Strong liquidity and underleveraged balance sheet
Cash of $224M at year-end and approximately the same today, gross debt $92M and net cash $134M, providing strong optionality to fund Tawke programs, organic growth and M&A.
Resilient production platform (Tawke)
Working interest production averaged ~17,500 bpd in FY2025 despite interruptions; Tawke gross 2P ~254MM bbl and net 2P 64MM bbl; world-class operating costs around $4/boe and low emissions target ~17 kg CO2e/boe.
Consistent operating cash generation
EBITDAX of $43M in FY2025 and an underlying EBITDAX of ~ $35M that has been stable for the past 3 years; production business netback returned to double-digit millions in both 2024 and 2025 after being negative in 2023.
Operational recovery capability and quick restart potential
Following prior drone-related disruption, production was restored quickly; management states production can be restarted within 1–2 weeks of receiving a clear security green light, and the operator has maintained a state of readiness.
Successful recent drilling results before suspension
Q4 2025 drilling restarted: first Tawke well spudded in December with immediate positive results and a second production well delivered good results, demonstrating reserve upside from drilling prior to the 2026 suspension.
Active capital markets access
Issued a 5-year bond (maturing 2030) in April last year that was oversubscribed, reducing funding risk and showing investor appetite for the company's debt.
Progress on Oman Block 54 with cost discipline
Batha West-1 reentry and testing completed ahead of schedule and under budget; planned program cost to Genel ~ $15M over a 3-year period with two commitment wells targeted early 2027 (data-led approach using reprocessed/new 3D seismic).
Significant prospective resource and preparedness in Somaliland
Toosan-1 targets best estimate prospective resources ~650MM bbl across stacked objectives; majority of civil works complete and most long-lead items held in inventory, with ongoing engineering and procurement work.
Community and ESG responsiveness
Active social investment and emergency response during severe drought—distributed ~9 million liters of clean water in the SL10B13 license area—supporting social license to operate.