Financial highlights

Year ended 31 December 2016

  • US$335 million (m) Group net cash at 31 December 2016
  • Norwegian tax receivable of US$26m at 31 December 2016
  • Reserve Based Lending bank facility remains undrawn with peak availability expected to reach US$350m to US$400m
  • Forecast development expenditure on Catcher and Kraken for 2017 is US$150m and committed drilling E&A expenditure for 2017 is estimated at US$170m, predominantly in Senegal. At 31 December 2016, remaining cash outflows in respect of activities undertaken in 2016 were expected to be US$37m

Subsequent to year end:

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  • US$75m funding from FlowStream Commodities Ltd (FlowStream) in exchange for the proceeds from 4.5% of Kraken production, stepping down to 1.35% after 10% return achieved
  • NOK 500m (~US$60m) three-year Norwegian Exploration Finance Facility, allowing the Company to borrow against future Norwegian exploration tax refunds

Resources and reserves

  • A total of 51.5 mmboe booked as 2P reserves and 239 mmboe booked as 2C Contingent Resources on a net working interest basis at 31 December 2016
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