Investor Presentation Sami Zouari, CFO 12 March 2015
overview Shaikan commercial production and sales pending projects outlook
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 km2 across four contiguous blocks Total investment in…
Management team Simon Murray Non-Executive Chairman Joined the Company as Independent Non-Executive Chairman and Senior Independent Director in July 2013 Over 40 years of international business experience and a strong network of…
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) 5,013…
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…
overview Shaikan commercial production and sales pending projects outlook
Shaikan commercial production since July 2013 PF-1 PF-2 Shaikan 1 Shaikan 3 Shaikan 4 Shaikan Shaikan 2 Shaikan 5 Shaikan 10 Shaikan Well Well Well 7 and 8 Well Well Well 11 Well Wells 25000 20000 barrel/day…
40,000 ibopd and ibeyond 40,000 bopd reached in December 2014 Total commercial production from Shaikan is nearly 9 mln barrels Two production facilities PF-1 and PF-2 and 8 production wells Shaikan-11, an additional producer is…
Current Export Route Shaikan 10
Potential export routes Possible injection point Possible twinned Heavy Oil Line 11
getting Shaikan into the pipeline 12
overview Shaikan commercial production and sales pending projects outlook
Priorities versus pending projects Priorities Maintain stable production and sales of 40,000 bopd and beyond through debottlenecking Finalize a pipeline access solution for Shaikan Establish a steady flow of revenues before making…
Shaikan: Phase 1 (CPR 2P) Wells 15 Shaikan Phase 1 is focused on the first 26 development wells targeting 299MMstb of 2P reserves Flowline Source: GKP
Shaikan: Full field development: IbeyOnd phase 1 16 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…
overview Shaikan commercial production and sales pending projects outlook
Provisional Capex schedule 18 2015 2016 (USm net to GKP) 2015 firm Comments Contingent contingent Shaikan Shaikan-11 13.2 - Drilling of an additional well to tie into PF-2 PF 1 Change orders and 9.7 - - Maximising capacity &…
Funding development 19 1H FY FY 1H 2014 Source 2014 2014(E) 2014(E) Notes net gross gross net Value depends on pricing assumptions used. Assumed 23/bbl Shaikan crude discount to Brent and 22/bbl transportation costs…
Outlook Maintain and improved Shaikan production capacity at and beyond 40,000 bopd Establish a regular payment cycle for past and future Shaikan crude oil export sales to generate steady revenues Manage expenditure in a…
Strong stakeholder relationships Stakeholder relationships Over 300 employees and contractors in the Kurdistan Region of Iraq 93% of employees are Kurdish nationals, receiving regular training in the region and abroad Approximately…
Thank you 22
Investor Presentation Sami Zouari, CFO 12 March 2015
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