2010 H1 Highlights FINANCIAL OPERATIONS Revenues up 81% to 52.5mm Group WI production +56% to 9,689 Profit after tax up nearly 5x to boepd 18.7mm Syria WI production currently 10,000 Cash from Operations nearly tripled to bopd vs.…
Income Statement 2010 2009 Increase 2009 H1 H1 FY MM MM % MM Revenue 52.5 29.0 81% 84.4 Entmt. Prodn. +10% (WI prodn.+57%) Depletion (7.6) (5.5) (12.3) Impending sale of US assets package Impairment (3.7) (1.7) (6.4) Other Cost of…
Production & Sales Prices Premium / Premium / (discount) Working Interest Entitlement Average Sales (discount) to Henry Production (A) Production (B) B/A Price to Brent Hub Oil Gas Oil Gas Oil Gas Oil Gas bopd mcf/d bopd mcf/d %…
Realised Oil & Gas Prices Syrian Heavy 24 Saudi Arabia Heavy 27 Syrian heavy : Discount to Dated Brent US / bbl Saudi Heavy : Discount to Dated Brent US/bbl 0.0 0.0 -2.0 -2.0 Discount US / bbl -4.0 -4.0 Discount US/bbl…
Segmental performance Syria Tunisia USA London Total Contrast between Syria and USA MM MM MM MM MM Oil & Gas Revenue 42.2 9.2 51.4 Profits on sale of assets 1.1 1.1 Revenue 42.2 10.3 52.5 Depletion (oil & gas properties) (5.3)…
Unit Profits & Cash Flow / boe (working interest) Syria USA Increase in state take now that past costs fully recovered 2010 2009 2010 2009 H1 FY H1 FY /boe /boe /boe /boe Brent 77.2 61.7 n/a n/a less Discount (5.8) (4.4) n/a…
Cash Flow Statement 2010 2009 2009 H1 H1 FY MM MM MM Operating (Loss) / Profit 19.3 4.0 28.6 (Profit) / Loss on disposal of assets (1.1) (0.3) DD&A + Impairment + other non-cash 12.9 8.4 21.0 Working capital movements (3.6) (2.9)…
Balance Sheet 30 Jun 10 31 Dec 09 ASSETS MM MM Property Plant & Equipment 77.6 82.6 Intangible Assets 17.5 7.1 Long Term Financial Assets 13.0 12.0 Escrow cash Total non-current Assets 108.2 101.7 Inventory 4.3 4.2 Trade &…
Forward guidance 2010 (Full Year) Estimate 2011 (preliminary indication) Working Interest Production Working Interest production Syria : 9,475 bopd (before 4% Syria 11,000 bopd (no more trucking) settlement losses in trucking) USA :…
Syria : Operations YEAR TO DATE RESULTS FORWARD OBJECTIVES Gross production 19,209 bopd in By Year End August vs. 16,547 bopd in Jan (+ 16%) 2 more exploration wells after Yous. Tie-in of KHE-15H (2,500 bopd) South and 1 appraisal…
Block 26 Production & Reservoir Performance Top Massive Depth Map over the Khurbet East & Yousefieh Oil Fields KHE-13 KHE-10H KHE-1, 4, -5H KHE-2, -6H, -15H YOUS- 4H KHE-8 KHE-17H KHE-16 KHE-7 KHE-18 YOUS- 1, 3 KHE-14 KHE-11H…
Syria Production Block 26 Fields Average Daily Gross Oil Production and 3 Day Rolling Average 25000 Y-1 Y-3 KHE-15 KHE-10H Yousefieh Field production KHE-9 Gross cumulative 20000 KHE-6h KHE-5h production reached 10…
Khurbet East Field KHE-7 KHE-1, 2, 3, 4, 5H, 6H, 9 KHE-8 Discovered June 2007, on-stream July 2008 10H,11HA, KHE-13 KHE-15, KHE-17 Production from Khurbet East currently KHE-14 18,000 bopd from 8 wells Negligible field…
Khurbet East Field: Pressure Data Khurbet East Reservoir Pressure vs Cumulative Production 2690 2008-2010 from Static Pressures Surveys (filtered/averaged) 2680 2670 Reservoir Pressure, psia 2660 2650 Averaged KHE…
Yousefieh Field Production start-up in April 2010 (2 wells) currently producing at 1,800 bopd Exceptional formation response to acid stimulation Yousefieh-1 had a four-fold increase in productivity (PI went from 13.6 to 57.0…
Yousefieh Field: Pressure Data Yousefieh 2690 Reservoir Pressure vs Cumulative Production 2010 from Static Pressures Surveys (filtered/averaged) 2680 2670 Reservoir Pressure, Averaged Yousefieh Pressure Data, psi psia…
Khurbet East & Yousefieh Production Facilities Early Production Facilities (EPFs): Khurbet East EPF name-plate capacity of 18,000 bopd is constraint for KHE field New Mini-EPF located at Yousefieh and 3km flowline to Khurbet East…
Block 26 WI Production (actual and target) Yous-4H and pipeline Commence Yousefieh Production project EPF expansion and ramp up 19
YOUS-2 YOUS-3 YOUS-1 YOUS-4H BLOCK 26 SYRIA Yousefieh Field - Top Massive Formation Depth Map DRILLING RESULTS H1 2010 20
H1 2010 Development Drilling Programme: Khurbet East KHE-16 Two horizontal production wells in north KHE-15H central and south central crest, KHE-15H and KHE-17H to provide additional water-free oil capacity pre-CPF for…
H1 2010 Development Drilling Results: Khurbet East (1) KHE-15H horizontal well 210 metre horizontal reservoir section drilled now producing to EPF at 2,500 bopd with 0.25% BSW outstanding drilling performance, 19 days duration,…
H1 2010 Development Drilling Results: Khurbet East (2) KHE-16 delineation on north-east ridge 39 metres deep to prognosis small oil column of 5 metres KHE-18 to flowed mostly water of low salinity (not KHE be drilled next…
2010 Development Drilling Results: Yousefieh-4H YOUS-2 YOUS-3 YOUS-1 YOUS-4H Horizontal well in northern crestal area of field designed to enhance recovery of oil Well completed and awaiting production test 710 metres net reservoir…
H1 2010 Exploration Drilling Zaman-1 Top of reservoir encountered close to pre-drill prognosis, but with only 4m oil column Maintains confidence in structure interpretation Encountered vuggy reservoir with good deliverability…
H1 2010 Exploration Drilling Hanoon-1 Top of reservoir encountered close to pre-drill prognosis Maintains confidence in structure interpretation Lack of commercial hydrocarbons due to very poor reservoir quality in Massive…
BLOCK 26 SYRIA EXPLORATION 27
Block 26 2010 Mandatory Relinquishment Gulfsands has entered into the Second Extension of the Exploration Period for 2nd mandatory relinquishment (2010) Block 26 (ends August 2012) 1st mandatory A condition of entry is the…
2010 Exploration Summary Zahraa (Taramish Exploration wells drilled updip) Thrust fault Trap so far in H1 2010: Twaiba 26-58 mmbo 10-22 mmbo Zaman: 4 m oil column, Fault bound anticline sub-commercial Hanoon: oil shows Tel Alo…
Exploration Prospects - Yousefieh South-1 4 way dip closure south of Yousefieh Field Lower structural relief interpreted to exist Located within Yousefieh Development License Area (DLA) Reserves range 9-15 mmbo 30
Exploration Prospects Zahraa-1 Thrust-fault closure with 3-way dip located 5km east of Karatchok Field Massive formation objective Successful well could be tied into Karatchok facilities Reserves range 26-58 mmbo Gulfsands sole…
Exploration Prospects Abu Ghazal-1 Tilted fault block located south and basin-ward of the Khurbet East and Yousefieh Fields Largest remaining undrilled structure currently identified within Block 26 Key risk is presence of adequate…
Exploration Prospects Twaiba-1 A Small 4-way dip closure with larger 3-way fault-bound Hanoon-1 closure located north of Khurbet East Field Key risk is presence of adequate reservoir Anomalous seismic amplitude, supported by…
Exploration Prospects Maghlouja-1 updip Thrust-fault supported dip closure N Follow-up to Maghlouja-1 well that had hydrocarbon shows at multiple levels Maghlouga-1 Primary objectives are Cretaceous Massive and Triassic K…
Kerkouane Block H1 2010 Highlights Gulfsands entered Kerkouane Block (& adjacent Pantelleria block in Italian waters) in farmout from ADX Energy for 30% working interest Total promote < 3mm Kerkouane Block 3D Seismic programme of…
Kerkouane Block 3D Seismic North Dougga Lead Dougga Lambouka Pantelleria Graben 10 km Pleistocene Birsa Arbitrary 3D seismic line Abiod W E S N High quality 3D data will be used to aid in resource assessment for…
Kerkouane Block - 3D Seismic Programme Lambouka-1 Dougga-1 North Dougga Lead 10 km N Ain Grab Time Structure Structural history within Kerkouane Block is relatively complex , with normal and reverse faults present. 3D…
Lambouka-1 - Operational Summary Rig tow from 22nd June to 2nd July 2010 Well spudded 11th July 2010 Reached total depth of 2786m MD (2651m TVD) 30th August upon penetrating Abiod Formation AFE original cost estimate: 22.2 million…
Lambouka-1 Well Results Preliminary interpretation of wireline logs indicates possible net hydrocarbon pay of over 20 meters in the Basal El Haria/Upper Abiod section Formation Micro-Imaging (FMI) log shows fractures present in…
Offshore Tunisia Forward Programme Fully evaluate data obtained from Lambouka-1 well Interpret and map 3D data with the Lambouka well data Revise resource estimates for Lambouka & Dougga Assess the exploration potential of other…
Chorbane Block H1 2010 Highlights Gulfsands entered Chorbane Block by farmout from ADX Energy for 40% working interest Sidi Daher-1 well planned to be drilled Q4 (Nov.) Est. cost 5.6 mm (GPX 4.5 mm) Strategically important well…
Onshore Tunisia Chorbane Block Tilted fault block with two primary reservoir objectives Eocene aged Metlaoui (gas) and Cretaceous aged Abiod (oil) Formations Rapid tie-in of discovery expected at this on- shore location Spud date…
Iraq Strategic business focus Seeking to build a long-term E&P business Active since 2003 Maysan Gas Project Turning flared gas into condensate, LPGs and dry gas for electricity generation Negotiations stalled pending formation…
Atwood Southern Cross GULF OF MEXICO 46
Gulf of Mexico Production Oil production has been relatively steady during 2010 Gas production has been lower than forecast - deferral of planned work-overs & re-completions caused by low product prices in the domestic market -…
Gulf of Mexico Sales Process Gulfsands remain committed to ultimate disposal of the US assets Sales process temporarily suspended as operators and regulators are adjusting to the new regulatory environment in the GoM post Macondo…
Group WI Production (actual and target) Pipeline Project completion Commence Yousefieh Production anticipated December 2009 WI production 10,000 boepd 49
2010 Operational Schedule Syria Block 26 * JV approval required YOUS-4H YOUS South-1 KHE-18 Abu Ghazal-1* Exp Well* YOUS-5* Exp Well* Second rig commences Zahraa-1 KHE Deep Exp/ Appraisal* Acquire 1035 km2 3D seismic Processing…
Summary Solid first half financial performance Cash to fund further growth Syria remains core focus Field development programme on track Exploration programme accelerating (2nd rig on site) Considering licence round applications…
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