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Financial Information

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Quarterly Report For The Financial Period Ended 30 September 2017

Financials Archive

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Unaudited Condensed Consolidated Statement Of Comprehensive Income
For The Financial Period 1 July 2017 To 30 September 2017

Unaudited Condensed Statement Of Financial Position As At 30 September 2017

Unaudited Condensed Statement Of Cash Flows For The Financial Period Ended 30 September 2017

Cash Flow

Prospects

Since gaining effective control over the operation of Emir Oil on 25 May 2017 (the end of the 6 months Transition Period) the Group has been aggressively finding ways to ramp up its production by conducting intensive workover activities on existing producing wells in the Kariman field. In addition, we expect further contribution of oil production from the more prolific North Kariman well NK-1 during its test production period. The conversion process of North Kariman and Yessen fields (currently Development Stage) to Production Contracts is expected to be completed by mid-2018. This will result in continuous oil production from these fields.

We are optimizing field development plans to reduce near term CAPEX without compromising our efforts to gradually ramp-up Emir-Oil production in the near term. The Central Processing Facility (CPF) is scheduled to be commissioned in a phased manner by Q4 2018 with alternative product evacuation routes with deferment of the CAPEX on planned oil and gas pipeline tie-ins.

Operational programs have been initiated to identify and improve the efficiency of work flow and achieve effective cost structure.

On the produced gas, we are actively pursuing better value either by improving product value in existing domestic gas sales and future LPG extraction, gas re-injection to improve oil recovery and power generation for own use.

We have finalised to drill the North Kariman-3 well in Q4 as part of our Exploration Contract obligations. This appraisal well is expected to confirm the presence of additional oil-bearing reservoirs, hence increasing hydrocarbon reserves booked to our Group.

Barring any unforeseen circumstances, the Group remains cautiously optimistic on the recovery of crude oil price ahead.