/ Operations

Operations

Dharoor and Nuggal Blocks

Q2 2015


PUNTLAND

Early in the year, the Company informed the Government of Puntland (Somalia) that the Company would be significantly reducing its presence in Bosaso, Puntland and would refrain from any operational activity and associated expenditures pending a resolution of the political situation between the Regional Government of Puntland and the Federal Government of Somalia regarding the legitimacy of oil concession contracts. Given the considerable efforts taken by the Company to date in Puntland (Somalia), the Company requested a two year extension to the current exploration period from the Government of Puntland to allow time for these political challenges to be resolved. Accordingly, the Company elected during the fourth quarter of 2014 to record a $90.6 million non-cash impairment charge related to its assets in Puntland. As at June 30, 2015, intangible exploration assets related to these properties was nil.

During June 2015, the Company and its joint venture partners notified the Government of Puntland (Somalia) of their decision to withdraw from the Nugaal Block and Dharoor Block PSAs.

The following table summarizes the Company's net working interests in the various PSAs, based on working interest ownership:

Block/Area June 30, 2015 Net Working Interest % December 31, 2014 Net Working Interest %
Dharoor Valley 60% 60%
Nugaal Valley 60% 60%



Q1 2015

Year End 2014

Q3 2014

Q2 2014

Q1 2014

Year End 2013

Q3 2013

Q2 2013

Q1 2013

Year End 2012

Q3 2012

Q1 2012

Year End 2011

Q3 2011