Company overview and investment strengths Asset portfolio OIL infrastructure and monetisation Financing and work program supplementary information
A leading Kurdistan independent E&P company Public company, moved to Standard Segment of Official List in March 2014 One of the largest acreage holders in Kurdistan, 1,632 km 2 across four contiguous blocks All 2P reserves and…
Track record of growth in Kurdistan 2007-08 2009-10 2011-12 2013 Nov 2007 Jul 2009 Jan Dec 2011 Jan 2013 Awarded PSCs for Shaikan and Sheikh Adi and Ber Bahr PSCs 5-well appraisal campaign for Submitted Shaikan FDP Akri-Bijeel…
World scale assets in highly prospective ibasin Key assets Kurdistan a highly prospective oil province where approximately 45 international oil companies currently operate Blocks WI Diluted Operator Partner 5 discoveries across 4…
Reserves and resources summary 12,506 mmbbls of gross hydrocarbons in place Reserves and resources Net, diluted WI to GKP Gross 2P + 2C of 1,219 mmbbls GKP diluted STOIIP/GIIP Oil (mmbbls) Gas (bcf) mmboe (1) WI Shaikan 54.4% (2)…
Visiible growth in production and cash flows Approved FDP envisages a phased development of the Shaikan Shaikan production capacity (gross, kbopd) field 120 34 100 100 Shaikan commercial production commenced in July 2013, export…
Strong stakeholder relationships Stakeholder relationships Company fosters and maintains strong contacts within, and transparent and constructive relationships with the KRG, the MNR and other Kurdistan oil and gas industry…
Company strategy Ramp-up commercial oil production from Shaikan Reinvestment of cash flows Become a cash generating Increase reserves and production business and maintain financial through further exploration and flexibility…
Key investment strengths World scale assets in highly prospective basin Proven drilling track record Visible growth in production and cash flows from Shaikan Stable, highly experienced management Strong stakeholder…
Company overview and investment strengths Asset portfolio OIL infrastructure and monetisation Financing and work program supplementary information
Shaikan ibackground Gulf Keystone net WI (fully diluted)(1) 75% (54.4%) Situated 85 km to the north-west of Erbil Operator GKP Discovered in August 2009, the Shaikan field is an anticline at the north-west end of the Zagros Foldbelt…
Shaikan field development Shaikan FDP overview Shaikan development area A field of Shaikans magnitude will require significant investments over a multi-year phased development As part of the approved Phase 1 development, GKP plans…
Shaikan development concept International border Turkey Syria Ber Bahr Gulf Keystone block Sheikh Adi Gulf Keystone operated block Discovery Export pipeline Shaikan tie-in pipeline SH-4 SH-1 & SH-3 Shaikan development flowline…
Shaikan development status First production facility completed PF-1 Second production facility commissioned PF-2 Production capacity of 20 kbopd. Commercial production Modular design similar to PF-1 commenced in July 2013 PF-2…
Expected SHAIKAN PROJECT SCHEDULE Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2013 2014 2015 2016 Drilling Existing wells SH-7 New rig SH-9 SH-11 SH-12 SH-13 SH-14 Production Facilities Construction & PF 1 commissioning PF 2 Construction &…
Shaikan Phase 1 development CPR production profile Shaikan Phase 1 production profile (gross)(1) Key parameters(1) 100 450 Low Best High Number of wells 26 26 26 90 400 Maximum oil rate per well (kbopd) 3.0 4.0 4.5 Field oil…
Sheikh Adi Located to the west of and on trend with the Shaikan structure Sheikh Adi Block Gulf Keystone net WI(1) 80.0% The field is a faulted structure with a single major fault with Jurassic oil bearing intervals in both the…
Ber Bahr Ber Bahr lies to the north-west of and on trend with the Shaikan Ber Bahr Block and the Sheikh Adi blocks Gulf Keystone net WI 40.0% Operator Genel Genel operated (40% working interest ) with GKP working interest of 40%…
Akri Bijeel Akri Bijeel Block Akri Bijeel is a large block located to the east of the Shaikan block Gulf Keystone net WI (fully diluted) 20% (12.8%) MOL operated (51.2%) with GKP diluted working interest of 12.8%, Operator MOL KRG…
Company overview and investment strengths Asset portfolio OIL infrastructure and monetisation Financing and work program supplementary information
Krg infrastructure/oil monetisation gaining momentum Exports to Turkish Mediterranean ports currently via trucks: A safe proven route: in Q1 2014 in excess of 836,000 bbls of oil have been exported No interruptions; first payment…
Oil marketing and transportation Oil marketing Marketing strategy being developed in co-operation with the Ministry of Natural Resources Current stable production and sales level of 16kbopd (gross) from PF-1 Export deliveries by…
Company overview and investment strengths Asset portfolio OIL infrastructure and monetisation Financing and work program supplementary information
Financing plan Fully funded for the ongoing Shaikan development and general corporate purposes Completion of Phase 0 development of the Shaikan field to achieve planned gross production of 40 kbopd by the end of 2014 Along with…
Capex schedule 2014 work 2014 expansionary (USm net to GKP) program 2015 Comments (SH-66kbopd) (SH-40kbopd) Shaikan Completion of SH-7 and PF-1 and tie in PF 1 (including SH-7) 54.3 - - of associated wells Drilling of SH-9,…
summary Move-up to London Stock Exchange Official List at the end of March 2014 A leading Kurdistan Highly experienced management with strong track record and relationships with regional authorities independent E&P One of the largest…
Company overview and investment strengths Asset portfolio OIL infrastructure and monetisation Financing and work program supplementary information
Shaikan Phase 1 CPR 2P Wells Shaikan Phase 1 is focused on the first 26 development wells targeting 299 mmbbls of 2P reserves Flowline 29
Shaikan Full field development beyond phase 1 Shaikan Full Field Development envisages approximately 109 wells targeting 1,001 mmbbls of 2P + 2C reserves and contingent resources Further 2P reserves are expected as contingent…
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