Investor Centre

Glossary

Term	Description
1C	Low estimate of contingent resources.
1P	Proven reserves.
2C	Best estimate of contingent resources.
2P	Proven and probable reserves.
barrel/bbl	The standard unit of measurement for all production and sales – one barrel equals 159 litres or 35 imperial gallons.
bcf/bscf	Billion standard cubic feet where a billion is defined as 10 ⁹. On average 1 bscf of sales gas = 1.055 petajoules.
boe	Barrels of oil equivalent - the factor used to convert volumes of different hydrocarbon production to barrels of oil equivalent. Conversion rate used by Oil Search for gas is 6,000 cubic feet gas is equivalent to 1 barrel of oil.
bopd	Barrels of oil per day.
BTU	British Thermal Units, a measure of thermal energy. 1 BTU is equivalent to 1,055 joules.
condensate	Hydrocarbons which are in the gaseous state under reservoir conditions and which become liquid when temperature or pressure is reduced. A mixture of pentanes and higher hydrocarbons.
contingent resources	The Company’s technically recoverable resources for its discovered but uncommercialised gas fields are classified as contingent resources. These resources would be expected to be booked in the reserves category once commercialisation arrangements have been finalised. 2C denotes the best estimate of contingent resources.
crude oil	Liquid petroleum as it comes out of the ground. Crude oils range from very light (high in gasoline) to very heavy (high in residual oils). Sour crude is high in sulphur content. Sweet crude is low in sulphur and therefore often more valuable.
development well	Wells designed to produce hydrocarbons from a gas or oil field within a proven productive reservoir defined by exploration or appraisal drilling.
EBITDAX	Earnings before interest, tax, depreciation, depletion, exploration and impairment.
FEED	Front end engineering and design. Conceptual design prior to detailed design.
GOR	Gas to oil ratio.
hydrocarbons	Solid, liquid or gas compounds of the elements hydrogen and carbon.
LNG	Liquefied natural gas.
LPG	Liquid petroleum gas.
LTI	Long Term Incentive.
MENA	Middle East/North Africa.
mmbbl	Million barrels.
mmscf/d	Million standard cubic feet per day.
MTPA	Million tonnes per annum (LNG).
PDL	Petroleum Development Licence.
PJ	Petajoules – joules are the metric measurement unit for energy – a petajoule is equal to 1 joule x 10 ¹⁵.
PL	Pipeline Licence.
PNG	Papua New Guinea.
PNG LNG Project Operator	Esso Highlands Limited, a subsidiary of Exxon Mobil Corporation (ExxonMobil).
PPFL	Petroleum Processing Facilities Licence.
PPL	Petroleum Prospecting Licence.
PRL	Petroleum Retention Licence.
probable reserves	Probable reserves are those reserves which geological and engineering data demonstrate to be potentially recoverable, but where some element of risk or insufficient data prevent classification as proven. Probable reserves are calculated by subtracting proven reserves from those probabilistically calculated reserves having a 50 per cent confidence level (P50). Therefore, "Proven plus Probable" (2P) reserves are defined as those reserves which have a 50 per cent likelihood of being equalled or exceeded.
proven reserves	Proven reserves are the estimated quantities of crude oil, natural gas and natural gas liquids which geological and engineering data demonstrate with reasonable certainty to be recoverable in future years from known reservoirs under existing economic and operating conditions. Proven reserves are limited to those quantities of oil and gas which can be expected, with little doubt, to be recoverable commercially at current prices and costs, under existing regulatory practices and with existing conventional equipment and operating methods. Proven (1P) reserves are probabilistically calculated reserves having a 90 per cent confidence level (P90); such reserves have a 90 per cent likelihood of being equalled or exceeded.
seismic survey	A survey used to gain an understanding of rock formations beneath the earth’s surface.
STI	Short Term Incentive.
tcf	Trillion cubic feet (measurement of gas volume).
wildcats	Exploration wells testing new play concepts or structures distanced from current fields.