b'STAATSOLIE MAATSCHAPPIJ SURINAME N.V.NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2018 (Continued)assumptionsastothenumberofwellsrequiredto ThecarryingamountofoilpropertiesatDecemberproducethecommercialreserves,thecostofsuch 31,2018isshowninNote4.1.wellsandassociatedproductionfacilities,andothercapital costs.As the economic assumptions used may change and as additional geological information is obtained TheeconomictestsfortheDecember31,2018 duringtheoperationofafield,estimatesofreservevolumeswerebasedonafutureprojection recoverable reserves may change. Such changes of crude oil prices using crude oil prices forecastedmayimpacttheGroupsreportedfinancialpositionby PIRA Energy group as the reference price.andresults,whichinclude:Average price of actual crude sales and the PIRAThecarryingvalueofexplorationandevaluationpricepremisefor2018arethesamerequiringno assets;oilproperties;property,plantandadjustmentforpricedifferential.Thesameoilprice equipment;andgoodwillmaybeaffectedduetopremise was applied for all reserve categories lesschangesinestimatedfuturecashflows.a transfer premium. A shrinkage factor of 1% was also applied to capture losses in delivery of crudeDepreciationandamortizationchargesinthetotherefinery. consolidatedstatementofprofitorlossmaychange where such charges are determined Average price differential between the PIRA crudeusingtheUOPmethod,orwheretheusefullifeofpriceforecastandactualcrudepricerealizedby the related assets change (Note 4.1).theGroupin2018wasUS$12.55/Bbl.(PIRAUS$48.74/Bbl.versusactualUS$61.29/Bbl.). Provisionsfordecommissioningmayrequirerevision-wherechangestoreservesestimatesThecurrentlong-termPIRAcrudeoilpricesused affect expectations about when such activities will in the estimation of the commercial reserves areoccur and the associated cost of these activities listed in the table below. (Note 4.7).YearUS$/Bbl Therecognitionandcarryingvalueofdeferredtax assets may change due to changes in the 2019 57.82 judgmentsregardingtheexistenceofsuchassetsand in estimates of the likely recovery of such 2020 74.58 assets (Note 3.3).2021 68.66 Deferred tax2022 59.51 Judgmentisrequiredtodeterminewhich2023 55.10 arrangements are considered to be a tax on income as opposed to an operating cost. Judgment 2024 57.80 isalsorequiredtodeterminewhetherdeferredtaxassetsarerecognizedintheconsolidated2025 60.99 statementoffinancialposition.Deferredtaxassets,2026 63.04 includingthosearisingfromunutilizedtaxlosses,requiretheGrouptoassessthelikelihoodthatthe2027 64.76 Groupwillgeneratesufficienttaxableearningsinfutureperiods,inordertoutilizerecognized2028 66.42 deferredtaxassets.Judgmentisalsorequiredin2029 68.20 respect of the application of existing tax laws in eachjurisdiction.2030 70.11 Assumptions about the generation of future 2031 71.88 taxableprofitsdependonmanagements2032 73.48 estimatesoffuturecashflows.Theseestimatesof future taxable income are based on forecast 203375.12cashflowsfromoperations(whichareimpactedbyproductionandsalesvolumes,commodity2034 76.78 prices,reserves,operatingcosts,closureand2035 78.47 rehabilitationcosts,capitalexpenditure,dividendsand other capital management transactions). 2036 80.20 Totheextentthatfuturecashflowsandtaxableincomediffersignificantlyfromestimates,the53'