Ann: Reserves and Market update , page-2

A ~ 9% increase in 1p reserves (excluding the sold assetts)
no figure for the increase in 2p & 3p reseves though ??

can anyone explain how the "pricing" affects the quantity of reseverves of oil ie.

"The 1P reserves have been calculated using the 10 year NYMEX forward strip prices of US$103.32 BO for oil and
US$6.99 MCF for gas (2010: US$91.85 BO and US$4.15 MCF). Using an oil price of US$75 BO and a gas price of
US$7.50 MCF results in a 1P (Proven) reserve quantity at 1 July 2011 of 4.1 MMBOE. The 10 year NYMEX prices are
used because of the long life characteristics of most of the Company�s assets."

i understand that the nymex price is a higher figure than the west texas crude.

gk.