RE: RNS19 Mar 2026 07:42
Since the outbreak of the regional conflict, we have shut-in the Shaikan Field as a precaution and taken measures to protect staff. We have also suspended 2026 guidance until production restarts.
Free cash flow of $29.1 million (2024: $65.4 million), with the increase in Adjusted EBITDA offset by incremental net capex and a working capital outflow related to 2025 exports sales receivables
Considering the deterioration of the regional security environment and the production shut-in, the Company has placed under review its previous 2026 gross average production guidance of 37,000 – 41,000 bopd
The Company has also suspended its previous 2026 net capex, net operating costs and other G&A expenses guidance (respectively $40-$50 million, $55-$60 million and less than $10 million)
The current interim exports agreements, which expire on 31 March 2026, are expected to be extended while a review by an international independent consultant of exports invoices and contractual costs progresses
AGE