Introduction Trading statement and operations update
Introduction Track record firmly established Strong production base to fund exploration campaign; gathering momentum - build on 2012 success 2013 potential for step change in value Trading statement and operations update…
Operations update Trading statement and operations update
Production Record production in 2012 Group net working interest production Map of 2013 production and development activities OML 26 (FHN) 50,000 7 producing wells 40,000 New gas-lift compressor installed boepd CI-11 & LGP…
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…
Excellent exploration success in 2012 Three significant new discoveries STOIIP 157-329 mmbbls* R/f 30-40%* Okoro East discovery Tested 38o API First Oil achieved nine months from discovery STOIIP 100 mmbbls* Ebok North…
Afren East Africa Exploration Significant upgrade to prospectivity and high equity positions Kenya 1,207 km 2D marine 794 km 2D Vintage 2D seismic Blocks L17/L18 Blocks 10A (20%) Block 1 (80%) seismic seismic data (100% & operator)…
2013 E&A work programme West Africa and the Kurdistan region of Iraq 2013 ASSET W.I. COUNTRY ACTIVITY Q1 Q2 Q3 Q4 Ain Sifni 20% Kurdistan region of Iraq Exploration drilling OPL 310 70% Nigeria Exploration drilling OML 115 100%…
Finance update Trading statement and operations update
Financing the business Strong financial platform in place to fund long term growth Record financial results in 2012 expected Successful financing strategy - Strong operational cashflow - First UK listed independent E&P to…
Financial flexibility A robust and flexible capital structure End 2012 Afren net debt* Coupon USmm Significantly cash generative 2016 senior secured notes 500 11.5% portfolio 2019 senior secured notes 300 10.25% Balanced and…
Capital expenditure 2012 capex in line with guidance; 2013 capex approximately US620 million FY 2012 capex spend of US520 million* FY 2013 capex spend US620 million 1% 12% 20% 25% 18% 61% 63% Development E&A…
Conclusions Trading statement and operations update
Conclusions Track record firmly established Strong production base to fund exploration campaign; gathering momentum - build on 2012 success 2013 potential for step change in value Trading statement and operations update Slide…
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