Genel Energy PLC · LSE:GENL
Genel Energy — H1 2024 Earnings Presentation
12 slides from Genel Energy's earnings presentation, Aug 6, 2024
Slide 1: A socially responsible contributor to the global energy mix
A socially responsible contributor to the global energy mix
Slide 2: Where are we now, what lies ahead
Where are we now, what lies ahead Reshaped and resilient RESILIENT PLATFORM POTENTIAL FOR KURDISTAN EXPORTS RESTART ACQUIRE NEW PRODUCTION ASSETS ARBITRATION STRONG BALANCE SHEET N h > $120 milli esecsnbasicolmilign Doubles entitlement CASH GENERATION h ti . Tawke PSC > $40m FCF EEN SULA) Diversify
Slide 3: Strong balance sheet
Strong balance sheet Material cash and net position brings optionality, flexibility and resilience Significant cash, $370 million Net cash $12 CASH, DEBT, AT HALF-YEAR 2024 ($ million) Bond tender targeting buyback > $25 million ( 3 ) Genel Eneray Half-year results 2024 - 6 August 2024
Slide 4: Tawke PSC - high quality mature field, many years to come
Tawke PSC - high quality mature field, many years to come Genel significant reserves with many years of production to come Tawke field passed 350 mmbbis in July, eee eee beRobes Peshkabir over 10Ommbbls (MMbbIs) Tawke PSC over 300 mmbbls still to produce Licence period up to 2036 762 High quality Op
Slide 5: Regular Buyers and consistent demand
Regular Buyers and consistent demand Good track record established since November Steady monthly production Regular liftings from pool of licenced Buyers H1 2024 average sales price ~$34/bbl, Latest monthly price ~$37/bbl GROSS TAWKE PRODUCTION (bopd) 76,000 80,000 71,000 $33/bbI Nov/Dec Qi Q2 2023
Slide 6: Tawke free cash flow covering all costs
Tawke free cash flow covering all costs Net cash continues to be maintained well over $100 million CASH SOURCES & USES Tawke FCF more than covers all H1 2024 spend eee One off spends reducing as activity is closed out: Arbitration legal fees Sarta Payables Tawke Spend / FCF cash outflow mG&A mAssets
Slide 7: Update on Iraq-Turkiye Pipeline
Update on Irag-Turkiye Pipeline Timing of reopening remains uncertain lraq-Turkiye pipeline suspended since March ite discussions between FGI, KRG, lOCs Half-year results 2024 - 6 August 2024
Slide 8: Strategic objective to acquire new production assets
Strategic objective to acquire new production assets Build business that supports the establishment of a sustainable dividend programme — Cash generative, resilient production Le —_ oy or close to production r ~ 2 Upside potential ( 4) Genel Energy Half-year results 2024 - 6 August 2024
Slide 9: Miran and Bina Bawi arbitration
Miran and Bina Bawi arbitration Outcome expected by end of 2024 2009-2021 Genel invested in excess of $1.4 billion, with significant senior management and Board time, on acquiring and attempting to develop and monetise the Miran and Bina Bawi PSCs KRG terminated both licences and started arbitration
Slide 10: Somaliland - Toosan-1 exploration well
Somaliland - Toosan-1 exploration well Opportunity for material resource addition Multiple objectives - each with 100-200 mmbbIs prospective resources Licence extension to 2026 Mobile medical unit care for ~20,000 patients so far this Half-year results 2024 - 6 August 2024 9
Slide 11: Forward focus
Forward focus _ BUILD A BUSINESS WITH RESILIENT DIVERSIFIED CASH FLOWS | THAT DELIVERS CONSISTENT VALUE TO SHAREHOLDERS Optimisation of cash A r . Resumption of | Value accretive Outcome on generation = re eeor 5 5 ‘ exports and diversification | Miran and Bina from business, = ae, recovery of of ou
Slide 12: Slide 12