Exceptions Unless expressly stated in the written materials for this presentation: - All resource estimates given in this presentation are gross - All resource numbers are management estimates as of January 2014 - Ophir Energys…
Strategic focus Currently Future E&A will continue to be the companys primary focus Focus on E&A Not averse to holding producing assets Help provide cashflow sustainability Offshore, deepwater basins are expected to be the ongoing…
Ophir Business Model Focused on maximising Returns on Investment Exploration and appraisal: High-risk high-reward, rapid value accretion in the exploration and appraisal phase Pre-drill farm-out opportunities to manage risk Ophirs…
2013 and into 2014 8 exploration and appraisal wells drilled in the period 2 successful exploration wells, Mkizi and Ngisi (Tanzania) 2013 Exploration and Appraisal 4 successful appraisal wells drilled, 3 DSTs performed in Tanzania…
Portfolio effect in action Continuing to beat our net risked targets, c.250mmboe added to net 2C resource in 2013 Strong exploration track record Drilled 26 E&A wells since inception, 20 1,600 2008-2011 2012 2013 2014 successful 1,400…
Portfolio Management Disciplined approach to management of capital Partial monetisation of Blocks 1, 3 and 4 Tanzania to Pavilion Energy Sold 20% for US1.29bn, subject to various approvals Addition of a strong, well financed partner…
Tanzania Case Study: Blocks 1,3 & 4 Business Model and Strategy validated Partially Monetised Sale of 20% stake to Exploration discovery Pavilion Energy for First Production Appraisal well US1.29bn (pre-tax) +ve DST FID Appraisal…
2014 Drilling Programme1 Net c.1.3Bboe of resource being targeted, several play opening wells being drilled Pmean CoS 2014 Ophir Country Block Name Well Name (MMBOE)3 (%) Q1 Q2 Q3 Q4 WI High Impact Wells Gross Net Up to 6 play…
Multiplier effect from success on new plays 5Bboe of total net resource potential in plays being targeted by wells in 2014 Gabon Gabon East Pande EG Liquids Kenya L9 Pre-Salt Ogoou Delta Net Unrisked Play c.1.6Bboe c.0.6Bboe…
Gabon Mike Fischer, Senior Vice President 13
Expanded Gabonese position Multiple plays, high-impact drilling during H1 2014 The permits are located in the North Gabon basin, proximal to Legend significant oil discoveries Play 1: Pre-Salt Play 2: Deep-water Mbeli and Ntsina:…
Schematic section Gabon Ntsina & Mbeli, A3-A4 Petroleum System Legend Oil Prospect Potential hydrocarbon reservoir S Mature source rock (oil) Oil migration pathway Deepwater Play Pre Salt Play S S S S S S Maastrichtian…
2014 Exploration: Padouck Deep-1 N S W E Padouck Deep Padouck Deep Surface Location: WD (m) 835 Inline 3077 Xline 6080 X 451558 Y 9976546 Lat 00 12 43.95S Long 008 33 52.82E TD (mSS) 3,500 Gamba Target Gamba Target Bottom Hole…
2014 Exploration: Okala-1 Okala-1 Okala Okala-1 Okala N S W E Surface Location: Inline 2271 Xline 4986 WD (m) 790 X 461631 Y 10000222 Lat 00 00 07.23S Long 08 39 18.68E TD (mSS) 4,700 CoS 23% Recoverable Res Est P90 Mean P10…
Pre-salt follow-up potential Significant upside on success beyond Okala and Padouck Deep B Seafloor Further leads and prospects have been identified Miocene Unc on the Stenella 3D L Eocene Unc Top Turonian The remaining leads…
Schematic section Gabon Gnondo & Manga, A5-A6 Deepwater Play Ogoou Delta Play Petroleum System Legend Oil Prospect Maastrichtian Cenomanian sands Potential hydrocarbon reservoir in structural and combined…
2014 Exploration: Affanga Deep-1 Affanga Deep WD (m) 674 TD (mSS) 4,500 CoS 20% Recoverable Res Est P90 Mean P10 (Primary Targets) Oil (mmb) 68 170 298 Cenomanian Upside Affanga Deep-1 20
Schematic section Gabon Deepwater play Petroleum System Legend Oil Prospect Potential hydrocarbon reservoir S Mature source rock (oil) Oil migration pathway Deepwater Play S S S S S S Maastrichtian S S S Cenomanian…
Deepwater play Newly awarded Blocks gives increased exposure to this emerging play Deepwater play in North Gabon shares similar characteristics to the conjugate margin play in the Sergipe A Alagoas basin which contains several…
Tanzania Blocks 1, 3 & 4 Andy Oldham, Director of Exploration Andrew Brown, Projects Director 23
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…
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…
Schematic section Tanzania Block 1 (Contingent) 26
2014 Exploration: Taachui Inboard Block 1 Test, Cretaceous age, combination trap with clear DHI support Taachui WD (m) 991 TD (mSS) 3,850 CoS 43% Recoverable Res Est P90 Mean P10 S N (Primary Targets) Gas (BCF) 868 1377 1909 Taachui…
2014 Exploration: Kamba Near Field Block 4 Exploration Kamba/Pweza North Possible Kamba 1 WD (m) 1,350 Pweza North TD (mSS) 4,000 CoS Kamba/Pweza N 34%/90% Chewa Recoverable Res Est P90 Mean P10 (Primary Targets) Kamba Gas (BCF) 62…
Tanzania LNG: Positioned for Success World scale resource with partner alignment 15 TCF 2C recoverable resource discovered across Blocks 1, 3 and 4 sufficient to underpin a two- World Class train LNG project Resource Base Significant…
Tanzania LNG: Blocks 1,3 & 4 Project Plan Progressing to FID end 2016 Project Select Q4 2014 Ophir Estimate of Project Timeline FEED 2015/16 FID end 2016 and Execute Train 1 Execute Train 2 mid 2017 First Cargoes end 2020…
Tanzania Operated Blocks Andy Oldham, Director of Exploration 31
East Pande Overview Greatest potential for oil offshore Tanzania Ophir has a 70% operated interest in the Viazi Ndimu East Pande PSA with Rak 30% PMean 1.5 TCF Pmean 0.9 TCF Covers an area of 3,250km2 in water depths up to…
Schematic section Tanzania East Pande (Contingent) 33
2014 Exploration: Tende Primarily prospective for gas, but could have liquids potential Tende Prospect Transgressive sand Canyon WD (m) 680 backfill TD (mSS) 4,200 +ve AVO Expression CoS 15% Primarily prospective for gas Recoverable…
Tende to Jodari Tieline Calibrated amplitude response to outboard discoveries A B Jodari North Discovery Jodari Tende Discovery Prospect Taachui Prospect A Mzia Discovery B 35-45 Degree Far Offset Stack Ndizi,…
Balungi & Ndimu Complex Example potential follow on prospects from Tende A B Success with Tende would confirm AVO response as a DHI and integrity of stratigraphic trapping mechanism Significantly derisk follow-on potential, CoS…
Block 7: Mlinzi Mbali-1 Well Summary Unsuccessful commercially but deepest test to date offshore Tanzania Mlinzi Mbali-1 well reached total depth at the end of December 2013 Excellent drilling performance 37 days, 3 days above…
Kenya Andy Oldham, Director of Exploration 38
Kenya overview Increasing industry activity, but mixed results to date Oil Shows at Kubwa (May 2013) Somalia First offshore discovery in Mbawa-1 2012 Licence Area by Apache, small (53m net) but Kenya Pomboo-1 L21 proves play…
Schematic section Kenya Block L9 Campanian Sands in stratigraphic traps on Mbawa High Simba Graben Cretaceous sands in combined stratigraphic-structural traps Miocene carbonate build-ups in structural and stratigraphic…
Inboard Oil Play BGs Sunbird-1 well first key test of the play Miocene Build-up Fairway and Portfolio Miocene Build-up: Tana Lead N S Miocene build-up oil Outboard gas Miocene prone leads trend Build-up Miocene Build-up…
Equatorial Guinea Mike Fischer, Senior Vice President Andrew Brown, Projects Director 42
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…
Schematic section EG Block R 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…
Block R: Proven Biogenic Gas Play 2.6 TCF discovered to date but 7 TCF of unrisked upside Thrust Belt: Silenus East - Structural Traps, low risk Mean Rec: 420BCF CoS: 69% - Proven, 1.1 TCF discovered - 2.0 TCF (unrisked) prospective…
Block R: Thermogenic Liquids Potential Silenus East-1 play opening well Silenus East Prospect Block R Lower Miocene Structure Map Block R is 20km south of Usan/Ukot oil fields of Nigeria and 50km southwest of Zafiro oil field and…
2014 Exploration: Silenus East-1 Expected to increase discovered gas resource, test the deeper liquids play Xline through Silenus East Silenus East Prospect WD (m) 1,450 TD (mSS) 3,390 CoS (Gas Target/Oil Target) 69%/13% Recoverable…
2014 Appraisal: Tonel North-1 Increase 1C resource estimate Tonel 10.5Ma Top Reservoir Depth Map Tonel Discovery WD (m) 1,648 Tonel North-1 TD (mSS) 2,800 CoS N/A Recoverable Res Est 1C 2C 3C (Primary Targets) Gas (bcf) 700 814…
2014 Appraisal: Fortuna-2 Prove commercial flow rates & increase 1C resource estimate Random line through Channel, F-2 & FE-1 Fortuna Discovery Fortuna-2 WD (m) 1,813 TD (mSS) 2,551 CoS N/A Recoverable Res Est 1C 2C 3C (Primary Targets)…
EG FLNG Significantly boosts project NPV Why FLNG Project Schematic Faster route to market Lower cost of production compared to terrestrial LNG train, leased vessel Flexible field development, staged upstream capex Expandable vessel…
EG FLNG - Commercialisation Value Chain Upstream Midstream Downstream Book reserves and confirm volumes Sign MOU with midstream partners Ophir and Ministry to commence Milestones Near-Term Q4 2014 H1 2014 off-take marketing…
EG FLNG - Value Capture Significant value catalysts in 2014 Exploration discovery Development solution Upstream partners Exploration failure (oil test) and Midstream secured First Production Appraisal well partners agreed…
Summary and wrap-up Nick Cooper, CEO 53
2014 Drilling Programme1 Net c.1.3Bboe of resource being targeted, several play opening wells being drilled Pmean CoS 2014 Ophir Country Block Name Well Name (MMBOE)3 (%) Q1 Q2 Q3 Q4 WI High Impact Wells Gross Net Up to 6 play…
2014 Forecast Capital Expenditure Total expenditure estimated at c.US500mn1 E&A Focus Concentrating on Core Areas 1% 2% 11% Equatorial Guinea 7% Drilling Gabon Seismic 36% 43% Tanzania 12% In Country Ops Kenya 70%…
Outlook for 2014 10+ wells planned in 2014 Targeting a mix of high-impact new plays (mainly oil prone) and lower risk volumes High Impact Drilling Programme on proven acreage in Tanzania and Equatorial Guinea Net unrisked mean resource…
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