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Credit Suisse London Oil and Gas Conference – Afren Plc

Afren Plc · Jun 4, 2008 · 41 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. Credit Suisse London Oil and Gas Conference – Afren Plc – slide 1
    BEYOND FIRST OIL Credit Suisse London Oil and Gas Conference 3 June 2008
  2. Credit Suisse London Oil and Gas Conference – Afren Plc – slide 2
    Agenda A unique African proposition Production growth Reserves growth Conclusions www.afren.com 3
  3. Credit Suisse London Oil and Gas Conference – Afren Plc – slide 3
    A uniqueSlide Divider African proposition
  4. Credit Suisse London Oil and Gas Conference – Afren Plc – slide 4
    Key differentiating factors Strong African Identity - Board Management & Shareholder Base Partnerships Solution with for gas Governments monetisation & NOCs Partnerships with Indigenous Companies…
  5. Credit Suisse London Oil and Gas Conference – Afren Plc – slide 5
    Significant achievements to date MANAGEMENT PARTNERSHIPS WITH NOCs US830mm debt + equity raised since Petroci in Cte dIvoire (delivering inception immediate production) Growth in market value of 24.3x and Partnership with GNPC in…
  6. Credit Suisse London Oil and Gas Conference – Afren Plc – slide 6
    Extensive African / industry experience Dr Rilwanu Lukman - Chairman BOARD Guy Pas Evert Jan Egbert Imomoh Osman Constantine Peter John St. John Non exec Mulder Chairman Afren Shahenshah Ogunbiyi Bingham Non exec COO Nigeria Chief…
  7. Credit Suisse London Oil and Gas Conference – Afren Plc – slide 7
    Extensive African / industry experience Senior Management - London Iain Wright Patrick Cherlet Nick Johnson Galib Virani Alan Hunt Doug Barrie Jeremy Whitlock Director of Technical Director of Operations Expl. & New Ventures…
  8. Credit Suisse London Oil and Gas Conference – Afren Plc – slide 8
    A track record of delivery Portfolio Growth 1600 200 1 Q1 05:JDZ Block 1, Nigeria-So Tom & Market Cap - LHS Prncipe 180 1400 Share Price - RHS 2, 3 Q2 05:Iris Marin block and Ibekelia Listed on 14 March 2005 on London Stock…
  9. Credit Suisse London Oil and Gas Conference – Afren Plc – slide 9
    Continued portfolio expansion DEVELOPMENT AND EXPLORATION SUMMARY Country Acquired W.I.(%) Operator Work Prog. Cote dIvoire * Block CI-11 Q108 47.96% Afren Production Block CI-01 Q108 80.00% (1) Afren Development Lion Gas Plant…
  10. Credit Suisse London Oil and Gas Conference – Afren Plc – slide 10
    The opportunity set Highest growth in proven reserves with significant reserves in West Africa Proved Oil Reserves Proved Gas Reserves Africa Total: 50 billion barrels Total: 219 Tcf Europe & FSU 77% 81% Middle East South…
  11. Credit Suisse London Oil and Gas Conference – Afren Plc – slide 11
    Gas monetisation Co-operation agreement with E.ON Ruhrgas Jointly collect, develop and monetise gas for domestic and export purposes E.ON Ruhrgas a strong partner with significant technical and financial synergies Significant…
  12. Credit Suisse London Oil and Gas Conference – Afren Plc – slide 12
    Production growth Divider Slide
  13. Credit Suisse London Oil and Gas Conference – Afren Plc – slide 13
    Okoro Setu development: location map 12km offshore Estimated STOIIP range of 80 102 - 130 mmbbl (P90 P50 P10)* Setu Reservoir modelling suggests a recovery factor 30% is achievable from 5 wells Driving material organic growth…
  14. Credit Suisse London Oil and Gas Conference – Afren Plc – slide 14
    Okoro Setu: field development plan Armada Perkassa 360,000 barrels storage capacity 27,000 b/d processing capacity 5-year lease with option to extend Water depth of 50 ft FPSO moored 800m south east of platform for crude…
  15. Credit Suisse London Oil and Gas Conference – Afren Plc – slide 15
    Okoro Setu: well head platform and drilling template Well head platform Drilling template www.afren.com 16
  16. Credit Suisse London Oil and Gas Conference – Afren Plc – slide 16
    Community development Afrens Community Development Vision To contribute towards making a significant and lasting impact on wealth creation and sustainable livelihood in the area of our operations Okoro Community Development (CD)…
  17. Credit Suisse London Oil and Gas Conference – Afren Plc – slide 17
    Okoro Setu: rapid turn-around Q1 06 Q2 06 Q3 06 Q4 06 Q1 07 Q2 07 Q3 07 Q4 07 Q1 08 Q2 08 Q3 08 Q4 08 Agreement signed with partner AMNI Rig secured for development drilling Appraisal drilling RBL facility / certified…
  18. Credit Suisse London Oil and Gas Conference – Afren Plc – slide 18
    Ebok field: highlights and impact on Afren Farm-out by ExxonMobil / NNPC JV Development benefits from Nigerian Marginal Field Program and Tax Regime Field located in prolific South East producing area (850,000 bopd) and adjacent…
  19. Credit Suisse London Oil and Gas Conference – Afren Plc – slide 19
    Ebok field: location map Background Located in OML 67, 50km offshore South East Nigeria in 135 ft of water Adjacent to producing ExxonMobil / NNPC JV fields (current gross output 850,000 bopd) Covered by 3D Seismic and data…
  20. Credit Suisse London Oil and Gas Conference – Afren Plc – slide 20
    Ebok field: technical description Time structure map Technical background Estimated STOIIP of 77 167 mmbbls in two fault blocks tested by Ebok-1 and Ebok-2 with mean of 118 mmbbls Recoverable resources 25 mmbbls based on analagous…
  21. Credit Suisse London Oil and Gas Conference – Afren Plc – slide 21
    Acquisition of Devons interests in Cte dIvoire - highlights US205 mm consideration fully funded on attractive per Increase barrel basis in 2P reserves by 28 mmboe Full competent and entitlement skilled local workforce…
  22. Credit Suisse London Oil and Gas Conference – Afren Plc – slide 22
    Cte dIvoire: overview of assets Block CI-11 WI: 48% (Joint Operator) 13km offshore:75m water depth Lion & Panthere producing fields 35 mmcfd and 1,800 bopd current gross production (7,600 boepd) Net 2P reserves: 12mmboe* Block…
  23. Credit Suisse London Oil and Gas Conference – Afren Plc – slide 23
    Cte dIvoire: Block CI-11 History Discovered in the 1980s; brought to production by UMC in 1995 UMC acquired by Ocean Energy in 1998 and later merged with Devon in 2003 Partners: Devon (48%); PETROCI (20%); IFC (19%); SK Corp…
  24. Credit Suisse London Oil and Gas Conference – Afren Plc – slide 24
    Cte dIvoire: Block CI-01 History Awarded to UMC in December 1994 14 wells (exploration and appraisal) drilled to date by Esso and Agip 3 significant discoveries: Kudu (1964), Eland (1978) and Ibex (1985) Development options o…
  25. Credit Suisse London Oil and Gas Conference – Afren Plc – slide 25
    Cte dIvoire: Lion gas plant Devon: 100% (Operated) Capacity to process 75 mmcf/d Third party gas recieved from Blocks CI-26 and CI-40 (Espoir and Baobab) Butane and Gasoline produced - Gasoline spiked into Lion crude stream and…
  26. Credit Suisse London Oil and Gas Conference – Afren Plc – slide 26
    Cte dIvoire: significant upside CI-11 High GOR zones yet to be completed (no gas market when first developed by UMC) Increase production through low risk wireline and rig based workover programme on Lion Field Two closures in…
  27. Credit Suisse London Oil and Gas Conference – Afren Plc – slide 27
    Reserves growth Divider Slide
  28. Credit Suisse London Oil and Gas Conference – Afren Plc – slide 28
    Material high impact reserve growth potential Balanced exploration portfolio Country License Gross Mean Afren Net Mean Resources Interest % Resources 1% 3% 3% mmbbl* mmbbl* 10% Congo La Noumbi 440 14.00% 62 15% Angola Block 16…
  29. Credit Suisse London Oil and Gas Conference – Afren Plc – slide 29
    Exploration portfolio - summary GHANA Keta NIGERIA-SO TOM JDZ Participating Interest (88%) NIGERIA Block 1 Partners (GNPC - 12%) Working Interest (4.41%) Planned Drilling (Q3 2008) GHANA Partners (Chevron - 45.9%, Addax - 40%,…
  30. Credit Suisse London Oil and Gas Conference – Afren Plc – slide 30
    Conclusions Divider Slide
  31. Credit Suisse London Oil and Gas Conference – Afren Plc – slide 31
    Active 2008 planned drilling programme E&A DRILLING GHANA OFFSHORE NIGERIA NIGERIA Development OFFSHORE GHANA Okoro Setu Exploration (5 wells currently drilling) Keta (Q3 2008) Ebok (Q4 2008) GABON OFFSHORE GABON CONGO…
  32. Credit Suisse London Oil and Gas Conference – Afren Plc – slide 32
    Conclusions Differentiated strategy Consistent delivery Established track record Portfolio growth and diversification Production and reserves growth Solid financial position www.afren.com 33
  33. Credit Suisse London Oil and Gas Conference – Afren Plc – slide 33
    Appendix Divider Slide
  34. Credit Suisse London Oil and Gas Conference – Afren Plc – slide 34
    Nigeria: Eremor development D3 Sand Depth structure map Exploration / appraisal history Date Well Type Operator Result 1978 Eremor-1 Exploration Shell Oil EREMOR-4 1984 Eremor-2 Appraisal Shell Water wet 1984 Eremor-3 Appraisal Shell…
  35. Credit Suisse London Oil and Gas Conference – Afren Plc – slide 35
    Nigeria: Ogedeh development Exploration / appraisal history Date Well Type Operator Result 1993 Ogedeh-1 Exploration Chevron Oil Two oil bearing A and D sands Covered by 3D seismic Certified contingent resources up to 15…
  36. Credit Suisse London Oil and Gas Conference – Afren Plc – slide 36
    Ghana Keta block 88% participating interest Primary target: Cretaceous deepwater sandstone reservoirs Play type similar to recent Jubilee and Odum (Tullow) discoveries Covered by 1,600 km2 of reprocessed 3D seismic Cuda…
  37. Credit Suisse London Oil and Gas Conference – Afren Plc – slide 37
    Angola Block 16 Afren 15% working interest Operated by Maersk (50%), Sonangol (20%), Odebrecht (15%) Covered by 3,764 km2 of 3D seismic Two discoveries Bengo-1 (1994) and Longa-1 (1995) 3 well drilling programme commencing in Q4…
  38. Credit Suisse London Oil and Gas Conference – Afren Plc – slide 38
    Nigeria: OPL 907 / 917 41% and 42% operated interests in OPL 907 and OPL 917 respectively Partnered with Global Energy Company Located in highly prospective Anambra basin with est. 5 Tcf of gas (despite only 30 wells drilled to…
  39. Credit Suisse London Oil and Gas Conference – Afren Plc – slide 39
    Gabon: low cost exploration 16.67% interest in Iris Marin 20% interest in Ibekelia Study Area Operated by Sterling Energy with partner Addax Charlie prospect in Iris Marin planned to be drilled in 2Q 2008 - Targeting mean…
  40. Credit Suisse London Oil and Gas Conference – Afren Plc – slide 40
    Congo: La Noumbi - high impact exploration High impact exploration adjacent to MBoundi Afren 14% interest Operator Maurel et Prom (48.5%) and partner ENI (37.5%) 940 km of recently acquired 2D seismic Doungou well completed in…
  41. Credit Suisse London Oil and Gas Conference – Afren Plc – slide 41
    JDZ block 1: high impact exploration Obo -1 discovery in 2006 proved JDZ as a significant oil and gas province Block 1 technical studies ongoing prior to further drilling On trend with Nigerian deep water world-class oil fields…

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