The Middle East’s Leading Private Sector Natural Gas Company February 2013 1
Disclaimer Forward-looking statements are based on certain This presentation contains forward-looking assumptions and expectations of future events. The statements which may be identified by their use of Company, its subsidiaries and its affiliates (the words like “plans,” “expects,” “will,” “anticipates,” “Companies”) referred to in this presentation cannot “believes,” “intends,” “projects,” “estimates” or guarantee that these assumptions and expectations other words of similar meaning. All statements that are accurate or will be realised. The actual results, address expectations or projections about the performance or achievements of the Companies, future, including, but not limited to, statements could thus differ materially from those projected in about the strategy for growth, product any such forward-looking statements. The development, market position, expenditures, and Companies assume no responsibility to publicly financial results, are forward looking statements. amend, modify or revise any forward looking statements, on the basis of any subsequent developments, information or events, or otherwise. 2
Agenda Industry overview 4 Corporate Overview and 2012 Plan 5 Assets and projects Egypt 10 Kurdistan Region of Iraq 15 UAE 18 Others 21 Operational and Financial Highlights 22 3
Current Gas Status Business Environment MENASA vs Rest of World General Proven Gas Reserves 2011 (Tcf) • Business environment for the petroleum sector is sustainable, MENASA vs Rest of World robust and vital for MENASA region • Global natural gas market evolves with developments in LNG, MENASA coal seam gas and shale gas Rest of World • On the demand side, gas utilisation will grow, with its value 3367 3993 increasing within and outside the MENASA Region 46% 54% • OECD oil demand possibly peaked, increasing focus on alternative cleaner fuel sources, including gas MENASA 2011 Production in Bcf/d • Region’s increasing electric power and desalination demand MENASA vs Rest of World • ME gas consumption expected to grow >6% p.a.2007-2020 • Gas-intensive industries are relocating to the Region to tap MENASA into more economical gas sources and for increasing exports Rest of World 77 • Subdued project costs and shelving of some projects has 24% broken recent uptrend investment momentum, however opportunities in the natural gas remain immense 240 76% • APICORP identifies participants in the energy industry as key contributors to economic and social development • Of the $470bn required energy sector investments the Gas Supply Chain accounts for over US$130 billion The MENASA Region has 46% of the world’s gas US$470 bn investment required in the Region’s reserves but just 24% of global gas production Energy Sector (including Power) to 2014 (Source: BP Statistical Review June 2012) (Source: Apicorp ) 4
Corporate Overview 5
`` “From the Region, by the Region, for the Region” The Middle East’s Leading Private Sector Natural Gas Company 6 6
Developing first class assets, revealing the upside December 2005: October 2007: Listing on ADX following Issue US$1bn convertible successful IPO Sukuk 2007 to 2012: 2012: November 2006: December 2009: 2011: Egypt 35 Successful EBGDCo US$1.1bn acquisition Sale of 50% Komombo Average prod: exploration wells, from which onstream early of Centurion Energy to Sea Dragon 42.5kboed 11 new fields on stream August. 2010 2005 2006 2007 2008 2009 2011 2012 April 2007: 2011: October 2008: May 2009: Awarded 25 yr rights to LPG plant complete Gas production OMV & MOL acquire two giant gas fields in 2 trains online. commences in KRI interest in KRI project Kurdistan Region of Iraq Average 2011 prod (KRI) 59.3 kboed (Gross) 2012 : April 2008: July 2005: UAE Offshore: Zora Awarded Sharjah Western Acquired SAJGAS, UGTC, field development Offshore Concession CNGCL “UAE Gas Project” ongoing 7
Distinguished Boards Dana Gas Board of Directors Diverse Shareholder Base Dr. Adel Khalid Al-Sabeeh – Chairman The company has over No. of shares held (bn) 250,000 public shareholders, Dr. Tawfeeq Abdulrahman Almoayed - Vice Chairman the highest number of any ADX listed company Mr. Hamid D. Jafar Oman Non GCC UAE 0.06, 1% International 2.19, 37% 1.99, 33% Mr. Ahmed Rashid Al-Arbeed Bahrain Founding shareholders; 300 0.09, 1% KSA Sheikha Hanadi Nasser Bin Khaled Al Thani leading institutions/individuals in 1.13, 19% Qatar 0.11, 2% Kuwait the GCC Region Sheikh Sultan Bin Ahmed Al Qasimi 0.44, 7% Mr. Nasser Mohammed Al Nowais International Advisory Board Mr. Abdulla Ali Almajdouie Sir Graham Hearne – C hairman Former Chairman of Enterprise Oil Mr. Khalid Abdul Rahman Saleh Al-Rajhi The Lord Simon of Highbury Former Chairman of BP Mr. Abdulaziz Hamad Aljomaih H.E. Nordine Ait-Laoussine Mr. Rashad Mohammed Al-Zubair Former Algerian Oil Minister and Head of Sonatrach Mr. Kai Hietarinta Mr. Rashid Saif Al Jarwan, Executive Director Former Vice Chairman of Neste Oy of Finland Mr. Said Arrata Mr. Nader H. Sultan Former CEO of Kuwait Petroleum Company, Director of Oxford Energy Mr. Majid Hamid Jafar Seminar Dr. Burckhard Bergmann Mr. Varoujan Nerguizian Former Chairman of the Executive Board of E.ON Ruhrgas AG, and Board Member of Gazprom Mr. Ziad Abdullah Ibrahim Galadari Dr. Joseph A. Stanislaw Mr. Ahmed Al Midfa Former CEO of Cambridge Energy Research Associates (CERA) We have maintained a regional leadership position for best practices in corporate 8 Mr Salah Al Qahtani governance, working alongside the ADX and IFC
Group Footprint: A portfolio with substantial upside Egypt UAE Iraq UAE Upstream Upstream Upstream Upstream Midstream Midstream Midstream Midstream Downstream Downstream Downstream Downstream Dana Gas Egypt Sharjah Offshore Kurdistan Region Gas Project 100% operator of production, 100% operator of Zora Field 40% interest in Khor Mor field Project awaits commencement exploration and developments in development ongoing delivering gas at ~330MMscfd of gas deliveries to process, the Nile Delta and 50% joint (gross) to two power stations plus market and distribute gas and operator in Upper Egypt. Exploration programme planned ~15,000 bpd condensate. LPG associated products in UAE for 2013-2014 prod started Jan 2011 (temporary Gulf of Suez suspended until Q2) LPG extraction plant came on stream early August 2012 Appraisal & development planning of Chemchemal field A regional focus on the Middle East, North Africa, South Asia (MENASA) region. Activities across the gas value chain (upstream, midstream and downstream). 9
Projects and Assets: Egypt 10
Egypt: 2011 and 2012 Results RESULTS El Wastani Plant 2011 discoveries: South Abu El Naga – 2 (El Wastani formation) 2011 prod rate 42.5kboepd Orchid 2012 discoveries: West Sama-1, Allyum, Balsam. 2012 prod rate 32.2kboepd (natural production decline S El Manzala Plant 11
Exploration Upside NW Basarta-D Marvel-1 NW Basarta-C NW Basarta-B SE Luzi Qantara -1 Waseif-1 Arak Deep-1 Salsabel-1 S.E.Deep Allium DL WM – 2D - 2 Balsam DL N. Allium WM – 2D - 1 Qantara -2 N. Zidan Qantara -4 Qantara -6 Qantara -3 WAS Tulip Deep KES Salma Deep UAM Salma West Qantara -5 LAM QSM SSL East Zidan QAN N Gelgel OLIG
Dana Gas Egypt – Komombo (Upper Egypt) • 50% working interest, joint operatorship with Sea Dragon • Current gross production: 535 bopd • Producing wells: 13 14 9 12 • Fracture jobs executed in 7 5 K1 2 1 6 4 development wells for production 7 K2 3 11 enhancement SE-1 • 2,343 km of 2D seismic and 182 km² of 3D seismic available for reservoir and WAB-1 prospect mapping W. AL BARAKA • New 3D seismic interpretation ongoing on the newly reprocessed data set. Seismic inversion tests ongoing for reservoir characterization • Petroleum System Analysis at block Aswan scale finalized and 3D reservoir modeling ongoing for production optimization • Exploration drilling: 2 exploration wells drilled in 2012 with the first being a new oil discovery (West Al Baraka) – POD under review with Ganope • Last Exploration period expired in January 2013. • Work commitment fulfilled 13
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