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
1,287,600,000
0
630,720,000
60
801,014,400
0.6
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
1,456,777,500
630,720,000
826,057,500
73
1,957,823,825
1.3
24.8
330,751,925
178,606,039
270,565,015
80,300,000
64
5,111,416,200
4,600,274,580
255,570,810
1,712,348,310
1,456,777,500
255,570,810
94
2,756,910,329
1.6
20.8
543,515,694
293,498,475
564,063,490
109,500,000
66
7,179,216,390
6,461,294,751
358,960,820
2,071,309,130
1,712,348,310
358,960,820
94
3,765,163,718
1.8
17.7
649,292,570
350,617,988
914,681,478
146,000,000
68
9,859,457,176
8,873,511,458
492,972,859
2,564,281,988
2,071,309,130
492,972,859
94
5,038,790,648
2.0
15.5
780,654,071
421,553,198
1,336,234,676
182,500,000
70
12,694,051,114
11,424,646,002
634,702,556
3,198,984,544
2,564,281,988
634,702,556
94
6,644,588,113
2.1
15.0
971,094,910
524,391,252
1,860,625,927
182,500,000
72
13,074,872,647
11,767,385,382
653,743,632
3,852,728,176
3,198,984,544
653,743,632
94
8,298,559,503
2.2
15.0
1,000,227,757
540,122,989
2,400,748,917
182,500,000
74
13,467,118,826
12,120,406,944
673,355,941
4,526,084,118
3,852,728,176
673,355,941
94
10,002,150,035
2.2
15.0
1,030,234,590
556,326,679
2,957,075,595
182,500,000
76
13,871,132,391
12,484,019,152
693,556,620
5,219,640,737
4,526,084,118
693,556,620
94
11,756,848,282
2.3
15.0
1,061,141,628
573,016,479
3,530,092,074
182,500,000
78
14,287,266,363
12,858,539,727
714,363,318
5,934,004,055
5,219,640,737
714,363,318
94
13,564,187,477
2.3
15.0
1,092,975,877
590,206,973
4,120,299,048
182,500,000
81
14,715,884,354
13,244,295,918
735,794,218
6,669,798,273
5,934,004,055
735,794,218
94
15,425,746,848
2.3
15.0
1,125,765,153
607,913,183
4,728,212,230
182,500,000
83
15,157,360,884
13,641,624,796
757,868,044
7,427,666,317
6,669,798,273
757,868,044
94
17,343,153,000
2.3
15.0
1,159,538,108
626,150,578
5,354,362,809
182,500,000
86
15,612,081,711
14,050,873,540
780,604,086
8,208,270,403
7,427,666,317
780,604,086
94
19,318,081,336
2.4
15.0
1,194,324,251
644,935,095
5,999,297,904
182,500,000
88
16,080,444,162
14,472,399,746
804,022,208
9,012,292,611
8,208,270,403
804,022,208
94
21,352,257,523
2.4
15.0
1,230,153,978
664,283,148
6,663,581,052
182,500,000
91
16,562,857,487
14,906,571,738
828,142,874
9,840,435,485
9,012,292,611
828,142,874
94
23,447,458,995
2.4
15.0
1,267,058,598
684,211,643
7,347,792,695
182,500,000
93
17,059,743,212
15,353,768,891
852,987,161
10,693,422,646
9,840,435,485
852,987,161
94
25,605,516,511
2.4
15.0
1,305,070,356
704,737,992
8,052,530,687
182,500,000
96
17,571,535,508
15,814,381,957
878,576,775
11,571,999,421
10,693,422,646
878,576,775
94
27,828,315,753
2.4
15.0
1,344,222,466
725,880,132
8,778,410,819
164,250,000
99
16,288,813,416
14,659,932,074
814,440,671
12,386,440,092
11,571,999,421
814,440,671
94
29,888,850,650
2.4
15.0
1,246,094,226
672,890,882
9,451,301,701
147,825,000
102
15,099,730,037
13,589,757,033
754,986,502
13,141,426,594
12,386,440,092
754,986,502
94
31,798,966,500
2.4
15.0
1,155,129,348
623,769,848
10,075,071,549
133,042,500
105
13,997,449,744
12,597,704,770
699,872,487
13,841,299,081
13,141,426,594
699,872,487
94
33,569,643,892
2.4
15.0
1,070,804,905
578,234,649
10,653,306,198
119,738,250
108
12,975,635,913
11,678,072,321
648,781,796
14,490,080,877
13,841,299,081
648,781,796
94
35,211,061,835
2.4
15.0
992,636,147
536,023,520
11,189,329,718
107,764,425
112
12,028,414,491
10,825,573,042
601,420,725
15,091,501,601
14,490,080,877
601,420,725
94
36,732,656,268
2.4
15.0
920,173,709
496,893,803
11,686,223,520
96,987,983
115
11,150,340,233
10,035,306,210
557,517,012
15,649,018,613
15,091,501,601
557,517,012
94
38,143,174,308
2.4
15.0
853,001,028
460,620,555
12,146,844,075
87,289,184
118
10,336,365,396
9,302,728,857
516,818,270
16,165,836,883
15,649,018,613
516,818,270
94
39,450,724,531
2.4
15.0
790,731,953
426,995,255
12,573,839,330
78,560,266
122
9,581,810,722
8,623,629,650
479,090,536
16,644,927,419
16,165,836,883
479,090,536
94
40,662,823,587
2.4
15.0
733,008,520
395,824,601
12,969,663,931
70,704,239
126
8,882,338,540
7,994,104,686
444,116,927
17,089,044,346
16,644,927,419
444,116,927
94
41,786,439,412
2.4
15.0
679,498,898
366,929,405
13,336,593,336
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
1,200,000,000
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