Ann: Corporate presentation, page-2

A lot of new information.

Brief thoughts from me

Hints at what I suspected from my own research of the PSC’s. The fiscal terms are probably what make the fields commercially viable.

We have access to extensive datasets over the whole play through Searcher Seismic. Combined with the historic drill success rates, can probably expect high COS for future prospects in the area.

High API Light oil would fetch a premium, probably circa $3 over brent. e.g. cossack or other high quality asian grade oils

Kuda-tasi appraisal flowrates are excellent. 5200bbl/d choked, so 20,000bbl/day makes sense to receiving fpso

Petrofac has done plenty of work on concepts. The traditional concept will obviously be leased FPSO.
I bet they didn’t think I would be autistic enough to identify the FPSO in the concept picture, but I am, and I did. It is the Bluewater Glas Dowr, which is available for lease and currently stacked in Asia. ENI used this FPSO for Kitan, so the engineering application would probably be suitable for our fields immediately upon an FID. This last part is my pure speculation, however.

As for our existing exploration licenses. For me it is vital to see some movement on farmouts and drills, whitsun in particular is important with the license being up in November (unless extended). The whitsun prospect size is big and a scheduled drill would bring in investors. No point cheaping out and losing the license. Boaz has a close up dip prospect called Langemann that will be drilled by Equinor, no timeline estimated but it will be a bit of a free look at our boaz prospect

GLTA

OS