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MENA Focused Asset Portfolio
Assets:
Abu Sennan, BEA, Area A, ERQ
Status:
Prod’n, Dev’t
2015 WI 2P
: 31 mmboe
2015 WI 2C
: 18 mmboe
2016 WI Avg. Prod’n
: 18.2 kboe/d
Egypt
Core Production
Status:
Dev’t, Expl’n
Kuwait Energy WI:
revenue 45%*/ cost
60%
2015 WI 2P:
59 mmboe
2015 WI 2C:
15 mmboe
First gas:
targeted for 2017
Iraq - Siba
Near Term Growth
Status:
Prod’n, Dev’t, Expl’n
Kuwait Energy WI:
60%*
2015 WI 2P:
671 mmboe
2015 WI 2C:
871 mmboe
2016 WI Avg Prod’n:
4.0 kboe/d
Iraq - Block 9
Long Term Growth Asset
Assets:
KSF
Status:
Prod’n
Kuwait Energy WI:
15%
2016 WI Avg. Prod’n:
2.4 kboe/d
Oman
(1)(2)
Stable Production
Assets:
Mansuriya (Iraq)
(3)
, Block 5
(4)
&
Block 49
(4)
(Yemen)
Status:
Prod’n, Dev’t, Expl’n
Kuwait Energy WI:
Mansuriya 22.5%
(revenue)/30% (cost)
,
Block 5 15%*,
Block 49 64%*(revenue)/75.29% (cost)
2015 WI 2P/2C:
56/38 mmboe
Other Assets
Potential Upside
Strong track record of delivery
Since 2010, MENA reserves have grown from 22 to 818 mmboe at the
end of 2015 and production from 12 to 25 kboe/d in 2016
Stable management team with long history of operating and investing
in the MENA region
Low cost operator – average finding cost of $0.3/boe between 2013
and 2015
(5)
and opex of $6.8/boe over the last 2 years
Significant growth opportunity in Block 9 and Siba developments
Gross 1.1 bnboe 2P / 1.5 bnboe 2C with two producing wells and one
additional well completed (targeted to go onstream in mid February
2017), Block 9 offers a significant growth opportunity
Siba gas production currently planned to go onstream in 2017
Source: Company filings, GCA report.
Note: Reserves and resources figures based on GCA report as at 31 December 2015, prior to Siba and Abu Sennan farm-out and excludes Oman reserves due to service contract restrictions.
Denotes Kuwait. Energy’s operatorship.
(1) Oman reserves not included due to service contract restrictions. (2) Kuwait Energy’s interest is indirect via Medco LLC; Kuwait Energy operates under a service
agreement. (3) Currently under administrative hold. (4) Block 5 and Block 49 are currently not producing. (5) Based on 2P reserves exploration adds and exploration capex.
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