Six months ended 30 June 2018
Operations:
- Cash flow from North Sea assets established in 2018
- Three new country interests acquired in Suriname, Mauritania, Côte d'Ivoire
- Evaluation Report submitted to Government of Senegal
- Senegal first oil is targeted in 2022
- Plans to drill up to ten exploration wells in UK & Norway in 2018-2019
- Plans to drill an initial three wells in Mexico in 2019
Financial:
- Oil sales revenue of US$172 million (m)
- Group cash at 30 June 2018 US$75m
- Reserves Based Lending (RBL) facility US$65m drawn at 30 June 2018
- Extension of existing US$575m RBL maturity from 2021 - 2025 agreed in order to incorporate expected Nova cashflows into the debt capacity calculation and create additional flexibility
- Norway exploration tax receivable of US$62m at 30 June 2018, US$59m drawn under the Norway Exploration Finance Facility
- Cash outflow on Kraken, Catcher, Senegal and Nova developments of US$86m in H1 and forecast at ~US$124m for H2 2018
- Exploration cash outflow across the portfolio of US$48m in H1 2018 and forecast at ~US$72m in H2 2018 (net of Norwegian exploration tax rebate)
- SNE project finance launch expected Q4 2018