Korea Gas Corporation (KOGAS) announced on the 20th that it has fully recovered the net investment it put into the Zubair oil field project in Iraq.

■ Net Investment of $380 Million... Cumulative Revenue of $450 Million

According to the resource development progress disclosure submitted by KOGAS on the same day, the net investment in the Zubair oil field project stands at approximately $380 million as of the disclosure reference date. Cumulative revenue as of the end of June this year was approximately $450 million, meaning the company has fully recovered its net investment.

■ 381,000 Barrels Per Day Produced on Average in First Half... Daily Target of Up to 500,000 Barrels

In terms of production, the average daily crude oil output of the Zubair oil field in the first half of this year was approximately 381,000 barrels. The maximum daily production target is planned at 500,000 barrels.

■ KOGAS CAPEX of $4.861 Billion... Investment Amount of 6.8175 Trillion Won

Regarding the scale of investment, KOGAS's capital expenditure amounts to approximately $4.861 billion. This represents KOGAS's share of the project's total capital expenditure of approximately $19.4 billion, based on capital expenditure (CAPEX) without considering investment recovery amounts. The investment amount in Korean won stated in the disclosure is 6,817,552,500,000 won, converted using the initial transaction standard exchange rate of 1,402.5 won per dollar as of the 20th.

■ First-Half Revenue of 200.2 Billion Won and Costs of 181 Billion Won... Both Down from Previous Half

In the first half of this year, development-related revenue was tallied at 200,265,688,680 won and costs at 181,028,232,282 won. Compared to the previous half, the second half of 2025, revenue decreased by 111,333,181,705 won and costs decreased by 110,737,003,777 won, respectively. These revenue and cost figures reflect the sales, cost of goods sold, and selling and administrative expenses from the income statement of KOGAS Iraq B.V.

■ Joint Participation with ENI and Others Since 2010... KOGAS Holds 23.75% Stake

The Zubair oil field development and production project is an oil production investment in southern Iraq that KOGAS has jointly participated in with ENI and others since 2010. The participating stakes are ENI at 41.56%, BOC at 29.69%, KOGAS at 23.75%, and MOC at 5.00%. KOGAS plans to continue developing and producing at the oil field, with the next progress disclosure scheduled for March 25, 2027.