Key 2010 Accomplishments 47% increase in Syria WI production and 17% net increase in Syria 2P WI reserves Excellent reservoir performance from both oil producing fields in Syria, Khurbet East & Yousefieh Saipem awarded the…
2010 Financial Highlights Earnings per share* Lifting cost per boe* 40 16 35 14 Revenues +37% to 115.6mm Lifting costs per WI boe (/boe) 30 12 Earnings per Share (dlited) US c. 25 10 Profit after tax +58% 44.7mm…
Reserves Working Interest Reserves Summary Syria USA Group mmbbl +/- % mmboe +/- % +/- % Reserves by Category Proved 30.5 44% 2.5 -31% 33.0 33% Proved & Probable 53.6 17% 3.3 -30% 56.9 12% Proved, Probable & Possible 89.6 9% 3.5…
Income Statement 2010 2009 Increase restated MM MM % Mainly oil price driven : entitlement prodn up 6% Revenue 115.6 84.4 37% US depletion doubled to 5.7mm vs. 2.4 mm Depletion (17.0) (11.9) Second US assets sale : write down to…
Production & Sales Prices Premium / Prem/(disc) Working Interest Entitlement Entmt Average Sales (discount) to Henry Production Production / WI Price to Brent Hub Oil Gas boe Oil Gas boe Oil Gas Oil Gas bopd mcf/d +/- % bopd mcf/d…
Syria : Realised Oil Prices 160.00 Syrian Heavy price compared to Brent and WTI monthly averages 2008 -2010 140.00 120.00 100.00 80.00 60.00 Syrian heavy 40.00 Brent WTI 20.00 - Jan-08 Apr-08…
Syrian Heavy : discount to Brent Syrian heavy : Discount to Dated Brent US / bbl Saudi Heavy : Discount to Dated Brent US/bbl May-09 May-10 Mar-09 Mar-10 Nov-08 Nov-09 Nov-10 Sep-08 Sep-09 Sep-10…
Segmental Performance Syria Tunisia USA London Total MM MM MM MM MM External Revenue 99.0 16.6 115.6 Depletion (oil & gas properties) (11.4) (5.7) (17.0) Impairment (3.8) (3.8) Dry hole costs (5.5) (5.5) Other cost of sales…
Unit Profits & Cash Flow / boe (working interest) Unit Revenues and Costs (per Working Interest boe) Syria USA 2010 2009 2010 2009 /boe /boe /boe /boe Brent 79.5 61.7 n/a n/a less Discount (4.9) (4.4) n/a n/a Gross Revenue…
Cash Flow Statement 2010 2009 Increase restated MM MM % Operating Profit 45.5 29.0 DD&A + Impairment + dry hole costs 27.0 18.8 Decommissioning costs in excess of provision 2.1 0.7 Share based payment charge 2.5 1.1 Profit on…
Capital Expenditure Detail Syria Tunisia USA Other TOTAL 2010 Development* 14.0 2.8 16.8 Exploration 9.6 15.9 25.5 Other 1.0 0.1 1.1 Total Capex 24.6 15.9 2.8 0.1 43.4 Decommissioning costs 2.5 2.5 2009 Development* 16.5 3.3…
Balance Sheet 2010 2009 restated ASSETS MM MM Property Plant & Equipment 63.9 76.5 Intangible Assets 31.0 7.1 Twaiba, Lambouka, seismic Long Term Financial Assets 9.6 12.0 Cash collateral for decommissioning bonds Total…
2011 Guidance Average working interest production : Syria : 11,000 bopd US : 600 boepd Lifting costs in Syria : No further trucking costs (0.50/WI bbl in 2010) Increase in export pipeline tariff from 0.75 to 1.30/WI bbl Production…
Achievements & Objectives 2010 ACHIEVEMENTS 2011 OBJECTIVES SYRIA SYRIA KHE production now at EPF capacity, Drill 6 exploration wells and 5 Yousefieh brought on stream in April. development wells Pipeline to Tel Addas completed,…
Achievements & Objectives (contd) 2010 ACHIEVEMENTS 2011 OBJECTIVES USA USA Sold 2 packages of properties totalling c. Complete divestment of US assets 25% of reserves (2nd sale closed in Jan 11) WI production unchanged at 1,143…
Gulfsands 2011 Drilling Programme Mean unrisked net potential of 200 mmbo; 10 MM capex post-cost recovery RIG 401 Block 26 Syria Abu Ghazal-1 KHE-19 YOUS-6 KHE-20 YOUS-8 Exp Well RIG 501 KHE-101 (Appraisal) YOUS-7 Safa Wardieh…
Road Map : Now to End 2012 Exploration Up to twelve exploration prospects to be drilled in Block 26 New exploration acreage onshore and offshore Syria Two exploration wells in Tunisia Replenished exploration portfolio in new areas…
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