43 / 49
53
50
83
95
132
184 183
79
0%
20%
40%
60%
80%
2008 2009 2010 2011 2012 2013 2014 2015
EBITDA
EBITDA Margin
Strong Financial Position Supported by
Solid Cash Flow Generation
Solid Financial Position
EBITDA Evolution ($m)
Strong cash balance of $105m at year end 2015 as a result
of increasing production and collection of EGPC
receivables, partly offset by the lower realised product
price
51% EBITDA margin achieved in 2015 in a decreasing crude
oil price environment
Future revenues largely independent from oil price
movements due to fiscal structure of existing licensing
agreements
Significant remaining debt headroom and minimum work
commitments satisfied across entire license portfolio
Supportive shareholders contributed to injecting over
$1.25bn equity since company inception in 2005
43
(238)
(42)
(24)
8
(5)
(77)
(55)
(105)
-300
-200
-100
0
100
200
2008 2009 2010 2011 2012 2013 2014 2015
OCF (before working capital adjustments)
Capex
FCF
Free Cash Flow Evolution ($m)