Capital Markets Presentation
London 19 October 2011
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Capital Markets Presentation London 19 October 2011 1 Disclaimer - - PowerPoint PPT Presentation
Capital Markets Presentation London 19 October 2011 1 Disclaimer This document has been prepared and issued by and is the sole responsibility of Ophir Energy plc (Ophir or the Company) and its subsidiaries for selected recipients. It
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This document has been prepared and issued by and is the sole responsibility of Ophir Energy plc (Ophir or the Company) and its subsidiaries for selected recipients. It comprises the written materials for a presentation to investors and analysts concerning the Company’s business activities (the Presentation). The document is being supplied to you solely for your information. It is an advertisement and not a prospectus or 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 document 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 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 document and any materials distributed in connection with this presentation may include certain forward-looking statements, beliefs or opinions, including statements with respect to the Company’s business, financial condition and results of operations. These statements, which contain the words "anticipate", "believe", "intend", "estimate", "expect" and words of similar meaning, reflect the directors’ beliefs and expectations and involve risk and uncertainty 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 risks, uncertainties and factors that could cause actual results and developments to differ materially from those expressed or implied by these statements and forecasts. 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
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, the Company makes no representations as to the accuracy or completeness of that data, and such data involves risks and uncertainties and is subject to change based on various factors. 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. 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 or completeness 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 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. By attending the presentation and/or accepting a copy of this document, you agree to be bound by the foregoing limitations and conditions and, in particular, will be taken to have represented, warranted and undertaken that (i) you have read and agree to comply with the contents of this notice including, without limitation, the obligation to keep this document and its contents confidential; and (ii) you will not at any time have any discussion, correspondence or contact concerning the information in this document with any of the directors or employees of the Company or its subsidiaries nor with any of their suppliers, or any governmental or regulatory body without the prior written consent of the Company.
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5th largest deepwater acreage holder in Africa Interests in 17 Blocks, 8 jurisdictions Four of the five key emerging sub-Saharan exploration themes Company estimates of c 2Bboe net risked resources
Portfolio actively managed to maximise value Operator of majority of wells to date Commercial discoveries: 3 from 3 in Tanzania; 2 from 2 in Equatorial Guinea gas play Material equity positions (pre- and post-farm downs) Clear monetisation plans for gas discoveries
9 to 13 well drilling campaign over next 14 months, mix of proven and frontier plays Targeting 2.4Bboe net unrisked resources (>600MMboe net risked resources) Tanzania and EG partially de-risked with >30Tcf and >10Tcf gross unrisked potential respectively Gabon pre-salt is an oil play extension from recent major West African and Brazilian discoveries Frontier oil exploration in Congo-B, AGC and Madagascar Current cash position of US$410 million funded well into 2013
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Opportunity capture Commercialisation:
requirements
funding
monetisation opportunities Start-up:
de-risked
funding; cash flow positive Exploration and appraisal:
appraisal phase
Value Growth
SADR Somaliland Gabon Madagascar Congo AGC East Pande Equatorial Guinea
3D seismic 1st Discovery Appraisal FID First Production
Tanzania Oil new ventures Gas new ventures
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Gas focus; Current African "hot spot" with activity in Tanzania, Mozambique Kenya and Madagascar
Oil focus; an underexplored play in Gabon, Congo-B and Angola rejuvenated by activity on the conjugate margin in South America
Oil focus; recent activity boosted by recent discoveries in Ghana, Liberia and Sierra Leone
Gas focus; the region is emerging as a gas hub with discoveries and new trains planned in EG, Nigeria and Cameroon
Oil focus; exploring rift- related lacustrine sections in Uganda, Tanzania, DRC
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SADR (4 blocks) AGC (1 block) Congo (1 block) Gabon (4 blocks)
Core value
Somaliland (1 block) Madagascar (1 block) Tanzania (4 blocks)
Near-term upside Medium-term upside
Looking to further leverage existing position
Block R
Maintain a watching brief
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Tanzania 835 Equatorial Guinea 297
Ophir Net risked prospective (MMboe) Diverse pan-African portfolio RPS Net contingent (Bcf)
SADR 4 blocks 50% WI) AGC 1 block, Profond 36.7%WI Congo (B) 1 block Marine IX 48.5% WI) Equatorial Guinea 1 block, Block R 80% WI Gabon 4 blocks Mbeli, Ntsina 50% WI, Manga, Gnondo 100% WI Somaliland 1 block, 75% WI Madagascar 1 block, Marovoay 80% WI Tanzania 4 blocks, Blocks 1,3,4 40% WI, East Pande 70% WI Countries with discoveries Near-term upside Medium-term upside 1.1Tcf (189MMboe) 100% gas Oil play Gas play Oil and gas play 1,797 MMboe
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Geoscience interpretation Prospect mapping Trap geometry assessment Geological evaluation: reservoir Geological evaluation: charge Reservoir properties Stochastic prospect assessment Seismic data Well data Portfolio integration Business plan and strategy QI evaluation: charge QI evaluation: reservoir
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Drill, appraise, develop…
Focus of technical geoscience activity to "float the bubble"
Tie back or aggregate prospects to form commercial "cluster"
Monitor prospects and re-assess as new data becomes available (better reservoir, additional plays, etc)
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Firm well Contingent well Firm geophysical acquisition Contingent geophysical acquisition 2011 2012 Q3 Q4 Q1 Q2 Q3 Q4 Tanzania Blocks 1,3 & 4 Operator has secured a +300 day rig commitment on the Deepsea Metro-1 and the campaign is expected to commence during
East Pande Equatorial Guinea Block R Gabon Mbeli Drilling contingent on completing farm out to reduce exposure to well costs. Ntsina Manga Gnondo PSC obligation of 3D seismic programme over high risk - high reward Pachg Liba structure which will underpin farm out campaign. AGC Profond Madagascar Marovoay Post-drilling review of prospectivity. Permit Country Comments A 2,100km2 3D survey is in the final stages of contracting and acquisition is expected to commence during November. 3 firm and 1 contingent well campaign and contingent CSEM acquisition currently being planned. 2,200km2 3D focused on pre-salt, in the final stages of contracting. Costs carried by Petrobras. PSC obligation of 3D swathe seismic programme but may be upgraded to a full 3D which will underpin farm out campaign. 2,200km2 3D focused on pre-salt, in the final stages of contracting. Costs carried by Petrobras. Marine IX Gravimetry programme planned Q4 2011. Congo
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Ophir Equity % Gas/oil Mean resources CoS 2011 2012 Bcf MMbbl Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Tanzania Jodari 40% 1,316 91% EG Volturnas 80% 352 37% Tanzania 1W 40% 2,708 37% EG Fortuna West 80% 470 88% EG Silenus East 80% 367 80% Tanzania 3A 40% 1,837 46% EG Iambe 80% 566 22% Madagascar Anjohibe 80% 175 12% Tanzania Kamba 40% 544 34% East Pande Lead 1 70% 2,570 19% Ntsina Padouck Deep 50% 1,236 15% Gnondo Pachg Liba 100% 441 14% Tanzania 4J 40% 3,426 21%
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Expenditure by type Expenditure by country
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