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Investor Presentation - Proactive Investors

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Unit Profits & Cash Flow / bbl<br />

Syria : Per Barrel Profits and Cash Flow H1 2009<br />

Based on Working Interest Barrels<br />

US$/bbl<br />

Average Brent 51.9<br />

less Discount ‐7.9<br />

Revenue 44.0<br />

Less SPC share / MMS taxes & royalties ‐41% ‐18.0<br />

Net Revenue 26.0<br />

Production Costs ‐2.0<br />

DD&A ‐4.0<br />

G&A ‐2.3<br />

Net Profits Interest (accrued) ‐0.8<br />

Lifting costs ‐9.1<br />

EBIT 16.9<br />

Operating Cash Flow 21.6<br />

19

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