Reserves Summary

Unaudited Statement of Net Commercial Oil and Gas Reserve Quantities

Licenses: Netherlands

Notes

1. The Reserve estimates shown in this report are based upon the joint reserve and resource definitions of the Society of Petroleum Engineers, the World Petroleum Congress, and the American Association of Petroleum Geologists.

2. Proven and probable reserves for Brakel, Ottoland and Papekop represent reserves as determined during 2010 by RPS Energy in an independent valuation of some of the Group’s oil and gas assets in The Netherlands, adjusted for subsequent production where applicable. Further information is given in note 11 to the 2010 Report & Accounts. These reserves, other than in respect of Papekop, were originally acquired as a result of the Group’s agreements with NAM. The reserves in The Netherlands which are held as a result of the Group's agreements with NAM are subject to a 50% net profit interest after payback of 130% of the Group's capital costs. The Papekop production licence is subject to a 0.6% gross overriding royalty over the Group’s interest.

3. Geesbrug, Grolloo and Wijk en Aalburg proven and probable reserves are the Group’s most recent estimates as announced on 27 May 2011 (Geesbrug and Grolloo) and 30 September 2011 (Wijk en Aalburg), which supersede reserves as determined during 2010 by RPS Energy in an independent valuation of some of the Group’s oil and gas assets in The Netherlands, adjusted for subsequent production where applicable. Further information is given in note 11 to the 2010 Report & Accounts. These reserves were originally acquired as a result of the Group’s agreements with NAM and are subject to a 50% net profit interest after payback of 130% of the Group's capital costs.

4. Waalwijk proven and probable reserves are the Group’s most recent estimates.

5. P12 reserves are as determined by current operator’s most recent estimates.

6. Quantities of oil equivalent are calculated using a gas-to-oil conversion factor of 5,800 scf of gas per boe.