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t 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40

DATE Jan-07 Feb-07 Mar-07 Apr-07 May-07 Jun-07 Jul-07 Aug-07 Sep-07 Oct-07 Nov-07 Dec-07 Jan-08 Feb-08 Mar-08 Apr-08 May-08 Jun-08 Jul-08 Aug-08 Sep-08 Oct-08 Nov-08 Dec-08 Jan-09 Feb-09 Mar-09 Apr-09 May-09 Jun-09 Jul-09 Aug-09 Sep-09 Oct-09 Nov-09 Dec-09 Jan-10 Feb-10 Mar-10 Apr-10 May-10

FIELD Arina Arina Arina Arina Arina Arina Arina Arina Arina Arina Arina Arina Arina Arina Arina Arina Arina Arina Arina Arina Arina Arina Arina Arina Arina Arina Arina Arina Arina Arina Arina Arina Arina Arina Arina Arina Arina Arina Arina Arina

BOPD 142 419 438 440 430 375 303 301 284 245 248 179 187 175 174 167 159 103 105 99 103 95 94 87 95 96 97 96 93 94 96 48 43 43 44 48 49 49 47 49

BWPD 4 10 10 10 10 9 5 5 8 10 10 12 12 12 12 6 6 4 4 4 4 4 4 4 4 4 4 4 4 4 4 3 3 3 3 3 3 3 3 3

MMSCFD 0.06 0.17 0.17 0.17 0.17 0.40 0.70 0.69 0.72 0.85 0.68 0.51 0.51 0.50 0.51 0.56 0.59 0.70 0.70 0.70 0.70 0.70 0.70 0.70 0.69 0.71 0.70 0.70 0.70 0.70 0.70 0.57 0.57 0.57 0.57 0.57 0.57 0.57 0.57 0.57

qo (STB/M) Np (MSTB) 4,387 4 11,726 16 13,572 30 13,193 43 13,341 56 11,256 67 9,397 77 9,324 86 8,513 95 7,592 102 7,436 110 5,535 115 5,788 121 5,081 126 5,379 132 5,002 137 4,925 141 3,084 145 3,244 148 3,082 151 3,100 154 2,959 157 2,810 160 2,700 162 2,932 165 2,701 168 2,997 171 2,893 174 2,880 177 2,817 180 2,989 183 1,496 184 1,278 185 1,347 187 1,305 188 1,488 190 1,506 191 1,364 192 1,467 194 1,483 195

q vs Np 16,000 14,000 12,000 Qo (STB/M) 10,000 8,000 6,000 4,000 2,000 0 Np (MSTB)

log Qo vs t 10,000,000 1,000,000 Qo (STB/M) 100,000 10,000 1,000 100 10 t

log q vs Np 10,000,000 1,000,000 Qo (STB/M) 100,000 10,000 1,000 100 10 Np (MSTB)

10,000 1,000 100 10 Np (MSTB)

log q vs log t 10,000,000 1,000,000 Qo (STB/M) 100,000 10,000 1,000 100 1

10 t

100

Arina Oil DATE May-07 Jun-07 Jul-07 Aug-07 Sep-07 Oct-07 Nov-07 Dec-07 Jan-08 Feb-08 Mar-08 Apr-08 May-08 Jun-08 Jul-08 Aug-08 Sep-08 Oct-08 Nov-08 Dec-08 Jan-09 Feb-09 Mar-09 Apr-09 May-09 Jun-09 Jul-09 Aug-09 Sep-09 Oct-09 Nov-09 Dec-09 Jan-10

t 0 31 61 92 123 153 184 214 245 276 305 336 366 397 427 458 489 519 550 580 611 642 670 701 731 762 792 823 854 884 915 945 976

qo (STB/D) 430 375 303 301 284 245 248 179 187 175 174 167 159 103 105 99 103 95 94 87 95 96 97 96 93 94 96 48 43 43 44 48 49

dt 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1

dq

q/(dq/dt)

d(q/(dq/dt))

b

55.15 72.07 2.35 17.01 38.86 -2.96 69.32 -8.16 11.50 1.69 6.78 7.86 56.07 -1.85 5.23 -3.91 7.88 1.78 6.57 -7.48 -1.88 -0.21 0.24 3.53 -1.00 -2.52 48.16 5.66 -0.85 -0.05 -4.50 -0.58

6.803 4.206 127.726 16.685 6.302 -83.642 2.576 -22.877 15.232 102.626 24.582 20.207 1.833 -56.713 19.025 -26.401 12.111 52.476 13.257 -12.638 -51.212 -453.600 395.079 26.317 -94.204 -38.271 1.002 7.529 -51.023 -899.000 -10.667 -83.667

2.597 -123.520 111.041 10.383 89.943 -86.217 25.453 -38.109 -87.394 78.044 4.375 18.373 58.547 -75.738 45.426 -38.512 -40.365 39.219 25.895 38.574 402.388 -848.679 368.762 120.521 -55.932 -39.273 -6.527 58.552 847.977 -888.333 73.000

-2.597 123.520 -111.041 -10.383 -89.943 86.217 -25.453 38.109 87.394 -78.044 -4.375 -18.373 -58.547 75.738 -45.426 38.512 40.365 -39.219 -25.895 -38.574 -402.388 848.679 -368.762 -120.521 55.932 39.273 6.527 -58.552 -847.977 888.333 -73.000

0 0.000001 exponential 0.1 0.9 hyperbolic 1 harmonic

Feb-10 Mar-10 Apr-10

1007 1035 1066

49 47 49

1 1 1

procedure to find b

-0.13 1.39 -2.11

-364.517 34.003 -23.420

280.851 -398.521 57.423

-280.851 398.521 -57.423 -30.222

exponential

Qo vs t 1,000

100 Qo (STB/D)

10

1 10

100

1000

100

t

Qo vs t 1,000 R² = 0.9201373254 100 Qo (STB/D) qo

10

1 0

200

400

600 t

800

1000

1200

10000

qo

1200

t 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 39 40 41 42 43 44 45 46 47 48 49

DATE May-07 Jun-07 Jul-07 Aug-07 Sep-07 Oct-07 Nov-07 Dec-07 Jan-08 Feb-08 Mar-08 Apr-08 May-08 Jun-08 Jul-08 Aug-08 Sep-08 Oct-08 Nov-08 Dec-08 Jan-09 Feb-09 Mar-09 Apr-09 May-09 Jun-09 Jul-09 Aug-09 Sep-09 Oct-09 Nov-09 Dec-09 Jan-10 Feb-10 Mar-10 Apr-10 May-10 Jun-10 Jul-10 Aug-10 Sep-10 Oct-10 Nov-10 Dec-10 Jan-11 Feb-11

qo (STB/D) 430.35 375.20 303.13 300.77 283.77 244.90 247.87 178.55 186.71 175.21 173.52 166.73 158.87 102.80 104.65 99.42 103.33 95.45 93.67 87.10 94.58 96.46 96.68 96.43 92.90 93.90 96.42 48.26 42.60 43.45 43.50 48.00 48.58 48.71 47.32 49.43

Exponential

Hyperbolic

Hyperbolic

Hyperbolic

b=0 0.055487 407.13 385.15 364.36 344.70 326.09 308.49 291.84 276.09 261.18 247.09 233.75 221.13 209.20 197.91 187.22 177.12 167.56 158.51 149.96 141.86 134.21 126.96 120.11 113.63 107.49 101.69 96.20 91.01 86.10 81.45 77.05 72.90 68.96 65.24 61.72 49.43

b=0.1 0.061948 404.58 380.50 357.98 336.92 317.21 298.77 281.49 265.31 250.15 235.94 222.60 210.10 198.36 187.34 176.98 167.26 158.12 149.52 141.44 133.83 126.68 119.94 113.59 107.61 101.98 96.66 91.65 86.93 82.47 78.26 74.29 70.54 66.99 63.64 60.47 49.43

b=0.2 0.069431 401.68 375.27 350.91 328.43 307.65 288.44 270.64 254.14 238.84 224.63 211.42 199.14 187.70 177.04 167.10 157.82 149.15 141.05 133.47 126.37 119.72 113.49 107.64 102.15 96.99 92.14 87.58 83.29 79.25 75.44 71.85 68.46 65.26 62.24 59.39 49.43

b=0.3 0.078120 398.37 369.42 343.13 319.23 297.45 277.56 259.37 242.70 227.39 213.32 200.35 188.39 177.35 167.13 157.66 148.88 140.73 133.14 126.08 119.50 113.36 107.62 102.25 97.23 92.52 88.11 83.96 80.07 76.40 72.95 69.70 66.64 63.75 61.02 58.44 49.43

50 51 52 53 54 55 56 57 58 59 60 61 62 63 64 65 66 67 68 69 70 71 72 73 74 75 76 77 78 79 80 81 82 83 84 85 86 87 88 89 90 91 92 93 94 95 96 97 98 99

Mar-11 Apr-11 May-11 Jun-11 Jul-11 Aug-11 Sep-11 Oct-11 Nov-11 Dec-11 Jan-12 Feb-12 Mar-12 Apr-12 May-12 Jun-12 Jul-12 Aug-12 Sep-12 Oct-12 Nov-12 Dec-12 Jan-13 Feb-13 Mar-13 Apr-13 May-13 Jun-13 Jul-13 Aug-13 Sep-13 Oct-13 Nov-13 Dec-13 Jan-14 Feb-14 Mar-14 Apr-14 May-14 Jun-14 Jul-14 Aug-14 Sep-14 Oct-14 Nov-14 Dec-14 Jan-15 Feb-15 Mar-15 Apr-15

100 101 102 103 104 105 106 107 108 109 110 111 112 113 114 115 116 117 118 119 120 121 122 123 124 125 126 127 128 129 130 131 132 133 134 135 136 137 138 139 140 141 142 143 144 145 146 147 148 149

May-15 Jun-15 Jul-15 Aug-15 Sep-15 Oct-15 Nov-15 Dec-15 Jan-16 Feb-16 Mar-16 Apr-16 May-16 Jun-16 Jul-16 Aug-16 Sep-16 Oct-16 Nov-16 Dec-16 Jan-17 Feb-17 Mar-17 Apr-17 May-17 Jun-17 Jul-17 Aug-17 Sep-17 Oct-17 Nov-17 Dec-17 Jan-18 Feb-18 Mar-18 Apr-18 May-18 Jun-18 Jul-18 Aug-18 Sep-18 Oct-18 Nov-18 Dec-18 Jan-19 Feb-19 Mar-19 Apr-19 May-19 Jun-19

150 151 152 153 154 155 156 157 158 159 160 161 162 163 164 165 166 167 168 169 170 171 172 173 174 175 176 177 178 179 180 181 182 183 184 185 186 187 188 189 190 191 192 193 194 195 196 197 198 199

Jul-19 Aug-19 Sep-19 Oct-19 Nov-19 Dec-19 Jan-20 Feb-20 Mar-20 Apr-20 May-20 Jun-20 Jul-20 Aug-20 Sep-20 Oct-20 Nov-20 Dec-20 Jan-21 Feb-21 Mar-21 Apr-21 May-21 Jun-21 Jul-21 Aug-21 Sep-21 Oct-21 Nov-21 Dec-21 Jan-22 Feb-22 Mar-22 Apr-22 May-22 Jun-22 Jul-22 Aug-22 Sep-22 Oct-22 Nov-22 Dec-22 Jan-23 Feb-23 Mar-23 Apr-23 May-23 Jun-23 Jul-23 Aug-23

200 201 202 203 204 205 206 207 208 209 210 211 212 213 214 215 216 217 218 219 220 221 222 223 224 225 226 227 228 229 230 231 232 233 234 235 236 237 238 239 240 241 242 243 244 245 246 247 248 249

Sep-23 Oct-23 Nov-23 Dec-23 Jan-24 Feb-24 Mar-24 Apr-24 May-24 Jun-24 Jul-24 Aug-24 Sep-24 Oct-24 Nov-24 Dec-24 Jan-25 Feb-25 Mar-25 Apr-25 May-25 Jun-25 Jul-25 Aug-25 Sep-25 Oct-25 Nov-25 Dec-25 Jan-26 Feb-26 Mar-26 Apr-26 May-26 Jun-26 Jul-26 Aug-26 Sep-26 Oct-26 Nov-26 Dec-26 Jan-27 Feb-27 Mar-27 Apr-27 May-27 Jun-27 Jul-27 Aug-27 Sep-27 Oct-27

250 251 252 253 254 255 256 257 258 259 260 261 262 263 264 265 266 267 268 269 270 271 272 273 274 275 276 277 278 279 280 281 282 283 284 285 286 287 288 289 290 291 292 293 294 295 296 297 298 299

Nov-27 Dec-27 Jan-28 Feb-28 Mar-28 Apr-28 May-28 Jun-28 Jul-28 Aug-28 Sep-28 Oct-28 Nov-28 Dec-28 Jan-29 Feb-29 Mar-29 Apr-29 May-29 Jun-29 Jul-29 Aug-29 Sep-29 Oct-29 Nov-29 Dec-29 Jan-30 Feb-30 Mar-30 Apr-30 May-30 Jun-30 Jul-30 Aug-30 Sep-30 Oct-30 Nov-30 Dec-30 Jan-31 Feb-31 Mar-31 Apr-31 May-31 Jun-31 Jul-31 Aug-31 Sep-31 Oct-31 Nov-31 Dec-31

300 301 302 303 304 305 306 307 308 309 310 311 312 313 314 315 316 317 318 319 320 321 322 323 324 325 326 327 328 329 330 331 332 333 334 335 336 337 338 339 340 341 342 343 344 345 346 347 348 349

Jan-32 Feb-32 Mar-32 Apr-32 May-32 Jun-32 Jul-32 Aug-32 Sep-32 Oct-32 Nov-32 Dec-32 Jan-33 Feb-33 Mar-33 Apr-33 May-33 Jun-33 Jul-33 Aug-33 Sep-33 Oct-33 Nov-33 Dec-33 Jan-34 Feb-34 Mar-34 Apr-34 May-34 Jun-34 Jul-34 Aug-34 Sep-34 Oct-34 Nov-34 Dec-34 Jan-35 Feb-35 Mar-35 Apr-35 May-35 Jun-35 Jul-35 Aug-35 Sep-35 Oct-35 Nov-35 Dec-35 Jan-36 Feb-36

350 351 352 353 354 355 356 357 358 359 360 361 362 363 364 365 366 367 368 369 370 371 372 373 374 375 376 377 378 379 380 381

Mar-36 Apr-36 May-36 Jun-36 Jul-36 Aug-36 Sep-36 Oct-36 Nov-36 Dec-36 Jan-37 Feb-37 Mar-37 Apr-37 May-37 Jun-37 Jul-37 Aug-37 Sep-37 Oct-37 Nov-37 Dec-37 Jan-38 Feb-38 Mar-38 Apr-38 May-38 Jun-38 Jul-38 Aug-38 Sep-38 Oct-38

Hyperbolic b=0.4 0.088232 394.61 362.89 334.63 309.35 286.67 266.25 247.81 231.11 215.94 202.13 189.53 178.00 167.43 157.72 148.78 140.53 132.91 125.85 119.31 113.23 107.58 102.32 97.41 92.82 88.53 84.51 80.75 77.21 73.89 70.76 67.82 65.04 62.42 59.95 57.61 49.43

Hyperbolic qt b=0.5 0.100028 390.33 355.65 325.39 298.83 275.40 254.61 236.10 219.53 204.65 191.23 179.09 168.07 158.04 148.88 140.49 132.79 125.71 119.18 113.15 107.56 102.37 97.56 93.07 88.89 84.98 81.33 77.90 74.69 71.67 68.83 66.16 63.64 61.26 59.01 56.89 49.43

Hyperbolic

Hyperbolic

Hyperbolic

Hyperbolic

b=0.6 0.113820 385.49 347.66 315.44 287.75 263.75 242.80 224.40 208.12 193.66 180.74 169.15 158.70 149.25 140.66 132.84 125.70 119.15 113.13 107.58 102.45 97.71 93.30 89.21 85.39 81.83 78.51 75.39 72.47 69.72 67.14 64.70 62.41 60.24 58.19 56.25 49.43

b=0.7 0.129980 380.01 338.92 304.85 276.22 251.88 230.97 212.85 197.02 183.10 170.76 159.78 149.94 141.10 133.10 125.85 119.24 113.20 107.66 102.57 97.88 93.53 89.51 85.77 82.29 79.05 76.01 73.17 70.50 68.00 65.64 63.42 61.32 59.34 57.46 55.69 49.43

b=0.8 0.148954 373.86 329.44 293.70 264.38 239.94 219.28 201.62 186.36 173.07 161.39 151.05 141.85 133.61 126.19 119.49 113.39 107.84 102.76 98.09 93.79 89.82 86.14 82.72 79.54 76.58 73.80 71.21 68.77 66.48 64.32 62.29 60.36 58.55 56.83 55.19 49.43

b=0.9 0.171275 366.98 319.27 282.10 252.38 228.09 207.88 190.83 176.25 163.65 152.66 142.99 134.43 126.78 119.93 113.74 108.14 103.03 98.37 94.09 90.15 86.51 83.15 80.02 77.11 74.39 71.85 69.47 67.24 65.14 63.15 61.29 59.52 57.85 56.26 54.76 49.43

Harmonic b=1 0.197584 359.35 308.46 270.20 240.38 216.49 196.91 180.59 166.76 154.90 144.62 135.61 127.66 120.60 114.27 108.57 103.42 98.73 94.45 90.52 86.91 83.58 80.49 77.62 74.95 72.46 70.12 67.94 65.88 63.95 62.12 60.40 58.77 57.23 55.76 54.37 49.43

t 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 39

DATE May-07 Jun-07 Jul-07 Aug-07 Sep-07 Oct-07 Nov-07 Dec-07 Jan-08 Feb-08 Mar-08 Apr-08 May-08 Jun-08 Jul-08 Aug-08 Sep-08 Oct-08 Nov-08 Dec-08 Jan-09 Feb-09 Mar-09 Apr-09 May-09 Jun-09 Jul-09 Aug-09 Sep-09 Oct-09 Nov-09 Dec-09 Jan-10 Feb-10 Mar-10 Apr-10 JUMLAH

qo (STB/D) 430 375 303 301 284 245 248 179 187 175 174 167 159 103 105 99 103 95 94 87 95 96 97 96 93 94 96 48 43 43 44 48 49 49 47 49

Exponential

Hyperbolic

Hyperbolic

b=0

b=0.1

b=0.2

1.33 0.26 10.29 5.60 5.49 13.11 6.63 34.46 21.24 20.91 15.52 13.38 12.11 45.70 36.42 34.09 24.62 25.09 21.13 21.14 11.70 7.33 4.57 2.60 1.98 0.60 0.00 20.08 21.98 17.73 14.61 8.50 6.02 4.19 3.36 0.00 493.76

1.64 0.07 8.40 3.88 3.53 9.71 4.02 28.38 16.09 15.63 10.82 8.95 7.86 38.15 29.57 27.52 18.98 19.55 16.14 16.32 8.13 4.59 2.52 1.16 0.81 0.08 0.25 17.20 19.28 15.48 12.76 7.20 5.06 3.50 2.86 0.00 386.09

2.05 0.00 6.51 2.33 1.85 6.57 1.92 22.49 11.38 10.87 6.80 5.27 4.43 31.13 23.34 21.61 14.07 14.74 11.87 12.20 5.28 2.55 1.12 0.32 0.17 0.03 0.89 14.74 16.95 13.56 11.19 6.12 4.26 2.94 2.45 0.00 294.00

Hyperbolic

Hyperbolic

b=0.3

b=0.4

2.57 0.09 4.66 1.07 0.63 3.84 0.51 16.96 7.28 6.81 3.59 2.49 1.93 24.76 17.83 16.43 9.94 10.67 8.33 8.79 3.11 1.16 0.30 0.01 0.00 0.38 1.85 12.64 14.95 11.93 9.85 5.21 3.61 2.48 2.12 0.00 218.77

3.24 0.42 2.96 0.24 0.03 1.71 0.00 11.95 3.96 3.59 1.35 0.71 0.44 19.12 13.09 12.03 6.58 7.34 5.51 6.03 1.57 0.33 0.01 0.14 0.22 1.04 3.04 10.86 13.25 10.54 8.72 4.47 3.07 2.11 1.84 0.00 161.50

Hyperbolic x2 b=0.5 4.10 1.08 1.52 0.01 0.25 0.37 0.59 7.65 1.57 1.34 0.17 0.01 0.00 14.26 9.15 8.39 3.98 4.72 3.35 3.89 0.59 0.01 0.14 0.64 0.74 1.94 4.40 9.35 11.79 9.36 7.76 3.84 2.62 1.80 1.61 0.00 123.04

Hyperbolic

Hyperbolic

Hyperbolic

b=0.6

b=0.7

b=0.8

5.22 2.18 0.48 0.59 1.52 0.02 2.46 4.20 0.25 0.17 0.11 0.41 0.62 10.19 5.99 5.49 2.10 2.76 1.80 2.30 0.10 0.11 0.63 1.43 1.50 3.02 5.87 8.09 10.55 8.36 6.95 3.33 2.26 1.54 1.42 0.00 103.98

6.67 3.88 0.01 2.18 4.04 0.84 5.76 1.73 0.07 0.12 1.18 1.88 2.24 6.90 3.57 3.29 0.86 1.38 0.77 1.19 0.01 0.54 1.39 2.43 2.43 4.21 7.39 7.02 9.49 7.50 6.26 2.89 1.95 1.33 1.26 0.00 104.66

8.54 6.35 0.30 5.01 8.01 2.99 10.61 0.33 1.08 1.18 3.34 4.37 4.78 4.34 1.84 1.72 0.19 0.52 0.20 0.48 0.25 1.24 2.35 3.59 3.48 5.47 8.93 6.12 8.58 6.77 5.67 2.53 1.70 1.16 1.12 0.00 125.12

Hyperbolic

Harmonic

b=0.9

b=1

10.94 9.80 1.57 9.28 13.59 6.59 17.05 0.03 3.25 3.33 6.52 7.76 8.12 2.45 0.73 0.70 0.00 0.09 0.00 0.10 0.75 2.13 3.47 4.84 4.61 6.77 10.45 5.36 7.80 6.15 5.16 2.23 1.48 1.01 1.01 0.00 165.12

14.03 14.44 4.01 15.18 20.91 11.70 25.07 0.83 6.53 6.47 10.59 11.96 12.15 1.15 0.14 0.15 0.21 0.01 0.11 0.00 1.45 3.17 4.68 6.16 5.77 8.06 11.94 4.71 7.13 5.61 4.73 1.97 1.31 0.89 0.91 0.00 224.15

ARINA Field Oil Production Forecast Generated Based On ARINA Production History (Surrounding Well) 500

500 Decline Rate Production History Arina Forecast Cumm. Oil Arina Decline Cumm. Cumm. Production History

450 400 350

450 400 350

300 BOPD Oil Rate,

300

250

250

200

200

150

150 ARINA Cumm. Forecast: 55.5 Mbbls 100

ARINA Forecast with qi = 100 BOPD

100

Economic limit : 10 BOPD

50

50

0 Jan-97

0 Jan-99

Dec-00

Dec-02

Dec-04

Dec-06

Dec-08

Dec-10

Date

Dec-12

Dec-14

Dec-16

Dec-18

Dec-20

Dec-22

Cumm. Oil, MBBLS

ECONOMIC CALCULATION OF ARINA

YEAR

Previous 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023

OIL PROD, MBO

18.2 15.4 9.4 6.4 4.7 1.3 -

Oil PRICE, $/BBL

70.0 70.0 60.0 60.0 60.0 60.0 60.0 60.0 60.0 60.0 60.0 60.0 60.0 60.0

COND. PROD, MSTB

COND. PRICE, $/BBL

-

45.0 45.0 45.0 45.0 45.0 45.0 45.0 45.0 45.0 45.0 45.0 45.0 45.0 45.0

GROSS REVENUE M$

### 0 1,277 ### 1,081 ### 566 ### 385 ### 283 ### 78 ### ### 0 ### 0 ### 0 ### 0 ### 0 ### 0 ### 0 ### 0

INVESTMENT, M$ TANG.

215 -

INTANG.

573 -

TOTAL

788 -

OPERATING COST M$

0 109 93 57 39 28 8 0 0 0 0 0 0 0 0

TOTAL

55.5

PSC CONTRACT TERM : Goverment Tax : Contractor Before Tax Oil Split : BPMIGAS Before Tax Oil Split : Invesment Credit : FTP,% : DMO Volume = 25% of Contractor share Free DMO incentive = 60 months DMO Price = 15% of Market Price

0.0

3,670

215

0.4800 0.2885 0.7115 0.00 20.0%

573

788

333

Oil & Condensate Split After Tax Contractor, % BPMIGAS

OF ARINA

TANGIBLE

54 40 30 23 68 -

COST RECOVERY, M$ EXPENSE TO BE PREV. YEAR TOTAL RECOVERED UNREC'D COST

627 150 123 79 107 28 8 -

627 -

627 776 123 79 107 28 8 -

ALLOWED BY FTP

1,022 865 453 308 226 62 -

THIS YEAR

776 123 79 107 28 8 -

215

nsate Split After Tax 15.0% 85.0%

1,121

ECONOMIC CALCULATION OF ARINA FTP ENTITLEMENT, M$ FTP TO BE TO TO SPLIT BPMIGAS CONTR.

255 216 113 77 57 16 -

182 154 81 55 40 11 -

74 62 33 22 16 4 -

EQUITY TO BE SPLIT

246 742 373 202 198 54 -

DISTRIBUTION INCOME, M$ BPMIGAS CONTR. TAXABLE DMO EQUITY EQUITY INCOME

175 528 266 144 141 39 -

71 214 108 58 57 16 -

71 66 35 24 17 5 -

74 210 106 57 56 15 -

TAX

35 101 51 27 27 7 -

CONTRACTOR NET M$

(788) 705 139 78 98 29 8 -

734

522

212

1,815

1,291

523

217

249

269

CONTRACTOR CUM M$

(788) (83) 57 134 232 261 269 269 269 269 269 269 269 269 269

BPMIGAS . NCF NET CUM M$ M$

463 849 432 249 225 62 -

463 1,312 1,743 1,992 2,218 2,280 2,280 2,280 2,280 2,280 2,280 2,280 2,280 2,280

YEAR

Previous 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023

2,280

ECONOMIC SUMMARY OF ARINA WORKOVER 2010 S U M MAR Y

I T E M

$M

$/BOE

MBOE

PERCENT

GROSS INCOME

3,670

66.07

56

100.00

OPERATING COST INVESTMENT BPMIGAS EQUITY TAX DMO TOTAL INDONESIA NCF TO CONTRACTOR

333 788 1,814 249 217 2,280 269

6.00 14.18 32.65 4.47 3.92 41.04 4.85

5 12 27 4 3 35 4

9.08 21.47 49.42 6.77 5.93 62.12 7.34

T O TAL

3,670

66.07

56

100.00

CONTRACTOR. ECONOMIC INDICATORS : FULL LIFE PROJECT : NET CASH FLOW, $M 5% NPV 10% NPV

$M 269 186 116

ROR, % Pay-Out Time, in Year

GOVERNMENT ECONOMIC INDICATORS : NET CASH FLOW, $M 5% NPV 10% NPV

*)

The investment consists of (in thousand US$) : Workover Cost 788 Pipeline 0 Total 788

20% 2.6

$M 2,280 2,011 1,791