NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS  NOTE 26 – RESERVES  a) ShareOption Reserve b) Foreign Currency Translation Reserve  NOTE 27 – CAPITAL AND OTHER EXPENDITURE COMMITMENTS The share option reserve records items recognised as expenses on valuation of employee and supplier share  options and restricted share units.  The foreign currency translation reserve records exchange differences arising on translation of the Parent  Company. As at 31 December 2014, all of the Company’s exploration and evaluation and development and production assets  are located in the United States of America (“US”).  The mineral leases in the exploration prospects in the US have primary terms ranging from 3 years to 5 years and  generally have no specific capital expenditure requirements. However, mineral leases that are not successfully  drilled and included within a spacing unit for a producing well within the primary term will expire at the end of the  primary term unless re-leased. Capital commitments relating to tenements - 91 - 