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Investor presentation September 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 recipients.


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Investor presentation

September 2014

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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

Leading African Deepwater Portfolio

Gabon

  • Mbeli – 40%
  • Ntsina - 40%
  • Manga - 70%
  • Gnondo - 70%

Kenya

  • L9 - 90%

1. Terms agreed for divestment, subject to final negotiations

Equatorial Guinea

  • Block R - 80%

2

Tanzania

  • Blocks 1,3&4 -

20%

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

Somaliland Tanzania Kenya Somaliland Tanzania Kenya Gabon EG

Somaliland

  • SL12/SL9 - 25%

Seychelles

  • PEC-5B/1,2&3 - 75%

Seychelles

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SLIDE 4

Key Highlights

3

  • 2C Contingent Resource of 830mmboe (post Tanzanian farm-down)

− >16 TCF (gross) discovered in Tanzania Blocks 1, 3 and 4 − c.2.3 TCF (gross) discovered in Equatorial Guinea Block R

  • Successful sale of 20% of Tanzania Blocks 1, 3 and 4 to Pavilion Energy for cUS$1.3bn(1)
  • EG FLNG project progressing

− Further exploration and appraisal drilling underway − Midstream solution being finalised

  • High-impact drilling programme underway, key wells up and coming

− Silenus East oil (EG) − Tende (Tanzania)

  • New licence acquisitions expanding the portfolio and refilling the exploration hopper

− Seychelles and Myanmar

  • Net working capital end of June – c.US$1.3bn
  • Share buyback underway up to US$100mn

1. US$38mn contingent and will be received on FID

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SLIDE 5

Strategic focus

4

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, primarily

Asia (Myanmar licence first acquisition)

  • Key is geology rather than geography
  • E&A will continue to be the company’s primary focus
  • Not averse to holding producing assets to help provide

cashflow sustainability

  • Offshore, deepwater basins are expected to be the
  • ngoing primary source of portfolio upside
  • Offer significant running room, well understood by our

technical team

  • Strong in-house deepwater drilling capabilities

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 6

Ophir Business Model

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

5

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

Seychelles Myanmar

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SLIDE 7

Country Block Name Well Name Ophir WI Pmean CoS 2014 2015 (MMBOE) (%) Q1 Q2 Q3 Q4 H1 Gross Net

Gabon Ntsina Padouck Deep

x

Tanzania Block 1 Taachui

Gabon Gnondo Affanga Deep

x

Gabon Mbeli Okala

x

Tanzania Block 1 Taachui DST 20%

Tanzania Block 1 Mzia-3 DST 20%

EG Block R Tonel North 80%

  • Tanzania

Block 4 Kamba/Pweza N 20% 91+34 18+7 35%/90% EG Block R Silenus East Gas and Oil 80% 70+85 56+68 69%/13% EG Block R Fortuna-2 and DST 80%

  • Tanzania

East Pande Tende 70% 379 265 15% Kenya Block L9 TBD 90% 190 171 15%

2014 Drilling Programme(1)

1. Programme is subject to change (prospect, order and timing)

Several play opening wells being drilled

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Oil / liquids Gas

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

Rigs Contracted

Play opening well Contingent well TBD

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SLIDE 8

Equatorial Guinea Block R Overview

2.5-3.0Mtpa 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

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

  • Discovered resource enough to support an 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
  • In exclusive discussions with midstream partner to

progress the LNG development

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

7

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SLIDE 9

Schematic section EG – Block R

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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 2.3 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

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SLIDE 10

9

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

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SLIDE 11

10

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

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SLIDE 12

11

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 13

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?

  • In exclusive discussions with preferred midstream partner
  • Final discussions with EG Government on project fundamentals
  • FEED: commences post well results

Status

  • Current 2.3 TCF resource base commercial for FLNG. Additional gas

resource being targeted in 2014 enhances project economics

  • 3 TCF supports a minimum 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) 12

  • 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

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SLIDE 14

13

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$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

  • Vessel provider confirmed
  • Sign MOU with midstream partner

Q3 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
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SLIDE 15

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Blocks 1,3 & 4 Overview

  • Over 16 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 c.16.7 TCF (Including Taachui volumes)
  • 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

  • Preferred LNG site presented for approval to the Government
  • Integrated project team with Block 2 setup to progress joint facility
  • Ophir’s position partially monetised through farm-out to Pavilion
  • Energy. Deal now completed and US$1.255bn received (pre-tax),

further US$38mn due on FID

  • Significant unrisked upside remains in the prospect inventory >50

TCF although majority in higher risk new plays

  • Further exploration and appraisal campaign ongoing
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SLIDE 16

15

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 wells in 2014

  • Block 1 – Taachui successful  c. 1TCF with upside
  • Block 4 – Kamba (including test of Pweza North)
  • Further testing of Mzia

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

2014 drilling candidates

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SLIDE 17

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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 approaching 6 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 18

Tanzania LNG: Positioned for Success

World scale resource with partner alignment

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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
  • Integrated Project Team setup with Block 2 partners – pre-FEED contracts awarded
  • >16 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
  • Midstream infrastructure leveraged with Block 2 partners, Statoil and Exxon
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SLIDE 19

18

East Pande Overview

Greatest potential for liquids 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 – partially derisked with Taachui success

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

potential for liquids offshore Tanzania

  • Tende first well planned in H2 2014 in the

south of the licence area

= 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 20

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

  • Taachui discovery has helped

derisk the prospect

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%(1) Recoverable Res Est (Phase Independent) P90 Mean P10 Oil (mmb) or 138 379 700 Gas (bcf) 957 2,383 4,298

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1. Risking pre-success with Taachui-1

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SLIDE 21

Tende to Jodari Tieline

Calibrated amplitude response to outboard discoveries

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Jodari Discovery Mzia Discovery Taachui Discovery 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 22

Expanded Gabonese position

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

significant oil discoveries

  • Mbeli and Ntsina: Ophir 40%, Petrobras 50%, OMV 10%
  • Manga and Gnondo: Ophir 70%, OMV 30%
  • A3-A6: Awarded Q4 2013, PSCs currently being negotiated
  • Three exploration wells were drilled in 2014
  • Padouck Deep and Okala targeted the pre-salt play in the Mbeli

and Ntsina permits, both uncommercial but derisked key play elements

  • Affanga Deep targeted the Ogooué delta play in the Gnondo

permit, poor reservoir sands

  • Padouck Deep and Okala costs largely carried by Petrobras and

OMV(1), Affanga Deep partially carried by OMV

  • The new acreage under award (Blocks A3-A6, PSCs under

negotiation) is key to Ophir testing the potential of the deepwater play which has similarities to conjugate margin

  • ffshore Brazil

Deepwater Lead

Legend

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

Multiple play potential

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SLIDE 23

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

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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 24

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

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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 drilled the Sunbird prospect on a Miocene reef/carbonate play (Mar 2014) 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 drilled the Sunbird

Miocene oil play which encountered hydrocarbons but was uncommercial

  • Ophir has exited from Block L15

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

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SLIDE 25

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

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S S S

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SLIDE 26

Potential Inboard Oil Play

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

Miocene Build-up: Tana Lead

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

the south, encountered hydrocarbons, phase uncertain

  • 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

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SLIDE 27

New licence acquisitions

Myanmar

  • Awarded a 95% interest in Block AD-03
  • Located in the Rakhine Basin on trend with the 9+TCF Shwe gas field
  • Initial exploration period c.2 ½ years. Re-processing 2D seismic and new 3D survey
  • Competitive licensing round with awards to several Major oil companies

Seychelles

  • Acquired a 75% interest in 3 Blocks from WHL Energy – PEC-5B/1 and PEC-5B/2 & PEC

5B/3 (previously 1 Block, PEC-5B/2)

  • Frontier basin with large number of potential structural oil targets
  • 3D survey to be acquired – potential low-cost drilling, Jackup water depths

26 Myanmar offshore licensing round Seychelles licences

PEC-5B/1 PEC-5B/2 PEC-5B/3 Seychelles Islands

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SLIDE 28

Myanmar License Round

27

  • Awarded a 95% interest in Block AD-03
  • Partnership with Myanmar company, Parami
  • Located in the Rakhine Basin on trend with the

Shwe gas field

  • Initial exploration period, re-process 2D

seismic and new 3D survey

  • Yangon office identified; planned to open Q4

2014

  • Asset Manager employed
  • Ophir’s first footprint in Asia

Ophir in Myanmar

Shell AD-09, AD11, MD-05 BG & Woodside AD-02, AD-05, A-4, A-7 Chevron A-5 Total YWB Statoil & CoP AD-10 ENI MD-02, MD-04

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SLIDE 29

28 Contact: Investor Relations Ophir Energy plc Tel: +44 (0)20 7811 2400 Email: investor.relations@ophir-energy.com