6 15 EBITDAX is operating profit / (loss) adjusted for the add back of depreciation and amortisation, exploration expense, impairment of property, plant and equipment, impairment of intangible assets and impairment of receivables Free cash flow is reconciled on page 10 Reported cash less IFRS debt (page 11) Highlights Strong cash generation from low-cost oil production: Net production averaged 32,760 bopd in H1 2021, slightly above the average in the prior year and in line with guidance (H1 2020: 32,100 bopd) Low production cost of $3.7/bbl, oil price increase, and restart of the override helped deliver an overall margin from our production assets of $111 million Free cash flow for the period was $22 million, despite the Kurdistan Regional Government ('KRG') changing its payment schedule from one to two months in arrears, moving c.$30 million that was due in H1 into July