Theres more to Atlantic Ireland than Porcupine The Merits its of - - PowerPoint PPT Presentation

there s more to atlantic ireland than porcupine
SMART_READER_LITE
LIVE PREVIEW

Theres more to Atlantic Ireland than Porcupine The Merits its of - - PowerPoint PPT Presentation

Theres more to Atlantic Ireland than Porcupine The Merits its of the Sl Slyne and Ro Rockall ll Ba Basin ins th Octo Atlant ntic c Irelan and d Co Confere erence, nce, Du Dublin, , 27 th ctober ber 2015 Disclaimer The


slide-1
SLIDE 1

There’s more to Atlantic Ireland than Porcupine

The Merits its of the Sl Slyne and Ro Rockall ll Ba Basin ins Atlant ntic c Irelan and d Co Confere erence, nce, Du Dublin, , 27th

th Octo

ctober ber 2015

slide-2
SLIDE 2

The information presented herein is subject to amendment and has not been independently verified. Serica Energy plc (“Serica”) does not represent that the information and opinions contained herein are necessarily adequate or accurate and no liability is accepted for any errors or

  • missions.

This presentation contains forward-looking statements, corporate plans and strategies which are based upon Serica’s internal projections, assumptions, expectations or beliefs concerning such matters as the company’s future operational, financial and strategic performance, prospective resources, operational timing, costs and finances. Such forward-looking statements are subject to significant risks and uncertainties which may result in Serica’s actual performance, results and accomplishments being materially different to those projected in such statements. Factors that may cause actual results, performances or achievements to differ from expectations expressed herein include, but are not limited to, regulatory changes, future levels of supply and demand, pricing, weather, wars, acts of terrorism, financial markets, competitor activity and

  • ther changes of conditions under which the company is obliged to operate.

Serica undertakes no obligation to revise any such forward-looking statements to reflect any changes in Serica’s expectations with regard to such statements or any change in circumstances or events. This presentation and its appendix are not for publication, release or distribution directly or indirectly, in nor should they be taken or transmitted, directly or indirectly into, the United States, Australia, Canada, Japan or South Africa or any other jurisdictions where to do so would constitute a violation of the relevant laws of such jurisdictions. This presentation may not be reproduced, redistributed or disclosed in any way in whole or in part to any other person without the prior written consent of the Company. Resource disclosure in this presentation has, except where noted, been prepared by the operators of projects in which Serica Energy plc ("Serica") has an interest and has not been prepared in accordance with National Instrument 51-101 Standards of Disclosure for Oil and Gas Activities ("NI 51-101"). Readers are cautioned that the disclosure herein and in the appendix may not be equivalent to NI-51-101-compliant disclosure. This presentation is not an offer to sell or a solicitation of an offer to buy or acquire, securities of Serica in any jurisdiction or an inducement or an invitation to enter into investment activity. No part of the presentation, nor the fact of its distribution, should form the basis of, or be relied upon in connection with, any contract or commitment or investment decision whatsoever.

Disclaimer

slide-3
SLIDE 3

Porcupine Møre Halten Faroe- Shetland Vøring Slyne Irish Rockall UK Rockall Source: PAD

Porcupine Basin Slyne Basin

There’s more to Atlantic Ireland than Porcupine

Irish Rockall Basin

  • Similar geology to the

prospective UK, Faroe and Norwegian margins

  • Porcupine, Slyne and Rockall

Basins all contain hydrocarbon discoveries

  • Serica has three licences in the

Slyne and Rockall Basins

  • FEL 1/06
  • FEL 1/09
  • FEL 4/13
  • Serica acreage contains drill-

ready structural and stratigraphic prospects in close proximity to discoveries

FEL 1/09 FEL 1/06 FEL 4/13

slide-4
SLIDE 4

Rockall & Slyne Basins: Chance of Success

  • 15 exploration wells drilled in

area of interest - Rockall Ireland, Rockall UK, Donegal, Erris & Slyne Basins

  • Only 5 exploration wells in the

Rockall Basin (3 Ireland, 2 UK)

  • Dooish Discovery 265bcf +

17mmbc condensate (sub- commercial)

  • 2 of the wells were Palaeocene

tests (TD top Cretaceous)

  • GCoS ~ 1 in 3
  • Only 6 exploration wells in the

Slyne Basin

  • Corrib Field 1 tcf (commercial)
  • Bandon Discovery (sub-

commercial)

  • GCoS ~ 1 in 3

Area of Interest

Bandon Corrib Dooish

Rockall Slyne

Corrib Field Bandon Discovery

FEL 1/09 FEL 4/13 FEL 1/06

Dooish Discovery

slide-5
SLIDE 5

Rockall Basin Slyne Basin

Reservoir Source Seal Reservoir Source Seal Eocene Palaeocene Upper Cretaceous Lower Cretaceous Upper Jurassic Middle Jurassic Lower Jurassic Triassic Permian Carbonif- erous Reservoir Source Seal Reservoir Source Seal Eocene Palaeocene Upper Cretaceous Lower Cretaceous Upper Jurassic Middle Jurassic Lower Jurassic Triassic Permian Carbonif- erous proven proven possible proven Reservoir Source Seal Reservoir Source Seal Eocene Palaeocene Upper Cretaceous Lower Cretaceous Upper Jurassic Middle Jurassic Lower Jurassic Triassic proven proven Proven Permian proven possible Proven Carbonif- erous proven proven possible proven Reservoir Source Seal Reservoir Source Seal Eocene Palaeocene Upper Cretaceous Lower Cretaceous Upper Jurassic proven proven proven possible Middle Jurassic proven possible proven possible proven Lower Jurassic possible proven proven proven Triassic proven proven Proven Permian proven possible Proven Carbonif- erous proven proven possible proven Reservoir Source Seal Reservoir Source Seal Eocene Palaeocene Upper Cretaceous proven Lower Cretaceous Very likely possible proven Upper Jurassic proven proven proven possible Middle Jurassic proven possible proven possible proven Lower Jurassic possible proven proven proven Triassic proven proven Proven Permian proven possible Proven Carbonif- erous proven proven possible proven Reservoir Source Seal Reservoir Source Seal Eocene possible proven Palaeocene proven Upper Cretaceous proven Lower Cretaceous likely possible proven Upper Jurassic proven proven proven possible Middle Jurassic proven possible proven possible proven Lower Jurassic possible proven proven proven Triassic proven proven Proven Permian proven possible Proven Carbonif- erous proven proven possible proven

Rockall & Slyne Basins: Proven Reservoir, Source & Seal Systems

Rockall Basin Slyne Basin

slide-6
SLIDE 6

Slyne Basin FEL 1/06

FEL 1/06

  • Serica (50% Operator), DEA 50%
  • Boyne Prospect: large tilted fault block

clearly defined on 3D seismic data

  • Close to Bandon discovery 27/4-1,1z
  • Dual target (Jurassic and Triassic) P50

116mmbbls recoverable

  • High quality Lower Jurassic and

Triassic reservoirs proven in offset wells

  • Proven oil source in Jurassic and gas

source in Carboniferous on-block

  • Water depth 250m
  • Boyne well estimated dry-hole cost

£9.9million; success case £23.8million, excluding mob/demob from UK

  • Achill and Liffey prospects with

significant upside

slide-7
SLIDE 7

27/5-1

South

27/4-1,1z

Liffey Prospect Achill Prospect

Boyne Prospect

Slyne Basin FEL 1/06: 3D Perspective on Top Lower Jurassic

27/5-1: Oil shows in high- quality Middle Jurassic Sandstones

Lower Jurassic Source Kitchen S S

Bandon Oil Discovery: 38m oil column in high-quality Lower Jurassic sandstones

slide-8
SLIDE 8

27/4-1,1z

Depth (m)

WNW ESE

Slyne Basin FEL 1/06 Boyne Prospect

Bandon Discovery Boyne Prospect

P10 closes to 2650m P50 Best Technical Case: 4-way-dip closure to 2275m Top Lower Jurassic reservoir Top Sherwood Sandstone reservoir

Boyne Prospect

Down to 2275m, reservoirs sealed against Middle Jurassic shales

2275m 2650m

Down to 2650m (spill point in north) requires seal against Bajocian Limestone & Liassic

Resource P90 P50 Mean P10 Boyne Jurassic 22 67 90 184 mmbo Boyne Sherwood 9 49 110 261 mmbo

slide-9
SLIDE 9

Rockall Basin FEL 1/09 and FEL 4/13

  • Serica 100% equity
  • Significant tilted fault blocks and

stratigraphic traps clearly defined

  • n 3D seismic data
  • 1500-2000m water depth
  • Muckish Prospect is a tilted fault

block analogous to the nearby Dooish Discovery

  • Muckish well estimated dry-hole

cost £20.2million excluding mob/ demob from UK

  • Amplitude supported Albian

turbidite fan (Derryveagh Prospect) overlying tilted fault block (Aghla More Prospect)

  • Both Derryveagh and Aghla More

can be targeted with one well

FEL 1/09 FEL 4/13

slide-10
SLIDE 10

N

FEL 1/09 FEL 4/13

Rockall Basin FEL 1/09 & FEL 4/13: 3D Perspective on Base Cretaceous

Muckish

Mackoght Aghla Beg Aghla More Muckish East

Dooish

sTWT Dooish 12/2/1,1z

W E

4 5

Tertiary intrusive Top Maastrichtian Top Turonian Base Cretaceous Tertiary intrusive

sTWT 4 5

SW NE

Muckish Muckish E.

Top Palaeocene Top Maastrichtian Top Turonian Base Cretaceous

Resource P90 P50 Mean P10 Muckish Gas 270 1285 1635 3442 bcf Associated Condensate 18 85 108 227 mmbc

slide-11
SLIDE 11

Min Amplitude +/- 25ms, fars Albian RMS amplitude drape over depth

N

Aghla Beg Prospect underlying structural high Up-dip pinch-out of fan over Aghla More structural high Albian turbidite fan: Derryveagh Prospect Aghla More Prospect underlying structural high Min Amplitude +/- 25ms, nears Isochore

Resource P90 P50 Mean P10 Derryveagh Gas 390 1276 1873 4012 bcf Recoverable Condensate 26 84 124 265 mmbbls

Rockall Basin FEL 4/13 Derryveagh Prospect

  • Cretaceous stratigraphic play is well established in UK

West of Shetlands and the Porcupine Basin

  • Amplitude anomaly (Class 1 AVO) consistent with water,

gas or oil-filled sandstone with average Ø 14%

P50 P50 P50 P10 P10 P10

slide-12
SLIDE 12

There’s more to Atlantic Ireland than Porcupine

Sl Slyne and Ro Rockall ll Ba Basin ins s - Co Conclu lusio sions ns

  • Rockall and Slyne Basins are the emerging post-Porcupine play
  • Proven oil, gas and condensate discoveries
  • High-quality reservoirs and proven source rocks
  • A variety of well-defined structural and stratigraphic prospects
  • Three material drilling opportunities
  • Slyne Basin is shallow water and 2006 corporation tax rate
  • Farm-in to take advantage of “once in a generation” low rig rates