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December 2015 Investor Presentation – Lekoil

Lekoil · Dec 3, 2015 · 54 slides

Investor presentation from the Shale Experts oil & gas presentation and slide database. Every page is imaged and its text indexed for search across operators, plays, basins and time.

Slides

  1. December 2015 Investor Presentation – Lekoil – slide 1
    Shaping the future of oil exploration in Africa Investor & Analyst Presentation December 3, 2015
  2. December 2015 Investor Presentation – Lekoil – slide 2
    Agenda Topic Presenter Introduction and welcome Hamilton Esi Overview of Lekoil Lekan Akinyanmi Technical Sam Olotu Operations, HSE & Community Leke Adedipe Commercial Dotun Adejuyigbe Financial Daniel Barcelo Conclusion…
  3. December 2015 Investor Presentation – Lekoil – slide 3
    Overview SHAPING THE FUTURE OF OIL EXPLORATION IN AFRICA Analyst & Investor Presentation December 2015 3
  4. December 2015 Investor Presentation – Lekoil – slide 4
    Lekoil at a glance Africa-focused exploration and production company Headquartered in Lagos and quoted on AIM (London Stock Exchange) Production, appraisal and exploration assets in Nigeria (Niger Delta and Dahomey basin) and…
  5. December 2015 Investor Presentation – Lekoil – slide 5
    Growth ambitions: Achievements to date and growth objectives Over 200 million raised since listing on AIM February 2013 July 2013 May 2014 Acquisition of 30% Equity placing Acquisition of 40% economic interest in economic interest…
  6. December 2015 Investor Presentation – Lekoil – slide 6
    Corporate strategy: Portfolio approach OPL 310 OPL 325 SHAPING THE FUTURE OF OIL EXPLORATION IN AFRICA Analyst & Investor Presentation December 2015 6
  7. December 2015 Investor Presentation – Lekoil – slide 7
    Otakikpo Marginal Field: Asset overview Partners equity: Lekoil (40%), Green Energy (60%) o During cost recovery: Lekoil (88%), Green Energy (12%) Situated in swamp location in OML 11 adjacent to shoreline with multiple crude…
  8. December 2015 Investor Presentation – Lekoil – slide 8
    OPL 310: Asset overview Partners: Lekoil & Optimum Petroleum (operator) Lekoil farmed-in to Afrens interest in February 2013 and acquired the balance of its interest in December 2015 Participating Interests: Lekoil 40%* Optimum…
  9. December 2015 Investor Presentation – Lekoil – slide 9
    OPL 325: Asset overview OPL 325 is a deep to ultra-deep-water block located in the Dahomey Basin on the western side of the Niger Delta 100km south of the Lagos coastline with water depths within the block ranging from 2,300…
  10. December 2015 Investor Presentation – Lekoil – slide 10
    Management team Lekan Akinyanmi Sam Olotu Leke Adedipe Executive Board Member, Chief Technical Officer Chief Operating Officer Chief Executive Officer Formerly the international Energy Sector Over 25 years experience in the oil…
  11. December 2015 Investor Presentation – Lekoil – slide 11
    Management team Dan Barcelo Dr. Kehinde Ladipo Dotun Adejuyigbe Head, Corporate Finance Head, Commercial Senior Exploration Advisor Daniel Barcelo is Head, Corporate Finance Dr. Ladipo is an award winning and leading Dotun and…
  12. December 2015 Investor Presentation – Lekoil – slide 12
    Technical SHAPING THE FUTURE OF OIL EXPLORATION IN AFRICA Analyst & Investor Presentation December 2015 12
  13. December 2015 Investor Presentation – Lekoil – slide 13
    Otakikpo Marginal Field Niger Delta, Nigeria 56.60 mmbbls 162.8 mmbbls Gross 2P+2C recoverable Estimated Gross STOIIP upside SHAPING THE FUTURE OF OIL EXPLORATION IN AFRICA Analyst & Investor Presentation December 2015 13
  14. December 2015 Investor Presentation – Lekoil – slide 14
    Otakikpo Marginal Field: 2D seismic over Otakikpo Main SHAPING THE FUTURE OF OIL EXPLORATION IN AFRICA Analyst & Investor Presentation December 2015 14
  15. December 2015 Investor Presentation – Lekoil – slide 15
    Otakikpo Marginal Field: Upside C6000 Structure Map E1000 Structure Map SHAPING THE FUTURE OF OIL EXPLORATION IN AFRICA Analyst & Investor Presentation December 2015 15
  16. December 2015 Investor Presentation – Lekoil – slide 16
    Otakikpo Marginal Field: Upside Near C5000 Near E1000 SHAPING THE FUTURE OF OIL EXPLORATION IN AFRICA 16
  17. December 2015 Investor Presentation – Lekoil – slide 17
    Otakikpo Marginal Field: Production profile Original work programme Phase 1 Recompletion of wells 2 and 3 Earlier production estimates of 6,000bopd now 10,000bopd Phase 2 Between four and seven additional wells Central processing…
  18. December 2015 Investor Presentation – Lekoil – slide 18
    Dahomey Basin, Nigeria 1,900 km 2 774mmboe OPL 310 Gross risked prospective resources 1,200 km 2 5,700 MMbbls OPL 325 Estimated gross unrisked prospective resources SHAPING THE FUTURE OF OIL EXPLORATION IN AFRICA Analyst &…
  19. December 2015 Investor Presentation – Lekoil – slide 19
    Dahomey Basin - Regional Schematic cross section and play types North South SHAPING THE FUTURE OF OIL EXPLORATION IN AFRICA Analyst & Investor Presentation December 2015 19
  20. December 2015 Investor Presentation – Lekoil – slide 20
    OPL 310: Asset overview Partners: Lekoil & Optimum Petroleum (operator) 1 2 Lekoil farmed-in to Afrens interest in February 2013 and acquired the balance of its interest in 4 3 5 December 2015 New 3D Seismic: OPL310…
  21. December 2015 Investor Presentation – Lekoil – slide 21
    OPL 310: Work programme Work to date Plan forward May Farm-in of a 17.14% participating interest in Complete acquisition of Afrens interest 2013 OPL 310 with Afren H1 2016 Strategic decision and/or appraisal drilling Total carry of…
  22. December 2015 Investor Presentation – Lekoil – slide 22
    OML 113 (left) and OPL 310 (right blocks showing outline of both the newly acquired seismic in red and the old seismic (Lumina) in green. OPL 310 OML 113 22
  23. December 2015 Investor Presentation – Lekoil – slide 23
    Old Seismic 1996 New Seismic 2014 SHAPING THE FUTURE OF OIL EXPLORATION IN AFRICA Analyst & Investor Presentation December 2015 23
  24. December 2015 Investor Presentation – Lekoil – slide 24
    RMS amplitude between base Albion and revised basement 500 Ft - West of OGO-1 ST N S 24
  25. December 2015 Investor Presentation – Lekoil – slide 25
    SHAPING THE FUTURE OF OIL EXPLORATION IN AFRICA Analyst & Investor Presentation December 2015 25
  26. December 2015 Investor Presentation – Lekoil – slide 26
    3 Prospects South of Ogo: RMS Amplitude (+50 ms to -50 ms) vs Depth Ogo bound 2000+ ft Anomaly over Prospect 1 Prospect Prospect 2 3 26 Prospect 3
  27. December 2015 Investor Presentation – Lekoil – slide 27
    OPL 325: Asset overview OPL 325 is a deep to ultra-deep-water block located in the Dahomey Basin on the western side of the Niger Delta 100km south of the Lagos coastline with water depths within the block ranging from 2,300…
  28. December 2015 Investor Presentation – Lekoil – slide 28
    OPL325 3D Seismic Coverage 28
  29. December 2015 Investor Presentation – Lekoil – slide 29
    OPL 325: Multiple prospects/leads Opportunities: Several prospects and leads identified and labelled A,B,C,D,E, F Depth Subsea (ft) H D KI G J N Contour interval = 250 feet SHAPING THE FUTURE OF OIL EXPLORATION IN AFRICA…
  30. December 2015 Investor Presentation – Lekoil – slide 30
    OPL 325: Prospects B,C & B/C Trap: Stratigraphic part structural. Deep water B/C confined channels trapped in a syncline B between two structural highs (B&C) and bounded to the north and south by thrust faults C Reservoir:…
  31. December 2015 Investor Presentation – Lekoil – slide 31
    Prospect B B Resource (P50): 1.192 BBO (5 main reservoirs) Trap: 3-way combined structural- stratigraphic. Deep water channels draped over a thrust faulted anticline. Reservoir: Depth Structure Map 003 Confined and weakly…
  32. December 2015 Investor Presentation – Lekoil – slide 32
    Prospect B Near and Far Stacks Near Stack Far Stack 32
  33. December 2015 Investor Presentation – Lekoil – slide 33
    Prospect B/C B/C Resource (P50): 1.149 BBO (2 main reservoirs) Trap: Stratigraphic part structural. Deep water confined channels trapped in a syncline between two structural highs (B & C) and bounded to the north and south by…
  34. December 2015 Investor Presentation – Lekoil – slide 34
    Prospect B/C Near and Far Stacks Near Far 34
  35. December 2015 Investor Presentation – Lekoil – slide 35
    Prospect C Summary C Resource (P50): 825 MBO (3 main reservoirs) Trap: 3-way combined structural-stratigraphic. Deep water channels draped over a thrust faulted anticline. Reservoir: Confined and weakly confined channel Depth…
  36. December 2015 Investor Presentation – Lekoil – slide 36
    Prospect F Near and Far Stacks Near Far Stack Stack 36
  37. December 2015 Investor Presentation – Lekoil – slide 37
    Namibia Blocks 2514A & B Exploration asset Lderitz Basin block SHAPING THE FUTURE OF OIL EXPLORATION IN AFRICA Analyst & Investor Presentation December 2015 37
  38. December 2015 Investor Presentation – Lekoil – slide 38
    Namibia Blocks 2514A & B: Asset overview 2 Blocks in Luderitz Basin Blocks 2514A and 2514B Prior history of oil seeps Acreage about 11,000 Km2 Lekoil has acquired net 77.5% stake and is operator of block Operational status…
  39. December 2015 Investor Presentation – Lekoil – slide 39
    Operations SHAPING THE FUTURE OF OIL EXPLORATION IN AFRICA Analyst & Investor Presentation December 2015 39
  40. December 2015 Investor Presentation – Lekoil – slide 40
    Otakikpo Marginal Field: Work to date Lekoil work since the acquisition Q3 2014 Community engagement strategies commenced Q4 Received regulatory approvals for re- 2014 entry of Otakikpo 2 and 3 Wells Site preparation commenced…
  41. December 2015 Investor Presentation – Lekoil – slide 41
    Otakikpo Marginal Field: First Oil On 5 September 2015 Lekoil achieved First Oil on the Otakikpo Marginal Field Oil flowed to surface from the first well (Otakikpo 002) at a peak rate of 5,703 bopd vs. 1500 bopd expected Next…
  42. December 2015 Investor Presentation – Lekoil – slide 42
    Operations critical success factors 1. Sustainable Community Development 2. Safety, Occupational Health, Environment 3. Security Management Framework SHAPING THE FUTURE OF OIL EXPLORATION IN AFRICA Analyst & Investor Presentation…
  43. December 2015 Investor Presentation – Lekoil – slide 43
    Commercial SHAPING THE FUTURE OF OIL EXPLORATION IN AFRICA Analyst & Investor Presentation December 2015 43
  44. December 2015 Investor Presentation – Lekoil – slide 44
    Corporate strategy: Portfolio approach OPL 310 OPL 325 SHAPING THE FUTURE OF OIL EXPLORATION IN AFRICA Analyst & Investor Presentation December 2015 44
  45. December 2015 Investor Presentation – Lekoil – slide 45
    Commercial Outlook 1. 60 reviewed 2. Pan-African outlook 3. Strategic portfolio additions Portfolio fit Attractive entry Development synergy Good monetization Credible partners 4. Key developmental partnerships 5. Creative deal…
  46. December 2015 Investor Presentation – Lekoil – slide 46
    Financial SHAPING THE FUTURE OF OIL EXPLORATION IN AFRICA Analyst & Investor Presentation December 2015 46
  47. December 2015 Investor Presentation – Lekoil – slide 47
    Financial: Assumptions Anticipate Otakikpo Phase 1 commercial production by end of 1Q 2016 Otakikpo 002: Flow test year-end followed by extended well test Otakikpo 003: Drilled, tested and completed around mid-year 2016…
  48. December 2015 Investor Presentation – Lekoil – slide 48
    Financial: Balance Sheet Summary As at 30 June 2015 Amount USm Exploration & evaluation assets 112.6 Other 14.3 Non-current assets 126.9 Prepayments 12.8 Other 4.5 Cash 41.4 Current assets 58.7 Total assets 185.6 Trade…
  49. December 2015 Investor Presentation – Lekoil – slide 49
    Financial: 2015 Cash Balances 2015 USD, mn Cash Balance (30 June 2015) 41.4 Otakikpo (18.0) OPL 310 License and G&G (12.9) OPL 325 License (16.5) Namibia (0.1) Corporate (5.2) Bridge loan repayment & interest (2.6)…
  50. December 2015 Investor Presentation – Lekoil – slide 50
    Financial: 2015 Cash Balances 2015 USD, mn Cash Balance (30 June 2015) 41.4 Otakikpo (18.0) OPL 310 License and G&G (12.9) OPL 325 License (16.5) Namibia (0.1) Corporate (5.2) Bridge loan repayment & interest (2.6)…
  51. December 2015 Investor Presentation – Lekoil – slide 51
    Financial: 2016 Initial Work Plan Minimum Work Asset Activities Obligation mn 3D Seismic Flow test Otakikpo Production test N/A 1 Well re-entry (end 1Q16) Facilities Seismic Interpretation 1 Well (spud by year-end) OPL 310…
  52. December 2015 Investor Presentation – Lekoil – slide 52
    Conclusion SHAPING THE FUTURE OF OIL EXPLORATION IN AFRICA Analyst & Investor Presentation December 2015 52
  53. December 2015 Investor Presentation – Lekoil – slide 53
    Corporate strategy: Portfolio approach OPL 310 OPL 325 SHAPING THE FUTURE OF OIL EXPLORATION IN AFRICA Analyst & Investor Presentation December 2015 53
  54. December 2015 Investor Presentation – Lekoil – slide 54
    NIGERIA USA Churchgate Tower 1, 9th Floor, PC 30, 136 Main Street, Suite 301, Churchgate Street, Victoria Island, Lagos Princeton, NJ 08540 T. +234 1 277 0560 T. +1 609 945 0805 Contact infolekoil.com investorrelationslekoil.com…

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