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139

183

262

271

156

139

2011 2012 2013 2014 2015 2016

105

107

106

96

50

39

2011 2012 2013 2014 2015 2016

High Margin Production

Consistent Cash Flow Generation

73

80

77

63

25

21

2011 2012 2013 2014 2015 2016

Average Realised Price ($/boe)

Operating Cash Flow ($/boe)

(1)

95

131

190

182

79

77

2011 2012 2013 2014 2015 2016

Revenue ($m)

Operating Cash Flow ($m)

(1)

69% 72% 72% 67% 51% 56%

OCF

margin

Source: Company filing.

(1) Represents operating cash flow before change in working capital.

(2) Mansuriya on administrative hold; remuneration fee in respect of Siba and Mansuriya deferred until cost pool is below 50% of revenue in a given period; ‘remuneration’ revenue is as defined/interpreted in the

underlying concession agreements.

Operations with Cash Generative Assets

Iraqi remuneration revenue is not sensitive to oil price volatility

(2)

8.3

7.1

8.0

7.2

7.8

5.9

Opex/boe

24