Financial Highlights
Breakeven Brent Price ($/bbl)
Solid, Well Funded Balance Sheet
Selected Dev’t Projects Globally
(1)
64
59
57
55
52
48
29
24
TEN Kraken South
Lokichar
SNE Catcher
Lake
Albert
Johan
Sverdrup
Block 9
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 $40m
available under the Vitol facility
4
Management expects convertible conversion and
Siba start-up to de-leverage balance sheet,
encouraging optionality for the future
5
9
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.