Genel Energy Plc · LSE:GENL
Genel Energy — H1 2022 Earnings Presentation
15 slides from Genel Energy's earnings presentation, 2022
Slide 1: Half-Year Results 2022
‘A S0cially-responsible contribu : ; globat energy mix eae : = = MAKING A POSIZI IMPACT
Slide 2: Disclaimer
a DISCLAIMER These materials are being supplied to you by Genel Energy pic (the “Company") solely for your information and for use at this presentation and does not constitute a prospectus or offering memorandum or an offer in respect of any securities. All numbers and charts included in this presen
Slide 3: A Clear Strategic Direction
me A CLEAR STRATEGIC DIRECTION * Genel Energy is an oil and gas exploration and production company, with producing operations in the Kurdistan Region of Iraq * Our strategy is focused on the generation of cash from low-cost and low-carbon oil production * We aim to be a world-class creator of shareh
Slide 4: Performance in 2022
wees PERFORMANCE IN 2022 * Robust production over 30,000 bopd RogusT PRODUCTION * Low-cost and high-margin of this production results in exceptionally strong financial performance in H1 2022 31,980 31,710 * Material production business cash generation * Sarta derisking continues ~ Genel transitioned
Slide 5: Our 2022 Focus
mm OUR 2022 FOCUS * Cash generation in 2022 benefits from ongoing override and receivable recovery payments ~ Focused on replacing these cash flows and generating shareholder value * Our focus is on supporting our material progressive dividend in the long term * Committed to putting capital to work
Slide 6: Significant Cash Generation in H1 2022
ae SIGNIFICANT CASH GENERATION IN H1 2022 * Broadly flat production, margin per barrel materially improved by Brent Sean RATION PER BARREL ~ Operating costs $4.4/bbI Deferred recelvables 40 — Production capex $41 million see at ls | — Net income after capex/ bbl $32/bbI ~ Production 5.5 MMbbIs 4 ~ H
Slide 7: Very Robust Business with Funding to Build Out the Portfolio
aaa \/ERY ROBUST BUSINESS WITH FUNDING TO BUILD OUT THE PORTFOLIO * Extant investment case AVAILABLE CASH AT YE2022 - YE cash expected to be about higher than current market capitalisation ($ million) - Established rock-solid dividend of $50 million for the mid-term wD - Current yield around 10% * F
Slide 8: An Established Business Model
ms AN ESTABLISHED BUSINESS MODEL * Our business model ensures that we are resilient in times of a low oil price, and thrive when it is high * We are committed to running the business in a way that mitigates downside risk and maximises wider benefits ~ Financial discipline ~ Rigorous risk management
Slide 9: New Business Focus
mame NEW BUSINESS FOCUS * We continue to actively explore new business opportunities * New portfolio additions must meet our strict criteria - Current or near-term production - Resilient assets — Mitigate downside risk - Support our ESG goals * Any new additions must have visible cash flows that sup
Slide 10: Sarta - Profitable Pilot Production
wm SARTA - PROFITABLE PILOT PRODUCTION fs) eS 800 Sarta-3 ~ A A a, | Sarta-2 ce 2 * Gross production averaged 5,380 bopd in H1 2022 + Continued pressure decline observed in all three wells + Water cut steadily rising at Sarta-2 + Sarta-4 water injector / disposal well performing well Diversifying ou
Slide 11: Sarta - Appraisal
Pilot Appraise Develop —_—Infill aa SARTA - APPRAISAL Sarta-5: Well test disappointed but flow to surface and shows point to remaining potential in this part of the block CENOZOIC + c.800 Barrels of oil recovered from the Najmah + Multiple shows observed while drilling * Tight reservoir encountered
Slide 12: Progressing Somaliland
wa PROGRESSING SOMALILAND * Planning work is well underway as we progress towards drilling a well on the highly prospective SL10B13 block * Highly prospective block with multiple prospects and over 5 billion barrels of prospective resources identified * A drill ready prospect has been identified, ag
Slide 13: Delivering for Communities
a DELIVERING FOR COMMUNITIES * Genel strives for safe operations with the goal of zero LTIs and LOPCs « We aim to have a positive impact by fueling economic growth and directly supporting the communities in which we operate * 2022 represents 20 years of operations in the KRI, which we are commemorat
Slide 14: Outlook - Free Cash Flow, Significant Opportunity
= OUTLOOK - FREE CASH FLOW, SIGNIFICANT OPPORTUNITY * Free cash flow in excess of a quarter of a billion dollars is anticipated in 2022, based on guidance production * Focus is on the addition of new revenue streams — Capex guidance of $150 million to $170 million - Genel continues to seek growth op
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