production right

Tetra4’s oil and gas reserves were evaluated by Deloitte REA’s Resource and Evaluation Advisory (Deloitte REA) based in Calgary Canada, effective October 2015. Deloitte REA was engaged by Tetra4 to evaluate proved, proved plus probable, and proved plus probable plus possible reserves.

Possible Reserves are those additional reserves that are less certain to be recovered than probable reserves. There is a 10% probability that the quantities recovered will equal or exceed the sum of proved plus probable plus possible reserves.

The Deloitte REA evaluation was prepared in accordance with The South African Code for the Reporting of Oil and Gas Resources (SAMOG), which closely follows National Instrument 51-101 (NI 51-101) Standards of Disclosure for Oil and Gas Activities and the Canadian Oil and Gas Evaluation Handbook (COGE Handbook).