Crown Energy’s existing projects are in South Africa, Madagascar and Iraq.

In Madagascar, the project is in an early exploration phase, while Block 2B in South Africa has come further along in the same phase, with a well due to be drilled in a specific area to evaluate the area’s commercial potential. The cost of  Crown Energy’s stake is financed in accordance with the farm-out agreement with Africa Energy of December 2015.

The licence in Salah-ad Din in Iraq extends from the exploration to the development phase and may even encompass areas that are ready for production now. However, regulatory approval and large-scale efforts to evaluate the area are required first. Crown Energy is seeking a financial and operational partner for this.

As of the end of the year, Crown Energy has both contingent resources (2C), and prospective resources, but  mainly the latter. Prospective resources are resources estimated to exist in accumulations in the exploration areas that are considered potentially recoverable but where drilling has not yet been done. A contingent resource is one in which deposits have been proven by drilling but for one reason or another they have not yet met the requirements for a reserve.

The table below provides a summary of Crown Energy’s project portfolio with the net potential stated in million barrels of oil equivalents (mmboe) based on the most recently updated competent persons report (CPR) of 28 September 2017.