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Investor Presentation April 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. It


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SLIDE 1

Investor Presentation

April 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

Leading African Deepwater Portfolio

Gabon

  • Mbeli -

40%

2

  • Ntsina -

40%

2

  • Manga - 70%

3

  • Gnondo - 70%

3

Kenya

  • L9 - 90%

1

1. FAR 30% interest subject to Gov’t approval 2. Post farm-out to OMV, 10% interest subject to Gov’t and other approvals 3. Post farm-out to OMV, 30% interest subject to Gov’t and other approvals

Equatorial Guinea

  • Block R - 80%

2

Tanzania

  • Blocks 1,3&4 -

20%

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

Somaliland Tanzania Kenya SADR AGC Somaliland Tanzania Kenya Gabon EG

SADR

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

AGC

  • Profond - 79.2%

Somaliland

  • SL12/19 - 25%
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SLIDE 4

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

3

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 5

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 1,256mmboe
  • Three year average finding cost of US$0.90/boe
  • Portfolio monetisation and rationalisation
  • Sale of 20% Blocks 1, 3 & 4 Tanzania to Pavilion Energy for US$1.29bn1, cash received
  • 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
  • 6 play opening wells, all have potential for oil/liquids (1st Padouck Deep unsuccessful)
  • 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

4

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

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SLIDE 6

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

Gabon Ntsina Padouck Deep

x

Tanzania Block 1 Taachui 20% 230 46 43% Gabon Gnondo Affanga Deep 70% 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%

  • 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%6 190 171 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 OMV of 30% subject to Gov’t and other approvals

6. FAR interests subject to Gov’t approval

Several play opening wells being drilled

5

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
  • 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%

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SLIDE 7

Multiplier effect from success on new plays

>4Bboe of total net resource potential in plays being targeted by wells in 2014

6

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

Net Unrisked Play Potential Pmean Res1 c.1.2Bboe c.0.6Bboe c.2.1Bboe c.0.4Bboe c.0.5Bboe Net Res being targeted in 20142 c.140mmb c.120mmb c.265mmb c.70mmb c.170mmb Play Upside Multiple

  • f 2014 drilling

c.7x c.4x c.7x c.5x c.2x 2014 Remaining Targets 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 2. After Padouck Deep well, includes only Okala prospect

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SLIDE 8

2014 Forecast Capital Expenditure

E&A Focus Concentrating on Core Areas

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

7

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

Net cash of US$667mn at end 2013, excluding proceeds from Pavilion transaction

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SLIDE 9

Expanded Gabonese position

8

  • 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
  • 1st well Padouck Deep unsuccessful but has derisked play

elements including presence of thick, reservoir quality sands

  • 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 10

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

9

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 11

10

2014 Exploration: Padouck Deep-1

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 0.5km

  • ive +ive

SOFT HARD S

Padouck Deep-1

Salt? N TD depth 3340m MD (3295m TVDss) Sand-prone section at crest of horst block – salt absent Thick sand- prone section Sand-prone section Intra Padouck A Marker Shale- prone interval

  • Padouck Deep-1 first pre-salt test in deepwater North Gabon Basin
  • Encountered thicker than expected reservoir quality sands, >500m
  • f net sands with average porosity of c.20%
  • No salt present - seen as a risk pre-drill, not seen as a risk on other

leads/prospects

  • Hydrocarbon shows in shallow section and possible high TOC

section deeper in the well, could be a regional source and mature elsewhere in the basin, needs further analysis

  • Hydrocarbon migration into structure (regional high) likely failure

coupled with lack of salt trap

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SLIDE 12

2014 Exploration: Okala-1

11

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 13

Pre-salt follow-up potential

12 12

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. Being reassessed post Padouck Deep result

  • 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 14

Schematic section Gabon – Gnondo & Manga, A5-A6

13

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 15

2014 Exploration: Affanga Deep-1

14

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 16

15

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. 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

  • 2014 drilling to include Taachui and Kamba exploration wells and

Mzia appraisal, with other targets under consideration

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SLIDE 17

16

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

Likely 2014 drilling candidates

Discovered to date 15.7 TCF Low risk upside c3.8 TCF Higher risk upside >55 TCF

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SLIDE 18

17

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 19

18

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 20

Tanzania LNG: Positioned for Success

World scale resource with partner alignment

19

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 21

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

20 Ophir Estimate of Project Timeline

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SLIDE 22

21

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 mid-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 23

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

22

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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

23

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 would appears to have encountered hydrocarbons

  • 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

24

S S S

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SLIDE 26

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, possible 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

25

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SLIDE 27

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 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
  • 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

26

slide-28
SLIDE 28

Schematic section EG – Block R

27

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-29
SLIDE 29

28

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 30

29 29

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 31

30

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 32

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) 31

  • 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 33

32

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

  • LoI signed with Petrofac to act as
  • perator to FID
  • Book reserves and confirm volumes

Q4 2014

  • Invite farm-ins to upstream

Q4 2014

  • Shortlisted vessel providers
  • Sign MOU with midstream partners

Q2 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 34

Myanmar licence award

  • Awarded a 95% interest in Block AD-03, subject to PSC

negotiation

  • Located in the Rakhine Basin on trend with the Shwe gas

field , 9TCF+ of resource exporting to China

  • Initial exploration period c2 ½ years. Re-processing 2D

seismic and new 3D survey

  • Competitive licensing round with awards to several Major oil

companies

  • Ophir only independent to win a Block

33 Myanmar offshore licensing round

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SLIDE 35

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 c1.0boe but significant follow-on

potential in the event of success totalling >4.0Bboe (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 – Seychelles position acquired subject to Gov’t approval

Funding and Rigs Secured to Deliver 2014 Programme and Beyond

  • Well funded to deliver the 2014 drilling programme. Net cash of US$667mn at

end of 2013

  • Proceeds from Pavilion deal (US$1.29bn1 (pre-tax) now completed) 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

34

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

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SLIDE 36

35 Contact: Richard Rose Corporate Communications & Strategy Ophir Energy plc Tel: +44 (0)20 7811 2400 Email: richard.rose@ophir-energy.com