104
Year ended 31 December
Three months ended
31 March
2011
2012
2013
2013
2014
Group Average Realised Oil
Sales Price per barrel
(2)
($)..........
105.4
107.4
105.5
109.6
105.4
Operating Cash Flow per barrel
($)
(3)
............................................
73.1
79.5
77.2
69.6
75.1
Finding Costs per Barrel
(4)
($) ....
2.66
27.00
10.71
-
-
Exploration drilling success
rate
(5)
...........................................
63%
29%
14%
-
-
1P Organic Reserve
Replacement Ratio
(6)
...................
280%
23%
62%
-
-
2P Organic Reserve
Replacement Ratio
(7)
...................
475%
(132)%
53%
-
-
(1)
Source: Bloomberg.
(2)
Group average realised oil sales price is defined as the average gross price the Group’s oil is sold by EGPC (in the case of Egypt) and to the
market (in the case of all the Group’s other jurisdictions), before adjustment for the Group’s working interest, royalty or other taxes,
operating costs or cost recovery amounts.
Year ended 31 December
Three months ended 31
March
2011
2012
2013
2013
2014
Gross oil sales volume (mboe)
3,251
4,614
6,868
1,417
1,758
Gross sales revenue ($ thousands)
342,640
495,445
724,533
155,298
185,328
Group Average Realised Oil Sales Price per
barrel ($/boe)
105.4
107.4
105.5
109.6
105.4
(3)
Defined as operating cash flow before working capital changes divided by net oil sales volumes over the period.
Year ended 31 December
Three months ended 31
March
2011
2012
2013
2013
2014
Net oil sales volume (mboe)
1,302
1,653
2,460
516
636
Operating Cash Flow ($ thousands)
95,153
131,392
189,929
35,915
47,806
Operating Cash Flow per barrel ($/boe)
73.1
79.5
77.2
69.60
75.10
(4)
Defined as total dollar capital expenditures in a period divided by exploration additions to working interest 2P reserves during the period.
For periods in which no measurement of additional reserves was undertaken, no change is reflected.
Year ended 31 December
2011
2012
2013
Exploration Capital Expenditures ($ millions)
24.7
24.3
18.2
Exploration additions to working interest 2P reserves (mmboe)
9.3
0.9
1.7
Finding Costs per barrel ($/boe)
2.66
27.00
10.71
(5)
Defined as the number of successful exploration wells drilled in a given period as a proportion of total exploration wells drilled in that
period. For periods in which no measurement of additional reserves was undertaken, no change is reflected.
(6)
Defined as additional Group working interest 1P reserves created as a result of the Group’s exploration and appraisal activities, plus or
minus Group working interest 1P revisions in a given period, as a proportion of total Group working interest production in a given period.
For periods in which no measurement of additional reserves was undertaken, no change is reflected.
(7)
Defined as additional Group working interest 2P reserves created as a result of the Group’s exploration and appraisal activities, plus or
minus Group working interest 2P revisions in a given period, as a proportion of total Group working interest production in a given period.
For periods in which no measurement of additional reserves was undertaken, no change is reflected.
Corporate structure
The Issuer is a holding company, and the operations of the Group are carried out by the members of the Group that are
operating companies. The original holding company of the Group was KEC Kuwait. The 2011 Restructuring transferred
