Crown Energy’s existing projects are in Equatorial Guinea, 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 sta- ke is financed in accordance with the farm-out agreement with Africa Energy of December 2015.

The project in  Equatorial Guinea is  in  an  evaluation phase and the partnership there is planning for preparations to  develop the oil field. 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 com- petent persons report (CPR) of 28 September 2017.