Wednesday 12 May 2021

Operating performance

Average net Group production in the four months to end April 2021 was 46,158 Boepd, within the Group’s full year 2021 guidance range which remains unchanged at between 46,000 and 52,000 Boepd (net)

Strong production at Kraken and PM8/Seligi reflects high production efficiency at both assets and the acceleration of well restoration activities at PM8/Seligi

Production at Magnus has been lower than expected reflecting power and third-party outages and slower execution of the well intervention program

Multiple production adding projects across  assets continue to be developed and implemented, underpinning full year guidance

Effective liquidity management

Hedged c.9.0 MMbbls of oil for 2021 with an average floor price of c.$59/bbl and an average ceiling price of $68/bbl

Refinancing of the senior credit facility as part of the proposed Golden Eagle acquisition is on track

No change to guidance

2021 average net Group production is expected to be between 46,000 Boepd and 52,000 Boepd; Kraken gross production is expected to be between 30,000 Bopd and 35,000 Bopd (21,150 Bopd to 24,675 Bopd net)

Operating expenditure is expected to be approximately $265 million

Combined cash capital and abandonment expenditure is expected to be approximately $120 million

Signed agreement to acquire non-operating interest in Golden Eagle; expected to complete around the end of the third quarter

Signed agreement to purchase the Bentley discovery

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