A New Force in E&P Bank of America Merrill Lynch Annual Oil & Gas Investor Forum April 2012
WHAT MAKES GENEL ENERGY DIFFERENT Tier 1 Assets Taq Taq (44%) and Tawke (25%) have combined 2P gross reserves of 1.2bn bbls and 3P reserves of 1.9bn bbls Assets more typically owned by the Majors World class board and management…
STRATEGY Maintain the highest level of corporate governance Continue to fund existing Kurdistan Region development and exploration with operating cashflow Create value with the drill bit Build a major E&P company over the…
2011 PRELIMINARY RESULTS - HIGHLIGHTS Successfully raised 2.1 billion dollars through an IPO in June Established a top class, highly experienced Board and management team Merged with Genel Energy International in November 2011,…
KURDISTAN REGION OF IRAQ Autonomous and stable part of Iraq with strong political ties to Turkey Autonomous region since 1991 and formally recognised as a semi-autonomous region in Iraq constitution of 2006 Governed by democratically…
TAQ TAQ AND TAWKE RESERVES Turkey Big fields get bigger Syria 2009 to 2012 2P CAGR 20%, 3P CAGR 13% January 2012 Tawke 2P increase of 78% to 509mmbbls TAWKE IRAN Current Taq Taq and Tawke gross 2P reserves of 1.2bnbbls Genel WI:…
TAQ TAQ UPDATE Highlights Gross Production (bopd) Genel Energy Working interest: 44% 120-150,000 Operator: TTOPCO (55% Genel Energy) 2P: 647mmbbls gross, 285mmbls net 3P: 1,042mmbls gross, 458mmbls net Finding & development:…
TAQ TAQ APPRAISAL AND DEVELOPMENT DRILLING PROGRAMME Taq Taq phased development TT-19 flanks of the field are not fully Step out well to appraise appraised. further north, will be drilled in 2012, expected oil column c.350 metres.…
DOMESTIC SALES AND EXPORTS Domestic Sales Exports Genel has the option of selling production into the Iraqi export budget includes 175kbopd from domestic Kurdistan market Kurdistan in 2012, up from 100kbopd in 2011 KRG conducts a…
WHAT DO DOMESTIC SALES MEAN Taq Taq has generated significant sales revenue for TTOPCO 2010 2011 its Contractors (Genel Energy and Addax) while Sales selling into the domestic market Domestic (bopd) 32,710 29,276 Exports (bopd) 0…
KICE PIPELINE Plans for the construction of the KICE pipeline from Taq Taq to the main Kirkuk-Ceyhan export pipeline are ongoing FEED completed 3Q 2011 and PMC bids currently under evaluation EPC tender released to pre-qualified…
TAWKE UPDATE Highlights Jan-2012 reserve increase Genel Energy Working interest: 25% Operator: DNO International New DeGolyer & MacNaughton CPR report 2P: 509mmbbls gross, 127mmbls net 3P: 876mmbls gross, 219mmbls net 2P up 78%…
TAWKE NORTHERN FLANK SUCCESSFULLY APPRAISED T-16 was drilled at a location north of what was interpreted to be the northern reservoir boundary based on the early seismic Drilled following interference testing and improved seismic…
EXPLORATION PROGRAM TURKEY Ber Bahr 40% WI Result 2Q SYRIA Peshkabir 25% WI Result 3Q IRAN Tawke Deep 25% WI Spud 3Q ERBIL Zagros Mountains Legend Miran East 18.75% WI 1 Genel Energy (Producing Asset) Taq Taq Deep…
RESOURCE HOPPER Exploration Assets Prospective Resources Miran 729 mmboe Peshkabir Taq Taq Deep Tawke Deep Contingent Resources 175 mmboe Development Assets Ber Bahr Miran Chia Surkh Dohuk Possible Reserves upside 266…
CAPEX 250 Net Genel Energy Capex (USm) 200-250m 200 150 Development 100 86 67 60 46 50 Exploration & Appraisal 0 2008 2009 2010 2011 2012E Notes: 1. Development include all development well drilling and all…
PRODUCTION & SALES REVENUE Working Interest Production (kbopd) Net Sales Revenue (m)1 55-60 kbopd 250-300m 42 150 142 17 12 29 2009 2010 2011 2012E 2009 2010 2011 2012E Taq Taq Tawke 1. Audited historic net…
OPERATIONAL MILESTONES FOR 2012 First Quarter Second Quarter Third Quarter Fourth Quarter Tawke reserve upgrade & KICE pipeline First Chia Surkh Taq Taq deep spuds commitment to facility upgrade to 100kbopd construction well…
THE 1.9 BILLION QUESTION Geographic diversification Within the Middle East and Africa Exploration hopper Extend the life of our exploration portfolio Asset quality Do not dilute the quality of our existing portfolio Capability…
SUMMARY Successful start following 2011 IPO Operations performing well Strong platform for future growth Clear strategy Short and medium term value drivers for Genel Energy Continued reserve growth at Taq Taq and Tawke…
Appendices 22
THE BOARD CHAIRMAN Rodney Chase INDEPENDENT NON-EXECUTIVE DIRECTORS Jim Leng (SID) George Rose Sir Graham Hearne Mark Parris Mehmet gt EXECUTIVES Tony Hayward (CEO) Julian Metherell (CFO) NON-INDEPENDENT NON-EXECUTIVE…
THE MANAGEMENT TEAM CEO Tony Hayward President Mehmet Sepil General Counsel / Strategy & Business CFO COO CCO HSSE Co Sec HR Development Julian Metherell Levent Akca Murat Ozgul Jazira Akhmetova tba Stephen Mitchell…
MANAGEMENT TEAM BIOS Tony Hayward Group CEO of BP from 2007 to 2010 Joined Genel in 2005 as Exploration Manager, Levent Aka Chief Executive Previous roles at BP include Group Treasurer Chief Operating COO since January 2011 Officer…
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