Q2 2013 and year-to-date highlights Net profit of NOK 280 million on operating revenue of NOK 764 million Company working interest (CWI) production of 38,720 boepd (increased from 29,061 boepd in Q1); YTD production of 33,917 boepd…
Operational milestones at the Tawke field Highest production in a single day (112,949 barrels) Highest sales in a single day (102,393 barrels) Highest production from one well in a single day (25,052 barrels) Largest number of tankers…
Other progress in Kurdistan Horizontal drilling results at Tawke-20 transform development outlook Tawke-17 oil discovery proves Deep Jurassic exploration play Summail gas field development launched in Dohuk license Continuing…
Diversified portfolio of 20 assets in six countries KURDISTAN REGION OF IRAQ UAE, OMAN, YEMEN & SOMALILAND TUNISIA 3 licenses 14 blocks 3 blocks 467 MMbbls 2P reserves CWI* 53 MMboe 2P reserves CWI* Multiple discoveries to be…
Interim presentation 2013 Operations Update
Tawke-20 horizontal well N S Tawke-20A T-11 Drilled high in the reservoir to penetrate multiple Euphrates Gercus fracture systems Tawke-15 Khurmala Kolosh Bekhme Maximizes oil rate and minimizes pressure draw 600m down…
Horizontal drilling at Tawke next steps Horizontal drilling is a field wide initiative Concluding drilling operations at Tawke-23 well and preparing to test Preparing to spud Tawke-21 well Cretaceous well distribution Tawke -26…
Tawke-17 discovery well Confirmed oil in the Jurassic Sargelu interval which flowed 1,500 bopd of 26-28 API oil Will complete Tawke-17 as a production well Will acquire data ahead of an appraisal program Map of deep exploration…
Dohuk license Summail gas development Fast-track development to supply gas to the Dohuk Power Plant Re-enter and complete existing Summail-1 well First gas targeted January 2014 from Summail-1 Spud Summail-2 well in Q4; Summail-3 in…
Erbil license Benenan field Benenan-3 well Encountered additional 210 meter oil column in Najmeh reservoir Preparing to initiate production Benenan-4 well Appraisal well to confirm extent of Najmeh reservoir 2.5 km step-out from…
Erbil license Bastora field Bastora-2 well Encountered oil in primary Cretaceous Bekhme target Encountered Bastora-1A Flowed 1800 2000 bopd additional oil in deeper Cretaceous Qamchuqa target Preparing to test multiple…
Current drilling program 21 August Country Rig 2013 2014 Kurdistan Rig-9 Bastora-2 Benenan-4 Bastora-3 Rig-10 Tawke-20 Tawke-23 Tawke-22 Summail-2 Summail-3 P-1 Rig-32 Tawke-17 drilling and testing Tawke-21 Tawke-24 ST…
Ras Al Khaimah Saleh field Saleh Field Seismic Cross Section Saleh-8 2.6 2.7 2.8 Total Depth 2.9 IIam Thamama Entry Nahr Umr GWC Thamama 3.2 Gamma spikes indicating possible factures Saleh-8 targeting…
Ras Al Khaimah Saleh field reservoir navigation Curtain section of Saleh-8 model with offset well Saleh-2 Q2 2013 interim presentation Slide 15
Oman Block 8 Continued strong production performance 20,126 boepd gross (10,064 boepd CWI) West Bukha-5 and West Bukha-3 well interventions completed Using horizontal / highly deviated wells to optimize field performance West…
Oman Block 36 Farm-in completed for 75% participating interest Presence of proven source rocks and multiple stacked reservoir units Work program comprises seismic reprocessing, 2D seismic acquisition and two wells Q2 2013…
Yemen Activities Block 32 Drilled Godah-13 infill production well Salsala-1 exploration well drilling ahead Block 43 Nabrajah-9S3 pilot drilled to test Shuqra formation above basement 3D seismic planned Block 72 Gabdain-3…
Yemen Block 84 Block 84 awarded to DNO early July 2013 (59.5% participating interest) 731 km2 surface area Located in the Masila basin adjacent to 1 billion bbls of discovered oil Under-explored acreage in a core area Q2…
Tunisia Sfax and Ras El Besh Farm-in for 87.5% participating interest Gross contingent resources of 35 60 MMbbls Gross prospective resources of 500 700 MMboe Salloum Salloum-1 tested 1,848 bopd Potential to drill from shore…
A full-cycle exploration and production company MENA focused opportunity set spanning the upstream asset life-cycle Exploration Appraisal Development Production SL-18 (Somaliland) Sfax & Ras El Besh Tawke Expansion (Kurdistan)…
Interim presentation 2013 Financial Summary
Q2 2013 financial results key figures Quarterly revenues and Quarterly key financials profits up on higher sales in 800 Revenues Netback Operating Profit Kurdistan 700 Q2 netback increased to NOK 433 million 600 Investments…
Quarterly CWI production (boepd) 50,000 45,000 3,745 10,983 40,000 35,000 10,064 Oman CWI boepd 30,000 25,000 13,374 Kurdistan 20,000 33,851 2,003 30,914 24,682 15,000 Yemen 17,279 10,000 11,332 5,000…
Q2 2013 revenue and gross profit distribution Revenues NOK million Gross Profit NOK million Oman Oman 200 127 Kurdistan 432 Kurdistan 299 Yemen Yemen 27 133 Q2 2013 interim presentation Slide 25
Increasing investments in line with plan Capex and capitalized Capex and capitalized exploration exploration increased to NOK 500 466 million in Q2 450 Other UAE Drilling of Saleh-8 well offshore 400 Oman Ras Al Khaimah…
Robust capital structure Cash position Net debt/cash Equity ratio NOK million NOK million Percent 1,800 500 60 % 58 % 1,645 1,648 55 % 1,600 1,508 400 50 % 1,385 300 1,400 257 43 % 200 183 1,200 40 % 39 % 100 1,000 2 0 30…
Q2 2013 income statement NOK million Q2 2013 Q2 2012 YTD 2013 YTD 2012 Highlights Sales 763.7 155.4 1,345.1 866.9 Q2 sales up on Cost of goods sold -332.2 -232.3 -613.2 -492.6 increased domestic offtake in Kurdistan Expensed…
Q2 2013 cash flow statement NOK million Q2 2013 Q2 2012 YTD 2013 YTD 2012 Highlights Profit/(loss) before income tax 350.4 -163.2 597.4 227.6 YTD investments funded by Non cash items & changes in working capital 52.1 618.3 473.4 616.4…
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