Iraq Assets – Siba: Significant Near Term
Production
19
Location Map
Once production underway, stable cash flow from long term gas
supply agreement
Siba project progressing with expected production start in Q4
2015
Gas Development & Production Service Contract (GDPSC) for 20
years with optional 5 year extension period, plateau gas rate of
100mmcf/d
Service contract favouring early recovery of capex
Remuneration fee of $7.5/boe, subject to R-factor
Significant transportation and infrastructure problems causing
shortage of gas for power generation in Iraq i.e. a ready market
exists
Potential to increase the plateau gas rate
Potential for oil exploration
(1)
Siba development plan:
Drilling 7 appraisal / development wells and 1 exploration
well until 2016
Construction of pipeline and production facility
commenced in 2014
Overview
(1) Oil exploration not included in the current licence; separate licence would need to be agreed with the Government.
