Breakeven Brent Price ($/bbl)
Solid, Well Funded Balance Sheet
Selected Dev’t Projects Globally
TEN Kraken South
Prudent financial policy, active portfolio
management, majority debt maturity in 2019
Consistent operating cash flow generation even
during low oil price environment
Low operating cost and breakeven oil price
Strong liquidity position with additional $40m
available under the Vitol facility
Management expects convertible conversion and
Siba start-up to de-leverage balance sheet,
encouraging optionality for the future
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.