Priority next years from presentation todayTurkey last on the list
Summary
! Adding high value oil production and cashflow in the near term
–Strong deal metrics US$6,433/flowing bbl (Wassana 3,000 bbls/d)1
–Material cash flow of US$9 million/qtr, resulting in quick payback of 6 months from production restart2
! Medium-term growth that could double the business
–Growth not contingent on exploration success, further appraisal, or proof of concept –Modest cost per bbl of US$2.14/bbl (Wassana 2P + Rossukon 2C)3
! Thailand presence creates concept of portfolio renewal
–Multiple productive reservoir horizons results in reserves replacement through infill drilling –Favourable fiscal terms and access to tax loss carry forwards
–Platform to establish offshore operating reputation, and to grow further through M&A –Confidence through day-one add of experienced regional leadership and local operating unit
! Turkey tight gas play remains source of potential upside in longer-term