2015 self-estimation of reserves in UEG Pakistani oil/gas project passed review by Chinese reserves estimation experts

As part of the efforts to enable UEG to go public on the stock exchange, United Energy (Beijing) Company Limited engaged an expert panel consisting of five oil/gas/mineral reserves estimators with Chinese Ministry of Land and Resources to carry out an expert review on the self-estimation of 2015 reserves in UEP oil/gas project. The panel listened to the reports made by UEP self-estimation personnel, and made a spot check on the reserves calculation reports on five major oil/gas fields under the PRMS reserve estimation criteria.

The expert panel, through thorough review, is convinced that UEP has carried out estimation of its reserves meticulously and in close connection with its operations. By virtue of the complete basic data of the five about oil/gas fields and in-depth research activities, the reserve parameters are taken as a solid basis and the calculation result is rational. The expert panel approved the 2015 self-estimation when the UEP oil/gas project serves as an interface with external estimation, holding that its reserves have a high level of production, high output and high level of identification. Finally, the expert panel also provided further workable technical guidelines on methodology of gas field estimation, providing a powerful technical support for UEP to bring its self-estimation to a higher level and for successfully interfacing with external estimation.