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CALGARY, Feb. 27, 2017 /CNW/ - Vermilion Energy Inc. ("Vermilion", the "Company", "We" or "Our") (TSX, NYSE: VET) is pleased to announce summary 2016 year-end reserves and resource information. The estimates of reserves and resources and other oil and gas information contained in this news release have been estimated by GLJ Petroleum Consultants Ltd. ("GLJ") effective as at December 31, 2016 and prepared in accordance with National Instrument 51-101 "Standards of Disclosure for Oil and Gas Activities" of the Canadian Securities Administrators ("NI 51-101") and the Canadian Oil and Gas Evaluation Handbook ("COGEH"). For additional information about Vermilion, including Vermilion's statement of reserves data and other information in Form 51-101F1, report on reserves data by independent qualified reserves evaluator or auditor in Form 51-101F2 and report of management and directors on oil and gas disclosure in Form 51-101F3, please review the Company's Annual Information Form for the year ended December 31, 2016, to be filed on February 27, 2017 and available on SEDAR at www.sedar.com and on the SEC's EDGAR system at www.sec.gov.
HIGHLIGHTS
(1) |
As evaluated by GLJ Petroleum Consultants Ltd. ("GLJ") in a report dated February 1, 2017 with an effective date of December 31, 2016. |
(2) |
F&D (finding and development) and FD&A (finding, development and acquisition) costs are used as a measure of capital efficiency and are calculated by dividing the applicable capital expenditures for the period, including the change in undiscounted future development capital ("FDC"), by the change in the reserves, incorporating revisions and production, for the same period. |
(3) |
"Operating Recycle Ratio" is a measure of capital efficiency calculated by dividing the Operating Netback by the cost of adding reserves (F&D cost). "Operating Netback" is calculated as sales less royalties, operating expense, transportation costs, PRRT and realized hedging gains and losses presented on a per unit basis. |
(4) |
Vermilion retained GLJ to conduct an independent resource evaluation dated February 1, 2017 to assess contingent and prospective resources across all of the Company's key operating regions with an effective date of December 31, 2016 (the "GLJ 2016 Resource Assessment"). The aggregate associated chance of development for each of the low, best and high estimate for contingent resources in the Development Pending category are 84%, 83% and 82%, respectively. The aggregate associated chance of development for each of the low, best and high estimate for contingent resources in the Development Unclarified category are 55%, 54% and 55%, respectively. The aggregate associated chance of commerciality for each of the low, best and high estimate for prospective resources in the Prospect category are 25%, 26% and 26%, respectively. There is uncertainty that it will be commercially viable to produce any portion of the resources. |
(5) |
Vermilion retained GLJ to conduct an independent resource evaluation dated February 8, 2016 to assess contingent resources across all of the Company's key operating regions with an effective date of December 31, 2015 (the "GLJ 2015 Resource Assessment"). The aggregate associated chance of development for each of the low, best and high estimate for contingent resources in the Development Pending category are 83%, 82% and 81%, respectively. There is uncertainty that it will be commercially viable to produce any portion of the resources. For further information, see the "Contingent Resources" section of this news release. |
DISCLAIMER
Certain statements included or incorporated by reference in this news release may constitute forward looking statements or financial outlooks under applicable securities legislation. Such forward looking statements or information typically contain statements with words such as "anticipate", "believe", "expect", "plan", "intend", "estimate", "propose", or similar words suggesting future outcomes or statements regarding an outlook. Forward looking statements or information in this news release may include, but are not limited to:
Such forward-looking statements or information are based on a number of assumptions all or any of which may prove to be incorrect. In addition to any other assumptions identified in this document, assumptions have been made regarding, among other things:
Although the Company believes that the expectations reflected in such forward looking statements or information are reasonable, undue reliance should not be placed on forward looking statements because the Company can give no assurance that such expectations will prove to be correct. Financial outlooks are provided for the purpose of understanding the Company's financial strength and business objectives and the information may not be appropriate for other purposes. Forward looking statements or information are based on current expectations, estimates and projections that involve a number of risks and uncertainties which could cause actual results to differ materially from those anticipated by the Company and described in the forward looking statements or information. These risks and uncertainties include but are not limited to:
The forward-looking statements or information contained in this news release are made as of the date hereof and the Company undertakes no obligation to update publicly or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise, unless required by applicable securities laws.
RESERVES, FUTURE NET REVENUE AND OTHER OIL AND GAS INFORMATION
The following is a summary of the oil and natural gas reserves and the value of future net revenue of Vermilion as evaluated by GLJ, independent petroleum engineering consultants in Calgary in a report dated February 1, 2017 with an effective date of December 31, 2016 (the "GLJ 2016 Reserves Evaluation"). The GLJ 2016 Reserves Evaluation was prepared in accordance with National Instrument 51-101 and COGEH.
Reserves and other oil and gas information in this news release is effective December 31, 2016 unless otherwise stated.
All evaluations of future net production revenue set forth in the tables below are stated after overriding and lessor royalties, Crown royalties, freehold royalties, mineral taxes, direct lifting costs, normal allocated overhead and future capital investments, including abandonment and reclamation obligations. Future net production revenues estimated by the GLJ 2016 Reserves Evaluation do not represent the fair market value of the reserves. Other assumptions relating to the costs, prices for future production and other matters are included in the GLJ 2016 Reserve Evaluation. There is no assurance that the future price and cost assumptions used in the GLJ 2016 Reserves Evaluation will prove accurate and variances could be material.
Reserves for Australia, Canada, France, Germany, Ireland, the Netherlands and the United States are established using deterministic methodology. Total proved reserves are established at the 90 percent probability (P90) level. There is a 90 percent probability that the actual reserves recovered will be equal to or greater than the P90 reserves. Total proved plus probable reserves are established at the 50 percent probability (P50) level. There is a 50 percent probability that the actual reserves recovered will be equal to or greater than the P50 reserves.
Estimates of reserves have been made assuming that development of each property, in respect of which estimates have been made, will occur without regard to the availability of funding required for that development.
With respect to finding and development costs, the aggregate of the exploration and development costs incurred in the most recent financial year and the change during that year in estimated future development costs generally will not reflect total finding and development costs related to reserve additions for that year.
Pricing used in the forecast price estimates is set forth in the table below and referenced in the notes to subsequent tables.
Table 1: Forecast Prices used in Estimates (1)
Light Crude Oil and & Medium Crude Oil |
Crude Oil |
Conventional Natural Gas Canada |
Conventional Natural Gas Europe |
Natural Gas Liquids |
Inflation Rate |
Exchange |
Exchange |
|||
WTI |
Edmonton |
Cromer |
Brent Blend |
National Balancing |
||||||
Cushing |
Par Price |
Medium |
FOB |
AECO |
Point |
FOB |
||||
Oklahoma |
40˚ API |
29.3˚ API |
North Sea |
Gas Price |
(UK) |
Field Gate |
Percent |
|||
Year |
($US/bbl) |
($Cdn/bbl) |
($Cdn/bbl) |
($US/bbl) |
($Cdn/MMBtu) |
($US/MMBtu) |
($Cdn/bbl) |
Per Year |
($US/$Cdn) |
($CdnEUR) |
2016 |
43.30 |
52.95 |
48.71 |
45.01 |
2.19 |
4.65 |
34.50 |
1.50 |
0.76 |
1.47 |
Forecast |
||||||||||
2017 |
55.00 |
69.33 |
64.48 |
57.00 |
3.46 |
5.75 |
40.40 |
2.00 |
0.75 |
1.40 |
2018 |
59.00 |
72.26 |
67.20 |
61.00 |
3.10 |
6.00 |
41.41 |
2.00 |
0.78 |
1.35 |
2019 |
64.00 |
75.00 |
69.75 |
66.00 |
3.27 |
6.25 |
42.94 |
2.00 |
0.80 |
1.31 |
2020 |
67.00 |
76.36 |
71.02 |
70.00 |
3.49 |
6.50 |
43.77 |
2.00 |
0.83 |
1.27 |
2021 |
71.00 |
78.82 |
73.31 |
74.00 |
3.67 |
6.75 |
45.24 |
2.00 |
0.85 |
1.24 |
2022 |
74.00 |
82.35 |
76.59 |
77.00 |
3.86 |
6.89 |
47.30 |
2.00 |
0.85 |
1.24 |
2023 |
77.00 |
85.88 |
79.87 |
80.00 |
4.05 |
7.02 |
49.25 |
2.00 |
0.85 |
1.24 |
2024 |
80.00 |
89.41 |
83.15 |
83.00 |
4.16 |
7.16 |
51.23 |
2.00 |
0.85 |
1.24 |
2025 |
83.00 |
92.94 |
86.44 |
86.00 |
4.24 |
7.31 |
53.42 |
2.00 |
0.85 |
1.24 |
2026 |
86.05 |
95.61 |
88.92 |
89.64 |
4.32 |
7.45 |
54.80 |
2.00 |
0.85 |
1.24 |
Thereafter |
+2.0%/yr |
+2.0%/yr |
+2.0%/yr |
+2.0%/yr |
+2.0%/yr |
+2.0%/yr |
+2.0%/yr |
2.0% |
0.850 |
1.235 |
Note: |
|
(1) |
The pricing assumptions used in the GLJ Report with respect to net present value of future net revenue (forecast) as well as the inflation rates used for operating and capital costs are set forth above. The NGL price is an aggregate of the individual natural gas liquids prices used in the Total Proved plus Probable evaluation. GLJ is an independent qualified reserves evaluator appointed pursuant to NI 51-101. |
All forecast prices in the tables above are provided by GLJ. For 2016, the price of crude oil in the United States is based on WTI. The benchmark price for Canadian crude oil is Edmonton Par and Canadian natural gas is priced against AECO. The benchmark price for Australia and France crude oil is Dated Brent. The price of our natural gas in Ireland is based on the NBP index. The price of Vermilion's natural gas in the Netherlands is based on the TTF day-ahead index, as determined on the Title Transfer Facility Virtual Trading Point. The price of Vermilion's natural gas in Germany is based on the TTF, as determined on the Title Transfer Facility Virtual Trading Point. For the year ended December 31, 2016, the average realized sales prices before hedging were $46.89 per bbl (United States) for WTI, $43.58 per bbl for Canadian-based crude oil, condensate and NGLs and $2.14 per Mcf for Canadian natural gas, $60.33 per bbl (Australia), $55.42 per bbl (France) for Brent-based crude oil, $5.86 per Mcf (Ireland), $5.67 per Mcf (Netherlands), and $5.33 per Mcf (Germany).
The following table summarizes the capital expenditures made by Vermilion on oil and natural gas properties for the year ended December 31, 2016:
Table 2: Capital Costs Incurred
Acquisition Costs |
|||||
Proved |
Unproved |
Exploration |
Development |
Total |
|
(M$) |
Properties |
Properties |
Costs |
Costs |
Costs |
Australia |
- |
- |
- |
59,910 |
59,910 |
Canada |
13,309 |
- |
- |
62,706 |
76,015 |
Croatia |
- |
- |
2,968 |
- |
2,968 |
France |
- |
- |
- |
68,472 |
68,472 |
Germany |
48,377 |
- |
- |
3,803 |
52,180 |
Hungary |
- |
- |
338 |
- |
338 |
Ireland |
- |
- |
- |
9,375 |
9,375 |
Netherlands |
28,259 |
- |
- |
23,740 |
51,999 |
United States |
5,935 |
- |
- |
13,539 |
19,474 |
Total |
95,880 |
- |
3,306 |
241,545 |
340,731 |
The following table sets forth the reserve life index based on total proved and proved plus probable reserve and fourth quarter 2016 production of 60,863 boe/d.
Table 3: Reserve Life Index
Commodity |
Production |
Reserve Life Index (years) |
|||
Fourth Quarter 2016 |
Total Proved |
Proved Plus Probable |
|||
Crude oil, condensate and natural gas liquids (bbl/d) |
28,439 |
9.9 |
15.9 |
||
Natural gas (mmcf/d) |
194.54 |
6.2 |
10.6 |
||
Oil Equivalent (boe/d) |
60,863 |
7.9 |
13.1 |
The following tables provide reserves data and a breakdown of future net revenue by component and production group using forecast prices and costs. For Canada, the tables following include Alberta gas cost allowance.
The following tables may not total due to rounding.
Table 4: Oil and Gas Reserves - Based on Forecast Prices and Costs (1)
Light Crude Oil & Medium |
Heavy Oil |
Tight Oil |
Conventional Natural Gas |
|||||
Gross (2) |
Net (2) |
Gross (2) |
Net (2) |
Gross (2) |
Net (2) |
Gross (2) |
Net (2) |
|
(Mbbl) |
(Mbbl) |
(Mbbl) |
(Mbbl) |
(Mbbl) |
(Mbbl) |
(MMcf) |
(MMcf) |
|
Proved Developed Producing (3) (5) (6) |
||||||||
Australia |
10,718 |
10,718 |
- |
- |
- |
- |
- |
- |
Canada |
12,277 |
10,990 |
- |
- |
12 |
8 |
112,918 |
101,728 |
France |
36,481 |
33,478 |
- |
- |
- |
- |
5,412 |
5,024 |
Germany |
4,805 |
4,706 |
- |
- |
- |
- |
30,892 |
27,510 |
Ireland |
- |
- |
- |
- |
- |
- |
95,861 |
95,861 |
Netherlands |
- |
- |
- |
- |
- |
- |
41,494 |
29,860 |
United States |
699 |
551 |
- |
- |
- |
- |
696 |
552 |
Total Proved Developed Producing |
64,980 |
60,443 |
- |
- |
12 |
8 |
287,273 |
260,535 |
Shale Gas |
Coal Bed Methane |
Natural Gas Liquids |
BOE |
|||||
Gross (2) |
Net (2) |
Gross (2) |
Net (2) |
Gross (2) |
Net (2) |
Gross |
Net |
|
(MMcf) |
(MMcf) |
(MMcf) |
(MMcf) |
(Mbbl) |
(Mbbl) |
(Mboe) |
(Mboe) |
|
Proved Developed Producing (3) (5) (6) |
||||||||
Australia |
- |
- |
- |
- |
- |
- |
10,718 |
10,718 |
Canada |
1,371 |
1,291 |
2,482 |
2,275 |
8,484 |
6,395 |
40,235 |
34,942 |
France |
- |
- |
- |
- |
- |
- |
37,383 |
34,315 |
Germany |
- |
- |
- |
- |
- |
- |
9,954 |
9,291 |
Ireland |
- |
- |
- |
- |
- |
- |
15,977 |
15,977 |
Netherlands |
- |
- |
- |
- |
59 |
59 |
6,975 |
5,036 |
United States |
- |
- |
- |
- |
97 |
76 |
912 |
719 |
1,371 |
1,291 |
2,482 |
2,275 |
8,640 |
6,530 |
122,154 |
110,998 |
|
Light Crude Oil & Medium Crude Oil |
Heavy Oil |
Tight Oil |
Conventional Natural Gas |
|||||
Gross (2) |
Net (2) |
Gross (2) |
Net (2) |
Gross (2) |
Net (2) |
Gross (2) |
Net (2) |
|
(Mbbl) |
(Mbbl) |
(Mbbl) |
(Mbbl) |
(Mbbl) |
(Mbbl) |
(MMcf) |
(MMcf) |
|
Proved Developed Non-Producing |
||||||||
Australia |
700 |
700 |
- |
- |
- |
- |
- |
- |
Canada |
1,008 |
874 |
- |
- |
- |
- |
24,705 |
22,319 |
France |
1,814 |
1,666 |
- |
- |
- |
- |
- |
- |
Germany |
240 |
230 |
- |
- |
- |
- |
8,227 |
7,389 |
Ireland |
- |
- |
- |
- |
- |
- |
- |
- |
Netherlands |
- |
- |
- |
- |
- |
- |
17,815 |
15,327 |
United States |
- |
- |
- |
- |
- |
- |
- |
- |
Total Proved Developed Non-Producing |
3,762 |
3,470 |
- |
- |
- |
- |
50,747 |
45,035 |
Shale Gas |
Coal Bed Methane |
Natural Gas Liquids |
BOE |
|||||
Gross (2) |
Net (2) |
Gross (2) |
Net (2) |
Gross (2) |
Net (2) |
Gross |
Net |
|
(MMcf) |
(MMcf) |
(MMcf) |
(MMcf) |
(Mbbl) |
(Mbbl) |
(Mboe) |
(Mboe) |
|
Proved Developed Non-Producing |
||||||||
Australia |
- |
- |
- |
- |
- |
- |
700 |
700 |
Canada |
- |
- |
2,536 |
2,389 |
1,649 |
1,283 |
7,197 |
6,275 |
France |
- |
- |
- |
- |
- |
- |
1,814 |
1,666 |
Germany |
- |
- |
- |
- |
- |
- |
1,611 |
1,462 |
Ireland |
- |
- |
- |
- |
- |
- |
- |
- |
Netherlands |
- |
- |
- |
- |
21 |
21 |
2,990 |
2,576 |
United States |
- |
- |
- |
- |
- |
- |
- |
- |
Total Proved Developed Non-Producing |
- |
- |
2,536 |
2,389 |
1,670 |
1,304 |
14,312 |
12,679 |
Light Crude Oil & Medium |
Heavy Oil |
Tight Oil |
Conventional Natural Gas |
|||||
Gross (2) |
Net (2) |
Gross (2) |
Net (2) |
Gross (2) |
Net (2) |
Gross (2) |
Net (2) |
|
(Mbbl) |
(Mbbl) |
(Mbbl) |
(Mbbl) |
(Mbbl) |
(Mbbl) |
(MMcf) |
(MMcf) |
|
Proved Undeveloped (3) (8) |
||||||||
Australia |
1,000 |
1,000 |
- |
- |
- |
- |
- |
- |
Canada |
8,677 |
7,595 |
- |
- |
- |
- |
79,475 |
71,420 |
France |
3,749 |
3,506 |
- |
- |
- |
- |
70 |
70 |
Germany |
243 |
237 |
- |
- |
- |
- |
2,361 |
1,918 |
Ireland |
- |
- |
- |
- |
- |
- |
3,714 |
3,714 |
Netherlands |
- |
- |
- |
- |
- |
- |
3,041 |
3,041 |
United States |
2,470 |
2,019 |
- |
- |
- |
- |
2,273 |
1,858 |
Total Proved Undeveloped |
16,139 |
14,357 |
- |
- |
- |
- |
90,934 |
82,021 |
Shale Gas |
Coal Bed Methane |
Natural Gas Liquids |
BOE |
|||||
Gross (2) |
Net (2) |
Gross (2) |
Net (2) |
Gross (2) |
Net (2) |
Gross |
Net |
|
(MMcf) |
(MMcf) |
(MMcf) |
(MMcf) |
(Mbbl) |
(Mbbl) |
(Mboe) |
(Mboe) |
|
Proved Undeveloped |
||||||||
Australia |
- |
- |
- |
- |
- |
- |
1,000 |
1,000 |
Canada |
- |
- |
3,043 |
2,812 |
7,230 |
5,541 |
29,660 |
25,508 |
France |
- |
- |
- |
- |
- |
- |
3,761 |
3,518 |
Germany |
- |
- |
- |
- |
- |
- |
637 |
557 |
Ireland |
- |
- |
- |
- |
- |
- |
619 |
619 |
Netherlands |
- |
- |
- |
- |
1 |
1 |
508 |
508 |
United States |
- |
- |
- |
- |
315 |
258 |
3,164 |
2,587 |
Total Proved Undeveloped |
- |
- |
3,043 |
2,812 |
7,546 |
5,800 |
39,349 |
34,297 |
Light Crude Oil & Medium Crude Oil |
Heavy Oil |
Tight Oil |
Conventional Natural Gas |
|||||
Gross (2) |
Net (2) |
Gross (2) |
Net (2) |
Gross (2) |
Net (2) |
Gross (2) |
Net (2) |
|
(Mbbl) |
(Mbbl) |
(Mbbl) |
(Mbbl) |
(Mbbl) |
(Mbbl) |
(MMcf) |
(MMcf) |
|
Proved (3) |
||||||||
Australia |
12,418 |
12,418 |
- |
- |
- |
- |
- |
- |
Canada |
21,962 |
19,460 |
- |
- |
12 |
8 |
217,098 |
195,467 |
France |
42,044 |
38,650 |
- |
- |
- |
- |
5,482 |
5,094 |
Germany |
5,288 |
5,173 |
- |
- |
- |
- |
41,480 |
36,817 |
Ireland |
- |
- |
- |
- |
- |
- |
99,575 |
99,575 |
Netherlands |
- |
- |
- |
- |
- |
- |
62,350 |
48,228 |
United States |
3,169 |
2,570 |
- |
- |
- |
- |
2,969 |
2,410 |
Total Proved |
84,881 |
78,271 |
- |
- |
12 |
8 |
428,954 |
387,591 |
Shale Gas |
Coal Bed Methane |
Natural Gas Liquids |
BOE |
|||||
Gross (2) |
Net (2) |
Gross (2) |
Net (2) |
Gross (2) |
Net (2) |
Gross |
Net |
|
(MMcf) |
(MMcf) |
(MMcf) |
(MMcf) |
(Mbbl) |
(Mbbl) |
(Mboe) |
(Mboe) |
|
Proved |
||||||||
Australia |
- |
- |
- |
- |
- |
- |
12,418 |
12,418 |
Canada |
1,371 |
1,291 |
8,061 |
7,476 |
17,363 |
13,219 |
77,092 |
66,725 |
France |
- |
- |
- |
- |
- |
- |
42,958 |
39,499 |
Germany |
- |
- |
- |
- |
- |
- |
12,202 |
11,310 |
Ireland |
- |
- |
- |
- |
- |
- |
16,596 |
16,596 |
Netherlands |
- |
- |
- |
- |
81 |
81 |
10,473 |
8,120 |
United States |
- |
- |
- |
- |
412 |
334 |
4,076 |
3,306 |
Total Proved |
1,371 |
1,291 |
8,061 |
7,476 |
17,856 |
13,634 |
175,815 |
157,974 |
Light Crude Oil & Medium Crude Oil |
Heavy Oil |
Tight Oil |
Conventional Natural Gas |
|||||
Gross (2) |
Net (2) |
Gross (2) |
Net (2) |
Gross (2) |
Net (2) |
Gross (2) |
Net (2) |
|
(Mbbl) |
(Mbbl) |
(Mbbl) |
(Mbbl) |
(Mbbl) |
(Mbbl) |
(MMcf) |
(MMcf) |
|
Probable (4) |
||||||||
Australia |
4,650 |
4,650 |
- |
- |
- |
- |
- |
- |
Canada |
14,103 |
12,146 |
- |
- |
2 |
1 |
151,707 |
135,215 |
France |
21,933 |
20,261 |
- |
- |
- |
- |
892 |
884 |
Germany |
2,279 |
2,238 |
- |
- |
- |
- |
54,284 |
47,482 |
Ireland |
- |
- |
- |
- |
- |
- |
50,787 |
50,787 |
Netherlands |
- |
- |
- |
- |
- |
- |
43,184 |
33,118 |
United States |
5,727 |
4,716 |
- |
- |
- |
- |
5,481 |
4,512 |
Total Probable |
48,692 |
44,011 |
- |
- |
2 |
1 |
306,335 |
271,998 |
Shale Gas |
Coal Bed Methane |
Natural Gas Liquids |
BOE |
|||||
Gross (2) |
Net (2) |
Gross (2) |
Net (2) |
Gross (2) |
Net (2) |
Gross |
Net |
|
(MMcf) |
(MMcf) |
(MMcf) |
(MMcf) |
(Mbbl) |
(Mbbl) |
(Mboe) |
(Mboe) |
|
Probable |
||||||||
Australia |
- |
- |
- |
- |
- |
- |
4,650 |
4,650 |
Canada |
284 |
267 |
4,677 |
4,395 |
12,907 |
9,730 |
53,123 |
45,190 |
France |
- |
- |
- |
- |
- |
- |
22,082 |
20,408 |
Germany |
- |
- |
- |
- |
- |
- |
11,326 |
10,152 |
Ireland |
- |
- |
- |
- |
- |
- |
8,465 |
8,465 |
Netherlands |
- |
- |
- |
- |
63 |
56 |
7,260 |
5,576 |
United States |
- |
- |
- |
- |
760 |
625 |
7,401 |
6,093 |
Total Probable |
284 |
267 |
4,677 |
4,395 |
13,730 |
10,411 |
114,307 |
100,534 |
Light Crude Oil & Medium |
Heavy Oil |
Tight Oil |
Conventional Natural Gas |
|||||
Gross (2) |
Net (2) |
Gross (2) |
Net (2) |
Gross (2) |
Net (2) |
Gross (2) |
Net (2) |
|
(Mbbl) |
(Mbbl) |
(Mbbl) |
(Mbbl) |
(Mbbl) |
(Mbbl) |
(MMcf) |
(MMcf) |
|
Proved Plus Probable (3) (4) |
||||||||
Australia |
17,068 |
17,068 |
- |
- |
- |
- |
- |
- |
Canada |
36,065 |
31,606 |
- |
- |
14 |
9 |
368,805 |
330,682 |
France |
63,977 |
58,911 |
- |
- |
- |
- |
6,374 |
5,978 |
Germany |
7,567 |
7,411 |
- |
- |
- |
- |
95,764 |
84,299 |
Ireland |
- |
- |
- |
- |
- |
- |
150,362 |
150,362 |
Netherlands |
- |
- |
- |
- |
- |
- |
105,534 |
81,346 |
United States |
8,896 |
7,286 |
- |
- |
- |
- |
8,450 |
6,922 |
Total Proved Plus Probable |
133,573 |
122,282 |
- |
- |
14 |
9 |
735,289 |
659,589 |
Shale Gas |
Coal Bed Methane |
Natural Gas Liquids |
BOE |
|||||
Gross (2) |
Net (2) |
Gross (2) |
Net (2) |
Gross (2) |
Net (2) |
Gross |
Net |
|
(MMcf) |
(MMcf) |
(MMcf) |
(MMcf) |
(Mbbl) |
(Mbbl) |
(Mboe) |
(Mboe) |
|
Proved Plus Probable (3) (4) |
||||||||
Australia |
- |
- |
- |
- |
- |
- |
17,068 |
17,068 |
Canada |
1,655 |
1,558 |
12,738 |
11,871 |
30,270 |
22,949 |
130,215 |
111,915 |
France |
- |
- |
- |
- |
- |
- |
65,040 |
59,907 |
Germany |
- |
- |
- |
- |
- |
- |
23,528 |
21,462 |
Ireland |
- |
- |
- |
- |
- |
- |
25,061 |
25,061 |
Netherlands |
- |
- |
- |
- |
144 |
137 |
17,733 |
13,696 |
United States |
- |
- |
- |
- |
1,172 |
959 |
11,477 |
9,399 |
Total Proved Plus Probable |
1,655 |
1,558 |
12,738 |
11,871 |
31,586 |
24,045 |
290,122 |
258,508 |
Notes: |
|
(1) |
The pricing assumptions used in the GLJ Report with respect to net present value of future net revenue (forecast) as well as the inflation rates used for operating and capital costs are set forth below. See "Forecast Prices used in Estimates". The NGL price is an aggregate of the individual natural gas liquids prices used in the Total Proved plus Probable evaluation. GLJ is an independent qualified reserves evaluator appointed pursuant to NI 51-101. |
(2) |
"Gross Reserves" are Vermilion's working interest (operating or non-operating) share before deduction of royalties and without including any royalty interests of Vermilion. "Net Reserves" are Vermilion's working interest (operating or non-operating) share after deduction of royalty obligations, plus Vermilion's royalty interests in reserves. |
(3) |
"Proved" reserves are those reserves that can be estimated with a high degree of certainty to be recoverable. It is likely that the actual remaining quantities recovered will exceed the estimated proved reserves. |
(4) |
"Probable" reserves are those additional reserves that are less certain to be recovered than proved reserves. It is equally likely that the actual remaining quantities recovered will be greater or less than the sum of the estimated proved plus probable reserves. |
(5) |
"Developed" reserves are those reserves that are expected to be recovered from existing wells and installed facilities or, if facilities have not been installed, that would involve a low expenditure (e.g. when compared to the cost of drilling a well) to put the reserves on production. |
(6) |
"Developed Producing" reserves are those reserves that are expected to be recovered from completion intervals open at the time of the estimate. These reserves may be currently producing or, if shut-in, they must have previously been on production, and the date of resumption of production must be known with reasonable certainty. |
(7) |
"Developed Non-Producing" reserves are those reserves that either have not been on production, or have previously been on production, but are shut in, and the date of resumption of production is unknown. |
(8) |
"Undeveloped" reserves are those reserves expected to be recovered from known accumulations where a significant expenditure (for example, when compared to the cost of drilling a well) is required to render them capable of production. They must fully meet the requirements of the reserves classification (proved, probable, possible) to which they are assigned. |
Table 5: Net Present Values of Future Net Revenue - Based on Forecast Prices and Costs (1)
Before Deducting Future Income Taxes Discounted At |
After Deducting Future Income Taxes Discounted At |
|||||||||
(M$) |
0% |
5% |
10% |
15% |
20% |
0% |
5% |
10% |
15% |
20% |
Proved Developed Producing (2) (4) (5) |
||||||||||
Australia |
134,236 |
217,117 |
240,607 |
240,546 |
231,618 |
164,830 |
197,187 |
199,187 |
190,432 |
178,594 |
Canada |
963,690 |
777,268 |
645,191 |
553,740 |
487,804 |
963,690 |
777,268 |
645,191 |
553,740 |
487,804 |
France |
2,009,158 |
1,404,527 |
1,073,623 |
871,502 |
736,836 |
1,664,358 |
1,169,631 |
894,523 |
725,047 |
611,642 |
Germany |
193,385 |
187,330 |
161,141 |
138,822 |
121,707 |
193,385 |
187,330 |
161,141 |
138,822 |
121,707 |
Ireland |
471,720 |
441,671 |
396,917 |
356,653 |
323,302 |
471,720 |
441,671 |
396,917 |
356,653 |
323,302 |
Netherlands |
76,272 |
86,832 |
91,069 |
92,068 |
91,365 |
65,732 |
76,545 |
81,019 |
82,239 |
81,743 |
United States |
29,716 |
23,345 |
19,334 |
16,637 |
14,710 |
29,716 |
23,345 |
19,334 |
16,637 |
14,710 |
Total Proved Developed Producing |
3,878,177 |
3,138,090 |
2,627,882 |
2,269,968 |
2,007,342 |
3,553,431 |
2,872,977 |
2,397,312 |
2,063,570 |
1,819,502 |
Proved Developed Non-Producing (2) (4) (6) |
||||||||||
Australia |
31,411 |
35,177 |
32,247 |
28,181 |
24,473 |
31,411 |
35,177 |
32,247 |
28,181 |
24,473 |
Canada |
147,607 |
108,964 |
87,413 |
73,769 |
64,329 |
147,607 |
108,964 |
87,413 |
73,769 |
64,329 |
France |
87,674 |
71,387 |
60,449 |
52,665 |
46,857 |
60,567 |
49,131 |
41,376 |
35,850 |
31,732 |
Germany |
41,121 |
29,470 |
21,864 |
16,769 |
13,244 |
41,121 |
29,470 |
21,864 |
16,769 |
13,244 |
Ireland |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
Netherlands |
46,907 |
45,115 |
42,066 |
38,740 |
35,545 |
33,688 |
32,489 |
29,973 |
27,127 |
24,367 |
United States |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
Total Proved Developed Non-Producing |
354,720 |
290,113 |
244,039 |
210,124 |
184,448 |
314,394 |
255,231 |
212,873 |
181,696 |
158,145 |
Proved Undeveloped (2) (7) |
||||||||||
Australia |
34,323 |
24,134 |
16,832 |
11,574 |
7,761 |
12,618 |
2,648 |
(1,772) |
(3,929) |
(5,057) |
Canada |
569,308 |
368,599 |
249,906 |
175,120 |
125,532 |
416,577 |
282,567 |
199,226 |
144,148 |
106,013 |
France |
187,253 |
137,261 |
104,175 |
81,348 |
64,957 |
129,800 |
91,741 |
66,604 |
49,467 |
37,335 |
Germany |
18,403 |
11,756 |
7,584 |
4,902 |
3,130 |
18,403 |
11,756 |
7,584 |
4,902 |
3,130 |
Ireland |
12,873 |
9,337 |
6,763 |
4,894 |
3,536 |
12,873 |
9,337 |
6,763 |
4,894 |
3,536 |
Netherlands |
10,896 |
9,095 |
7,611 |
6,411 |
5,443 |
8,160 |
6,584 |
5,294 |
4,263 |
3,443 |
United States |
72,284 |
38,191 |
20,027 |
9,645 |
3,348 |
72,284 |
38,191 |
20,027 |
9,645 |
3,348 |
Total Proved Undeveloped |
905,340 |
598,373 |
412,898 |
293,894 |
213,707 |
670,715 |
442,824 |
303,726 |
213,390 |
151,748 |
Proved (2) |
||||||||||
Australia |
199,970 |
276,428 |
289,686 |
280,301 |
263,852 |
208,859 |
235,012 |
229,662 |
214,684 |
198,010 |
Canada |
1,680,605 |
1,254,831 |
982,510 |
802,629 |
677,665 |
1,527,874 |
1,168,799 |
931,830 |
771,657 |
658,146 |
France |
2,284,085 |
1,613,175 |
1,238,247 |
1,005,515 |
848,650 |
1,854,725 |
1,310,503 |
1,002,503 |
810,364 |
680,709 |
Germany |
252,909 |
228,556 |
190,589 |
160,493 |
138,081 |
252,909 |
228,556 |
190,589 |
160,493 |
138,081 |
Ireland |
484,593 |
451,008 |
403,680 |
361,547 |
326,838 |
484,593 |
451,008 |
403,680 |
361,547 |
326,838 |
Netherlands |
134,075 |
141,042 |
140,746 |
137,219 |
132,353 |
107,580 |
115,618 |
116,286 |
113,629 |
109,553 |
United States |
102,000 |
61,536 |
39,361 |
26,282 |
18,058 |
102,000 |
61,536 |
39,361 |
26,282 |
18,058 |
Total Proved |
5,138,237 |
4,026,576 |
3,284,819 |
2,773,986 |
2,405,497 |
4,538,540 |
3,571,032 |
2,913,911 |
2,458,656 |
2,129,395 |
Probable (3) |
||||||||||
Australia |
198,227 |
163,180 |
128,734 |
101,649 |
81,484 |
107,201 |
87,874 |
68,562 |
53,406 |
42,201 |
Canada |
1,372,807 |
814,946 |
539,761 |
384,694 |
288,798 |
1,009,708 |
591,846 |
389,432 |
277,104 |
208,604 |
France |
1,378,689 |
734,502 |
464,026 |
323,290 |
239,221 |
974,931 |
502,379 |
305,000 |
203,471 |
143,693 |
Germany |
336,322 |
208,119 |
130,651 |
86,473 |
59,902 |
248,590 |
162,713 |
105,566 |
71,859 |
51,003 |
Ireland |
354,566 |
235,805 |
167,862 |
126,297 |
99,303 |
354,566 |
235,805 |
167,862 |
126,297 |
99,303 |
Netherlands |
162,029 |
137,048 |
115,870 |
98,750 |
85,096 |
111,908 |
92,487 |
75,843 |
62,469 |
51,946 |
United States |
270,229 |
147,720 |
90,240 |
59,467 |
41,247 |
175,706 |
98,838 |
61,958 |
41,765 |
29,522 |
Total Probable |
4,072,869 |
2,441,320 |
1,637,144 |
1,180,620 |
895,051 |
2,982,610 |
1,771,942 |
1,174,223 |
836,371 |
626,272 |
Proved Plus Probable (2) (3) |
||||||||||
Australia |
398,197 |
439,608 |
418,420 |
381,950 |
345,336 |
316,060 |
322,886 |
298,224 |
268,090 |
240,211 |
Canada |
3,053,412 |
2,069,777 |
1,522,271 |
1,187,323 |
966,463 |
2,537,582 |
1,760,645 |
1,321,262 |
1,048,761 |
866,750 |
France |
3,662,774 |
2,347,677 |
1,702,273 |
1,328,805 |
1,087,871 |
2,829,656 |
1,812,882 |
1,307,503 |
1,013,835 |
824,402 |
Germany |
589,231 |
436,675 |
321,240 |
246,966 |
197,983 |
501,499 |
391,269 |
296,155 |
232,352 |
189,084 |
Ireland |
839,159 |
686,813 |
571,542 |
487,844 |
426,141 |
839,159 |
686,813 |
571,542 |
487,844 |
426,141 |
Netherlands |
296,104 |
278,090 |
256,616 |
235,969 |
217,449 |
219,488 |
208,105 |
192,129 |
176,098 |
161,499 |
United States |
372,229 |
209,256 |
129,601 |
85,749 |
59,305 |
277,706 |
160,374 |
101,319 |
68,047 |
47,580 |
Total Proved Plus Probable |
9,211,106 |
6,467,896 |
4,921,963 |
3,954,606 |
3,300,548 |
7,521,150 |
5,342,974 |
4,088,134 |
3,295,027 |
2,755,667 |
Notes: |
|
(1) |
The pricing assumptions used in the GLJ Report with respect to net present value of future net revenue (forecast) as well as the inflation rates used for operating and capital costs are set forth below. See "Forecast Prices used in Estimates". The NGL price is an aggregate of the individual natural gas liquids prices used in the Total Proved plus Probable evaluation. GLJ is an independent qualified reserves evaluator appointed pursuant to NI 51-101. |
(2) |
"Proved" reserves are those reserves that can be estimated with a high degree of certainty to be recoverable. It is likely that the actual remaining quantities recovered will exceed the estimated proved reserves. |
(3) |
"Probable" reserves are those additional reserves that are less certain to be recovered than proved reserves. It is equally likely that the actual remaining quantities recovered will be greater or less than the sum of the estimated proved plus probable reserves. |
(4) |
"Developed" reserves are those reserves that are expected to be recovered from existing wells and installed facilities or, if facilities have not been installed, that would involve a low expenditure (e.g. when compared to the cost of drilling a well) to put the reserves on production. |
(5) |
"Developed Producing" reserves are those reserves that are expected to be recovered from completion intervals open at the time of the estimate. These reserves may be currently producing or, if shut-in, they must have previously been on production, and the date of resumption of production must be known with reasonable certainty. |
(6) |
"Developed Non-Producing" reserves are those reserves that either have not been on production, or have previously been on production, but are shut in, and the date of resumption of production is unknown. |
(7) |
"Undeveloped" reserves are those reserves expected to be recovered from known accumulations where a significant expenditure (for example, when compared to the cost of drilling a well) is required to render them capable of production. They must fully meet the requirements of the reserves classification (proved, probable, possible) to which they are assigned. |
Table 6: Total Future Net Revenue (Undiscounted) Based on Forecast Prices and Costs (1)
Abandonment |
Future Net |
Future Net |
||||||
Capital |
and |
Revenue |
Revenue |
|||||
Operating |
Development |
Reclamation |
Before |
Future |
After |
|||
(M$) |
Revenue |
Royalties |
Costs |
Costs |
Costs |
Income Taxes |
Income Taxes |
Income Taxes |
Proved (2) |
||||||||
Australia |
1,130,774 |
- |
585,013 |
98,280 |
247,512 |
199,969 |
(8,890) |
208,859 |
Canada |
3,767,788 |
508,170 |
1,060,685 |
421,548 |
96,780 |
1,680,605 |
152,731 |
1,527,874 |
France |
3,892,917 |
309,696 |
1,017,941 |
123,472 |
157,722 |
2,284,086 |
429,361 |
1,854,725 |
Germany |
812,577 |
43,400 |
383,854 |
12,267 |
120,147 |
252,909 |
- |
252,909 |
Ireland |
755,793 |
- |
174,058 |
35,412 |
61,729 |
484,594 |
- |
484,594 |
Netherlands |
523,311 |
103,758 |
197,686 |
22,639 |
65,154 |
134,074 |
26,495 |
107,579 |
United States |
297,606 |
83,116 |
48,860 |
60,639 |
2,991 |
102,000 |
- |
102,000 |
Total Proved |
11,180,766 |
1,048,140 |
3,468,097 |
774,257 |
752,035 |
5,138,237 |
599,697 |
4,538,540 |
Proved Plus Probable (2) (3) |
||||||||
Australia |
1,611,584 |
- |
777,207 |
175,660 |
260,522 |
398,197 |
82,137 |
316,060 |
Canada |
6,601,327 |
949,111 |
1,699,340 |
774,361 |
125,102 |
3,053,413 |
515,831 |
2,537,582 |
France |
6,232,560 |
486,688 |
1,560,331 |
317,562 |
205,205 |
3,662,774 |
833,118 |
2,829,656 |
Germany |
1,534,267 |
102,937 |
592,967 |
88,681 |
160,451 |
589,231 |
87,732 |
501,499 |
Ireland |
1,208,966 |
- |
272,665 |
35,412 |
61,729 |
839,159 |
- |
839,159 |
Netherlands |
887,526 |
181,892 |
286,933 |
45,647 |
76,950 |
296,104 |
76,616 |
219,488 |
United States |
888,444 |
241,131 |
130,837 |
137,814 |
6,434 |
372,229 |
94,523 |
277,706 |
Total Proved Plus Probable |
18,964,674 |
1,961,759 |
5,320,280 |
1,575,137 |
896,393 |
9,211,107 |
1,689,957 |
7,521,150 |
Notes: |
|
(1) |
The pricing assumptions used in the GLJ Report with respect to net present value of future net revenue (forecast) as well as the inflation rates used for operating and capital costs are set forth below. See "Forecast Prices used in Estimates". The NGL price is an aggregate of the individual natural gas liquids prices used in the Total Proved plus Probable evaluation. GLJ is an independent qualified reserves evaluator appointed pursuant to NI 51-101. |
(2) |
"Proved" reserves are those reserves that can be estimated with a high degree of certainty to be recoverable. It is likely that the actual remaining quantities recovered will exceed the estimated proved reserves. |
(3) |
"Probable" reserves are those additional reserves that are less certain to be recovered than proved reserves. It is equally likely that the actual remaining quantities recovered will be greater or less than the sum of the estimated proved plus probable reserves. |
Table 7: Future Net Revenue by Production Group Based on Forecast Prices and Costs (1)
Future Net Revenue |
||
Before Income Taxes (2) |
||
(Discounted at 10% Per Year) |
Unit Value |
|
Proved Developed Producing |
(M$) |
($/boe) |
Light crude oil & medium crude oil (3) |
1,869,323 |
28.43 |
Heavy Oil (3) |
- |
- |
Conventional Natural gas (4) |
755,799 |
16.95 |
Shale Gas |
1,928 |
6.93 |
Coal Bed Methane |
832 |
2.19 |
Total Proved Developed Producing |
2,627,882 |
23.68 |
Proved Developed Non-Producing |
||
Light crude oil & medium crude oil (3) |
119,652 |
32.00 |
Heavy Oil (3) |
- |
- |
Conventional Natural gas (4) |
123,922 |
14.51 |
Shale Gas |
- |
- |
Coal Bed Methane |
465 |
1.17 |
Total Proved Developed Non-Producing |
244,039 |
19.25 |
Proved Undeveloped |
||
Light crude oil & medium crude oil (3) |
279,927 |
14.84 |
Heavy Oil (3) |
- |
- |
Conventional Natural gas (4) |
132,343 |
8.84 |
Shale Gas |
- |
- |
Coal Bed Methane |
628 |
1.34 |
Total Proved Undeveloped |
412,898 |
12.04 |
Proved |
||
Light crude oil & medium crude oil (3) |
2,268,902 |
25.72 |
Heavy Oil (3) |
- |
- |
Conventional Natural gas (4) |
1,012,064 |
14.82 |
Shale Gas |
1,928 |
6.97 |
Coal Bed Methane |
1,925 |
1.53 |
Total Proved |
3,284,819 |
20.79 |
Probable |
||
Light crude oil & medium crude oil (3) |
1,044,229 |
20.31 |
Heavy Oil (3) |
- |
- |
Conventional Natural gas (4) |
590,638 |
12.22 |
Shale Gas |
357 |
6.26 |
Coal Bed Methane |
1,920 |
2.62 |
Total Probable |
1,637,144 |
16.28 |
Proved Plus Probable |
||
Light crude oil & medium crude oil (3) |
3,313,131 |
23.76 |
Heavy Oil (3) |
- |
- |
Conventional Natural gas (4) |
1,602,702 |
13.70 |
Shale Gas |
2,285 |
6.93 |
Coal Bed Methane |
3,845 |
1.91 |
Total Proved Plus Probable |
4,921,963 |
19.04 |
Notes: |
|
(1) |
The pricing assumptions used in the GLJ Report with respect to net present value of future net revenue (forecast) as well as the inflation rates used for operating and capital costs are set forth below. See "Forecast Prices used in Estimates". The NGL price is an aggregate of the individual natural gas liquids prices used in the Total Proved plus Probable evaluation. GLJ is an independent qualified reserves evaluator appointed pursuant to NI 51-101. |
(2) |
Other Company revenue and costs not related to a specific product type have been allocated proportionately to the specified product types. Unit values are based on Company Net Reserves. Net present value of reserves categories are an approximation based on major products. |
(3) |
Including solution gas and other by-products. |
(4) |
Including by-products but excluding solution gas. |
Reconciliations of Changes in Reserves
The following tables set forth a reconciliation of the changes in Vermilion's gross light and medium crude oil, heavy oil and associated and non-associated gas (combined) reserves as at December 31, 2016 compared to such reserves as at December 31, 2015.
Table 8: Reconciliation of Company Gross Reserves by Principal Product Type - Based on Forecast Prices and Costs (3)
Light Crude Oil & |
||||||||||||
AUSTRALIA |
Total Oil (4) |
Medium Crude Oil |
Heavy Oil |
Tight Oil |
||||||||
Proved + |
Proved + |
Proved + |
Proved + |
|||||||||
Proved Probable P+P (1) (2) |
Proved |
Probable |
Probable |
Proved |
Probable |
Probable |
Proved |
Probable |
Probable |
Proved |
Probable |
Probable |
Factors |
(Mbbl) |
(Mbbl) |
(Mbbl) |
(Mbbl) |
(Mbbl) |
(Mbbl) |
(Mbbl) |
(Mbbl) |
(Mbbl) |
(Mbbl) |
(Mbbl) |
(Mbbl) |
At December 31, 2015 |
13,765 |
3,700 |
17,465 |
13,765 |
3,700 |
17,465 |
- |
- |
- |
- |
- |
- |
Discoveries |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
Extensions & Improved Recovery |
700 |
1,300 |
2,000 |
700 |
1,300 |
2,000 |
- |
- |
- |
- |
- |
- |
Technical Revisions |
260 |
(350) |
(90) |
260 |
(350) |
(90) |
- |
- |
- |
- |
- |
- |
Acquisitions |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
Dispositions |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
Economic Factors |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
Production |
(2,307) |
- |
(2,307) |
(2,307) |
- |
(2,307) |
- |
- |
- |
- |
- |
- |
At December 31, 2016 |
12,418 |
4,650 |
17,068 |
12,418 |
4,650 |
17,068 |
- |
- |
- |
- |
- |
- |
Total Gas (4) |
Conventional Natural Gas |
Coal Bed Methane (5) |
Shale Gas (5) |
|||||||||
Proved + |
Proved + |
Proved + |
Proved + |
|||||||||
Proved Probable P+P (1) (2) |
Proved |
Probable |
Probable |
Proved |
Probable |
Probable |
Proved |
Probable |
Probable |
Proved |
Probable |
Probable |
Factors |
(MMcf) |
(MMcf) |
(MMcf) |
(MMcf) |
(MMcf) |
(MMcf) |
(MMcf) |
(MMcf) |
(MMcf) |
(MMcf) |
(MMcf) |
(MMcf) |
At December 31, 2015 |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
Discoveries |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
Extensions & Improved Recovery |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
Technical Revisions |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
Acquisitions |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
Dispositions |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
Economic Factors |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
Production |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
At December 31, 2016 |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
Natural Gas Liquids |
BOE |
|||||||||||
Proved + |
Proved + |
|||||||||||
Proved Probable P+P (1) (2) |
Proved |
Probable |
Probable |
Proved |
Probable |
Probable |
||||||
Factors |
(Mbbl) |
(Mbbl) |
(Mbbl) |
(Mboe) |
(Mboe) |
(Mboe) |
||||||
At December 31, 2015 |
- |
- |
- |
13,765 |
3,700 |
17,465 |
||||||
Discoveries |
- |
- |
- |
- |
- |
- |
||||||
Extensions & Improved Recovery |
- |
- |
- |
700 |
1,300 |
2,000 |
||||||
Technical Revisions |
- |
- |
- |
260 |
(350) |
(90) |
||||||
Acquisitions |
- |
- |
- |
- |
- |
- |
||||||
Dispositions |
- |
- |
- |
- |
- |
- |
||||||
Economic Factors |
- |
- |
- |
- |
- |
- |
||||||
Production |
- |
- |
- |
(2,307) |
- |
(2,307) |
||||||
At December 31, 2016 |
- |
- |
- |
12,418 |
4,650 |
17,068 |
||||||
Light Crude Oil & |
||||||||||||
CANADA |
Total Oil (4) |
Medium Crude Oil |
Heavy Oil |
Tight Oil |
||||||||
Proved + |
Proved + |
Proved + |
Proved + |
|||||||||
Proved Probable P+P (1) (2) |
Proved |
Probable |
Probable |
Proved |
Probable |
Probable |
Proved |
Probable |
Probable |
Proved |
Probable |
Probable |
Factors |
(Mbbl) |
(Mbbl) |
(Mbbl) |
(Mbbl) |
(Mbbl) |
(Mbbl) |
(Mbbl) |
(Mbbl) |
(Mbbl) |
(Mbbl) |
(Mbbl) |
(Mbbl) |
At December 31, 2015 |
22,990 |
14,792 |
37,782 |
22,971 |
14,786 |
37,757 |
9 |
3 |
12 |
10 |
3 |
13 |
Discoveries |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
Extensions & Improved Recovery |
620 |
281 |
901 |
620 |
281 |
901 |
- |
- |
- |
- |
- |
- |
Technical Revisions |
611 |
(1,284) |
(673) |
616 |
(1,280) |
(664) |
(9) |
(3) |
(12) |
4 |
(1) |
3 |
Acquisitions |
206 |
317 |
523 |
206 |
317 |
523 |
- |
- |
- |
- |
- |
- |
Dispositions |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
Economic Factors |
(15) |
(1) |
(16) |
(15) |
(1) |
(16) |
- |
- |
- |
- |
- |
- |
Production |
(2,438) |
- |
(2,438) |
(2,436) |
- |
(2,436) |
- |
- |
- |
(2) |
- |
(2) |
At December 31, 2016 |
21,974 |
14,105 |
36,079 |
21,962 |
14,103 |
36,065 |
- |
- |
- |
12 |
2 |
14 |
Total Gas (4) |
Conventional Natural Gas |
Coal Bed Methane (5) |
Shale Gas (5) |
|||||||||
Proved + |
Proved + |
Proved + |
Proved + |
|||||||||
Proved Probable P+P (1) (2) |
Proved |
Probable |
Probable |
Proved |
Probable |
Probable |
Proved |
Probable |
Probable |
Proved |
Probable |
Probable |
Factors |
(MMcf) |
(MMcf) |
(MMcf) |
(MMcf) |
(MMcf) |
(MMcf) |
(MMcf) |
(MMcf) |
(MMcf) |
(MMcf) |
(MMcf) |
(MMcf) |
At December 31, 2015 |
200,263 |
138,068 |
338,331 |
190,111 |
132,676 |
322,787 |
8,210 |
4,917 |
13,127 |
1,942 |
475 |
2,417 |
Discoveries |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
Extensions & Improved Recovery |
18,401 |
20,608 |
39,009 |
18,401 |
20,608 |
39,009 |
- |
- |
- |
- |
- |
- |
Technical Revisions |
27,342 |
(8,022) |
19,320 |
26,058 |
(7,696) |
18,362 |
1,394 |
(135) |
1,259 |
(110) |
(191) |
(301) |
Acquisitions |
13,078 |
6,758 |
19,836 |
13,006 |
6,671 |
19,677 |
72 |
87 |
159 |
- |
- |
- |
Dispositions |
(353) |
(132) |
(485) |
(353) |
(132) |
(485) |
- |
- |
- |
- |
- |
- |
Economic Factors |
(1,351) |
(612) |
(1,963) |
(649) |
(420) |
(1,069) |
(702) |
(192) |
(894) |
- |
- |
- |
Production |
(30,850) |
- |
(30,850) |
(29,476) |
- |
(29,476) |
(913) |
- |
(913) |
(461) |
- |
(461) |
At December 31, 2016 |
226,530 |
156,668 |
383,198 |
217,098 |
151,707 |
368,805 |
8,061 |
4,677 |
12,738 |
1,371 |
284 |
1,655 |
Natural Gas Liquids |
BOE |
|||||||||||
Proved + |
Proved + |
|||||||||||
Proved Probable P+P (1) (2) |
Proved |
Probable |
Probable |
Proved |
Probable |
Probable |
||||||
Factors |
(Mbbl) |
(Mbbl) |
(Mbbl) |
(Mboe) |
(Mboe) |
(Mboe) |
||||||
At December 31, 2015 |
14,795 |
12,751 |
27,546 |
71,162 |
50,554 |
121,717 |
||||||
Discoveries |
- |
- |
- |
- |
- |
- |
||||||
Extensions & Improved Recovery |
1,412 |
825 |
2,237 |
5,099 |
4,541 |
9,640 |
||||||
Technical Revisions |
2,004 |
(1,088) |
916 |
7,172 |
(3,709) |
3,463 |
||||||
Acquisitions |
1,045 |
471 |
1,516 |
3,431 |
1,914 |
5,345 |
||||||
Dispositions |
(8) |
(3) |
(11) |
(67) |
(25) |
(92) |
||||||
Economic Factors |
(31) |
(49) |
(80) |
(271) |
(152) |
(423) |
||||||
Production |
(1,854) |
- |
(1,854) |
(9,434) |
- |
(9,434) |
||||||
At December 31, 2016 |
17,363 |
12,907 |
30,270 |
77,092 |
53,123 |
130,215 |
||||||
Light Crude Oil & |
||||||||||||
FRANCE |
Total Oil (4) |
Medium Crude Oil |
Heavy Oil |
Tight Oil |
||||||||
Proved + |
Proved + |
Proved + |
Proved + |
|||||||||
Proved Probable P+P (1) (2) |
Proved |
Probable |
Probable |
Proved |
Probable |
Probable |
Proved |
Probable |
Probable |
Proved |
Probable |
Probable |
Factors |
(Mbbl) |
(Mbbl) |
(Mbbl) |
(Mbbl) |
(Mbbl) |
(Mbbl) |
(Mbbl) |
(Mbbl) |
(Mbbl) |
(Mbbl) |
(Mbbl) |
(Mbbl) |
At December 31, 2015 |
40,721 |
21,325 |
62,046 |
40,721 |
21,325 |
62,046 |
- |
- |
- |
- |
- |
- |
Discoveries |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
Extensions & Improved Recovery |
2,279 |
314 |
2,593 |
2,279 |
314 |
2,593 |
- |
- |
- |
- |
- |
- |
Technical Revisions |
3,445 |
319 |
3,764 |
3,445 |
319 |
3,764 |
- |
- |
- |
- |
- |
- |
Acquisitions |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
Dispositions |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
Economic Factors |
(47) |
(25) |
(72) |
(47) |
(25) |
(72) |
- |
- |
- |
- |
- |
- |
Production |
(4,354) |
- |
(4,354) |
(4,354) |
- |
(4,354) |
- |
- |
- |
- |
- |
- |
At December 31, 2016 |
42,044 |
21,933 |
63,977 |
42,044 |
21,933 |
63,977 |
- |
- |
- |
- |
- |
- |
Total Gas (4) |
Conventional Natural Gas |
Coal Bed Methane (5) |
Shale Gas (5) |
|||||||||
Proved + |
Proved + |
Proved + |
Proved + |
|||||||||
Proved Probable P+P (1) (2) |
Proved |
Probable |
Probable |
Proved |
Probable |
Probable |
Proved |
Probable |
Probable |
Proved |
Probable |
Probable |
Factors |
(MMcf) |
(MMcf) |
(MMcf) |
(MMcf) |
(MMcf) |
(MMcf) |
(MMcf) |
(MMcf) |
(MMcf) |
(MMcf) |
(MMcf) |
(MMcf) |
At December 31, 2015 |
7,835 |
1,559 |
9,394 |
7,835 |
1,559 |
9,394 |
- |
- |
- |
- |
- |
- |
Discoveries |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
Extensions & Improved Recovery |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
Technical Revisions |
(2,170) |
(654) |
(2,824) |
(2,170) |
(654) |
(2,824) |
- |
- |
- |
- |
- |
- |
Acquisitions |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
Dispositions |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
Economic Factors |
(20) |
(13) |
(33) |
(20) |
(13) |
(33) |
- |
- |
- |
- |
- |
- |
Production |
(163) |
- |
(163) |
(163) |
- |
(163) |
- |
- |
- |
- |
- |
- |
At December 31, 2016 |
5,482 |
892 |
6,374 |
5,482 |
892 |
6,374 |
- |
- |
- |
- |
- |
- |
Natural Gas Liquids |
BOE |
|||||||||||
Proved + |
Proved + |
|||||||||||
Proved Probable P+P (1) (2) |
Proved |
Probable |
Probable |
Proved |
Probable |
Probable |
||||||
Factors |
(Mbbl) |
(Mbbl) |
(Mbbl) |
(Mboe) |
(Mboe) |
(Mboe) |
||||||
At December 31, 2015 |
- |
- |
- |
42,027 |
21,585 |
63,612 |
||||||
Discoveries |
- |
- |
- |
- |
- |
- |
||||||
Extensions & Improved Recovery |
- |
- |
- |
2,279 |
314 |
2,593 |
||||||
Technical Revisions |
- |
- |
- |
3,083 |
210 |
3,293 |
||||||
Acquisitions |
- |
- |
- |
- |
- |
- |
||||||
Dispositions |
- |
- |
- |
- |
- |
- |
||||||
Economic Factors |
- |
- |
- |
(50) |
(27) |
(77) |
||||||
Production |
- |
- |
- |
(4,381) |
- |
(4,381) |
||||||
At December 31, 2016 |
- |
- |
- |
42,958 |
22,082 |
65,040 |
||||||
Light Crude Oil & |
||||||||||||
GERMANY |
Total Oil (4) |
Medium Crude Oil |
Heavy Oil |
Tight Oil |
||||||||
Proved + |
Proved + |
Proved + |
Proved + |
|||||||||
Proved Probable P+P (1) (2) |
Proved |
Probable |
Probable |
Proved |
Probable |
Probable |
Proved |
Probable |
Probable |
Proved |
Probable |
Probable |
Factors |
(Mbbl) |
(Mbbl) |
(Mbbl) |
(Mbbl) |
(Mbbl) |
(Mbbl) |
(Mbbl) |
(Mbbl) |
(Mbbl) |
(Mbbl) |
(Mbbl) |
(Mbbl) |
At December 31, 2015 |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
Discoveries |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
Extensions & Improved Recovery |
244 |
755 |
999 |
244 |
755 |
999 |
- |
- |
- |
- |
- |
- |
Technical Revisions |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
Acquisitions |
5,044 |
1,524 |
6,568 |
5,044 |
1,524 |
6,568 |
- |
- |
- |
- |
- |
- |
Dispositions |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
Economic Factors |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
Production |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
At December 31, 2016 |
5,288 |
2,279 |
7,567 |
5,288 |
2,279 |
7,567 |
- |
- |
- |
- |
- |
- |
Total Gas (4) |
Conventional Natural Gas |
Coal Bed Methane (5) |
Shale Gas (5) |
|||||||||
Proved + |
Proved + |
Proved + |
Proved + |
|||||||||
Proved Probable P+P (1) (2) |
Proved |
Probable |
Probable |
Proved |
Probable |
Probable |
Proved |
Probable |
Probable |
Proved |
Probable |
Probable |
Factors |
(MMcf) |
(MMcf) |
(MMcf) |
(MMcf) |
(MMcf) |
(MMcf) |
(MMcf) |
(MMcf) |
(MMcf) |
(MMcf) |
(MMcf) |
(MMcf) |
At December 31, 2015 |
31,500 |
17,999 |
49,499 |
31,500 |
17,999 |
49,499 |
- |
- |
- |
- |
- |
- |
Discoveries |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
Extensions & Improved Recovery |
- |
33,249 |
33,249 |
- |
33,249 |
33,249 |
- |
- |
- |
- |
- |
- |
Technical Revisions |
4,250 |
(898) |
3,352 |
4,250 |
(898) |
3,352 |
- |
- |
- |
- |
- |
- |
Acquisitions |
11,182 |
3,934 |
15,116 |
11,182 |
3,934 |
15,116 |
- |
- |
- |
- |
- |
- |
Dispositions |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
Economic Factors |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
Production |
(5,452) |
- |
(5,452) |
(5,452) |
- |
(5,452) |
- |
- |
- |
- |
- |
- |
At December 31, 2016 |
41,480 |
54,284 |
95,764 |
41,480 |
54,284 |
95,764 |
- |
- |
- |
- |
- |
- |
Natural Gas Liquids |
BOE |
|||||||||||
Proved + |
Proved + |
|||||||||||
Proved Probable P+P (1) (2) |
Proved |
Probable |
Probable |
Proved |
Probable |
Probable |
||||||
Factors |
(Mbbl) |
(Mbbl) |
(Mbbl) |
(Mboe) |
(Mboe) |
(Mboe) |
||||||
At December 31, 2015 |
- |
- |
- |
5,250 |
3,000 |
8,250 |
||||||
Discoveries |
- |
- |
- |
- |
- |
- |
||||||
Extensions & Improved Recovery |
- |
- |
- |
244 |
6,297 |
6,541 |
||||||
Technical Revisions |
- |
- |
- |
708 |
(150) |
559 |
||||||
Acquisitions |
- |
- |
- |
6,909 |
2,179 |
9,087 |
||||||
Dispositions |
- |
- |
- |
- |
- |
- |
||||||
Economic Factors |
- |
- |
- |
- |
- |
- |
||||||
Production |
- |
- |
- |
(909) |
- |
(909) |
||||||
At December 31, 2016 |
- |
- |
- |
12,202 |
11,326 |
23,528 |
||||||
Light Crude Oil & |
||||||||||||
IRELAND |
Total Oil (4) |
Medium Crude Oil |
Heavy Oil |
Tight Oil |
||||||||
Proved + |
Proved + |
Proved + |
Proved + |
|||||||||
Proved Probable P+P (1) (2) |
Proved |
Probable |
Probable |
Proved |
Probable |
Probable |
Proved |
Probable |
Probable |
Proved |
Probable |
Probable |
Factors |
(Mbbl) |
(Mbbl) |
(Mbbl) |
(Mbbl) |
(Mbbl) |
(Mbbl) |
(Mbbl) |
(Mbbl) |
(Mbbl) |
(Mbbl) |
(Mbbl) |
(Mbbl) |
At December 31, 2015 |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
Discoveries |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
Extensions & Improved Recovery |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
Technical Revisions |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
Acquisitions |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
Dispositions |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
Economic Factors |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
Production |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
At December 31, 2016 |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
Total Gas (4) |
Conventional Natural Gas |
Coal Bed Methane (5) |
Shale Gas (5) |
|||||||||
Proved + |
Proved + |
Proved + |
Proved + |
|||||||||
Proved Probable P+P (1) (2) |
Proved |
Probable |
Probable |
Proved |
Probable |
Probable |
Proved |
Probable |
Probable |
Proved |
Probable |
Probable |
Factors |
(MMcf) |
(MMcf) |
(MMcf) |
(MMcf) |
(MMcf) |
(MMcf) |
(MMcf) |
(MMcf) |
(MMcf) |
(MMcf) |
(MMcf) |
(MMcf) |
At December 31, 2015 |
105,821 |
47,405 |
153,226 |
105,821 |
47,405 |
153,226 |
- |
- |
- |
- |
- |
- |
Discoveries |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
Extensions & Improved Recovery |
3,714 |
2,718 |
6,432 |
3,714 |
2,718 |
6,432 |
- |
- |
- |
- |
- |
- |
Technical Revisions |
8,610 |
721 |
9,331 |
8,610 |
721 |
9,331 |
- |
- |
- |
- |
- |
- |
Acquisitions |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
Dispositions |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
Economic Factors |
57 |
(57) |
- |
57 |
(57) |
- |
- |
- |
- |
- |
- |
- |
Production |
(18,627) |
- |
(18,627) |
(18,627) |
- |
(18,627) |
- |
- |
- |
- |
- |
- |
At December 31, 2016 |
99,575 |
50,787 |
150,362 |
99,575 |
50,787 |
150,362 |
- |
- |
- |
- |
- |
- |
Natural Gas Liquids |
BOE |
|||||||||||
Proved + |
Proved + |
|||||||||||
Proved Probable P+P (1) (2) |
Proved |
Probable |
Probable |
Proved |
Probable |
Probable |
||||||
Factors |
(Mbbl) |
(Mbbl) |
(Mbbl) |
(Mboe) |
(Mboe) |
(Mboe) |
||||||
At December 31, 2015 |
- |
- |
- |
17,637 |
7,901 |
25,538 |
||||||
Discoveries |
- |
- |
- |
- |
- |
- |
||||||
Extensions & Improved Recovery |
- |
- |
- |
619 |
453 |
1,072 |
||||||
Technical Revisions |
- |
- |
- |
1,435 |
121 |
1,556 |
||||||
Acquisitions |
- |
- |
- |
- |
- |
- |
||||||
Dispositions |
- |
- |
- |
- |
- |
- |
||||||
Economic Factors |
- |
- |
- |
10 |
(10) |
- |
||||||
Production |
- |
- |
- |
(3,105) |
- |
(3,105) |
||||||
At December 31, 2016 |
- |
- |
- |
16,596 |
8,465 |
25,061 |
||||||
Light Crude Oil & |
||||||||||||
NETHERLANDS |
Total Oil (4) |
Medium Crude Oil |
Heavy Oil |
Tight Oil |
||||||||
Proved + |
Proved + |
Proved + |
Proved + |
|||||||||
Proved Probable P+P (1) (2) |
Proved |
Probable |
Probable |
Proved |
Probable |
Probable |
Proved |
Probable |
Probable |
Proved |
Probable |
Probable |
Factors |
(Mbbl) |
(Mbbl) |
(Mbbl) |
(Mbbl) |
(Mbbl) |
(Mbbl) |
(Mbbl) |
(Mbbl) |
(Mbbl) |
(Mbbl) |
(Mbbl) |
(Mbbl) |
At December 31, 2015 |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
Discoveries |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
Extensions & Improved Recovery |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
Technical Revisions |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
Acquisitions |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
Dispositions |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
Economic Factors |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
Production |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
At December 31, 2016 |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
Total Gas (4) |
Conventional Natural Gas |
Coal Bed Methane (5) |
Shale Gas (5) |
|||||||||
Proved + |
Proved + |
Proved + |
Proved + |
|||||||||
Proved Probable P+P (1) (2) |
Proved |
Probable |
Probable |
Proved |
Probable |
Probable |
Proved |
Probable |
Probable |
Proved |
Probable |
Probable |
Factors |
(MMcf) |
(MMcf) |
(MMcf) |
(MMcf) |
(MMcf) |
(MMcf) |
(MMcf) |
(MMcf) |
(MMcf) |
(MMcf) |
(MMcf) |
(MMcf) |
At December 31, 2015 |
48,199 |
48,688 |
96,887 |
48,199 |
48,688 |
96,887 |
- |
- |
- |
- |
- |
- |
Discoveries |
233 |
145 |
378 |
233 |
145 |
378 |
- |
- |
- |
- |
- |
- |
Extensions & Improved Recovery |
8,104 |
8,782 |
16,886 |
8,104 |
8,782 |
16,886 |
- |
- |
- |
- |
- |
- |
Technical Revisions |
20,790 |
(15,818) |
4,972 |
20,790 |
(15,818) |
4,972 |
- |
- |
- |
- |
- |
- |
Acquisitions |
2,654 |
1,446 |
4,100 |
2,654 |
1,446 |
4,100 |
- |
- |
- |
- |
- |
- |
Dispositions |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
Economic Factors |
(128) |
(59) |
(187) |
(128) |
(59) |
(187) |
- |
- |
- |
- |
- |
- |
Production |
(17,502) |
- |
(17,502) |
(17,502) |
- |
(17,502) |
- |
- |
- |
- |
- |
- |
At December 31, 2016 |
62,350 |
43,184 |
105,534 |
62,350 |
43,184 |
105,534 |
- |
- |
- |
- |
- |
- |
Natural Gas Liquids |
BOE |
|||||||||||
Proved + |
Proved + |
|||||||||||
Proved Probable P+P (1) (2) |
Proved |
Probable |
Probable |
Proved |
Probable |
Probable |
||||||
Factors |
(Mbbl) |
(Mbbl) |
(Mbbl) |
(Mboe) |
(Mboe) |
(Mboe) |
||||||
At December 31, 2015 |
88 |
83 |
171 |
8,122 |
8,198 |
16,320 |
||||||
Discoveries |
1 |
1 |
2 |
40 |
25 |
65 |
||||||
Extensions & Improved Recovery |
3 |
7 |
10 |
1,353 |
1,470 |
2,823 |
||||||
Technical Revisions |
17 |
(31) |
(14) |
3,482 |
(2,667) |
815 |
||||||
Acquisitions |
5 |
3 |
8 |
447 |
244 |
691 |
||||||
Dispositions |
- |
- |
- |
- |
- |
- |
||||||
Economic Factors |
(1) |
(0) |
(1) |
(22) |
(10) |
(32) |
||||||
Production |
(32) |
- |
(32) |
(2,949) |
- |
(2,949) |
||||||
At December 31, 2016 |
81 |
63 |
144 |
10,473 |
7,260 |
17,733 |
||||||
Light Crude Oil & |
||||||||||||
UNITED STATES |
Total Oil (4) |
Medium Crude Oil |
Heavy Oil |
Tight Oil |
||||||||
Proved + |
Proved + |
Proved + |
Proved + |
|||||||||
Proved Probable P+P (1) (2) |
Proved |
Probable |
Probable |
Proved |
Probable |
Probable |
Proved |
Probable |
Probable |
Proved |
Probable |
Probable |
Factors |
(Mbbl) |
(Mbbl) |
(Mbbl) |
(Mbbl) |
(Mbbl) |
(Mbbl) |
(Mbbl) |
(Mbbl) |
(Mbbl) |
(Mbbl) |
(Mbbl) |
(Mbbl) |
At December 31, 2015 |
2,034 |
3,818 |
5,852 |
2,034 |
3,818 |
5,852 |
- |
- |
- |
- |
- |
- |
Discoveries |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
Extensions & Improved Recovery |
1,105 |
1,644 |
2,749 |
1,105 |
1,644 |
2,749 |
- |
- |
- |
- |
- |
- |
Technical Revisions |
178 |
271 |
449 |
178 |
271 |
449 |
- |
- |
- |
- |
- |
- |
Acquisitions |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
Dispositions |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
Economic Factors |
(4) |
(6) |
(10) |
(4) |
(6) |
(10) |
- |
- |
- |
- |
- |
- |
Production |
(144) |
- |
(144) |
(144) |
- |
(144) |
- |
- |
- |
- |
- |
- |
At December 31, 2016 |
3,169 |
5,727 |
8,896 |
3,169 |
5,727 |
8,896 |
- |
- |
- |
- |
- |
- |
Total Gas (4) |
Conventional Natural Gas |
Coal Bed Methane (5) |
Shale Gas (5) |
|||||||||
Proved + |
Proved + |
Proved + |
Proved + |
|||||||||
Proved Probable P+P (1) (2) |
Proved |
Probable |
Probable |
Proved |
Probable |
Probable |
Proved |
Probable |
Probable |
Proved |
Probable |
Probable |
Factors |
(MMcf) |
(MMcf) |
(MMcf) |
(MMcf) |
(MMcf) |
(MMcf) |
(MMcf) |
(MMcf) |
(MMcf) |
(MMcf) |
(MMcf) |
(MMcf) |
At December 31, 2015 |
2,170 |
4,378 |
6,548 |
2,170 |
4,378 |
6,548 |
- |
- |
- |
- |
- |
- |
Discoveries |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
Extensions & Improved Recovery |
1,011 |
1,578 |
2,589 |
1,011 |
1,578 |
2,589 |
- |
- |
- |
- |
- |
- |
Technical Revisions |
(129) |
(460) |
(589) |
(129) |
(460) |
(589) |
- |
- |
- |
- |
- |
- |
Acquisitions |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
Dispositions |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
Economic Factors |
(6) |
(15) |
(21) |
(6) |
(15) |
(21) |
- |
- |
- |
- |
- |
- |
Production |
(77) |
- |
(77) |
(77) |
- |
(77) |
- |
- |
- |
- |
- |
- |
At December 31, 2016 |
2,969 |
5,481 |
8,450 |
2,969 |
5,481 |
8,450 |
- |
- |
- |
- |
- |
- |
Natural Gas Liquids |
BOE |
|||||||||||
Proved + |
Proved + |
|||||||||||
Proved Probable P+P (1) (2) |
Proved |
Probable |
Probable |
Proved |
Probable |
Probable |
||||||
Factors |
(Mbbl) |
(Mbbl) |
(Mbbl) |
(Mboe) |
(Mboe) |
(Mboe) |
||||||
At December 31, 2015 |
346 |
698 |
1,044 |
2,742 |
5,246 |
7,988 |
||||||
Discoveries |
- |
- |
- |
- |
- |
- |
||||||
Extensions & Improved Recovery |
141 |
219 |
360 |
1,415 |
2,127 |
3,541 |
||||||
Technical Revisions |
(62) |
(155) |
(217) |
94 |
39 |
134 |
||||||
Acquisitions |
- |
- |
- |
- |
- |
- |
||||||
Dispositions |
- |
- |
- |
- |
- |
- |
||||||
Economic Factors |
(2) |
(2) |
(4) |
(7) |
(11) |
(18) |
||||||
Production |
(11) |
- |
(11) |
(168) |
- |
(168) |
||||||
At December 31, 2016 |
412 |
760 |
1,172 |
4,076 |
7,401 |
11,477 |
||||||
Light Crude Oil & |
||||||||||||
TOTAL COMPANY |
Total Oil (4) |
Medium Crude Oil |
Heavy Oil |
Tight Oil |
||||||||
Proved + |
Proved + |
Proved + |
Proved + |
|||||||||
Proved Probable P+P (1) (2) |
Proved |
Probable |
Probable |
Proved |
Probable |
Probable |
Proved |
Probable |
Probable |
Proved |
Probable |
Probable |
Factors |
(Mbbl) |
(Mbbl) |
(Mbbl) |
(Mbbl) |
(Mbbl) |
(Mbbl) |
(Mbbl) |
(Mbbl) |
(Mbbl) |
(Mbbl) |
(Mbbl) |
(Mbbl) |
At December 31, 2015 |
79,510 |
43,635 |
123,145 |
79,491 |
43,629 |
123,120 |
9 |
3 |
12 |
10 |
3 |
13 |
Discoveries |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
Extensions & Improved Recovery |
4,948 |
4,294 |
9,242 |
4,948 |
4,294 |
9,242 |
- |
- |
- |
- |
- |
- |
Technical Revisions |
4,492 |
(1,044) |
3,450 |
4,499 |
(1,040) |
3,459 |
(9) |
(3) |
(12) |
4 |
(1) |
3 |
Acquisitions |
5,250 |
1,841 |
7,091 |
5,250 |
1,841 |
7,091 |
- |
- |
- |
- |
- |
- |
Dispositions |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
Economic Factors |
(66) |
(32) |
(98) |
(66) |
(32) |
(98) |
- |
- |
- |
- |
- |
- |
Production |
(9,243) |
- |
(9,243) |
(9,241) |
- |
(9,241) |
- |
- |
- |
(2) |
- |
(2) |
At December 31, 2016 |
84,891 |
48,694 |
133,587 |
84,881 |
48,692 |
133,573 |
- |
- |
- |
12 |
2 |
14 |
Total Gas (4) |
Conventional Natural Gas |
Coal Bed Methane (5) |
Shale Gas (5) |
|||||||||
Proved + |
Proved + |
Proved + |
Proved + |
|||||||||
Proved Probable P+P (1) (2) |
Proved |
Probable |
Probable |
Proved |
Probable |
Probable |
Proved |
Probable |
Probable |
Proved |
Probable |
Probable |
Factors |
(MMcf) |
(MMcf) |
(MMcf) |
(MMcf) |
(MMcf) |
(MMcf) |
(MMcf) |
(MMcf) |
(MMcf) |
(MMcf) |
(MMcf) |
(MMcf) |
At December 31, 2015 |
395,788 |
258,097 |
653,885 |
385,637 |
252,705 |
638,342 |
8,210 |
4,917 |
13,127 |
1,942 |
475 |
2,417 |
Discoveries |
233 |
145 |
378 |
233 |
145 |
378 |
- |
- |
- |
- |
- |
- |
Extensions & Improved Recovery |
31,230 |
66,935 |
98,165 |
31,230 |
66,935 |
98,165 |
- |
- |
- |
- |
- |
- |
Technical Revisions |
58,693 |
(25,131) |
33,562 |
57,408 |
(24,805) |
32,603 |
1,394 |
(135) |
1,259 |
(110) |
(191) |
(301) |
Acquisitions |
26,914 |
12,138 |
39,052 |
26,842 |
12,051 |
38,893 |
72 |
87 |
159 |
- |
- |
- |
Dispositions |
(353) |
(132) |
(485) |
(353) |
(132) |
(485) |
- |
- |
- |
- |
- |
- |
Economic Factors |
(1,448) |
(756) |
(2,204) |
(746) |
(564) |
(1,310) |
(702) |
(192) |
(894) |
- |
- |
- |
Production |
(72,671) |
- |
(72,671) |
(71,297) |
- |
(71,297) |
(913) |
- |
(913) |
(461) |
- |
(461) |
At December 31, 2016 |
438,386 |
311,296 |
749,682 |
428,954 |
306,335 |
735,289 |
8,061 |
4,677 |
12,738 |
1,371 |
284 |
1,655 |
Natural Gas Liquids |
BOE |
|||||||||||
Proved + |
Proved + |
|||||||||||
Proved Probable P+P (1) (2) |
Proved |
Probable |
Probable |
Proved |
Probable |
Probable |
||||||
Factors |
(Mbbl) |
(Mbbl) |
(Mbbl) |
(Mboe) |
(Mboe) |
(Mboe) |
||||||
At December 31, 2015 |
15,229 |
13,532 |
28,761 |
160,706 |
100,184 |
260,889 |
||||||
Discoveries |
1 |
1 |
2 |
40 |
25 |
65 |
||||||
Extensions & Improved Recovery |
1,556 |
1,051 |
2,607 |
11,709 |
16,502 |
28,210 |
||||||
Technical Revisions |
1,959 |
(1,274) |
685 |
16,233 |
(6,506) |
9,730 |
||||||
Acquisitions |
1,050 |
474 |
1,524 |
10,787 |
4,337 |
15,123 |
||||||
Dispositions |
(8) |
(3) |
(11) |
(67) |
(25) |
(92) |
||||||
Economic Factors |
(34) |
(51) |
(85) |
(340) |
(210) |
(550) |
||||||
Production |
(1,897) |
- |
(1,897) |
(23,253) |
- |
(23,253) |
||||||
At December 31, 2016 |
17,856 |
13,730 |
31,586 |
175,815 |
114,307 |
290,122 |
Notes: |
|
(1) |
"Proved" reserves are those reserves that can be estimated with a high degree of certainty to be recoverable. It is likely that the actual remaining quantities recovered will exceed the estimated proved reserves. |
(2) |
"Probable" reserves are those additional reserves that are less certain to be recovered than proved reserves. It is equally likely that the actual remaining quantities recovered will be greater or less than the sum of the estimated proved plus probable reserves. |
(3) |
The pricing assumptions used in the GLJ Report with respect to net present value of future net revenue (forecast) as well as the inflation rates used for operating and capital costs are set forth above. See "Forecast Prices used in Estimates". The NGL price is an aggregate of the individual natural gas liquids prices used in the Total Proved plus Probable evaluation. GLJ is an independent qualified reserves evaluator appointed pursuant to NI 51-101. |
(4) |
For reporting purposes, "Total Oil" is the sum of Light Crude oil and Medium Crude Oil, Heavy Oil and Tight Oil. For reporting purposes, "Total Gas" is the sum of Conventional Natural Gas, Coal Bed Methane and Shale Gas. |
(5) |
"Coal Bed Methane" and "Shale Gas" were considered "Unconventional Natural Gas" in previous years. NI 51-101 no longer differentiates between conventional and unconventional activities. |
The table below sets out the future development costs deducted in the estimation of future net revenue attributable to total proved reserves and total proved plus probable reserves (using forecast prices and costs).
Table 9: Future Development Costs(1)
Total Proved |
Total Proved Plus Probable |
|
(M$) |
Estimated Using Forecast Prices and Costs |
Estimated Using Forecast Prices and Costs |
Australia |
||
2017 |
9,420 |
9,420 |
2018 |
6,701 |
6,701 |
2019 |
51,052 |
51,052 |
2020 |
2,993 |
2,993 |
2021 |
3,052 |
57,174 |
Remainder |
25,062 |
48,320 |
Total for all years undiscounted |
98,280 |
175,660 |
Canada |
||
2017 |
77,141 |
101,695 |
2018 |
90,442 |
126,482 |
2019 |
81,623 |
128,701 |
2020 |
95,424 |
189,622 |
2021 |
59,376 |
175,978 |
Remainder |
17,542 |
51,883 |
Total for all years undiscounted |
421,548 |
774,361 |
France |
||
2017 |
39,113 |
60,593 |
2018 |
29,528 |
49,613 |
2019 |
23,548 |
107,737 |
2020 |
6,753 |
40,020 |
2021 |
14,167 |
23,931 |
Remainder |
10,363 |
35,668 |
Total for all years undiscounted |
123,472 |
317,562 |
Germany |
||
2017 |
2,183 |
3,562 |
2018 |
584 |
3,272 |
2019 |
8,499 |
30,655 |
2020 |
154 |
6,863 |
2021 |
153 |
41,162 |
Remainder |
694 |
3,167 |
Total for all years undiscounted |
12,267 |
88,681 |
Ireland |
||
2017 |
1,311 |
1,311 |
2018 |
- |
- |
2019 |
1,706 |
1,706 |
2020 |
16,890 |
16,890 |
2021 |
- |
- |
Remainder |
15,505 |
15,505 |
Total for all years undiscounted |
35,412 |
35,412 |
Netherlands |
||
2017 |
2,200 |
7,790 |
2018 |
13,525 |
15,009 |
2019 |
604 |
4,838 |
2020 |
385 |
4,278 |
2021 |
287 |
8,095 |
Remainder |
5,638 |
5,637 |
Total for all years undiscounted |
22,639 |
45,647 |
United States |
||
2017 |
10,500 |
10,500 |
2018 |
18,426 |
36,468 |
2019 |
18,207 |
48,039 |
2020 |
13,506 |
42,806 |
2021 |
- |
- |
Remainder |
- |
1 |
Total for all years undiscounted |
60,639 |
137,814 |
Total Company |
||
2017 |
141,868 |
194,871 |
2018 |
159,206 |
237,545 |
2019 |
185,239 |
372,728 |
2020 |
136,105 |
303,472 |
2021 |
77,035 |
306,340 |
Remainder |
74,804 |
160,181 |
Total for all years undiscounted |
774,257 |
1,575,137 |
Note: |
|
(1) |
The pricing assumptions used in the GLJ Report with respect to net present value of future net revenue (forecast) as well as the inflation rates used for operating and capital costs are set forth above. See "Forecast Prices used in Estimates". The NGL price is an aggregate of the individual natural gas liquids prices used in the Total Proved plus Probable evaluation. GLJ is an independent qualified reserves evaluator appointed pursuant to NI 51-101. |
Vermilion expects to source its capital expenditure requirements from internally generated cash flow and, as appropriate, from Vermilion's existing credit facility or equity or debt financing. It is anticipated that costs of funding the future development costs will not impact development of its properties or Vermilion's reserves or future net revenue.
CONTINGENT RESOURCES
Summary information regarding contingent resources and net present value of future net revenues from contingent resources are set forth below and are derived, in each case, from the GLJ Resources Assessment. The GLJ Resources Assessment was prepared in accordance with COGEH and NI-51-101 by GLJ, an independent qualified reserve evaluator. All contingent resources evaluated in the GLJ Resources Assessment were deemed economic at the effective date of December 31, 2016. Contingent resources are in addition to reserves estimated in the GLJ Report.
A range of contingent resources estimates (low, best and high) were prepared by GLJ. See notes 6 to 8 of the tables below for a description of low estimate, best estimate and high estimate.
The GLJ Resources Assessment estimated gross risked contingent resources with a project maturity subclass of "Development Pending" of 120.4 million boe (low estimate) to 309.4 million boe (high estimate), with a best estimate of 198.5 million boe. Contingent resources are in addition to reserves estimated in the GLJ Report.
The GLJ Resources Assessment estimated gross risked contingent resources with a project maturity subclass of "Development Unclarified" of 10.7 million boe (low estimate) to 28.7 million boe (high estimate), with a best estimate of 19.5 million boe.
An estimate of risked net present value of future net revenue of contingent resources is preliminary in nature and is provided to assist the reader in reaching an opinion on the merit and likelihood of the company proceeding with the required investment. It includes contingent resources that are considered too uncertain with respect to the chance of development to be classified as reserves. There is uncertainty that the risked net present value of future net revenue will be realized.
Table 10: Summary of Risked Oil and Gas Contingent Resources as at December 31, 2016 (1) (2) - Forecast Prices and Costs (3) (4)
Light Crude Oil & |
Conventional |
Coal Bed |
Natural Gas |
BOE |
Unrisked |
||||||||||||||||||||||
Resources |
Medium Crude Oil |
Natural Gas |
Methane |
Liquids |
BOE |
||||||||||||||||||||||
Project |
Chance |
||||||||||||||||||||||||||
Maturity |
Gross |
Net |
Gross |
Net |
Gross |
Net |
Gross |
Net |
Gross |
Net |
of Dev. |
Gross |
Net |
||||||||||||||
Sub-Class |
(Mbbl) |
(Mbbl) |
(MMcf) |
(MMcf) |
(MMcf) |
(MMcf) |
(Mbbl) |
(Mbbl) |
(Mboe) |
(Mboe) |
(%) (9) |
(Mboe) |
(Mboe) |
||||||||||||||
Contingent (1C) - Low Estimate |
|||||||||||||||||||||||||||
Development Pending(10) |
|||||||||||||||||||||||||||
Australia(11) |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
||||||||||||||
Canada(12) |
13,145 |
9,681 |
250,957 |
226,293 |
1,455 |
1,382 |
19,917 |
15,769 |
75,131 |
63,396 |
81.9% |
91,750 |
77,305 |
||||||||||||||
France(13) |
14,152 |
13,241 |
969 |
969 |
- |
- |
- |
- |
14,314 |
13,403 |
86.8% |
16,486 |
15,438 |
||||||||||||||
Germany(14) |
- |
- |
17,317 |
15,138 |
- |
- |
- |
- |
2,886 |
2,523 |
78.3% |
3,686 |
3,222 |
||||||||||||||
Ireland |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
||||||||||||||
Netherlands(15) |
- |
- |
10,336 |
10,336 |
- |
- |
2 |
2 |
1,725 |
1,725 |
81.4% |
2,119 |
2,119 |
||||||||||||||
USA(16) |
20,581 |
17,072 |
18,952 |
15,720 |
- |
- |
2,627 |
2,179 |
26,367 |
21,871 |
90.0% |
29,296 |
24,300 |
||||||||||||||
Total |
47,878 |
39,994 |
298,531 |
268,456 |
1,455 |
1,382 |
22,546 |
17,950 |
120,423 |
102,918 |
84.0% |
143,337 |
122,384 |
||||||||||||||
Contingent (2C) - Best Estimate |
|||||||||||||||||||||||||||
Development Pending(10) |
|||||||||||||||||||||||||||
Australia(11) |
2,440 |
2,440 |
- |
- |
- |
- |
- |
- |
2,440 |
2,440 |
80.0% |
3,050 |
3,050 |
||||||||||||||
Canada(12) |
25,648 |
18,373 |
389,272 |
346,617 |
3,534 |
3,357 |
29,537 |
22,869 |
120,653 |
99,571 |
80.3% |
150,178 |
123,661 |
||||||||||||||
France(13) |
27,543 |
25,702 |
1,246 |
1,246 |
- |
- |
- |
- |
27,751 |
25,908 |
85.1% |
32,628 |
30,453 |
||||||||||||||
Germany(14) |
- |
- |
29,595 |
25,886 |
- |
- |
- |
- |
4,933 |
4,314 |
78.3% |
6,300 |
5,510 |
||||||||||||||
Ireland |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
||||||||||||||
Netherlands(15) |
- |
- |
28,521 |
28,521 |
- |
- |
6 |
6 |
4,760 |
4,760 |
81.3% |
5,853 |
5,853 |
||||||||||||||
USA(16) |
29,466 |
24,441 |
27,811 |
23,069 |
- |
- |
3,855 |
3,197 |
37,956 |
31,483 |
90.0% |
42,173 |
34,981 |
||||||||||||||
Total |
85,097 |
70,956 |
476,445 |
425,339 |
3,534 |
3,357 |
33,398 |
26,072 |
198,493 |
168,476 |
82.6% |
240,182 |
203,508 |
||||||||||||||
Contingent (3C) - High Estimate |
|||||||||||||||||||||||||||
Development Pending(10) |
|||||||||||||||||||||||||||
Australia(11) |
3,280 |
3,280 |
- |
- |
- |
- |
- |
- |
3,280 |
3,280 |
80.0% |
4,100 |
4,100 |
||||||||||||||
Canada(12) |
52,590 |
37,459 |
567,390 |
500,749 |
5,174 |
4,788 |
41,650 |
31,616 |
189,667 |
153,331 |
79.2% |
239,562 |
193,233 |
||||||||||||||
France(13) |
43,866 |
40,873 |
1,609 |
1,609 |
- |
- |
- |
- |
44,134 |
41,141 |
84.3% |
52,336 |
48,774 |
||||||||||||||
Germany(14) |
- |
- |
54,150 |
47,382 |
- |
- |
- |
- |
9,025 |
7,897 |
78.3% |
11,526 |
10,086 |
||||||||||||||
Ireland |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
||||||||||||||
Netherlands(15) |
- |
- |
50,159 |
50,159 |
- |
- |
13 |
13 |
8,373 |
8,373 |
80.5% |
10,403 |
10,403 |
||||||||||||||
USA(16) |
42,381 |
35,152 |
40,945 |
33,961 |
- |
- |
5,675 |
4,707 |
54,880 |
45,519 |
90.0% |
60,977 |
50,577 |
||||||||||||||
Total |
142,117 |
116,764 |
714,253 |
633,860 |
5,174 |
4,788 |
47,338 |
36,336 |
309,359 |
259,541 |
81.6% |
378,904 |
317,173 |
||||||||||||||
Light Crude Oil & |
Conventional |
Coal Bed |
Natural Gas |
BOE |
Unrisked |
||||||||||||||||||||||
Resources |
Medium Crude Oil |
Natural Gas |
Methane |
Liquids |
BOE |
||||||||||||||||||||||
Project |
Chance |
||||||||||||||||||||||||||
Maturity |
Gross |
Net |
Gross |
Net |
Gross |
Net |
Gross |
Net |
Gross |
Net |
of Dev. |
Gross |
Net |
||||||||||||||
Sub-Class |
(Mbbl) |
(Mbbl) |
(MMcf) |
(MMcf) |
(MMcf) |
(MMcf) |
(Mbbl) |
(Mbbl) |
(Mboe) |
(Mboe) |
(%) (9) |
(Mboe) |
(Mboe) |
||||||||||||||
Contingent (1C) - Low Estimate |
|||||||||||||||||||||||||||
Development Unclarified(17) |
|||||||||||||||||||||||||||
Australia |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
||||||||||||||
Canada(18) |
- |
- |
44,744 |
39,976 |
- |
- |
897 |
745 |
8,354 |
7,408 |
58.2% |
14,361 |
12,743 |
||||||||||||||
France(19) |
1,511 |
1,434 |
- |
- |
- |
- |
- |
- |
1,511 |
1,434 |
42.4% |
3,560 |
3,376 |
||||||||||||||
Germany |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
||||||||||||||
Ireland |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
||||||||||||||
Netherlands |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
||||||||||||||
USA |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
||||||||||||||
Total |
1,511 |
1,434 |
44,744 |
39,976 |
- |
- |
897 |
745 |
9,865 |
8,842 |
55.0% |
17,921 |
16,119 |
||||||||||||||
Contingent (2C) - Best Estimate |
|||||||||||||||||||||||||||
Development Unclarified(17) |
|||||||||||||||||||||||||||
Australia |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
||||||||||||||
Canada(18) |
- |
- |
75,428 |
66,726 |
- |
- |
1,640 |
1,339 |
14,211 |
12,460 |
57.2% |
24,859 |
21,796 |
||||||||||||||
France(19) |
2,539 |
2,410 |
- |
- |
- |
- |
- |
- |
2,539 |
2,410 |
44.6% |
5,690 |
5,398 |
||||||||||||||
Germany |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
||||||||||||||
Ireland |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
||||||||||||||
Netherlands(20) |
- |
- |
16,351 |
15,777 |
- |
- |
32 |
16 |
2,757 |
2,646 |
49.4% |
5,580 |
5,301 |
||||||||||||||
USA |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
||||||||||||||
Total |
2,539 |
2,410 |
91,779 |
82,503 |
- |
- |
1,672 |
1,355 |
19,507 |
17,516 |
54.0% |
36,129 |
32,495 |
||||||||||||||
Contingent (3C) - High Estimate |
|||||||||||||||||||||||||||
Development Unclarified(17) |
|||||||||||||||||||||||||||
Australia |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
||||||||||||||
Canada(18) |
- |
- |
103,491 |
89,867 |
- |
- |
2,178 |
1,727 |
19,427 |
16,705 |
57.6% |
33,746 |
29,063 |
||||||||||||||
France(19) |
3,825 |
3,632 |
- |
- |
- |
- |
- |
- |
3,825 |
3,632 |
46.4% |
8,250 |
7,829 |
||||||||||||||
Germany |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
||||||||||||||
Ireland |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
||||||||||||||
Netherlands(20) |
- |
- |
32,346 |
31,475 |
- |
- |
48 |
24 |
5,439 |
5,270 |
53.4% |
10,184 |
9,761 |
||||||||||||||
USA |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
||||||||||||||
Total |
3,825 |
3,632 |
135,837 |
121,342 |
- |
- |
2,226 |
1,751 |
28,691 |
25,607 |
55.0% |
52,180 |
46,653 |
Table 11: Summary of Risked Net Present Value of Future Net Revenues as at December 31, 2016 - Forecast Prices and Costs (3)
Resources Project |
||||||||||
Maturity Sub-Class |
Before Income Taxes, Discounted at (5) |
After Income Taxes, Discounted at (5) |
||||||||
(M$) |
0% |
5% |
10% |
15% |
20% |
0% |
5% |
10% |
15% |
20% |
Contingent (1C) - Low Estimate (6) |
||||||||||
Development Pending (10) |
||||||||||
Australia(11) |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
Canada(12) |
1,469,731 |
806,673 |
468,784 |
284,859 |
179,205 |
567,431 |
315,876 |
182,036 |
107,244 |
107,244 |
France(13) |
819,095 |
435,463 |
247,355 |
146,903 |
90,157 |
582,296 |
295,394 |
158,897 |
88,278 |
49,769 |
Germany(14) |
29,787 |
19,161 |
11,552 |
6,390 |
2,959 |
20,027 |
11,662 |
5,658 |
1,665 |
(894) |
Ireland |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
Netherlands(15) |
51,663 |
37,509 |
28,134 |
21,720 |
17,177 |
27,656 |
19,744 |
14,440 |
10,833 |
8,313 |
USA(16) |
875,320 |
424,777 |
223,556 |
125,266 |
73,505 |
562,210 |
269,146 |
138,253 |
74,966 |
42,140 |
Total |
3,245,596 |
1,723,583 |
979,381 |
585,138 |
363,003 |
2,261,816 |
1,163,377 |
633,124 |
357,778 |
206,572 |
Contingent (2C) - Best Estimate (7) |
||||||||||
Development Pending (10) |
||||||||||
Australia(11) |
102,151 |
60,643 |
36,438 |
22,134 |
13,559 |
26,695 |
12,642 |
5,228 |
1,407 |
(483) |
Canada(12) |
2,749,285 |
1,453,434 |
840,871 |
519,322 |
337,021 |
2,003,094 |
1,033,233 |
579,568 |
345,415 |
215,410 |
France(13) |
1,730,450 |
899,321 |
508,686 |
305,273 |
191,641 |
1,230,218 |
615,216 |
334,091 |
191,820 |
114,668 |
Germany(14) |
103,451 |
71,870 |
50,479 |
35,968 |
25,990 |
74,526 |
50,615 |
34,375 |
23,449 |
16,048 |
Ireland |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
Netherlands(15) |
160,324 |
110,209 |
79,494 |
59,475 |
45,757 |
86,998 |
58,171 |
40,486 |
29,074 |
21,367 |
USA(16) |
1,561,749 |
736,050 |
390,965 |
226,282 |
139,356 |
1,007,434 |
471,250 |
247,014 |
140,765 |
85,218 |
Total |
6,407,410 |
3,331,527 |
1,906,933 |
1,168,454 |
753,324 |
4,428,965 |
2,241,127 |
1,240,762 |
731,930 |
452,228 |
Contingent (3C) - High Estimate (8) |
||||||||||
Development Pending (10) |
||||||||||
Australia(11) |
190,589 |
116,134 |
72,383 |
46,105 |
29,966 |
63,277 |
36,147 |
20,606 |
11,695 |
6,558 |
Canada(12) |
5,020,914 |
2,498,830 |
1,392,053 |
837,248 |
532,137 |
3,660,740 |
1,782,927 |
966,824 |
563,961 |
346,457 |
France(13) |
2,954,319 |
1,525,736 |
866,518 |
524,651 |
332,885 |
2,100,039 |
1,051,087 |
577,537 |
337,293 |
205,471 |
Germany(14) |
252,820 |
174,810 |
124,211 |
90,601 |
67,647 |
184,908 |
126,647 |
88,732 |
63,652 |
46,653 |
Ireland |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
Netherlands(15) |
315,718 |
211,894 |
151,407 |
113,180 |
87,473 |
171,705 |
113,248 |
79,106 |
57,702 |
43,468 |
USA(16) |
2,640,857 |
1,172,989 |
614,674 |
358,063 |
224,065 |
1,708,970 |
754,738 |
392,026 |
226,212 |
140,202 |
Total |
11,375,217 |
5,700,393 |
3,221,246 |
1,969,848 |
1,274,173 |
7,889,639 |
3,864,794 |
2,124,831 |
1,260,515 |
788,809 |
Contingent (1C) - Low Estimate (6) |
||||||||||
Development Unclarified (17) |
||||||||||
Australia |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
Canada(18) |
81,186 |
32,743 |
13,139 |
4,876 |
1,294 |
58,404 |
22,305 |
7,967 |
2,138 |
(237) |
France(19) |
109,246 |
56,246 |
30,550 |
17,349 |
10,224 |
77,091 |
38,798 |
20,522 |
11,315 |
6,453 |
Germany |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
Ireland |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
Netherlands(20) |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
USA |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
Total |
190,432 |
88,989 |
43,689 |
22,225 |
11,518 |
135,495 |
61,103 |
28,489 |
13,453 |
6,216 |
Contingent (2C) - Best Estimate (7) |
||||||||||
Development Unclarified (17) |
||||||||||
Australia |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
Canada(18) |
149,050 |
60,346 |
25,047 |
10,046 |
3,342 |
107,851 |
41,837 |
15,842 |
5,073 |
466 |
France(19) |
198,194 |
95,437 |
49,664 |
27,439 |
15,881 |
140,218 |
66,266 |
33,693 |
18,135 |
10,199 |
Germany |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
Ireland |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
Netherlands(20) |
63,974 |
35,129 |
18,879 |
9,435 |
3,747 |
34,153 |
16,587 |
6,654 |
985 |
(2,320) |
USA |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
Total |
411,218 |
190,912 |
93,590 |
46,920 |
22,970 |
282,222 |
124,690 |
56,189 |
24,193 |
8,345 |
Contingent (3C) - High Estimate (8) |
||||||||||
Development Unclarified (17) |
||||||||||
Australia |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
Canada(18) |
250,258 |
97,428 |
41,153 |
18,033 |
7,732 |
181,844 |
68,851 |
27,516 |
10,840 |
3,628 |
France(19) |
320,784 |
143,786 |
72,178 |
39,161 |
22,464 |
227,214 |
100,294 |
49,348 |
26,186 |
14,667 |
Germany |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
Ireland |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
Netherlands(20) |
176,750 |
94,921 |
54,922 |
33,238 |
20,539 |
96,181 |
48,927 |
25,901 |
13,615 |
6,587 |
USA |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
Total |
747,792 |
336,135 |
168,253 |
90,432 |
50,735 |
505,239 |
218,072 |
102,765 |
50,641 |
24,882 |
Notes: |
||
(1) |
Contingent resources are defined in the COGEH as those quantities of petroleum estimated, as of a given date, to be potentially recoverable from known accumulations using established technology or technology under development, but which are not currently considered to be commercially recoverable due to one or more contingencies. There is no certainty that it will be commercially viable to produce any portion of the contingent resources or that Vermilion will produce any portion of the volumes currently classified as contingent resources. The estimates of contingent resources involve implied assessment, based on certain estimates and assumptions, that the resources described exists in the quantities predicted or estimated, as at a given date, and that the resources can be profitably produced in the future. The risked net present value of the future net revenue from the contingent resources does not represent the fair market value of the contingent resources. Actual contingent resources (and any volumes that may be reclassified as reserves) and future production therefrom may be greater than or less than the estimates provided herein. |
|
(2) |
GLJ prepared the estimates of contingent resources shown for each property using deterministic principles and methods. Probabilistic aggregation of the low and high property estimates shown in the table might produce different total volumes than the arithmetic sums shown in the table. |
|
(3) |
The forecast price and cost assumptions utilized in the year-end 2016 reserves report were also utilized by GLJ in preparing the GLJ Resource Assessment. See "GLJ December 31, 2016 Forecast Prices" in this AIF. |
|
(4) |
"Gross" contingent resources are Vermilion's working interest (operating or non-operating) share before deduction of royalties and without including any royalty interests of Vermilion. "Net" contingent resources are Vermilion's working interest (operating or non-operating) share after deduction of royalty obligations, plus Vermilion's royalty interests in contingent resources. |
|
(5) |
The risked net present value of future net revenue attributable to the contingent resources does not represent the fair market value of the contingent resources. Estimated abandonment and reclamation costs have been included in the evaluation. |
|
(6) |
This is considered to be a conservative estimate of the quantity that will actually be recovered. It is likely that the actual remaining quantities recovered will exceed the low estimate. If probabilistic methods are used, there should be at least a 90 percent probability (P90) that the quantities actually recovered will equal or exceed the low estimate. |
|
(7) |
This is considered to be the best estimate of the quantity that will actually be recovered. It is equally likely that the actual remaining quantities recovered will be greater or less than the best estimate. If probabilistic methods are used, there should be at least a 50 percent probability (P50) that the quantities actually recovered will equal or exceed the best estimate. |
|
(8) |
This is considered to be an optimistic estimate of the quantity that will actually be recovered. It is unlikely that the actual remaining quantities recovered will exceed the high estimate. If probabilistic methods are used, there should be at least a 10 percent probability (P10) that the quantities actually recovered will equal or exceed the high estimate. |
|
(9) |
The Chance of Development (CoDev) is the estimated probability that, once discovered, a known accumulation will be commercially developed. Five factors have been considered in determining the CoDev as follows: |
|
|
||
(10) |
Project maturity subclass development pending is defined as contingent resources where resolution of the final conditions for development is being actively pursued (high chance of development). |
|
(11) |
Contingent resources for Australia have been estimated based on the continued drilling in our active core asset (see "Description of Properties" section of this AIF) using established recovery technologies. The estimated cost to bring these contingent resources on commercial production is $142 MM and the expected timeline is between 7 and 9 years. The specific contingencies for these resources are corporate commitment and development timing. |
|
(12) |
Contingent resources for Canada have been estimated based on the continued drilling in our active core assets (see "Description of Properties" section of this AIF) using established recovery technologies. The estimated cost to bring these contingent resources on commercial production is $1,170 MM and the expected timeline is between 1 and 12 years. The specific contingencies for these resources are corporate commitment and development timing. |
|
(13) |
Contingent resources for France have been estimated based on the continued drilling in our active core assets (see "Description of Properties" section of this AIF) using established recovery technologies. The estimated cost to bring these contingent resources on commercial production is $550 MM and the expected timeline is between 3and 10 years. The specific contingencies for these resources are corporate commitment and development timing. |
|
(14) |
Contingent resources for Germany have been estimated based on the continued drilling in our active core assets (see "Description of Properties" section of this AIF) using established recovery technologies. The estimated cost to bring these contingent resources on commercial production is $55 MM and the expected timeline is between 3 and 5 years. The specific contingencies for these resources are corporate commitment and development timing. |
|
(15) |
Contingent resources for Netherlands have been estimated based on the continued drilling in our active core assets (see "Description of Properties" section of this AIF) using established recovery technologies. The estimated cost to bring these contingent resources on commercial production is $34 MM and the expected timeline is between two and 10 years. The specific contingencies for these resources are corporate commitment and development timing. |
|
(16) |
Contingent resources for USA have been estimated based on the continued drilling in our active core asset (see "Description of Properties" section of this AIF) using established recovery technologies. The estimated cost to bring these contingent resources on commercial production is $431 MM and the expected timeline is between 4 and 12 years. The specific contingencies for these resources are corporate commitment and development timing. |
|
(17) |
Project maturity subclass development unclarified is defined as contingent resources when the evaluation is incomplete and there is ongoing activity to resolve any risks or uncertainties. |
|
(18) |
In Canada, GLJ has estimated an aggregate of risked unclarified best estimate contingent resources of 14.2 mmboe for the projects outlined below. Utilizing established recovery technology, the risked estimated cost to bring these resources on commercial production is an aggregate of $108 MM with an expected timeline of 4 to 15 years. |
|
Ferrier Notikewin |
Based on contingencies related to corporate commitment and development timing that is greater than 10 years, GLJ has estimated risked unclarified best estimate contingent resources at 5.1 mmboe and the risked estimated cost to bring these resources on commercial production is $36 MM. The expected timeline is 11 to 15 years. |
|
Ferrier Falher |
Based on contingencies related to corporate commitment and development timing that is greater than 10 years, GLJ has estimated risked unclarified best estimate contingent resources at 3.8 mmboe and the risked estimated cost to bring these resources on commercial production is $28 MM. The expected timeline is 11 to 15 years. |
|
West Pembina Glauconite |
Based on contingencies related to corporate commitment and development timing as well as economic risk related to capital and operating cost uncertainty due to limited horizontal development in proximity to interest lands, GLJ has estimated risked unclarified best estimate contingent resources at 5.3 mmboe and the risked estimated cost to bring these resources on commercial production is $44 MM. The expected timeline is 4 to 10 years. |
|
(19) |
In France, GLJ has estimated an aggregate of risked unclarified best estimate contingent resources of 2.5 mmboe for the projects outlined below. Utilizing established recovery technology, the risked estimated cost to bring these resources on commercial production is an aggregate of $36 MM with an expected timeline of 8 to 10 years. |
|
Charmottes |
Based on contingencies related to corporate commitment and development timing, along with the project still being in the pre-development study/sourcing stage related to waterflood development, GLJ has estimated risked unclarified best estimate contingent resources at 1.3 mmboe and the risked estimated cost to bring these resources on commercial production is $29 MM. The expected timeline is 8 to 10 years. |
|
Chaunoy |
Based on contingencies related to corporate commitment and development timing, along with a CO2 pilot project still being in the conceptual study stage, GLJ has estimated risked unclarified best estimate contingent resources at 1.2 mmboe and the risked estimated cost to bring these resources on commercial production is $7 MM. The expected timeline is 9 to 10 years. |
|
(20) |
In the Netherlands, GLJ has estimated an aggregate of risked unclarified best estimate contingent resources of 2.8 mmboe for the projects outlined below. Utilizing established recovery technology, the risked estimated to bring these resources on commercial production an aggregate of $45 MM with an expected timeline of 3 to 9 years. |
|
Netherlands East |
Based on contingencies related to corporate commitment and development timing along with proof-of-concept utilizing directional drilling and unknown deliverability from Zechstein carbonates, GLJ has estimated risked unclarified best estimate contingent resources at 1.6 mmboe and the risked estimated cost to bring these resources on commercial production is $24 MM. The expected timeline is 3 to 9 years. |
|
Netherlands West |
Based on contingencies related to corporate commitment and development timing along with further study required regarding the deliverability of the Bunter sands, GLJ has estimated risked unclarified best estimate contingent resources at 1.2 mmboe and the risked estimated cost to bring these resources on commercial production is $21 MM. The expected timeline is 5 years. |
|
PROSPECTIVE RESOURCES
Summary information regarding prospective resources and net present value of future net revenues from prospective resources are set forth below and are derived, in each case, from the GLJ Resources Assessment. The GLJ Resources Assessment was prepared in accordance with COGEH and NI-51-101 by GLJ, an independent qualified reserve evaluator. All prospective resources evaluated in the GLJ Resources Assessment were deemed economic at the effective date of December 31, 2016. Prospective resources are in addition to reserves estimated in the GLJ Report.
A range of prospective resources estimates (low, best and high) were prepared by GLJ. See notes 6 to 8 of the tables below for a description of low estimate, best estimate and high estimate.
The GLJ Resources Assessment estimated gross risked prospective resources of 45.2 million boe (low estimate) to 147.9 million boe (high estimate), with a best estimate of 89.5 million boe.
An estimate of risked net present value of future net revenue of prospective resources is preliminary in nature and is provided to assist the reader in reaching an opinion on the merit and likelihood of the company proceeding with the required investment. It includes prospective resources that are considered too uncertain with respect to the chance of development and chance of discovery to be classified as reserves. There is uncertainty that the risked net present value of future net revenue will be realized.
Table 12: Summary of Risked Oil and Gas Prospective Resources as at December 31, 2016 (1) (2) - Forecast Prices and Costs (3) (4)
Light Crude Oil & |
Conventional |
Coal Bed |
Natural Gas |
BOE |
Unrisked |
|||||||||||||
Resources |
Medium Crude Oil |
Natural Gas |
Methane |
Liquids |
BOE |
|||||||||||||
Project |
Chance of |
|||||||||||||||||
Maturity |
Gross |
Net |
Gross |
Net |
Gross |
Net |
Gross |
Net |
Gross |
Net |
Commerciality |
Gross |
Net |
|||||
Sub-Class |
(Mbbl) |
(Mbbl) |
(MMcf) |
(MMcf) |
(MMcf) |
(MMcf) |
(Mbbl) |
(Mbbl) |
(Mboe) |
(Mboe) |
(%) (9) |
(Mboe) |
(Mboe) |
|||||
Prospective - Low Estimate |
||||||||||||||||||
Prospect(10) |
||||||||||||||||||
Australia(11) |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
|||||
Canada(12) |
185 |
166 |
95,116 |
87,039 |
- |
- |
5,458 |
4,703 |
21,496 |
19,376 |
32.9% |
65,396 |
58,986 |
|||||
France(13) |
3,379 |
3,044 |
- |
- |
- |
- |
- |
- |
3,379 |
3,044 |
49.0% |
6,898 |
6,253 |
|||||
Germany(14) |
- |
- |
88,561 |
76,691 |
- |
- |
- |
- |
14,760 |
12,782 |
24.6% |
59,995 |
51,954 |
|||||
Ireland |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
|||||
Netherlands(15) |
- |
- |
33,037 |
31,606 |
- |
- |
16 |
14 |
5,522 |
5,282 |
11.6% |
47,452 |
45,232 |
|||||
USA |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
|||||
Total |
3,564 |
3,210 |
216,714 |
195,336 |
- |
- |
5,474 |
4,717 |
45,157 |
40,484 |
25.1% |
179,741 |
162,425 |
|||||
Prospective - Best Estimate |
||||||||||||||||||
Prospect(10) |
||||||||||||||||||
Australia(11) |
579 |
579 |
- |
- |
- |
- |
- |
- |
579 |
579 |
48.0% |
1,207 |
1,027 |
|||||
Canada(12) |
2,263 |
2,029 |
170,797 |
153,565 |
- |
- |
10,195 |
8,412 |
40,924 |
36,035 |
34.3% |
119,269 |
105,029 |
|||||
France(13) |
9,609 |
8,532 |
- |
- |
- |
- |
- |
- |
9,609 |
8,532 |
37.2% |
25,835 |
22,939 |
|||||
Germany(14) |
- |
- |
169,557 |
147,917 |
- |
- |
- |
- |
28,260 |
24,653 |
24.6% |
114,865 |
100,205 |
|||||
Ireland |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
|||||
Netherlands(15) |
- |
- |
60,647 |
57,618 |
- |
- |
30 |
27 |
10,138 |
9,630 |
11.8% |
85,890 |
81,192 |
|||||
USA |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
|||||
Total |
12,451 |
11,140 |
401,001 |
359,100 |
- |
- |
10,225 |
8,439 |
89,510 |
79,429 |
25.8% |
347,066 |
310,392 |
|||||
Prospective - High Estimate |
||||||||||||||||||
Prospect(10) |
||||||||||||||||||
Australia(11) |
1,462 |
1,462 |
- |
- |
- |
- |
- |
- |
1,462 |
1,462 |
48.0% |
3,046 |
3,046 |
|||||
Canada(12) |
2,394 |
2,142 |
244,013 |
217,049 |
- |
- |
14,659 |
11,724 |
57,722 |
50,041 |
35.6% |
162,333 |
140,646 |
|||||
France(13) |
21,406 |
19,496 |
- |
- |
- |
- |
- |
- |
21,406 |
19,496 |
48.4% |
44,243 |
40,766 |
|||||
Germany(14) |
- |
- |
289,626 |
254,136 |
- |
- |
- |
- |
48,271 |
42,356 |
24.6% |
196,205 |
172,162 |
|||||
Ireland |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
|||||
Netherlands(15) |
- |
- |
114,102 |
106,974 |
- |
- |
59 |
52 |
19,076 |
17,881 |
11.9% |
159,744 |
148,690 |
|||||
USA |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
|||||
Total |
25,262 |
23,100 |
647,741 |
578,159 |
- |
- |
14,718 |
11,776 |
147,937 |
131,236 |
26.2% |
565,571 |
505,310 |
Table 13: Summary of Risked Net Present Value of Future Net Revenues as at December 31, 2016 - Forecast Prices and Costs (3)
Resources Project |
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Maturity Sub-Class |
Before Income Taxes, Discounted at (5) |
After Income Taxes, Discounted at (5) |
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(M$) |
0% |
5% |
10% |
15% |
20% |
0% |
5% |
10% |
15% |
20% |
Prospective (Pr1) -Low Estimate (6) |
||||||||||
Prospect (10) |
||||||||||
Canada (12) |
273,867 |
127,001 |
60,110 |
27,921 |
11,751 |
198,318 |
85,907 |
35,748 |
12,466 |
1,407 |
France (13) |
151,213 |
75,323 |
38,554 |
20,217 |
10,789 |
102,347 |
48,093 |
22,638 |
10,518 |
4,652 |
Germany (14) |
155,230 |
65,643 |
24,054 |
5,229 |
(3,139) |
106,234 |
38,604 |
8,125 |
(4,675) |
(9,585) |
Netherlands (15) |
146,420 |
81,758 |
50,537 |
34,384 |
25,278 |
75,803 |
39,394 |
21,746 |
13,088 |
8,573 |
Total |
726,730 |
349,725 |
173,255 |
87,751 |
44,679 |
482,702 |
211,998 |
88,257 |
31,397 |
5,047 |
Prospective (Pr2) -Best Estimate (7) |
||||||||||
Prospect (10) |
||||||||||
Australia (11) |
46,694 |
25,575 |
14,527 |
8,526 |
5,152 |
18,252 |
9,659 |
5,268 |
2,957 |
1,705 |
Canada (12) |
727,622 |
350,852 |
183,676 |
102,149 |
59,257 |
528,484 |
248,071 |
122,227 |
63,175 |
33,061 |
France (13) |
517,189 |
263,016 |
143,095 |
82,612 |
50,242 |
362,550 |
176,276 |
91,520 |
50,373 |
29,196 |
Germany (14) |
572,696 |
240,171 |
105,603 |
47,332 |
20,454 |
415,985 |
166,082 |
66,349 |
24,697 |
6,525 |
Netherlands (15) |
364,314 |
193,047 |
120,340 |
83,689 |
62,715 |
195,684 |
99,659 |
59,140 |
39,348 |
28,449 |
Total |
2,228,515 |
1,072,661 |
567,241 |
324,308 |
197,820 |
1,520,955 |
699,747 |
344,504 |
180,550 |
98,936 |
Prospective (Pr3) -High Estimate (8) |
||||||||||
Prospect (10) |
||||||||||
Australia (11) |
150,518 |
78,083 |
43,242 |
25,161 |
15,218 |
62,445 |
31,968 |
17,425 |
9,981 |
5,947 |
Canada (12) |
1,110,298 |
500,889 |
256,708 |
143,539 |
85,330 |
808,440 |
354,301 |
174,070 |
92,184 |
51,196 |
France (13) |
1,550,119 |
742,476 |
388,981 |
219,441 |
131,689 |
1,098,279 |
514,614 |
263,597 |
145,437 |
85,435 |
Germany (14) |
1,215,756 |
520,750 |
240,583 |
116,696 |
57,872 |
897,478 |
370,617 |
162,227 |
72,477 |
31,319 |
Netherlands (15) |
785,423 |
409,343 |
255,631 |
178,273 |
133,629 |
425,214 |
216,893 |
132,001 |
90,034 |
66,319 |
Total |
4,812,114 |
2,251,541 |
1,185,145 |
683,110 |
423,738 |
3,291,856 |
1,488,393 |
749,320 |
410,113 |
240,216 |
Notes: |
|
(1) |
Prospective resources are defined in the COGEH as those quantities of petroleum estimated, as of a given date, to be potentially recoverable from unknown accumulations by application of future development projects. Prospective resources have both an associated chance of discovery (CoDis) and a chance of development (CoDev). There is no certainty that any portion of the prospective resources will be discovered. If discovered, there is no certainty that it will be commercially viable to produce any portion of the prospective resources or that Vermilion will produce any portion of the volumes currently classified as prospective resources. The estimates of prospective resources involve implied assessment, based on certain estimates and assumptions, that the resources described exists in the quantities predicted or estimated, as at a given date, and that the resources can be profitably produced in the future. The risked net present value of the future net revenue from the prospective resources does not represent the fair market value of the prospective resources. Actual prospective resources (and any volumes that may be reclassified as reserves) and future production therefrom may be greater than or less than the estimates provided herein. |
(2) |
GLJ prepared the estimates of prospective resources shown for each property using deterministic principles and methods. Probabilistic aggregation of the low and high property estimates shown in the table might produce different total volumes than the arithmetic sums shown in the table. |
(3) |
The forecast price and cost assumptions utilized in the year-end 2016 reserves report were also utilized by GLJ in preparing the GLJ Resource Assessment. See "GLJ December 31, 2016 Forecast Prices" in this AIF. |
(4) |
"Gross" prospective resources are Vermilion's working interest (operating or non-operating) share before deduction of royalties and without including any royalty interests of Vermilion. "Net" prospective resources are Vermilion's working interest (operating or non-operating) share after deduction of royalty obligations, plus Vermilion's royalty interests in prospective resources. |
(5) |
The risked net present value of future net revenue attributable to the prospective resources does not represent the fair market value of the prospective resources. Estimated abandonment and reclamation costs have been included in the evaluation. |
(6) |
This is considered to be a conservative estimate of the quantity that will actually be recovered. It is likely that th
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