Todays Presenters 2 Jn Ferrier Chief Executive Officer Joined the Company as Chief Executive Officer in June 2015 Prior to GKP, Senior Vice President Business Development, Strategy & Commercial at Maersk Oil in Copenhagen where he…
3 Chairman Andrew Simon
4 Chief Executive officer Jn Ferrier
CEO PRIORITIES 5 Safe and Reliable Operations Our licence to operate Maintain safe production at plant capacity Commercial Sustainability Regular payments Diversified marketing strategy Stakeholder Engagement Kurdistan…
Current Market Dynamics 6 Turkeys Kurds watch fragile peace slip away Kurds to start regular payments to oil Financial Times 1.8.15 groups Financial Times 3.8.15. Barzani Must Remain President to Lead Kurds Oil near six and a…
The highlights 7 Security and HSE Security situation remains stable No significant HSE incidents Production 4.7 million barrels produced in H1 2015, a 102% increase over H1 2014 Total production to date over 14 million barrels…
Production evolution 8 Period of offtake restriction
Production headlines 9 40,000 bopd production milestone achieved in December 2014 New production record of 45,063 bopd established on 16 August 2015 Shaikan PF-1 and PF-2 plant availability for 2015 to mid-August averaged…
Production Facility-1 : ibefore 10 Q4 2012
Production Facility-1 : after 11 Q2 2015
Development plans 12 Work ongoing on an updated Shaikan Field Development Plan (FDP) Front End Engineering Design (FEED) work for a Central Processing Facility is underway Ready to progress to develop Shaikan towards 100,000…
Commercial sustainaibility 13 Ready for next phase of development with regular payments Establishment of regular payments for all oil sales is paramount Dialogue continues with the MNR regarding addressing the arrears…
Legal and Commercial director Tony Peart
Shaikan diversified marketing strateGY 15 Kurdistan Export Pipeline Tawke Tawke Taq Taq Taq Taq Diversified marketing strategy where Shaikan oil sales split between two offtake routes Sales to a domestic offtaker…
export pipeline access achieved 16 In July 2015 pipeline exports of Shaikan crude commenced Trucking to the DNO offload facility at Fyshkhabour for injection into the export pipeline Sold as part of the Kirkuk blend at…
SALES TO DOMESTIC OFFTAKER 17 Sold at Shaikan production facility to domestic offtaker: 2.1 million barrels to date Currently netback to field; average dated monthly Brent price, less Shaikan quality discount of US23/bbl, less…
Exporting through a variety of routes 18 18 Shaikan sales (gross) bbl Export to Fyshkhabour Domestic offtake going to Dortyol Export via Powertrans 1,400,000.00 1,200,000.00 1,000,000.00 800,000.00…
Chief financial officer Sami Zouari
1H 2015 Financial Highlights 20 20 Cash position at 25 August 2015 of US63.9 million Revenues of US30.1 million for 1H 2015 Loss after tax for H1 2015 of US77.7 million Total arrears net to Gulf Keystone of US283 million…
Financial position: significant arrears 24 24 30 June 2015 Source Notes net to GKP Value depends on pricing assumptions used. Unrecognised revenues 117m Further clarity required on price achieved and exact amounts lifted at…
Payments received from Kurdistan 25 operations 25 Since Shaikan commercial production began in July 2013, Gulf Keystone has received US77.8 million in net payments, of which US28.8 million was for sales to a domestic offtaker and…
26 Chief Executive officer Jn Ferrier
2015 Outlook 27 Continue safe and reliable operations Progress towards 100,000 bopd Secure regular payments and pursue arrears Complete strategic review process 27
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