Ann: Potential reserves upgrade and corporate pre, page-38

re: Ann: Potential reserves upgrade and corpo... Licencing system seems to be similar to Australia and most parts of the world.

Take out an exploration licenses - set work program and relinquish part of the block at set times. If you find nothing the license might be renewed.

When you prove production - apply for production license with development plan - the part of the exploration license capable of production gets put in a long term license until the field is depleted.

Onshore oil fields take 10s of years to deplete since low operating costs allow operators to drain the last drop.