Year ended 31 December 2017
Operations:
- First oil production from North Sea Developments in 2017
- SNE field in Senegal fully appraised in 2017
- Senegal JV targeting Government approval of Exploitation Plan by end 2018
- Senegal first oil expected in 2021 – 2023
- Plans to drill up to ten wells over next two years in UK & Norway
- Plans to drill four wells in 2019-2020 offshore Mexico
Financial:
- Group cash at 31 December 2017 US$86m
- Reserves Based Lending (RBL) bank facility was undrawn at year end with expected peak availability of US$350-400m, of which US$200m was available at year end 2017
- Drawings under the Norway Exploration Finance Facility of US$30m
- Forecast Kraken and Catcher development expenditure for 2018 is ~US$140m* and currently committed E&A expenditure for 2018 is ~US$95m*
- Outstanding Norwegian exploration rebate receivables are US$38m at 31 December 2017
* Remaining cash outflows in respect of activities undertaken in 2017 of ~US$35m are included in these forecasts