Financial Highlights

The 6 months to 30 June 2009 have been outstanding for the Group with successful exploration in Uganda and Kurdistan.

Financial Highlights

  • Successful placing of 25.4 million new shares raised gross proceeds of $216.8 million (£132 million)
  • Sale of holdings in Oman realised cash of $28.4 million
  • Back costs of $6.7 million were received as the third party back-in rights for 25% were exercised on the Miran Block
  • Net average production for the six months ended 30 June 2009 of 231 bopd

Operational Highlights

  • Discovery of the Miran West field in the Kurdistan Region of Iraq, ("Kurdistan")
  • Second test at the Miran West-1 well, Miran Block, Kurdistan, completed with a flow rate of 3,640 bopd recorded from a single upper reservoir interval
  • Miran West-1 has been suspended as a future producer with an anticipated producing rate of 8,000-10,000 bopd
  • Discovery of the world-class Buffalo-Giraffe field in Block 1, Uganda
  • Kingfisher-3A well in Block 3A, Uganda, encountered oil in the three main reservoirs
  • 2D seismic collected over the Kimbiji and Kisangire licence areas in Tanzania
  • Announced the proposed acquisition of Genel Energy International Limited (“Genelâ€�) which would create a leading Anglo-Turkish oil company

Outlook

  • High-impact six well exploration and appraisal programme to commence on Block 1, Uganda, in the fourth quarter
  • Miran West-2 well in Kurdistan to commence drilling in the fourth quarter
  • Completion of the proposed acquisition of Genel