Reserves & Contingent Resources Evaluation - Tunisian ...

RPS Reserves & Contingent Resources Evaluation: Tunisian Properties of Serinus Energy as at December 31, 2017

CC01512 8-18 April 5, 2018

FIGURES


CC01512 Appendix April 5, 2018

Figure 8-1: Ech Chouech Concession and Well Location Map



Figure 8-2: EC-1 Ouan Kasa (Devonian)57



Figure 8-3: Recently mapped Ouan Kasa Structure



Figure 8-4: Ech Chouech Field Type Log55

10

20

30

40

50

60

70

80

90

10

20

30

40

50

60

70

80

90

3700

3600

3500

50

60

70

80

90

OU

AN

KA

SA F

OR

MAT

ION

(Low

er D

evon

ian)

3480

3503

3518.5

3522.5

DST 5

DST 7

GrossNetN/GOSWAV

= 37 m = 21 m = 56.7%

= 10% = 55.5%

AV

3478

3510

3544

3586

3662

GrossNetN/GOSWAV

= 32 m = 16.5 m = 51.5%

= 10.7% = 60.2%

AV

GrossNetN/GO

= 25 m = 5.5 m = 22%

= 10.8%AV

GrossNetN/GO

= 34 m = 4.5 m = 13.3%

= 10.5%AV

GrossNetN/GO

= 50 m = 13 m = 26%

= 9.4%AV

GrossNetN/GO

= 52 m = 10 m = 23.8%

= 9.4%AV

GrossNetN/GO

= 75 m = 17.5 m = 23%

= AV

GrossNetN/GO

= 76 m = 20 m = 26.3%

= AV

Depth (m)

DST 6

3494.5



Figure 8-5: Porosity vs Permeability Crossplot Ouan Kasa



Figure 8-6: Seismic Profile through the Ech Chouech Field

Figure 8-7: EC-1 Production History



Figure 8-8: EC-1 Decline Projections



Figure 8-9: Ech Chouech Field Oil Production Forecast

Figure 8-10: Ech Chouech Field Gas Production Forecast


CC01512 9-1 April 5, 2018

9.0 REFERENCES

1 Reserves Evaluation Tunisian and Hungarian Properties of Athanor Tunisia B.V. as at December 31, 2004”, APA Petroleum Engineering Inc., April 30, 2005. 2 Klett.T.R 2002 Total Petroleum Systems of the Triassic / Ghadames Province, Algeria, Tunisia, and Lybia – The Tannezuft-Oued Mya, Tannezuft-Melrhir and Tanezzuft-Ghadames US Geological Survey Bulletin 2202-C 3 Soua. M 2013 First Evidence of Tunnel Valley Formation During the Lower Ordovician Subglacial Period in Southern Tunisia Influence on the Jeffara sandstone Reservoir quality SEPM 164391 4 Hedi Acheche, M, M’Rabet, Ghariani, A, and Ouachchi.A and Montgomery, S.A 2001 Ghadames Basin, Southern Tunisia: a Reappraisal of Triassic Reservoirs and Future Prospectivity AAPG Bull V85 No 5 p765-780 5 Boote. D., Clark Lowes D.D and Traut.M, 1998 “Palaeozoic Systems of North Africa” in Petroleum Geology of North Africa. Editors MacGregor.D.S, Moody.R.T.J and Clark Lowes D. D. F Geol Soc Spec Publ No 132 6 Le Heron.D.P and Craig.J 2007 First order Reconstructions of A Late Ordovician Saharan Ice Sheet Jour Geol Soc 165 P19-29 7 Envoi 2013 Offshore NE Tunisia: Promotional Materials - from the Internet 8 Serinus, 2014 Tunisia review Powerpoint . Serinus Internal Document 9 Bishop.W 1975 Geology of Tunisia AAPG Bull V 59 No3 P 413-450 10 Ferjaoui, M, Meskini.A and Acheche.M.H 2001 Modeling of Hydrocarbon generation and expulsion from Tannezuft and Aouinet Ouinine Formations in Southern Tunisia – North Africa: Rock the Foundation Convention June 18-22 2001 Canadian Society of Petroleum Geologists, Abstract 11 Serinus 2013, Es Chouech Es Saida Block Summary 12 Underdown.R and Redfern.J 2008 Petroleum Generation and Migration in the Ghadames Basin , North Africa; A Two Dimensional Basin Modeling Study AAPG BullV92 N0 1 p53-76 13 Klett.T.R 2002 Total Petroleum Systems of the Pelagian province, Tunisia, Libya and Malta – The Bou Dabbou-Tertiary and Jurassic Cretaceous Composite US Geological Survey Bulletin 2202-C 14 Echikh.K, 1998, “Geology and Hydrocarbons Occurences in the Ghadames Basin Algeria Tunisia” in Petroleum Geology of North Africa Editors MacGregor.D.S, Moody.R.T.J and Clark Lowes, D.D.F. Geol Soc Spec Publ No 132 15 Serinus Energy 2013 Zinnia Concession Farm in Opportunity NE Tunisia 16 Djarnia.M.R and Fekirine.B, “Sedimentological and Diagenetic Control in Cambro Ordovician Reservoir Quality in the Southern Hassi Messaoud Area (Sahara Platform, Algeria)” in Petroleum Geology of North Africa Editors. MacGregor.D.S, Moody.R.T.J an d Clark Lowes .D.D Geol Soc Spec Publ No 132 17 Amoco 1981 “Core and reservoir Fluid Investigation Results: Amoco Sabria North 2 well” 1981 18 MOL 1999 SABRIA NW 1 Well “Report on Core and Cutting Investigations” 19 MOL 1998 “An Integrated Study of Cambrian - Ordovician Sandstone Reservoirs” 20 Amoco 1981 SABN-2. Final Geological Report 21 MOL 1996 Picture Book of Core Examples from Exploration Area Sabria and El Franig 22 MOL 1997 “ Core and Cuttings Study Sabria El Franig” 23 MOL 1999 SABRA NW 1 Well “Report on Core and Cutting Investigations“ 24 MOL 1999, “Geological Report on Sabria Concession, Tunisia”. Vol.1, May 1999 25 Energy Metriks 2012 Sabria Engineering Study 26 Cumbria Resources 2010 “Sabria: Ordovician and Cambrian Reservoir Study and Log analysis Method”. D.R Fell 27 MOL 1997 “Core and Cuttings Study Sabria and El Franig” 28 Baker Hughes 1999 “Field Development Study: Ordovician Reservoir, Sabria Field , Tunisia” 29 Serinus 2015 Serinus Asset Review : Tunisia 30 Task Fronterra Geoscience 2015 Win 2103: Formation Image Interpretation report 15 June 2015 31 RPS 2015 Reserves Evaluation 2014 Year End Tunisian Properties of Serinus Energy As at December 31 2014


CC01512 9-2 April 5, 2018

32 Amoco 1979 Sabria North 1 Final well Report 33 MOL 1999 Final Drilling Report Sabria NW-1 34 Everett.R 2015, “Sabria Field Win13 Runs 1,2 and 3 Petrophysical Report and TIF Plot” 35 Herron .S and Herron. Mb 1996 Quantitative Lithology: A Application for Open and Cased Hole Spectroscopy. SPWLA Annual Logging Symposium Jun 4-7 1996 36 Herron.S and Herron.M 2000 Application of Nuclear Spectroscopy Logs to the Derivation of Formation Matrix density. SPWLA Annual Logging Symposium Jun 4-7 2000 37 Herron. M, JohnsonD.L, and Schwartz.L.M, 1998 A robust permeability estimator for Siliciclastics SPE 49301 38 Herron.S, Herron.M, Oirie.I, Saldungarary.O, Craddock.P,Charsky.A, Pilyakov.M, Shray.F and Li.T, 2014 Application and Quality Control of Core Data for the development and Validation of elemental Spectroscopy Log Interpretation. Petrophysics Vol 55 (Oct 2014) P 392-414 39 Eslinger.E and Boyle.F 2013 Building a Multi well Model for Partitioning Spectroscopy Log elements in Minerals Using Core Minerology for Calibration SPWKLA Ann Logging Symp June 22-26 2013 40 Everett.R 2014, “Sabria Field Win 12 Bis Runs 1,2 and 3 Petrophysical Report and TIF Plot” 41 RPS 2013 “Reserves Evaluation of Tunisian Properties of Serinus Energy” Project No CC00910 March 28 2013 42 Amoco 1982 “Post Evaluation of the West Sabria No 1 well, Tunisia” 43 Cumbria Resources 2009 “Chouech Es Said Formation Evaluation Study 9 wells” D.R Fell 44 MOL 1992 “Investigation of the Possibility of Hydrocarbon Production in the Sabria Exploration Area, Southern Tunisia” 45 Task Fronterra Geosciences 2014 Well Win 12bis Sabria Concession. Preliminary Results of the 8.5 Section (3664.3 meters to 3857.5 meters) 46 COGEH 2004 ‘Canadian Oil and Gas Evaluation Handbook. Volume 1 and 2“ 47 Cumbria Resources 2010, “Log and Gas Analysis Method for Low Resistivity Silurian Acacus Formation Evaluation”. D.R Fell. Oct 2010 48 Marzoul .L 2013 “Petrophysics and Nuclear Magnetic Resonance (NMR) Study of Low Resistivity Pay in Lower Silurian Sandstone Reservoirs in the Ghadames Basin” Scientific Research and Essays Vol1 (8) 1870197 : gained from the Internet 49 Chu W.W and Welch .P.M 2008 “Identification of Bypassed Pays in Low Resistivity, Thinly Bedded Sand Shale Sequences in the Ghadames Basin of North Africa Through Use of a Wireline Formation Tester”, SPE 114478 50 Athanor 2003 “Chouech Es Saida Concession Reservoir and Hydrocarbon Evaluation” Report 51 Lüning, S., J. Craig, D. K. Loydell, P. Storch & B. Fitches (2000): “Lowermost Silurian ‘Hot Shales’ in North Africa and Arabia: Regional Distribution and Depositional Model”. Earth Science Reviews 49: 121-200. 52 Anadarko 2003, Final Well Report Sanghar West 1 53 Athanor 2000, Tunisia Sanghar G & G Presentation 54 Athanor 2000, Redevelopment field Project Sanghar Field 55 Serinus Energy 2013, Ech Chouech Block Summary 56 AGIP 1991 « Champ d’Ech Chouech Evaluation du Reservoir (après essai de longue duree Fev-Aout 1991)”, AGIP (Africa) Ltd. Succursale de Tunisie, Octobre 1991. 57 Cumbria Resources 2010 “EC1 and EC4 Formation Evaluation” D.R Fell



APPENDIX A LIST OF ABBREVIATIONS



LIST OF ABBREVIATIONS

API Oil gravity in American Petroleum Institute (API) units B billion (109) bbl Barrels Bcf billions of cubic feet Boe barrels of oil equivalent bopd barrels of oil per day bpd barrels per day DST Drill Stem Test d Day EWT Extended Well Test ESP Electric submersible pump GIIP Gas Initially-In-Place GOC Gas-Oil-Contact GOR Gas/Oil Ratio GORR Gross Overriding Royalty GRV Gross Rods Volume GWC Gas-Water Contact 1P Proved 2P Proved + Probable 3P Proved + Probable + Possible km Kilometres HCIIP Hydrocarbons Initially in Place LOF Life of Field m Meters M Thousand mD Permeability in millidarcies mKB measured well depth in meters, referenced to drilling rig kelly bushing. MM Million MMcfd millions of cubic feet per day MMbbl millions of barrels MMboe millions of barrels of oil equivalent NPI Net Profits Interest NPV Net Present Value OWC Oil Water Contact OIIP Oil Initially In Place P10 10% Statistical Confidence Level of Value referenced P50 50% Statistical Confidence Level of Value referenced

P90 90% Statistical Confidence Level of Value referenced scf standard cubic feet scf/d standard cubic feet per day stb stock tank barrels stb/d stock tank barrels per day STOIIP Stock Tank Oil Initially In Place TVDSS True Vertical Depth Subsea WI Working Interest



Appendix B CHOUECH ES SAIDA FIELD GEOLOGICAL MAPPING

CHOUECH 2017 MAPS FOR Y/E RESERVES REPORT

TG Sand Oil P90 Net Pay Map

TG Sand Oil P10 Net Pay Map

TAGI B Sand P90 Net Pay Map

TAGI D Sand P90 Net Pay Map

TAGI D Sand P10 Net Pay Map

TAGI F Sand Oil P90 Net Pay MapNorth

East

1km

TAGI F Sand Oil P10 Net Pay Map

TAGI F Sand Gas P90 Net Pay Map

TAGI F Sand Gas P10 Net Pay Map

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