2014 HALF YEAR HIGHLIGHTS Production Net working interest production averaged 63,000 boepd in H1 2014, up c.50%, and 82,000 boepd in May and June Gross production in May and June averaged 111,000 bopd from Taq Taq and 118,000 bopd…
POLITICAL MOMENTUM ACCELERATING Politics Political landscape in Iraq reshaped by ISIS Progress continues to be made on the formation of the Iraqi Government Turkey continues to provide unwavering support to the KRG Kurdistan on…
KEY MILESTONES TO SUSTAINABLE PIPELINE EXPORTS Nov-13: KRG/Turkey sign bilateral Energy Agreement Dec-13: KRI-Turkey oil pipeline completed Dec-13: First oil through KRI-Turkey pipeline Mar-14: Ramp-up of export volumes via…
H1 2014 INCOME STATEMENT m H1 2014 H1 2013 YoY Significant production growth Average production (bbl/d) 63,000 41,500 52% Increased volumes due to exports via KRI-Turkey pipeline, trucked exports and strong domestic demand Revenue…
PRODUCTION AND SALES 100 Net Genel Production (kboepd) Net Genel Revenues (m) 80 500-600m(2) H1 average: 63kboepd 60 40 c.145 kboepd 20 capacity Jan-14 Feb-14 Mar-14 Apr-14 May-14 Jun-14 following Taq Taq 348 and Tawke…
CAPEX H1 2014 capex Split 101m KRI development H2 2014 Capital Projects: 80m KRI exploration and appraisal Taq Taq CPF-II and 128m Africa exploration additional production wells 2m other Tawke production facilities, additional…
CASH FLOW H1 2014 101m KRI development 500m senior 80m KRI exploration and unsecured bonds Net cash of appraisal due 2019, priced at 483m 2m other 7.5% in May 2014 1,200 500 4 26 1,000 974 115 182 800 700 128 600 m…
KRI OIL Taq Taq First deviated well TT-23 spudded in Q2 2014, first horizontal well TT-24 to spud in Q4 2014 Vertical development well TT-27 spudded in Q2 2014, TT-28 to spud in Q3 2014 Side-track of TT-22 (Taq Taq Deep) as a…
KRI GAS Export gas: Miran and Bina Bawi KRG exercised its back-in right for 25% in Miran in February 2014 Miran West-5 appraisal well results expected in Q3 2014 and well test to commence in Q4 2014 Gas sales offtake agreement…
2014 EXPLORATION PROGRAMME Working Well/prospect Location H1 2014 H2 2014 interest Taq Taq Deep 44% KRI KRI Peshkabir-2 25% KRI Cap Juby 37.5% Morocco Hagar Qim 75% Malta (Area 4 Tertiary) Africa Dilolo 7.5%…
SUMMARY & OUTLOOK Recent changes to political landscape in Iraq strengthen the KRGs hand Politics Progress continues to be made on the formation of the Iraqi Government Significant production growth of 50% in H1 2014 Oil 2014…
Appendix 14
2014 ACTIVITY BY QUARTER Q1 Q2 Q3 Q4 Politics & Commissioning of KRI- Ramp-up of export volumes via KRI-Turkey pipeline infrastructure Infrastructure Turkey export pipeline infrastructure Tawke-24 and 26 Taq Taq-23 first deviated…
GENEL ENERGY KRI LICENSES Tawke Processing Capacity 708 200 mmbbls kbopd2 355 100 23 mmbbls 1,2 kbopd mmbbls 2P CR PR End-13 End-14 Ber Bahr 50 Dohuk mmbbls CR Bina Bawi 52 29 849 mmbbls mmboe mmbbls 2P CR CR…
AFRICA EXPLORATION NORTH ATLANTIC OCEAN Mir Left Sidi Moussa Juby Maritime Area 4 MOROCCO Morocco Malta 3 licences, 12,761km2 combined 1 licence, 5,715km2 Juby Maritime (37.5% W.I.) Area 4 (75% W.I.) Sidi Moussa (60%…
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