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A Group company is the operator of two of its three assets in Iraq: Siba and Block 9. The Group manages its operations
in Iraq from its office in Basra with assistance from the Group’s operational hub in Kuwait. The Group’s service
contracts in Iraq provide that a Joint Management Committee be established for each asset between the JV partners and
the Iraqi government. As a result, commercial and planning decisions made by the Group and its partners, and the scope
of the Group’s work plan for each of its assets in Iraq, have to be approved by the Iraqi government during periodic
meetings of the Joint Management Committee for each asset.
The working interests of the Group and its JV partners in the assets it holds in Iraq as at the date of this Offering
Memorandum are as follows:
Fiscal
regime
JV partners
Revenue interest
(%)
(2)
Cost interest
(%)
(3)
Asset
Siba ............................. SC
(1)
Kuwait Energy
(4)
45.00
60.00
TPAO
30.00
40.00
Missan Oil Company
25.00
Carried
(5)
Mansuriya
(6)
......................SC
Kuwait Energy
22.50
30.00
TPAO
(4)
37.50
50.00
KOGAS
15.00
20.00
Midland Oil Company
25.00
Carried
Block 9..............................SC
Kuwait Energy
(4)
70.00
70.00
