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Reserves

Unaudited Statement of Net Commercial Oil and Gas Reserve Quantities – Proven and Probable Reserves for the year ended 31 December 2007

Volumes - Group

	Total
	Oil Million bbl	Gas bcf	Petroleum Million boe
At 31 December 2006	18.70	242.60	60.53
Changes during the year:
Acquisitions (note 4,5)	-	20.21	3.48
Extensions, discoveries and other additions (note 6)	26.61	-	26.61
Production	(0.01)	(0.88)	(0.16)
Disposals	(3.45)	(60.65)	(13.91)
At 31 December 2007	41.85	201.28	76.55

Volumes and categorisation by location - Group

	Total
	Oil Million bbl	Gas bcf	Petroleum Million boe
At 31 December 2007:
Proven reserves	7.44	114.85	27.14
Probable reserves	34.41	86.43	49.41
	41.85	201.28	76.55
At 31 December 2006:
Proven reserves	9.27	146.10	34.46
Probable reserves	9.43	96.50	26.07
	18.70	242.60	60.53

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 in the UK represent the Group’s reserves as previously determined by ECL in April 2005, and subsequently reconfirmed in June 2006, in an independent valuation of some of the Group’s oil and gas assets in the Weald Basin. Further information is given in note 12 to the 2006 Report & Accounts.
3. Proven and probable reserves in the Netherlands represent the Group’s reserves as determined by RPS Energy in an independent valuation of some of the Group’s oil and gas assets in that country in March 2006. Further information is given in notes 13 and 29 to the 2006 Report & Accounts. These reserves were originally acquired as a result of the Group’s agreements with NAM and through its application for the Papekop production licence, which was awarded on 7 June 2006. Net reserves make the assumption of Dutch State participation of 40% in all the NAM projects. 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 1% gross overriding royalty over the Group’s interest.
4. Waalwijk proven reserves as determined by previous operator. Probable reserves are Northern Petroleum estimates.
5. P12 reserves as determined by current operator’s estimates.
6. Proven and probable reserves in Italy represent the Group’s reserves as determined by Blackwatch Petroleum Services in independent valuations of some of the Group’s oil and gas assets in that country during the fourth quarter of 2007.
7. Quantities of oil equivalent are calculated using a gas-to-oil conversion factor of 5,800 scf of gas per boe.

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