Overview
Entered Iraq through two licensing rounds in 2010 and 2012
Gas development contracts in Siba and Mansuriya signed June 2011
Block 9 exploration block awarded in the latest licensing round in May 2012
Iraqi assets are service contracts with 100% take-or-pay
Highest service fee across all license rounds
Service fee independent of oil price, providing steady cash flows and cost
recovery in earlier years
Active development of assets underway
Siba expected to commence production in Q4 2015
Block 9 well drilling currently
Iraq Assets – Significant Near Term
Production, Long Term Upside
18
Remuneration Fees – Iraq Licence Rounds
7.5 7.0
6.2
6.0 5.5 5.5 5.0
2.0 2.0 1.9 1.5 1.4
1.4
1.2
0
1
2
3
4
5
6
7
8
9
Siba
Mansuriya
B9
Najmah
Badra
Akkas
Qayara
Rumeila
Zubair
WQ1
Gharaf
Halfaya
Majnoon
WQ2
($/boe)
KE Assets
Source: Republic of Iraq Ministry of Oil
Location Map
