🔻 According to the latest report of the US company (HKN Energy) in the Sarsang oil field;
🔹 The average total production of Sarsang oil field during the first quarter of (2024) was (36 thousand 763) barrels of oil per day. While in the first quarter of 2023, the field produced 35,310 barrels of oil per day, an increase of 5 percent.
🔹 All sales of oil produced by the field during the first quarter of (2024) was to the domestic market of the Kurdistan Region and each barrel was sold at (40.52) dollars, while the average price of Brent oil in the world market was (83) dollars. 
🔹 HKN Energy's revenue for the first quarter of 2024 decreased by 35.1% compared to the first quarter of 2023.

HKN Energy III, Ltd. (“HKN III”) presents an operating and financial update for the three months ended March 31, 2024. HKN III holds an approximately 68% ownership interest in HKN Energy Ltd. (“HKN Energy”), whose principal activity is the exploration, development, and production of oil in the Sarsang Block in northern Kurdistan.
Distributions and Bond Repurchases
• On February 28, 2024, HKN Energy declared and paid a distribution of $10.0 million. HKN III received $6.8 million of the total distribution.
• On March 28, 2024, HKN Energy declared and paid a distribution of $19.0 million. HKN III received $12.9 million of the total distribution. HKN III then paid $5.4 million to Kerogen as an earn-out payment and declared and paid a $8.1 million distribution to shareholders.
• In January 2024, HKN Energy voluntarily redeemed the remaining $69.1 million par value of HKN Energy Nordic Bonds.
Operational and Financial Update
• HKN Energy’s Sarsang gross production during Q1 2024 averaged 36.8k bopd.
• Due to pressure created by the closure of the Iraq-Turkey pipeline at the end of Q1 2023, HKN Energy’s revenue decreased 35.1% for Q1 2024 as compared to Q1 2023. The decrease reflects a 4.9% increase in production and a 38.9% decrease in realized oil price from $66.28 in Q1 2023 to $40.52 in Q1 2024.
• HKN Energy’s CAPEX spend was $5.9 million (net to HKN Energy) in Q1 2024.
• HKN III’s stand-alone cash balance on April 30, 2024, was $78.8 million, including restricted cash of $11.5 million. HKN Energy’s cash balance on April 30, 2024, was $29.4 million, including restricted cash of $4.8 million.
• HKN Energy continues to sell oil in the domestic market. If current conditions persist, we are targeting production of approximately 30k to 40k bopd for the remainder of 2024.