UNIQUE PORTFOLIO POSITIONED FOR GROWTH The leading portfolio of assets in the Kurdistan Region of Iraq Four world class assets Taq Taq, Tawke, Miran and Bina Bawi. Largest KRI producer with current net production capacity of 80kbopd,…
STRATEGY Maintain the highest level of corporate governance Create value with the drill bit Manage our KRI business on a broadly cash flow neutral basis Maximise shareholder returns by monetising at all points in the…
PRODUCTION AND SALES Net Genel Production (kbopd) Net Genel Revenues (m) 500 600m(1) c.145 kboepd Year-End Capacity c.80 kbopd Capacity 348 70 kboepd 333 60 kboepd 44 44 42 142 150 17 12 29 2009 2010 2011 2012…
CASHFLOW AND CAPEX 800 KRI Cash Flow Neutrality since Merger Completion 600 Including: 2nd CPF and 4 additional m 400 production wells at Taq Taq 200 Taq Taq Deep exploration well 0 KRI Operating Cash Flow KRI Capex…
CAPITAL STRATEGY Balance sheet will evolve to be consistent with Genel's future business needs and will reflect: Confidence in oil export revenue Capex needs of current portfolio Portfolio management Access to debt markets New…
2014 CATALYSTS & KEY EVENTS A TRANSFORMATIONAL YEAR Politics pipeline exports to ramp up Agreement with Baghdad or independently via Turkey Ramp up of production at both Taq Taq and Tawke with international price realisations KRI…
REGIONAL PIPELINE INFRASTRUCTURE New KRI export pipeline Iraq Turkey pipeline Iraq section Iraq Turkey pipeline Turkish section 40 Pipeline Tawke field 46 Pipeline Khurmala Dome Taq Taq field 40 Pipeline 46…
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…
TAQ TAQ RAMPING UP TO 200,000 BOPD CAPACITY 2013 Key Developments 77,000 bopd gross production in 2013 Strong domestic demand and pricing (c.71/bbl) Trucked exports averaged c.20,000 bopd (75-80/bbl) YE 2013 processing capacity of…
TAWKE CONTINUING SUCCESFUL DEVELOPMENT DRILLING PROGRAM 2013 Key Developments 39,000 bopd gross production in 2013 with domestic prices of c.60/bbl YE 2013 processing capacity of 100,000 bopd YE 2013 well production capacity of…
KRI GAS MARKET Export markets: GSA signed between Turkey and KRG in November 2013 GSA for 4 bcma of gas exports starting 2017 rising to 10 bcma by 2020 Option of increasing to 20 bcma Miran and Bina Bawi to deliver gas to underpin…
DOHUK GAS PROJECT GSA for domestic gas supply signed with KRG in September 2013 Initial deliveries of 30-50 mmscfd commencing Q2 2014 and ramping up to 100-120 mmscfd Development first phase near completion Summail-3 well…
MIRAN Resources (RPS mean contingent) 10.5tcf gas in place 3.5tcf recoverable sales gas with 35mmbbls condensate Image TBC 60mmbbls oil Phased Gas Development Studies KRG exercises back-in right for 25% in Miran PSC (23 Feb…
BINA BAWI Resources (RPS mean contingent) 8.1tcf gas in place 4.9tcf recoverable sales gas Gas Development Studies 6 bcma export development Gas Sales Offtake Agreement H2 2014 FID 2015, first gas 2018 Capex: facilities…
KRI GAS SIGNIFICANT PROGRESS & MOMENTUM 2013 March KRG/Turkey agree Heads of Terms for bilateral Energy Agreement August Genel issued Declaration of Commerciality on the Miran discovery KRG approves Declaration of Commerciality…
EXPLORATION STRATEGY High Impact Exploration 4-5 wells targeted per annum Focus on material prospects: 250mmbbls with PoS 20% Further high-impact activity in 2014: Taq Taq Deep well testing, Hagar Qim (Malta Area 4), Dilolo…
EXPLORATION INVENTORY (PoS) Lower risk KRI portfolio drill-out potential, 50% proven basin, prospect specific risk Kurdistan Offshore Africa 45% Onshore Africa 40% Higher risk, high-impact Africa exploration both basin and…
KRI EXPLORATION TAQ TAQ DEEP Top Jurassic Depth Map Seismic Line S N W E TT-22 CRETACEOUS D E PTH (MSL) JURASSIC TRIASSIC Results to date Key prospect / drilling info Drilling operations completed in March 2014 at a…
AFRICA EXPLORATION HIGH IMPACT WELLS TARGETED IN 2014 NORTH ATLANTIC OCEAN Mir Left Sidi Moussa Juby Maritime Area 4 MOROCCO Morocco Malta 3 licences, 13,890km2 combined 1 licence, 5,715km2 Juby Maritime (37.5% W.I.)…
ANGOLA PRE-SALT PLAY AND GENEL ENERGY LICENCES Whales Park (Pre-Salt) (Post-Salt) Discoveries South Atlantic plate reconstruction White Rose/Genel JV holds 15% WI in Blocks 38 & 39 Kwanza Basin analogue of prolific…
KWANZA BASIN PRE-SALT PLAYS Key Reservoir Intervals: 1 Platform Carbonates 2 Microbial Build-ups 3 Skeletal Limestone SW NE 2 1 3 23
FIELD SIZE COMPARISON 10 Santos & Campos Basins: Lula, Large Pre-Salt Field Sizes 9 Santos Basin, Brazil 8 Recoverable Reserves (bn bbl) 7 6 5 6.5 bn bbls 4 rec. reserves 3 2 1 0 Angola Blocks 38 & 39…
MOROCCO JUBY MARITIME (CAP JUBY) Key play info Cap Juby: 110m water depth Upper Jurassic carbonate shelf & reef play (proven) Top Upper Jurassic reservoir: 2,110m TVDSS at JM-1 Middle Jurassic oolitic shoal play OWC, oil and gas…
MOROCCO SIDI MOUSSA (NOUR PROSPECT) NOUR-1 Upper Jurassic Mid Jurassic Top Salt Key play info Nour-1: 980m water depth Upper Jurassic carbonate reef play; analogue to Cap Juby discovery Top Upper Jurassic reservoir:…
MOROCCO MIR LEFT Salt Flank Leads BTU L.CRET UPPER JUR MID JUR SALT New 3D Seismic (PSTM, 2013) Upper Jurassic 1 Salt 2 Sub-Salt Structure Key play info 1,000 km2 3D seismic acquired in 1H2013…
MALTA GEOLOGICAL CONTEXT Cretaceous Libyan Sirte Basin rift extension into Maltese waters Hagar Qim will test a Tertiary carbonate build up The Lower Eocene & Upper Cretaceous carbonate plays host billion barrel fields on the North…
MALTA AREA 4 (HAGAR QIM PROSPECT) SW Hagar Qim 1 NE Lower Eocene Tertiary Cretaceous Cretaceous upside Hagar Qim-1: 460m water depth Cretaceous leads will be matured in 2014 with new PSDM Top reservoir (Lower Eocene)…
2014 AN EXCITING YEAR AHEAD Q1 Q2 Q3 Q4 Politics & Commissioning of KRI- Ramp-up of export volumes via KRI-Turkey pipeline infrastructure Infrastructure Turkey export pipeline infrastructure Tawke-21 and 22 (horizontal Taq Taq first…
SUMMARY & 2014 OUTLOOK Oil Significant production growth of 50% in 2014 Genels first gas sales at Dohuk Q2 2014 Gas Derisking of major gas resource (Miran and Bina Bawi GSA & FID) High impact exploration wells including the very…
GENEL ENERGY RESERVES AND RESOURCES (END-2013) Gross Resource Net Resource Unrisked Working Unrisked Risked 2P 3P Contingent Prospective Interest 2P 3P Contingent Prospective PoS Prospective mmboe mmboe mmboe mmboe % mmboe mmboe mmboe…
Appendix 34
EXECUTIVE MANAGEMENT TEAM ACROSS LONDON AND ANKARA Tony Hayward Group CEO of BP from 2007 to 2010 John Hurst Founder of Barrus Petroleum Chief Executive Previous roles at BP include Group Treasurer Head of Previously held senior…
GENEL ENERGY NON-EXECUTIVE DIRECTORS Rodney Former positions include Chairman of Petrofac, U.S. Ambassador to Turkey from 1997 to 2000 Mark Chase Deputy Chairman of Tesco, Deputy Chairman of and Special Assistant to the President for…
KURDISTAN REGION OF IRAQ PSC TERMS Taq Taq Tawke Miran Dohuk Ber Bahr Chia Surkh Bina Bawi Genel Paying Interest 55% 25% 75%1 40% 60% 75% 55% Genel Working Interest 44% 25% 75%1 40% 40% 60% 44% KRG carried interest 20% 20% 25%…
KURDISTAN PSC PRODUCTION SHARING Contractor Interest (80%) Production & Revenue Production Government Interest (20%) Gross Production 100 bbls 100bbls Royalty Contractor Working Interest Production 80 bbls Cost Oil 10bbls Contractor…
COST OIL 40-55% of Net Production (Gross Production minus Royalty) is available for Contractors to recover costs Unrecovered costs may be carried forward and recovered in future periods Equipment and facilities become the property…
PROFIT OIL Contractors share of Profit Oil is determined by an R-factor formula Re-set every 6 months = R-factor < 1 30% 1< R-factor < 2.5 Between 15-30% R-factor 2.5 15% Early in the field life cumulative costs are high,…
CONTACTS AND WEBSITE Phil Corbett Head of Investor Relations +44 20 7657 5119 phil.corbettgenelenergy.com Website www.genelenergy.com 41
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