Second quarter 2024 (First quarter 2024)
- Block 56 Field Development Plan submitted to the Ministry of Energy and Minerals in early June.
- Drilling operations on the exploration well Kunooz-1 in the Fahd area, Block 58, will begin in the second week of August.
- Strategic review of the Group’s portfolio of Oil and Gas assets is ongoing with significant alternatives for the Board to review.
- First operations of the Gas-to-Power-project on Blocks 3&4 successful, with emission reductions and cost savings as the result going forward.
- Production from Blocks 3&4 in the second quarter was severely impacted by extreme weather conditions and amounted to 7,688 barrels of oil per day (8,032). Net entitlement was 52% (52%) and the achieved oil price was USD 84.3 per barrel (79.5).
- Revenue and other income was MUSD 30.8 (30.1) and EBITDA MUSD 15.7 (13.0).
- Cash flow from operations was MUSD 19.9 (6.2) and Free cash flow MUSD 3.1 (-10.8).
Events after the end of the quarter
- Entered into a MUSD 60 amortising term loan facility agreement with Abu Dhabi Commercial Bank.
- Initial exploration phase of the EPSA for Block 58 has been granted a one-year extension until July 2025.
- Production guidance for the full year 2
024 of 8,000 ± 200, previously 8,200 ± 400 barrels of oil per day.
- Capital expenditure for the full year 2024 is now expected to be MUSD 77 (previously MUSD 90-94) following updates to the work programmes.
