Glossary of Technical Terms

2-D seismic                                               geophysical data that depicts the subsurface strata in two dimensions
3-D seismic                                               geophysical data that depict the subsurface strata in three dimensions. 3-D seismic typically provides a more detailed and accurate interpretation of the subsurface strata than 2-D seismic
abandonment application of a cement plug to close a well and welding of a steel plate to the top of the well; the well is then plugged and abandoned
bbl the standard barrel of crude oil or other petroleum product is 42 US gallons (approximately 159 litres)
bcf                                                               billion cubic feet
bcm                                                             billion cubic metres  
Best estimate                                          the term ‘best estimate’ is used here as a generic expression for the estimate considered to be the closest to the quantity that will actually be recovered from the accumulation between the date of the estimate and the time of abandonment
boe                                                              barrels of oil equivalent, being for natural gas the energy equivalent on one barrel of oil.  The usual ratio is to equate 6,000 cubic feet to one barrel of oil equivalent
condensate                                               liquid hydrocarbons associated with the production from a primarily natural gas reservoir
field                                                             means an area consisting of either a single reservoir or multiple reservoirs, all grouped on or related to the same individual geological structural feature and/or stratigraphic condition
gas                                                              natural gas
gas processing facilities                        together with the laboratory, gathering pipelines and storage facilities (if any), a plant comprising one or more units such that after conditioning the gas will be of pipeline quality as, specified by Gazprom, such units may include dehydration, sweetening and separation of natural gas liquids
gas-water contact                                  bounding surface in a reservoir above which predominantly gas occurs and below which predominantly water occurs
hydrocarbons                                           compounds formed from the elements hydrogen (H) and carbon (C) and existing in solid, liquid or gaseous forms
Kungurian Salt                                         a layer of salt laid down during the lower Permian age which occurs in the Northern Caspian Petroleum Province
licence area                                              the particular subsoil plot specified in the subsoil licence issued by the applicable Russian federal authority, which the licence holder has the right to use for the purpose and on the terms specified in the subsoil licence. A licence area may contain one or more fields or may encompass only a portion of a field
liquidation                                                 Abandonment
mmbbls                                                      million barrels
mcm                                                            thousand cubic metres
mmBOE                                                      million barrels of oil equivalent
natural gas                                                hydrocarbons that are gaseous at one atmosphere of pressure at 20°C. It can be divided into lean gas, primarily methane but often containing some ethane and smaller quantities of heavier hydrocarbons (also called sales gas) and wet gas, primarily ethane, propane and butane as well as smaller amounts of heavier hydrocarbons; partially liquid under atmospheric pressure
petroleum                                                 naturally occurring liquids and gasses which are predominantly comprised of hydrocarbon compounds
possible reserves                                    are those unproven reserves that, on the available evidence and taking into account technical and economic factors, have a 10.0 per cent. chance of being produced
probable reserves                                   are those reserves in which hydrocarbons have been located within the geological structure with a lesser degree of certainty because fewer wells have been drilled and/or certain operational tests have not been conducted. Probable reserves are those reserves that, on the available evidence and taking into account technical and economic factors, have a better than 50.0 per cent. chance of being produced
prospective resources                           Are those quantities of hydrocarbons which are estimated, on a given date, to be potentially recoverable from undiscovered accumulations
proved reserves                                         include reserves that are confirmed with a high degree of certainty through an analysis of development history and/or volume method analysis of the relevant geological and engineering data. Proved reserves are those that, based on the available evidence and taking into account technical and economic factors, have a better than 90.0 per cent. chance of being produced
proved plus probable reserves            sum of the proved reserves and the probable reserves calculated in accordance with SPE standards
reserves                                                     quantities of petroleum which are anticipated to be commercially recoverable from known accumulations from a given date forward
reservoir                                                    a porous and permeable underground formation containing a natural accumulation of producible natural gas and/or oil that is confined by impermeable rock or water barriers and is separate from other reservoirs
risk factor                                                  for contingent resources means the estimated chance, or probability, that the volumes will be commercially extracted; for prospective resources means the chance or probability of discovering hydrocarbons in sufficient quantity for them to be tested to the surface, this, then, is the chance or probability of the prospective resource maturing into a contingent resource
SPE standards                                          reserves definitions consistent with those approved in March 1997 by the Society of Petroleum Engineers and the World Petroleum Congresses
sub-salt                                                      below the Kungurian salt layer
supra-salt             above the Kungurian salt layer
Latest News Latest Production Report
Share Price 32.00p Change 0.00 at 13:15 on 28/01/20