Delivering against strategy Osman Shahenshah 2012 Half-yearly Results Slide 4
A strategy that is delivering Record financial results Production in line with expectations; 2012 FY guidance maintained Excellent exploration success Strong pipeline of development projects adding to growing production…
2012 half-yearly results summary Record financial results US mm 1H 2012 1H 2011 Change Revenue 771.7 161.0 +379.3% Operating cash flow1 558.3 117.0 +377.2% Operating profit 363.9 51.4 +608.0% Net profit2 100.2 22.8 +339.5%…
Operational performance 1H 2012 v 1H 2011 reconciliation Sales revenue Sales revenue Sales revenue - US771.7 mm US771.7 mm US161.0 mm sales volumes of 7.7 mmboe 800 - 41,251 boepd (including associated volumes from First…
Net profit (continuing operations) 1H 2012 v 1H 2011 reconciliation 175 5.3 150 10.0 5.8 26.5 2.9 125 12.0 137.4 14.9* 100 US mm 75 100.2 50 25 22.8 0 1H 2011 Volume Price Cost of G&A Finance Hedging…
Sources and uses of funds 1H 2012 reconciliation 900 14.7 750 200.0 392.5 222.9 558.3 600 310.7 US mm 44.8 450 5.7 300 443.7 291.7 150 0 Cash and cash Operating Working Acquisition Investment Net…
2012 capital expenditure Exploration is a growing and key component; flexibility and discretion over spend retained 1H 2012 capex US232.5 million 28% FY 2012E capex US450 to US500 million Development 14% E&A Drilling Ensure…
A capital structure in place to fully realise the portfolios potential Afren net debt USmm End 1H 2012 Coupon Significant cash generative portfolio 2016 senior secured notes 500 11.5% Existing discovered resource base 2019 senior…
Material exploration portfolio An attractive portfolio located across several highly prospective basins Low risk, quick to monetise Gross prospective Net prospective Proven play concepts, significant upside Country resources…
Low risk, quick to monetise Excellent exploration success in 2012 STOIIP 157-329 mmbbls R/f 30-40% Okoro East discovery Tested 38o API Development drilling has commenced STOIIP 100 mmbbls Ebok North Fault R/f 30-40% block…
Low risk, quick to monetise Ebok/Okwok/OML 115 area Significant remaining upside potential Ebok 2P(1) Okwok 507 mmbbls gross unrisked 105.3 Contingent 51.8 resource potential Large scale resource upside Only 21% of total area…
Low risk, quick to monetise OML 115 Several prospects and leads have already been identified at the upper levels Recent high quality oil discoveries near Ufon complex Etisong N-1 (2011) Ufon prospect Three reservoirs found.…
Low risk, quick to monetise Ain Sifni Simrit discovery World class acreage located within a prolific and proven oil trend Simrit-2 exploration well Shaikan-1 Shaikan-3 Shaikan-2 Drilled to a total depth 12,467 ft Simrit-2…
Frontier area, play opening potential Afren East Africa exploration Resources upgrade following data acquisition and regional exploration success Kenya 1,207 km 2D marine seismic acquired in 2012, 474 km 2D shallow water Blocks…
Production growth Iain Wright 2012 Half-yearly Results Slide 20
1H production performance in line with expectations On track for FY 2012 guidance of 42,000 - 46,000 boepd Group net working interest production Map of 2012 production and development activities 50,000 OML 26 (FHN) 7 producing…
Okoro field development Optimising production and maximising recovery Production in period of ca.15,000 bopd Upper sand oil saturation Side tracking of existing Okoro-5 production well successfully encountered additional oil in line…
Early development of Okoro East has commenced Within easy reach of the existing Okoro facilities drilling of Okoro-14 well underway Okoro-2 Okoro main field WHP Okoro-3 Okoro-1 Platform Okoro-14P2 Okoro-13 Well…
Ebok field development a growth engine Initial development phases complete Production in period of ca.30,000 bopd in 1H 2012 Well performance and deliverabilities in line with prognosis Ebok-29 and 30 wells now onstream and…
Building a production hub offshore south east Nigeria Planned new infrastructure at Ebok NFB, CFB and Okwok Planned North Fault Block Mobile Offshore Production Unit and Wellhead Platform Export Tanker Floating Storage…
Afrens presence in the Kurdistan region of Iraq Surface expression of large scale anticline structures Ain Sifni and Barda Rash lie in a prolific and proven oil trend Shaikan field ExxonMobil and Chevron have acquired adjacent…
Barda Rash field development Phased development approach Phase I Workover of the existing three wells to test and establish production through an Early Production Facility (EPF) in 2012 Acquisition of a 3D seismic survey for…
Barda Rash field development Production operations commenced Flow testing commenced at the BR-1 well on BR-1 with Romfor 23 and truck loading 7 July 2012 Rates in excess of 6,000 bopd of 28 to 32 API oil - Mus and Upper Adaiyah…
Commercialising production at Barda Rash The domestic sales opportunity; export infrastructure development is starting to happen Domestic sales / exports Export pipeline plans have been clarified Initial crude production will be sold…
Onshore Nigeria - OML 26 Large scale production and development opportunity Production during 1H restricted to 940 mmboe total gross reserves and resources ca.5,000 bopd due to maintainance and Currently producing * repair work on…
Visible production profile Portfolio of strong cash flow generation Production outlook Next major milestones 120,000 Ebok area 1P 2P Contingent Ebok NFB development Use production history to define future infill targets 100,000…
Forward work programme Mean prospective Number of E&A Group activity summary Country WI (%) Work Programme resources mmboe wells planned Production & Development Ebok & Ebok NFB Nigeria 100% / 50%* - - D Okoro & Okoro East Nigeria…
Delivering against strategy Osman Shahenshah 2012 Half-yearly Results Slide 33
A strategy that is delivering Record financial results Production in line with expectations; 2012 FY guidance maintained Excellent exploration success Strong pipeline of development projects adding to growing production…
Appendix Okoro East Page 36 Ebok/Okwok/OML 115 Page 37 Ain Sifni PSC Page 43 Barda Rash PSC Page 44 East Africa exploration Page 46 2012 Half-yearly Results Slide 35
Low risk, quick to monetise Okoro East discovery Exploration success enhances value creation further 549 ft TVT of net oil pay in excellent quality reservoir sands Pre drill summary STOIIP for Okoro East P90 Mean P10 38o API…
Low risk, quick to monetise Ebok North Fault Block discovery Low risk, amplitude supported exploration success Ebok North Fault Block discovery 370 ft net oil pay good quality oil Same reservoirs that have been developed and are…
Low risk, quick to monetise Ebok/Okwok/OML 115 area Exploration and appraisal drilling plans low risk, amplitude supported upside potential Seismic survey Ocean bottom cable, four component 3D seismic survey across whole area…
Low risk, quick to monetise OML 115 New seismic data is enhancing existing prospectivity and identifying new zones of potential S N Ufon Benin prospect Top Lower Benin Base D-1 D-1 Ufon North Deeper LD Fault Block…
Ebok field development Forward plans include the installation of a second Wellhead Platform at the Central Fault Block Ongoing work continues to identify additional development opportunities at the Ebok field that are likely to…
Ebok North Fault Block discovery Development plans are being finalised dedicated infrastructure a requirement Current plans envisage a second, dedicated MOPU to be installed at the Ebok NFB location Wellhead Platform Pipeline…
Okwok One further appraisal well to be drilled prior to field development will test upside potential A Strong amplitude evident outside of shallow gas shadow Shallow gas anomalies causing D-1 amplitude to dim out B A…
Low risk, quick to monetise Ain-Sifni Block, Kurdistan Ain Sifni Shaikhan Simrit - Jebel discovery Simrit Betnaar Maqlub Structures Excellent well test results from the Triassic Kurra Chine Formation B Pilespi Alan…
Barda Rash field development Phase 1 development update BR-1 with Romfor 23, storage tanks and flare BR-1 production test equipment Production separator BR-1 stripping tower 2012 Half-yearly Results Slide 44
Barda Rash field development The acquisition of new 3D seismic is progressing well and to plan BR 2 BR 1 BR 3 New 3D seismic data will assist long term field development work at the field, providing information on fracture…
Frontier area, play opening potential Afren East Africa exploration play based approach Exploring East Africas petroleum systems W El Kuran-1 gas/oil E discovery Passive Margin Play Kenya: Block 1 Ethiopia: Blocks 7 & 8…
Frontier area, play opening potential Kenya blocks L17/L18 Prospectivity substantially upgraded as a result of new seismic data acquisition Oil dominated systems charged from Jurassic/Eocene source marine rocks Block L18 in…
Frontier area, play opening potential Tanga block, Tanzania A unique opportunity to explore a high potential oil prone basin Southerly extension of same coastal and deeper water plays as at Kenya blocks L17/L18 Unique…
Frontier area, play opening potential Kenya Block 10A Oil shows throughout the Cretaceous provide evidence of a working petroleum system Paipai Large faulted leads incorporate juxtaposition of proven Lower Cretaceous reservoir…
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