Update post Bond Issue in August (Cont’d)
Exploration
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3 out of 5 exploration wells were discoveries.
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Iraq Block 9 Faihaa 1 discovery expected to confirm in excess of 1 billion boe gross reserves. Preliminary tests of
the Mishrif formation resulted in a flow rate of ~ 2,000 bopd of 20 API oil on 32/64" choke, testing of the Yamama
formation in progress.
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Two discoveries in Abu Sennan Egypt, with gross initial flow rate ~1,200 bopd and production testing of ~3,800
from two formations in the same well.
Financial
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The half year accounts were fully audited with a change in accounting policy from “modified full cost” to
“successful efforts”.
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Record net profit of US$48.4 million for the first half year of 2014.
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Collected US$43 million EGPC cargo on 1 October 2014 and by end Q3 2014 a total of US$151 million has been
collected for the year.
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Cash balance of US$156 million as at 30 September 2014.
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Anticipated increase in capital from July 2014 for 2015 is an increase of ~US$25 million for Siba EPC contract.
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