Shaikan IN TRANSITION - OIL IN PLACE TO RESERVES Todd Kozel, CEO Ewen Ainsworth, Finance Director John Gerstenlauer, COO John Stafford, Manager - Geoscience and Geophysics 13 March 2014
A leading Kurdistan independent E&P company 2 One of the largest acreage holders in Kurdistan, 1,632 km2 across four contiguous blocks Five discoveries since 2009 with four declared commercial, including Shaikan Shaikan Field…
Summary of CPR 3 Shaikan block only Across the Companys portfolio STOIIP 9,215 MMstb Aggregate STOIIP 12.500 MMstb Jurassic STOIIP 6,194 MMstb Aggregate 2P + 2C Over 1.2 bn barrels of recoverable oil 2P 299 MMstb Sheikh Adi…
Gross and Net OIP, reserves & resources 4 Gross Net, diluted WI to GKP 12,506MMstb of gross hydrocarbons in GKP WI (diluted) Oil (mmbbls) Gas (bcf) Total (mmboe) (1) Oil (mmbbls) Gas (bcf) Total (mmboe) (1) place STOIIP (Best)…
Shaikan: Oil in place (CPR) 7 Total STOIIP (Discovered + Undiscovered) = 13.265 MMstb Shaikan Phase 1 development is targeting the Sargelu, Alan, and Mus formations only in the Jurassic interval Current importance of the Jurassic…
Shaikan development concept 8 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…
Shaikan: Phase 1 CPR 2P Wells 9 Shaikan Phase 1 is focused on the first 26 development wells targeting 299MMstb of 2P reserves Flowline Source: GKP
Shaikan: Full field development: beyond 10 phase 1 Shaikan Full Field Development envisages approximately 109 wells targeting 1,001MMstb of 2P + 2C reserves and contingent resources Further reserves are fully expected in time…
Upside to CPR: Oil Water Contact 11 Oil was successfully tested from the lower Jurassic in Shaikan-4 at 2,787m measured depth. This Butmah test flowed dry oil. Given the mobility of oil and water in Shaikan, the oil water contact is…
Upside to CPR: Fractures 12 Typical recovery factor from fractures are high 65% and are therefore very important The Company has put considerable effort into analysing fracture properties Uncertainty remains on the exact nature of…
Upside to CPR: Exploration 13 The CPR does not address upside associated with: Deeper Triassic or Permian prospectivity in all blocks. This is currently being targeted by Shaikan-7 Exploration prospects in the northern part of…
CPR: Other assets 14 STOIIP 2,256 MMstb (discovered) Sheikh Adi 657 MMstb (undiscovered) 2,913 MMstb (total) 2C (Jurassic) 152 MMstb Indicative Jurassic recovery factor 8% (scope for upward revision) Further prospectivity…
Shaikan development status 15 First production facility completed Second production facility nearing completion Commercial production commenced in July 2013 Electrical and instrumentation work ongoing Shaikan 1, 3 and 4 tied to…
Unlocking further potential 16 The quantities of hydrocarbons assigned as in-place, reserves and resources in the CPR are in broad agreement with the Companys own findings The Company has adopted a conservative approach in its…
Thank you Shaikan PF-1
Shaikan IN TRANSITION - OIL IN PLACE TO RESERVES 13 March 2014
disclaimers 23 Oil and gas pricing and demand consequences of any terrorist attacks or any armed conflicts which may result are unpredictable, and the Company The price of and demand for oil and gas is highly dependent on a number of…
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