DRIVING TRANSFORMATIONAL IMPACT Driving Transformational Impact

Introduction

For over four decades, has been a pioneer in the MENA region’s energy sector, channelling our vision and creativity to unlock energy resources and transform local economies

Crescent Petroleum Crescent Petroleum 1 Driving Transformational Impact

Our Roots

Our 44-year track record as an Crescent Petroleum remains deeply international operator spans eight committed to the Emirate of Sharjah countries and four continents, with and the UAE as a whole. We retain two current operations in and the United exploration projects in the country: Arab Emirates (UAE), and significant the Sharjah Onshore Concession, which interests in . we have held since 2008, and our offshore concession in Sharjah’s Our journey as a company is inextricably Sir Abu Nu’ayr island. linked to our offshore discoveries in the Mubarek Field in 1972, a landmark Beyond our interests in the oil and gas project that catapulted both Crescent sector, Crescent Group through its Petroleum and Sharjah onto the other subsidiary Crescent Enterprises international oil and gas scene. also operates across a diverse range of sustainable businesses in the While and Dubai discovered fields of ports and logistics, power oil in 1958 and 1966 respectively, and engineering, business aviation, Sharjah’s production commenced in healthcare, private equity and 1974, following our discoveries. Since business incubation. then, we have witnessed the tremendous growth of this emirate, and are proud to have played a meaningful role in its development. “Crescent has grown as Setting the world record at the time, Crescent Petroleum had the Mubarek a Sharjah-based firm to Field in full production within 13 months an international oil and of its discovery, at a rate of over 60,000 barrels per day. gas company that is establishing an entirely new level of competition for our counterparts.”

Hamid Jafar Chairman, Crescent Group

Crescent Petroleum Founded in 1971 and headquartered in the Emirate of Sharjah UAE, Crescent Petroleum is the oldest and largest private upstream oil and gas company in the

Crescent Petroleum 3 Mubarek Field, offshore Sharjah, UAE

Crescent Petroleum’s contribution to Sharjah Economy:

From production inception in 1974 until Crescent invested 2010, the Mubarek Field generated approximately $2.6 billion in today’s value (Capital and 103 MMBBL Operating expenditure) AND into the field 293 BCF

Crescent Petroleum As long-time supporters of the University, we Crescent Petroleum pioneered commercial work closely with them on numerous academic intra-emirate gas supply and sales arrangements initiatives to foster academic growth in the in the (UAE), based on UAE. Crescent Petroleum has invested over gas supplies from Sharjah to Dubai and built a US$9 million in such projects, most notably the dedicated 92km offshore pipeline and associated construction of the Research, Innovation, and central gas processing facility from its Mubarek Technology Park at AUS. field to Jebel Ali, Dubai. Being a pioneer in developing this market led to the formation of as the region’s first privately held gas company in 2005.

Enabling education: Regional Gas Player: Supporting the American Pioneered UAE’s intra-emirate University of Sharjah (AUS) gas market

Crescent Petroleum 5 Crescent Petroleum today

Beyond our interests in the oil and gas sector, Crescent Group through its other subsidiary Crescent Enterprises also operates across a diverse range of sustainable businesses in the fields of ports and logistics, power and engineering, business aviation, healthcare, private equity and business incubation

Operations Safety Statistics Sharjah Onshore, UAE Total Recordable Injury Sir Abu Nu’ayr, UAE Frequency Rate Kormor, Iraq 0.66 Chemchemal, Iraq

Crescent Petroleum Average Total Total Investments Gross Production (Since 2007) c.82,000 boepd $1.27 billion (UAE and Iraq)

Total Reserves and Resources P-50 total risked in-place resources: 75 Tcf and 7.32 Billion barrels of oil

Proven plus Probable (2P) Reserves: 15.1 Tcf and 310 million barrels of condensate

Employees Social Impact 645 4 million Iraqi nationals benefit from uninterrupted power supply generated with support of our operations in Kurdistan Region of Iraq

Crescent Petroleum 7 Driving Transformational Impact

Global experience, regional expertise

From its early days, Crescent Petroleum These factors — combined with our looked to extend the geographical reach reputation for agility, operational of its operations beyond the UAE. Our excellence, transparency and first international venture began in 1973, professionalism — make us the when we were granted the exploration partner of choice for resource-holders rights for Block 1, an offshore area in in the region and for international present-day Montenegro (then part oil companies seeking to enter this of Yugoslavia). hydrocarbon- rich market.

This was quickly followed in 1981 by Our strategy for growth involves concessions for a 232 square kilometers leveraging these strengths to identify, block in the San Jorge Basin of develop, and operate oil and gas Argentina. During the 1980s and 1990s, projects in the MENA region. Projects in we secured additional concessions in South Asia, Central Asia and East Africa Canada, France, Tunisia, Egypt, constitute our secondary priority, while and Yemen. we only consider exceptional projects beyond this area on a case-by-case Our diverse international operations basis. Needless to say, this is in addition and partnerships throughout this period to ongoing work on our UAE assets provided us with invaluable experience as a path to organic growth. and solidified our core competencies. But during the 1990s — a turbulent time for the energy industry — we made “Our region needs the strategic decision to divest from internal investment our international positions and refocus attention closer to home. to develop its natural As an indigenous upstream operator, resources, build our business know-how, strong infrastructure, stimulate relationships, and cultural understanding of the Middle East and North Africa economic growth, and (MENA) region are unrivalled. create sustainable jobs for its youth. This is where Crescent, a regional company with wide relationships and cultural understanding, can add true value.”

Majid Jafar CEO

Crescent Petroleum Confident and innovative, Crescent Petroleum often pursues opportunities that others consider too risky and turns them into reality

Crescent Petroleum 9 Partnerships forged over the years

Our diverse international operations and partnerships throughout this period provided us with invaluable experience and solidified our core competencies

1973 1981 Jugopetrol Kotor Block 1 Golfo Petrolero offshore Montenegro Jorge Basin in Argentina

1985 1986 Neste Oy, Finland Mubarek Field, Amoco (now BP) offshore Sharjah Two blocks in the Potwar Basin, Pakistan

1991 1996 British Gas, Louisiana Land and Exploration Inc., Enterprise Oil Clyde Petroleum, Itochu (now Shell) Corporation, and Inpex Mubarek Field, (Indonesia Petroleum Ltd) offshore Sharjah Jorge Basin in Argentina

Crescent Petroleum 2015 2010 RWEST Group The Dana Gas and Sharjah Crescent Petroleum Onshore Concession gas project, Kurdistan Region of Iraq

2009 2005 OMV & MOL Group Sastaro The Dana Gas and (Sky Petroleum) Crescent Petroleum Mubarek Field, gas project, Kurdistan offshore Sharjah Region of Iraq

2004 2001 Indago Petroleum Ltd Atlantis /Sinochem (previously Novus Concessions of Ajman, Petroleum) Ras Al Khaimah, Umm Mubarek Field, Al Quwain (until 2004) offshore Sharjah

1997 Chinese Petroleum Corporation, Taiwan Mubarek Field, offshore Sharjah

Crescent Petroleum 11 Gas Processing Plant, Egypt - Dana Gas

Our 44-year track record as an international operator spans eight countries and four continents, with current operations in Iraq and the United Arab Emirates (UAE), and significant interests in Egypt

Crescent Petroleum Crescent Petroleum 13 Driving Transformational Impact

A history of innovation

At a time when natural gas was widely Crescent is the largest shareholder understood as an undesirable by- of Dana Gas and enjoys a mutually product of oil production, Crescent beneficial affiliation that enables us took a long-view of the regional market to participate across the full gas and invested its resources accordingly, value chain. In 2008, Crescent and pioneering a number of initiatives that Dana Gas established Gas Cities Ltd placed us at the forefront of the region’s as a 50-50 joint venture between the integrated long-term gas projects. two companies, with a mandate to develop gas-intensive industrial cities We helped to arrange the first-ever in the region. Crescent’s involvement commercial, inter-emirate onshore with Dana Gas, one of the largest gas supply contract in Sharjah for the independent gas reserve holder in UAE Federal Ministry of Electricity and Egypt, has also expanded our footprint Water in 1985. We also established the in this important North African country. first offshore inter-emirate gas sales and purchase agreement through a Crescent’s vision and willingness to dedicated pipeline between the Mubarek follow our instincts is demonstrated by facilities and Jebel Ali, Dubai, in 1991. our investment in the gas potential of the Kurdistan Region of Iraq (KRI). In 2005, Crescent played an instrumental role in establishing Dana Gas, the first publicly listed energy company in the region, which trades on the Abu Dhabi Securities Exchange. This company “Crescent’s strength as provides considerable economic, social and environmental benefits to a family business is that the Middle East region, adding value it can take a long-term locally and prioritising local needs over gas exports. view when making its investment decisions, without being overly influenced by public markets, or, indeed, by short-term politics. That is exactly what this region needs.”

Badr Jafar President

Crescent Petroleum Crescent Petroleum is unique in its approach to project delivery by adopting processes based on expertise enabling fast and efficient decision making and execution

Crescent Petroleum 15 Zora Gas Plant, UAE - Dana Gas

First major private sector natural gas enterprise to be established in GCC founded by Crescent

Crescent completed a successful IPO in 2005 with record 140 times oversubscription

Crescent Petroleum is the founding shareholder behind the formation of Dana Gas as the region’s first privately held gas company in 2005

Crescent Petroleum Apart from jointly operating in the KRI with Crescent, Dana is the concession holder of Zora field

in UAE, major shareholder of the UAE Gas project and has major Total 2P presence in Egypt holding 100% reserves in 4 concessions in addition to 26.4% 1.15 Bboe interest in LPG recovery plant in Gulf of Suez

With a 19 per cent stake, (excluding KRI) (2014) Employees Crescent is the largest shareholder of 957 this publicly traded company and is represented on its Board of Directors with Mr Hamid Jafar as the Chairman of the Board and Mr as the Managing Director of the board.

Dana Gas’ other records in Egypt include:

Production (2015) Fourth per day (including share of largest onshore gas producer KRI joint operations)

63,900 BOE Sixth largest onshore gas producer

Crescent Petroleum 17 Driving Transformational Impact

A committed partner to Egypt and Iraq

A key area of focus for Crescent Today, our gas deliveries provide nearly Petroleum and its affiliates has been uninterrupted electricity supply for the development of oil and natural gas over four million Iraqis in the KRI. assets in the region. Having pioneered We have also enabled ongoing fuel the development of UAE’s oil and gas savings of billions of dollars for the market, with an investment in today’s Government of KRI. value of US$2.6 billion since inception, Crescent Petroleum expanded its While our work in the KRI exemplifies horizon with focus on Iraq and Egypt. Crescent Petroleum’s ethos of looking for solutions, rather than excuses, when In the Kurdistan Region of Iraq (KRI), faced with many challenges, our history gas was desperately needed for power in Iraq goes far beyond this remarkable generation in 2007. In order to meet project. With offices across the country, this challenge, Crescent Petroleum Crescent Petroleum has strong roots in and Dana Gas were tasked with the Iraq and has continued to be involved development of KorMor field on a fast– in various oil & gas initiatives track basis. Rising to the challenge in the country. posed by difficult terrain, the presence of unexploded remnants of war, and the myriad additional concerns that had discouraged other energy companies from venturing into the area — we completed our project in record time. “ Our governance system and structures have allowed Crescent Petroleum to be the only international oil company to have maintained a continuous presence in Iraq for the past 25 years.”

Razan Jafar Director

Crescent Petroleum Crescent Petroleum and its affiliates have been continuously investing in the oil & gas industry in UAE, Iraq and Egypt demonstrating our commitment to these countries

Crescent Petroleum 19 Gas Pipeline from Kormor to Erbil - Kurdistan Region of Iraq

Crescent Petroleum and its affiliates have been continuously investing in the oil & gas industry in UAE, Iraq and Egypt demonstrating our commitment to these countries.

Beating the odds: Fast-track completion of phase one of the KRI gas project

In April 2007, the Kurdistan Regional Government We also had to build a 180-kilometre corridor and lay (KRG) of Iraq and Dana Gas and Crescent pipelines through rocky, mountainous terrain, while Petroleum (Joint Operators), entered into an clearing minefields and obtaining permission from local agreement for the appraisal and development farmers — many of them armed — to go through their of two major gas fields (Kormor and Chemchemal) land. There was also a severe shortage of skilled local in the region. Under the terms of the agreement talent for tasks such as welding, let alone for the Crescent Petroleum and Dana Gas (together “CREDAN”) project’s major engineering, production were given exclusive rights to appraise, develop, process, and construction needs. market and sell petroleum from the substantial Kormor and Chemchemal Gas Fields, and as a first We completed the work in record time, with gas phase to provide natural gas supplies to fuel two major production commencing in October 2008, domestic electric power generation plants being built 15 months after the contract was signed. Results in Erbil and Chemchemal, as well as for local industries of a benchmarking study by industry analyst IHS and export. The agreement was subsequently found that CREDAN’s work had outperformed similar assigned to Pearl Petroleum Company Limited, the projects by approximately 32 per cent in terms shareholding of which is currently Dana Gas - of time and schedule, and 28 per cent in terms of costs. 35%, Crescent Petroleum - 35%, OMV - 10%, Crescent owes successes like these to the unrelenting MOL - 10% and RWEST - 10%. perseverance and innovative spirit of our project team, bolstered by our in-house access to the full CREDAN initiated the fast-track appraisal and capabilities of the entire Crescent Group. development of two promising candidate fields, along with the installation of all the related facilities and infrastructure. We had six months to import over 65,000 tonnes of equipment into a landlocked region that faced trouble along three of its borders at the time. This meant trucking goods from Turkey through a number of points of potential insurgency.

Continued presence Southern Iraq Projects in Iraq for We were part of an international consortium that conducted an in-depth study of the Ratawi Field (located 70kms west of Basra). We have also carried out numerous technical training programmes for employees of the oil ministry and its related companies to foster an environment for the learning and 25 sharing of technical skills. years

Crescent Petroleum Crescent Petroleum 21 Sharjah Onshore Drilling Operations, UAE

Crescent Petroleum Our reputation for agility, operational excellence, transparency, and professionalism — make us the partner of choice for resource-holders in the region and for international oil companies seeking to enter this hydrocarbon-rich market

Crescent Petroleum 23 Our Values and Governance

Our values and governance are built on our strong foundation and professionalism

Crescent Petroleum’s hard-earned reputation for dependability and ethical conduct makes us efficient, effective and resilient. Trust in our name has allowed us to attract and retain talented employees, withstand periods of uncertainty, and command loyalty from diverse stakeholders.

There is no shortcut to building a reputation and business culture like Crescent Petroleum’s, but there are rules. From day one, we have clearly articulated the values, principles and standard of conduct that Crescent Petroleum expects from its employees, suppliers and contractors. These principles form the Core Values of our organization.

Our Governance framework Crescent Group Board of Directors Crescent Board Crescent Petroleum is a subsidiary of the Crescent Group Group and is therefore governed by the Group of Directors Board of Directors. The Board is primarily responsible for setting the overall strategy for both Crescent Petroleum and Crescent Enterprises, and for the general management and oversight Crescent Crescent of strategic, financial and operational risks. Petroleum Enterprises

Executive Executive Committee Committee

Crescent Petroleum Our Core Values

We maintain integrity in all We pride ourselves on our our business dealings, remaining creativity, agility, initiative, and honest, professional, and fair, even can-do attitude. We are guided in the most difficult situations. by resourcefulness, not red tape.

Ethics Enterprise

We are accountable for our We adhere to strict safety standards. actions and follow through on our We anticipate and work to prevent commitments. We admit to our risks before they materialise. We do mistakes and make sure we learn not knowingly undertake actions from them. that may endanger another person or adversely affect their health or well being.

Responsibility Safety Conscious

Our boundless ambition makes We treat employees as family us passionate about undertaking and are courteous and respectful new and daring projects. When put towards one another. We embrace to the test, whether individually our social responsibility, committed or as a team, we find solutions to making the world a better place. not excuses.

Courage Care

Crescent Petroleum 25 Our Governance framework

Crescent Petroleum’s Executive Management team is made up of seasoned professionals who have a wealth of regional and international experience.

Neeraj Agrawal Abdulla Al Qadi Ravi Kumar Chief Financial Officer Executive Director, Executive Director, Corporate Affairs Exploration & Production & Business Services

Neeraj Agrawal is responsible Abdulla Al-Qadi holds over 25 Ravi Kumar is in charge for Crescent Petroleum’s years of diversified upstream of Crescent Petroleum’s finance and treasury functions, oil and gas experience and business operations and with specific focus on M&A. is responsible for Crescent corporate affairs. Over the His achievements over the last Petroleum’s technical and past 25 years, Ravi has been 25 years with the company operational activities apart responsible for overseeing the include the successful from leading the business Accounting, Human Resources, formation and capitalisation of development unit. Prior to Administration, Information Dana Gas PJSC, multiple M&A joining Crescent, Abdulla was Technology and Supply Chain transactions worth more than managing the offshore and functions apart from managing US$1 billion and managing onshore drilling activities at all corporate affairs including the Middle East’s first forward ADNOC in Abu Dhabi. governance and sustainability. looking accelerated US$1 He also holds a major role in billion issued by pioneering the company’s Dana Gas. corporate development and business process management activity.

Crescent Petroleum Mohammed Makkawi Drazen Petkovich Thomas Watts Executive Director, General Counsel & Executive Director, Projects Executive Director, Legal Projects

Mohammed Makkawi Drazen Petkovich is Thomas Watts holds over currently serves as Executive responsible for all legal matters 35 years of international Director, Projects for Crescent pertaining to the execution experience in the development Petroleum and as Managing and materialization of the and management of oil and Director for its joint operations company’s operational and gas projects specializing in in the Kurdistan Region of Iraq. commercial work. He has the structuring of gas supply He possesses over 40 years over 10 years of experience chains as well as the marketing of project management and in private practice, with and sales of gas and LPG. operations experience, and specialisation in the fields of Apart from being a core specialises in the development oil and gas, banking and member in the formation of of new gas projects as well finance, and dispute resolution. Dana Gas, he has also been as in all related commercial responsible for securing matters including gas sale and concession agreements across purchase arrangements. Egypt, Iraq and the UAE.

Crescent Petroleum 27 Our journey

1971 1973 Crescent Petroleum Exploration activities in present-day formed Montenegro, Europe

1972 1974 Oil discovered in the Mubarek Field Mubarek field oil production in Sharjah, UAE begins in Sharjah

2005 1999 Dana Gas founded with Crescent as single- Concession awarded for largest shareholder, delivering the most Sir Abu Nu’ayr, UAE successful and largest IPO in region’s history

2002 Crescent becomes the technical operator for the Bukha field, offshore Oman. Crescent becomes the technical operator for concessions in Ajman, Umm Al Quwain and Ras Al Khaimah

2007 2009 With the award of the Kormor and OMV and MOL each become Chemchemal fields, Crescent becomes 10 per cent shareholders in the first oil company to enter KRI Crescent’s KRI projects

2008 Sharjah Onshore Concession awarded Gas Cities Ltd founded. First Gas achieved in Kormor field in KRI

Crescent Petroleum 1985 1986 Contract entered with the UAE Federal Exploration concession obtained Ministry of Electricity and Water for gas for the Potwar Basin of Pakistan supply pipeline from Sharjah Neste Oy is a new bullet Mubarek Field, offshore Sharjah

1981 1989 Exploration and production concession Controlling interest obtained obtained for the San Jorge Basin in Argentina in Buttes Resources Canada Limited (BRCL)

1997 1991 Chinese Petroleum Corporation, First intra-emirate gas pipeline in the UAE established Taiwan. Mubarek Field, between offshore Mubarek Facilities and Jebel Ali, Dubai offshore Sharjah Entry into Yemen with an exploration concession

1996 1990 Enterprise Oil (now Shell) Concession awarded for East Khalda in Mubarek Field, offshore Sharjah western Egypt. Gulf-South Asia Gas Project (GUSA) launched

2010 2015 Agreement signed with Rosneft to jointly RWEST became 10 per cent Shareholder explore the Sharjah Onshore Concession in Crescent’s KRI projects.

2012-2014 Pre-qualification for exploration opportunities in multiple countries

Crescent Petroleum 29 Head Office PO Box 211, Crescent Tower Corniche Al Buhaira Sharjah, United Arab Emirates T +971 6 572 7000 F +971 6 572 6000 E [email protected]

International Offices United Kingdom Crescent House 4 Old Park Lane London W1K1QW United Kingdom T +44 20 7317 3750 F +44 20 7499 2575 E [email protected]

Baghdad Office, Baghdad, Iraq

Kurdistan Region of Iraq Floor 5, Gulan Park - office Building Gulan Street, Erbil Kurdistan Region of Iraq T +964 66 224 6704/5 E [email protected] www.crescentpetroleum.com