Annamaria OGIP Assessment 2021 including Unitisation

Conducted an assessment of Original Gas In Place (OGIP) of the thinly bedded clastic reservoirs of the Annamaria Field, which straddle the Croatia-Italy border, located offshore in the northern Adriatic, including:

1. Petrophysics:
2. Petrophysical quantitative interpretation/evaluation of thinly bedded reservoirs sequence in terms of total and effective porosity and fluid saturation applying the methodology appropriate for thinly bedded clastic reservoirs (6 wells)
3. Recognition and quantification of hydrocarbon pore thickness for each reservoir in each well including proper cut-off definition criteria
4. Reservoir Geology:
5. QC of the structural model
6. Geological model constructed in Petrel including uncertainty handling scenarios
7. Evaluation of vertical and spatial gas distribution for each thinly bedded reservoir
8. Reservoir properties distribution
9. Volumetrics – deterministic base case OGIP and stochastic range
10. The critical issues considered were:
11. Recognition and quantification of hydrocarbon pore thickness
12. Evaluation of Gas-Water Contacts (GWCs)
13. Overall uncertainty handling (petrophysics, structural, volumetrics)
14. Reservoir volume, OGIP

In addition, established the split of resources between Croatia and Italy which formed the basis for determining the reserves allocatable to INA and ENI as operators of their respective license areas. Our independent view of resources will be used by the parties to negotiate a Unitisation settlement. Our assessment will feed into negotiation of agreements covering: unitisation, joint operating, and cost equalisation.