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Technical terms and abbreviations

API or API gravity - Gravity (weight per unit of volume) of crude oil or other liquid hydrocarbon expressed in degrees API where a specific gravity of 1.0 is the equivalent of 10 degrees API.

BOE - Barrels of Oil Equivalents is a metric unit used by oil production companies and oil transportation companies to measure both the rate of oil production or transportation (i.e. in barrel of oil equivalents per day) as well as total proven reserves in the ground.

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. Contingent Resources are a class of discovered recoverable resources.

CPR - Competent Person’s Report

CSR - Corporate Social Responsibility

Development costs - Costs incurred to obtain access to our reserves and to provide facilities for extracting, treating, gathering and storing the oil and gas from our reserves. More specifically, development costs, including applicable operating costs of support equipment and facilities and other costs of development activities, are costs incurred to:

(a) gain access to and prepare well locations for drilling, including surveying well locations for the purpose of determining specific development drilling sites, clearing ground draining, road building, and relocating public roads, gas lines and power lines, pumping equipment and well head assembly;

(b) drill and equip development wells, development-type stratigraphic test wells and service wells, including the costs of platforms and of well equipment such as casing, tubing, pumping equipment and wellhead assembly;

(c) acquire, construct and install production facilities such as flow lines, separators, treaters, heaters, manifolds, measuring devices and production storage tanks, natural gas cycling and processing plants, and central utility and waste disposal systems; and

(d) provide improved recovery systems.

Development well - A well drilled inside the established limits of an oil and gas reservoir, or in close proximity to the edge of the reservoir, to the depth of a stratigraphic horizon known to be productive.

Economic assumptions - The forecast prices and costs used in the estimate.

E&E - Exploration and Evaluation

E&P - Exploration and Production

EAR - The East African Rift system

ESIA - Environmental and Social Impact Assessment

EWT - Extended Well Test

Exploration costs - Costs incurred in identifying areas that may warrant examination and in examining specific areas that are considered to have prospects that may contain oil and gas reserves, including costs of drilling exploration wells and exploration-type stratigraphic test wells. Exploration costs may be incurred both before acquiring the related property and after acquiring the property. Exploration costs, which include applicable operating costs of support equipment and facilities and other costs of exploration activities, are:

(a) costs of topographical, geochemical, geological and geophysical studies, rights of access to properties to conduct those studies, and salaries and other expenses of geologists, geophysical crews and others conducting those studies;

(b) costs of carrying and retaining unproved properties, such as delay rentals, taxes (other than income and capital taxes) on properties, legal costs for title defense, and the maintenance of land and lease records;

(c) dry hole contributions and bottom hole contributions;

(d) costs of drilling and equipping exploration wells; and

(e) costs of drilling exploration-type stratigraphic test wells.

Exploration well - A well in a new area with unknown hydrocarbon producing potential.

Farm-out - Farm-out is an assignment or partial assignment of an oil and gas interest from one party to another party.

GIIP - Gas Initially In Place is the total gas content of a reservoir before the commencement of production.

JOA - Joint Operating Agreement

JV(s) - Joint Venture(s)

Leads - 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.

MBOE - One Thousand Barrels of Oil Equivalents, i.e. one thousand BOE

MMBOE - One Million Barrels of Oil Equivalents, i.e. one million BOE

MMBOED - Million Barrels of Oil Equivalents per Day and measures a daily rate of oil production.

MMbbls - One  Million barrels

NNPC - Nigerian National Petroleum Corporation

O&G - Oil and Gas

OBC - Ocean Bottom Cable Survey (3D survey)

Prospect or Prospects - A project associated with a potential accumulation that is sufficiently well defined to represent a viable drilling target.

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

Recovery Factor - That proportion of the oil or gas volume in a reservoir which can be technically and economically recovered.

Service well - A well drilled or completed for the purpose of supporting production in an existing field. Wells in this class are drilled for the following specific purposes: gas injection (natural gas, propane, butane or flue gas), water injection, steam injection, air injection, salt water disposal, water supply for injection, observation or injection for combustion.

Stakeholders - A person, group, organisation, member or system with a direct interest, involvement or investment in our activities, and who affects or can be affected by an organisation’s actions. the Company's stakeholders include employees, shareholders, local communities, NGOs, the media, governments, regulatory authorities and research organisations.

STOIIP - Stock Tank Oil Initially In Place

Sustainability - A strategy that drives long-term corporate growth and profitability by mandating the inclusion of environmental and social issues in the business model. Unlike corporate social responsibility which retroactively addresses issues, sustainability implies a forward trajectory, not looking to the past actions of a company, but looking forward by adapting the nature of the company.