INVESTOR OPEN HOUSE North Sea and Kurdistan May 2014
NORTH SEA
NORTH SEA BUSINESS OVERVIEW ? Drive value from late life assets while continuing to pursue divestments/dilutions ? Restore reliability and efficiency ? Execute major projects ? Divest/dilute ? UK ? MAR project expected to deliver…
MAR ? ADDING INCREMENTAL PRODUCTION THROUGH REDEVELOPMENT Montrose Cayley Shaw Godwin Arbroath ? Jacket 2014 ? Topsides 2015 ? 2016 ? First Production late 2016 ? Peak Production 2017 Montrose Area Redevelopment (MAR)
NORTH SEA PROGRESS ? Increased management focus for Norway and UKJV ? Stabilize operations while improving cash flow ? Develop optimized asset strategies ? Focused asset plans ? Realize economic value of resources ? Effectively…
KURDISTAN
KURDAMIR / TOPKHANA CROSS SECTION T-1 K-3 K-2 T-2 Currently drilling K-1 2C ODT: 2049 mss 3C ODT: 2229 mss DST Intervals Topkhana Kurdamir ? T-1 (drilled before K-2 & K-3) was not tested in the oil leg ? GOC 1882m in Topkhana…