Genel Energy Plc · LSE:GENL
Genel Energy — H1 2023 Earnings Presentation
9 slides from Genel Energy's earnings presentation, August 2023
Slide 1: iii
on iii NS ly responsible contributor | to the globale y mix |-
Slide 2: Where we are now
Where we are now Kurdistan pipeline shut, capital discipline essential, focus on adding new assets Kurdistan exports through Iraq-Turkey Actions taken to Dividend programme pipeline suspended reduce cash outflow suspended since 25 March 2023 Cash balance remains prioritised for M&A $425 million cash
Slide 3: Impact of pipeline closure and payments on income
Impact of pipeline closure and payments on income Material reduction in outlook liquidity eae Q1 2023 PRODUCTION $110 million overdue ~$60 milli f revenue lost so far = Tawke ~4 months of exports) Limited domestic sales, trucking being explored = Taq Taq Sarta Tawke PSC key cash generator going forw
Slide 4: H1 2023 liquidity waterfall
H1 2023 liquidity waterfall Significant liquidity despite $110 million of overdue receivables CASH WATERFALL H1 2023 Cash $425 million (§ million) ho Net cash $158 million 15 : S! Y : —- "si t—_ Y Q1 production business: (49) a | Lh §24 million free cash flow Kurdistan business cash outflow $21 mill
Slide 5: No payments since March requires reduction in outgoings
No payments since March requires reduction in outgoings Decisive action taken results in reduction in full year spend by over $50 million Cash of $425 million at 30 June 2023 Prioritised for acquisition of new assets Includes Somaliland civils work and Sarta exit, 80% of Tawke spend will be cost rec
Slide 6: Export pipeline, oil sales, and payments
Export pipeline, oil sales, and payments Framework in place for resumption of exports and payments to happen quickly KEY ISSUES FOR PIPELINE TO REOPEN APPROVED FEDERAL BUDGET 2023-2025 Vv Agreement between Baghdad and Erbil on Ceyhan marketing KRG to export 400,000 bopd to Ceyhan Barrels to be marke
Slide 7: 1400 1200 1000 -15
1400 125 1200 105 1000 85 800 65 600 45 400 25 200 5 0 -15
Slide 8: Outlook and focus
Outlook and focus Building a resilient business a . Cash Financial os — a Utilise cash generation a framework to | Pp Miniaeieee balance to from KRI support [tal ogres: ongoing i 7 towards A oS a acquire new production Somaliland P . ; expenditure F arbitration { assets and exploration : receivables
Slide 9: For further information please contact investor relations
For further information please contact investor relations Andrew Benbow, Head of Communications andrew.benbow@genelenergy.com