0.0 GAS (MMCF) OIL (M$) GAS (M$) NET INVSTMT (M$) OIL (MBBL) 23.3 59.1 84.5 99.3 103.1 104.7 100.5 95.2 100.6 139.2 128.8 134.8 120.1 87.1 66.1 41.1 517.4 703.3 1,399.7 1,754.3 1,206.1 843.0 550.9 512.4 490.8 467.3 513.9 101.1 206.3 269.1 342.3 365.6 GAS (MMCF) GROSS (100%) INVSTMT (M$) GROSS (100%) OPERATING EXPENSE (M$) GROSS REVENUE TO NET INTEREST

KRISENERGY LTD INTEREST

GROSS RESERVES

PERIOD ENDING

OIL (MBBL)

GAS (MMCF)

NET OPERATING EXPENSE (M$) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 1,051.2 0.0 0.0 0.0 0.0 0.0 661.6

NET TAXES(1) (M$) 521.1 2,705.8 4,120.6 4,925.3 6,071.4 5,336.7 6,360.2 6,058.5 5,754.3 5,980.3 7,136.1 7,554.4 6,972.9 9,960.6 7,037.9 5,299.7

NET REVENUE (M$) 2,198.8 3,951.5 5,276.9 6,268.9 5,572.9 7,376.2 5,750.1 5,444.3 6,201.2 7,152.8 7,121.8 5,920.5 13,775.2 4,942.0 4,104.7 1,129.3

CUM P.W. 10% (M$) 2,096.5 5,521.6 9,679.7 14,170.4 17,799.6 22,166.5 25,261.2 27,925.0 30,683.2 33,575.5 36,193.5 38,172.0 42,357.0 43,721.9 44,752.5 45,010.2

12-31-2013 12-31-2014 12-31-2015 12-31-2016 12-31-2017

502.0 1,274.3 1,822.3 2,143.7 2,224.8

2,181.0 4,450.8 5,806.6 7,385.4 7,888.9

12-31-2018 12-31-2019 12-31-2020 12-31-2021 12-31-2022

2,259.3 2,167.9 2,054.2 2,170.5 3,004.6

11,887.7 11,056.0 10,590.9 10,082.3 11,088.2

D-96
1,487.5 10,243.5 1,273.7 8,906.5 142,587.0 52,748.1 208,000.0 38.5

12-31-2023 12-31-2024 12-31-2025 12-31-2026 12-31-2027

2,780.1 2,908.8 2,590.4 1,879.9 1,426.7

15,174.7 30,202.8 37,853.3 26,023.6 18,189.5

12-31-2028 12-31-2029 12-31-2030 12-31-2031 12-31-2032

887.9

11,164.8

TOTAL

32,097.2

221,026.4

36,957.9

9,639.8

1,712.8

91,795.6

92,186.9

45,010.2

CUM PROD

4.9

ULTIMATE

32,102.1

221,064.9 BASED ON KRISENERGY PRICE AND COST PARAMETERS PRESENT WORTH PROFILE FOR 8 PCT, PRESENT WORTH M$ FOR 15 PCT, PRESENT WORTH M$ FOR 20 PCT, PRESENT WORTH M$ FOR 25 PCT, PRESENT WORTH M$ FOR 30 PCT, PRESENT WORTH M$ 51,078.2 33,871.6 26,524.7 21,473.3 17,868.6

TOTALS MAY NOT ADD BECAUSE OF ROUNDING.

(1) NET

TAXES INCLUDE SPECIAL REMUNERATORY BENEFIT AND INCOME TAXES.

Figure 2.7.27

All estimates and exhibits herein are part of this NSAI report and are subject to its parameters and conditions.

SUMMARY PROJECTION OF RESERVES AND REVENUE AS OF DECEMBER 31, 2012 BLOCKS B8/32 AND B9A GULF OF THAILAND PROVED + PROBABLE + POSSIBLE (3P) RESERVES WORKING INTEREST RESERVES (4.6345%) NET RESERVES OIL (MBBL) 514.3 560.0 577.9 585.7 578.9 551.2 533.4 497.1 505.9 606.9 567.5 471.1 345.3 239.9 171.5 99.4 986.0 11,144.8 5,887.5 320,100.0 3,575.5 4,258.9 3,555.6 2,418.6 1,678.3 63,622.3 52,799.6 38,698.6 26,884.0 19,221.3 21,181.4 25,391.7 21,226.9 14,434.3 10,014.5 409,970.0 375,970.0 0.0 0.0 0.0 3,416.0 3,450.1 3,680.0 3,048.6 2,663.1 61,638.3 59,688.9 55,660.3 56,705.6 68,039.8 19,078.2 19,634.5 21,266.5 17,526.5 15,326.0 450,770.0 450,770.0 401,970.0 443,970.0 443,970.0 225,737.0 225,737.0 225,737.0 225,737.0 221,200.4 171,297.7 171,297.7 171,297.7 171,297.7 171,297.7 142,748.2 1,970.9 1,836.9 2,003.7 2,466.9 2,723.1 57,525.7 62,648.0 64,653.4 65,515.6 64,733.8 11,474.5 10,771.7 11,848.2 14,347.3 15,012.6 362,269.0 327,113.0 414,627.0 465,600.0 368,690.0 230,025.0 241,385.0 222,797.0 225,737.0 225,737.0 16,789.4 15,160.1 19,215.9 21,578.2 17,086.9 20,890.9 20,890.9 18,629.3 20,575.8 20,575.8 19,000.1 17,424.3 0.0 0.0 0.0 14,835.0 GAS (MMCF) OIL (M$) GAS (M$) NET INVSTMT (M$) OIL (MBBL) 586.2 639.9 660.9 670.0 662.1 629.5 608.4 565.7 576.0 694.9 648.4 535.0 387.1 265.2 187.1 106.5 1,055.5 4,015.0 4,818.4 3,991.5 2,674.7 1,828.7 3,827.8 3,867.9 4,137.7 3,395.4 2,954.4 2,165.2 2,011.7 2,202.0 2,730.7 3,023.6 GAS (MMCF) GROSS (100%) INVSTMT (M$) GROSS (100%) OPERATING EXPENSE (M$) GROSS REVENUE TO NET INTEREST

KRISENERGY LTD INTEREST

GROSS RESERVES

PERIOD ENDING

OIL (MBBL)

GAS (MMCF)

NET OPERATING EXPENSE (M$) 10,660.5 11,187.0 10,325.5 10,461.8 10,461.8 10,461.8 10,461.8 10,461.8 10,461.8 10,251.5 7,938.8 7,938.8 7,938.8 7,938.8 7,938.8 6,615.7

NET TAXES(1) (M$) 2,065.0 21,207.2 22,495.8 20,729.6 21,601.8 25,694.1 25,133.6 24,263.4 23,706.7 21,670.1 26,254.2 28,375.7 25,460.3 22,645.0 14,284.8 9,187.0

NET REVENUE (M$) 39,485.3 25,865.5 24,464.4 27,093.2 30,595.9 23,669.6 22,837.1 23,572.4 19,487.8 30,868.5 31,610.7 24,452.5 26,526.4 10,734.5 7,012.1 (13,605.3)

CUM P.W. 10% (M$) 37,647.8 60,067.5 79,345.1 98,753.4 118,678.2 132,691.2 144,982.3 156,515.7 165,183.8 177,665.8 189,285.9 197,457.5 205,516.3 208,481.0 210,241.6 207,136.1

12-31-2013 12-31-2014 12-31-2015 12-31-2016 12-31-2017

12,648.2 13,807.1 14,259.7 14,455.7 14,285.4

46,718.7 43,406.1 47,512.5 58,921.6 65,241.3

12-31-2018 12-31-2019 12-31-2020 12-31-2021 12-31-2022

13,582.0 13,128.5 12,205.8 12,429.5 14,994.3

82,594.7 83,458.1 89,279.9 73,263.0 63,747.4

D-97
8,422.7 48,700.1 7,405.9 43,732.2 829,180.0 254,422.2 5,235,789.0

12-31-2023 12-31-2024 12-31-2025 12-31-2026 12-31-2027

13,991.8 11,543.6 8,351.6 5,721.9 4,036.1

86,631.8 103,968.7 86,125.8 57,713.4 39,457.4

12-31-2028 12-31-2029 12-31-2030 12-31-2031 12-31-2032

2,297.8

22,775.4

TOTAL

181,739.0

1,050,815.7

3,269,066.1

242,652.6

151,504.9

334,774.4

354,670.4

207,136.1

CUM PROD

214,321.4

1,004,912.8

ULTIMATE

396,060.4

2,055,728.5 BASED ON KRISENERGY PRICE AND COST PARAMETERS PRESENT WORTH PROFILE FOR 8 PCT, PRESENT WORTH M$ FOR 15 PCT, PRESENT WORTH M$ FOR 20 PCT, PRESENT WORTH M$ FOR 25 PCT, PRESENT WORTH M$ FOR 30 PCT, PRESENT WORTH M$ 227,417.4 168,338.0 141,270.8 121,709.0 107,113.0

TOTALS MAY NOT ADD BECAUSE OF ROUNDING.

(1) NET

TAXES INCLUDE SPECIAL REMUNERATORY BENEFIT AND INCOME TAXES.

Figure 2.7.28

All estimates and exhibits herein are part of this NSAI report and are subject to its parameters and conditions.

TECHNICAL DISCUSSION BLOCK G6/48 GULF OF THAILAND 3.1 OVERVIEW

Block G6/48 is east of Thailands largest gas field, Erawan Field, and just north and east of several oil fields: Dara, West Dara, Pakarang, Chaba, and Surat Fields. Figure 3.7.1 shows a location map of the area. It is our understanding that KrisEnergy signed a farm-out agreement on March 15, 2013, to acquire a 30 percent working interest and operatorship in Block G6/48, Gulf of Thailand. The transaction is pending approval by the Thailand government and will have a retroactive effective date of January 1, 2013. As requested, the KrisEnergy interest shown in this report for Block G6/48 is the interest expected to be owned when all approvals are finalized.

3.1.1

CONTINGENT OIL RESOURCES

Rossukon Field is an oil discovery located in the southern portion of the Pattani Basin in Block G6/48 in the Gulf of Thailand. Contingent oil resources subclassified as development pending have been estimated for this discovery. The resources shown in this report for Rossukon Field are contingent upon (1) the commitment of the license partners to develop the resources, (2) collection of additional technical data, to be gathered through an appraisal well to establish the size and commercial viability of the project, and (3) submission and approval of a Production Area Application (PAA). If these issues are resolved, some portion of these contingent resources may be reclassified as reserves. Economic analysis was performed to confirm commercial viability and determine economic limits for these resources, using the price and cost parameters discussed in the letter at the beginning of this report and in the Economics Overview section of this technical discussion (Section 3.6). The Rossukon-1 well, the discovery well for Rossukon Field drilled in 2009, penetrated 51 ft of oil in four Miocene sands. One of the accumulations (Pay 6) was flow-tested at 851 BOPD. We estimated contingent resources for three of the four zones: Pay 2, Pay 6, and Pay 7. Pay 1 was excluded because of its limited size. We have estimated low estimate (1C), best estimate (2C), and high estimate (3C) contingent resources for Pay 6, the one interval that was tested. For Pay 7, we have estimated 2C and 3C contingent resources, and for Pay 2, we have estimated only 3C contingent resources. KrisEnergy plans to shoot 3-D seismic data and drill an appraisal well before developing Rossukon with an identical concept to what is planned for Wassana Field in Block G10/48: a single platform with development wells producing to an FSO. This is the same concept used for the successful Jasmine Field phased development. We estimate the gross (100 percent) contingent oil resources and net contingent oil resources to the KrisEnergy working interest in Rossukon Field, as of December 31, 2012, to be: Contingent Oil Resources (MMBBL) Gross (100 Percent) Working Interest(1) 1C 2C 3C 1C 2C 3C 3.7
(1)

8.4

20.5

1.1

2.5

6.2

KrisEnergys expected working interest is 30 percent in Block G6/48. Page 15 D-98

The oil resources shown include crude oil only. Oil volumes are expressed in MMBBL; a barrel is equivalent to 42 United States gallons.

3.1.2

PROSPECTIVE OIL RESOURCES

Prospective oil resources have been estimated for seven leads, all targeting the sand and shale sequences in the Miocene section. The location of the leads and their proximity to Rossukon Field are shown in Figure 3.7.1. A geologic risk assessment was performed for the leads, as discussed in the Executive Summary. We did not perform an economic analysis on these resources; as such, the economic status of these resources is undetermined. We estimate the gross (100 percent) and the net unrisked and risked prospective oil resources to the KrisEnergy working interest in Block G6/48, as of December 31, 2012, to be: Prospective Oil Resources (MMBBL) Gross (100 Percent) Working Interest(1) Unrisked Risked Unrisked Risked 1.1 1.8 3.1 0.3 0.5 0.8 0.3 0.5 0.9 0.1 0.1 0.2

Subclassification/ Category Leads Low Estimate Best Estimate High Estimate

(1)

KrisEnergys expected working interest is 30 percent in Block G6/48.

The oil resources shown include crude oil only. The prospective resources shown for Block G6/48 have been estimated using probabilistic methods and are dependent on a petroleum discovery being made.

3.2

DATA SOURCES
Data were provided to us by Mubadala Petroleum (Mubadala), the previous operator of the properties, and KrisEnergy in both electronic and hard copy format. The key data utilized in our evaluation in addition to the data listed in the Executive Summary are listed below:

3.3

Mubadalas interpreted Seismic Micro-Technology, Inc. (SMT) project, including maps and 2-D seismic data KrisEnergys most recent structural interpretation for Pay 6 Mubadalas petrophysical report

GEOPHYSICAL AND GEOLOGICAL SUMMARY 3.3.1 FIELD OVERVIEW

Rossukon Field was discovered in 2009 with the drilling of the Rossukon-1 exploration well. The well is located in the Gulf of Thailand in Block G6/48. The structure was identified and mapped based on numerous good- to excellent-quality 2-D seismic lines. Rossukon Field is a seismically defined, fault-bounded 3-way dip closure in the up-thrown footwall of a normal fault block. The Rossukon-1 well was not optimally drilled on the structural high, and our structural interpretation indicates that a substantial portion of the field lies to the north and west. Page 16 D-99

The productive interval in Rossukon Field is Early-Middle Miocene age near-shore sandstones. Tectonic rifting resulted in numerous normal faults in subbasins of the Pattani Basin that were subsequently filled with sediments. In our best estimate petrophysical analysis, four intervals calculate as hydrocarbon-bearing, but we have included only three maps in the report: Pay 2, Pay 6, and Pay 7. Pay 2 calculates to be a gas-bearing interval with the gas full to the base of sand as logged in the well. Pay 6 is oil productive with a lowest known oil (LKO) logged in the well, and Pay 7 is oil and gas productive with both a gas-oil contact (GOC) and an oil-water contact (OWC) as logged in the Rossukon-1. The gross thicknesses of the hydrocarbon columns logged in the Rossukon-1 well for these intervals range from 10 to 33 ft true vertical depth (TVD).

3.3.2

GEOLOGIC MAPPING

For contingent resources the GRVs are based on the following approach for each productive sand. For Pay 2, we did not calculate any oil in the low estimate or most likely cases since only gas was logged in the Rossukon-1. To account for the potential for oil down structure of the lowest known gas (LKG), we assumed one and two sand thicknesses of oil below LKG to calculate the best and high estimate GRV, respectively. For Pay 6, we used the NSAI structural interpretation in calculating the volume between the highest known oil (HKO) and LKO logged in the well as the low estimate GRV. KrisEnergy provided its Pay 6 structural interpretation with a structural spill point as the limit for downdip hydrocarbon fill that was subsequently used as our high estimate GRV. For our high estimate GRV, we also included the attic volume above the HKO. Pay 7 had both a GOC and an OWC logged in the Rossukon-1. Our most likely GRV is based on the volume between the GOC and the OWC in the well. Because both a GOC and an OWC were logged in the well, the range of GRV is relatively constrained. Therefore, the high estimate GRV is 15 percent larger than the most likely GRV. A summary of the basis for the GRV calculations by zone is provided in Figure 3.7.2. The depth structure maps for the three reported intervals are shown in Figures 3.7.3 through 3.7.5. The prospective resources for this block include seven leads, all of which are significantly smaller than the area of Rossukon Field. The structural style and trap of each lead is similar to Rossukon, resulting in a Pg for each lead that is relatively high. There are, however, a few wells nearby that targeted similar structures that were unsuccessful. The geologic reason for the failed wells is not well understood, but the probable cause is trap failure or timing/migration into the fault block. Each of the leads targets the Miocene interval. As shown in the log for the nearby Rossukon-1 well, the number of productive sands, as well as their thicknesses, can vary. We accounted for variation in area and thickness by defining high and low estimates for each, which were multiplied to derive high and low estimates for GRV. The area used in the high estimate was derived using the maximum structural closure defined by a fault tip-out or a spill point. The area used in the low estimate is the area associated with one-third the structural closure. The net sand thickness values used were 50 ft in the high estimate and 10 ft in the low estimate. This method accounts for the potential for a number of productive sands as well as the amalgamated thickness of two or more sands.

3.4

PETROPHYSICAL SUMMARY
Parameter assumptions include an m value of 2.0, an n value of 2.0, and an Rw of 0.3 ohmmeters (ohm-m) at reservoir temperature of 150F. Cutoff parameters of porosity greater than or equal to 12 percent, water saturation less than or equal to 65 percent, and shale volume less than or equal to 40 percent were used to determine net pay. The log for Rossukon-1, with interpreted net pay, is shown in Figure 3.7.6. The calculated net pay, porosity, and water saturation are shown in Figure 3.7.7. Page 17 D-100

3.5

RESERVOIR ENGINEERING SUMMARY

One well test was performed in Rossukon-1 in Pay 6. This test is summarized in the following table:
Test 1 Perforation (ft MD) Top Bottom Zone 3,972 3,992 Pay 6 Duration (hr) 8 Choke (in) 28/64 Oil Rate (BOPD) 851 GOR (MCF/MBBL) 62 FWHP (psig) 1,235 Gravity (API) 28 CO2 (%) 27 H 2S (ppm) 0

MDT pressures were taken over the zones of interest, and samples were recovered from six zones. The pressure gradients measured over the zones of interest were 0.345 to 0.366 psi/ft. Estimated fluid and reservoir properties are summarized below:

3.5.1 3.5.1.1

Initial reservoir pressure ranges from 1,880 to 2,000 psia. API gravity of the crude is 28. Reservoir temperature ranges from 200 to 215F. Oil FVF is 1.15 reservoir barrels per stock tank barrel (RB/STB). GOR is approximately 200 standard cubic feet per stock tank barrel (SCF/STB).

PROBABILISTIC RESOURCES DETERMINATION Contingent Oil Resources

A probabilistic spreadsheet model was constructed to calculate 1C, 2C, and 3C OOIP and contingent oil resources for Rossukon Field. We determined the type of distribution and input parameters for the various volumetric parameters by individual reservoir. GRV input parameters were assigned a lognormal distribution with input values of P10 and either P90 or P50, all of which were based on the low estimate, most likely, and high estimate values discussed earlier. All volumetric input parameters are summarized in Figure 3.7.8. The resulting OOIP and gross (100 percent) contingent oil resources calculated in the probabilistic model are summarized in Figure 3.7.9.

3.5.1.2

Prospective Oil Resources

A probabilistic spreadsheet model was constructed to calculate low, best, and high estimate OOIP and prospective oil resources for Block G6/48. We determined the type of distribution and input parameters for the various volumetric parameters by individual lead. GRV input parameters were defined by a lognormal distribution, with input values of P95 and P05 based on the low and high estimate cases discussed earlier. Probability ranges for all other volumetric parameters were estimated based on analogous fields in the region and our knowledge of similar reservoirs. All volumetric input parameters are summarized in Figure 3.7.10. The resulting unrisked and risked OOIP and gross (100 percent) prospective oil resources calculated in the probabilistic model are summarized in Figure 3.7.11.

Page 18 D-101

3.6

ECONOMICS OVERVIEW
Economics have been run for the Rossukon Field development. CAPEX estimates are based on budget information presented by the operator, KrisEnergy. From this information, future platform and facilities costs are estimated to be $40.0 million. Drilling and completion costs, along with other nondevelopment costs, are estimated to be $86.2 million. Additional CAPEX of $15.0 million are included for the abandonment of the platform and wells at the field economic limit. Details of our CAPEX estimates are shown in Figure 3.7.12. OPEX estimates for the Rossukon Field development are based on budget information provided by KrisEnergy. Upon first oil in the first quarter of 2017, primary OPEX will include the lease of a FSO at a daily rate of $56,000 and other fixed operating costs estimated at $30 million annually. These fixed operating costs include petroleum agreement fees and general and administrative, consulting, fuel, and other miscellaneous fees. Details of the OPEX estimates by expense category are shown in Figure 3.7.13. Basic fiscal terms and economic parameters used in the KrisEnergy economics model are shown in the following table: Fiscal Terms Contract Type Operator First Production Interest KrisEnergy WI-Expected (%) Local Participation Right (%) Decision Timing for Back-In KrisEnergy WI-Post Local Participation (%) Royalty (%) Special Remuneratory Benefit (%) Tax on Net Profits (%) Oil Price Adjustment (%) Thai III Concession KrisEnergy January 1, 2017 30.00 0.00 N/A N/A 5 to 15 0 to 70 50.00 -4.00

Summary projections of estimated contingent oil resources and future net cash flow to the KrisEnergy interest are shown in Figures 3.7.14 to 3.7.16.

Page 19 D-102

NETHERLAND, SEWELL & ASSOCIATES, INC.

10100'00" 930'00"

10130'00"

10200'00"

10230'00"

Rossukon

Block G6/48
900'00"

830'00"

Nong Yao Niramai

800'00"

Wassana Mayura

Block G10/48
730'00"

Mantana

Block G11/48

Angun

700'00"

Thailand

Field, prospect, and lead sizes are not to scale.

Ca m bodia

Legend
Gulf of Thailand Vietna m
nd Th ai la

Blocks G6/4 8 , G10/4 8 , and G11/4 8

Gulf of Thailand

Blocks G6/4 8 , G10/4 8 and G11/4 8 S outh China S ea

Oil Reserves Gas Reserves Contingent Oil Contingent Gas Prospective Resources Oil Prospect Oil Lead Gas Prospect Gas Lead
0

Location Map
SCALE IN KILOMETERS 15 30 60

All estimates and exhibits herein are part of this NSAI report and are subject to its parameters and conditions.

Figure 3.7.1 D-103

GROSS ROCK VOLUME BASIS ROSSUKON FIELD, GULF OF THAILAND AS OF DECEMBER 31, 2012

Zone Oil rim between LKG @ -3,531 ft (Rossukon-1) and LKG + 1 sand thickness @ -3,541 ft

Resources Category Low Estimate Case Best Estimate Case

High Estimate Case Oil rim between LKG @ -3,531 ft (Rossukon-1) and LKG + 2 sand thicknesses @ -3,551 ft Oil filled in alternate depth structure interpretation to the spill point @ -3,925 ft

Distribution Type Lognormal

Pay 2

3C

Pay 6

1C

Oil rim between HKO @ -3,854 ft and LKO @ -3,887 ft (Rossukon-1)

Lognormal

D-104
GOC @ -4,160 ft and OWC @ -4,166 ft (Rossukon-1)

Pay 7

2C

GOC @ -4,160 ft and OWC @ -4,166 ft (Rossukon-1) +15%

Lognormal

Figure 3.7.2

All estimates and exhibits herein are part of this NSAI report and are subject to its parameters and conditions.

NETHERLAND, SEWELL & ASSOCIATES, INC.

LKG +2 Sand Thicknesses @ -3,551 ft (Potential Oil Leg)

LKG @ -3,531 ft

Rossukon Field
Gulf of Thailand

Depth Structure Top Pay 2 Zone

Contour Interval: 25 feet
SCALE IN METERS

Map Projection: UTM; Everest 1830 Ellipsoid (1937 Adjustment)

500

1,000

1,500

2,000

All estimates and exhibits herein are part of this NSAI report and are subject to its parameters and conditions.

Figure 3.7.3 D-105

NETHERLAND, SEWELL & ASSOCIATES, INC.

Rossukon Field
Gulf of Thailand

Depth Structure Top Pay 6 Zone

Contour Interval: 25 feet
SCALE IN METERS

Map Projection: UTM; Everest 1830 Ellipsoid (1937 Adjustment)

500

1,000

1,500

2,000

All estimates and exhibits herein are part of this NSAI report and are subject to its parameters and conditions.

Figure 3.7.4 D-106

NETHERLAND, SEWELL & ASSOCIATES, INC.

GOC @ -4,160 ft OWC @ -4,166 ft

Rossukon Field
Gulf of Thailand

Depth Structure Top Pay 7 Zone

Contour Interval: 25 feet
SCALE IN METERS

Map Projection: UTM; Everest 1830 Ellipsoid (1937 Adjustment)

500

1,000

1,500

2,000

All estimates and exhibits herein are part of this NSAI report and are subject to its parameters and conditions.

Figure 3.7.5 D-107

NETHERLAND, SEWELL & ASSOCIATES, INC.

Rossukon-1 Interpreted Well Log Rossukon Field, Gulf of Thailand

Pay 2

Pay 3

Pay 4

Pay 5 Pay 6

Pay 7

All estimates and exhibits herein are part of this NSAI report and are subject to its parameters and conditions.

Figure 3.7.6 D-108

PETROPHYSICAL SUMMARY ROSSUKON FIELD, GULF OF THAILAND AS OF DECEMBER 31, 2012

Low Estimate Case

Best Estimate Case

High Estimate Case

Well/Zone

Top (ft MD)

Base (ft MD)

Top (ft TVDSS)

Base (ft TVDSS)

Gross Interval (ft TVT) Net Pay (ft TVT) Porosity (Decimal) Net Pay (ft TVT) Porosity (Decimal)

Water Saturation (Decimal)

Water Saturation (Decimal)

Net Pay (ft TVT)

Porosity (Decimal)

Water Saturation (Decimal)

Rossukon-1 Pay 1 Pay 2 Pay 3 Pay 4 Pay 5 Pay 6 Pay 7 2,266 3,521 3,602 3,648 3,839 3,854 4,150 44 51 2,273 3,531 3,607 3,655 3,852 3,887 4,180 7 10 5 7 13 33 30 1 5 0 0 0 20 17 0.35 0.28 0.28 0.28 0.62 0.46 0.43 0.38 2 6 0 0 0 25 18 0.33 0.27 0.27 0.28 0.52 0.37 0.32 0.35

2,376 3,631 3,712 3,758 3,949 3,964 4,260

2,383 3,641 3,717 3,765 3,962 3,997 4,290

3 6 0 1 2 30 18 60

0.31 0.27 0.21 0.17 0.25 0.28

0.35 0.31 0.59 0.52 0.30 0.33

Total

D-109

Figure 3.7.7

All estimates and exhibits herein are part of this NSAI report and are subject to its parameters and conditions.

VOLUMETRIC INPUT PARAMETERS - CONTINGENT RESOURCES ROSSUKON FIELD, GULF OF THAILAND AS OF DECEMBER 31, 2012

Gross Rock Volume (Ac-ft) P95 10,130 18,800 3,530 Hydrocarbon Saturation (Decimal) Min 0.50 0.54 0.43 0.63 0.68 0.54 0.76 0.80 0.65 1.05 1.05 1.05 1.15 1.15 1.15 Most Likely Max Min Most Likely Max 1.20 1.20 1.20 Formation Volume Factor (RB/STB) Min 0.10 0.10 0.10 24,760 80,931 4,060 0.51 0.65 0.77 0.60 0.76 0.91 0.69 0.87 1.00 0.24 0.24 0.25 0.27 0.27 0.28 P50 P05/10 Min Most Likely Max Min Most Likely

Net-to-Gross Ratio (Decimal)

Porosity (Decimal) Max 0.30 0.30 0.31 Recovery Factor (Decimal) Most Likely 0.20 0.20 0.20 Max 0.35 0.35 0.35

Zone 3C 1C 2C

Resources Category

Pay 2 Pay 6 Pay 7

D-110
3C 1C 2C

Zone

Resources Category

Pay 2 Pay 6 Pay 7

Figure 3.7.8

All estimates and exhibits herein are part of this NSAI report and are subject to its parameters and conditions.

SUMMARY OF ORIGINAL OIL-IN-PLACE AND GROSS (100 PERCENT) CONTINGENT OIL RESOURCES ROSSUKON FIELD, GULF OF THAILAND AS OF DECEMBER 31, 2012

Original Oil-In-Place (MMBBL) 1C 0.0 20.5 0.0 20.5 20.5 40.2 40.2 88.8 84.8 3.7 3.7 8.4 8.4 21.3 20.5 18 18 0.0 36.9 3.3 17.9 66.8 4.1 0.0 3.7 0.0 0.0 7.7 0.7 4.0 16.2 1.1 18 2C 3C 1C 2C 3C 1C 2C 21 21 21 21

Gross (100 Percent) Contingent Oil Resources (MMBBL)

Recovery Factor(1) (Percent) 3C 22 24 27 24 24

Zone

Pay 2 Pay 6 Pay 7

Arithmetic Sum(2) Probabilistic Sum

D-111

(1)

(2)

Recovery Factor is calculated by dividing unrounded Gross (100 Percent) Contingent Oil Resources by unrounded Original Oil-In-Place. See Volumetric Input Parameters for recovery factor input distributions. Arithmetic sums do not include the portfolio effect that might result from statistical aggregation and may not add because of rounding.

Figure 3.7.9

All estimates and exhibits herein are part of this NSAI report and are subject to its parameters and conditions.

VOLUMETRIC INPUT PARAMETERS - PROSPECTIVE RESOURCES BLOCK G6/48, GULF OF THAILAND AS OF DECEMBER 31, 2012

Gross Rock Volume (Acre-Feet) Lead Lead A Lead B Lead C Lead D Lead E Lead F Lead G Zone Miocene Miocene Miocene Miocene Miocene Miocene Miocene P95 112 738 208 285 197 308 1,020 P50 P05 4,252 7,799 1,718 1,645 2,075 1,817 9,182

Net-to-Gross Ratio(1) (Decimal) Most Low Likely High 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00

Oil Volume Fraction (Decimal) Most Low Likely High 0.35 0.35 0.35 0.35 0.35 0.35 0.35 0.55 0.55 0.55 0.55 0.55 0.55 0.55 1.00 1.00 1.00 1.00 1.00 1.00 1.00

Lead Lead A Lead B Lead C Lead D Lead E Lead F Lead G

Zone Miocene Miocene Miocene Miocene Miocene Miocene Miocene

Low 0.24 0.24 0.24 0.24 0.24 0.24 0.24

Porosity (Decimal) Most Likely 0.27 0.27 0.27 0.27 0.27 0.27 0.27

High 0.31 0.31 0.31 0.31 0.31 0.31 0.31

Hydrocarbon Saturation (Decimal) Most Low High Likely 0.54 0.54 0.54 0.54 0.54 0.54 0.54 0.68 0.68 0.68 0.68 0.68 0.68 0.68 0.80 0.80 0.80 0.80 0.80 0.80 0.80

Formation Volume Factor (RB/STB) Most Low High Likely 1.05 1.05 1.05 1.05 1.05 1.05 1.05 1.15 1.15 1.15 1.15 1.15 1.15 1.15 1.20 1.20 1.20 1.20 1.20 1.20 1.20

Lead Lead A Lead B Lead C Lead D Lead E Lead F Lead G

(1)

Zone Miocene Miocene Miocene Miocene Miocene Miocene Miocene

Recovery Factor (Decimal) Most Low Likely High 0.10 0.10 0.10 0.10 0.10 0.10 0.10 0.20 0.20 0.20 0.20 0.20 0.20 0.20 0.35 0.35 0.35 0.35 0.35 0.35 0.35

Net-to-gross ratio is accounted for in the gross rock volume estimates.

All estimates and exhibits herein are part of this NSAI report and are subject to its parameters and conditions.

Figure 3.7.10 D-112

SUMMARY OF GROSS (100 PERCENT) UNRISKED AND RISKED PROSPECTIVE RESOURCES BLOCK G6/48, GULF OF THAILAND AS OF DECEMBER 31, 2012

Lead 0.1 0.7 0.2 0.2 0.2 0.3 0.9 2.7 5.5 6.9 8.5 18.0 13.8 0.5 1.1 1.5 1.8 4.0 3.1 0.7 1.4 1.8 2.3 0.5 1.9 0.5 0.5 0.5 0.6 2.4 2.4 4.9 1.1 1.1 1.4 1.2 5.9 0.0 0.1 0.0 0.0 0.0 0.1 0.2 0.1 0.4 0.1 0.1 0.1 0.1 0.5 0.5 1.1 0.3 0.3 0.3 0.3 1.3 0.0 0.2 0.0 0.1 0.1 0.1 0.2 0.2 0.6 0.1 0.2 0.1 0.1 0.5

Zone

Pg (Decimal) 0.8 1.6 0.3 0.4 0.4 0.2 1.3 4.9 3.8

Unrisked Oil (MMBBL) Original In-Place Gross Recoverable Low Best High Low Best High

Risked Oil (MMBBL) Original In-Place Gross Recoverable Low Best High Low Best High 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.1 0.3 0.0 0.1 0.0 0.0 0.0 0.0 0.1 0.4 0.5 0.2 0.4 0.1 0.1 0.1 0.1 0.3 1.1 0.8

Lead A Lead B Lead C Lead D Lead E Lead F Lead G

Miocene Miocene Miocene Miocene Miocene Miocene Miocene

0.32 0.32 0.23 0.32 0.27 0.19 0.23

D-113

Arithmetic Sum(1) Probabilistic Sum

(1)

Arithmetic sums do not include the portfolio effect that might result from statistical aggregation and may not add because of rounding.

Figure 3.7.11

All estimates and exhibits herein are part of this NSAI report and are subject to its parameters and conditions.

GROSS ANNUAL CAPITAL EXPENDITURE ESTIMATES ROSSUKON FIELD, GULF OF THAILAND AS OF DECEMBER 31, 2012

Category 13.30 0.00 10.00 0.00 5.20 5.00 5.00 5.00 0.00 16.00 40.00 0.00 26.70 0.00

Previous

2013

2014

Gross Capital Expenditures (MM$) 2015 2016 2017 2018

Thereafter

Total 40.00 0.00 66.00 20.20 15.00 15.00

Platform and Facilities

Pipeline

Drilling(1)

G&A, other pre-development costs

D-114 0.00 5.20 15.00 34.30 71.70

Abandonment(2) 0.00 0.00

Total

15.00

141.20

(1)

(2)

Drilling costs are for 2 appraisal wells, 12 producing wells, and 2 water injection development wells. Abandonment costs are based on Jasmine Field abandonment costs.

Figure 3.7.12

All estimates and exhibits herein are part of this NSAI report and are subject to its parameters and conditions.

GROSS ANNUAL OPERATING EXPENSE ESTIMATES ROSSUKON FIELD, GULF OF THAILAND AS OF DECEMBER 31, 2012

Category 20.4 30.0 0.0 0.0 0.0 0.0 50.4 20.4 30.0 50.4

2013

2014

Gross Fixed Field Expenses (MM$) 2015 2016 2017 2018

Thereafter 20.4 30.0 50.4

FSO(1)

Platform Fixed OPEX(2)

Total

(1)

D-115

(2)

FSO expenses start on January 1, 2017, at $56,000 per day. Platform expenses start on January 1, 2017, at $30 million per year.

Figure 3.7.13

All estimates and exhibits herein are part of this NSAI report and are subject to its parameters and conditions.

SUMMARY PROJECTION OF RESOURCES AND CASH FLOW AS OF DECEMBER 31, 2012

KRISENERGY LTD INTEREST ROSSUKON FIELD BLOCK G6/48 GULF OF THAILAND LOW ESTIMATE (1C) CONTINGENT RESOURCES

GROSS RESOURCES NET RESOURCES OIL (MBBL) GAS (MMCF) OIL (M$) GAS (M$) NET INVSTMT (M$) GAS (MMCF)

WORKING INTEREST RESOURCES (30%) GROSS (100%) INVSTMT (M$) GROSS (100%) OPERATING EXPENSE (M$)

GROSS REVENUE TO NET INTEREST

PERIOD ENDING

OIL (MBBL)

GAS (MMCF)

OIL (MBBL)

NET OPERATING EXPENSE (M$)

NET TAXES(1) (M$)

NET CASH FLOW (M$)

CUM CASH FLOW DISC AT 10% (M$)

12-31-2013 12-31-2014 12-31-2015 12-31-2016 12-31-2017 471.2 87.6 0.0 0.0 446.1 83.4 0.0 0.0 47,453.4 8,876.4 0.0 0.0 0.0 15,000.0 50,440.0 12,610.0

0.0 0.0 0.0 0.0 1,837.3

0.0 0.0 0.0 0.0 0.0

0.0 0.0 0.0 0.0 551.2

0.0 0.0 0.0 0.0 0.0

0.0 0.0 0.0 0.0 521.2

0.0 0.0 0.0 0.0 0.0

0.0 0.0 0.0 0.0 55,444.3

0.0 0.0 0.0 0.0 0.0

5,200.0 15,000.0 34,300.0 71,700.0 0.0

0.0 0.0 0.0 0.0 50,440.0

1,560.0 4,500.0 10,290.0 21,510.0 0.0 0.0 4,500.0

0.0 0.0 0.0 0.0 15,132.0 15,132.0 3,783.0

0.0 0.0 0.0 0.0 0.0 17,251.5 12,038.6

(1,560.0) (4,500.0) (10,290.0) (21,510.0) 40,312.3 15,069.9 (11,445.2)

(1,487.4) (5,387.9) (13,496.3) (28,905.0) (2,652.5) 6,269.3 109.4

12-31-2018 12-31-2019 12-31-2020 12-31-2021 12-31-2022

1,570.8 291.9

0.0 0.0

D-116
1,110.0 0.0 1,050.8 0.0 111,774.1 0.0 141,200.0

12-31-2023 12-31-2024 12-31-2025 12-31-2026 12-31-2027

12-31-2028 12-31-2029 12-31-2030 12-31-2031 12-31-2032 113,490.0 42,360.0 34,047.0 29,290.1 6,077.0 109.4

TOTAL

3,700.0

0.0

CUM PROD

0.0

0.0

ULTIMATE

3,700.0

0.0 BASED ON KRISENERGY PRICE AND COST PARAMETERS DISCOUNTED CASH FLOW PROFILE FOR 8 PCT, PRESENT WORTH M$ FOR 15 PCT, PRESENT WORTH M$ FOR 20 PCT, PRESENT WORTH M$ FOR 25 PCT, PRESENT WORTH M$ FOR 30 PCT, PRESENT WORTH M$

TOTALS MAY NOT ADD BECAUSE OF ROUNDING.

(1)

NET TAXES INCLUDE SPECIAL REMUNERATORY BENEFIT AND INCOME TAXES.

1,011.0 (1,682.2) (2,957.5) (3,854.1) (4,472.0)

Figure 3.7.14

All estimates and exhibits herein are part of this NSAI report and are subject to its parameters and conditions.

SUMMARY PROJECTION OF RESOURCES AND CASH FLOW AS OF DECEMBER 31, 2012 ROSSUKON FIELD BLOCK G6/48 GULF OF THAILAND BEST ESTIMATE (2C) CONTINGENT RESOURCES

KRISENERGY LTD INTEREST

GROSS RESOURCES NET RESOURCES OIL (MBBL) 0.0 0.0 0.0 0.0 696.5 771.2 554.9 334.2 0.0 0.0 0.0 0.0 0.0 82,035.4 59,022.7 35,546.5 0.0 0.0 0.0 0.0 0.0 0.0 0.0 15,000.0 0.0 50,440.0 50,440.0 42,033.3 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 74,088.9 0.0 0.0 0.0 0.0 0.0 5,200.0 15,000.0 34,300.0 71,700.0 0.0 0.0 0.0 0.0 0.0 50,440.0 GAS (MMCF) OIL (M$) GAS (M$) NET INVSTMT (M$) 1,560.0 4,500.0 10,290.0 21,510.0 0.0 0.0 0.0 4,500.0 0.0 GAS (MMCF) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0

WORKING INTEREST RESOURCES (30%) GROSS (100%) INVSTMT (M$) GROSS (100%) OPERATING EXPENSE (M$)

GROSS REVENUE TO NET INTEREST

PERIOD ENDING 0.0 0.0 0.0 0.0 744.7 827.1 588.3 352.3 0.0

OIL (MBBL)

GAS (MMCF)

OIL (MBBL)

NET OPERATING EXPENSE (M$) 0.0 0.0 0.0 0.0 15,132.0 15,132.0 15,132.0 12,610.0 0.0

NET TAXES(1) (M$) 0.0 0.0 0.0 0.0 3,536.0 45,835.4 27,592.9 15,699.4 8,055.2

NET CASH FLOW (M$) (1,560.0) (4,500.0) (10,290.0) (21,510.0) 55,420.9 21,068.0 16,297.8 2,737.0 (8,055.2)

CUM CASH FLOW DISC AT 10% (M$) (1,487.4) (5,387.9) (13,496.3) (28,905.0) 7,186.6 19,659.4 28,430.9 29,770.1 26,187.2

12-31-2013 12-31-2014 12-31-2015 12-31-2016 12-31-2017

0.0 0.0 0.0 0.0 2,482.2

0.0 0.0 0.0 0.0 0.0

D-117
2,512.4 0.0 2,356.8 0.0 250,693.4 0.0 141,200.0

12-31-2018 12-31-2019 12-31-2020 12-31-2021 12-31-2022

2,757.1 1,961.1 1,174.3 0.0

0.0 0.0 0.0 0.0

12-31-2023 12-31-2024 12-31-2025 12-31-2026 12-31-2027

12-31-2028 12-31-2029 12-31-2030 12-31-2031 12-31-2032 193,353.3 42,360.0 58,006.0 100,718.9 49,608.5 26,187.2

TOTAL

8,374.7

0.0

CUM PROD

0.0

0.0

ULTIMATE

8,374.7

0.0

TOTALS MAY NOT ADD BECAUSE OF ROUNDING. BASED ON KRISENERGY PRICE AND COST PARAMETERS DISCOUNTED CASH FLOW PROFILE FOR 08 PCT, PRESENT WORTH M$ FOR 15 PCT, PRESENT WORTH M$ FOR 20 PCT, PRESENT WORTH M$ FOR 25 PCT, PRESENT WORTH M$ FOR 30 PCT, PRESENT WORTH M$ 29,797.0 18,842.5 13,363.0 9,248.5 6,142.0

(1)

NET TAXES INCLUDE SPECIAL REMUNERATORY BENEFIT AND INCOME TAXES.

Figure 3.7.15

All estimates and exhibits herein are part of this NSAI report and are subject to its parameters and conditions.

SUMMARY PROJECTION OF RESOURCES AND CASH FLOW AS OF DECEMBER 31, 2012 ROSSUKON FIELD BLOCK G6/48 GULF OF THAILAND HIGH ESTIMATE (3C) CONTINGENT RESOURCES

KRISENERGY LTD INTEREST

GROSS RESOURCES GAS (MMCF) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 181.1 0.0 0.0 0.0 19,262.0 0.0 0.0 0.0 15,000.0 0.0 1,191.3 1,191.3 1,004.4 701.9 491.7 0.0 0.0 0.0 0.0 0.0 126,717.3 126,717.3 106,831.7 74,664.2 52,296.7 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 50,440.0 50,440.0 50,440.0 50,440.0 50,440.0 25,220.0 0.0 0.0 0.0 0.0 0.0 940.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 99,982.2 0.0 0.0 0.0 0.0 0.0 5,200.0 15,000.0 34,300.0 71,700.0 0.0 0.0 0.0 0.0 0.0 50,440.0 1,560.0 4,500.0 10,290.0 21,510.0 0.0 0.0 0.0 0.0 0.0 0.0 4,500.0 0.0 OIL (MBBL) GAS (MMCF) OIL (M$) GAS (M$) NET INVSTMT (M$)

WORKING INTEREST RESOURCES (30%) NET RESOURCES GROSS (100%) INVSTMT (M$) GROSS (100%) OPERATING EXPENSE (M$)

GROSS REVENUE TO NET INTEREST

PERIOD ENDING 0.0 0.0 0.0 0.0 1,013.4 1,296.0 1,296.0 1,084.4 750.6 519.6 190.0 0.0

OIL (MBBL)

GAS (MMCF)

OIL (MBBL)

NET OPERATING EXPENSE (M$) 0.0 0.0 0.0 0.0 15,132.0 15,132.0 15,132.0 15,132.0 15,132.0 15,132.0 7,566.0 0.0

NET TAXES(1) (M$) 0.0 0.0 0.0 0.0 15,825.6 80,997.1 79,420.9 67,323.7 41,536.6 23,615.0 14,746.3 4,799.3

NET CASH FLOW (M$) (1,560.0) (4,500.0) (10,290.0) (21,510.0) 69,024.6 30,588.2 32,164.4 24,376.0 17,995.6 13,549.6 (7,550.2) (4,799.3)

CUM CASH FLOW DISC AT 10% (M$) (1,487.4) (5,387.9) (13,496.3) (28,905.0) 16,045.7 34,154.7 51,465.8 63,392.4 71,396.8 76,875.7 74,100.3 72,496.4

12-31-2013 12-31-2014 12-31-2015 12-31-2016 12-31-2017

0.0 0.0 0.0 0.0 3,377.9

0.0 0.0 0.0 0.0 0.0

12-31-2018 12-31-2019 12-31-2020 12-31-2021 12-31-2022

4,320.0 4,320.0 3,614.6 2,502.1 1,732.1

0.0 0.0 0.0 0.0 0.0

D-118
6,150.0 0.0 5,701.6 0.0 606,471.4 0.0 141,200.0

12-31-2023 12-31-2024 12-31-2025 12-31-2026 12-31-2027

633.4 0.0

0.0 0.0

12-31-2028 12-31-2029 12-31-2030 12-31-2031 12-31-2032 327,860.0 42,360.0 98,358.0 328,264.4 137,489.0 72,496.4

TOTAL

20,500.0

0.0

CUM PROD

0.0

0.0

ULTIMATE

20,500.0

0.0

TOTALS MAY NOT ADD BECAUSE OF ROUNDING.

BASED ON KRISENERGY PRICE AND COST PARAMETERS

DISCOUNTED CASH FLOW PROFILE FOR 8 PCT, PRESENT WORTH M$ FOR 15 PCT, PRESENT WORTH M$ FOR 20 PCT, PRESENT WORTH M$ FOR 25 PCT, PRESENT WORTH M$ FOR 30 PCT, PRESENT WORTH M$ 82,143.7 53,322.3 39,433.2 29,243.7 21,682.2

(1)

NET TAXES INCLUDE SPECIAL REMUNERATORY BENEFIT AND INCOME TAXES.

Figure 3.7.16

All estimates and exhibits herein are part of this NSAI report and are subject to its parameters and conditions.

TECHNICAL DISCUSSION WASSANA FIELD, BLOCK G10/48 GULF OF THAILAND 4.1 OVERVIEW
Wassana Field is an oil discovery located in the southern portion of the Pattani Basin in Block G10/48 in the Gulf of Thailand. Figure 3.7.1 shows a location map of the area. Contingent oil resources subclassified as development pending have been estimated for this discovery. The resources shown in this report for Wassana Field are contingent upon (1) the commitment of the license partners to develop the resources and (2) submission and approval of a PAA. If these issues are resolved, some portion of these contingent resources may be reclassified as reserves. Economic analysis was performed to confirm commercial viability and determine economic limits for these resources, using the price and cost parameters discussed in the letter at the beginning of this report and in the Economics Overview section of this technical discussion (Section 4.6). The Wassana-1 well, the discovery well for Wassana Field drilled in 2009, penetrated 151 ft of oil in eight Miocene sands. Three of the accumulations were tested via tubing string testing (TST). The two upper accumulations either failed to flow or had only slight flow on test, while the test in the deepest interval flowed 935 BOPD of water-free 28.7API gravity oil. During 2010, a three-well delineation drilling phase was completed in Wassana Field. The Wassana-2 was drilled in the same fault block as the Wassana-1 but in the far northern area on the flank of the structure. The Wassana-2ST was drilled in the adjacent eastern fault block from the Wassana-1 and appears to be fault separated in several of the productive reservoirs seen in the Wassana-1. Results from the Wassana-2 and -2ST were successful in demonstrating an expanded areal extent of several oil sands that were full to base in the Wassana-1 and finding new oil-bearing reservoirs that appear to be separate accumulations. The Wassana-3 was drilled in a structural high in a southern fault block and is therefore separated from the other Wassana wells. The Wassana-3 successfully found oil accumulations in two correlative sands. We have elected to call the three productive areas Main (containing Wassana-1 and -2), Main East (containing Wassana-2ST), and South (containing Wassana-3). We have estimated 1C, 2C, and 3C contingent resources for Pay 6, which tested oil. For the remaining intervals, we have estimated only 2C and 3C contingent resources because there have been no productive tests and these intervals have lower-quality rock and fluid properties than Pay 6. Wassana development is envisioned to consist of a single production platform with 12 producers and 2 water disposal wells tied back to an FSO, similar to the phased development concept applied to Jasmine Field in 2004 by KrisEnergy management when at Pearl Oil (Thailand) Ltd.

Page 20 D-119

We estimate the gross (100 percent) contingent oil resources and the net contingent oil resources to the KrisEnergy working interest in Wassana Field, as of December 31, 2012, to be: Contingent Oil Resources (MMBBL) Gross (100 Percent) Working Interest(1) 1C 2C 3C 1C 2C 3C 0.0(2)
(1)

13.6

21.9

0.0(2)

3.4

5.5

(2)

KrisEnergys current working interest is 25 percent in Block G10/48. It is anticipated that local participation will reduce this working interest to 22.5 percent. Working interest resources are estimated based on the current working interest. 1C volumetric contingent oil resources are uneconomic using the price and cost parameters discussed in the letter at the beginning of this report and in the Economics Overview section of this technical discussion.

The oil resources shown include crude oil only. Oil volumes are expressed in MMBBL; a barrel is equivalent to 42 United States gallons.

4.2

DATA SOURCES
Data were provided to us by Mubadala, the operator of the properties, and KrisEnergy in both electronic and hard copy format. The key data utilized in our evaluation in addition to the data listed in the Executive Summary are listed below:

4.3

The operators interpreted SMT project, including maps and 2-D and 3-D seismic data The operators postwell volumetric calculations Digital log data for the Wassana-1, -2, -2ST, and -3 wells and for several nearby offstructure wells Test data for the three tested intervals MDT and XPT pressure data from the Wassana-1, -2, -2ST, and -3 wells The operators petrophysical report for each well Numerous PowerPoint presentations and other data from several Mubadala Wassana studies

GEOPHYSICAL AND GEOLOGICAL SUMMARY 4.3.1 FIELD OVERVIEW

The Wassana structure is on strike with the Niramai oil discovery. The structure was originally identified and mapped based on 2-D seismic lines; however, in 2010, a high-quality 3-D seismic survey was delivered and used in editing the original 2-D-derived structural interpretation. The overall Wassana Field consists of a relatively flat structure with a limited amount of structural closure and includes several internal small faults. Wassana Field is divided into three hydrocarbon-bearing fault blocks. The Main area is a fault-dependent threeway dip closure, the Main East area is a fault-dependent closure separated from the Main area, and the South area is a fault-dependent closure located just south of the Main area. Page 21 D-120

The productive interval in Wassana Field is Early-Middle Miocene age near-shore sandstones. There are nine oil-bearing intervals in the Main and Main East areas and two in the South area. The net thickness of the oil intervals, as logged in the Wassana wells, is up to 26 ft true vertical thickness (TVT) in the NSAI best estimate petrophysical case.

4.3.2

GEOLOGIC MAPPING

Even though Mubadala provided a new 3-D seismically derived structural interpretation, we performed our own independent structural interpretation based on the same 3-D seismic data. In all intervals except Pay 1, low, best, and high estimate GRVs were based on LKO, HKW, estimated OWC, and/or spill point. The LKO logged in the Wassana wells was used to calculate the low estimate GRV. For the high estimate GRV, we used the structural spill point or an estimated OWC based on the MDT and/or XPT pressure points taken in the wells. Based on the pressure data provided by Mubadala, many reservoirs that appeared to correlate between wells do not appear to have the same pressure trend, indicating that the wells are stratigraphically separated. This was especially true in the south and north areas of the Main fault block. Although the Wassana-1 and -2 wells were mapped in the same structural closure, we have included a reservoir separator located approximately equal distances from the two wells as the boundary line used in calculating volumes. We mapped separate productive areas for each well in the low and high estimate cases when the pressure data indicated that the correlative reservoir required separation. For the high estimate for the deepest mapped reservoir (Pay 6), we used the HKW as seen in the downdip Wassana-2 well. For Pay 1, our best estimate GRV is based on the OWC logged in the Wassana-1. The low and high estimate GRVs were minus and plus 10 percent, respectively. A summary of the basis for the GRV calculations by zone is provided in Figure 4.7.1. The three oil-bearing structures, Main, Main East, and South, are considered fairly welldelineated. The Main area has the Wassana-1 on the crest of the structure and the Wassana-2 on the downdip flank of the structure. The Wassana-2ST is fault separated from the Wassana1 and -2, which we have named Main East. The South is a separate fault-dependent structure, with the Wassana-3 drilled in the crest of the structure. The depth structure maps for the two zones with the largest estimates of 2C contingent resources, Pay 2 and Pay 4, are shown in Figures 4.7.2 and 4.7.3.

4.4

PETROPHYSICAL SUMMARY
For the low estimate case, all of the shale was assumed to be distributed as structural clasts. For the high estimate case, 70 percent of the shale was assumed to be distributed as continuous laminations within the sandstone intervals with the remaining shale distributed as structural inclusions. For the best estimate case, 30 percent of the shale was assumed to be distributed laminarly with the remaining shale distributed structurally. Parameter assumptions include an m value of 1.8, an n value of 1.8, and Rw ranging from 0.147 to 1.9 ohm-m at a reservoir temperature of 220F. Cutoff parameters used to calculate net pay were a porosity cutoff of greater than or equal to 16 percent, a water saturation cutoff of less than or equal to 65 percent, and a shale volume cutoff of less than or equal to 40 percent. The log for Wassana-2, with interpreted net pay, is shown in Figure 4.7.4. The calculated net pay, porosity, and water saturation for all four Wassana wells are shown in Figure 4.7.5.

Page 22 D-121

4.5

RESERVOIR ENGINEERING SUMMARY

Three well tests were attempted in the Wassana-1, one each for Pays 2, 3, and 6. Hydrocarbon flow was only achieved in test 1 in the Pay 6 interval. These tests are summarized in the following table:
Perforation (ft MD) Top Bottom 5,380 4,950 4,798

Test 1(1) 2 3

Zone

Duration Choke Oil Rate GOR FWHP (hr) (in) (BOPD) (SCF/STB) (psig) 935 65 233

Gravity (API) 28.7

CO2 (%) 0

H2S (ppm) 0

5,398 Pay 6 1.25 28/64 4,965 Pay 3 No flow 4,816 Pay 2 Slight flow

Note: Test data shown are final readings.

(1)

Zone produced water-free.

MDT pressures were taken over all zones of interest and pressure gradients varied greatly, often conflicting with petrophysical results. Wireline MDT oil samples were recovered from four zones in Wassana-1 and six zones in Wassana-2. A summary table showing the interpreted gradients by zone can be found in Figure 4.7.6. Estimated fluid and reservoir properties are summarized by zone in the following table:
Productive Area Main Main (north area) Main (south area) South Main (north area) Main (north area) Main (south area) South Main Main (north area) Main (south area) Main East Main East Main Reservoir Datum BHP Temp FVF (ft TVDSS) (psia) (F) (RB/STB) 4,483 4,640 4,545 4,570 4,655 4,770 4,750 4,755 4,810 4,875 4,855 4,930 4,970 5,100 1,919 1,986 1,945 1,956 1,992 2,041 2,033 2,035 2,058 2,086 2,078 2,109 2,127 2,182 234 237 235 236 237 239 239 239 240 241 241 242 243 245 1.099 1.101 1.100 1.100 1.101 1.103 1.105 1.105 1.107 1.111 1.105 1.113 1.113 1.197

Zone Pay 1 Pay 2 Pay 2 Pay 2 Pay 2A Pay 4 Pay 4 Pay 4 Pay 4A Pay 5 Pay 5 Pay 5A Pay 5B Pay 6

4.5.1

PROBABILISTIC RESOURCES DETERMINATION

A probabilistic spreadsheet model was constructed to calculate the 1C, 2C, and 3C OOIP and contingent resources for Wassana Field. We determined the type of distribution and input parameters for the various volumetric parameters by individual reservoir. GRV input parameters were defined by either a normal or lognormal distribution, with input values of P95 and P05 based on the low and high estimate cases discussed earlier. All volumetric input parameters are summarized in Figure 4.7.7. The resulting OOIP and gross (100 percent) contingent resources calculated in the probabilistic model are summarized in Figure 4.7.8.

Page 23 D-122

4.6

ECONOMICS OVERVIEW
Economics have been run for the Wassana Field development. CAPEX estimates for the Wassana Field development are based on budget information presented by the operator and KrisEnergy. From this information, future platform and facilities costs are estimated to be $48.00 million. Drilling and completion costs, along with other nondevelopment costs, are estimated to be $71.03 million. Additional CAPEX of $15.00 million are included for the abandonment of the platform and wells at the field economic limit. Details of our CAPEX estimates are shown in Figure 4.7.9. OPEX estimates for the Wassana Field development are based on budget information provided by KrisEnergy. Upon first oil in the second quarter of 2015, primary OPEX will include the lease of a FSO at a daily rate of $56,000 and other fixed operating costs estimated at $10 million annually. These fixed operating costs include petroleum agreement fees and general and administrative, consulting, fuel, and other miscellaneous fees and are incremental to the Nong Yao operating expenses. At the end of the Nong Yao economic life, Wassana will be burdened with an additional fixed OPEX of $30 million per year. Details of the OPEX estimates by expense category are shown in Figure 4.7.10. Basic fiscal terms and economic parameters used in the KrisEnergy economics model are shown in the following table: Fiscal Terms Contract Type Operator First Production Interest KrisEnergy WI-Current (%) Local Participation Right (%) Decision Timing for Back-In KrisEnergy WI-Post Local Participation (%) Royalty (%) Special Remuneratory Benefit (%) Tax on Net Profits (%) Oil Price Adjustment (%) Thai III Concession Mubadala May 1, 2015 25.00 10.00 PAA Approval 22.50 5 to 15 0 to 70 50.00 -8.00

Summary projections of estimated contingent oil resources and net cash flow to the KrisEnergy interest are shown in Figures 4.7.11 and 4.7.12.

Page 24 D-123

GROSS ROCK VOLUME BASIS WASSANA FIELD, GULF OF THAILAND AS OF DECEMBER 31, 2012

Zone

Productive Area Low Estimate Case High Estimate Case

Resources Category

Test(1) (BOPD)

Distribution Type

D-124

Pay 1 Pay 2 Pay 2 Pay 2 Pay 2A Pay 4 Pay 4 Pay 4 Pay 4A Pay 5 Pay 5 Pay 5A Pay 5B Pay 6

Main Main (north area) Main (south area) South Main (north area) Main (north area) Main (south area) South Main Main (north area) Main (south area) Main East Main East Main

2C 2C 2C 2C 2C 2C 2C 2C 2C 2C 2C 2C 2C 1C

slight flow 935

OWC @ -4,491 ft (Wassana-1) -10% LKO @ -4,638 ft (Wassana-2) LKO @ -4,546 ft (Wassana-2ST) LKO @ -4,582 ft (Wassana-3) LKO @ -4,679 ft (Wassana-2) LKO @ -4,774 ft (Wassana-2) LKO @ -4,733 ft (Wassana-1) LKO @ -4,754 ft (Wassana-3) LKO @ -4,808 ft (Wassana-2) LKO @ -4,880 ft (Wassana-2) LKO/MDT OWC @ -4,848 ft (Wassana-1) LKO @ -4,938 ft (Wassana-2) LKO @ -4,957 ft (Wassana-2ST) LKO @ -5,097 ft (Wassana-1)

OWC @ -4,491 ft (Wassana-1) +10% MDT OWC @ -4,722 ft (Wassana-2) Spill point @ -4,638 ft Spill point/MDT OWC @ -4,590 ft MDT OWC @ -4,744 ft (Wassana-2) Spill point @ -4,900 ft Spill point @ -4,872 ft Spill point @ -4,794 ft Spill point @ -4,925 ft MDT OWC @ -5,015 ft (Wassana-2,2ST) Spill point @ -4,975 ft MDT OWC/Spill point @ -5,088 ft (Wassana-2) Spill point @ -5,050 ft HKW @ -5,217 ft (Wassana-2)

Normal Lognormal Lognormal Lognormal Lognormal Lognormal Lognormal Lognormal Lognormal Lognormal Lognormal Lognormal Lognormal Lognormal

(1)

The test in Pay 3 had no flow and the interval has not been mapped for Wassana Field in this report.

Figure 4.7.1

All estimates and exhibits herein are part of this NSAI report and are subject to its parameters and conditions.

NETHERLAND, SEWELL & ASSOCIATES, INC.

Main FB Reservoir Separator LKO @ -4,546 ft Main FB

Main East FB

South FB

LKO @ -4,582 ft Spill Point/MDT OWC @ -4,590 ft

Wassana Field
Gulf of Thailand

Depth Structure Top Pay 2 Zone

Contour Interval: 50 feet
SCALE IN METERS

Map Projection: UTM; Everest 1830 Ellipsoid (1937 Adjustment)

500

1,000

1,500

2,000

All estimates and exhibits herein are part of this NSAI report and are subject to its parameters and conditions.

Figure 4.7.2 D-125

NETHERLAND, SEWELL & ASSOCIATES, INC.

Main FB

Reservoir Separator LKO @ -4,733 ft Main East FB South FB LKO @ -4,754 ft Spill Point @ -4,794 ft

Main FB

Wassana Field
Gulf of Thailand

Depth Structure Top Pay 4 Zone

Contour Interval: 25 feet
SCALE IN METERS

Map Projection: UTM; Everest 1830 Ellipsoid (1937 Adjustment)

500

1,000

1,500

2,000

All estimates and exhibits herein are part of this NSAI report and are subject to its parameters and conditions.

Figure 4.7.3 D-126

NETHERLAND, SEWELL & ASSOCIATES, INC.

Wassana-2 Interpreted Well Log Wassana Field, Gulf of Thailand

Pay 1 Pay 1 Base

Pay 2

Pay 2 Base

Pay 2A

Pay 2A Base Pay 3

Pay 3 Base

Pay 4

Pay 4 Base

All estimates and exhibits herein are part of this NSAI report and are subject to its parameters and conditions.

Figure 4.7.4 Page 1 of 3 D-127

NETHERLAND, SEWELL & ASSOCIATES, INC.

Wassana-2 Interpreted Well Log Wassana Field, Gulf of Thailand

Pay 4A

Pay 4A Base

Pay 5 Pay 5 Base

Pay 5A

Pay 5A Base

All estimates and exhibits herein are part of this NSAI report and are subject to its parameters and conditions.

Figure 4.7.4 Page 2 of 3 D-128

NETHERLAND, SEWELL & ASSOCIATES, INC.

Wassana-2 Interpreted Well Log Wassana Field, Gulf of Thailand

Pay 6

Pay 6 Base

All estimates and exhibits herein are part of this NSAI report and are subject to its parameters and conditions.

Figure 4.7.4 Page 3 of 3 D-129

PETROPHYSICAL SUMMARY WASSANA FIELD, GULF OF THAILAND AS OF DECEMBER 31, 2012 Low Estimate Case Best Estimate Case High Estimate Case

Well/Zone 4,760 4,790 4,827 4,920 5,008 5,059 5,116 5,195 5,375 123 151 175 4,786 4,821 4,859 4,983 5,037 5,091 5,163 5,275 5,416 4,474 4,502 4,537 4,624 4,706 4,754 4,807 4,881 5,048 4,498 4,531 4,567 4,683 4,733 4,784 4,851 4,955 5,086 24 29 30 59 27 30 44 74 38 14 21 6 23 17 4 17 0 22 0.29 0.27 0.29 0.24 0.26 0.25 0.24 0.25 0.50 0.40 0.62 0.43 0.56 0.57 0.50 0.15 15 22 17 26 19 7 23 0 22 0.29 0.27 0.27 0.24 0.26 0.25 0.24 0.25 0.46 0.33 0.59 0.40 0.51 0.49 0.46 0.13 22 23 27 28 19 8 26 0 22 0.29 0.26 0.26 0.24 0.26 0.24 0.23 0.25

Top (ft MD)

Base (ft MD)

Top (ft TVDSS)

Base (ft TVDSS)

Gross Interval (ft TVT) Net Pay (ft TVT) Porosity (Decimal) Net Pay (ft TVT) Porosity (Decimal) Net Pay (ft TVT) Porosity (Decimal)

Water Saturation (Decimal)

Water Saturation (Decimal)

Water Saturation (Decimal) 0.45 0.20 0.50 0.34 0.42 0.31 0.36 0.11

Wassana-1 Pay 1 Pay 2 Pay 2A Pay 3 Pay 4 Pay 4A Pay 5 Pay 5A Pay 6

Total

D-130
68 5,837 5,889 5,936 6,091 6,170 6,255 6,302 6,394 6,522 6,741 19 5,187 5,234 5,255 5,332 5,426 5,445 5,563 5,654 5,928 5,220 5,252 5,281 5,405 5,441 5,462 5,621 5,739 5,952 4,522 4,565 4,584 4,655 4,741 4,759 4,868 4,951 5,202 4,552 4,582 4,608 4,722 4,755 4,774 4,921 5,029 5,224 30 17 24 67 14 15 53 78 22 0 14 0 0 5 0 0 0 0 19 0.29 0.27 0.44 0.57 5,886 5,930 5,982 6,153 6,247 6,294 6,381 6,498 6,548 6,804 4,490 4,523 4,554 4,656 4,708 4,764 4,795 4,856 4,940 5,084 4,521 4,550 4,584 4,697 4,759 4,790 4,847 4,924 4,957 5,125 32 26 30 41 51 26 52 68 17 41 0 0 0 0 2 0 0 2 15 0 0.28 0.28 0.28 0.64 0.63 0.30 75 0 0 0 0 6 0 0 10 15 0 31 0 14 0 0 12 0 0 0 0 26

Wassana-2 Pay 1 Pay 2 Pay 2A Pay 3 Pay 4 Pay 4A Pay 5 Pay 5A Pay 6 5,329 5,381 5,439 5,479 5,545 5,605 5,703 5,739 6,145 5,342 5,410 5,462 5,513 5,583 5,626 5,717 5,847 6,198 4,573 4,615 4,661 4,692 4,744 4,792 4,868 4,897 5,217 4,584 4,638 4,679 4,719 4,774 4,808 4,880 4,982 5,259 10 23 18 27 29 16 12 85 42 0 3 10 3 22 12 10 9 0 0.23 0.24 0.27 0.28 0.26 0.27 0.29 0.45 0.41 0.57 0.30 0.52 0.30 0.36 0 3 11 4 22 15 10 9 0 0.22 0.24 0.26 0.28 0.26 0.27 0.29 -

0.44 0.36 0.53 0.24 0.48 0.29 0.33 -

0 4 11 9 23 14 11 11 0 82 0.27 0.23 0.28 0.60 0.58 0.27 0 8 12 0 16 2 0 17 16 0 71 0.29 0.26 0.41 0.52 0 15 0 0 12 0 0 0 0 28

0.21 0.24 0.23 0.28 0.26 0.27 0.27 -

0.45 0.31 0.51 0.21 0.49 0.30 0.30 -

Total

Wassana-2ST Pay 1 Pay 2 Pay 2A Pay 3 Pay 4 Pay 4A Pay 5 Pay 5A Pay 5B Pay 6

0.26 0.23 0.24 0.23 0.23 0.27 -

0.56 0.51 0.53 0.58 0.47 0.23 -

Total

Wassana-3 Pay 1 Pay 2 Pay 2A Pay 3 Pay 4 Pay 4A Pay 5 Pay 5A Pay 6

0.29 0.26 -

0.38 0.38 -

Total

Figure 4.7.5

All estimates and exhibits herein are part of this NSAI report and are subject to its parameters and conditions.

MDT ANALYSIS SUMMARY WASSANA FIELD, GULF OF THAILAND AS OF DECEMBER 31, 2012

Zone Water + oil film @ 4,780 ft Oil @ 4,803 ft 0.330 Water/oil @ 4,970 ft 0.377 Oil Oil @ 5,574 ft No flow 0.313 Potential OWC Water @ 5,493 ft 0.289 0.403 0.341 0.345 Oil @ 5,136 ft 0.354 Oil 0.367 Oil Oil Oil @ 5,609 ft Oil @ 5,708 ft; 5,718 ft Oil @ 5,786 ft 0.439 0.371 Oil @ 5,390 ft 935 BOPD; 65 GOR; 28.7API 0.353 Water Oil Oil 0.400 Water Oil Oil @ 5,458 ft 0.392 Slight flow 0.381 Oil Oil @ 5,409 ft 0.393 Water Water

Gradient (psi/ft) Test

Indicated(1) Fluid/Contact

Wassana-1 Sample(2) Fluid Gradient (psi/ft) Sample(2) Fluid

Wassana-2 Indicated Fluid/Contact

Wassana-2ST Gradient Indicated(1) (psi/ft) Fluid/Contact

Wassana-3 Gradient Indicated (psi/ft) Fluid/Contact

Pay 1

0.374

Oil

Pay 2

0.379

Oil

0.377

Oil

Pay 2A

0.398

Water

Pay 3

0.404

Water

D-131

Pay 4

0.355

Oil

OWC @ 4,724 ft

0.358

Oil

Pay 4A

Pay 5

0.365

OWC @ 4,848 ft

Pay 5A

Pay 5B

Pay 6

0.348

Oil

(1) Depths

(2) Depths

are shown in TVDSS. are shown in measured depth.

Figure 4.7.6

All estimates and exhibits herein are part of this NSAI report and are subject to its parameters and conditions.

VOLUMETRIC INPUT PARAMETERS - CONTINGENT RESOURCES WASSANA FIELD, GULF OF THAILAND AS OF DECEMBER 31, 2012 Gross Rock Volume (Ac-ft) P95 P50 P05 Net-to-Gross Ratio (Decimal) Most Min Likely Max

Zone

Productive Area

Resources Category

Porosity (Decimal) Most Min Likely Max

D-132
Resources Category 2C 2C 2C 2C 2C 2C 2C 2C 2C 2C 2C 2C 2C 1C 0.50 0.50 0.60 0.55 0.60 0.70 0.45 0.40 0.45 0.60 0.40 0.45 0.65 0.80 0.54 0.56 0.67 0.59 0.64 0.76 0.49 0.48 0.52 0.71 0.54 0.55 0.73 0.87 0.60 0.60 0.80 0.65 0.70 0.80 0.55 0.60 0.60 0.75 0.60 0.65 0.80 0.90 Hydrocarbon Saturation (Decimal) Most Min Likely Max 1.08 1.08 1.08 1.08 1.08 1.08 1.08 1.08 1.08 1.08 1.08 1.08 1.08 1.17

Pay 1 Pay 2 Pay 2 Pay 2 Pay 2A Pay 4 Pay 4 Pay 4 Pay 4A Pay 5 Pay 5 Pay 5A Pay 5B Pay 6

Main Main (north area) Main (south area) South Main (north area) Main (north area) Main (south area) South Main Main (north area) Main (south area) Main East Main East Main

2C 2C 2C 2C 2C 2C 2C 2C 2C 2C 2C 2C 2C 1C

805 8,344 3,890 4,553 6,308 3,799 5,123 1,196 8,320 2,668 4,306 3,787 656 2,054

983 20,676 11,418 5,853 14,779 22,352 17,905 3,112 34,973 13,148 11,000 17,918 5,921 15,929

0.55 0.12 0.70 0.80 0.55 0.70 0.60 0.50 0.40 0.60 0.35 0.10 0.80 0.35

0.63 0.14 0.77 0.86 0.61 0.76 0.69 0.84 0.58 0.86 0.43 0.13 0.91 0.44

0.85 0.20 0.85 0.90 0.65 0.80 0.75 0.90 0.75 0.95 0.50 0.20 0.95 0.60

0.28 0.21 0.25 0.28 0.22 0.26 0.25 0.25 0.25 0.26 0.23 0.24 0.26 0.24

0.29 0.22 0.27 0.29 0.24 0.28 0.26 0.26 0.26 0.27 0.24 0.26 0.28 0.25

0.30 0.23 0.28 0.30 0.26 0.30 0.27 0.27 0.27 0.28 0.25 0.28 0.29 0.26

Zone

Productive Area

Formation Volume Factor (RB/ STB) Most Min Likely Max 1.10 1.10 1.10 1.10 1.10 1.10 1.11 1.11 1.11 1.11 1.10 1.11 1.11 1.20 1.13 1.13 1.13 1.13 1.13 1.13 1.13 1.13 1.13 1.13 1.13 1.13 1.13 1.22

Recovery Factor (Decimal) Most Min Likely Max 0.10 0.10 0.10 0.10 0.10 0.10 0.10 0.10 0.10 0.10 0.10 0.10 0.15 0.15 0.20 0.20 0.20 0.20 0.20 0.20 0.20 0.20 0.20 0.20 0.20 0.20 0.25 0.25 0.30 0.30 0.30 0.30 0.30 0.30 0.30 0.30 0.30 0.30 0.30 0.30 0.35 0.35

Pay 1 Pay 2 Pay 2 Pay 2 Pay 2A Pay 4 Pay 4 Pay 4 Pay 4A Pay 5 Pay 5 Pay 5A Pay 5B Pay 6

Main Main (north area) Main (south area) South Main (north area) Main (north area) Main (south area) South Main Main (north area) Main (south area) Main East Main East Main

Figure 4.7.7

All estimates and exhibits herein are part of this NSAI report and are subject to its parameters and conditions.

SUMMARY OF ORIGINAL OIL-IN-PLACE AND GROSS (100 PERCENT) CONTINGENT OIL RESOURCES WASSANA FIELD, GULF OF THAILAND AS OF DECEMBER 31, 2012

Original Oil-In-Place (MMBBL) 1C 2C 3C 1C 2C 3C

Gross (100 Percent) Contingent Oil Resources (MMBBL)

Recovery Factor(1) (Percent) 1C 2C 3C

Zone

Productive Area

D-133 1.6 1.6 63.4 66.1 111.1 100.9 0.4 0.4 12.8 13.6

Pay 1 Pay 2 Pay 2 Pay 2 Pay 2A Pay 4 Pay 4 Pay 4 Pay 4A Pay 5 Pay 5 Pay 5A Pay 5B Pay 6

Main Main (north area) Main (south area) South Main (north area) Main (north area) Main (south area) South Main Main (north area) Main (south area) Main East Main East Main

0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 1.6

0.7 1.7 6.6 5.3 6.3 10.4 5.9 1.3 9.3 6.2 2.5 1.2 2.4 3.6

0.8 2.6 10.1 6.1 9.0 21.1 9.9 2.0 17.2 11.8 3.8 2.3 6.1 8.3

0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.4

0.1 0.3 1.3 1.1 1.2 2.0 1.1 0.3 1.9 1.2 0.5 0.2 0.6 0.9

0.2 0.6 2.3 1.5 2.0 4.4 2.1 0.5 3.8 2.5 0.9 0.5 1.5 2.1 24.8 21.9

24 24 24

20 20 20 20 20 19 20 20 20 20 20 20 25 25 20 21

24 22 22 24 22 21 21 23 22 21 22 21 25 26 22 22

Arithmetic Sum(2) Probabilistic Sum

(1)

(2)

Recovery Factor is calculated by dividing unrounded Gross (100 Percent) Contingent Oil Resources by unrounded Original Oil-In- Place. See Volumetric Input Parameters for recovery factor input distributions. Arithmetic sums do not include the portfolio effect that might result from statistical aggregation and may not add because of rounding.

Figure 4.7.8

All estimates and exhibits herein are part of this NSAI report and are subject to its parameters and conditions.

GROSS ANNUAL CAPITAL EXPENDITURE ESTIMATES WASSANA FIELD, GULF OF THAILAND AS OF DECEMBER 31, 2012

Category 2.0 56.00 6.2 6.70 5.00 3.33 5.70 25.00 17.30

Previous

2013

Gross Capital Expenditures (MM$) 2014 2015 2016 Thereafter

Total 50.00 0.00 56.00 21.23

Platform and Facilities

Pipeline

Drilling(1)

G&A, other pre-development costs

Abandonment(2) 8.20 12.40 30.00 76.63 0.00

15.00 15.00

15.00 142.23

D-134

Total

(1)

(2)

Drilling costs are for 12 producing and 2 water disposal wells. Abandonment costs are based on Jasmine Field abandonment costs.

Figure 4.7.9

All estimates and exhibits herein are part of this NSAI report and are subject to its parameters and conditions.

GROSS ANNUAL OPERATING EXPENSE ESTIMATES WASSANA FIELD, GULF OF THAILAND AS OF DECEMBER 31, 2012

Category 0.0 0.0 0.0 0.0 0.0 20.3 30.4 30.4 0.0 0.0 0.0 0.0 0.0 6.7 10.0 10.0 10.0 0.0 30.4 0.0 13.6 20.4 20.4 20.4

2013

2014

Gross Fixed Field Expenses (MM$) 2015 2016 2017 2018 2019

Thereafter 20.4 10.0 30.0 60.4 20.4 10.0 30.0 60.4

FSO(1)

Platform Fixed OPEX(2)

Nong Yao Field Fixed Expenses(3)

Total

D-135

(1)

(2)

(3)

FSO expenses start on May 1, 2015, at $56,000 per day. Platform expenses start on May 1, 2015, at $10 million per year. Nong Yao Field fixed expenses are carried by Wassana Field after January 2019 and February 2021 in the 2C and 3C cases, respectively, when Nong Yao Field is no longer economic.

Figure 4.7.10

All estimates and exhibits herein are part of this NSAI report and are subject to its parameters and conditions.

SUMMARY PROJECTION OF RESOURCES AND CASH FLOW AS OF DECEMBER 31, 2012 WASSANA FIELD BLOCK G10/48 GULF OF THAILAND BEST ESTIMATE (2C) CONTINGENT RESOURCES NET RESOURCES OIL (MBBL) 0.0 0.0 357.3 741.5 702.8 515.9 366.3 140.9 0.0 0.0 0.0 0.0 0.0 52,588.6 37,340.0 14,360.9 0.0 0.0 0.0 0.0 0.0 0.0 0.0 15,000.0 0.0 30,440.0 57,940.0 30,220.0 0.0 0.0 0.0 3,375.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 36,421.7 75,583.1 71,640.4 0.0 0.0 0.0 0.0 0.0 12,400.0 30,000.0 76,633.3 0.0 0.0 0.0 0.0 20,293.3 30,440.0 30,440.0 2,790.0 6,750.0 17,242.5 0.0 0.0 GAS (MMCF) OIL (M$) GAS (M$) NET INVSTMT (M$) GROSS REVENUE TO NET INTEREST GROSS (100%) INVSTMT (M$) GROSS (100%) OPERATING EXPENSE (M$) NET OPERATING EXPENSE (M$) 0.0 0.0 4,566.0 6,849.0 6,849.0 6,849.0 13,036.5 6,799.5 0.0

KRISENERGY LTD INTEREST

GROSS RESOURCES GAS (MMCF) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0

WORKING INTEREST RESOURCES (25%)(1)

PERIOD ENDING 0.0 0.0 423.1 900.0 851.9 619.1 433.8 165.5 0.0

OIL (MBBL)

GAS (MMCF)

OIL (MBBL)

NET TAXES(2) (M$) (2,175.1) 0.0 0.0 31,424.7 48,313.1 28,467.6 17,182.8 7,900.4 2,083.1

CUM CASH FLOW NET CASH FLOW DISC AT 10% (M$) (M$) (614.9) (6,750.0) 14,613.2 37,309.4 16,478.3 17,272.0 7,120.7 (3,714.0) (2,083.1) (586.3) (6,437.0) 5,078.0 31,804.5 42,535.7 52,761.1 56,593.6 54,776.4 53,849.8

12-31-2013 12-31-2014 12-31-2015 12-31-2016 12-31-2017

0.0 0.0 1,692.3 3,600.0 3,407.6

0.0 0.0 0.0 0.0 0.0

12-31-2018 12-31-2019 12-31-2020 12-31-2021 12-31-2022

2,476.4 1,735.2 661.9 0.0

0.0 0.0 0.0 0.0

D-136
3,393.3 0.0 2,824.7 0.0 287,934.7 0.0 134,033.3

12-31-2023 12-31-2024 12-31-2025 12-31-2026 12-31-2027

12-31-2028 12-31-2029 12-31-2030 12-31-2031 12-31-2032 199,773.3 30,157.5 44,949.0 133,196.7 79,631.6 53,849.8

TOTAL

13,573.3

0.0

CUM PROD

0.0

0.0

ULTIMATE

13,573.3

0.0 BASED ON KRISENERGY PRICE AND COST PARAMETERS

TOTALS MAY NOT ADD BECAUSE OF ROUNDING.

(1)

(2)

KRISENERGYS WORKING INTEREST IS 25 PERCENT IN BLOCK G10/48. IT IS ANTICIPATED THAT LOCAL PARTICIPATION WILL REDUCE THIS WORKING INTEREST TO 22.5 PERCENT. WORKING INTEREST RESOURCES ARE ESTIMATED BASED ON THE CURRENT WORKING INTEREST AND CONTINGENT CASH FLOW IS ESTIMATED BASED ON THE REDUCED WORKING INTEREST. NET TAXES INCLUDE COST REIMBURSEMENTS ASSOCIATED WITH LOCAL PARTICIPATION, SPECIAL REMUNERATORY BENEFIT, AND INCOME TAXES.

DISCOUNTED CASH FLOW PROFILE FOR 8 PCT, PRESENT WORTH M$ FOR 15 PCT, PRESENT WORTH M$ FOR 20 PCT, PRESENT WORTH M$ FOR 25 PCT, PRESENT WORTH M$ FOR 30 PCT, PRESENT WORTH M$

58,064.9 44,859.8 37,656.8 31,830.4 27,075.7

Figure 4.7.11

All estimates and exhibits herein are part of this NSAI report and are subject to its parameters and conditions.

SUMMARY PROJECTION OF RESOURCES AND CASH FLOW AS OF DECEMBER 31, 2012 WASSANA FIELD BLOCK G10/48 GULF OF THAILAND HIGH ESTIMATE (3C) CONTINGENT RESOURCES NET RESOURCES OIL (MBBL) 0.0 0.0 440.0 975.4 975.3 835.4 591.4 418.9 269.7 0.0 0.0 0.0 0.0 0.0 0.0 85,159.5 60,281.0 42,702.9 27,493.4 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 15,000.0 0.0 30,440.0 30,440.0 30,440.0 50,403.3 0.0 0.0 0.0 0.0 3,375.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 44,854.7 99,430.4 99,419.0 0.0 0.0 0.0 0.0 0.0 12,400.0 30,000.0 76,633.3 0.0 0.0 0.0 0.0 20,293.3 30,440.0 30,440.0 2,790.0 6,750.0 17,242.5 0.0 0.0 GAS (MMCF) OIL (M$) GAS (M$) GROSS (100%) INVSTMT (M$) GROSS (100%) OPERATING EXPENSE (M$) NET INVSTMT (M$) GROSS REVENUE TO NET INTEREST

KRISENERGY LTD INTEREST

GROSS RESOURCES GAS (MMCF) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0

WORKING INTEREST RESOURCES (25%)(1)

PERIOD ENDING

OIL (MBBL)

GAS (MMCF)

OIL (MBBL)

NET OPERATING EXPENSE (M$) 0.0 0.0 4,566.0 6,849.0 6,849.0 6,849.0 6,849.0 6,849.0 11,340.7 0.0

NET TAXES(2) (M$) (2,175.1) 0.0 0.0 54,162.8 68,197.2 56,636.3 37,030.6 21,414.7 13,851.2 6,460.7

NET CASH FLOW (M$) (614.9) (6,750.0) 23,046.2 38,418.6 24,372.8 21,674.2 16,401.3 14,439.3 (1,073.5) (6,460.7)

CUM CASH FLOW DISC AT 10% (M$) (586.3) (6,437.0) 11,723.0 39,244.2 55,116.5 67,948.1 76,775.4 83,840.2 83,362.7 80,750.3

12-31-2013 12-31-2014 12-31-2015 12-31-2016 12-31-2017

0.0 0.0 2,098.4 4,800.0 4,800.0

0.0 0.0 0.0 0.0 0.0

0.0 0.0 524.6 1,200.0 1,200.0

12-31-2018 12-31-2019 12-31-2020 12-31-2021 12-31-2022

4,081.3 2,852.4 1,993.0 1,274.9 0.0

0.0 0.0 0.0 0.0 0.0

1,020.3 713.1 498.3 318.7 0.0

D-137
0.0 4,506.2 0.0 459,340.9 0.0 134,033.3

12-31-2023 12-31-2024 12-31-2025 12-31-2026 12-31-2027

12-31-2028 12-31-2029 12-31-2030 12-31-2031 12-31-2032 222,896.6 30,157.5 50,151.7 255,578.4 123,453.3 80,750.3

TOTAL

21,900.0

0.0

5,475.0

CUM PROD

0.0

0.0

ULTIMATE

21,900.0

0.0 BASED ON KRISENERGY PRICE AND COST PARAMETERS

TOTALS MAY NOT ADD BECAUSE OF ROUNDING.

(1)

(2)

KRISENERGYS WORKING INTEREST IS 25 PERCENT IN BLOCK G10/48. IT IS ANTICIPATED THAT LOCAL PARTICIPATION WILL REDUCE THIS WORKING INTEREST TO 22.5 PERCENT. WORKING INTEREST RESOURCES ARE ESTIMATED BASED ON THE CURRENT WORKING INTEREST AND CONTINGENT CASH FLOW IS ESTIMATED BASED ON THE REDUCED WORKING INTEREST. NET TAXES INCLUDE COST REIMBURSEMENTS ASSOCIATED WITH LOCAL PARTICIPATION, SPECIAL REMUNERATORY BENEFIT, AND INCOME TAXES.

DISCOUNTED CASH FLOW PROFILE FOR 8 PCT, PRESENT WORTH M$ FOR 15 PCT, PRESENT WORTH M$ FOR 20 PCT, PRESENT WORTH M$ FOR 25 PCT, PRESENT WORTH M$ FOR 30 PCT, PRESENT WORTH M$

87,570.7 66,436.6 55,212.6 46,305.2 39,157.0

Figure 4.7.12

All estimates and exhibits herein are part of this NSAI report and are subject to its parameters and conditions.

TECHNICAL DISCUSSION NIRAMAI FIELD, BLOCK G10/48 GULF OF THAILAND 5.1 OVERVIEW
Niramai Field is an oil discovery located in the southern portion of the Pattani Basin in Block G10/48 in the Gulf of Thailand. Figure 3.7.1 shows a location map of the area. Contingent oil resources subclassified as development pending have been estimated for this discovery. The resources shown in this report for Niramai Field are contingent upon (1) the commitment of the license partners to develop the resources and (2) submission and approval of a PAA. If these issues are resolved, some portion of these contingent resources may be reclassified as reserves. Economic analysis was performed to confirm commercial viability and determine economic limits for these resources, using the price and cost parameters discussed in the letter at the beginning of this report and in the Economics Overview section of this technical discussion (Section 5.6). The Niramai-1 well, the discovery well for Niramai Field drilled in 2009, penetrated 70 ft of oil in several Miocene sands; however, none of the accumulations were flow-tested. In 2010, two additional appraisal wells were drilled in the adjacent fault blocks: the Niramai-2 in the western block and the Niramai-3 in the eastern block. Both of these wells failed to find commercial hydrocarbons. Because of the lack of a flow test, we have estimated only 2C and 3C contingent resources for the discovery. Niramai development is envisioned to consist of a single production platform with 12 producers and 2 water disposal wells tied back to the Wassana FSO 10 km away. We estimate the gross (100 percent) contingent oil resources and the net contingent oil resources to the KrisEnergy working interest in Niramai Field, as of December 31, 2012, to be: Contingent Oil Resources (MMBBL) Gross (100 Percent) Working Interest(1) 1C 2C 3C 1C 2C 3C 0.0
(1)

4.9

7.1

0.0

1.2

1.8

KrisEnergys current working interest is 25 percent in Block G10/48. It is anticipated that local participation will reduce this working interest to 22.5 percent. Working interest contingent resources are estimated based on the current working interest.

The oil resources shown include crude oil only. Oil volumes are expressed in MMBBL; a barrel is equivalent to 42 United States gallons.

5.2

DATA SOURCES
Data were provided to us by Mubadala, the operator of the properties, and KrisEnergy in both electronic and hard copy format. The key data utilized in our evaluation in addition to the data listed in the Executive Summary are listed below:

Mubadalas interpreted SMT project, including maps, and 3-D and 2-D seismic data Mubadalas post well volumetric calculations Page 25 D-138


5.3

Digital log data for the Niramai-1, -2, and -3 wells and for several nearby off-structure wells Mubadalas petrophysical report

GEOPHYSICAL AND GEOLOGICAL SUMMARY 5.3.1 FIELD OVERVIEW

Niramai Field was discovered in 2009 with the drilling of the Niramai-1 exploration well. In 2010, the Niramai-2 and -3 wells were drilled; both of these wells were unsuccessful. The main structure was originally identified and mapped based on 2-D seismic lines; however, we updated our structural interpretation based on a 3-D seismic dataset. Niramai Field is a seismically defined, fault-bounded, three-way dip closure in the up-thrown footwall of a normal fault but is a relatively flat structure with a limited amount of structural closure. The Niramai-1 well was drilled on the primary structural high. The productive interval in Niramai Field is Early-Middle Miocene age near-shore sandstones. The Niramai-1 well logged three intervals that have been interpreted as oil-bearing: Pay 1, Pay 2, and Pay 5. Two of the three intervals have an OWC, as indicated by log response and confirmed by MDT pressure samples. The thicknesses of the oil columns logged in the Niramai-1 well range from 21 to 82 ft TVT. Maps for additional zones of interest (Pays 3, 4, and 6) have not been included in this report because the current data indicate that they are not commercial accumulations.

5.3.2

GEOLOGIC MAPPING

The best estimate oil-bearing GRV for Pays 1 and 2 in Niramai Field are based on the OWC logged in the Niramai-1 and the corresponding areal structural extent. Because an OWC was logged in the well, the range of GRV is relatively constrained and the range of volumes is limited to differences in the structural mapping and/or variations in sand thickness or sand quality away from the Niramai-1 well. The best estimate oil-bearing GRV in Pay 5 is based on an interpreted OWC. A summary of the basis for the GRV calculations by zone is provided in Figure 5.7.1. The depth structure maps for the three reported intervals are shown in Figures 5.7.2 through 5.7.4.

5.4

PETROPHYSICAL SUMMARY
For the low and best estimate cases, the shale was assumed to be distributed as structural clasts. For the high estimate case, 30 percent of the shale was assumed to be distributed as continuous laminations within the sandstone intervals. Three Rw assumptions were evaluated. For the low estimate case, the Rw was assumed to range between 0.75 and 0.78 ohm-m at a reservoir temperature of 235F with an m value of 1.8 and n value of 1.8. For the high estimate case, Rw was assumed to be 0.60 ohm-m and an m value of 2.0 and an n value of 2.0 were used. For the best estimate case, Rw was assumed to range between 0.60 and 0.78 ohm-m and an m value of 1.8 and an n value of 1.8 were used. Cutoff parameters used to calculate net pay were a porosity cutoff of greater than or equal to 16 percent, a water saturation cutoff of less than or equal to 65 percent, and a shale volume cutoff of less than or equal to 40 percent. The log for Niramai-1, with interpreted net pay, is shown in Figure 5.7.5. The calculated net pay, porosity, and water saturation are shown in Figure 5.7.6. Page 26 D-139

5.5

RESERVOIR ENGINEERING SUMMARY

Limited evaluation of the Niramai-1 well was conducted, and no flow tests have been performed. Because of this, there remains a high level of uncertainty in the oil properties and reservoir productivity. MDT pressures were taken over the zones of interest, and samples were recovered from six zones. The interpreted gradients by zone are shown in the following table: Zone Pay 1 Pay 2 Pay 5 Gradient (psi/ft) 0.370 0.360 0.315 Indicated Contact (ft TVDSS) OWC @ 4,681 OWC @ 4,811 MDT OWC @ 5,160

Estimated fluid and reservoir properties are summarized below:

5.5.1

Initial reservoir pressure ranges from 2,000 to 2,200 psia. API gravity of the crude is 21. Reservoir temperature ranges from 228 to 242F.

PROBABILISTIC RESOURCES DETERMINATION

A probabilistic spreadsheet model was constructed to calculate 1C, 2C, and 3C OOIP and contingent resources for Niramai Field. We determined the type of distribution and input parameters for the various volumetric parameters by individual reservoir. GRV input parameters were defined by a normal distribution with P90 and P10 input values based on the low and high estimate cases discussed earlier. All volumetric input parameters are summarized in Figure 5.7.7. The resulting OOIP and gross (100 percent) contingent resources calculated in the probabilistic model are summarized in Figure 5.7.8.

5.6

ECONOMICS OVERVIEW
Economics have been run for the Niramai Field development. CAPEX estimates for the Niramai Field development are based on budget information presented by the operator and KrisEnergy. From this information, future platform, facilities, and pipeline costs are estimated to be $60.0 million. Drilling and completion costs, along with other nondevelopment costs, are estimated to be $76.2 million. Additional CAPEX of $15.0 million are included for the abandonment of the platform and wells at the field economic limit. Details of our CAPEX estimates are shown in Figure 5.7.9. OPEX estimates for the Niramai Field development are based on budget information provided by KrisEnergy. Niramai will be tied back to the Wassana Field development and is forecast to incur incremental OPEX of $5.0 million annually upon first oil in the first quarter of 2017. These fixed operating costs include petroleum agreement fees and general and administrative, consulting, fuel, and other miscellaneous fees incremental to the Wassana and Nong Yao Field OPEX. Details of the OPEX estimates by expense category are shown in Figure 5.7.10.

Page 27 D-140

Basic fiscal terms and economic parameters used in the KrisEnergy economics model are shown in the following table: Fiscal Terms Contract Type Operator First Production Interest KrisEnergy WI-Current (%) Local Participation Right (%) Decision Timing for Back-In KrisEnergy WI-Post Local Participation (%) Royalty (%) Special Remuneratory Benefit (%) Tax on Net Profits (%) Oil Price Adjustment (%) Thai III Concession Mubadala January 1, 2017 25.00 10.00 Wassana PAA Approval 22.50 5 to 15 0 to 70 50.00 -8.00

Summary projections of estimated contingent oil resources and net cash flow to the KrisEnergy interest are shown in Figures 5.7.11 and 5.7.12.

Page 28 D-141

GROSS ROCK VOLUME BASIS NIRAMAI FIELD, GULF OF THAILAND AS OF DECEMBER 31, 2012

Zone 2C 2C 2C MDT OWC @ -5,160 ft (Niramai-1) -10% MDT OWC @ -5,160 ft (Niramai-1) +10% OWC @ -4,811 ft (Niramai-1) -10% OWC @ -4,811 ft (Niramai-1) +10% OWC @ -4,681 ft (Niramai-1) -10% OWC @ -4,681 ft (Niramai-1) +10% Normal Normal Normal

Resources Category Low Estimate Case High Estimate Case

Distribution Type

Pay 1

Pay 2

Pay 5

D-142

Figure 5.7.1

All estimates and exhibits herein are part of this NSAI report and are subject to its parameters and conditions.

NETHERLAND, SEWELL & ASSOCIATES, INC.

Niramai Field
Gulf of Thailand

Depth Structure Top Pay 1 Zone

Contour Interval: 25 feet
SCALE IN METERS

Map Projection: UTM; Everest 1830 Ellipsoid (1937 Adjustment)

500

1,000

1,500

2,000

All estimates and exhibits herein are part of this NSAI report and are subject to its parameters and conditions.

Figure 5.7.2 D-143

NETHERLAND, SEWELL & ASSOCIATES, INC.

Niramai Field
Gulf of Thailand

Depth Structure Top Pay 2 Zone

Contour Interval: 25 feet
SCALE IN METERS

Map Projection: UTM; Everest 1830 Ellipsoid (1937 Adjustment)

500

1,000

1,500

2,000

All estimates and exhibits herein are part of this NSAI report and are subject to its parameters and conditions.

Figure 5.7.3 D-144

NETHERLAND, SEWELL & ASSOCIATES, INC.

Niramai Field
Gulf of Thailand

Depth Structure Top Pay 5 Zone

Contour Interval: 25 feet
SCALE IN METERS

Map Projection: UTM; Everest 1830 Ellipsoid (1937 Adjustment)

500

1,000

1,500

2,000

All estimates and exhibits herein are part of this NSAI report and are subject to its parameters and conditions.

Figure 5.7.4 D-145

NETHERLAND, SEWELL & ASSOCIATES, INC.

Niramai-1 Interpreted Well Log Niramai Field, Gulf of Thailand

Pay 1

Pay 1 Base

Pay 2

Pay 2 Base

Pay 3

Pay 3 Base

All estimates and exhibits herein are part of this NSAI report and are subject to its parameters and conditions.

Figure 5.7.5 Page 1 of 2 D-146

NETHERLAND, SEWELL & ASSOCIATES, INC.

Niramai-1 Interpreted Well Log Niramai Field, Gulf of Thailand

Pay 4 Pay 4 Base

Pay 5 Pay 5 Base

Pay 6

Pay 6 Base

All estimates and exhibits herein are part of this NSAI report and are subject to its parameters and conditions.

Figure 5.7.5 Page 2 of 2 D-147

PETROPHYSICAL SUMMARY NIRAMAI FIELD, GULF OF THAILAND AS OF DECEMBER 31, 2012 Low Estimate Case Best Estimate Case High Estimate Case

Well/Zone 4,725 4,829 4,913 5,058 5,157 5,225 56 71 66 31 21 16 16 37 20 11 5 12 7 0 0.25 0.25 0.25 0.26 0.22 0.47 0.46 0.59 0.59 0.54 19 12 9 14 14 2 0.25 0.25 0.25 0.26 0.23 0.28 0.44 0.43 0.56 0.54 0.53 0.47

Top (ft MD)

Base (ft MD)

Top (ft TVDSS)

Base (ft TVDSS)

Gross Interval (ft TVT) Net Pay (ft TVT) Porosity (Decimal) Net Pay (ft TVT) Porosity (Decimal)

Water Saturation (Decimal)

Water Saturation (Decimal)

Net Pay (ft TVT) 43 30 17 15 15 7 129

Porosity (Decimal) 0.25 0.27 0.26 0.26 0.23 0.26

Water Saturation (Decimal) 0.46 0.48 0.54 0.44 0.43 0.49

Niramai-1 Pay 1 Pay 2 Pay 3 Pay 4 Pay 5 Pay 6

4,773 4,912 5,006 5,156 5,254 5,302

4,839 4,943 5,027 5,172 5,271 5,339

4,659 4,798 4,892 5,042 5,140 5,188

Total

D-148

Figure 5.7.6

All estimates and exhibits herein are part of this NSAI report and are subject to its parameters and conditions.

VOLUMETRIC INPUT PARAMETERS - CONTINGENT RESOURCES NIRAMAI FIELD, GULF OF THAILAND AS OF DECEMBER 31, 2012

Gross Rock Volume (Ac-ft) Resources Category P90 11,819 5,183 6,981 14,445 6,335 8,533 0.80 0.80 0.80 0.90 0.90 0.90 1.00 1.00 1.00 P50 P10 Min 0.23 0.23 0.21 2C 2C 2C Net-to-Gross Ratio (Decimal) Most Min Likely Max

Zone

Porosity (Decimal) Most Likely 0.25 0.25 0.23

Max 0.28 0.28 0.25

Pay 1 Pay 2 Pay 5

D-149 Resources Category 2C 2C 2C 0.45 0.46 0.38 0.56 0.57 0.47 0.67 0.68 0.56 1.02 1.02 1.02 Hydrocarbon Saturation (Decimal) Most Min Likely Max 1.05 1.05 1.05

Zone

Formation Volume Factor (RB/STB) Most Min Likely Max 1.15 1.15 1.15

Recovery Factor (Decimal) Most Min Likely Max 0.10 0.10 0.10 0.20 0.20 0.20 0.35 0.35 0.35

Pay 1 Pay 2 Pay 5

Figure 5.7.7

All estimates and exhibits herein are part of this NSAI report and are subject to its parameters and conditions.

SUMMARY OF ORIGINAL OIL-IN-PLACE AND GROSS (100 PERCENT) CONTINGENT OIL RESOURCES NIRAMAI FIELD, GULF OF THAILAND AS OF DECEMBER 31, 2012

Zone 0.0 0.0 0.0 0.0 0.0 22.8 22.9 27.8 26.9 0.0 0.0 4.8 4.9 7.6 7.1 12.0 5.3 5.4 14.6 6.5 6.6 0.0 0.0 0.0 2.6 1.1 1.1 4.0 1.8 1.8 -

Original Oil-In-Place (MMBBL) 1C 2C 3C

Gross (100 Percent) Contingent Oil Resources (MMBBL) 1C 2C 3C 21 21 21 21 22

Recovery Factor(1) (Percent) 1C 2C 3C 27 28 27 27 26

Pay 1 Pay 2 Pay 5

Arithmetic Sum(2) Probabilistic Sum

D-150

(1)

(2)

Recovery Factor is calculated by dividing unrounded Gross (100 Percent) Contingent Oil Resources by unrounded Original Oil-In-Place. See Volumetric Input Parameters for recovery factor input distributions. Arithmetic sums do not include the portfolio effect that might result from statistical aggregation and may not add because of rounding.

Figure 5.7.8

All estimates and exhibits herein are part of this NSAI report and are subject to its parameters and conditions.

GROSS ANNUAL CAPITAL EXPENDITURE ESTIMATES NIRAMAI FIELD, GULF OF THAILAND AS OF DECEMBER 31, 2012

Category 15.00 10.00 56.00 5.20 5.00 5.00 5.00 35.00 0.00 0.00 0.00 0.00 15.00 0.00 5.20 5.00 20.00 106.00 15.00

Previous

Gross Capital Expenditures (MM$) 2013 2014 2015 2016 Thereafter

Total 50.00 10.00 56.00 20.20 15.00 151.20

Platform and Facilities

Pipeline

Drilling(1)

G&A, other pre-development costs

Abandonment(2)

Total

D-151

(1)

(2)

Drilling costs are for 12 producing and 2 water disposal wells. Abandonment costs are based on Jasmine Field abandonment costs.

Figure 5.7.9

All estimates and exhibits herein are part of this NSAI report and are subject to its parameters and conditions.

GROSS ANNUAL OPERATING EXPENSE ESTIMATES NIRAMAI FIELD, GULF OF THAILAND AS OF DECEMBER 31, 2012

Category Platform Fixed OPEX(1)

(1)

2013 5.0

Gross Fixed Field Expenses (MM$) 2014 2015 2016 Thereafter

Platform expenses start on January 1, 2017, at $5 million per year and are incremental to Nong Yao and Wassana Fields.

D-152

Figure 5.7.10

All estimates and exhibits herein are part of this NSAI report and are subject to its parameters and conditions.

SUMMARY PROJECTION OF RESOURCES AND CASH FLOW AS OF DECEMBER 31, 2012 NIRAMAI FIELD BLOCK G10/48 GULF OF THAILAND BEST ESTIMATE (2C) CONTINGENT RESOURCES

KRISENERGY LTD INTEREST

WORKING INTEREST GROSS REVENUE GROSS RESOURCES RESOURCES (25%)(1) NET RESOURCES TO NET INTEREST GAS (MMCF) OIL (MBBL) GAS (MMCF) OIL (M$) GAS (M$) GROSS GROSS (100%) NET (100%) OPERATING NET OPERATING INVSTMT EXPENSE INVSTMT EXPENSE (M$) (M$) (M$) (M$)

PERIOD ENDING

OIL (MBBL)

GAS (MMCF)

OIL (MBBL)

NET TAXES(2) (M$)

CUM NET CASH FLOW CASH FLOW DISC AT 10% (M$) (M$)

12-31-2013 12-31-2014 12-31-2015 12-31-2016 12-31-2017 12-31-2018 12-31-2019 12-31-2020 12-31-2021 12-31-2022 12-31-2023 12-31-2024 12-31-2025 12-31-2026 12-31-2027 12-31-2028 12-31-2029 12-31-2030 12-31-2031 12-31-2032 0.0 969.1 0.0 98,790.0 0.0 151,200.0 13,750.0 34,020.0

0.0 0.0 0.0 0.0 2,048.7 1,872.9 978.5 0.0 0.0

0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0

0.0 0.0 0.0 0.0 512.2 468.2 244.6 0.0 0.0

0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0

0.0 0.0 0.0 0.0 400.2 371.7 197.2 0.0 0.0

0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0

0.0 0.0 0.0 0.0 40,799.0 37,887.8 20,103.2 0.0 0.0

0.0 5,200.0 0.0 5,000.0 0.0 20,000.0 0.0 106,000.0 0.0 0.0 0.0 0.0 0.0 15,000.0 0.0 0.0 0.0 0.0

0.0 1,170.0 0.0 1,125.0 0.0 4,500.0 0.0 23,850.0 5,000.0 0.0 5,000.0 0.0 3,750.0 3,375.0 0.0 0.0 0.0 0.0

0.0 0.0 0.0 0.0 0.0 0.0 0.0 (15,539.4) 1,125.0 24,761.8 1,125.0 30,436.9 843.8 12,821.9 0.0 3,378.3 0.0 (1,666.4)

(1,170.0) (1,125.0) (4,500.0) (8,310.6) 14,912.2 6,325.9 3,062.5 (3,378.3) 1,666.4

(1,115.6) (2,090.7) (5,636.6) (11,589.9) (1,878.7) 1,866.4 3,514.7 1,861.7 2,602.9

D-153

TOTAL CUM PROD ULTIMATE

4,900.0 0.0 4,900.0

0.0 0.0 0.0

1,225.0

3,093.8

54,193.2

7,483.1

2,602.9

TOTALS MAY NOT ADD BECAUSE OF ROUNDING. (1) KRISENERGYS WORKING INTEREST IS 25 PERCENT IN BLOCK G10/48. IT IS ANTICIPATED THAT LOCAL PARTICIPATION WILL REDUCE THIS WORKING INTEREST TO 22.5 PERCENT. WORKING INTEREST RESOURCES ARE ESTIMATED BASED ON THE CURRENT WORKING INTEREST AND CONTINGENT CASH FLOW IS ESTIMATED BASED ON THE REDUCED WORKING INTEREST. (2) NET TAXES INCLUDE COST REIMBURSEMENTS ASSOCIATED WITH LOCAL PARTICIPATION, SPECIAL REMUNERATORY BENEFIT, AND INCOME TAXES.

BASED ON KRISENERGY PRICE AND COST PARAMETERS DISCOUNTED CASH FLOW PROFILE FOR 8 PCT, PRESENT WORTH M$ 3,327.7 FOR 15 PCT, PRESENT WORTH M$ 1,170.0 FOR 20 PCT, PRESENT WORTH M$ 148.0 FOR 25 PCT, PRESENT WORTH M$ (581.6) FOR 30 PCT, PRESENT WORTH M$ (1,101.2)

Figure 5.7.11

All estimates and exhibits herein are part of this NSAI report and are subject to its parameters and conditions.

SUMMARY PROJECTION OF RESOURCES AND CASH FLOW AS OF DECEMBER 31, 2012 NIRAMAI FIELD BLOCK G10/48 GULF OF THAILAND HIGH ESTIMATE (3C) CONTINGENT RESOURCES

KRISENERGY LTD INTEREST

PERIOD ENDING

WORKING INTEREST NET GROSS REVENUE GROSS (100%) NET CUM GROSS RESOURCES RESOURCES (25%)(1) RESOURCES TO NET INTEREST GROSS (100%) OPERATING NET OPERATING NET NET CASH FLOW OIL GAS OIL GAS OIL GAS OIL GAS INVSTMT EXPENSE INVSTMT EXPENSE TAXES(2) CASH FLOW DISC AT 10% (MBBL) (MMCF) (MBBL) (MMCF) (MBBL) (MMCF) (M$) (M$) (M$) (M$) (M$) (M$) (M$) (M$) (M$)

D-154
0.0 1,390.0 0.0 141,693.4 0.0 151,200.0

12-31-2013 12-31-2014 12-31-2015 12-31-2016 12-31-2017 12-31-2018 12-31-2019 12-31-2020 12-31-2021 12-31-2022 12-31-2023 12-31-2024 12-31-2025 12-31-2026 12-31-2027 12-31-2028 12-31-2029 12-31-2030 12-31-2031 12-31-2032 17,083.3 34,020.0

0.0 0.0 0.0 0.0 2,476.8 2,422.0 1,679.6 521.6 0.0 0.0

0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0

0.0 0.0 0.0 0.0 619.2 605.5 419.9 130.4 0.0 0.0

0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0

0.0 0.0 0.0 0.0 482.1 471.4 331.8 104.7 0.0 0.0

0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0

0.0 0.0 0.0 0.0 49,144.2 48,056.1 33,820.0 10,673.1 0.0 0.0

0.0 5,200.0 0.0 5,000.0 0.0 20,000.0 0.0 106,000.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 15,000.0 0.0 0.0 0.0 0.0

0.0 0.0 0.0 0.0 5,000.0 5,000.0 5,000.0 2,083.3 0.0 0.0

1,170.0 1,125.0 4,500.0 23,850.0 0.0 0.0 0.0 3,375.0 0.0 0.0

0.0 0.0 0.0 0.0 1,125.0 1,125.0 1,125.0 468.7 0.0 0.0

0.0 0.0 0.0 (17,614.4) 37,887.1 37,432.4 26,429.2 8,599.3 986.1 (388.4)

(1,170.0) (1,125.0) (4,500.0) (6,235.7) 10,132.1 9,498.8 6,265.8 (1,770.0) (986.1) 388.4

(1,115.6) (2,090.7) (5,636.6) (10,103.5) (3,505.2) 2,118.3 5,490.6 4,624.6 4,186.0 4,343.0

TOTAL

7,100.0

0.0

1,775.0

3,843.7 93,331.3

10,498.4

4,343.0

CUM PROD ULTIMATE

0.0 7,100.0

0.0 0.0 BASED ON KRISENERGY PRICE AND COST PARAMETERS DISCOUNTED CASH FLOW PROFILE FOR 8 PCT, PRESENT WORTH M$ 5,263.2 FOR 15 PCT, PRESENT WORTH M$ 2,514.2 FOR 20 PCT, PRESENT WORTH M$ 1,198.5 FOR 25 PCT, PRESENT WORTH M$ 248.7 FOR 30 PCT, PRESENT WORTH M$ (437.4)

TOTALS MAY NOT ADD BECAUSE OF ROUNDING. (1) KRISENERGYS WORKING INTEREST IS 25 PERCENT IN BLOCK G10/48. IT IS ANTICIPATED THAT LOCAL PARTICIPATION WILL REDUCE THIS WORKING INTEREST TO 22.5 PERCENT. WORKING INTEREST RESOURCES ARE ESTIMATED BASED ON THE CURRENT WORKING INTEREST AND CONTINGENT CASH FLOW IS ESTIMATED BASED ON THE REDUCED WORKING INTEREST. (2) NET TAXES INCLUDE COST REIMBURSEMENTS ASSOCIATED WITH LOCAL PARTICIPATION, SPECIAL REMUNERATORY BENEFIT, AND INCOME TAXES.

Figure 5.7.12

All estimates and exhibits herein are part of this NSAI report and are subject to its parameters and conditions.

TECHNICAL DISCUSSION MAYURA FIELD, BLOCK G10/48 GULF OF THAILAND 6.1 OVERVIEW
Mayura Field is an oil discovery located in the southern portion of the Pattani Basin in Block G10/48 in the Gulf of Thailand. Figure 3.7.1 shows a location map of the area. Contingent oil resources subclassified as development unclarified have been estimated for this discovery. The resources shown for Mayura Field are contingent upon (1) the collection of additional technical data, to be gathered through delineation wells and flow tests, to establish the size and commercial viability of the project, (2) commitment of the license partners to develop the resources, and (3) submission and approval of a PAA. If these issues are resolved, some portion of these contingent resources may be reclassified as reserves. Because of the early stage of development of this project, we did not perform an economic analysis on these resources; as such, the economic status of these resources is undetermined. The original discovery well, the Mayura-1, was drilled in 1994 by Texaco. In our best estimate case petrophysical interpretation, we calculate 21 ft of oil pay in four zones in this well. Four drillstem tests (DSTs) were performed, but only one was successful in producing oil to surface (DST 4). The remaining three DSTs resulted in produced water with traces of oil. The oil rate in the DST 4 ranged from 264 to 591 BOPD but required gas lift to flow. The well was subsequently plugged and abandoned. In 2009, Mubadala drilled the Mayura-2 well, the second well for Mayura Field, which penetrated 91 ft of oil in 11 Miocene sands. Many correlative wet reservoirs in the Mayura-1 were found to be productive in the structurally updip Mayura-2 well. Three TSTs were performed in the Mayura-2, with flow test rates of 175, 576, and 896 BOPD. We have estimated 1C, 2C, and 3C contingent resources for nine of the pay zones in this field. We estimate the gross (100 percent) contingent oil resources and the net contingent oil resources to the KrisEnergy working interest in Mayura Field, as of December 31, 2012, to be: Contingent Oil Resources (MMBBL) Gross (100 Percent) Working Interest(1) 1C 2C 3C 1C 2C 3C 0.5
(1)

1.1

3.1

0.1

0.3

0.8

KrisEnergys current working interest is 25 percent in Block G10/48. It is anticipated that local participation will reduce this working interest to 22.5 percent. Working interest resources are estimated based on the current working interest.

The oil resources shown include crude oil only. Oil volumes are expressed in MMBBL; a barrel is equivalent to 42 United States gallons.

6.2

DATA SOURCES
Data were provided to us by Mubadala, the operator of the properties, and KrisEnergy in both electronic and hard copy format. The key data utilized in our evaluation in addition to the data listed in the Executive Summary are listed below:

Mubadalas interpreted SMT project, including maps and 3-D and 2-D seismic data Digital log data for the Mayura-1 and Mayura-2 wells Page 29 D-155


6.3

Mayura-1 and Mayura-2 well plans and directional data Mubadalas petrophysical report for the Mayura-2 well

GEOPHYSICAL AND GEOLOGICAL SUMMARY 6.3.1 FIELD OVERVIEW

Prior to the drilling of the Mayura-2 in 2009, a good- to excellent-quality regional 3-D seismic survey was acquired over the Mayura area. Mayura Field is a seismically defined, faultbounded, three-way dip closure trapped against the up-thrown footwall of a normal fault. The Mayura-2 well was drilled on the structural high defined by the new 3-D data. The productive interval in Mayura Field is Early-Middle Miocene age near-shore sandstones. Tectonic rifting resulted in numerous normal faults in subbasins of the Pattani Basin that were subsequently filled with sediments. The Mayura-2 well logged 11 intervals that have been interpreted as oil-bearing, nine of which are included in this report: Pays 1, 3, 4, 7, 8, 9, 10, 11, and 12. The other two intervals were too thin and probably noncommercial and are not included in this evaluation.

6.3.2

GEOLOGIC MAPPING

The low estimate GRV for the seven oil-bearing intervals that are full to base is based on the LKO measured in the Mayura-2 well and the corresponding areal extent. The high estimate GRV in these intervals is based on either the structural spill point or the HKW in the downdip Mayura-1. The best estimate GRV for the other two zones (Pay 3 and Pay 12) is based on the OWC seen in the Mayura-2 well and the corresponding area. Included in the high estimate GRV for Pay 3 is the productive volume around the Mayura-1 well. This is the one zone in Mayura-1 that produced oil. A summary of the basis for the GRV calculations by zone is provided in Figure 6.6.1. The depth structure maps for Pays 4 and 12 are shown in Figures 6.6.2 and 6.6.3.

6.4

PETROPHYSICAL SUMMARY
Parameter assumptions include an m value of 1.7, an n value of 1.7, and an Rw that varied with depth. At formation temperatures, the Rw varied from a value of approximately 0.2 ohm-m at 10,000 ft true vertical depth subsea (TVDSS) to approximately 0.5 ohm-m at 6,150 ft TVDSS. There is an abrupt transition to 2.0 ohm-m above 6,150 ft TVDSS. For intervals deeper than 6,150 ft TVDSS, the equation describing Rw is as follows:
Rw = 10 0.29+Depth*(9.169*10
5

Where: Depth is defined as the kelly bushing elevation less the true vertical depth in ft. Cutoff parameters of effective porosity greater than or equal to 10 percent, effective water saturation less than or equal to 65 percent, and shale volume less than or equal to 40 percent were used to determine net pay. The log for Mayura-1, with interpreted net pay, is shown in Figure 6.6.4. The calculated net pay, porosity, and water saturation are shown in Figure 6.6.5. Page 30 D-156

6.5

RESERVOIR ENGINEERING SUMMARY

Each of the Mayura wells was tested. Four DSTs were performed in the Mayura-1 well, and three TSTs were performed in the Mayura-2 well. These tests are summarized in the following table:
Perforation (ft MD) Well Test Top Bottom 1 1 1 1 2 2 2
(1) (2)

Zone Pay 12 Pays 3-4 Pay 12 Pays 7-8 Pay 4

Duration Choke Oil Rate GOR FWHP Gravity CO2 H2S (hr) (in) (BOPD) (SCF/STB) (psig) (API) (%) (ppm) 9 7 24/64 9 20/64 - 24/64 264 896 576 175 160 40 N2 lift 660 559 N2 lift 17.9 27.8 24.0 21.1 0 5 5 0 0 0 -

1(1) 2(2) 3(3) 4(4) 1(5) 2(6) 3(4)

7,410 7,350 7,140 6,605 7,885 7,756 7,215

7,510 7,390 7,195 6,780 7,905 7,776 7,229

(3) (4) (5)

(6)

Zone did not flow naturally; on gas lift the well produced 241 BBL of water with traces of oil. Zone did not flow naturally; on gas lift the well produced 1,425 BBL of water with a maximum oil cut of 10 percent. Zone did not flow naturally; on gas lift the well produced 547 BBL of water with traces of oil. Zone produced water-free. Zone initially produced 100 barrels of water per day (BWPD) but was choked back to eliminate water production. Zone produced 7 percent water.

MDT pressures were taken over the zones of interest, and samples were recovered from 6,176 to 6,734 ft TVDSS. The interpreted gradients by zone are shown in the following table:
Mayura-2
Gradient Indicated

Zone Pay 3 Pay 7 Pay 8 Pay 11

(psi/ft) 0.363 0.329 0.231 0.303

Fluid/Contact OWC @ 6,201 ft TVDSS Oil full to base Oil full to base Oil full to base

Estimated fluid and reservoir properties are summarized below:

6.5.1

Initial reservoir pressure ranges from 2,600 to 2,900 psia. API gravity of the crude ranges from 18 to 21. Reservoir temperature ranges from 245 to 260F. Oil FVF is approximately 1.1 RB/STB.

PROBABILISTIC RESOURCES DETERMINATION

A probabilistic spreadsheet model was constructed to calculate 1C, 2C, and 3C OOIP and contingent resources for Mayura Field. GRV input parameters were defined by either a normal or lognormal distribution with P05 and either P95 or P50 input values for lognormal distributions and P90 and P10 input values for normal distributions. All volumetric input parameters are summarized in Figure 6.6.6. The resulting OOIP and gross (100 percent) contingent resources calculated in the probabilistic model are summarized in Figure 6.6.7. Page 31 D-157

GROSS ROCK VOLUME BASIS MAYURA FIELD, GULF OF THAILAND AS OF DECEMBER 31, 2012

Zone Low Estimate Case LKO @ -6,164 ft (Mayura-2) OWC @ -6,201 ft (Mayura-2) Best Estimate Case

Resources Category

Test (BOPD)

High Estimate Case

Distribution Type

D-158

Pay 1 Pay 3 Pay 4 Pay 7 Pay 8 Pay 9 Pay 10 Pay 11 Pay 12 LKO @ -6,235 ft (Mayura-2) LKO @ -6,656 ft (Mayura-2) LKO @ -6,667 ft (Mayura-2) LKO @ -6,686 ft (Mayura-2) LKO @ -6,704 ft (Mayura-2) LKO @ -6,738 ft (Mayura-2) OWC @ -6,780 ft (Mayura-2) -10%

1C 1C 1C 1C 1C 1C 1C 1C 1C

264(1) 264(1);175 576(2) 576(2) 896

HKW @ -6,479 ft (Mayura-1) Spill point @ -6,537 ft HKW @ -6,547 ft (Mayura-1) HKW @ -6,938 ft (Mayura-1) HKW @ -6,962 ft (Mayura-1) HKW @ -6,970 ft (Mayura-1) Spill point @ -7,025 ft HKW @ -7,008 ft (Mayura-1) OWC @ -6,780 ft (Mayura-2) +10%

Lognormal Lognormal Lognormal Lognormal Lognormal Lognormal Lognormal Lognormal Normal

(1)

(2)

Pay 3 and 4 commingled test Pay 7 and 8 commingled test

Figure 6.6.1

All estimates and exhibits herein are part of this NSAI report and are subject to its parameters and conditions.

NETHERLAND, SEWELL & ASSOCIATES, INC.

HKW @ -6,547 ft

Mayura Field
Gulf of Thailand

Depth Structure Top Pay 4 Zone

Contour Interval: 100 feet
SCALE IN METERS

Map Projection: UTM; Everest 1830 Ellipsoid (1937 Adjustment)

250

500

750

1,000

All estimates and exhibits herein are part of this NSAI report and are subject to its parameters and conditions.

Figure 6.6.2 D-159

NETHERLAND, SEWELL & ASSOCIATES, INC.

Mayura Field
Gulf of Thailand

Depth Structure Top Pay 12 Zone

Contour Interval: 100 feet
SCALE IN METERS

Map Projection: UTM; Everest 1830 Ellipsoid (1937 Adjustment)

250

500

750

1,000

All estimates and exhibits herein are part of this NSAI report and are subject to its parameters and conditions.

Figure 6.6.3 D-160

NETHERLAND, SEWELL & ASSOCIATES, INC.

Mayura-1 Interpreted Well Log Mayura Field, Gulf of Thailand

Pay 1 Pay 1 Base

Pay 3

Pay 3 Base Pay 4

Pay 4 Base

All estimates and exhibits herein are part of this NSAI report and are subject to its parameters and conditions.

Figure 6.6.4 Page 1 of 2 D-161

NETHERLAND, SEWELL & ASSOCIATES, INC.

Mayura-1 Interpreted Well Log Mayura Field, Gulf of Thailand

Pay 7 Pay 7 Base

Pay 8 Pay 8 Base Pay 9

Pay 9 Base

Pay 11

Pay 11 Base

Pay 12

Pay 12 Base

All estimates and exhibits herein are part of this NSAI report and are subject to its parameters and conditions.

Figure 6.6.4 Page 2 of 2 D-162

PETROPHYSICAL SUMMARY MAYURA FIELD, GULF OF THAILAND AS OF DECEMBER 31, 2012

Well/Zone
6,562 6,595 6,630 7,021 7,045 7,053 7,091 7,141 20 6,572 6,620 6,761 7,029 7,048 7,078 7,116 7,195 6,479 6,512 6,547 6,938 6,962 6,970 7,008 7,058 6,489 6,537 6,678 6,946 6,965 6,995 7,033 7,112 10 25 131 8 3 25 25 54 7 4 0 0 0 0 3 7 0.23 0.21 0.22 0.16

Top (ft MD)

Base (ft MD)

Top (ft TVDSS)

Base (ft TVDSS)

Gross Interval (ft TVT) Net Pay (ft TVT) Porosity (Decimal)

Water Saturation (Decimal)

0.47 0.54 0.56 0.59

Mayura-1 Pay 1 Pay 3 Pay 4 Pay 7 Pay 8 Pay 9 Pay 11 Pay 12

D-163
7,119 7,153 7,172 7,214 7,237 7,423 7,745 7,767 7,780 7,810 7,836 7,874 7,140 7,165 7,199 7,230 7,245 7,430 7,764 7,777 7,802 7,824 7,867 7,941 6,148 6,174 6,189 6,222 6,240 6,386 6,641 6,659 6,669 6,693 6,713 6,743 6,164 6,184 6,210 6,235 6,246 6,391 6,656 6,667 6,686 6,704 6,738 6,797 16 9 21 13 6 6 15 8 17 11 25 53

Total

Mayura-2 Pay 1 Pay 2 Pay 3 Pay 4 Pay 5 Pay 6 Pay 7 Pay 8 Pay 9 Pay 10 Pay 11 Pay 12

7 5 13 11 0 3 2 5 11 8 14 12 89

0.17 0.21 0.20 0.24 0.16 0.18 0.21 0.17 0.18 0.16 0.13

0.38 0.53 0.52 0.30 0.54 0.57 0.46 0.43 0.45 0.42 0.58

Total

Figure 6.6.5

All estimates and exhibits herein are part of this NSAI report and are subject to its parameters and conditions.

VOLUMETRIC INPUT PARAMETERS - CONTINGENT RESOURCES MAYURA FIELD, GULF OF THAILAND AS OF DECEMBER 31, 2012 Gross Rock Volume (Ac-ft) Resources Category Low
95 95 60 330 90 340 230 630 1,665 7,035 1,879 5,380 4,960 2,590 4,835 3,550 7,125 2,035 0.34 0.69 0.74 0.13 0.55 0.52 0.58 0.49 0.28 0.40 0.81 0.87 0.65 0.65 0.61 0.68 0.58 0.65 0.48 0.97 1.00 0.87 0.78 0.73 0.82 0.70 0.84 0.15 0.18 0.22 0.16 0.19 0.15 0.16 0.14 0.12 0.17 0.20 0.24 0.18 0.21 0.17 0.18 0.16 0.13

Zone
1C 1C 1C 1C 1C 1C 1C 1C 1C

P50

High

Net-to-Gross Ratio (Decimal) Most Min Likely Max Min Max

Porosity (Decimal) Most Likely

Pay 1 Pay 3 Pay 4 Pay 7 Pay 8 Pay 9 Pay 10 Pay 11 Pay 12

0.19 0.22 0.26 0.20 0.23 0.19 0.20 0.18 0.14

D-164 Resources Category

1C 1C 1C 1C 1C 1C 1C 1C 1C 0.50 0.38 0.56 0.34 0.43 0.46 0.44 0.46 0.34 0.62 0.48 0.70 0.43 0.54 0.57 0.55 0.58 0.42 0.74 0.58 0.80 0.52 0.65 0.68 0.66 0.70 0.50 1.05 1.05 1.05 1.05 1.05 1.05 1.05 1.05 1.05

Zone

Hydrocarbon Saturation (Decimal) Most Min Likely Max

1.10 1.10 1.10 1.10 1.10 1.10 1.10 1.10 1.10

Formation Volume Factor (RB/STB) Most Min Likely Max

1.15 1.15 1.15 1.15 1.15 1.15 1.15 1.15 1.15

Recovery Factor (Decimal) Most Min Likely Max

0.15 0.15 0.15 0.15 0.15 0.15 0.15 0.15 0.15 0.25 0.25 0.25 0.25 0.25 0.25 0.25 0.25 0.25 0.35 0.35 0.35 0.35 0.35 0.35 0.35 0.35 0.35

Pay 1 Pay 3 Pay 4 Pay 7 Pay 8 Pay 9 Pay 10 Pay 11 Pay 12

Figure 6.6.6

All estimates and exhibits herein are part of this NSAI report and are subject to its parameters and conditions.

SUMMARY OF ORIGINAL OIL-IN-PLACE AND GROSS (100 PERCENT) CONTINGENT OIL RESOURCES MAYURA FIELD, GULF OF THAILAND AS OF DECEMBER 31, 2012

Zone
0.0 0.0 0.1 0.1 0.1 0.2 0.1 0.3 0.3 1.2 1.9 3.7 4.5 12.8 12.0 0.3 0.5 0.9 1.1 3.3 3.1 23 24 0.2 0.1 0.5 0.4 0.3 0.5 0.4 0.8 0.4 1.2 0.5 3.3 1.3 0.9 1.6 1.3 2.1 0.6 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.1 0.1 0.1 0.0 0.1 0.1 0.1 0.1 0.1 0.2 0.1 0.3 0.1 0.8 0.3 0.2 0.4 0.3 0.5 0.2 23 25 24 23 23 24 24 24 21

Original Oil-In-Place (MMBBL) 1C 2C 3C

25 25 25 25 24 25 26 25 25 25 25

Gross (100 Percent) Contingent Oil Resources (MMBBL) 1C 2C 3C

Recovery Factor(1) (Percent) 1C 2C 3C

27 26 24 27 26 26 27 26 29 26 26

Pay 1 Pay 3 Pay 4 Pay 7 Pay 8 Pay 9 Pay 10 Pay 11 Pay 12

D-165

Arithmetic Sum(2) Probabilistic Sum

(1)

(2)

Recovery Factor is calculated by dividing unrounded Gross (100 Percent) Contingent Oil Resources by unrounded Original Oil-InPlace. See Volumetric Input Parameters for recovery factor input distributions. Arithmetic sums do not include the portfolio effect that might result from statistical aggregation and may not add because of rounding.

Figure 6.6.7

All estimates and exhibits herein are part of this NSAI report and are subject to its parameters and conditions.

TECHNICAL DISCUSSION PROSPECTIVE RESOURCES, BLOCK G10/48 GULF OF THAILAND 7.1 OVERVIEW
Block G10/48 is located in the Pattani Basin in the Gulf of Thailand, as shown in Figure 3.7.1, and is approximately 4,695.7 square kilometers (km2) in area. North and east of the block are several large producing gas fields in the central Pattani Trough and Malay Basin. Within the block, several oil discoveries have recently been made. Mubadala is the operator of the block. From 2007 to 2008, 3,135 km of 2-D seismic data were acquired and processed, and from 2009 to 2010, 554 km2 of 3-D seismic data covering several of the oil discoveries within the block were acquired. Prospective oil resources have been estimated for 17 prospects, all targeting the sand and shale sequences in the Miocene section. The location of the prospects and their proximity to discovered non-producing oil fields in the block are also shown in Figure 3.7.1. A geologic risk assessment was performed for the prospects, as discussed in the Executive Summary. We did not perform an economic analysis on these resources; as such, the economic status of these resources is undetermined. We estimate the gross (100 percent) and the net unrisked and risked prospective oil resources to the KrisEnergy working interest in Block G10/48, as of December 31, 2012, to be: Prospective Oil Resources (MMBBL) Gross (100 Percent) Working Interest(1) Unrisked Risked Unrisked Risked

Subclassification/ Category Prospects Low Estimate Best Estimate High Estimate

(1)

27.8 41.8 65.1

7.8 11.9 18.8

6.9 10.5 16.3

2.0 3.0 4.7

KrisEnergys current working interest is 25 percent in Block G10/48. It is anticipated that local participation will reduce this working interest to 22.5 percent. Working interest resources are estimated based on the current working interest.

The oil resources shown include crude oil only. Oil volumes are expressed in MMBBL; a barrel is equivalent to 42 United States gallons. The prospective resources shown for Block G10/48 have been estimated using probabilistic methods and are dependent on a petroleum discovery being made.

7.2

DATA SOURCES
Data were provided to us by KrisEnergy in both electronic and hard copy format. The key data utilized in our evaluation in addition to the data listed in the Executive Summary are KrisEnergys interpreted SMT project, including grids, maps, and 2-D and 3-D seismic data.

7.3

GEOPHYSICAL AND GEOLOGICAL SUMMARY

Block G10/48 is located at the southern extension of the Pattani Trough. The primary trap consists of highside closures against normal faults. Numerous wells have been drilled within Page 32 D-166

the block, and three recent oil discoveries have been made: Wassana, Niramai, and Mayura Fields. The productive reservoirs found in these fields and the primary targets of the prospects are the numerous sand and shale sequences within the Miocene age sediments. The characteristics of the sands, including porosity, permeability, and water saturation, vary over a wide range. The prospects in the block have structural characteristics that are very similar to the other known oil or gas accumulations, and in general, the Pg for each prospect is relatively high. However, there are some wells in the block that drilled similar structures and failed to find commercial accumulations of oil or gas. The geologic reasons for the failed wells are not well understood, but the probable cause is trap failure or timing/migration into the fault block. All of the prospects target the Miocene interval. As shown in the logs for Wassana, Niramai, and Mayura, the number of productive sands, as well as their thicknesses and areal extent, can vary greatly. We accounted for this variation by defining high and low estimates for both area and thickness, which were multiplied to derive high and low estimates for GRV. The area used in the high estimate was derived using the maximum structural closure defined by a fault tip-out or a spill point. The area used in the low estimate is the area associated with one-third of the structural closure. The net sand thickness values used were 100 ft in the high estimate and 10 ft in the low estimate. This method accounts for the potential for a number of productive sands as well as the amalgamated thickness of two or more sands.

7.4

RESERVOIR ENGINEERING SUMMARY 7.4.1 PROBABILISTIC RESOURCES DETERMINATION

A probabilistic spreadsheet model was constructed to calculate low, best, and high estimate OOIP and prospective oil resources for Block G10/48. We determined the type of distribution and input parameters for the various volumetric parameters by individual prospect. GRV input parameters were defined by a lognormal distribution, with input values of P95 and P05 based on the low and high estimate cases discussed earlier. Probability ranges for all other volumetric parameters were estimated based on analogous fields in the region and our knowledge of similar reservoirs. All volumetric input parameters are summarized in Figure 7.5.1. The resulting unrisked and risked OOIP and gross (100 percent) prospective resources calculated in the probabilistic model are summarized in Figure 7.5.2.

Page 33 D-167

1VOLUMETRIC INPUT PARAMETERS - PROSPECTIVE RESOURCES BLOCK G10/48, GULF OF THAILAND AS OF DECEMBER 31, 2012

Prospect Gantida Gantida North I Gantida North II Montha Montha East Nittaya Sarinya North Sarinya South Soisuma Sontaya A Sontaya B Sontaya C Sontaya D Sontaya Re-drill Warrisara East (North) Warrisara East (South) Warrisara West

Zone Miocene Miocene Miocene Miocene Miocene Miocene Miocene Miocene Miocene Miocene Miocene Miocene Miocene Miocene Miocene Miocene Miocene

Gross Rock Volume (Ac-ft) P95 P50 P05 1,461 1,461 1,435 1,369 813 4,702 1,719 1,528 5,222 500 618 142 229 1,948 1,441 4,464 6,454 48,642 54,754 29,652 62,386 39,092 129,894 41,896 71,380 62,818 20,666 16,892 3,754 10,890 16,576 8,008 31,778 39,944

Net-to-Gross Ratio(1) (Decimal) Min 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 Most Likely 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 Max 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 Min 0.23 0.23 0.23 0.23 0.23 0.23 0.23 0.23 0.23 0.23 0.23 0.23 0.23 0.23 0.23 0.23 0.23

Porosity (Decimal) Most Likely 0.25 0.25 0.25 0.25 0.25 0.25 0.25 0.25 0.25 0.25 0.25 0.25 0.25 0.25 0.25 0.25 0.25 Max 0.28 0.28 0.28 0.28 0.28 0.28 0.28 0.28 0.28 0.28 0.28 0.28 0.28 0.28 0.28 0.28 0.28

Hydrocarbon Saturation (Decimal) Prospect Gantida Gantida North I Gantida North II Montha Montha East Nittaya Sarinya North Sarinya South Soisuma Sontaya A Sontaya B Sontaya C Sontaya D Sontaya Re-drill Warrisara East (North) Warrisara East (South) Warrisara West
(1)

Zone Miocene Miocene Miocene Miocene Miocene Miocene Miocene Miocene Miocene Miocene Miocene Miocene Miocene Miocene Miocene Miocene Miocene

Min 0.45 0.45 0.45 0.45 0.45 0.45 0.45 0.45 0.45 0.45 0.45 0.45 0.45 0.45 0.45 0.45 0.45

Most Likely 0.56 0.56 0.56 0.56 0.56 0.56 0.56 0.56 0.56 0.56 0.56 0.56 0.56 0.56 0.56 0.56 0.56

Max 0.67 0.67 0.67 0.67 0.67 0.67 0.67 0.67 0.67 0.67 0.67 0.67 0.67 0.67 0.67 0.67 0.67

Formation Volume Factor (RB/STB) Most Min Likely Max 1.05 1.05 1.05 1.05 1.05 1.05 1.05 1.05 1.05 1.05 1.05 1.05 1.05 1.05 1.05 1.05 1.05 1.10 1.10 1.10 1.10 1.10 1.10 1.10 1.10 1.10 1.10 1.10 1.10 1.10 1.10 1.10 1.10 1.10 1.50 1.50 1.50 1.50 1.50 1.50 1.50 1.50 1.50 1.50 1.50 1.50 1.50 1.50 1.50 1.50 1.50

Recovery Factor (Decimal) Most Min Likely Max 0.10 0.10 0.10 0.10 0.10 0.10 0.10 0.10 0.10 0.10 0.10 0.10 0.10 0.10 0.10 0.10 0.10 0.20 0.20 0.20 0.20 0.20 0.20 0.20 0.20 0.20 0.20 0.20 0.20 0.20 0.20 0.20 0.20 0.20 0.35 0.35 0.35 0.35 0.35 0.35 0.35 0.35 0.35 0.35 0.35 0.35 0.35 0.35 0.35 0.35 0.35

Net-to-gross ratio is accounted for in the gross rock volume estimates.

All estimates and exhibits herein are part of this NSAI report and are subject to its parameters and conditions.

Figure 7.5.1 D-168

SUMMARY OF GROSS (100 PERCENT) UNRISKED AND RISKED PROSPECTIVE RESOURCES BLOCK G10/48, GULF OF THAILAND AS OF DECEMBER 31, 2012

Prospect

Zone

Pg (Decimal)

Unrisked Oil (MMBBL) Original In-Place Gross Recoverable Low Best High Low Best High

Risked Oil (MMBBL) Original In-Place Gross Recoverable Low Best High Low Best High

D-169
42.6 133.6 131.8 191.8 437.4 294.8 8.5 27.8 27.9 41.8 96.0 65.1

Gantida Gantida North I Gantida North II Montha Montha East Nittaya Sarinya North Sarinya South Soisuma Sontaya A Sontaya B Sontaya C Sontaya D Sontaya Re-drill Warrisara East (North) Warrisara East (South) Warrisara West 12.0 37.1

Miocene Miocene Miocene Miocene Miocene Miocene Miocene Miocene Miocene Miocene Miocene Miocene Miocene Miocene Miocene Miocene Miocene

0.27 0.34 0.34 0.30 0.27 0.30 0.30 0.30 0.27 0.23 0.19 0.19 0.23 0.27 0.27 0.27 0.27

1.9 1.8 1.9 1.7 1.1 6.3 2.0 2.0 6.4 0.6 0.8 0.2 0.3 2.2 1.5 5.0 7.0

7.8 8.1 6.1 8.1 5.1 21.9 7.1 9.2 16.7 2.8 3.0 0.7 1.4 5.1 3.1 10.9 14.7

30.2 34.7 18.9 37.3 22.9 79.8 27.7 38.3 45.2 12.6 10.5 2.5 6.3 11.8 6.0 23.0 29.8

0.4 0.3 0.4 0.4 0.2 1.2 0.4 0.4 1.3 0.1 0.2 0.0 0.1 0.5 0.3 0.9 1.3

1.7 1.7 1.3 1.8 1.1 4.7 1.5 1.9 3.5 0.6 0.6 0.1 0.3 1.1 0.6 2.3 3.1

6.8 7.2 4.2 8.1 4.9 17.3 6.0 8.4 10.1 2.7 2.3 0.6 1.4 2.7 1.3 5.2 6.8

0.5 0.6 0.6 0.5 0.3 1.9 0.6 0.6 1.7 0.1 0.2 0.0 0.1 0.6 0.4 1.3 1.9

2.1 2.8 2.1 2.4 1.3 6.7 2.1 2.8 4.5 0.6 0.6 0.1 0.3 1.4 0.8 2.9 3.9 37.4 54.8

8.0 11.9 6.5 11.3 6.1 24.2 8.4 11.7 12.0 2.9 2.0 0.5 1.4 3.1 1.6 6.1 7.9 125.7 85.0

0.1 0.1 0.1 0.1 0.1 0.4 0.1 0.1 0.3 0.0 0.0 0.0 0.0 0.1 0.1 0.2 0.4 2.4 7.8

0.4 0.6 0.4 0.5 0.3 1.4 0.5 0.6 0.9 0.1 0.1 0.0 0.1 0.3 0.2 0.6 0.8 7.9 11.9

1.8 2.5 1.4 2.5 1.3 5.2 1.8 2.5 2.7 0.6 0.4 0.1 0.3 0.7 0.4 1.4 1.8 27.5 18.8

Arithmetic Sum(1) Probabilistic Sum

(1)

Arithmetic sums do not include the portfolio effect that might result from statistical aggregation and may not add because of rounding.

Figure 7.5.2

All estimates and exhibits herein are part of this NSAI report and are subject to its parameters and conditions.

TECHNICAL DISCUSSION NONG YAO FIELD, BLOCK G11/48 GULF OF THAILAND

8.1

OVERVIEW
Nong Yao Field is an oil discovery located in the southern portion of the Pattani Basin in Block G11/48 in the Gulf of Thailand. Figure 3.7.1 shows a location map of the area. The volumes estimated for this discovery have recently moved from contingent resources to reserves following the commencement of development activities. The Nong Yao-1 well, the discovery well for Nong Yao Field, was drilled and tested in 2009 and penetrated 87 ft of oil in numerous Miocene sands. Two of the intervals in this well were flow-tested. TST-1 was a test in Pay 9 and flowed 1,909 BOPD. TST-2 was a test in Pay 1 and flowed 380 BOPD. In 2010, five appraisal wells were drilled in the Nong Yao area: Nong Yao-2, -2ST, -3, -4, and -4ST. The Nong Yao-2, -2ST, and -4ST successfully logged oil in 2 to 8 different zones, with the Nong Yao-2ST penetrating the thickest total pay of 153 ft of oil. Nong Yao-3 and -4 had limited success, finding oil in only 1 to 5 zones. All wells were used to update the structural interpretation and hydrocarbon volumes. One additional flow test was performed in the Nong Yao-2ST well. TST-1 in this well was a test in Pay 3A and flowed 1,206 BOPD. Based on these well results, we have estimated reserves for the 17 accumulations in 13 zones. We have estimated 1P, 2P, and 3P reserves for all zones in Nong Yao Field. 1P volumes are not included because the operator has not made an official final investment decision although CAPEX is being spent on the project. Development activity has begun for Nong Yao with the purchase of facility long-lead items. All necessary government approvals for development have been obtained, including the approval of a PAA and Environmental Impact Assessment. Development will consist of two platforms: a processing platform plus a wellhead platform. Two platforms are required because of the shallow and spread out geometry of the reservoirs. A nearby FSO will store production from the 20 wells drilled from the two platforms. We estimate the gross (100 percent) oil reserves and net oil reserves to the KrisEnergy working interest in Nong Yao Field, as of December 31, 2012, to be: Oil Reserves (MMBBL) Gross Working (100 Percent) Interest(1) 15.1 15.1 7.9 23.0 3.8 3.8 2.0 5.8

Category Probable Proved + Probable (2P) Possible Proved + Probable + Possible (3P)

Note: 1P volumes are not included because the operator has not made an official final investment decision.
(1)

KrisEnergys working interest is 25 percent in Block G11/48. It is anticipated that local participation will reduce this working interest to 22.5 percent. Working interest reserves are estimated based on the current working interest. Page 34 D-170

The oil reserves shown include crude oil only. Oil volumes are expressed in MMBBL; a barrel is equivalent to 42 United States gallons.

8.2

DATA SOURCES
Data were provided to us by Mubadala, the operator of the properties, and KrisEnergy in both electronic and hard copy format. The key data utilized in our evaluation in addition to the data listed in the Executive Summary are listed below:

8.3

Mubadalas interpreted SMT project, including maps and 2-D seismic data Digital log data for the Nong Yao-1, -2, -2ST, -3, -4, and -4ST wells and for several nearby off-structure wells Mubadalas petrophysical reports

GEOPHYSICAL AND GEOLOGICAL SUMMARY 8.3.1 FIELD OVERVIEW

Nong Yao Field was identified and mapped based on numerous good- to excellent-quality 2-D seismic lines. Nong Yao Field is a seismically defined, four-way dip closure with small faults playing a major role in trapping in several zones. The field consists of a relatively flat structure with a limited amount of structural closure. Nong Yao is located northeast of three of Mubadalas 2009 discoveries in Block G10/48: (1) the Mayura-2, which flow-tested oil from three zones, (2) the Niramai-1, which was not flow-tested, but based on the petrophysical interpretation is considered to have pay in three zones, and (3) Wassana Field, which has oil accumulation in 12 different zones. The productive interval in Nong Yao Field is Early-Middle Miocene age near-shore sandstones. Tectonic rifting resulted in numerous normal faults in subbasins of the Pattani Basin that were subsequently filled with sediments. The Nong Yao wells logged 13 intervals that have been interpreted as oil-bearing. In 10 of the oil intervals included in this report, an OWC is indicated by log response and further supported by MDT samples. The thicknesses of the oil columns logged in the Nong Yao wells range from 5 to 65 ft TVT.

8.3.2

GEOLOGIC MAPPING

The Nong Yao Field structural interpretation was originally based on numerous good quality 2-D seismic lines. A newly acquired 3-D seismic survey was made available but was not used to revise the structural interpretation and volumes. A volume comparison was made for one of the productive horizons based on the original 2-D structural interpretation and a 3-D derived interpretation. Very minor volume differences were observed between the two structural interpretations. However, any future geologic interpretation and/or volumetric calculations should be based on the 3-D seismic. This 3-D survey will likely alter (even if only slightly) the structural interpretation, resulting in a future revision for all reservoir volumetrics and reserves. The best estimate oil-bearing GRV for 10 of the reservoirs in Nong Yao Field is based on the OWC logged in the Nong Yao wells and the corresponding areal structural extent. Because most zones logged an OWC, the range of GRV is constrained and is limited to differences in the structural mapping and/or variations in sand thickness or sand quality away from the Nong Yao wells. A summary of the basis for the GRV calculations by zone is provided in Figure 8.7.1. Page 35 D-171

The primary structure in Nong Yao Field contains the Nong Yao-1, -2, and -3 wells. Mubadala drilled the Nong Yao-2ST, -4, and -4ST in the adjacent fault blocks to the east. The depth structure map for Pay 6 is shown in Figure 8.7.2.

8.4

PETROPHYSICAL SUMMARY
Parameter assumptions include an m value of 1.8, an n value of 1.8, and an Rw ranging from 0.2 to 1.8 ohm-m at a reservoir temperature of 200F. Cutoff parameters used to calculate net pay were a porosity cutoff of greater than or equal to 16 percent, a water saturation cutoff of less than or equal to 65 percent, and a shale volume cutoff of less than or equal to 40 percent. The log for Nong Yao-2ST, with interpreted net pay, is shown in Figure 8.7.3. The calculated net pay, porosity, and water saturation are shown in Figure 8.7.4.

8.5

RESERVOIR ENGINEERING SUMMARY

Three well tests were performed in the Nong Yao wells. Two tests were conducted in the Nong Yao-1 well in Pay 1 and Pay 9, and one test was conducted in the Nong Yao-2ST well in Pay 3A. These tests are summarized in the following table:
Perforation (ft MD) Test Top Bottom 1 2 1 4,074 2,498 3,350

Well NY-1 NY-1 NY-2ST

Zone

Duration Oil Rate GOR FWHP (hr) (BOPD) (SCF/STB) (psig) 9 8 7 1,909 380 1,206 21 22 207

Gravity (API)

CO2 H2S (%) (ppm) 0 5 2 0 0 0

4,085 Pay 9 2,518 Pay 1 3,370 Pay 3A

145 34.6 75 23.9-28.7 419 38.4

All tests produced water-free except TST-2 in the Nong Yao-1, which started to slug water at the end of the main flow period. MDT pressures and fluid samples were taken over all the zones of interest. Wireline MDT oil samples were recovered from 20 zones in 4 of the wells. A summary table showing the interpreted gradients by zone can be found in Figure 8.7.5. The oil FVF varies from 1.07 to 1.24 RB/STB based on the reported fluid properties, and the GOR varies from approximately 22 to 207 SCF/STB. Estimated fluid and reservoir properties are summarized below: Reservoir Datum (ft TVDSS) 2,387 2,419 2,477 2,601 2,601 3,033 3,122 3,324 3,337 3,731 3,754 3,938 4,261 BHP (psia) 1,050 1,061 1,081 1,139 1,139 1,317 1,355 1,439 1,445 1,610 1,618 1,691 1,826 Temp (F) 182 183 183 190 190 204 207 217 218 224 227 223 231

Zone Pay 1 Pay 2 Pay 2A Pay 3A Pay 3B Pay 4 Pay 5 Pay 6 Pay 7 Pay 8 Pay 9 Pay 9A Pay 10

Page 36 D-172

8.5.1

PROBABILISTIC RESERVES DETERMINATION

A probabilistic spreadsheet model was constructed to calculate 1P, 2P, and 3P OOIP and reserves for Nong Yao Field. We determined the type of distribution and input parameters for the various volumetric parameters by individual reservoir. GRV input parameters were defined by either a normal or lognormal distribution, with input values of P90 and P10 based on the low and high estimate cases discussed earlier. All volumetric input parameters are summarized in Figure 8.7.6. The resulting OOIP and gross (100 percent) reserves calculated in the probabilistic model are summarized in Figure 8.7.7.

8.6

ECONOMICS OVERVIEW
Economics have been run for the Nong Yao development. CAPEX estimates for the Nong Yao development are based on budget information presented by the operator (Mubadala) and KrisEnergy. From this information, future platform, facilities, and pipeline costs are estimated to be $75.5 million. Drilling and completion costs, along with other nondevelopment costs, are estimated to be $84.2 million. Additional CAPEX of $31.0 million are included for the abandonment of the platform and wells at the field economic limit. Details of our CAPEX estimates are shown in Figure 8.7.8. OPEX estimates for the Nong Yao development are based on budget information provided by KrisEnergy. Upon first oil in the third quarter of 2014, primary OPEX will include the lease of a FSO at a daily rate of $56,000 and other fixed operating costs estimated at $40 million annually. These fixed operating costs include petroleum agreement fees and general and administrative, consulting, fuel, and other miscellaneous fees. Details of the OPEX estimates by expense category are shown in Figure 8.7.9. Basic fiscal terms and economic parameters used in the KrisEnergy economics model are shown in the following table: Fiscal Terms Contract Type Operator First Production Interest KrisEnergy WI-Current (%) Local Participation Right (%) Decision Timing for Back-In KrisEnergy WI-Post Local Participation (%) Royalty (%) Special Remuneratory Benefit (%) Tax on Net Profits (%) Oil Price Adjustment (%) Thai III Concession Mubadala August 1, 2014 25.00 10.00 PAA Approval 22.50 5 to 15 0 to 70 50.00 -4.00

Although the development planning is proceeding and significant CAPEX has been spent to date, we have not included economics for the 1P volumes because the operator has not made an official final investment decision. Summary projections of estimated probable, possible, and 3P reserves and future net revenue to the KrisEnergy interest are shown in Figures 8.7.10 through 8.7.12.

Page 37 D-173

GROSS ROCK VOLUME BASIS NONG YAO FIELD, GULF OF THAILAND AS OF DECEMBER 31, 2012 Low Estimate Case LKO @ -2,394 ft (NY-1); northern part of structure only OWC @ -2,430 ft (NY-1) -10% OWC @ -2,479 ft (NY-2ST) -10% Well test radius of investigation volume (NY2ST); 3,290 ac-ft OWC @ -2,718 ft (NY-2) -10% LKO and spill point @ -2,796 ft (NY-4ST) -10% OWC @ -3,037 ft (NY-1) -10% LKO @ -3,232 ft (NY-2ST); 2/3 updip volume assumed to be gas Potential OWC @ -3,334 ft (midpoint of NY-1 LKO @ -3,331 ft and NY-3 HKW @ -3,337 ft) minus gas volume @ -3,319 ft (NY-1) -10% LKO @ -3,334 ft (NY-2ST); 2/3 updip volume assumed to be gas OWC @ -3,291 ft (NY-2) -10% OWC @ -3,368 ft (NY-2ST); 2/3 updip volume assumed to be gas LKO @ -3,737 ft (NY-1) OWC @ -3,767 ft (NY-1) -10% OWC @ -3,784 ft (NY-2ST); 2/3 updip volume assumed to be gas OWC @ -3,943 ft (NY-2ST); 2/3 updip volume assumed to be gas OWC @ -4,262 ft (NY-3) -10% OWC @ -2,718 ft (NY-2) +10% LKO and spill point @ -2,796 ft (NY-4ST) +10% OWC @ -3,037 ft (NY-1) +10% Spill point @ -3,280 ft; no gas cap Potential OWC @ -3,334 ft (midpoint of NY-1 LKO @ -3,331 ft and NY-3 HKW @ -3,337 ft) minus gas volume @ -3,319 ft (NY-1) +10% Spill point @ -3,368 ft; no gas cap OWC @ -3,291 ft (NY-2) +10% OWC @ -3,368 ft (NY-2ST) +10%; no gas cap Spill point @ -3,760 ft OWC @ -3,767 ft (NY-1) +10% OWC @ -3,784 ft (NY-2ST) +10%; no gas cap OWC @ -3,943 ft (NY-2ST) +10%; no gas cap OWC @ -4,262 ft (NY-3) +10% 320 acres (9,002 ac-ft) OWC @ -2,479 ft (NY-2ST) +10% OWC @ -2,430 ft (NY-1) +10% Spill point @ -2,404 ft High Estimate Case Distribution Type Lognormal Normal Normal Lognormal Normal Normal Normal Lognormal Normal

Zone

Reserves Category

Test (BOPD)

Pay 1

1P

380

Pay 2

1P

Pay 2A

1P

Pay 3A

1P

1,206

Pay 3B-2

1P

Pay 3B-4ST

1P

D-174

Pay 4

1P

Pay 5-2ST

1P

Pay 6-1

1P

Pay 6-2ST

1P

Lognormal Normal Lognormal Lognormal Normal Lognormal Lognormal Normal

Pay 7-2

1P

Pay 7-2ST

1P

Pay 8

1P

Pay 9-1

1P

1,909

Pay 9-2ST

1P

Pay 9A-2ST

1P

Pay 10

2P

Figure 8.7.1

All estimates and exhibits herein are part of this NSAI report and are subject to its parameters and conditions.

NETHERLAND, SEWELL & ASSOCIATES, INC.

Spill Point @ -3,368 ft LKO @ -3,334 ft

Nong Yao Field

Gulf of Thailand

Depth Structure Top Pay 6 Zone

Contour Interval: 50 feet
SCALE IN METERS

Map Projection: UTM; Everest 1830 Ellipsoid (1937 Adjustment)

500

1,000

1,500

2,000

All estimates and exhibits herein are part of this NSAI report and are subject to its parameters and conditions.

Figure 8.7.2 D-175

NETHERLAND, SEWELL & ASSOCIATES, INC.

Nong Yao-2ST Interpreted Well Log Nong Yao Field, Gulf of Thailand

Pay 1 Pay 1 Base Pay 2 Pay 2 Base

Pay 2A

Pay 2A Base Pay 3 Pay 3 Base

Pay 3A

Pay 3A Base Pay 3B

Pay 3B Base

All estimates and exhibits herein are part of this NSAI report and are subject to its parameters and conditions.

Figure 8.7.3 Page 1 of 3 D-176

NETHERLAND, SEWELL & ASSOCIATES, INC.

Nong Yao-2ST Interpreted Well Log Nong Yao Field, Gulf of Thailand

Pay 4 Pay 4 Base

Pay 5

Pay 5 Base

Pay 6

Pay 6 Base Pay 7

Pay 7 Base

All estimates and exhibits herein are part of this NSAI report and are subject to its parameters and conditions.

Figure 8.7.3 Page 2 of 3 D-177

NETHERLAND, SEWELL & ASSOCIATES, INC.

Nong Yao-2ST Interpreted Well Log Nong Yao Field, Gulf of Thailand

Pay 8 Pay 8 Base

Pay 9

Pay 9 Base

Pay 9A

Pay 9A Base

All estimates and exhibits herein are part of this NSAI report and are subject to its parameters and conditions.

Figure 8.7.3 Page 3 of 3 D-178

PETROPHYSICAL SUMMARY NONG YAO FIELD, GULF OF THAILAND AS OF DECEMBER 31, 2012
Low Estimate Case Best Estimate Case High Estimate Case

Well/Zone 2,383 2,415 2,599 2,671 2,753 3,023 3,123 3,316 3,336 3,731 3,748 76 2,372 2,394 2,515 2,599 2,692 3,043 3,134 3,251 3,280 3,441 3,630 3,653 49 2,376 2,400 2,468 2,550 2,650 2,721 3,090 3,201 3,299 3,351 3,736 3,771 3,933 147 2,388 2,419 2,534 2,573 2,710 2,755 3,106 3,235 3,333 3,387 3,742 3,805 3,973 12 19 65 23 61 34 16 35 35 36 6 34 40 0 0 6 0 50 0 2 24 33 14 0 9 8 0.33 0.32 0.31 0.32 0.31 0.30 0.29 0.29 0.50 0.27 0.42 0.30 0.29 0.23 0.48 0.36 2,386 2,405 2,535 2,643 2,728 3,062 3,145 3,263 3,343 3,456 3,639 3,729 14 11 20 43 36 19 11 12 63 15 9 77 9 6 0 0 11 0 0 5 12 7 0 0 0.33 0.34 0.32 0.30 0.30 0.30 0.63 0.51 0.56 0.55 0.22 0.23 9 6 0 0 12 0 0 9 12 8 0 4 59 0 0 8 0 50 0 4 24 33 14 0 11 9 153 0.33 0.32 0.31 0.32 0.31 0.30 0.29 0.28 0.49 0.26 0.46 0.30 0.26 0.20 0.47 0.34 87 0.33 0.34 0.32 0.29 0.30 0.29 0.28 0.59 0.50 0.56 0.48 0.21 0.26 0.63 2,407 2,445 2,620 2,717 2,796 3,065 3,147 3,331 3,396 3,736 3,781 23 31 21 47 43 39 22 15 60 5 35 15 10 3 0 0 8 4 13 7 4 13 0.33 0.32 0.32 0.33 0.31 0.30 0.31 0.27 0.30 0.51 0.58 0.56 0.43 0.51 0.44 0.50 0.45 0.31 15 10 5 0 1 10 4 14 8 4 16 0.33 0.32 0.31 0.28 0.32 0.31 0.29 0.31 0.27 0.28 0.51 0.58 0.53 0.62 0.42 0.51 0.36 0.51 0.24 0.30

Top (ft MD)

Base (ft MD)

Top (ft TVDSS)

Base (ft TVDSS)

Gross Interval (ft TVT) Net Pay (ft TVT) Porosity (Decimal) Net Pay (ft TVT)) Porosity (Decimal

Water Saturation (Decimal)

Water Saturation (Decimal)

Net Pay (ft TVT) 15 10 9 1 6 10 4 14 9 4 23 106 9 6 0 0 13 0 0 9 12 8 0 6 63 0 0 8 0 50 2 4 24 33 17 0 12 10 160

Porosity (Decimal) 0.33 0.32 0.28 0.24 0.23 0.32 0.31 0.29 0.30 0.27 0.27

Water Saturation (Decimal) 0.51 0.58 0.53 0.52 0.52 0.41 0.51 0.33 0.47 0.24 0.32

Nong Yao-1 Pay 1 Pay 2 Pay 3 Pay 3A Pay 3B Pay 4 Pay 5 Pay 6 Pay 7 Pay 8 Pay 9

2,496 2,528 2,722 2,799 2,889 3,189 3,302 3,526 3,551 4,052 4,074

2,520 2,560 2,745 2,850 2,937 3,236 3,329 3,544 3,624 4,058 4,117

D-179

Total Nong Yao-2 Pay 1 Pay 2 Pay 3 Pay 3A Pay 3B Pay 4 Pay 5 Pay 6 Pay 7 Pay 7A Pay 8 Pay 9

2,853 2,885 3,053 3,165 3,281 3,695 3,799 3,929 3,962 4,141 4,349 4,373

2,874 2,901 3,080 3,220 3,326 3,717 3,811 3,943 4,032 4,158 4,358 4,457

0.33 0.34 0.32 0.29 0.30 0.29 0.28

0.59 0.50 0.56 0.37 0.21 0.25 0.62

Total Nong Yao-2ST Pay 1 Pay 2 Pay 2A Pay 3 Pay 3A Pay 3B Pay 4 Pay 5 Pay 6 Pay 7 Pay 8 Pay 9 Pay 9A

2,923 2,960 3,057 3,173 3,308 3,403 3,865 3,998 4,113 4,173 4,605 4,643 4,817

2,941 2,987 3,150 3,205 3,388 3,447 3,884 4,038 4,153 4,215 4,612 4,680 4,859

0.32 0.32 0.27 0.31 0.32 0.31 0.30 0.28 0.28

0.47 0.26 0.59 0.44 0.30 0.26 0.24 0.44 0.35

Total

Figure 8.7.4 Page 1 of 2

All estimates and exhibits herein are part of this NSAI report and are subject to its parameters and conditions.

PETROPHYSICAL SUMMARY NONG YAO FIELD, GULF OF THAILAND AS OF DECEMBER 31, 2012 Low Estimate Case Best Estimate Case High Estimate Case

Well/Zone

Top (ft MD)

Base (ft MD)

Top (ft TVDSS)

Base (ft TVDSS)

Gross Interval (ft TVT) Net Pay (ft TVT) Porosity (Decimal) Net Pay (ft TVT) Porosity (Decimal)

Water Saturation (Decimal)

Water Saturation (Decimal)

Net Pay (ft TVT)

Porosity (Decimal)

Water Saturation (Decimal)

Nong Yao-3 Pay 1 Pay 2 Pay 3 Pay 3A Pay 3B Pay 4 Pay 5 Pay 6 Pay 7 Pay 8 Pay 9 Pay 10 2,409 2,442 2,570 2,653 2,738 3,076 3,153 3,337 3,367 3,777 3,792 4,245 8 2,419 2,454 2,593 2,650 2,778 3,112 3,223 3,424 3,451 3,907 0 2,414 2,434 2,585 2,776 3,037 3,185 3,339 3,389 2,432 2,464 2,602 2,797 3,059 3,200 3,356 3,413 18 29 17 21 22 16 17 24 0 0 0 19 0 0 0 0 19 0.33 0.35 2,451 2,464 2,611 2,716 2,799 3,126 3,243 3,433 3,500 3,920 31 11 18 66 21 14 21 9 49 14 0 0 0 0 0 0 0 0 0 0 20 0 0 0 0 0 0 0 0 0 0 0 0 0 0 19 1 0 0 0 21 0.33 0.31 0.35 0.61 2,423 2,453 2,609 2,703 2,763 3,101 3,182 3,349 3,425 3,790 3,839 4,276 14 12 39 50 25 25 28 12 58 13 48 30 0 0 0 0 0 0 0 0 5 0 0 3 0.30 0.29 0.54 0.50 0 0 0 0 0 5 0 0 8 0 0 8 0.29 0.28 0.25 0.57 0.42 0.51

2,695 2,735 2,899 3,009 3,120 3,524 3,609 3,805 3,837 4,263 4,277 4,740

2,712 2,749 2,951 3,075 3,153 3,552 3,640 3,819 3,898 4,276 4,326 4,771

0 0 0 0 0 11 1 0 10 0 0 11 32 0 0 0 0 0 0 0 0 0 0 0 0 0 0 19 1 1 2 1 24

0.27 0.19 0.28 0.25

0.44 0.39 0.35 0.44

D-180

Total

Nong Yao-4 Pay 1 Pay 2 Pay 3 Pay 3A Pay 3B Pay 4 Pay 5 Pay 6 Pay 7 Pay 9

2,575 2,617 2,801 2,883 3,079 3,591 3,760 4,068 4,107 4,690

2,613 2,630 2,827 2,983 3,110 3,612 3,792 4,082 4,176 4,707

Total

Nong Yao-4ST Pay 1 Pay 2 Pay 3 Pay 3B Pay 4 Pay 5 Pay 6 Pay 7

3,040 3,069 3,271 3,494 3,778 3,936 4,104 4,161

3,066 3,111 3,292 3,518 3,801 3,953 4,124 4,187

0.33 0.31 0.23 0.23 0.25

0.35 0.57 0.40 0.46 0.56

Total

Figure 8.7.4 Page 2 of 2

All estimates and exhibits herein are part of this NSAI report and are subject to its parameters and conditions.

MDT ANALYSIS SUMMARY NONG YAO FIELD, GULF OF THAILAND AS OF DECEMBER 31, 2012

Zone 0.112 0.323 0.413 0.049 0.327 0.187 0.336 Gas full to base 0.326 0.342 0.366 OWC @ 3,784 ft OWC @ 3,943 ft 0.336 OWC @ 4,262 ft OWC @ 3,291 ft 0.349 OWC @ 3,368 ft 0.324 Oil full to base 0.342 Oil full to base GWC @ 3,093 ft Gas only, not mapped OWC @ 2,718 ft GOC @ 2,664 ft; Oil full to base OWC @ 2,479 ft Oil full to base Gas full to base

Gradient (psi/ft) Comment

Nong Yao-1 Indicated Fluid/Contact Gradient (psi/ft) Gradient (psi/ft)

Comment

Nong Yao-2 Gradient Indicated (psi/ft) Fluid/Contact

Nong Yao-2ST Indicated Fluid/Contact

Nong Yao-3 Indicated Fluid/Contact

Comment

Nong Yao-4ST Gradient Indicated (psi/ft) Fluid/Contact

Pay 1

0.347

Oil full to base

Pay 2

0.350

OWC @ 2,430 ft

Pay 2A

Pay 3A

Pay 3B

0.352

LKO and spill point @ 2,796 ft

Pay 4

0.335

OWC @ 3,037 ft

D-181

Pay 5

0.327

OWC @ 3,125 ft Not mapped

Pay 6

0.098

GOC @ 3,319 ft

Pay 7

0.289

OWC @ 3,339 ft Not mapped

OWC @ 3,373 ft Not mapped

Pay 8

0.279

Oil full to base

Pay 9

0.315

OWC @ 3,767 ft

Pay 9A

Pay 10

Note: Depths are shown in TVDSS.

Figure 8.7.5

All estimates and exhibits herein are part of this NSAI report and are subject to its parameters and conditions.

VOLUMETRIC INPUT PARAMETERS - RESERVES NONG YAO FIELD, GULF OF THAILAND AS OF DECEMBER 31, 2012

Gross Rock Volume (Ac-ft) Zone Pay 1 Pay 2 Pay 2A Pay 3A Pay 3B-2 Pay 3B-4ST Pay 4 Pay 5-2ST Pay 6-1 Pay 6-2ST Pay 7-2 Pay 7-2ST Pay 8 Pay 9-1 Pay 9-2ST Pay 9A-2ST Pay 10 Reserves Category 1P 1P 1P 1P 1P 1P 1P 1P 1P 1P 1P 1P 1P 1P 1P 1P 2P P90 4,356 12,578 4,133 2,895 1,180 2,873 1,571 3,249 2,808 2,208 1,372 2,020 206 999 3,166 4,137 10,040 P50 P10 10,973 15,374 5,051 9,002 1,442 3,511 1,920 10,429 3,432 4,603 1,676 7,743 876 1,221 8,550 10,351 12,271

Net-to-Gross Ratio (Decimal) Most Min Likely Max 0.48 0.47 0.73 0.83 0.38 0.77 0.67 0.60 0.72 0.81 0.83 0.79 0.74 0.77 0.65 0.73 0.39 0.64 0.55 0.88 0.98 0.45 0.90 0.79 0.70 0.85 0.95 0.98 0.93 0.87 0.91 0.76 0.86 0.46 0.75 0.63 0.95 1.00 0.52 1.00 0.91 0.81 0.98 1.00 1.00 1.00 1.00 1.00 0.87 0.99 0.53

Min 0.30 0.30 0.30 0.29 0.29 0.30 0.28 0.29 0.28 0.28 0.27 0.27 0.24 0.24 0.25 0.25 0.23

Porosity (Decimal) Most Likely 0.33 0.33 0.33 0.32 0.32 0.33 0.31 0.32 0.31 0.31 0.30 0.30 0.27 0.27 0.28 0.28 0.25

Max 0.36 0.36 0.36 0.35 0.35 0.36 0.34 0.35 0.34 0.34 0.33 0.33 0.30 0.30 0.31 0.31 0.28

Zone Pay 1 Pay 2 Pay 2A Pay 3A Pay 3B-2 Pay 3B-4ST Pay 4 Pay 5-2ST Pay 6-1 Pay 6-2ST Pay 7-2 Pay 7-2ST Pay 8 Pay 9-1 Pay 9-2ST Pay 9A-2ST Pay 10

Reserves Category 1P 1P 1P 1P 1P 1P 1P 1P 1P 1P 1P 1P 1P 1P 1P 1P 2P

Hydrocarbon Saturation (Decimal) Most Min Likely Max 0.36 0.41 0.51 0.59 0.35 0.52 0.46 0.56 0.40 0.59 0.63 0.64 0.61 0.52 0.46 0.54 0.39 0.45 0.45 0.63 0.74 0.44 0.65 0.58 0.70 0.59 0.74 0.79 0.80 0.76 0.65 0.57 0.67 0.49 0.54 0.50 0.74 0.77 0.53 0.78 0.70 0.80 0.71 0.80 0.80 0.80 0.80 0.78 0.68 0.80 0.59

Formation Volume Factor (RB/STB) Most Min Likely Max 1.07 1.07 1.07 1.07 1.07 1.07 1.07 1.07 1.07 1.07 1.07 1.07 1.07 1.07 1.07 1.07 1.07 1.08 1.19 1.19 1.19 1.19 1.19 1.19 1.19 1.19 1.19 1.19 1.19 1.19 1.08 1.19 1.19 1.19 1.16 1.24 1.24 1.24 1.24 1.24 1.24 1.24 1.24 1.24 1.24 1.24 1.24 1.24 1.24 1.24 1.24

Recovery Factor (Decimal) Most Min Likely Max 0.10 0.10 0.10 0.10 0.10 0.10 0.10 0.10 0.10 0.10 0.10 0.10 0.10 0.10 0.10 0.10 0.10 0.20 0.20 0.20 0.20 0.20 0.20 0.20 0.20 0.20 0.20 0.20 0.20 0.20 0.20 0.20 0.20 0.20 0.35 0.35 0.35 0.35 0.35 0.35 0.35 0.35 0.35 0.35 0.35 0.35 0.35 0.35 0.35 0.35 0.35

All estimates and exhibits herein are part of this NSAI report and are subject to its parameters and conditions.

Figure 8.7.6 D-182

SUMMARY OF ORIGINAL OIL-IN-PLACE AND GROSS (100 PERCENT) OIL RESERVES NONG YAO FIELD, GULF OF THAILAND AS OF DECEMBER 31, 2012 Original Oil-In-Place (MMBBL)
1P 2P 3P 1P 2P 3P 1P

Gross (100 Percent) Oil Reserves (MMBBL)

2P

Recovery Factor(1) (Percent)

3P

Zone

D-183 43.1 49.8 68.1 69.8 102.2 93.2 7.4 9.3 14.4 15.1 25.8 23.0

Pay 1 Pay 2 Pay 2A Pay 3A Pay 3B-2 Pay 3B-4ST Pay 4 Pay 5-2ST Pay 6-1 Pay 6-2ST Pay 7-2 Pay 7-2ST Pay 8 Pay 9-1 Pay 9-2ST Pay 9A-2ST Pay 10 17 19

3.0 6.2 4.3 3.9 0.4 3.2 1.3 3.3 2.3 2.8 1.7 2.8 0.2 1.0 2.5 4.2 0.0

4.8 7.5 5.3 6.7 0.5 4.0 1.6 5.9 3.1 4.3 2.1 5.3 0.5 1.2 4.2 6.9 4.2

7.6 9.0 6.5 11.0 0.7 4.9 2.0 10.8 3.9 6.5 2.5 10.9 1.0 1.5 7.1 11.1 5.2

0.5 1.0 0.7 0.7 0.1 0.5 0.2 0.6 0.4 0.5 0.3 0.5 0.0 0.2 0.4 0.8 0.0

1.0 1.6 1.1 1.4 0.1 0.8 0.4 1.2 0.7 0.9 0.4 1.1 0.1 0.3 0.9 1.5 0.9

1.9 2.5 1.8 2.6 0.2 1.3 0.6 2.6 1.1 1.6 0.7 2.5 0.2 0.4 1.7 2.8 1.4

18 16 16 19 16 16 16 18 16 17 16 18 18 16 18 18 -

21 21 21 20 21 21 22 21 22 21 21 21 21 21 21 21 21 21 22

25 27 27 24 27 27 27 24 27 25 27 23 24 27 24 25 27 25 25

Arithmetic Sum(2) Probabilistic Sum

(1)

(2)

Recovery Factor is calculated by dividing unrounded Gross (100 Percent) Oil Reserves by unrounded Original Oil-In-Place. See Volumetric Input Parameters for recovery factor input distributions. Arithmetic sums do not include the portfolio effect that might result from statistical aggregation and may not add because of rounding.

Figure 8.7.7

All estimates and exhibits herein are part of this NSAI report and are subject to its parameters and conditions.

GROSS ANNUAL CAPITAL EXPENDITURE ESTIMATES NONG YAO FIELD, GULF OF THAILAND AS OF DECEMBER 31, 2012

Category 14.5 10.00 78.00 5.2 6.20 31.00 19.70 67.50 92.20 0.00 0.00 31.00 51.30 14.20

Previous

2013

Gross Capital Expenditures (MM$) 2014 2015 2016 Thereafter

Total 80.00 10.00 78.00 11.40 31.00 210.40

Platform and Facilities

Pipeline

Drilling(1)

G&A, other pre-development costs

Abandonment(2)

Total

(1)

D-184

(2)

Drilling costs are for 16 producing and 4 water disposal wells. Abandonment costs are based on Jasmine Field abandonment costs.

Figure 8.7.8

All estimates and exhibits herein are part of this NSAI report and are subject to its parameters and conditions.

GROSS ANNUAL OPERATING EXPENSE ESTIMATES NONG YAO FIELD, GULF OF THAILAND AS OF DECEMBER 31, 2012 Category 0.0 0.0 0.0 25.2 60.4 60.4 16.7 40.0 40.0 8.5 20.4 20.4 20.4 40.0 60.4 2013 Gross Fixed Field Expenses (MM$) 2014 2015 2016 Thereafter

FSO(1)

Platform Fixed OPEX(2)

Total

(1)

(2)

FSO expenses start on August 1, 2014, at $56,000 per day. Platform expenses start on August 1, 2014, at $40 million per year.

D-185

Figure 8.7.9

All estimates and exhibits herein are part of this NSAI report and are subject to its parameters and conditions.

SUMMARY PROJECTION OF RESERVES AND REVENUE AS OF DECEMBER 31, 2012

NONG YAO FIELD BLOCK G11/48 GULF OF THAILAND PROBABLE RESERVES

KRISENERGY LTD INTEREST

GROSS RESERVES NET RESERVES OIL (MBBL) GAS (MMCF) OIL (M$) GAS (M$) NET INVSTMT (M$) GAS (MMCF)

WORKING INTEREST RESERVES (25%)(1) GROSS (100%) INVSTMT (M$) GROSS (100%) OPERATING EXPENSE (M$)

GROSS REVENUE TO NET INTEREST

PERIOD ENDING

OIL (MBBL)

GAS (MMCF)

OIL (MBBL)

NET OPERATING EXPENSE (M$)

NET TAXES(2) (M$)

NET REVENUE (M$)

CUM P.W. 10% (M$)

12-31-2013 12-31-2014 12-31-2015 12-31-2016 12-31-2017 0.0 0.0 339.9 21.7 0.0 0.0 36,150.7 2,312.4 0.0 0.0 0.0 31,000.0 60,440.0 5,036.7

0.0 1,069.0 5,519.4 4,206.7 2,598.3

0.0 0.0 0.0 0.0 0.0

0.0 267.2 1,379.8 1,051.7 649.6

0.0 0.0 0.0 0.0 0.0

0.0 227.1 1,120.6 863.5 542.2

0.0 0.0 0.0 0.0 0.0

0.0 24,155.9 119,196.2 91,853.8 57,672.5

0.0 0.0 0.0 0.0 0.0

67,500.0 92,200.0 0.0 0.0 0.0

0.0 25,183.3 60,440.0 60,440.0 60,440.0

15,187.5 20,745.0 0.0 0.0 0.0 0.0 6,975.0

0.0 5,666.2 13,599.0 13,599.0 13,599.0 13,599.0 1,133.3

(2,308.2) 0.0 35,067.5 68,837.0 31,762.5 14,221.4 6,452.9

(12,879.3) (2,255.3) 70,529.7 9,417.7 12,311.0 8,330.3 (12,248.8)

(12,279.9) (14,234.8) 41,341.6 48,088.0 56,105.3 61,037.0 54,444.6

D-186
0.0 3,115.0 0.0 331,341.5 0.0 190,700.0

12-31-2018 12-31-2019 12-31-2020 12-31-2021 12-31-2022

1,604.8 101.9

0.0 0.0

401.2 25.5

12-31-2023 12-31-2024 12-31-2025 12-31-2026 12-31-2027 271,980.0 42,907.5 61,195.5 154,033.2 73,205.3 54,444.6

TOTAL

15,100.0

0.0

3,775.0

CUM PROD

0.0

0.0

ULTIMATE

15,100.0

0.0 BASED ON KRISENERGY PRICE AND COST PARAMETERS

TOTALS MAY NOT ADD BECAUSE OF ROUNDING.

(1)

(2)

KRISENERGYS WORKING INTEREST IS 25 PERCENT IN BLOCK G11/48. IT IS ANTICIPATED THAT LOCAL PARTICIPATION WILL REDUCE THIS WORKING INTEREST TO 22.5 PERCENT. WORKING INTEREST RESERVES ARE ESTIMATED BASED ON THE CURRENT WORKING INTEREST AND FUTURE NET REVENUE IS ESTIMATED BASED ON THE REDUCED WORKING INTEREST. NET TAXES INCLUDE COST REIMBURSEMENTS ASSOCIATED WITH LOCAL PARTICIPATION, SPECIAL REMUNERATORY BENEFIT, AND INCOME TAXES.

PRESENT WORTH PROFILE FOR 8 PCT, PRESENT WORTH M$ FOR 15 PCT, PRESENT WORTH M$ FOR 20 PCT, PRESENT WORTH M$ FOR 25 PCT, PRESENT WORTH M$ FOR 30 PCT, PRESENT WORTH M$

57,711.9 47,154.4 40,945.0 35,632.8 31,067.5

Figure 8.7.10

All estimates and exhibits herein are part of this NSAI report and are subject to its parameters and conditions.

SUMMARY PROJECTION OF RESERVES AND REVENUE AS OF DECEMBER 31, 2012 NONG YAO FIELD BLOCK G11/48 GULF OF THAILAND POSSIBLE RESERVES

KRISENERGY LTD INTEREST

GROSS RESERVES GAS (MMCF) OIL (MBBL) GAS (MMCF) OIL (M$) GAS (M$) NET INVSTMT (M$)

WORKING INTEREST RESERVES (25%)(1) NET RESERVES GROSS (100%) INVSTMT (M$) GROSS (100%) OPERATING EXPENSE (M$)

GROSS REVENUE TO NET INTEREST

PERIOD ENDING

OIL (MBBL)

GAS (MMCF)

OIL (MBBL)

NET OPERATING EXPENSE (M$)

NET TAXES(2) (M$)

NET REVENUE (M$)

CUM P.W. 10% (M$)

12-31-2013 12-31-2014 12-31-2015 12-31-2016 12-31-2017 0.0 0.0 0.0 0.0 255.8 413.8 317.0 43.6 0.0 0.0 0.0 0.0 27,205.8 44,016.5 33,715.9 4,638.8 0.0 0.0 0.0 0.0 0.0 (31,000.0) 0.0 31,000.0 0.0 55,403.3 60,440.0 10,073.3

0.0 0.0 337.9 1,272.9 1,362.7

0.0 0.0 0.0 0.0 0.0

0.0 0.0 84.5 318.2 340.7

0.0 0.0 0.0 0.0 0.0

0.0 0.0 66.2 249.4 273.1

0.0 0.0 0.0 0.0 0.0

0.0 0.0 7,041.4 26,526.9 29,048.0

0.0 0.0 0.0 0.0 0.0

0.0 0.0 0.0 0.0 0.0

0.0 0.0 0.0 0.0 0.0

0.0 0.0 0.0 0.0 0.0 0.0 (6,975.0) 0.0 6,975.0

0.0 0.0 0.0 0.0 0.0 0.0 12,465.7 13,599.0 2,266.5

0.0 0.0 5,117.2 20,499.2 22,296.1 20,827.5 12,951.5 13,312.6 7,588.9

0.0 0.0 1,924.2 6,027.7 6,751.9 6,378.3 25,574.3 6,804.2 (12,191.5)

0.0 0.0 1,516.2 5,834.2 10,231.2 14,007.4 27,771.6 31,100.8 25,678.0

D-187
0.0 1,618.8 0.0 172,193.4 0.0 0.0

12-31-2018 12-31-2019 12-31-2020 12-31-2021 12-31-2022

1,258.4 1,967.7 1,496.0 204.4

0.0 0.0 0.0 0.0

314.6 491.9 374.0 51.1

12-31-2023 12-31-2024 12-31-2025 12-31-2026 12-31-2027 125,916.6 0.0 28,331.2 102,592.9 41,269.2 25,678.0

TOTAL

7,900.0

0.0

1,975.0

CUM PROD

0.0

0.0

ULTIMATE

7,900.0

0.0 BASED ON KRISENERGY PRICE AND COST PARAMETERS

TOTALS MAY NOT ADD BECAUSE OF ROUNDING.

(1)

(2)

KRISENERGYS WORKING INTEREST IS 25 PERCENT IN BLOCK G11/48. IT IS ANTICIPATED THAT LOCAL PARTICIPATION WILL REDUCE THIS WORKING INTEREST TO 22.5 PERCENT. WORKING INTEREST RESERVES ARE ESTIMATED BASED ON THE CURRENT WORKING INTEREST AND FUTURE NET REVENUE IS ESTIMATED BASED ON THE REDUCED WORKING INTEREST. NET TAXES INCLUDE COST REIMBURSEMENTS ASSOCIATED WITH LOCAL PARTICIPATION, SPECIAL REMUNERATORY BENEFIT, AND INCOME TAXES.

PRESENT WORTH PROFILE FOR 8 PCT, PRESENT WORTH M$ FOR 15 PCT, PRESENT WORTH M$ FOR 20 PCT, PRESENT WORTH M$ FOR 25 PCT, PRESENT WORTH M$ FOR 30 PCT, PRESENT WORTH M$

28,134.5 20,588.7 16,680.3 13,648.1 11,272.2

Figure 8.7.11

All estimates and exhibits herein are part of this NSAI report and are subject to its parameters and conditions.

SUMMARY PROJECTION OF RESERVES AND REVENUE AS OF DECEMBER 31, 2012 NONG YAO FIELD BLOCK G11/48 GULF OF THAILAND PROVED + PROBABLE + POSSIBLE (3P) RESERVES

KRISENERGY LTD INTEREST

GROSS RESERVES GAS (MMCF) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 595.6 435.6 317.0 43.6 0.0 0.0 0.0 0.0 63,356.5 46,328.9 33,715.9 4,638.8 0.0 0.0 0.0 0.0 0.0 0.0 0.0 31,000.0 60,440.0 60,440.0 60,440.0 10,073.3 0.0 227.1 1,186.8 1,112.9 815.3 0.0 0.0 0.0 0.0 0.0 0.0 24,155.9 126,237.7 118,380.7 86,720.5 0.0 0.0 0.0 0.0 0.0 67,500.0 92,200.0 0.0 0.0 0.0 0.0 25,183.3 60,440.0 60,440.0 60,440.0 15,187.5 20,745.0 0.0 0.0 0.0 0.0 0.0 0.0 6,975.0 OIL (MMCF) GAS (MBBL) OIL (M$) GAS (M$) NET INVSTMT (M$)

WORKING INTEREST RESERVES (25%)(1) NET RESERVES GROSS (100%) INVSTMT (M$) GROSS (100%) OPERATING EXPENSE (M$)

GROSS REVENUE TO NET INTEREST

PERIOD ENDING

OIL (MBBL)

GAS (MMCF)

OIL (MBBL)

NET OPERATING EXPENSE (M$) 0.0 5,666.2 13,599.0 13,599.0 13,599.0 13,599.0 13,599.0 13,599.0 2,266.5

NET TAXES(2) (M$) (2,308.2) 0.0 40,184.8 89,336.2 54,058.6 35,048.9 19,404.4 13,312.6 7,588.9

NET REVENUE (M$) (12,879.3) (2,255.3) 72,453.9 15,445.5 19,062.9 14,708.6 13,325.5 6,804.2 (12,191.5)

CUM P.W. 10% (M$) (12,279.9) (14,234.8) 42,857.8 53,922.2 66,336.5 75,044.4 82,216.2 85,545.4 80,122.6

12-31-2013 12-31-2014 12-31-2015 12-31-2016 12-31-2017

0.0 1,069.0 5,857.3 5,479.7 3,960.9

0.0 0.0 0.0 0.0 0.0

0.0 267.2 1,464.3 1,369.9 990.2

D-188
0.0 4,733.9 0.0 503,534.8 0.0 190,700.0

12-31-2018 12-31-2019 12-31-2020 12-31-2021 12-31-2022

2,863.1 2,069.6 1,496.0 204.4

0.0 0.0 0.0 0.0

715.8 517.4 374.0 51.1

12-31-2023 12-31-2024 12-31-2025 12-31-2026 12-31-2027 397,896.6 42,907.5 89,526.7 256,626.1 114,474.5 80,122.6

TOTAL

23,000.0

0.0

5,750.0

CUM PROD

0.0

0.0

ULTIMATE

23,000.0

0.0 BASED ON KRISENERGY PRICE AND COST PARAMETERS

TOTALS MAY NOT ADD BECAUSE OF ROUNDING.

(1)

KRISENERGYS WORKING INTEREST IS 25 PERCENT IN BLOCK G11/48. IT IS ANTICIPATED THAT LOCAL PARTICIPATION WILL REDUCE THIS WORKING INTEREST TO 22.5 PERCENT. WORKING INTEREST RESERVES ARE ESTIMATED BASED ON THE CURRENT WORKING INTEREST AND FUTURE NET REVENUE IS ESTIMATED BASED ON THE REDUCED WORKING INTEREST.

(2)

NET TAXES INCLUDE COST REIMBURSEMENTS ASSOCIATED WITH LOCAL PARTICIPATION, SPECIAL REMUNERATORY BENEFIT,AND INCOME TAXES.

PRESENT WORTH PROFILE FOR 8 PCT, PRESENT WORTH M$ FOR 15 PCT, PRESENT WORTH M$ FOR 20 PCT, PRESENT WORTH M$ FOR 25 PCT, PRESENT WORTH M$ FOR 30 PCT, PRESENT WORTH M$

85,846.4 67,743.1 57,625.3 49,280.9 42,339.7

Figure 8.7.12

All estimates and exhibits herein are part of this NSAI report and are subject to its parameters and conditions.

TECHNICAL DISCUSSION ANGUN FIELD, BLOCK G11/48 GULF OF THAILAND 9.1 OVERVIEW
Angun Field is an oil and gas discovery located in the southern portion of the Pattani Basin in Block G11/48 in the Gulf of Thailand. Figure 3.7.1 shows a location map of the area. Contingent oil resources subclassified as development unclarified have been estimated for this discovery. The resources shown for Angun Field are contingent upon (1) the collection of additional technical data, to be gathered through delineation wells and flow tests, to establish commercial viability of the project, (2) commitment of the license partners to develop the resources, and (3) submission and approval of a PAA. If these issues are resolved, some portion of these contingent resources may be reclassified as reserves. Because of the early stage of development of this project, we did not perform an economic analysis on these resources; as such, the economic status of these resources is undetermined. Angun-1, the discovery well for Angun Field drilled in 2009, penetrated 70 ft of oil and gas in 14 Miocene sands; two sands were flow-tested. One sand tested oil at a rate of 1,081 BOPD from 5,594 to 5,614 ft TVDSS; the other sand tested gas and condensate at rates of 4.5 MMCFD, with 95 percent CO2 and 5 barrels of condensate per day (BCPD) from 5,228 to 5,247 ft TVDSS. Only 8 of the 14 zones that logged productive in the Angun-1 have been included in this report. The other zones were too thin to be commercially productive. A second well, the Angun-2, was drilled in early 2010, and the results were disappointing. The Angun-2 penetrated only 18 ft of gas in the sands, and the only potential for oil would be an oil leg below the LKG. In this report, we have included three gas-bearing zones logged in the Angun-2 as having the potential for oil volume below the LKG. The oil-tested zone in the Angun-1 (Pay 14) is the only zone for which we have estimated 1C, 2C, and 3C contingent resources. We estimated 2C and 3C contingent resources for Pay 15, which had an oil gradient in the MDT data. For all other reported zones, we estimated only 3C contingent resources since only gas was logged in these zones and the existence of an oil rim is fairly unlikely. We estimate the gross (100 percent) contingent oil resources and the net contingent oil resources to the KrisEnergy working interest in Angun Field, as of December 31, 2012, to be: Contingent Oil Resources (MMBBL) Gross (100 Percent) Working Interest(1) 1C 2C 3C 1C 2C 3C 0.3
(1)

0.7

21.1

0.1

0.2

5.3

KrisEnergys current working interest is 25 percent in Block G11/48. It is anticipated that local participation will reduce this working interest to 22.5 percent. Working interest reserves are estimated based on the current working interest.

The oil resources shown include crude oil only. Oil volumes are expressed in MMBBL; a barrel is equivalent to 42 United States gallons.

Page 38 D-189

9.2

DATA SOURCES
Data were provided to us by Mubadala, the operator of the properties, and KrisEnergy in both electronic and hard copy format. The key data utilized in our evaluation in addition to the data listed in the Executive Summary are listed below:

9.3

Mubadalas interpreted SMT project, including maps and 2-D seismic data Mubadalas postwell volumetric calculations Digital log data for the Angun-1 and Angun-2 wells and for several nearby off-structure wells Mubadalas petrophysical report

GEOPHYSICAL AND GEOLOGICAL SUMMARY 9.3.1 FIELD OVERVIEW

Angun Field was discovered in 2009 with the drilling of the Angun-1 exploration well. The structure was identified and mapped based on numerous good- to excellent-quality 2-D seismic lines. Angun Field is a seismically defined, fault-bounded 3-way dip closure in the up-thrown footwall of a normal fault block. The Angun-2 was structurally low to the Angun-1, and the quality and thickness of the sands logged in the Angun-2 were inferior to those found in the Angun-1. The only significant amount of logged hydrocarbons in the Angun-2 was a shallow gas-bearing sand. We have mapped a small fault separating the Angun-1 from the Angun-2. The productive interval in Angun Field is Early-Middle Miocene age near-shore sandstones. Tectonic rifting resulted in numerous normal faults in subbasins of the Pattani Basin that were subsequently filled with sediments. The Angun-1 and Angun-2 wells logged gas in all but one sand. Most of the gas-bearing sands were full to base, as confirmed by numerous MDT pressure samples. There exists the potential to have oil columns below the LKG.

9.3.2

GEOLOGIC MAPPING

Based on our correlation and contact information, either significant stratigraphic variation exists between the two wells or a fault separates the wells. Of the 11 sands evaluated in this report, only one sand in the two wells, Pay 14, tested oil and is considered to have 1C, 2C, and 3C contingent oil resources. The low estimate GRV for this interval is based on the LKO, and the high estimate GRV is based on an OWC. One additional sand, Pay 15, had an oil gradient in the MDT data and is considered to have 2C and 3C contingent oil resources. All the remaining 9 intervals logged gas in either the Angun-1 or -2. We have evaluated the potential in these sands for an oil leg down structure of the gas only in the high estimate case. The basis for the high estimate GRV for each interval evaluated in this report is shown in the fluid and reservoir properties table in Section 9.5. A summary of the basis for the GRV calculations by zone is provided in Figure 9.6.1. Because the two wells logged mostly gas-bearing sands, the oil column potential below the LKG is unknown and considered a high risk, especially since none of the sands logged gas on oil. In order to assess the oil potential, an additional downdip delineation well will be required. The depth structure map for Pay 14 is shown in Figure 9.6.2. Page 39 D-190

9.4

PETROPHYSICAL SUMMARY
Petrophysical parameter assumptions include m ranging from 1.8 to 2.0, n ranging from 1.8 to 2.0, and an Rw of 0.35 ohm-m at reservoir temperature of 230F. Cutoff parameters of porosity greater than or equal to 16 percent, water saturation less than or equal to 65 percent, and shale volume less than or equal to 40 percent were used to determine net pay. The log for Angun-1, with interpreted net pay, is shown in Figure 9.6.3. The calculated net pay, porosity, and water saturation for both Angun wells are shown in Figure 9.6.4.

9.5

RESERVOIR ENGINEERING SUMMARY

Two well tests were performed in the Angun-1 well: one for Pay 12 and one for Pay 14. These tests are summarized in the following tables:
Test 1 Perforation (ft MD) Top Bottom 7,620 Zone Duration Choke (hr) (in) 4.0 32/64 Oil Rate (BOPD) 1,081 GOR (MCF/MBBL) 1,371 Cond Yield (BBL/MMCF) 1.6 FWHP (psig) 1,060 FWHP (psig) 1,144 Gravity (API) 37.0 Gravity (API) 44.6 CO2 (%) 90 CO2 (%) 95 H 2S (ppm) 0 H 2S (ppm) 15

7,640 Pay 14

Perforation (ft MD) Test 2 7,159 Note: 7,179 Top Bottom Zone Pay 12

Duration Choke Gas Rate (hr) (in) (MMCFD) 2.8 32/64 4.5

Test data shown are final readings.

MDT pressures were taken over all zones of interest in the Angun-1 well, and pressure gradients ranged from 0.230 to 0.268 psi/ft in the lower oil zones and 0.060 to 0.106 psi/ft in the upper gas intervals. Estimated fluid and reservoir properties are summarized by zone in the following table: High Estimate OWC Fluid in Zone (ft TVDSS) Basis Gas Gas Gas Gas Gas Gas Gas Gas Gas Oil Oil 4,750 4,750 4,930 4,950 4,888 4,935 4,987 5,385 5,448 5,651 6,450 SP MDT(1) SP SP SP SP MDT(1) MDT(1) MDT(1) MDT SP Max Oil Datum Depth Temp BHP (ft TVDSS) (F) (psia) 4,720 4,693 4,881 4,917 4,820 4,864 4,911 5,307 5,368 5,633 5,884 244 241 269 270 268 269 270 277 278 282 287 2,038 2,025 2,101 2,115 2,115 2,115 2,113 2,272 2,294 2,390 2,770 FVF (RB/STB) 1.292 1.289 1.315 1.316 1.315 1.316 1.316 1.335 1.338 1.350 1.386

Zone Pay 1 Pay 4 Pay 5 Pay 6 Pay 7 Pay 8 Pay 9 Pay 12 Pay 13 Pay 14 Pay 15
(1)

Well Angun-2 Angun-1 Angun-2 Angun-2 Angun-1 Angun-1 Angun-1 Angun-1 Angun-1 Angun-1 Angun-1

An oil gradient of 0.268 psi/ft (from Pay 14 MDT) is used from LKG to the water gradient line.

9.5.1

PROBABILISTIC RESOURCES DETERMINATION

A probabilistic spreadsheet model was constructed to calculate 1C, 2C, and 3C estimates of OOIP and contingent oil resources for Angun Field. We determined the type of distribution and input parameters for the various volumetric parameters by individual reservoir. GRV input parameters were assigned a lognormal distribution with P95 and P05 input values based on the low and high estimate cases discussed earlier. All volumetric input parameters are summarized in Figure 9.6.5. The resulting OOIP and gross (100 percent) contingent resources calculated in the probabilistic model are summarized in Figure 9.6.6. Page 40 D-191

GROSS ROCK VOLUME BASIS ANGUN FIELD, GULF OF THAILAND AS OF DECEMBER 31, 2012 Test (BOPD) Low Estimate Case Minimum oil estimate of 100 AC, 250 AF Minimum oil estimate of 100 AC, 250 AF Minimum oil estimate of 100 AC, 250 AF Minimum oil estimate of 100 AC, 250 AF Minimum oil estimate of 100 AC, 250 AF Minimum oil estimate of 100 AC, 250 AF Minimum oil estimate of 100 AC, 250 AF Minimum oil estimate of 100 AC, 250 AF Minimum oil estimate of 100 AC, 250 AF LKO @ -5,614 ft less attic (Angun-1) LKO @ -6,317 ft less attic (Angun-1) High Estimate Case LKG @ -4,793 ft to spill point @ -4,750 ft LKG @ -4,635 ft to MDT OWC @ -4,750 ft (Angun-1) LKG @ -4,832 ft to spill point @ -4,930 ft LKG @ -4,883 ft to spill point @ -4,950 ft LKG @ -4,753 ft to spill point @ -4,888 ft LKG @ -4,793 ft to spill point @ -4,935 ft LKG @ -4,836 ft to MDT OWC @ -4,987 ft (Angun-1) LKG @ -5,228 ft to MDT OWC @ -5,385 ft (Angun-1) LKG @ -5,288 ft to MDT OWC @ -5,448 ft (Angun-1) MDT OWC @ -5,651 ft less attic Spill point @ -6,450 ft less attic 1,081 Distribution Type Lognormal Lognormal Lognormal Lognormal Lognormal Lognormal Lognormal Lognormal Lognormal Lognormal Lognormal

Zone

Well

Resources Category

Pay 1 Pay 4 Pay 5 Pay 6 Pay 7 Pay 8 Pay 9 Pay 12 Pay 13 Pay 14 Pay 15

Angun-2 Angun-1 Angun-2 Angun-2 Angun-1 Angun-1 Angun-1 Angun-1 Angun-1 Angun-1 Angun-1

3C 3C 3C 3C 3C 3C 3C 3C 3C 1C 2C

D-192

Figure 9.6.1

All estimates and exhibits herein are part of this NSAI report and are subject to its parameters and conditions.

NETHERLAND, SEWELL & ASSOCIATES, INC.

Angun Field
Gulf of Thailand

Depth Structure Top Pay 14 Zone

Contour Interval: 100 feet
SCALE IN METERS

Map Projection: UTM; Everest 1830 Ellipsoid (1937 Adjustment)

625

1,250

1,875

2,500

All estimates and exhibits herein are part of this NSAI report and are subject to its parameters and conditions.

Figure 9.6.2 D-193

NETHERLAND, SEWELL & ASSOCIATES, INC.

Angun-1 Interpreted Well Log Angun Field, Gulf of Thailand

Pay 1 Pay 2

Pay 3 Pay 4 Pay 5 Pay 6 Pay 7 Pay 8 Pay 9

Pay 10

Pay 11

Pay 12

All estimates and exhibits herein are part of this NSAI report and are subject to its parameters and conditions.

Figure 9.6.3 Page 1 of 2 D-194