2 Senior Management Jn Ferrier Sami Zouari John Stafford Chief Executive Officer Chief Financial Officer Vice President Operations Joined in June 2015 Joined in January 2015 Joined in 2009 Tony Peart Nadhim Zahawi Umur…
5 Bridge to FDP The updated Field Develop Plan (FDP) was submitted to the MNR in December 2015 Subject to available financing, plans are in place for an interim project to maintain Shaikan production at 40,000 bopd or increase…
6 Profitability and Resilience Bridge to FDP offsets impact of production decline Break-even Dated Brent Prices Improved resilience to oil prices by reducing the 55,000 bopd break-even price No Investment Bridge to FDP Current…
7 Shaikan Exports Tawke Taq Taq MNR currently control all marketing and crude exports from Kurdistan From July 2015, oil export deliveries are transported 120km by truck to Fyshkhabour and injected into the…
8 Shaikan Realised Price Realised price for sales to domestic offtaker was 18/bbl in 2015 Realised price for export sales is estimated at 22/bbl for 2015 Pricing terms are subject to audit and for Januarys production, KRG set the…
9 MNR Agreement 16 March Subject to formal Shaikan PSC amendment, GKP and the MNR agreed to: Change GKPs capacity building charge from 40% to 30% Recognise the MNRs Shaikan Government Participation Option of 20% as a paying party…
10 Shaikan PSC Interests As a result of the 16 March Agreement: GKPs fully diluted Shaikan working interest and share of reserves will increase from 54.4% to 58% Capacity building charge will change from 40% to 30% MNR will pay…
11 Shaikan Arrears 31 December 30 June Position net to GKP as at: Comments 2015 2015 Export sales entitlements for the 6 months are in line with cash payments received Revenue arrears 93m 117m Decrease is due to MNR back-in…
12 2015 Financial Highlights Revenues of US86.2 million (FY14: 38.6 million) Revenue recognised when the cash receipt assured, revenue arrears remain unbooked Capital expenditure of 82 million (2014: 237 million) as GKP reduced…
13 Financial Strategy and Outlook Significant coupon payments in April and October 2016 of 26.4 million each Debt repayments of 575 million in 2017 GKP faces material uncertainty regarding meeting its debt obligations Options to…
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