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TEN Kraken South
Lokichar
SNE Catcher
Lake
Albert
Johan
Sverdrup
Block 9
Financial Highlights
Breakeven Brent Price ($/bbl)
Selected Dev’t Projects Globally
(1)
Operator
Country
Ghana
UK
Kenya
UK
Uganda
Iraq
Norway
Senegal
Prudent financial policy, active portfolio
management, majority debt maturity in
2019
3
Consistent operating cash flow generation
even during low oil price environment
1
Low operating cost and breakeven oil price
2
Strong liquidity position with additional
$20m available under the Vitol facility
4
Management expects convertible
conversion and Siba start-up to de-leverage
balance sheet, allowing optionality for the
future
5
Source: Company filing.
(1) Peers’ breakeven costs based on Wood Mackenzie to achieve a 10% IRR; Block 9 costs to achieve 10% IRR based on Kuwait Energy company model; assumed 10% WACC.
8
Solid, Well-Funded Balance Sheet