Glossary
General abbreviations
AGM Annual General Meeting
EGM Extraordinary General Meeting
SEK Swedish krona
TSEK Thousands of Swedish kronor
USD US dollar
CHF Swiss francs
TUSD Thousands of US dollar
TCHF Thousands of Swiss francs
MUSD Million US dollars
€ Euro
Petroleum related abbreviations and definitions
bbl barrel of oil
bbls barrels of oil
mbbls thousand barrels of oil (in Latin
mille)
mmbbls million barrels of oil
bbls/d barrels of oil per day
mmbbls/d million barrels
of oil per day
cm cubic meters
mcm thousand cubic meters
bcm billion cubic metres
mcm/d thousand cubic meters per
day
boe barrels of oil equivalents
mmbblse million barrels of
oil equivalents
boe/d barrels of oil equivalents per day
1 bbl = 159 litres
1 cf (cubic feet) = 0.028 m 3 (cubic meter)
1 m 3 (cubic meter) = 37.2
cf (cubic feet)
2D seismic
Linear lines of seismic profiles that provide
data along two axes, length and depth.
3D seismic
Seismic profiles from multiple lines acquired
simultaneously that provide data along length, width and depth.
Basin
Basin is a depression of large size in which sediments
have accumulated.
Conditional indirect shares/Conditional indirect interests/Conditional
indirect shares of interests
The above terms are used when the Company
must complete certain commitments in order to acquire its indirect
interests in licenses held by its partners (cf. the Company’s interests
in Turkey ).
Direct shares/Direct interests
The above terms are used
when the Company is the registered license holder (cf. the Company’s
Danish licenses).
Farm-in
A joint-venture agreement between companies whereby one
company holds the license and the other company joins them by taking a working
interest in the license.
Hydrocarbons
Naturally occurring organic substances composed of hydrogen
and carbon. Th ey include crude oil, natural gas and natural gas condensate.
Indirect shares/ Indirect interests/ Indirect shares of interests
The above terms are used when the Company’s rights derive from agreements
with partners. In these situations, the Company has not registered
these rights with the relevant authorities, and is not the registered
holder of the licenses in whole or in part.
License
Company is granted rights to a concession and bears
the cost of exploration and development, in return for paying to the government
license fees and royalties on production. In this prospectus the license
is used to describe contracts also known as concessions, permits, and production
sharing contracts and licenses.
OECD
Stands for Organisation for Economic Cooperation and Development.
OECD has 30 members of which the majority are European countries.
Operator
The company designated to undertake the work and operations
on a license.
Paying interest
Paying interest is the cost-bearing interest arising
out of the obligation to bear initial exploration, appraisal and development
costs on behalf of a partner.
Possible reserves
Possible reserves are those quantities of petroleum
which are estimated to be potentially recoverable from undiscovered accumulations.
Price
The price of oil is usually stated as USD per barrel (USD/bbl),
and the price for gas as euros per thousand cubic meters (€/mcm).
Probable reserves
Probable reserves are those unproved reserves which
analysis of geological and engineering data suggests are more likely than
not to be recoverable. In this context, when probabilistic methods are used,
there should be at least a 50 percent probability that the quantities actually
recovered will equal or exceed the sum of estimated proved plus probable
reserves.
Production rate
The rate of production of hydrocrabons is measured
on a daily basis: for oil it is barrels per day (bbls/d) and for gas
it is thousand cubic meters per day (mcm/d).
Proved reserves
Proved reserves are those quantities of petroleum
which, by analysis of geological and engineering data, can be estimated with
reasonable certainty to be commercially recoverable, from a given date forward,
from known reservoirs and under current economic conditions, operating methods
and governmental regulations. Proved reserves can be categorised as developed
or undeveloped. If deterministic methods are used, the term reasonable certainty
is intended to express a high degree of confidence that the quantities will
be recovered. If probabilistic methods are used, there should be at least
a 90 percent probability that the quantities actually recovered will equal
or exceed the estimates. Reserves are usually stated in volumes as million
barrels of oil (mmbo) or billion cubic meters of gas (bcm), or a combination
of oil and gas reserves as million barrels of oil equivalent (mmboe).
Seismic
Seismic is a method of geophysical prospecting involving
the interaction of sound waves and buried sedimentary rock layers.
Work commitment
The contractual obligation to undertake certain
works as per the license issued by the government.
Working interest
The actual interest owned by a party for
which the party pays its pro rata percentage of expenses in return
for its pro rata percentage share of any production.