RE: Did I miss this previously29 Apr 2026 18:24
Another good day here folks, onwards and upwards. Just had a quick first scan through the bond refinancing presentation, there's a lot of detail in there. Here's a couple of points I find interesting, probably plenty more in the detail for the guys here with bigger brains than me, of which there will be many! Anyway GLA!
Some interesting information on the latest presentation re the bond refinancing :
Slide 18 - Netherlands Q10-A - Platform sale being explored
Slide 36 - Kistos Energy Storage - Trading income dependent on volatility capture, range of
USD 15 million–50 million
Majority of capex related to Hole House will be covered by a
multinational trading house
Slide 41 - Oman - Assets are operated under favourable Exploration and Production Sharing Agreements
(“EPSAs”) agreements with cost recovery of 40-50% and Capex -line depreciated over
five years
• Profit Oil is negotiable and typically between 15-30% and corporate tax is paid out of
the government’s share of profit oil, which does not impact contractor’s cash flow
Slide 49 - Oman - Both Block9 and Blocks 3 & 4 operate under separate Exploration and Production SharingAgreements (EPSAs)with the Government of the Sultanate of Oman
• Oman’s EPSA framework is well-established and widely applied, defining concession terms, cost recovery mechanisms, profit-sharing principles and the conditions
governing exploration, appraisal, development and production
• Under each EPSA, contractors fund all exploration and development activity and are entitled to recover eligible costs from production, subject to defined contractual
limits, with unrecovered costs carried forward
• Blocks 3 & 4 operate under a mature EPSA structure, with cost recovery and contractor entitlement mechanics that have been previously disclosed by Tethys Oil(p59 of
the Tethys Oil Annual & Sustainability Report 2024)
• Block 9 follows the same EPSA cost recovery and profit-sharing structure as Blocks 3 & 4, with contractor entitlements broadly aligned under the pricing assumptions
at signing and adjusting within a limited range as oil prices change
• Oman’s EPSAs are generally regarded as investor-friendly, with corporate income tax typically settled by the Government from its share of production, resulting in no
direct cash tax liability for contractors
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