This world class production asset comprises two predominantly fractured carbonate fields: Tawke and Peshkabir, analogous to the giant fields found all over the region. Strategically located in the north of the KRI, in close proximity to the border with Turkey and with direct access into both KPC and ITP export routes providing access to international markets. The original Tawke field was brought onto production in 2007, while Peshkabir achieved first oil in 2017.

Both fields are well understood with full 3D seismic coverage, 100+ wells drilled and over 500 MMbbls of 23-27 API oil produced to date from multiple Mesozoic and Tertiary reservoirs. The fields, operated in tandem to maximise operational synergy, together have an industry-leading opex of ~$4/bbl, making them both highly resilient (to variability in oil price) and highly cash generative. Both fields sit under a single Production Sharing Contract (PSC) with highly favourable fiscal terms.

Gross production from the Tawke licence averaged 70,090 bopd in 2025, compared to 78,615 bopd in 2024. This reduction was on account of the temporary suspension to production activities following a number of drone-related security incidents at the asset in July of 2025 that resulted in asset damage at Tawke and Peshkabir, though resulted in no injury to personnel. As a result of the exceptional performance from the Operator, production rates were restored to around 80,000 bopd by early November. In demonstration of the consistent production levels form this asset, it should also be noted that the months of 2025 not impacted by the drone incidents, average production was greater than the previous year.

Despite no new wells being added in the last few years, gross production from these fields has been maintained at around 80,000 bopd as a result of an active and diligent production optimisation approach by the Operator. In Q4 2025, the Joint Venture partnership agreed plans to restart investment drilling in the PSC following a 2-year hiatus since the 2023 export pipeline shutdown. This return to investment via a multi-rig programme underscores our confidence in the resource potential of the asset.

Genel’s SL 10B/13 licence represents an asset that we consider carries significant potential for organic growth and resource addition from within Genel’s portfolio, and throughout 2025 we continued to work with stakeholders towards the complete framework required to support drilling the Toosan-1 exploration well. Well delivery and optimisation activities progressed in 2025 and will continue through 2026. During this time, we continued to work closely with local communities and beneficiaries, and our social investment projects included a broad range of initiatives in the space of mother and child health, education, and conservation of biodiversity.

Genel is partnering with OQ Exploration & Production SAOG (“OQEP”) at Block 54 in the Sultanate of Oman. Block 54 (the Karawan Concession) is on the eastern side of the South Oman Salt Basin and immediately adjacent to existing production activities. The block holds existing discovered resources as well as further exploration potential, in a jurisdiction renowned for stable regulatory conditions and strong partnerships with International Energy Companies.

During 2025, our preliminary activity, re-entry and testing of the legacy Batha West-1 (BW-1) discovery well was completed safely, ahead of time, and under budget. The BW-1 well operation was a low-cost preliminary activity to commence our work on the block, representing the first of a number of steps towards understanding the full potential of the licence. 2026 activity will be dominated by existing 3D seismic reprocessing and new 3D seismic acquisition and processing whilst planning for and working towards the drilling of the joint venture’s first well on the licence.