Interim Results 2014 Maintaining a stable business platform in volatile emerging markets 28 July 2014
Agenda Introduction - Paul Davies, Chief Executive Financial Review - Cynthia Dubin, Finance Director Operations Review & Outlook Paul Davies, Chief Executive 3
Agenda Introduction - Paul Davies, Chief Executive Financial Review - Cynthia Dubin, Finance Director Operations Review & Outlook Paul Davies, Chief Executive 4
Summary Continued increase in production Solid performance given challenging operating environment Average oil and gas production up 12% to 10,126 boepd Ukraine: 4,900 boepd (2013: 4,649 boepd) Russia: 5,226 boepd (2013: 4,356…
Agenda Introduction - Paul Davies, Chief Executive Financial Review - Cynthia Dubin, Finance Director Operations Review & Outlook Paul Davies, Chief Executive 6
Financial summary Impacted by lower gas realisations in Ukraine Revenue down at 74.3m resulting from Key Financials lower gas realisations in Ukraine and H1 H1 (m) Change 2013 2014 modest increase in Russian revenues: % Ukraine:…
Group revenue Reduction in revenue in Ukraine offset by Russian revenue Group revenue declined by 18.6% to 74.3m mainly due to lower gas realisations in Ukraine Oil production from mature fields continued to decline as we seek to…
Profit from operations Impacted by lower realisations in Ukraine Profit affected by 17.0m decrease in revenues mainly due to lower gas realisations and oil production in Ukraine, partially offset by an increase in production and…
Profit for the period Impacted by operations and reduced taxation 4.3m change in fair value movement on derivative liability is associated with the convertible bond since its placement on 19 February 2013 Pre-exceptional total tax…
Capital expenditure Majority of investment in Ukraine Investment in Ukraine accounted for First half 2014 Capex: 21.4m 77.1% (16.5m) of the total capex in the 0.7 first half of 2014 in line with strategy of focusing on Ukraine and…
Movement in cash and undrawn credit facilities Strong liquidity position Cash generated from operations of 31.1m Total cash resources and undrawn bank facilities at end of the period were 43.5m, including Crdit Agricole facility of…
Agenda Introduction - Paul Davies, Chief Executive Financial Review - Cynthia Dubin, Finance Director Operations Review & Outlook Paul Davies, Chief Executive 13
Ukraine Ongoing development, appraisal and exploration 14
Ukraine: Key developments in H1 Ongoing development, appraisal and exploration Elizavetovskoye Elizavetovskoye Field Field commenced production in January 2014, on schedule and on budget, with average production in the period…
Ukraine: Current and future activity Enhancing production and extending field life Elizavetovskoye Field Novo-Nikolaevskoye Complex Completion of first deep sandstone appraisal well scheduled for Q3 Plant upgrade on schedule to…
Russia Fully funded development programme 17
Russia: Key developments in H1 Fully funded development programme Koshekhablskoye Work-over of well-05 in the Koshekhablskoye field completed at beginning of year, but subsequent tubing failures in both well-05 and well-27 have…
Russia: Current and future activity Expanding production capacity Koshekhablskoye Field Plant capacity modifications on schedule to increase capacity by 50% to 60 MMcfd by year end Well-05 has been suspended and the tubing will be…
Outlook Development programmes on schedule Steady progress made in H1 towards growing production Production in H2 anticipated to be maintained around 10,000 boepd Plant capacity upgrades in both Ukraine and Russia scheduled for…
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