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Nigerian Operations Update – Afren Plc

Afren Plc · Nov 14, 2011 · 65 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. Nigerian Operations Update – Afren Plc – slide 1
    Nigerian operations update Lagos 14 November 2011 www.afren.com
  2. Nigerian Operations Update – Afren Plc – slide 2
    Agenda Introduction Page 4 Afren in Nigeria Page 8 Okoro field update Page 16 Ebok field update Page 24 Okwok field update Page 50 OML 115 update Page 56 Ebok/Okwok/OML 115 summary reserves and resources Page 61 Group…
  3. Nigerian Operations Update – Afren Plc – slide 3
    Afren plc Introduction www.afren.com Nigerian Operations Update
  4. Nigerian Operations Update – Afren Plc – slide 4
    31 assets in 12 countries Fast growth via acquisition and development NIGERIA Working Operated Asset Interest Partner by Afren KURDISTAN REGION OF IRAQ Okoro Setu 50.0%2 Amni Asset Equity Interest Partner Operated by Afren Ofa…
  5. Nigerian Operations Update – Afren Plc – slide 5
    Afren today A balanced portfolio spanning some of the worlds most prospective basins Net 2P & 2C Recoverable Net 2P reserves: 80 mmboe 1,026 mmboe Net 2C 946 mmboe Net prospective resources: 3,515 mmboe Kurdistan region of…
  6. Nigerian Operations Update – Afren Plc – slide 6
    Our strategy Designed for sustainable long term growth 1 Growing production Target material 2P/2C additions 2 profile underpinning the (in line with historical acquisition business…
  7. Nigerian Operations Update – Afren Plc – slide 7
    Afren plc Afren in Nigeria www.afren.com Nigerian Operations Update
  8. Nigerian Operations Update – Afren Plc – slide 8
    Afren in Nigeria Extensive Nigerian / industry experience Senior Management - Lagos *Adebayo Ayorinde Mike Gutowski *Okon Akpan *Taiwo Olushina Faiz Imam *Daniel Managing Director COO Okoro Asset Manager Ebok Asset Manager…
  9. Nigerian Operations Update – Afren Plc – slide 9
    Afren in Nigeria Value Chain Synergies between core and support business units Finance Community Affairs EHSS Legal EXPLORATION APPRAISAL DEVELOPMENT PRODUCTION Supply Chain Management Legal Security Slide 10…
  10. Nigerian Operations Update – Afren Plc – slide 10
    Afren in Nigeria the partner of choice Foundations built on strong partnerships and alignment with indigenous companies OML 26 OPL 907/917 OPL 310 Okoro Ofa Okwok Ebok OML115 Slide 11 Nigerian Operations Update
  11. Nigerian Operations Update – Afren Plc – slide 11
    Afren in Nigeria Operational track record Okoro: Fast Track development First Oil achieved within 2 years of signing agreement with indigenous partner Ebok: Reserves growth & production Farm-in agreement announced in April…
  12. Nigerian Operations Update – Afren Plc – slide 12
    Afren in Nigeria Significant future growth Okoro-East Future growth Ebok NFB and SFB through current Okwok portfolio OML 115 OPL 310 Opportunity to further partner with indigenous operators Future growth with existing…
  13. Nigerian Operations Update – Afren Plc – slide 13
    Afren in Nigeria - the Nigerian opportunity set - a world of opportunity Nigeria remains at the heart of Afrens future growth ambitions Licence interests Distribution of resource ownership (No. of blocks) (mmboe) Indigenous Major…
  14. Nigerian Operations Update – Afren Plc – slide 14
    Afren in Nigeria Our Competitors Oando Sahara Oil Conoil Seplat & Seven Energy Maurel et Prom Afren is superior because of our track record Slide 15 Nigerian Operations Update
  15. Nigerian Operations Update – Afren Plc – slide 15
    Afren plc Okoro field update www.afren.com Nigerian Operations Update
  16. Nigerian Operations Update – Afren Plc – slide 16
    Okoro field development A successful technical and commercial precedent Located in OML 112 Partnered with Amni, an established indigenous oil and gas company Afrens maiden Green field development project Floating Platform…
  17. Nigerian Operations Update – Afren Plc – slide 17
    Okoro field development A development lead time of just two years Q1 06 Q2 06 Q3 06 Q4 06 Q1 07 Q2 07 Q3 07 Q4 07 Q1 08 Q2 08 Q3 08 Current Agreement signed with partner AMNI Rig secured for development drilling Appraisal…
  18. Nigerian Operations Update – Afren Plc – slide 18
    Okoro field development An in-depth understanding of the sub surface 2 main reservoir levels Okoro-8 At least 7 oil columns Okoro-9 Production from: Okoro-7 Okoro-6 USA, USB, LSB & LSC Reservoir Typical Gross Max proved…
  19. Nigerian Operations Update – Afren Plc – slide 19
    Okoro field development Good reservoir & operational management is delivering production out-performance Actual field performance vs 2009 reservoir model 40 2.0 36 1.8 32 1.6 Field Oil Rate, STB/D (thousands) 28 1.4…
  20. Nigerian Operations Update – Afren Plc – slide 20
    Okoro East prospect Pursuing low risk / high reward near field exploration upside NNW SSE NNW Defined on good quality 3D Similar structural setting Appraisal drilling Q1 2012 Qua-iboe Basal Channel sand very fast Thickening…
  21. Nigerian Operations Update – Afren Plc – slide 21
    Okoro East prospect Pursuing low risk / high reward near field exploration upside Dip section with time slice illustrating underlying horst block below the Okoro East prospect NNW SSE Time slice at 2000 msec Ok-13A NNW Qua…
  22. Nigerian Operations Update – Afren Plc – slide 22
    Okoro East prospect Pursuing low risk / high reward near field exploration upside Summary STOIIP for Okoro East P90 Mean P10 Okoro 19 47 86 Reservoirs Deeper targets 38 110 243 Unrisked Total 57 157 329 20 - 30%…
  23. Nigerian Operations Update – Afren Plc – slide 23
    Afren plc Ebok field update www.afren.com Nigerian Operations Update
  24. Nigerian Operations Update – Afren Plc – slide 24
    Ebok field location map Afrens second greenfield development offshore south east Nigeria Okwok Ebok OML 115 Slide 25 Nigerian Operations Update
  25. Nigerian Operations Update – Afren Plc – slide 25
    Ebok field in context Realising Nigerias undeveloped potential Nigeria Ebok Field FSO, MOPU and Central Fault block Platform Ebok Field FSO, MOPU and Central Fault block Platform Slide 26 Nigerian Operations Update
  26. Nigerian Operations Update – Afren Plc – slide 26
    Ebok field - structural setting Stratigraphic column of the eastern Niger Delta Eboks productive reservoirs are contained within the Pliocene Agbada Formation These are the main intervals for Nigerias oil and gas production…
  27. Nigerian Operations Update – Afren Plc – slide 27
    Ebok field facilities update Phase 1 production and D1 development drilling Slide 28 Nigerian Operations Update
  28. Nigerian Operations Update – Afren Plc – slide 28
    Ebok field facilities update Phase 2 development drilling Slide 29 Nigerian Operations Update
  29. Nigerian Operations Update – Afren Plc – slide 29
    Ebok field facilities update Riser Altair dive vessel installing subsea clamp J tubes Slide 30 Nigerian Operations Update
  30. Nigerian Operations Update – Afren Plc – slide 30
    Ebok field facilities update Riser lifting 10 ft clamp to port leg Slide 31 Nigerian Operations Update
  31. Nigerian Operations Update – Afren Plc – slide 31
    Ebok field facilities update Riser work with the Tiger Shark vessel Slide 32 Nigerian Operations Update
  32. Nigerian Operations Update – Afren Plc – slide 32
    Ebok field facilities update Riser diver being prepared for subsea installation Slide 33 Nigerian Operations Update
  33. Nigerian Operations Update – Afren Plc – slide 33
    Ebok field facilities update Simultaneous operations at the Ebok field Slide 34 Nigerian Operations Update
  34. Nigerian Operations Update – Afren Plc – slide 34
    Ebok field Phase 1 update Highlights Five production wells onstream Current production ca 13,000 15,000 bopd Water injection fully commissioned and having desired effect Increasing production steadily to guided 15,000 to 17,000…
  35. Nigerian Operations Update – Afren Plc – slide 35
    Ebok field Phase 1 update Production and water injection well locations 5 production wells 2 water injectors Slide 36 Nigerian Operations Update
  36. Nigerian Operations Update – Afren Plc – slide 36
    -2 8 0 0 290 E-27 Hz Plan -3100 0 634 oooM E Ebok field D1 reservoir update 635 oooM E 636 oooM E 636 500M E 13 500M N -2 80 -3000 0 -29 00 D1 development -3000 well locations and status 13 oooM N 13 oooM N -3000 E-27 Hz…
  37. Nigerian Operations Update – Afren Plc – slide 37
    Ebok field D1 reservoir update Ebok-26 development well at landing OWC Top D1 Good quality reservoir; better than expected Slide 38 Nigerian Operations Update
  38. Nigerian Operations Update – Afren Plc – slide 38
    Ebok field Phase 2 update Development drilling update; LD-1E well locations E-18 E-17ST E-16 Well Status: E-28 Ebok-16: Drilled and completed Ebok-17st: Drilled and completed Ebok-18: Drilled and completed Ebok-28: Drilled and…
  39. Nigerian Operations Update – Afren Plc – slide 39
    Ebok field Phase 2 update Excellent reservoir properties in LD-IE Ebok-18_LWD RACLM RACHM RPCLM RPCHM GRAFM E-18 LWD Tops 1000 300 Base_LD1C Base_LD1B Base_LD1A 8 section 250 100 200 RES, ohm.m 10 GR, gAPI…
  40. Nigerian Operations Update – Afren Plc – slide 40
    Ebok field Phase 2 update Ebok-18 well; excellent reservoir quality Ebok-18_LWD RACLM RACHM RPCLM RPCHM GRAFM E-18 LWD Tops 1000 300 250 100 200 RES, ohm.m 10 GR, gAPI 150 1 5050 MD, ft 5550 6050 6550 7050 7550…
  41. Nigerian Operations Update – Afren Plc – slide 41
    Ebok field Phase 2 update Appraisal upside -800 D1 -900 LD1A -1000 LD1E -1100 New LD1F reservoir -1200 E-19P E-5 E-15 E-24ST -1300 0 1000m Slide 42 Nigerian Operations Update
  42. Nigerian Operations Update – Afren Plc – slide 42
    Ebok field Phase 2 update LD-1F amplitude extraction with log penetrations thick sands, with development potential E-15ST3 32 Pay E-5 14 Pay E-24ST (69 pay / 200ft gross sand) E-15 73 Pay E-15ST1 11 Pay E-19P 40 Pay…
  43. Nigerian Operations Update – Afren Plc – slide 43
    Ebok field Phase 2 update Highlights Four LD-1E production wells drilled and completed; drilling and completion of fifth producer underway Hook up to MOPU underway; expected onstream end November Rates of 5,000 bopd per well…
  44. Nigerian Operations Update – Afren Plc – slide 44
    Ebok field - North Fault Block exploration update Structural setting NFB Proposed Well Location Targeting 35 mmbbls Same D series reservoirs D-1 Interval Amplitude Top D-1 Time Structure C.I.=20 ms 0 1 mi Slide 45…
  45. Nigerian Operations Update – Afren Plc – slide 45
    Ebok field - North Fault Block exploration update Ebok to Ebok North Seismic X- Section Ebok Field South Proposed North EbokNFB Well North 0.0 - 0.500 Existing- Good reservoirs amplitude response 1.000 - 1.500 -…
  46. Nigerian Operations Update – Afren Plc – slide 46
    Ebok area 3D seismic acquisition update Survey statistics and progress to end October 2010 Survey Start: June 24, 2011 Survey Completed: November 4, 2011 138 days including MOB Productivity Breakdown: OKWOK 49.97% acquiring…
  47. Nigerian Operations Update – Afren Plc – slide 47
    Ebok area 3D seismic acquisition update Acquisition around the Ebok facilities Tier 3 and 4 split so cable tails under facilities for flexibility Cables over anchors and flowlines, if on bottom Cables away from FSO and AD9/MOPU…
  48. Nigerian Operations Update – Afren Plc – slide 48
    Ebok area 3D seismic acquisition update Preliminary coverage plots good quality data Fold to 1,166m Offset Fold to 3,500m Offset 72 350 69 335 67 320 64 304 62 59 289 57 274 54 259 51 243 49 45 228 44 213 41 198 39…
  49. Nigerian Operations Update – Afren Plc – slide 49
    Afren plc Okwok field update www.afren.com Nigerian Operations Update www.afren.com
  50. Nigerian Operations Update – Afren Plc – slide 50
    Okwok field update Map near top LD-1B using Pre Stack Depth Migration (PSDM) LD-1B Top Depth Structural Map 52 mmbbls recoverable Slide 51 Nigerian Operations Update
  51. Nigerian Operations Update – Afren Plc – slide 51
    Okwok field update LD-1A and LD-1B sand quality and continuity Okwok 4A ST Okwok 7A Okwok 8A Okwok 4A Okwok 2 Okwok 9 Okwok 9ST LD-1A Datum LD-1B LD-1A highly continuous, uniformly oil-saturated but lower reservoir…
  52. Nigerian Operations Update – Afren Plc – slide 52
    Okwok field update LD-1A and LD-1B potential in Fault Block 3 (FB3) West East Amplitude Map Top LD-1A Reservoir C.I.=25 feet Expected True Structure 1.000 8A 425 ac 1.100 7A 1.200 Good LD-1A amplitude on both…
  53. Nigerian Operations Update – Afren Plc – slide 53
    Okwok field update Most likely field development solution Not to scale Slide 55 Nigerian Operations Update
  54. Nigerian Operations Update – Afren Plc – slide 54
    Afren plc OML 115 update www.afren.com Nigerian Operations Update www.afren.com
  55. Nigerian Operations Update – Afren Plc – slide 55
    OML 115 update Location map of presently defined prospects and leads NE Prospect Area Deep West Okwok MFON Offset MFON-1 South Okwok Deep Ibat Area North UFON OML 115 UFON-1 UFON Offset Area Slide 57 Nigerian…
  56. Nigerian Operations Update – Afren Plc – slide 56
    OML 115 update Regional geological framework Determine tectonic and stratigraphic history of OML 115 67 Examine structural and depositional controls Determine reservoir potential below the Qua Iboe Unconformity OML 115…
  57. Nigerian Operations Update – Afren Plc – slide 57
    OML 115 update Seismic interpretation Western Crossline Delta plain and Coastal plain Base Multiple target Shallow marine to Delta front f D1 opportunities Bypassed outer shelf to upper slope e Qua Iboe 5 km Bypass and…
  58. Nigerian Operations Update – Afren Plc – slide 58
    OML 115 update Time structure maps Biafra Biafra 2 Pre Qua Iboe Qua Iboe Unconformity Qua Iboe Shale Base D1 5 km Slide 60 Nigerian Operations Update
  59. Nigerian Operations Update – Afren Plc – slide 59
    Afren plc Ebok/Okwok/OML 115 summary reserves and resources www.afren.com Nigerian Operations Update www.afren.com
  60. Nigerian Operations Update – Afren Plc – slide 60
    Ebok/Okwok/OML 115 area a new production hub Progressive de-risking of a substantial resource base 508 mmbbls gross unrisked Ebok 2P resource potential 106.5 Large scale resource upside Okwok Contingent Only 21% of total area…
  61. Nigerian Operations Update – Afren Plc – slide 61
    Afren plc Group production update www.afren.com Nigerian Operations Update
  62. Nigerian Operations Update – Afren Plc – slide 62
    Group production update WFB Commission +2d +3d The majority of events +3d out of Afrens control +4d +10d +17d +7d +92d +7d +3d +80d +1d +14d +21d 30/08/2011 Tiger Shark in Hydrodive Bourbon…
  63. Nigerian Operations Update – Afren Plc – slide 63
    Group production update 2011 Afren net exit rate 60.0 Nov 15 3.5 50.0 3.0 kboepd Afren Net Entitlement 7.0 17.5 40.0 4.0 7.0 30.0 50.5 21.5 20.0 14.5 2.5 2.5 26.0 10.0 9.0 9.0 0.0 Slide 65 Nigerian…
  64. Nigerian Operations Update – Afren Plc – slide 64
    Afren plc Conclusions www.afren.com Nigerian Operations Update www.afren.com
  65. Nigerian Operations Update – Afren Plc – slide 65
    Conclusions In just over six years the Afren management team has acquired a portfolio of 31 assets in 12 countries. Strategically: One of the first successful independents in Nigeria working in partnership with indigenous companies…

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