Crude Assay Report

on

Crude Oil sample marked

Barrow Crude Oil

On Behalf Of

Chevron Australia Pty Ltd.

Reported by: Michelle Fernandez

Laboratory Supervisor

Approved by: Jhonas Fernandez

Crude Assay Chemist

2 Elder Road Largs North, South Australia, 5016 Australia

Tel.:+61 8 8301 1950 Fax.:+61 8 7223 2089 Email: adelaidelab@intertek.com
 LABORATORY REPORT NO. 2017-PTAD-000387
Barrow Crude Oil ex-Eagle Tacoma

INDEX

Sl. No. Description Page No.

1 Description of sample 1

2 Detailed Assay All Cuts Overview 2

3 Summary of Whole Crude Oil Characteristics 3

4 True Boiling Point Distillation Data 4

5 Rapid Yield Simdis - Whole Crude Oil 5

6 True Boiling Point Distillation - Curve 6

7 Rapid Yield Simdis / True Boiling Point Curve 7

8 Summary of Product / Residue Cut Points & Yield 8

9 Fraction Analysis 9 - 12

10 Residue Analysis 13

11 ASTM D 86 - Distillation data 14

12 Detailed Hydrocarbon Analysis 15-16

 LABORATORY REPORT NO. 2017-PTAD-000387

Date: July 14, 2017

Chevron Australia Pty Ltd.

250 St Georges Tce
Perth WA 6831
Australia

For the Attention of : Jody Rogers

Sample(s) received from : Chevron Australia via Intertek-Perth

Purchase Order No. (RFQ) : Not Supplied

Sample(s) submitted as : Barrow Crude Oil

Description(s) on Label(s) :
Barrow Crude Oil ex-Eagle Tacoma

sampled on 29-May-2017

Seals on Sample(s) : None

Sample(s) received on : June 8, 2017

The above sample(s) was/were examined as detailed below and the following results obtained:

Please refer attached sheet for analytical results.

Page 1
 LABORATORY REPORT NO. 2017-PTAD-000387
DETAILED ASSAY ALL CUTS OVERVIEW
Barrow Crude Oil ex-Eagle Tacoma

Whole Crude

LPG
TEST METHOD UNIT Cut Range

Initial BP °C 15 70 140 230 360+

Final BP °C 15 70 140 230 360

Distillation of Crude Oil

Yield % Wt. 1.1 2.6 14.4 27.7 37.4 16.8

ASTM D 2892
Yield % Vol. 1.7 3.4 16.0 28.6 35.3 15.0
ASTM D 5002 / IP 365
Density @ 15°C / ASTM D4052 / ISO kg/L 0.8447 0.5629 0.6550 0.7465 0.8175 0.8911 0.9489
8973
Specific Gravity @ 60/60° F Conversion 0.8451 0.5629 0.6551 0.7467 0.8179 0.8916 0.9494

API Gravity @ 60° F Calculated ° API 35.9 119.9 84.5 58.1 41.5 27.2 17.5

Rapid Yield Simdis ASTM D7900/D7169 °C Page 5

Aniline Point ASTM D611 , Proc E °C 51.10 74.00

Aniline Gravity Product Calculated - 5145 2888

Aromatics - FIA ASTM D 1319 % Vol. 12.7

Arsenic Content (Note 1) ICP MS wt ppb 7

Ash Content ASTM D482 %mass 0.014

Asphaltenes IP 143 %mass <0.50 <0.50

Carbon Content 87.9

ASTM D5291 %mass
Hydrogen Content 11.5

Carbon Residue - Micro ASTM D4530 %mass 0.28 1.73

Cetane Index ASTM D4737 A 38.0

UOP Characterization Factor UOP 375 - 11.48 11.22 11.96

Chloride, Organic UOP 588 wt ppm <1

Cloud Point ASTM D2500 °C -38

Color, ASTM - 0.50

ASTM D6045
Color, Saybolt - +30

Copper Corrosion ASTM D130 - 1a 1a 1a 1a

Detailed Hydrocarbon Analysis (DHA) ASTM D6730 Page 15 Page 16

Distillation ASTM D86 Page 14

Freeze Point ASTM D2386 °C <-60.0

Gross Heat of Combustion ASTM D 240 MJ/kg 44.485

Kinematic Viscosity @ -20° C 3.550

Kinematic Viscosity @ 20° C 3.244 1.550

ASTM D 445 mm2/s
Kinematic Viscosity @ 40° C 2.120 4.053

Kinematic Viscosity @ 50° C 1.774 138.9

Metals

Lead <1 <1

Nickel <1 <1

Copper <1 <1

ASTM D5185 Mod mg/kg
Iron <1 2.7

Sodium <1 1.3

Vanadium <1 7.9

Mercury (Note 1) UOP 938 ppb Wt <1

Naphthalene Content ASTM D 1840 % Vol. 0.45

Nitrogen - Basic UOP 269 mg/kg 94.2 520

Nitrogen - Total ASTM D5762 mg/kg 229 1291

Octane Number- Research (RON) Calculated - 82.17 78.42

Pour Point - Upper ASTM D5853 °C <-36

Pour Point ASTM D97 °C <-36 9

Reid Vapour Pressure (Note 2) ASTM D323 kPa 28.50

Salt Content ASTM D3230 PTB 0.5

Sediment By Extraction ASTM D473 %mass 0.03

Smoke Point ASTM D1322 mm 23.5

Sulphur - Mercaptan UOP 163 wt ppm 2 0.4 0.1 4

Sulphur - Total ASTM D5453 mg/kg 83 13 103

Sulphur - Total IP 336 %mass 0.044 0.047 0.160

Total Acid Number ASTM D 664 mg KOH/g 0.10 <0.10 0.10 0.30

Water by Distillation ASTM D4006 % Vol. 0

Wax Content UOP 46 %mass <5.0 <5.0

Notes:
1) Arsenic and Mercury were tested on a sample contained in a VOA vial.
2) RVP was tested on a sample from a separate 1L bottle.

Page 2
 LABORATORY REPORT NO. 2017-PTAD-000387
WHOLE CRUDE OIL PROPERTIES
Sample Descriptions / Label : Barrow Crude Oil ex-Eagle Tacoma

TEST METHOD UNIT RESULT

Density @ 15°C ASTM D 5002 kg/L 0.8447

Specific Gravity @ 60/60° F Conversion 0.8451
API Gravity @ 60° F Calculated ° API 35.9
Rapid Yield Simdis ASTM D7900/D7169 °C Page 5
Arsenic Content (Note 1) ICP MS wt ppb 7
Asphaltenes IP 143 %mass <0.50
Carbon Residue - Micro ASTM D4530 %mass 0.28
UOP Characterization Factor UOP 375 - 11.48
Chloride, Organic UOP 588 wt ppm <1
Gross Heat of Combustion ASTM D 240 MJ/kg 44.485
Kinematic Viscosity @ 20° C 3.244
Kinematic Viscosity @ 40° C ASTM D 445 mm2/s 2.120
Kinematic Viscosity @ 50° C 1.774
Metals
Lead <1
Nickel <1
Copper <1
ASTM D5185 Mod mg/kg
Iron <1
Sodium <1
Vanadium <1
Mercury (Note 1) UOP 938 ppb Wt <1
Nitrogen - Basic UOP 269 mg/kg 94.2
Nitrogen - Total ASTM D5762 mg/kg 229
Pour Point - Upper ASTM D5853 °C <-36
Reid Vapour Pressure (Note 2) ASTM D323 kPa 28.50
Salt Content ASTM D3230 PTB 0.5
Sediment By Extraction ASTM D473 %mass 0.03
Sulphur - Mercaptan UOP 163 wt ppm 2
Sulphur - Total IP 336 %mass 0.044
Total Acid Number ASTM D 664 mg KOH/g 0.10
Water by Distillation ASTM D4006 % Vol. 0
Wax Content UOP 46 %mass <5.0
Notes:
1) Arsenic and Mercury were tested on a sample contained in a VOA vial.
2) RVP was tested on a sample from a separate 1L bottle.

Page 3
 LABORATORY REPORT NO. 2017-PTAD-000387
TRUE BOILING POINT DISTILLATION DATA
(ASTM D 2892)
Sample Descriptions / Label : Barrow Crude Oil ex-Eagle Tacoma

Vapour Temperature Cumulative %

Sl. No. % mass Cumulative % mass % Volume
°C Volume

1 LPG 1.1 1.1 1.7 1.7

2 15 - 70 2.6 3.7 3.4 5.1

3 70 - 100 3.9 7.6 4.4 9.5

4 100 - 120 5.8 13.4 6.5 16.0

5 120 - 140 4.7 18.1 5.1 21.1

6 140 - 160 5.3 23.4 5.8 26.9

7 160 - 190 8.6 32.0 9.0 35.9

8 190 - 230 13.8 45.8 13.8 49.7

9 230 - 250 7.1 52.9 6.9 56.6

10 250 - 280 11.4 64.3 10.9 67.5

11 280 - 310 8.2 72.5 7.7 75.2

12 310 - 330 4.9 77.4 4.5 79.7

14 330 - 360 5.8 83.2 5.3 85.0

15 360 + Residue 16.8 100.0 15.0 100.0

Page 4
 LABORATORY REPORT NO. 2017-PTAD-000387
RAPID YIELD SIMDIS DATA
(ASTM D7900 & ASTM D7169)
Sample Descriptions / Label Barrow
: Crude Oil ex-Eagle Tacoma

Sl. No. Temperature (°C) % mass Sl. No. Temperature (°C) % mass Sl. No. Temperature (°C) % mass

1 -0.5 0.5 35 194.3 34.0 69 292.1 68.0

2 27.8 1.0 36 196.9 35.0 70 295.5 69.0

3 49.2 2.0 37 199.6 36.0 71 299.3 70.0

4 68.7 3.0 38 202.6 37.0 72 302.8 71.0

5 71.8 4.0 39 205.4 38.0 73 306.8 72.0

6 80.7 5.0 40 208.4 39.0 74 310.6 73.0

7 90.8 6.0 41 211.4 40.0 75 314.8 74.0

8 91.9 7.0 42 214.9 41.0 76 318.8 75.0

9 100.9 8.0 43 217.9 42.0 77 323.5 76.0

10 100.9 9.0 44 220.4 43.0 78 328.4 77.0

11 104.9 10.0 45 223.2 44.0 79 333.3 78.0

12 116.7 11.0 46 225.5 45.0 80 338.6 79.0

13 117.6 12.0 47 228.0 46.0 81 344.2 80.0

14 118.9 13.0 48 230.7 47.0 82 350.0 81.0

15 123.4 14.0 49 233.9 48.0 83 356.0 82.0

16 125.7 15.0 50 237.0 49.0 84 362.5 83.0

17 132.9 16.0 51 239.8 50.0 85 369.5 84.0

18 136.2 17.0 52 242.6 51.0 86 377.1 85.0

19 140.6 18.0 53 245.1 52.0 87 385.2 86.0

20 144.9 19.0 54 247.2 53.0 88 393.8 87.0

21 148.6 20.0 55 249.3 54.0 89 403 88.0

22 151.7 21.0 56 252.0 55.0 90 412.5 89.0

23 154.5 22.0 57 255.0 56.0 91 422.3 90.0

24 156.5 23.0 58 257.8 57.0 92 433.0 91.0

25 160.3 24.0 59 260.8 58.0 93 445.0 92.0

26 163.1 25.0 60 263.5 59.0 94 459.7 93.0

27 166.0 26.0 61 265.8 60.0 95 476.8 94.0

28 170.8 27.0 62 268.7 61.0 96 496.7 95.0

29 175.2 28.0 63 271.5 62.0 97 521.0 96.0

30 177.4 29.0 64 274.6 63.0 98 551.6 97.0

31 179.7 30.0 65 277.9 64.0 99 593.5 98.0

32 183.8 31.0 66 281.2 65.0 100 667.3 99.0

33 187.0 32.0 67 284.9 66.0 101 719.9 99.5

34 190.7 33.0 68 288.6 67.0

Page 5
 LABORATORY REPORT NO. 2017-PTAD-000387

TRUE BOILING POINT DISTILLATION CURVE

"Barrow Crude Oil"
400

380

360

340

320

300

280

260

240

220
Temperature °C

200

180

160

140

120

100

80

60

40

20

0
0.0 10.0 20.0 30.0 40.0 50.0 60.0 70.0 80.0 90.0 100.0
Recovery %
% Mass % Volume

Page 6
 RAPID YIELD SIMDIS / TRUE BOILING POINT DISTILLATION CURVE
"Barrow Crude Oil"
460

440

420

400

380

360

340

320

300

280

260
Temperature °C

240

220

200

180

160

140

120

100

80

60

40

20

0
0.0 10.0 20.0 30.0 40.0 50.0 60.0 70.0 80.0 90.0 100.0
Recovery %
% Mass RY SIMDIS

Page 7
 LABORATORY REPORT NO. 2017-PTAD-000387

SUMMARY OF PRODUCT / RESIDUE CUT POINTS AND YIELDS

Sample Descriptions / Label: Barrow Crude Oil ex-Eagle Tacoma

Yield %

Cut Points Barrow Crude Oil ex-Eagle Tacoma

(° C) % mass Volume %

LPG < 15 1.1 1.7

15 - 70 2.6 3.4
NAPHTHA
70 - 140 14.4 16.0

KEROSENE 140 - 230 27.7 28.6

GAS OIL 230 - 360 37.4 35.3

RESIDUE 360 + 16.8 15.0

Page 8
 LABORATORY REPORT NO. 2017-PTAD-000387

Sample Descriptions / Label : Barrow Crude Oil ex-Eagle Tacoma

Test Method Unit LPG Fraction

mass% 1.1
Fractional Distillation ASTM D2892
vol% 1.7
Density @15°C kg/L 0.5629
Specific Gravity @60/60°F ISO 8973 - 0.5629
API Gravity °API 119.9
Composition mass% vol%
Ethane 0.4 0.6
Propane 18.60 20.64
n-Butane 47.74 46.03
Isobutane 27.81 27.82
Trans-2-Butene <0.01 <0.01
ISO 7941
Isobutene <0.01 <0.01
n-Pentane 0.83 0.74
Isopentane 4.10 3.70
2,2 - dimethylpropane 0.39 0.35
C5+ 0.12 0.11

Page 9
 LABORATORY REPORT NO. 2017-PTAD-000387

Sample Descriptions / Label : Barrow Crude Oil ex-Eagle Tacoma

TEST METHOD UNIT Naphtha Fractions

Initial BP °C 15 70

Final BP °C 70 140

Distillation of Crude Oil

Yield % Wt. 2.6 14.4

ASTM D 2892
Yield % Vol. 3.4 16.0

Density @ 15°C ASTM D 4052 kg/L 0.6550 0.7465

Specific Gravity @ 60/60° F Conversion 0.6551 0.7467

API Gravity @ 60° F Calculated ° API 84.5 58.1

Copper Corrosion ASTM D130 - 1a 1a

Detailed Hydrocarbon Analysis (DHA) ASTM D6730 Page 15 Page 16

Octane Number- Research (RON) Calculated - 82.17 78.42

Sulphur - Mercaptan UOP 163 wt ppm 0.4 0.1

Sulphur - Total ASTM D5453 mg/kg 83 13

Page 10
 LABORATORY REPORT NO. 2017-PTAD-000387

Sample Descriptions / Label : Barrow Crude Oil ex-Eagle Tacoma

Kerosene
TEST METHOD UNIT
Fractions
Initial BP °C 140

Final BP °C 230

Distillation of Crude Oil

Yield % Wt. 27.7

ASTM D 2892
Yield % Vol. 28.6

Density @ 15°C ASTM D 4052 kg/L 0.8175

Specific Gravity @ 60/60° F Conversion 0.8179

API Gravity @ 60° F Calculated ° API 41.5

ASTM D611 ,
Aniline Point °C 51.1
Proc E
Aniline Gravity Product Calculated - 5145

Aromatics - FIA ASTM D 1319 % Vol. 12.7

Color, Saybolt - +30

Copper Corrosion ASTM D130 - 1a

Freeze Point ASTM D2386 °C <-60.0

Kinematic Viscosity @ -20° C 3.550

ASTM D 445 mm2/s
Kinematic Viscosity @ 20° C 1.550

Naphthalene Content ASTM D 1840 % Vol. 0.45

Smoke Point ASTM D1322 mm 23.5

Sulphur - Mercaptan UOP 163 wt ppm 4.0

Sulphur - Total ASTM D5453 mg/kg 103

Total Acid Number ASTM D 664 mg KOH/g <0.10

Page 11
 LABORATORY REPORT NO. 2017-PTAD-000387
Sample Descriptions / Label : Barrow Crude Oil ex-Eagle Tacoma

Gasoil
TEST METHOD UNIT
Fraction

Initial BP °C 230

Final BP °C 360

Distillation of Crude Oil

Yield % Wt. 37.4

ASTM D 2892
Yield % Vol. 35.3

Density @ 15°C ASTM D 4052 kg/L 0.8911

Specific Gravity @ 60/60° F Conversion 0.8916

API Gravity @ 60° F Calculated ° API 27.2

Cetane Index ASTM D4737 A 38.0

UOP Characterization Factor UOP 375 - 11.22

Cloud Point ASTM D2500 °C -38

Color, ASTM ASTM D6045 - 0.5

Copper Corrosion ASTM D130 - 1a

Distillation ASTM D86 °C Page 14

Kinematic Viscosity @ 40° C ASTM D 445 mm2/s 4.053

Pour Point ASTM D97 °C <-36

Sulphur - Total IP 336 %mass 0.047

Total Acid Number ASTM D 664 mg KOH/g 0.10

Page 12
 LABORATORY REPORT NO. 2017-PTAD-000387

Sample Descriptions / Label: Barrow Crude Oil ex-Eagle Tacoma

TEST METHOD UNIT Residue

Initial BP °C 360+
Final BP °C
Distillation of Crude Oil
Yield % Wt. 16.8
ASTM D 2892
Yield % Vol. 15.0
Density @ 15°C IP 365 kg/L 0.9489
Specific Gravity @ 60/60° F Conversion 0.9494
API Gravity @ 60° F Calculated ° API 17.5
Aniline Point ASTM D611 , Proc E °C 74.00
Aniline Gravity Product Calculated - 2888
Ash Content ASTM D482 %mass 0.014
Asphaltenes IP 143 %mass <0.50
Carbon Content %mass 87.9
ASTM D5291
Hydrogen Content %mass 11.5
Carbon Residue - Micro ASTM D4530 %mass 1.73
UOP Characterization Factor UOP 375 - 11.96
Kinematic Viscosity @ 50° C ASTM D 445 mm2/s 138.9
Metals
Lead <1
Nickel <1
Copper ASTM D5185 Mod mg/kg <1
Iron 2.7
Sodium 1.3
Vanadium 7.9
Nitrogen - Basic UOP 269 mg/kg 520
Nitrogen - Total ASTM D5762 mg/kg 1291
Pour Point ASTM D97 °C 9
Sulphur - Total IP 336 %mass 0.16
Total Acid Number ASTM D 664 mg KOH/g 0.30
Wax Content UOP 46 %mass <5.0

Page 13
 LABORATORY REPORT NO. 2017-PTAD-000387

ASTM 86 - DISTILLATION DATA

Sample Descriptions / Label : Barrow Crude Oil ex-Eagle Tacoma

Fractions

Boiling range °C 230

360

Wt. % 37.4
Yield
Vol.% 35.3

°C 247.9
Initial boiling point

5% recovered °C 255.9

10% recovered °C 258.8

20% recovered °C 262.4

30% recovered °C 266.2

40% recovered °C 270.9

50% recovered °C 277.0

60% recovered °C 284.4

70% recovered °C 294.2

80% recovered °C 306.0

90% recovered °C 320.1

95% recovered °C 329.7

Final Boiling Point °C 334.3

Volume recovered % Vol. 98.1

Residue % Vol. 1.2

Loss % Vol. 0.7

Page 14
 LABORATORY REPORT NO. 2017-PTAD-000387
DETAIL HYDROCARBON ANALYSIS
Sample Descriptions / Label: Barrow Crude Oil ex-Eagle Tacoma

FRACTION - 15 - 70°C
Totals by Group Type and Carbon Number (in Mass Percent)
n-Paraffins Iso-Paraffins Olefins Naphthenes Aromatics Total

C3
C4 13.555 0.000 0.000 0.000 0.000 13.555
C5 24.560 28.102 0.000 3.732 0.000 56.395
C6 8.109 16.755 0.000 5.186 0.000 30.050
C7
C8
C9
C10
C11
Unknowns 0.000

Total 46.224 44.857 0.000 8.918 0.000 100.000

Totals by Group Type and Carbon Number (in Volume Percent)

n-Paraffins Iso-Paraffins Olefins Naphthenes Aromatics Total

C3
C4 14.851 0.000 0.000 0.000 0.000 14.851
C5 24.872 28.762 0.000 3.175 0.000 56.809
C6 7.799 16.148 0.000 4.393 0.000 28.340
C7
C8
C9
C10
C11
Unknown 0.000
Total 47.521 44.910 0.000 7.568 0.000 100.000

Page 15
 LABORATORY REPORT NO. 2017-PTAD-000387
DETAIL HYDROCARBON ANALYSIS
Sample Descriptions / Label: Barrow Crude Oil ex-Eagle Tacoma

FRACTION - 70 - 140°C
Totals by Group Type and Carbon Number (in Mass Percent)
n-Paraffins Iso-Paraffins Olefins Naphthenes Aromatics Total

C3
C4 6.075 0.982 0.00 0.00 0.00 7.058
C5 20.530 20.616 0.000 3.653 0.000 44.799
C6 10.987 25.093 0.000 10.268 0.531 46.878
C7 0.000 1.063 0.000 0.202 0.000 1.265
C8
C9
C10
C11
Unknown 0.000

Total 37.592 47.754 0.000 14.123 0.531 100.00

Totals by Group Type and Carbon Number (in Volume Percent)

n-Paraffins Iso-Paraffins Olefins Naphthenes Aromatics Total

C3
C4 6.815 1.144 0.00 0.00 0.00 7.959
C5 21.285 21.610 0.000 3.181 0.000 46.076
C6 10.817 24.763 0.000 8.801 0.392 44.773
C7 0.000 1.017 0.000 0.175 0.000 1.192
C8
C9
C10
C11
Unknown 0.000

Total 38.916 48.535 0.000 12.157 0.392 100.00

Page 16