Common use of Resources certification and methodology Clause in Contracts

Resources certification and methodology. You are instructed to certify and report in writing addressed to the Instructing Parties, as at the date of your certification report: (A) the Estimated Ultimate Recovery of Reserves of Raw Gas and Hydrocarbon Gas from the PRL15 Fields, at 1P, 2P and 3P estimate levels, in tcf rounded to two decimal places; and (B) the Estimated Ultimate Recovery of Reserves of Condensate from the PRL15 Fields, at 1P, 2P and 3P estimate levels, in MMbbl rounded to zero decimal places. In undertaking your study and certification and in preparing your certification report, you are instructed to employ a deterministic methodology. With such deterministic approach, which is the most commonly used one for contingent resources, estimates are assigned to each category (1C / 2C / 3C), using the most suitable dataset of parameters, taking into account the nature and amount of reliable geological, geophysical and engineering data, and also your own judgment and experience by applying the most suitable methodologies and workflows. Condensate estimates should be based on stabilized Condensate that will meet Rxxx Vapor Pressure specifications for an atmospheric storage tank. In preparing your certification report you are to act as an expert and not as an arbitrator, and subject to this letter of instruction you may adopt such procedures as you see fit.

Resources certification and methodology. You are instructed to certify and report in writing addressed to the Instructing Parties, as at the date of your certification report: (A) the Estimated Ultimate Recovery of Reserves Contingent Resources of Raw Gas and Hydrocarbon Gas from the PRL15 Fields, at 1P1C, 2P 2C and 3P 3C estimate levels, in tcf rounded to two decimal places; and (B) the Estimated Ultimate Recovery of Reserves Contingent Resources of Condensate from the PRL15 Fields, at 1P1C, 2P 2C and 3P 3C estimate levels, in MMbbl rounded to zero decimal places. In undertaking your study and certification and in preparing your certification report, you are instructed to employ a deterministic methodology. With such deterministic approach, which is the most commonly used one for contingent resources, estimates are assigned to each category (1C / 2C / 3C), using the most suitable dataset of parameters, taking into account the nature and amount of reliable geological, geophysical and engineering data, and also your own judgment and experience by applying the most suitable methodologies and workflows. Condensate estimates should be based on stabilized Condensate that will meet Rxxx Vapor Pressure specifications for an atmospheric storage tank. In preparing your certification report you are to act as an expert and not as an arbitrator, and subject to this letter of instruction you may adopt such procedures as you see fit.