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FIRST HALF 2014 EARNINGS CALL – Genel Energy

Genel Energy · Aug 5, 2014 · 17 slides

Investor presentation from the Shale Experts oil & gas presentation and slide database. Every page is imaged and its text indexed for search across operators, plays, basins and time.

Slides

  1. FIRST HALF 2014 EARNINGS CALL – Genel Energy – slide 1
    H1 2014 Results 5 August 2014
  2. FIRST HALF 2014 EARNINGS CALL – Genel Energy – slide 2
    2014 HALF YEAR HIGHLIGHTS Production Net working interest production averaged 63,000 boepd in H1 2014, up c.50%, and 82,000 boepd in May and June Gross production in May and June averaged 111,000 bopd from Taq Taq and 118,000 bopd…
  3. FIRST HALF 2014 EARNINGS CALL – Genel Energy – slide 3
    POLITICAL MOMENTUM ACCELERATING Politics Political landscape in Iraq reshaped by ISIS Progress continues to be made on the formation of the Iraqi Government Turkey continues to provide unwavering support to the KRG Kurdistan on…
  4. FIRST HALF 2014 EARNINGS CALL – Genel Energy – slide 4
    KEY MILESTONES TO SUSTAINABLE PIPELINE EXPORTS Nov-13: KRG/Turkey sign bilateral Energy Agreement Dec-13: KRI-Turkey oil pipeline completed Dec-13: First oil through KRI-Turkey pipeline Mar-14: Ramp-up of export volumes via…
  5. FIRST HALF 2014 EARNINGS CALL – Genel Energy – slide 5
    H1 2014 INCOME STATEMENT m H1 2014 H1 2013 YoY Significant production growth Average production (bbl/d) 63,000 41,500 52% Increased volumes due to exports via KRI-Turkey pipeline, trucked exports and strong domestic demand Revenue…
  6. FIRST HALF 2014 EARNINGS CALL – Genel Energy – slide 6
    PRODUCTION AND SALES 100 Net Genel Production (kboepd) Net Genel Revenues (m) 80 500-600m(2) H1 average: 63kboepd 60 40 c.145 kboepd 20 capacity Jan-14 Feb-14 Mar-14 Apr-14 May-14 Jun-14 following Taq Taq 348 and Tawke…
  7. FIRST HALF 2014 EARNINGS CALL – Genel Energy – slide 7
    CAPEX H1 2014 capex Split 101m KRI development H2 2014 Capital Projects: 80m KRI exploration and appraisal Taq Taq CPF-II and 128m Africa exploration additional production wells 2m other Tawke production facilities, additional…
  8. FIRST HALF 2014 EARNINGS CALL – Genel Energy – slide 8
    CASH FLOW H1 2014 101m KRI development 500m senior 80m KRI exploration and unsecured bonds Net cash of appraisal due 2019, priced at 483m 2m other 7.5% in May 2014 1,200 500 4 26 1,000 974 115 182 800 700 128 600 m…
  9. FIRST HALF 2014 EARNINGS CALL – Genel Energy – slide 9
    KRI OIL Taq Taq First deviated well TT-23 spudded in Q2 2014, first horizontal well TT-24 to spud in Q4 2014 Vertical development well TT-27 spudded in Q2 2014, TT-28 to spud in Q3 2014 Side-track of TT-22 (Taq Taq Deep) as a…
  10. FIRST HALF 2014 EARNINGS CALL – Genel Energy – slide 10
    KRI GAS Export gas: Miran and Bina Bawi KRG exercised its back-in right for 25% in Miran in February 2014 Miran West-5 appraisal well results expected in Q3 2014 and well test to commence in Q4 2014 Gas sales offtake agreement…
  11. FIRST HALF 2014 EARNINGS CALL – Genel Energy – slide 11
    2014 EXPLORATION PROGRAMME Working Well/prospect Location H1 2014 H2 2014 interest Taq Taq Deep 44% KRI KRI Peshkabir-2 25% KRI Cap Juby 37.5% Morocco Hagar Qim 75% Malta (Area 4 Tertiary) Africa Dilolo 7.5%…
  12. FIRST HALF 2014 EARNINGS CALL – Genel Energy – slide 12
    SUMMARY & OUTLOOK Recent changes to political landscape in Iraq strengthen the KRGs hand Politics Progress continues to be made on the formation of the Iraqi Government Significant production growth of 50% in H1 2014 Oil 2014…
  13. FIRST HALF 2014 EARNINGS CALL – Genel Energy – slide 13
    Appendix 14
  14. FIRST HALF 2014 EARNINGS CALL – Genel Energy – slide 14
    2014 ACTIVITY BY QUARTER Q1 Q2 Q3 Q4 Politics & Commissioning of KRI- Ramp-up of export volumes via KRI-Turkey pipeline infrastructure Infrastructure Turkey export pipeline infrastructure Tawke-24 and 26 Taq Taq-23 first deviated…
  15. FIRST HALF 2014 EARNINGS CALL – Genel Energy – slide 15
    REGIONAL PIPELINE INFRASTRUCTURE KRI/KRG controlled territory New KRI export pipeline Iraq Turkey pipeline Iraq section Iraq Turkey pipeline Turkish section 16
  16. FIRST HALF 2014 EARNINGS CALL – Genel Energy – slide 16
    GENEL ENERGY KRI LICENSES Tawke Processing Capacity 708 200 mmbbls kbopd2 355 100 23 mmbbls 1,2 kbopd mmbbls 2P CR PR End-13 End-14 Ber Bahr 50 Dohuk mmbbls CR Bina Bawi 52 29 849 mmbbls mmboe mmbbls 2P CR CR…
  17. FIRST HALF 2014 EARNINGS CALL – Genel Energy – slide 17
    AFRICA EXPLORATION NORTH ATLANTIC OCEAN Mir Left Sidi Moussa Juby Maritime Area 4 MOROCCO Morocco Malta 3 licences, 12,761km2 combined 1 licence, 5,715km2 Juby Maritime (37.5% W.I.) Area 4 (75% W.I.) Sidi Moussa (60%…

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