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Half Year Results 2016 – Genel Energy

Genel Energy · Jul 28, 2016 · 24 slides

Investor presentation from the Shale Experts oil & gas presentation and slide database. Every page is imaged and its text indexed for search across operators, plays, basins and time.

Slides

  1. Half Year Results 2016 – Genel Energy – slide 1
    July 2016
  2. Half Year Results 2016 – Genel Energy – slide 2
    1. Ensuring payment continuity and receivable recovery Murat zgl (CEO) 2. Maximising the value of our KRI oil assets Paul Schofield (COO) 3. Crystallising value from our KRI gas business Murat zgl (CEO) 4. Growing the resource base…
  3. Half Year Results 2016 – Genel Energy – slide 3
    Payment normalisation KRG made nine consecutive payments to IOCs for oil production up to the end of June 2016 Genel has received 193 million gross proceeds since payments restarted in September 2015 Short-term economic measures…
  4. Half Year Results 2016 – Genel Energy – slide 4
    Contractor export payments(2) 75m 75m 75m 75m 56m 36m 59m 70m 79m 650,000 600,000 KRI export pipeline shut in 550,000 between 17 February and 500,000 10 March 2016 450,000 400,000 bopd 350,000 300,000 250,000…
  5. Half Year Results 2016 – Genel Energy – slide 5
    1. Ensuring payment continuity and receivable recovery Murat zgl (CEO) 2. Maximising the value of our KRI oil assets Paul Schofield (COO) 3. Crystallising value from our KRI gas business Murat zgl (CEO) 4. Growing the resource base…
  6. Half Year Results 2016 – Genel Energy – slide 6
    140,000 Pipeline downtime 120,000 100,000 80,000 60,000 40,000 20,000 - 01/16 02/16 03/16 04/16 05/16 06/16 Taq Taq Tawke
  7. Half Year Results 2016 – Genel Energy – slide 7
    Taq Taq distribution of oil production within the field 100% 90% 80% 70% 60% 50% 40% 30% 20% 10% 0% Oil - cumulative Oil 2016 YTD Crest NE flank SW flank SE flank NW flank
  8. Half Year Results 2016 – Genel Energy – slide 8
    Taq Taq work programme activity Potential impact increase the number of producing wells, More wells allows for more effective primarily on the flanks of the field management of the reservoir and oil water contact Increase the number…
  9. Half Year Results 2016 – Genel Energy – slide 9
    TT-24: horizontal development well in uppermost section of the Shiranish reservoir TT-27x: Shiranish development well TT-7z: appraisal well TT-16z: Shiranish horizontal development well TT-24 TT-27x TT-07z Shiranish…
  10. Half Year Results 2016 – Genel Energy – slide 10
    Activity July Aug Sep Oct Nov Dec TT-07 side-track (slanted) Taq Taq TT-16 side-track (horizontal) TT-20 side-track (TBC) T- T- Tawke workovers T-11 26 1A Tawke Jeribe wells T-32 WI T-34 P T-33 P Tawke Tawke cretaceous wells…
  11. Half Year Results 2016 – Genel Energy – slide 11
    1. Ensuring payment continuity and receivable recovery Murat zgl (CEO) 2. Maximising the value of our KRI oil assets Paul Schofield (COO) 3. Crystallising value from our KRI gas business Murat zgl (CEO) 4. Growing the resource base…
  12. Half Year Results 2016 – Genel Energy – slide 12
    Progress on near-term deliverables Pre-FEED awarded to Fluor and Gas Development Plan to Baker Hughes RDS (both expected to complete by end-2016) Progress on definitive agreements Advanced more slowly than anticipated in the first…
  13. Half Year Results 2016 – Genel Energy – slide 13
    1. Ensuring payment continuity and receivable recovery Murat zgl (CEO) 2. Maximising the value of our KRI oil assets Paul Schofield (COO) 3. Crystallising value from our KRI gas business Murat zgl (CEO) 4. Growing the resource base…
  14. Half Year Results 2016 – Genel Energy – slide 14
    Peshkabir-1 (2012) Chia Surkh-10 and Chia Surkh-11 (2013) Drilled on flank of structure, based on sparse 2D data, 27-29 API oil CS-10 and CS-11 encountered light oil and gas in Jeribe/Euphrates from Jurassic on test. Oligo-Miocene…
  15. Half Year Results 2016 – Genel Energy – slide 15
    Well test shows reservoir Oil recovered was structurally isolated during drilling JURASSIC CARBONATES Odewayne Block Block SL-10B/13 Sample analysis indicates oil came from outboard source LOWER JURASSIC CLASTICS…
  16. Half Year Results 2016 – Genel Energy – slide 16
    1. Ensuring payment continuity and receivable recovery Murat zgl (CEO) 2. Maximising the value of our KRI oil assets Paul Schofield (COO) 3. Crystallising value from our KRI gas business Murat zgl (CEO) 4. Growing the resource base…
  17. Half Year Results 2016 – Genel Energy – slide 17
    Income statement H1 2016 (m) H1 2015 (m) % change Revenue 91 199 (54%) EBITDAX 66 158 (58%) Profit/(loss) (4) 31 (113%) Cash flow statement H1 2016 (m) H1 2015 (m) % change Gross proceeds 119 50 138% Net cash from operating activities…
  18. Half Year Results 2016 – Genel Energy – slide 18
    Restricted cash Operating cash flow of 80 million of 20 million 600 relating to 24 12 Morocco 17 95 exploration 5 5 commitments 32 15 500 27 455 462 35 426 400 Gross proceeds of 119m millions 300 200 Net…
  19. Half Year Results 2016 – Genel Energy – slide 19
    Revenue Accrued at 5/bbl and 12/bbl discounts to Brent for Taq Taq and Tawke respectively, based on Genels view of PSC entitlement and actual costs incurred Proceeds Monthly payments based on simple proxy formula agreed with the…
  20. Half Year Results 2016 – Genel Energy – slide 20
    FY 2016 ( millions) H1 2015 H1 2016 guidance Taq Taq and Tawke 73 23 70 80 KRI gas business 10 9 20 KRI/Africa E&A 10 2 5 Total 90 110
  21. Half Year Results 2016 – Genel Energy – slide 21
    Cash HY bond and net debt Monthly cash spend in 2016 forecast at less Bond buy-back successfully than 20 million(1) implemented in March 2016 Compares with average monthly post CBP 55.4 million of nominal value proceeds in H1 of 18…
  22. Half Year Results 2016 – Genel Energy – slide 22
    Guidance Production 53-60,000 bopd Revenue (based on 45/bbl Brent in 2016) 200-230 million Production costs 1.50-1.75/bbl G&A c.25 million Capex 90-110 million
  23. Half Year Results 2016 – Genel Energy – slide 23
    1. Ensuring payment continuity and receivable recovery Murat zgl (CEO) 2. Maximising the value of our KRI oil assets Paul Schofield (COO) 3. Crystallising value from our KRI gas business Murat zgl (CEO) 4. Growing the resource base…
  24. Half Year Results 2016 – Genel Energy – slide 24
    Nine consecutive payments received up to end June 2016 193 million in gross proceeds to Genel between September 2015 and June 2016 Ongoing economic reforms and higher oil price have strengthened KRI economy Expect this to translate…

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