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Capital Markets Presentation 28 January 2014 0 Disclaimer THIS DOCUMENT IS CONFIDENTIAL This document has been prepared and issued by and is the sole responsibility of Ophir Energy plc (the Company ) and its subsidiaries for selected


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SLIDE 1

Capital Markets Presentation

28 January 2014

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SLIDE 2

THIS DOCUMENT IS CONFIDENTIAL This document has been prepared and issued by and is the sole responsibility of Ophir Energy plc (the “Company”) and its subsidiaries for selected recipients. It comprises the written materials for a presentation to investors and/or industry professionals concerning the Company’s business activities. By attending this presentation and/or accepting a copy of this document, you agree to be bound by the following conditions and will be taken to have represented, warranted and undertaken that you have agreed to the following conditions. This presentation is strictly confidential and may not be copied, published, distributed or transmitted. If you do not accept these conditions, you should immediately destroy, delete or return this document. The document is being supplied to you solely for your information and for use at the Company’s presentation to investors and/or industry professionals concerning the Company’s business activities. It is not an offer or invitation to subscribe for or purchase any securities and nothing contained herein shall form the basis of any contract or commitment

  • whatsoever. This presentation does not constitute or form part of any offer or invitation to sell or issue, or any solicitation of any offer to purchase or subscribe for, any shares in the

Company in any jurisdiction nor shall it or any part of it nor the fact of its distribution form the basis of, or be relied on in connection with, any contract commitment or investment decision in relation thereto nor does it constitute a recommendation regarding the securities of the Company. This presentation is for informational purposes only and may not be used for any other purposes. The distribution of this presentation in jurisdictions other than the United Kingdom may be restricted by law and therefore persons into whose possession this presentation comes should inform themselves about and observe such restrictions. Any failure to comply with these restrictions may constitute a violation of securities laws of any such jurisdictions. This presentation and any materials distributed in connection with this presentation may include certain forward-looking statements, beliefs or opinions, including, without limitation, statements with respect to the Company’s business, financial condition, results of operations, plans, objectives and estimates, including, among others, resource estimates. These statements, which contain the words “anticipate”, “believe”, “intend”, “estimate”, “expect” and words of similar meaning, reflect the Directors’ beliefs and expectations and involve a number of risks and uncertainties because they relate to events and depend on circumstances that will occur in the future. No representation is made that any of these statements or forecasts will come to pass or that any forecast results will be achieved. There are a number of known and unknown risks, uncertainties and other factors that could cause actual results, performance and developments of the Company or industry results to differ materially from those expressed or implied by such forward looking statements, therefore, undue reliance should not be placed on forward looking statements. Past performance of the Company cannot be relied on as a guide to future performance. Forward-looking statements speak only as at the date of this presentation and the Company expressly disclaims any obligations or undertaking to release any update of, or revisions to, any forward-looking statements in this presentation, whether as a result of new information or future events. No statement in this presentation is intended to be a profit forecast or should be interpreted to mean that future earnings per share of the Company will necessarily match or exceed its historical published earnings per share. As a result, you are cautioned not to place any undue reliance on such forward-looking statements. Certain data in this presentation was obtained from various external data sources, and the Company has not verified such data with independent sources. Accordingly, no representation or warranty, express or implied, is made and no reliance should be placed, on the fairness, accuracy, correctness, completeness or reliability of that data, and such data involves risks and uncertainties and is subject to change based on various factors. No reliance may be placed for any purposes whatsoever on the information contained in this presentation or on its completeness. The Company and its members, directors, officers and employees are under no obligation to update or keep current information contained in this presentation, to correct any inaccuracies which may become apparent, or to publicly announce the result of any revision to the statements made herein except where they would be required to do so under applicable law, and any opinions expressed in them are subject to change without notice, whether as a result of new information or future events. No representation or warranty, express or implied, is given by the Company or any of its subsidiaries undertakings or affiliates or directors, officers or any other person as to the fairness, accuracy, correctness, completeness or reliability of the information or opinions contained in this presentation, nor have they independently verified such information, and any reliance you place thereon will be at your sole risk. Without prejudice to the foregoing, no liability whatsoever (in negligence or otherwise) for any loss howsoever arising, directly or indirectly, from any use of this presentation or its contents or otherwise arising in connection therewith is accepted by any such person in relation to such information.

Disclaimer

1

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SLIDE 3

Exceptions

Unless expressly stated in the written materials for this presentation:

  • All resource estimates given in this presentation are gross
  • All resource numbers are management estimates as of January 2014
  • Ophir Energy’s participating interests as described in this presentation are pre-government back in

2

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SLIDE 4

Introduction

Nick Cooper, CEO

3

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SLIDE 5

Leading African Deepwater Portfolio

Gabon

  • Mbeli -

40%

3

  • Ntsina -

40%

3

  • Manga - 70%

4

  • Gnondo - 70%

4

Kenya

  • L9 - 90%

1

1. FAR and Avana’s interests subject to Gov’t approval 2. Post farm-out to Pavilion Energy, 20% interest subject to Gov’t and other approvals 3. Post farm-out to OMV, 10% interest subject to Gov’t and other approvals 4. Post farm-out to OMV, 30% interest subject to Gov’t and other approvals

Equatorial Guinea

  • Block R - 80%

4

Tanzania

  • Blocks 1,3&4 -

20%

2

  • Block 7 - 80%
  • East Pande - 70%

Somaliland Tanzania Kenya SADR AGC Somaliland Tanzania Kenya Gabon EG Ghana

SADR

  • Daora - 50%
  • Haouza - 50%
  • Mahbes - 50%
  • Mijek - 50%

AGC

  • Profond - 79.2%

Somaliland

  • SL12/19 - 25%

Ghana

  • Offshore Accra - 20%
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SLIDE 6

Strategic focus

5

Focus on Africa

Currently Future

Focus on E&A Focus on Deepwater Basins

  • Africa will remain core to the portfolio
  • But looking at new opportunities elsewhere
  • Key is geology rather than geography
  • E&A will continue to be the company’s primary focus
  • Not averse to holding producing assets
  • Help provide cashflow sustainability
  • Offshore, deepwater basins are expected to be the
  • ngoing primary source of portfolio upside
  • Offer significant running room characteristics, well

understood by our technical team

  • In-house deepwater drilling capabilities, evidenced by
  • perated wells under budget and strong HSE performance

Focus on Capital Efficiency

  • No change to strategy
  • Pre-drill farm-outs sought to minimise capital at risk
  • Monetisation of success at the optimum time to

maximise returns

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SLIDE 7

Ophir Business Model

SADR Somaliland Gabon Pre-salt and Ogooué Delta AGC EG Gas

3D seismic 1st Discovery Appraisal FID First Production

Value

Exploration and appraisal:

 High-risk high-reward, rapid value accretion in the exploration and appraisal phase  Pre-drill farm-out opportunities to manage risk

Tanzania Blocks 1,3,4 Tanzania E Pande, Block 7 Kenya

Ophir’s primary E&A Focus

Gabon Deeper Water

2014 Drilling Activity

6

Into Further Exploration and Appraisal Returns to Shareholders

Monetise and Recycle Cashflow

Cashflow from Production

EG Liquids

Focused on maximising Returns on Investment

Oil/Liquids Gas and/or Oil/Liquids Gas

Carried Interests

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SLIDE 8

2013 and into 2014

2013 Exploration and Appraisal Record Portfolio Development and Capital Management

  • 8 exploration and appraisal wells drilled in the period

 2 successful exploration wells, Mkizi and Ngisi (Tanzania)  4 successful appraisal wells drilled, 3 DSTs performed in Tanzania x 2 unsuccessful exploration wells, Starfish (Ghana) and Mlinzi Mbali (Tanzania)

  • Net contingent (2C) resources increased 25% from 1,002mmboe to c1,250mmboe
  • Historical finding cost of $0.95/boe since inception
  • Portfolio monetisation and rationalisation
  • Sale of 20% Blocks 1, 3 & 4 Tanzania to Pavilion Energy for US$1.29bn
  • Farm-out of exploration blocks in Gabon to OMV
  • Exited non-core assets in Madagascar, Congo and Kenya L15 and reduced

exposure in Somaliland

  • Tanzania LNG: positive appraisal results have derisked a 2 Train LNG development
  • Equatorial Guinea LNG: FLNG development solution progressing well

High Impact Potential in 2014

  • 10+ exploration and appraisal wells planned, rigs secured, targeting potentially

net unrisked c.1.3Bboe with >5.0Bboe running room on new plays

  • 6 play opening wells, all have potential for oil/liquids
  • 3 low-risk exploration wells in Tanzania and EG
  • 2 appraisal wells and 1 DST in EG
  • EG LNG progressing towards commercialisation
  • New opportunities being progressed to deepen and refill the portfolio

7

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SLIDE 9

Portfolio effect in action

Continuing to beat our net risked targets, c.250mmboe added to net 2C resource in 2013

8 Strong exploration track record

  • Drilled 26 E&A wells since inception, 20

successful

  • Exploration success rate 70%
  • Consistently meet programme expectations

Contingent resource base grows

  • At year-end 2C resource base stood at

1,249mmboe

  • Net 2C resources increased by c.250mmboe

during 2013

  • 2C Resource split 72% in Tanzania, 28% in EG

Exploration upside in 2014

  • 10+ exploration and appraisal wells planned

between now and the end of 2014

  • Unrisked upside estimated at c.1.3Bboe with

follow on potential across the portfolio, majority on oil/liquids plays

  • 200

400 600 800 1,000 1,200 1,400 1,600

Frake Noir Ngollon Fortuna Bythos Lykos Pweza Chewa Chaza Kora Jodari Mzia Papa Tonel Fortuna East Fortuna West Viscata Jodari North Jodari South Mzia-2 Ngisi Mkizi Starfish Pweza-2 Pweza-3 Mzia-3 Mlinzi Padouck Deep Taachui Afanga Deep Terrace / Mzia Okala Kamba Pweza North Tende Silenus East Gas Silenus East Oil Tonel North Fortuna-2 Kenya-1

resource (mmboe) Well name

Cumulative Net Contingent Unrisked Net Mean Resource (pre-drill) Cumulative net RPR (pre-drill)

2008-2011 2012 2013 2014

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SLIDE 10

Portfolio Management

Disciplined approach to management of capital

9 Transactions executed in 2013

  • Partial monetisation of Blocks 1, 3 and 4 Tanzania to Pavilion Energy
  • Sold 20% for US$1.29bn, subject to various approvals
  • Addition of a strong, well financed partner into the JV
  • Validation of the long-term potential of Tanzanian LNG
  • OMV farm-in to Gabon exploration acreage
  • Broad farm-in agreement covering all 4 Blocks, promotes on wells and seismic
  • Further promotes in the event of success

Non-core assets rationalised

  • Continued hi-grading of maximum impact assets
  • Exited positions in Congo, Madagascar and Kenya (L15)
  • Reduced interest in Somaliland

Further farm-out opportunities

  • Potential for further monetisation of Blocks 1,3 & 4
  • East Pande process ongoing
  • Kenya L9 farm-down potential, dependent on nearby drilling results
  • Equatorial Guinea potential monetisation and establishment of value chain
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SLIDE 11

Tanzania Case Study: Blocks 1,3 & 4

Licences acquired

3D seismic 1st Discovery Appraisal FID First Production

Value 10

Business Model and Strategy validated

2005-06 2007-10 2011-12 2013

Seismic acquired

BG Group Farm-in

Exploration discovery Appraisal well

Pweza Chewa Chaza Jodari Mzia Papa Jodari N/S Mzia-2 Ngisi Mkizi Pweza-2 Mzia-3 Pweza-3

+ve DST

Partially Monetised

Sale of 20% stake to Pavilion Energy for US$1.29bn (pre-tax)

2016/17 2020 Further Monetisation Opportunities/Development Carries

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SLIDE 12

Country Block Name Well Name Ophir WI Pmean CoS 2014 (MMBOE)3 (%) Q1 Q2 Q3 Q4 Gross Net

Gabon Ntsina Padouck Deep 40%4 990 396 15% Tanzania Block 1 Taachui 20%5 230 46 43% Gabon Gnondo Affanga Deep 70%6 170 119 20% Tanzania Block 4 Kamba/Pweza N 20%5 91+34 18+7 35%/90% Gabon Mbeli Okala 40%4 354 142 23% Tanzania Block 1 Mzia appraisal 20%5

  • EG

Block R Silenus East Gas and Oil 80% 70+85 56+68 69%/13% Tanzania East Pande2 Tende 70% 379 265 15% EG Block R Tonel North 80%

  • EG

Block R Fortuna-2 and DST 80%

  • Kenya

Block L92 TBD 90%7 190 171 15%

2014 Drilling Programme1

1. Programme is subject to change (prospect, order and timing) 2. Pre-Drill Farm-out process ongoing 3. Ophir Energy management estimates as of January 2014 4. Post farm out to OMV of 10% subject to Gov’t and other approvals 5. Post farm out to Pavilion Energy of 20% subject to Gov’t and other approvals 6. Post farm out to OMV of 30% subject to Gov’t and other approvals

7. FAR and Avana’s interests subject to Gov’t approval

Net c.1.3Bboe of resource being targeted, several play opening wells being drilled

11

Oil / liquids Gas

  • West Africa – Vantage Titanium Explorer
  • East Africa – Deepsea Metro I

Rigs Contracted

Play opening well Contingent well TBD

High Impact Wells

  • Up to 6 play opening

wells

  • Each 15-20% CoS
  • Targeting

c.1.16Bboe net res

  • Multiple x play

upside on success Low Risk Upside

  • 6 wells on existing

plays in Tanzania and EG

  • Low risk upside with

CoS of 35-90%

  • Targeting c.130mmb

excluding appraisal upside

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SLIDE 13

Multiplier effect from success on new plays

>5Bboe of total net resource potential in plays being targeted by wells in 2014

12

Gabon Pre-Salt Gabon Ogooué Delta East Pande EG Liquids Kenya L9

Net Unrisked Play Potential Pmean Res1 c.1.6Bboe c.0.6Bboe c.2.1Bboe c.0.4Bboe c.0.5Bboe Net Res being targeted in 2014 c.540mmb c.120mmb c.265mmb c.70mmb c.170mmb Play Upside Multiple

  • f 2014 drilling

c.2x c.4x c.7x c.5x c.2x 2014 Targets Padouck Deep, Okala Affanga Deep Tende Silenus East TBD Tana? Phase Oil Oil Gas/Oil Oil Gas/Oil

Note: Estimates subject to ongoing revision as Leads and Prospects are matured

1. Total includes prospects being drilled in 2014 and follow-on potential

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SLIDE 14

Gabon

Mike Fischer, Senior Vice President

13

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SLIDE 15

Expanded Gabonese position

14

  • The permits are located in the North Gabon basin, proximal to

significant oil discoveries

  • Mbeli and Ntsina: Ophir 40%, Petrobras 50%, OMV 10%1
  • Manga and Gnondo: Ophir 70%, OMV 30%1
  • A3-A6: Awarded Q4 2013, PSCs currently being negotiated
  • Three exploration wells planned in 2014, Padouck Deep and

Okala targeting the pre-salt play in the Mbeli and Ntsina permits and Affanga Deep targeting the Ogooué delta play in the Gnondo permit

  • Vantage Titanium Explorer drillship secured for the campaign
  • Pre-salt play extensive across onshore and shallow water

Gabon

  • Diaman-1 well offshore South Gabon basin first deepwater test
  • Proved working hydrocarbon system and thick, high quality

reservoir section in the Gamba formation

  • Padouck Deep and Okala costs largely carried by Petrobras and

OMV1, Affanga Deep partially carried by OMV1

  • The new acreage under award (Blocks A3-A6) is key to Ophir

testing the potential of the deepwater play which has similarities to conjugate margin offshore Brazil

Deepwater Lead

Legend

Ogoueé Prospect Pre salt Prospect 2014 Well Play 1: Pre-Salt Play 2: Deep-water Play 3:Ogooué Delta

  • 1. Subject to Government approval

Multiple plays, high-impact drilling during H1 2014

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SLIDE 16

Albian - Aptian sands in tilted fault block and subcrop traps sealed by over-lying salt and/or shales Maastrichtian – Cenomanian sands in combined stratigraphic- structural traps

S S S S S S S S S S S S S S S S S

Schematic section Gabon – Ntsina & Mbeli, A3-A4

15

Pre Salt Play Deepwater Play

Oil Prospect Potential hydrocarbon reservoir

S

Mature source rock (oil) Oil migration pathway

Petroleum System Legend

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SLIDE 17

16

2014 Exploration: Padouck Deep-1

Surface Location: Inline 3077 Xline 6080 X 451558 Y 9976546 Lat 00 12 43.95S Long 008 33 52.82E Bottom Hole Location: Inline 3088 Xline 6080 X 451423 Y 9976546 Lat 00 12 43.95S Long 008 33 48.46E

Padouck Deep

W E

Coniquet/Dentale Target Gamba Target Gamba Target Coniquet/Dentale Target

N S

Prospect structure map

Title

scale Top Gamba Fm depth structure Near Top Coniquet/Dentale Fm depth structure Padouck Deep-1

Padouck-1 Padouck-2

Padouck Deep-1

Padouck-1 Padouck-2 30km 30km

Padouck Deep WD (m) 835 TD (mSS) 3,500 CoS 15% Recoverable Res Est (Primary Targets) P90 Mean P10 Oil (mmb) 382 990 1741

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SLIDE 18

2014 Exploration: Okala-1

17

Surface Location: Inline 2271 Xline 4986 X 461631 Y 10000222 Lat 00 00 07.23S Long 08 39 18.68E

Okala

Top Coniquet/Dentale Fm depth structure

Okala-1 Okala-1 Okala-1

Coniquet/Dental e Target Gamba Target Gamba Target Coniquet/Dentale Target

W E N S Inline 2271 Xline 4986

Okala WD (m) 790 TD (mSS) 4,700 CoS 23% Recoverable Res Est (Primary Targets) P90 Mean P10 Oil (mmb) 195 354 537 N S N S

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SLIDE 19

Pre-salt follow-up potential

18 18

Seafloor Miocene Unc U Eocene Unc L Eocene Unc Top Turonian Intra Cap Lopez Top Madiela Nr Base Albian Top Salt Base Salt Intra Pad A Intra Pad B Intra Pad C Final Beam Stack Depth 5km Seafloor Miocene Unc L Eocene Unc Top Turonian Top Salt Base Salt Final Beam Stack Depth 5km

  • Further leads and prospects have been identified
  • n the Stenella 3D
  • The remaining leads identified have estimated total

resources >2000mmb

  • Zingana: On the same structural trend as Padouck

Deep with Pmean resource of 290mmb. Would be an early follow-up prospect on success at Padouck Deep

  • Optional slots available on Vantage Titanium

Explorer rig contract to rapidly target appraisal drilling and follow-on exploration

Seafloor Miocene Unc L Eocene Unc Top Turonian Top Salt Base Salt OKALA Final Beam Stack Depth 5km

A B C

A B C

Significant upside on success beyond Okala and Padouck Deep

c.820mmb c.570mmb c.850mmb Zingana c.290mmb

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SLIDE 20

Schematic section Gabon – Gnondo & Manga, A5-A6

19

Poor data quality beneath Pachg Liba volcanic dome edifice Maastrichtian – Cenomanian sands in stratigraphic and combined structural-stratigraphic traps Maastrichtian – Cenomanian sands in structural and combined structural-stratigraphic traps

Oil Prospect Potential hydrocarbon reservoir

S

Mature source rock (oil) Oil migration pathway

Petroleum System Legend

Ogooué Delta Play Deepwater Play

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SLIDE 21

2014 Exploration: Affanga Deep-1

20

Affanga Deep-1

Affanga Deep WD (m) 674 TD (mSS) 4,500 CoS 20% Recoverable Res Est (Primary Targets) P90 Mean P10 Oil (mmb) 68 170 298

Cenomanian Upside

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SLIDE 22

Maastrichtian – Cenomanian sands in combined stratigraphic- structural traps

S S S S S S S S S S S S S S S S S

Schematic section Gabon – Deepwater play

21

Deepwater Play

Oil Prospect Potential hydrocarbon reservoir

S

Mature source rock (oil) Oil migration pathway

Petroleum System Legend

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SLIDE 23

Deepwater play

22

Sergipe Alagoas Basin Reconcavo Basin Gabon Basin Barra

  • Deepwater play in North Gabon shares similar

characteristics to the conjugate margin play in the Sergipe Alagoas basin which contains several large discoveries drilled by Petrobras including Barra-1

  • Newly awarded Blocks A3-A6 expected to contain significant

prospectivity in this play

  • Further 3D seismic will be shot across the outboard portion
  • f the existing acreage and Blocks A3-A6 during 2014 to

better understand the play

  • Looking to firm up drillable prospects for 2015 and 2016
  • ve RFC

+ve RFC Turonian Aptian

A AI

R S S

Lead A3-2 Lead A3-1 Syn-Rift Thick ? Pinch-out Pinch-out

5km

A AI

Newly awarded Blocks gives increased exposure to this emerging play

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SLIDE 24

Tanzania Blocks 1, 3 & 4

Andy Oldham, Director of Exploration Andrew Brown, Projects Director

23

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SLIDE 25

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Blocks 1,3 & 4 Overview

  • Over 15 TCF discovered to date, underpins 2 Train LNG project
  • Fourteen out of fourteen successful exploration and appraisal wells

drilled by Ophir/BG JV since 2010

  • Discovered resource now in excess of 15 TCF
  • Several appraisal wells have been drilled and three DSTs undertaken

(Jodari, Mzia and Pweza) significantly derisking the commerciality of the resource base

  • Planning underway for a 2x5mtpa Train LNG project from Blocks 1,3

&4. Further trains possible

  • Ophir’s position partially monetised through farm-out to Pavilion

Energy

  • Significant unrisked upside remains in the prospect inventory >50

TCF although majority in higher risk new plays

  • 2014 drilling to include Taachui and Kamba exploration wells and

Mzia appraisal, with other targets under consideration

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SLIDE 26

25

Remaining Prospectivity

Upside of >50 TCF remains in higher-risk plays

2014 drilling programme

  • Discussions ongoing with BG over the forward exploration and appraisal programme,

now likely to be 3-4 wells in 2014

  • Block 1 Inboard test – Taachui (previously 1M)
  • Block 4 Near-field exploration – Kamba (including test of Pweza North)
  • Further appraisal/testing of Mzia
  • Block 1 Terrace test – Possibly 1BG, 1BD or 1BE

Remaining Prospectivity

  • Over 50 TCF of resource potential remains across the 3 Blocks
  • The significant majority is in higher-risk plays including the Outboard and Terrace

areas of Block 1. Timing of drilling these prospects remains under discussion with BG

  • Lower-risk incremental upside remains on Blocks 1 and 4, potentially enough to push

volumes above threshold for a 3rd Train Discovered Prospective Resource Low/Med Risk High Risk Pmean Res Pmean Res Pmean Res Block 1 10.4 TCF c.3 TCF >25 TCF Block 3 0.8 TCF

  • >10 TCF

Block 4 4.5 TCF c.0.8 TCF >20 TCF

  • 15. 7 TCF

c.3.8 TCF >55 TCF

Likely 2014 drilling candidates

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SLIDE 27

Schematic section Tanzania – Block 1

26

(Contingent)

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SLIDE 28

27

2014 Exploration: Taachui

Inboard Block 1 Test, Cretaceous age, combination trap with clear DHI support

Gas-water contact

Kusini Inboard Optical Stack 80

S

Taachui Location Map

N

Taachui WD (m) 991 TD (mSS) 3,850 CoS 43% Recoverable Res Est (Primary Targets) P90 Mean P10 Gas (BCF) 868 1377 1909

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SLIDE 29

28

2014 Exploration: Kamba

Near Field Block 4 Exploration

  • Kamba prospect is a Campanian target with a positive seismic

anomaly

  • Well likely to appraise Chewa discovery and shallower Pweza

North Prospect derisked by Ngisi discovery in 2013

  • Success would see Block 4 volumes >5 TCF, confirming resource

potential to support a Train of LNG

Pweza North Chewa Kamba Chewa – 1

Kamba Location Map

Kamba/Pweza North WD (m) 1,350 TD (mSS) 4,000 CoS Kamba/Pweza N 34%/90% Recoverable Res Est (Primary Targets) P90 Mean P10 Kamba Gas (BCF) 62 544 1117 Pweza N Gas (BCF) 125 202 287

Possible Kamba – 1 Pweza

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SLIDE 30

Tanzania LNG: Positioned for Success

World scale resource with partner alignment

29

Key Stakeholder Alignment World Class Resource Base

  • Tanzanian Government agreement to LNG exports; commercial framework already established
  • Fields located solely within block boundaries – unitisation not required
  • Option for Ophir and BG to develop two trains independently
  • >15 TCF 2C recoverable resource discovered across Blocks 1, 3 and 4 – sufficient to underpin a two-

train LNG project

  • Significant further exploration upside across Blocks 1, 3 and 4, East Pande and Block 7 (under

review post Mlinzi Mbali-1 well)

Strong JV Partners

  • BG is a top 5 LNG player globally – proven LNG developer
  • Pavilion Energy – emerging Asian LNG player backed by Temasek

Strategically Located

  • Well positioned to serve Pacific Basin – c.70% of the world’s LNG demand
  • Farm-ins by regional players validate resource appetite

Cost Competitive

  • Upstream development costs reduced due to quality of reservoir deliverability
  • Multiple Train LNG facility increases unit efficiencies
  • Potential to leverage Midstream infrastructure with Block 2 partners, Statoil and Exxon
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SLIDE 31

Tanzania LNG: Blocks 1,3 & 4 Project Plan

Progressing to FID end 2016

  • Project Select Q4 2014
  • FEED 2015/16
  • FID end 2016 and Execute Train 1
  • Execute Train 2 mid 2017
  • First Cargoes end 2020
  • Flexibility to supply 2 Trains from Block 1 or

Blocks 1 and 4 in combination

TANZANIA

Papa Mzia Jodari Chewa

200 km

Block 1 Block 3 Block 4

G LNG

Chaza

Block 2

Multi- train LNG facility* Pweza * Location of LNG site for illustrative purposes only

30 Ophir Estimate of Project Timeline

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SLIDE 32

Tanzania Operated Blocks

Andy Oldham, Director of Exploration

31

slide-33
SLIDE 33

32

East Pande Overview

Greatest potential for oil offshore Tanzania

  • Ophir has a 70% operated interest in the

East Pande PSA with Rak 30%

  • Covers an area of 3,250km2 in water

depths up to 2,100m

  • c.18 TCFe Gross mean unrisked resources

in current portfolio of identified leads and prospects

  • Multiple play types identified,

stratigraphic continuation of plays in Blocks 1-4

  • Strategically located inboard of Blocks 1-4
  • Expected to be gas prone but best

potential for oil offshore Tanzania

  • Tende first well planned in late Q2 2014 in

the south of the licence area

  • Farm-out process ongoing

= 2013 East Pande outline

Block 7 Blocks 3&4 East Pande Block 1

Tende Pmean 379mmb/2.4 TCF Balungi Pmean 1.5 TCF Ndimu Pmean 0.9 TCF Viazi PMean 1.5 TCF Tikiti Pmean 0.9 TCF

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SLIDE 34

Schematic section Tanzania – East Pande

33

(Contingent)

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SLIDE 35

2014 Exploration: Tende

Primarily prospective for gas, but could have liquids potential

  • Transgressive sand – Canyon

backfill

  • +ve AVO Expression
  • Primarily prospective for gas

but has liquids potential

  • Phase risk 70% gas/30% oil

2D/3D Top Depth

Tende Prospect

XL 9254 35-45 Deg Opacity Stack – Looking NW

Proposed Tende -1 Well Location

W E W E

Tende Prospect WD (m) 680 TD (mSS) 4,200 CoS 15% Recoverable Res Est (Phase Independent) P90 Mean P10 Oil (mmb) or 138 379 700 Gas (bcf) 957 2,383 4,298

34

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SLIDE 36

Tende to Jodari Tieline

Calibrated amplitude response to outboard discoveries

35

Jodari Discovery Mzia Discovery Taachui Prospect Tende Prospect

A B 35-45 Degree Far Offset Stack – Ndizi, Kusini Inboard, Kusini Mega Merge

Jodari North Discovery

A B

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SLIDE 37
  • Success with Tende would confirm

AVO response as a DHI and integrity

  • f stratigraphic trapping mechanism
  • Significantly derisk follow-on

potential, CoS rising from c.10-15% to c.20-30% for other prospects

36

Balungi & Ndimu Complex

Example potential follow on prospects from Tende

Balungi Prospect Pmean 1.1TCF Balungi Shallow Prospect Pmean 0.4TCF Ndimu Prospect Pmean 0.9TCF Ndimu Deep? A B

A B

35-45 Degree Far Offset Stack Arbitrary Line – Ndizi 3D

Balungi Ndimu

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SLIDE 38

Block 7: Mlinzi Mbali-1 Well Summary

  • Mlinzi Mbali-1 well reached total depth at the

end of December 2013

  • Excellent drilling performance – 37 days, 3 days

above technical limit and 12 days below budget

  • Final estimated cost is c.US$70m versus

US$95m budgeted

  • While no moveable hydrocarbons were

discovered, the well provided excellent stratigraphic and geochemical information and improves Ophir’s capacity for future successful exploration and competitive advantage across the East African margin

  • Results will be reviewed to assess the impact on

remaining prospectivity on the Block 37

Unsuccessful commercially but deepest test to date offshore Tanzania

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SLIDE 39

Kenya

Andy Oldham, Director of Exploration

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slide-40
SLIDE 40

L15 L9

Kenya Tanzania Somalia

L21 L23 L24 L25 L26 L27 L28 L5 L7 L10B L11B L8 L6 L11A L12 L22

Mbawa 1 Kiboko Pomboo-1 Kubwa Simba-1 Kofia-1

Kenya overview

Increasing industry activity, but mixed results to date

39

Statoil left Kenya (L25 and L26) following failure to resolve licence negotiations

2012 Licence Area 2012 Licence Area 2012 Licence Area 2012 Licence Area 2012 Licence Area 2012 Licence Area

BG currently drilling Sunbird prospect

  • n inboard Miocene oil play

Kiboko P&A (Sept 2013) Oil Shows at Kubwa (May 2013)

  • First offshore discovery in Mbawa-1

by Apache, small (53m net) but proves play although Apache have now exited the Block

  • Anadarko failed to deliver technical
  • r commercial success with the

Kubwa and Kiboko wells in 2013

  • BG Group currently drilling the

Sunbird Miocene oil play which would have implications for Ophir’s prospectivity in Block L9

  • Ophir has exited from Block L15

First offshore discovery Apache have exited Block despite Mbawa “success”

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SLIDE 41

Schematic section Kenya – Block L9

S S S S S S

Miocene carbonate build-ups in structural and stratigraphic traps Albian sands in tilted faults blocks forming structural closures Campanian Sands in stratigraphic traps on Mbawa High Simba Graben Cretaceous sands in combined stratigraphic-structural traps

40

S S S

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SLIDE 42

Inboard Oil Play

BG’s Sunbird-1 well first key test of the play

Miocene Build-up: Tana Lead

  • Sunbird-1 (BG Group) is testing the Miocene build-up play to

the south, oil-prone Tertiary source rock

  • Play fairway extends into L9
  • Number of leads identified on 2D seismic including Tana

feature with potential of c.190mmb

N S

Miocene Build-up Miocene Build-up Fairway and Portfolio Miocene Build-up Trends

Sunbird-1

Outboard gas trend Miocene build-up oil prone leads

Tertiary Grabens

41

slide-43
SLIDE 43

Equatorial Guinea

Mike Fischer, Senior Vice President Andrew Brown, Projects Director

42

slide-44
SLIDE 44

Equatorial Guinea Block R Overview

2.5Mtpa FLNG development, added upside potential from a deeper liquids play

  • Ophir Energy holds an 80% Interest in Block R,

which is 2,450km2 in water depths from 600m- 1,950m

  • Located in south eastern Niger Delta, proximal to

significant oil and gas production

  • Several biogenic gas discoveries to date totalling

2.6 TCF 2C contingent resource with potential for further upside and a deeper thermogenic liquids play

  • Discovered resource enough to support a 2.5Mtpa

FLNG development

  • 2014 key objectives
  • establish the value chain for the FLNG

development

  • confirm and increase resource base with a 3 well

drilling programme

  • test the deeper liquids play
  • Plans to bring in upstream partners to progress

the LNG development

Gas Discovery Low Risk Prospect Legend Prospect 2014 Drill Prospect Appraisal Area 2014 Well

43

slide-45
SLIDE 45

Schematic section EG – Block R

44

Proven gas accumulation Gas Prospect Oil Prospect

S S

Mature source rock (oil and gas) Gas migration pathway Oil migration pathway

Petroleum System Legend

  • Seven biogenic gas

discoveries to date totalling 2.6 TCF 2C contingent resources

  • An additional 2.0 TCF of low

risk prospective resources

  • Evidence for deeper

thermogenic liquid potential, which will be tested in 2014

slide-46
SLIDE 46

Block R: Proven Biogenic Gas Play

2.6 TCF discovered to date but >7 TCF of unrisked upside

45 Thrust Belt:

  • Structural Traps, low risk
  • Proven, 1.1 TCF discovered
  • 2.0 TCF (unrisked)

prospective res, > 60% CoS

Fortuna Canyon:

  • Stratigraphic traps
  • Proven, 1.5 TCF discovered
  • 700 BCF (unrisked)

prospective res, c.15% CoS

Forethrust:

  • Stratigraphic traps, high risk
  • Not yet tested
  • 4.4 TCF (unrisked)

prospective res, c.10% CoS

Ponded Mini Basin:

  • Classic Niger Delta play
  • Not yet tested

Silenus East Mean Rec: 420BCF CoS: 69% Silenus West Mean Rec: 163BCF CoS: 78% Helius Mean Rec: 222BCF CoS: 75% Iambe Mean Rec: 420BCF CoS:22%

Thrust Belt Examples Forethrust Examples

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SLIDE 47

Block R: Thermogenic Liquids Potential

Silenus East-1 play opening well

46

  • Block R is 20km south of

Usan/Ukot oil fields of Nigeria and 50km southwest of Zafiro

  • il field and Esmeralda

condensate discovery

  • Oil shows and isotope data in

Block R wells suggests an active deep thermogenic system

  • Source rock modelling

predicts the Akata source rock to be oil mature over much of Block R

  • Thermogenic oil play will be

tested in Silenus East-1, which targets 85mmb@ 13% CoS

  • If successful will open up a

new play with a potential 500mmb (unrisked) prospective resources just within the thrust belt Block R Lower Miocene Structure Map

Bioko Island

Upper Eocene Akata SR Present Day Maturity Map

Silenus East Prospect

slide-48
SLIDE 48

47

scale

10.5Ma (Res 1) Amplitude Extraction

Fortuna 3D

2014 Exploration: Silenus East-1

Expected to increase discovered gas resource, test the deeper liquids play

Silenus East-1

16.5Ma (Res 4) Amplitude Extraction

Exxon 3D

Xline through Silenus East

Silenus East Prospect WD (m) 1,450 TD (mSS) 3,390 CoS (Gas Target/Oil Target) 69%/13% Recoverable Res Est (Primary Targets) P90 Mean P10 Oil (mmb) 54 85 120 Gas (bcf) 339 420 504

slide-49
SLIDE 49

48 48

Tonel North-1 Tonel-1

2km 1 mile

Tonel 10.5Ma Top Reservoir Depth Map

Tonel North-1

Tonel North-1

2014 Appraisal: Tonel North-1

Increase 1C resource estimate

Tonel Discovery WD (m) 1,648 TD (mSS) 2,800 CoS N/A Recoverable Res Est (Primary Targets) 1C 2C 3C Gas (bcf) 700 814 976

slide-50
SLIDE 50

49

2014 Appraisal: Fortuna-2

Prove commercial flow rates & increase 1C resource estimate

Fortuna-2

Fortuna Complex Amplitude Fortuna Complex Depth Fortuna-2 Random line through Channel, F-2 & FE-1

Fortuna Discovery WD (m) 1,813 TD (mSS) 2,551 CoS N/A Recoverable Res Est (Primary Targets) 1C 2C 3C Gas (bcf) 769 941 1121

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SLIDE 51

EG FLNG – Significantly boosts project NPV

  • Faster route to market
  • Lower cost of production compared to terrestrial LNG train, leased vessel
  • Flexible field development, staged upstream capex
  • Expandable vessel capacity
  • Block R ideal for Floating LNG (FLNG) with dry gas and benign sea

conditions

Why FLNG?

  • Back-filling Existing Train 1 - Slow ramp up of volumes, lower NPV

solution

  • Second Terrestrial LNG train - Viable but needs more resource to

underpin economics, higher cost and more capital required

Alternative Options

  • Current 2.6 TCF resource base commercial for FLNG. Additional gas

resource being targeted in 2014 enhances project economics

  • 3 TCF supports 2.5mtpa FLNG train @ 400mmscfd – JV with Build, Own,

Operate, Terminate (“BOOT”) partner(s)

  • Phased field development over field life, material amount of total

project capex to be funded out of cashflow. Phase 1 requires 7 wells

  • First gas expected 2018 - before East Africa and US exports
  • Full EG Government support

Project Scope Project Schematic Production Profile (3.0 TCF case) 50

  • 1

2 3 4

  • 100

200 300 400 500 2014 2017 2020 2023 2026 2029 2032 2035 2038 2041 Cumlative Gas Production (Tcf) Daily Gas Production (mmcf/d) Daily Gas Production Cumulative Gas Production

slide-52
SLIDE 52

51

EG FLNG - Commercialisation Value Chain

Upstream

Midstream

Downstream

Near-Term Milestones Cost Ophir Expected Exposure

US$1.0-1.5bn (Pre-First Gas) c.US$800-1,000/mtpa N/A Tariff (leased FLNG vessel – no capital exposure to Ophir) N/A

  • Book reserves and confirm volumes

Q4 2014

  • Invite farm-ins to upstream

Q4 2014

  • Sign MOU with midstream partners

H1 2014

  • FLNG FEED & Integrated FEED

2014-2015

  • Ophir and Ministry to commence
  • ff-take marketing discussions

H2 2014

  • In principle SPAs 2015

Partial monetisation and carry through development

Partners

  • Upstream partners
  • Owner/Engineers
  • Vessel owners
  • Vessel construction

engineers/yards

  • Midstream engineering
  • Gas Offtakers
slide-53
SLIDE 53

EG FLNG - Value Capture

Licences acquired

3D seismic 1st Discovery Appraisal FID First Production

Value 52

Significant value catalysts in 2014

2006 2007-08 2009-13 2014

Seismic acquired

Exploration discovery Appraisal well

Fortuna Lykos Bythos Tonel Fortuna East Fortuna West Silenus East Tonel-2 Fotuna-2

Planned DST Exploration failure (oil test) Exploration well

2015 2018 Development solution and Midstream partners agreed Upstream partners secured Potential Monetisation

slide-54
SLIDE 54

Summary and wrap-up

Nick Cooper, CEO

53

slide-55
SLIDE 55

Country Block Name Well Name Ophir WI Pmean CoS 2014 (MMBOE)3 (%) Q1 Q2 Q3 Q4 Gross Net

Gabon Ntsina Padouck Deep 40%4 990 396 15% Tanzania Block 1 Taachui 20%5 230 46 43% Gabon Gnondo Affanga Deep 70%6 170 119 20% Tanzania Block 4 Kamba/Pweza N 20%5 91+34 18+7 35%/90% Gabon Mbeli Okala 40%4 354 142 23% Tanzania Block 1 Mzia appraisal 20%5

  • EG

Block R Silenus East Gas and Oil 80% 70+85 56+68 69%/13% Tanzania East Pande2 Tende 70% 379 265 15% EG Block R Tonel North 80%

  • EG

Block R Fortuna-2 and DST 80%

  • Kenya

Block L92 TBD 90%7 190 171 15%

2014 Drilling Programme1

1. Programme is subject to change (prospect, order and timing) 2. Pre-Drill Farm-out process ongoing 3. Ophir Energy management estimates as of January 2014 4. Post farm out to OMV of 10% subject to Gov’t and other approvals 5. Post farm out to Pavilion Energy of 20% subject to Gov’t and other approvals 6. Post farm out to OMV of 30% subject to Gov’t and other approvals

7. FAR and Avana’s interests subject to Gov’t approval

Net c.1.3Bboe of resource being targeted, several play opening wells being drilled

54

Oil / liquids Gas

  • West Africa – Vantage Titanium Explorer
  • East Africa – Deepsea Metro I

Rigs Contracted

Play opening well Contingent well TBD

High Impact Wells

  • Up to 6 play opening

wells

  • Each c.15-20% CoS
  • Targeting

c.1.16Bboe net res

  • Multiple x play

upside on success Low Risk Upside

  • 6 wells on existing

plays in Tanzania and EG

  • Low risk upside with

CoS of 35-90%

  • Targeting c.130mmb

excluding appraisal upside

slide-56
SLIDE 56

2014 Forecast Capital Expenditure

E&A Focus Concentrating on Core Areas

43% 18% 36% 1% 2% Equatorial Guinea Gabon Tanzania Kenya Other

55

Total expenditure estimated at c.US$500mn1

70% 12% 7% 11% Drilling Seismic In Country Ops Pre-development

  • 1. Does not include expenditure on contingent well in Block L9
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SLIDE 57

Outlook for 2014

High Impact Drilling Programme Further Portfolio Development

  • 10+ wells planned in 2014
  • Targeting a mix of high-impact new plays (mainly oil prone) and lower risk volumes
  • n proven acreage in Tanzania and Equatorial Guinea
  • Net unrisked mean resource being targeted of c.1.3Bboe but significant follow-on

potential in the event of success totalling >5.0Bboe (including 2014 wells)

  • Tanzanian LNG project progressing with 2 Trains underpinned and development

planning underway. Potential for further monetisation opportunities

  • EG LNG development solution being progressed, further derisking of volumes with

2014 drilling programme

  • New opportunities being assessed to deepen and broaden the exploration

portfolio

Funding and Rigs Secured to Deliver 2014 Programme and Beyond

  • Well funded to deliver the 2014 drilling programme (c.US$750mn at end of

September 2013)

  • Proceeds from Pavilion deal (US$1.29bn (pre-tax)) will help fund future activities

including new ventures and acceleration of E&A activities in the event of success

  • Rigs secured for both East and West African programmes with additional slots

available to rapidly target follow-on E&A opportunities

56