2012

.
;

. -
..
&

 ;
;
;
;
;

;

;
;
;


Non exclusive seismic survey 12 - 16

 2D

 (1H2013;)

 (2H2013;)


&

 - 2D
1 2 :
$3 - 5 .

 2D

 3D
3 : 3D
$ 7 - 10 .

 3D


4 6 :
$25 40 .


7 9 & 25
$ 700 1200 .
() $ 2.5 3.5

 ($/bbl)

Net Profit After Tax $30- 36

Government Take $30- 40

Price $ 100.00

Other

$1

Production Costs $15-25

DD&A

$7 - 12

Exploration Expenses$1-2
120 - 140
MMbbls 200 300 . (Royalties 2-15%, tax 25%)



100 .

25.000

$1.000.000

25.000 40 $/ = $1.000.000

$ 360.000.000
0,2%

 2500 ...

,



.

,

,
...

London, City

Profit Oil Co
(data from 21 integrated companies all over the world)
Majors

Europeans independent

Others indepedent

Profit Oil Co:

E&P assets as % of Total
R&M assets as % of total
E&P assets as % of total

90%
80%

% of total assets

70%
60%
50%
40%
30%
20%
10%
0%
2002

2003

2004

2005

2006

2007

2008E 2009E 2010E 2011E 2012E

o 50%
&
Source: UBS Oil & Gas Analyser

Profit Oil Co:

450000

R&M Capex

400000

Upstream Capex (US $ mln)

350000
300000
250000
200000
150000
100000
50000
0
2002

2003

2004

2005

2006

2007 2008E 2009E 2010E 2011E 2012E

& 2/3 ,

Source: UBS Oil & Gas Analyser

Profit Oil Co:

E&P Vs R&M Profits
100%
90%

3%
20%

24%

20%

17%

76%

78%

19%

13%

14%

13%

13%

80%

80%

79%

% of Total Profits

80%
70%
60%
90%

50%
40%

76%

72%

77%

82%

Other
R&M Profits as % of total
Profits
E&P Profits as % of total
Profits

30%
20%
10%
0%
2003

2004

2005

2006

2007

2008E 2009E 2010E 2011E 2012E

( 80%)
Source: UBS Oil & Gas Analyser

International E&P News

IHS.19.12.11

New Cairn consortium primed for Lebanon

bid

GREECE
in the Lebanon round and possibly some other
Desperate to reduce its dependence on crude oil imports and hoping to cash in on
rounds elsewhere in the region, subject to final a renewed interested in the eastern Mediterranean, Greece has taken several steps to
encourage international investment in the exploration of its waters.
technical... evaluation and commercially suitable
Following an update of the legal framework in order to comply with the current
terms.The Lebanese round is due to open in thecompetitive
first
industry standards and creation of a new authority to govern licensing, the
government
plans
to offer three tracts through an open-door procedure prior to year end. In
quarter of next... the sponsors of a major round
addition Greece is taking bids for a 2D seismic survey to be made available prior to the
launch in Beirut at the end of June.Other sponsors
long-anticipated bid round. Which is likely to be launched in 2012. ,Ihs Energy Oct11
included Petroleum Geo
Newspaper - upstreamonline.com 26.08.11
Cypriot Government launches procedures for 2nd offshore
bidding round opening
9 January 2012, IHS Energy

 (>100)

1
2

Source: IHS Report

 Profit Oil Co &



 - reservoir -





-

Thessaloniki

Larissa

Volos

Athens

,

Crete

Rhodes

(Energean, Oil)

 (, )

Thessaloniki

: 63.000 km
Larissa

: 161
Volos

( 74 & )

Athens

1998 4 (
/
)

12
Crete

Rhodes

( )
Thessalonica

. :

Larissa

120 . 1980

Volos

( Energean S.A.)
Athens

()
Crete

Rhodes









(
>3500 )

Thessaloniki

Larissa
Volos

(gas
shales)

Athens

Crete

Rhodes


500 .

 - - ?

 - ( IHS)
Oil 60%
Gas 40%

Production 10%

0.0

Oil 60%
Gas 40%

Reserves 10%

0.6

NFW 60%
New licenses 40%
Active cost 25%

Activity 10%

0.0

Oil Added
Gas Added
Success Rate
Added/NFW

20%
15%
15%
50%

Marginal 35%
Economic 45%
Upside 20%
Marginal 35%
Economic 45%
Upside 20%
Marginal
Economic
Upside
Marginal
Economic
Upside

35%
45%
20%
35%
45%
20%

War
Unrest
Violence
Stability

10%
25%
35%
30%

Success 70%
Gov. Take

10%

0.4
2.5

Investor NPV 40%

2.6

Investor IRR 20%

3.7

Investor P/I 30%

2.6

Political 60%

2.8

E&P activity
50%
0.3

Fiscal terms
35%
2.8

Overall

1.6

Political risk 15%

Economic 10%
Energy 25%
Environment 35%
Ethnic 30%

SocioEconomic 20%

3.2

Investment 35%
Repatriation 25%
Terms 40%

Commercial 20%

4.0

3.1
Source: IHS PEPS Report

Overall Fiscal Terms

( IHS)
4.7

4.2

3.7
3.2

2.8

3
2

2.7

2.2
1.0

0.8

1
0

Egypt

Morocco

Italy

Turkey

Tunisia

Bulgaria

Greece

Albania

Syria`

52 115

Source: IHS PEPS Report

 ( IHS)

Overall Political Risk

5
4

3.7

3.5
3.0

2.9

3.0

2.5

3.1

3.0

2.9

2
1
0

Egypt

Morocco

Italy

Turkey

Tunisia

Bulgaria

Greece

Albania

Syria

52 115

Source: IHS PEPS Report

Overall E&P Activity

E&P

( IHS)

5
4

3.0

3
1.6

1.0
0.4

1
0

Egypt

Morocco

1.2

1.0
0.1

Italy

Turkey

Tunisia

0.3

Bulgaria Greece

0.2
Albania

Syria

78th 115

Source: IHS PEPS Report

 ( IHS)

Overall Ranking

5
4
2.3

2.3

2.1

2.2

2.1

2.0

2
1
0

30

Egypt

32

Morocco

PEPS Overall
Rank

Country

41

Italy

45
Turkey

46

Tunisia

53

1.6

1.5

83

Bulgaria Greece

95
Albania

1.3
102
Syria

PEPS Overall

E&P Activity

Fiscal Terms

Political Risk

Rating

50%

35%

15%

30

Egypt

2.3

3.0

1.0

3.0

32

Morocco

2.3

0.4

4.7

2.9

41

Italy

2.2

1.0

3.2

3.5

45

Turkey

2.1

1.0

3.6

2.5

46

Tunisia

2.1

1.6

2.2

3.7

53

Bulgaria

2.0

0.1

4.1

3.0

83

Greece

1.6

0.3

2.8

3.1

95

Albania

1.5

0.2

2.7

3.0

102

Syria

1.3

1.2

0.8

2.9




. 2289/95 2011 (. 4001/11).


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