overview Shaikan commercial production and sales pending projects financial highlights
A leading Kurdistan independent E&P company Public company, moved to Standard Segment of Official List of the London Stock Exchange in March 2014 One of the largest acreage holders in Kurdistan, 1,632 km2 across four contiguous…
Management team John Gerstenlauer Chief Executive Officer Joined the Company as Chief Operating Officer in October 2008 and was appointed Chief Executive Officer in July 2014 Started his oil and gas career with Shell in 1978…
Reserves and resources summary 12,506 mmbbls of gross hydrocarbons in place Reserves and resources Net, diluted WI to GKP Gross 2P + 2C of 1,219 mmbbls GKP diluted STOIIP/GIIP Oil (mmbbls) Gas (bcf) mmboe(1) WI Shaikan 54.4%(2) 5,013…
Company strategy Ramp-up commercial oil production from Shaikan Reinvestment of cash flows Become a cash generating Increase reserves and production business and maintain financial through further exploration and flexibility…
Strong stakeholder relationships Stakeholder relationships Over 300 employees and contractors in the Kurdistan Region of Iraq 93% of employees are Kurdish nationals, receiving regular training in the region and abroad Approximately…
overview Shaikan commercial production and sales pending projects financial highlights
Shaikan: 40,000 ibopd and ibeyond 40,000 bopd reached in December 2014 Total gross commercial production from Shaikan is over 9 mln barrels Two production facilities PF-1 and PF-2 and 9 production wells Focus on ensuring stable…
Shaikan commercial production since July 2013 PF-1 PF-2 Shaikan 1 Shaikan 3 Shaikan 4 Shaikan Shaikan 2 Shaikan 5 Shaikan 10 Shaikan 11 Well Well Well 7 and 8 Well Well Well Well Wells (bbls/d) 10
Current Export Route iby truck Shaikan 11
Near-term export pipeline access Expected injection point Possible twinned Heavy Oil Line Atrush PF -1 PF -2 12
Shaikan pipeline connection Atrush PF -1 PF -2 13
overview Shaikan commercial production and sales pending projects financial highlights
Priorities versus pending projects Priorities Maintain stable production and sales of 40,000 bopd and beyond through debottlenecking Finalize a pipeline access solution for Shaikan Establish a steady flow of revenues before making…
Shaikan: Phase 1 (CPR 2P) Wells 16 Shaikan Phase 1 is focused on the first 26 development wells targeting 299MMstb of 2P reserves Flowline Source: GKP
Shaikan: Full field development: IbeyOnd phase 1 17 Shaikan Full Field Development envisages approximately 109 wells targeting 1,001MMstb of 2P + 2C reserves and contingent resources Further reserves are fully expected in time…
overview Shaikan commercial production and sales pending projects financial highlights
Financial Highlights 19 Cash balance of US118.8 million at 13 April 2015 including: 31 March 2015 net placing proceeds of US39.0 million US26.0 million gross pre-payment for crude oil export sales received in February 2015…
Funding development 20 1H FY 2014 1H 2014 FY 2014 Source 2014 Notes gross net net gross Value depends on pricing assumptions used. Assumed 23/bbl Shaikan crude discount to Brent and 22/bbl transportation costs throughout 2014…
Capex schedule 21 Shaikan 2015 (USm net to GKP) 70,000 bopd Comments firm (24 months) Shaikan Drilling of an additional well to tie into PF-2 completed Shaikan-11 11.0 - under budget PF 1 Change orders and debottlenecking…
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