2012 H1 Summary OPERATIONAL FINANCIAL No operations were undertaken in Revenues 2.9MM (H1 11 5.5MM Syria Block 26 due to EU sanctions excluding Syria, 78.6MM including Syria) SidiDhaher well test did not flow Adjusted underlying…
Strategy Protect the value of Syrian assets maintain presence in Syria in full compliance with EU sanctions Consolidate Gulfsands current position in Tunisia Build a new sustainable leg to the business within the capacity of the…
Income statement H1 12 H1 11 FY 12 MM MM MM Revenue 2.9 5.5 48% 7.9 All USA. Volumes down 46%, realisations down 5% Depletion (0.6) (2.2) 73% (3.9) Effect of portfolio rationalisation in GOM Impairment (0.1) Other cost of sales…
Segmental performance Syria Tunisia USA Corporate Total MM MM MM MM MM Revenue 2.9 2.9 2.9 2.9 Depletion (0.6) (0.6) Other cost of sales (1.6) (1.6) Gross profit / (loss) Gross profit / (loss) 07 0.7 07 0.7 G&A…
Cash flow statement Syria Tunisia USA Corporate Total MM MM MM MM MM Operating loss (3.1) (7.1) (0.6) (7.3) (18.1) Syria suspended operations Syria suspended operations Adjusted operating profit / (loss) (3.1) (7.1) (0.6) (7.3)…
Balance sheet Segmental analysis at 30/06/2012 30/06/2012 31/12/2011 Syria Tunisia USA Corporate ASSETS MM MM MM MM MM MM Property, plant & equipment 14.2 14.2 13.3 0.9 Intangible assets 4.9 8.5 3.1 1.8 Restricted cash 3.8 4.0…
Syria : Operations YEAR TO DATE RESULTS FORWARD OBJECTIVES Block 26 all Gulfsands operations CPF construction suspended after have ceased due to sanctions contractor (Saipem) declared force Khurbet East Field GPCoperated majeure…
Tunisia Chorbane Permit Proposed 490 sq km d k Permit Area: Relinquishment Area 1940 km2, after mandatory relinquishment of 490 km2 Chaker Permit Term: First Renewal Period 13 Jul 2012 12 Jul 2015 (3 Years) SAG Permit…
Chorbane Prospectivity Proposed 490 sq km d k Infrastructure: Relinquishment Area Oil and Gas infrastructure in the area, with producing oil and gas fields adjacent Chaker Existing road network Opportunity: Competitive…
Chorbane Operations: Sidi Dhaher 1 Testing Cretaceous aged Bireno FM limestone and dolomite encountered with gas shows while encountered with gas shows while Chaker drilling and oil recovered on MDT. Testing of Sidi Dhaher…
Tunisia Kerkouane Permit Summary Permit Area: Permit Area: Offshore within Sicily Channel 3060 km2 Permit Term: First Renewal Period Permit Term: First Renewal Period 23 Feb 2011 22 February 2014 Infrastructure: Gas export…
Existing Opportunities Discovered Resources: Nilde Oil Field Dougga gas/condensate field discovered by Shell in 1981. Requires Kerkouane Updip appraisal and improved fiscal terms prior to development decision (mean raw gas of…
Dougga West Lead on trend with Nilde Oil Field West Dougga West Dougga play type is proven by Nilde Oil Field, located in offshore Italy. Birsa sand is absent at the Nilde location, the production is from the similarly…
Elissa Lead Elissa High amplitudes tied to Birsa Sand in Dougga1 well Faulted Faulted anticline, partially mapped on recent 3D seismic anticline partially mapped on recent 3D seismic Primary target Tertiary aged Birsa…
US GOM YEAR TO DATE RESULTS FORWARD OBJECTIVES Production (WI) Production (WI) Sale Process Sale Process 322 boepd for H1 2012 (56% liquids) Majority of nonperforming assets have now been sold or abandoned since 2010, with one…
Iraq YEAR TO DATE RESULTS FORWARD OBJECTIVES Gulfsands, although prequalified for Gulfsands although pre qualified for By Year End By Year End 4th Exploration round, elected not to Should a 5th round be held in 2H 2012, bid due…
Progress to date Syria Assets Complying fully with EU Sanction Maintaining dialogue with relevant Authorities Tunisia consolidation Entered into preliminary agreement to increase WI in both onshore and Entered into preliminary…
Loading...
