SHAIKAN OIL PSC REVENUES

Year

bopd

2014
80,000
2015
150,000
2016
220,000
2017
300,000
2018
400,000
2019
500,000
2020
500,000
2021
500,000
2022
500,000
2023
500,000
2024
500,000
2025
500,000
2026
500,000
2027
500,000
2028
500,000
2029
500,000
2030
500,000
2031
450,000
2032
405,000
2033
364,500
2034
328,050
2035
295,245
2036
265,721
2037
239,148
2038
215,234
2039
193,710
Total bo recovery =
Recovery factor on P50 =

Crude
Cumulative cost
Total cost
Cost recovery % carried Cumulative revenue
Profit oil
Profit to
Profit to GKP
Cumulative
Oil price Total revenue
Net Revenue
Cost incurred
Incurred by
recovery
to Contractor to
rec'd by contractor
R = X/Y % to
Contractor
Based on WI
Profit to
Contractor () Y to date ()
bopy
()
()
(-10% roalty)
in year ()
()
profit oil () X
Contractor -40% CBB ()
of 54%
GKP ()
29,200,000
60
1,752,000,000
1,576,800,000
87,600,000
1,087,600,000
0
630,720,000
60
801,014,400
0.7
30.0
170,294,400
91,958,976
91,958,976
54,750,000
62
3,383,550,000
3,045,195,000
169,177,500
1,256,777,500
630,720,000
626,057,500
79
1,773,074,142
1.4
23.8
346,002,242
186,841,211
278,800,187
80,300,000
64
5,111,416,200
4,600,274,580
255,570,810
1,512,348,310
1,256,777,500
255,570,810
94
2,543,963,616
1.7
19.8
515,318,664
278,272,079
557,072,265
109,500,000
66
7,179,216,390
6,461,294,751
358,960,820
1,871,309,130
1,512,348,310
358,960,820
94
3,518,044,567
1.9
16.8
615,120,131
332,164,871
889,237,136
146,000,000
68
9,859,457,176
8,873,511,458
492,972,859
2,364,281,988
1,871,309,130
492,972,859
94
4,765,265,900
2.0
15.0
754,248,474
407,294,176
1,296,531,312
182,500,000
70
12,694,051,114
11,424,646,002
634,702,556
2,998,984,544
2,364,281,988
634,702,556
94
6,371,063,366
2.1
15.0
971,094,910
524,391,252
1,820,922,564
182,500,000
72
13,074,872,647
11,767,385,382
653,743,632
3,652,728,176
2,998,984,544
653,743,632
94
8,025,034,756
2.2
15.0
1,000,227,757
540,122,989
2,361,045,553
182,500,000
74
13,467,118,826
12,120,406,944
673,355,941
4,326,084,118
3,652,728,176
673,355,941
94
9,728,625,287
2.2
15.0
1,030,234,590
556,326,679
2,917,372,231
182,500,000
76
13,871,132,391
12,484,019,152
693,556,620
5,019,640,737
4,326,084,118
693,556,620
94
11,483,323,535
2.3
15.0
1,061,141,628
573,016,479
3,490,388,711
182,500,000
78
14,287,266,363
12,858,539,727
714,363,318
5,734,004,055
5,019,640,737
714,363,318
94
13,290,662,729
2.3
15.0
1,092,975,877
590,206,973
4,080,595,684
182,500,000
81
14,715,884,354
13,244,295,918
735,794,218
6,469,798,273
5,734,004,055
735,794,218
94
15,152,222,100
2.3
15.0
1,125,765,153
607,913,183
4,688,508,867
182,500,000
83
15,157,360,884
13,641,624,796
757,868,044
7,227,666,317
6,469,798,273
757,868,044
94
17,069,628,252
2.4
15.0
1,159,538,108
626,150,578
5,314,659,445
182,500,000
86
15,612,081,711
14,050,873,540
780,604,086
8,008,270,403
7,227,666,317
780,604,086
94
19,044,556,589
2.4
15.0
1,194,324,251
644,935,095
5,959,594,540
182,500,000
88
16,080,444,162
14,472,399,746
804,022,208
8,812,292,611
8,008,270,403
804,022,208
94
21,078,732,775
2.4
15.0
1,230,153,978
664,283,148
6,623,877,689
182,500,000
91
16,562,857,487
14,906,571,738
828,142,874
9,640,435,485
8,812,292,611
828,142,874
94
23,173,934,247
2.4
15.0
1,267,058,598
684,211,643
7,308,089,331
182,500,000
93
17,059,743,212
15,353,768,891
852,987,161
10,493,422,646
9,640,435,485
852,987,161
94
25,331,991,763
2.4
15.0
1,305,070,356
704,737,992
8,012,827,324
182,500,000
96
17,571,535,508
15,814,381,957
878,576,775
11,371,999,421
10,493,422,646
878,576,775
94
27,554,791,005
2.4
15.0
1,344,222,466
725,880,132
8,738,707,455
164,250,000
99
16,288,813,416
14,659,932,074
814,440,671
12,186,440,092
11,371,999,421
814,440,671
94
29,615,325,902
2.4
15.0
1,246,094,226
672,890,882
9,411,598,338
147,825,000
102
15,099,730,037
13,589,757,033
754,986,502
12,941,426,594
12,186,440,092
754,986,502
94
31,525,441,752
2.4
15.0
1,155,129,348
623,769,848
10,035,368,185
133,042,500
105
13,997,449,744
12,597,704,770
699,872,487
13,641,299,081
12,941,426,594
699,872,487
94
33,296,119,145
2.4
15.0
1,070,804,905
578,234,649
10,613,602,834
119,738,250
108
12,975,635,913
11,678,072,321
648,781,796
14,290,080,877
13,641,299,081
648,781,796
94
34,937,537,088
2.4
15.0
992,636,147
536,023,520
11,149,626,354
107,764,425
112
12,028,414,491
10,825,573,042
601,420,725
14,891,501,601
14,290,080,877
601,420,725
94
36,459,131,521
2.4
15.0
920,173,709
496,893,803
11,646,520,156
96,987,983
115
11,150,340,233
10,035,306,210
557,517,012
15,449,018,613
14,891,501,601
557,517,012
94
37,869,649,560
2.5
15.0
853,001,028
460,620,555
12,107,140,712
87,289,184
118
10,336,365,396
9,302,728,857
516,818,270
15,965,836,883
15,449,018,613
516,818,270
94
39,177,199,783
2.5
15.0
790,731,953
426,995,255
12,534,135,966
78,560,266
122
9,581,810,722
8,623,629,650
479,090,536
16,444,927,419
15,965,836,883
479,090,536
94
40,389,298,839
2.5
15.0
733,008,520
395,824,601
12,929,960,567
70,704,239
126
8,882,338,540
7,994,104,686
444,116,927
16,889,044,346
16,444,927,419
444,116,927
94
41,512,914,664
2.5
15.0
679,498,898
366,929,405
13,296,889,972
3,615,911,847
0.29

Variables
Annualised oil price increase %
Summed outstanding cost to 2014
Cost incurred as % of revenue (lift cost)
GKP Working interest %
Infrastructure tax on profit oil %
Current crude oil price ()

3
1,000,000,000
5
54
40
60

Notes
1. As of RNS dated 19th July 2012; P90 = 12.4Bb, P50 = 13.7Bb, P10 = 15Bb
2. The bopd per year are based on projections from JG up to 2019 (source to be confirmed), peak production at 500Kbopd held until 2030, then assumed to tail off by 10% pa