LIST OF CONTENT

TITLE PAGE ........................................................................................................... I

EXECUTIVE SUMMARY ....................................................................................................II
TABLE OF CONTENTS ..................................................................................................... III
LIST OF FIGURES .............................................................................................................. IV
LIST OF TABLES ................................................................................................................. V
LIST OF ATTACHMENTS ................................................................................................ VI

1. INTRODUCTION
Introduction ............................................................................................................ 1-1

2. GEOLOGY & GEOPHYSICAL ANALYSIS

2.1. Geology ........................................................................................................... 2-1
2.1.1. Tectonic ............................................................................................... 2-1
2.1.2. Stratigraphy ......................................................................................... 2-4
2.1.3. Facies & Depositional Environment .................................................. 2-6
2.1.3.1. Plio-Pleistocene Steenkool Sandstone ................................ 2-6
2.1.3.2. Miocene Kais Carbonate ...................................................... 2-8
2.1.3.3. Paleocene Daram Sandstone ............................................. 2-11
2.1.3.4. Aalenian-Toarcian Daram Sandstone ............................... 2-20
2.2. Geophysics .................................................................................................... 2-22
2.2.1. Well Seismic tie ............................................................................... 2-22
2.2.2. Structural Analysis .......................................................................... 2-23
2.2.3. Time / Depth map ............................................................................ 2-26
2.2.4. Velocity model ................................................................................ 2-27
2.2.5. Time to Depth conversion ............................................................... 2-29

3. PETROLEUM SYSTEMS
3.1. Source Rock .................................................................................................... 3-1
3.1.1. Permian Source Rocks ........................................................................ 3-1
3.1.2. Early to Middle Jurassic Inawatan / Yefbie Formation Source
Rocks. ................................................................................................. 3-4
 3.1.3. Maturation ......................................................................................... 3-10
3.2. Reservoirs Rocks .......................................................................................... 3-18
3.2.1. Permo-Triassic Sandstone ................................................................ 3-18
3.2.2. Jurassic Reservoirs ............................................................................ 3-19
3.2.2.1 Middle Jurassic Roabiba Sandstone (Bathonian –
Bajocian) ........................................................................... 3-19
3.2.2.2 Middle – Early Jurassic Ubadari Sandstone (Aalenian –
Toarcian) ........................................................................... 3-20
3.2.3. Cretaceous & Paleocene Sandstone ................................................. 3-23
3.2.4. Miocene Kais Carbonates ................................................................. 3-24
3.2.5. Plio-Pleistocene Steenkool Sandstone ............................................. 3-25
3.3. Traps and Sealing ......................................................................................... 3-26
3.3.1. Traps… .............................................................................................. 3-26
3.3.2. Sealing ............................................................................................... 3-27
3.4. Timing & Migration ..................................................................................... 3-27
3.5. Summary ....................................................................................................... 3-29

4. DRILLING RESULTS
4.1. Prognosis & Actual ........................................................................................ 4-1
4.1.1. KIDO-1X/ST (KWE-1X/ST) ..…… ................................................ 4-1
4.1.1.1. Operations High-Lights by Hole Section ............ 4-3
4.1.2. Reservoir Description ........................................................................ 4-28
4.1.2.1. Permo-Triassic Sandstone.................................................. 4-28
4.1.2.2. Jurassic Reservoirs ............................................................. 4-29
4.1.2.2.1. Middle Jurassic Roabiba Sandstone (Bathonian
– Bajocian) ........................................................................ 4-30
4.1.2.2.2. Middle – Early Jurassic Ubadari Sandstone
(Aalenian – Toarcian) ...................................................... 4-34
4.1.2.3. Paleocene Sandstones ........................................................ 4-36
4.1.2.4. Miocene Kais Carbonate .................................................... 4-38
4.1.2.5. Plio-Pleistocene Steenkool Sandstones ............................. 4-38
4.1.3. Drilling hazard................................................................................... 4-40
4.2. Well Sampling core ...................................................................................... 4-40
4.3. Petrophysical Analysis ................................................................................. 4-41
 4.3.1. Jurassic Reservoirs ............................................................................ 4-41
4.3.1.1. Middle Jurassic Roabiba Sandstone (Bathonian – Bajocian)
.................................................................................... 4-41
4.3.1.2. Middle – Early Jurassic Ubadari Sandstone (Aalenian –
Toarcian) ......................................................................... 4-43
4.4. Isopach Maps ................................................................................................ 4-44

5. TEST RESULTS
5.1. Pressure Data ................................................................................................. 5-1
5.2. DST ................................................................................................................ 5-1
5.3. Hydrocarbon Characteristic .......................................................................... 5-4
5.3.1. API Gravity ......................................................................................... 5-4
5.3.2. Oil/Gas Type………………………………………… ................... 5-4
5.3.3. Gas content………………………………. ...................................... 5-4
5.4. Flow rate test…………………………. ....................................................... 5-5
5.5. Formation Evaluation…………………………………………. ................. 5-6

6. RESOURCES
6.1. Parameter Resources Calculation………………………. ........................... 6-1
6.2. Volumetric…………………………………………… ............................... 6-1
6.2.1. Volumetric based on wells ................................................................. 6-1
6.2.2. Volumetric based on structural……………………… .................... 6-2

7. EXPLORATION ECONOMICS
7.1. Estimated Development Capital Expenditure, Abandonment Site &
Restoration (ASR) and Sunk Cost of Kido Field ……………………... 7-2
7.2. PSC Term & Economic Assumptions ………………… ............................. 7-4
7.3. Preliminary Economic Result ……………………………………….......... 7-5

8. CONCLUSIONS
Conclusions…………………………………………………… ............................. 8-1