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Ebok Capital Markets Presentation – Afren Plc

Afren Plc · Jun 30, 2009 · 83 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. Ebok Capital Markets Presentation – Afren Plc – slide 1
    Ebok capital markets presentation 30 June 2009
  2. Ebok Capital Markets Presentation – Afren Plc – slide 2
    Agenda 1) Introduction 2) Regional geology and exploration history 3) Ebok appraisal programme 4) Summary field potential 5) Ebok field development planning 6) Ebok drilling operations 7) Platforms and facilities 8)…
  3. Ebok Capital Markets Presentation – Afren Plc – slide 3
    1) Introduction 4
  4. Ebok Capital Markets Presentation – Afren Plc – slide 4
    Afren today - an established African independent Country Acquired WI (%) Operator Local Partner Work Prog. CTE DIVOIRE Cte dIvoire Ghana 1. Block CI-11 Q3 08 47.96% Afren PETROCI 2. Block CI-01 Q3 08 80.00%(1) Afren PETROCI A 3 1…
  5. Ebok Capital Markets Presentation – Afren Plc – slide 5
    Ebok development material to delivering organic growth Pre-acquisition Ebok-1 well (1968) encountered four oil bearing sands Good quality 3D seismic data defines Ebok structure Minimal entry cost (US1/2P bbl) Indigenous…
  6. Ebok Capital Markets Presentation – Afren Plc – slide 6
    Opportunity set re-visited 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…
  7. Ebok Capital Markets Presentation – Afren Plc – slide 7
    2) Regional geology and exploration history www.afren.com
  8. Ebok Capital Markets Presentation – Afren Plc – slide 8
    Ebok field location map Utue 1200 Regional geology and exploration history 2 www.afren.com
  9. Ebok Capital Markets Presentation – Afren Plc – slide 9
    Ebok field regional geological setting Ebok Source: Sovereign Oil & Gas Regional geology and exploration history 3 www.afren.com
  10. Ebok Capital Markets Presentation – Afren Plc – slide 10
    Stratigraphic column of eastern Niger Delta Eboks productive reservoirs are contained within the Pliocene Agbada Formation These are the main intervals for Nigerias oil and gas production Source: IHS Energy Regional…
  11. Ebok Capital Markets Presentation – Afren Plc – slide 11
    Top D1 depth structure with field nomenclature Ebok-1: 1968 Ebok-2: 1970 Ebok-3: 1970 Ebok-4: 2008 North Fault Block West Fault Block FB1 FB2 SWFB Regional geology and exploration history 5 www.afren.com
  12. Ebok Capital Markets Presentation – Afren Plc – slide 12
    Ebok dataset Ebok block boundary Line of Section (Next slide) Ebok dataset Mobil 1992 Acquisition Area covered by 3D seismic Regional geology and exploration history 6 www.afren.com
  13. Ebok Capital Markets Presentation – Afren Plc – slide 13
    3D seismic - defined Ebok structure Ebok-1 Ebok-2 Mfon-1 Okwok-1 Okwok-2 500 1000 1500 2000 Regional geology and exploration history 7 www.afren.com
  14. Ebok Capital Markets Presentation – Afren Plc – slide 14
    Initial discovery four oil bearing sands Initial discovery well (Ebok-1) encountered four oil bearing sands Significantly de-risked project at outset Regional geology and exploration history 8 www.afren.com
  15. Ebok Capital Markets Presentation – Afren Plc – slide 15
    3) Ebok appraisal programme 1
  16. Ebok Capital Markets Presentation – Afren Plc – slide 16
    Appraisal strategy pre Ebok-4 Ebok seismic re-interpreted Petrophysical evaluation on all wells completed Reservoir models constructed for Fault Blocks 1 & 2 Fault Block 1 & 2 reserves calculated Conceptual field development plan…
  17. Ebok Capital Markets Presentation – Afren Plc – slide 17
    Appraisal drilling programme primary objectives Ebok-4 - appraisal well to evaluate D1 and D2 reservoirs in Fault Block 2 at a location up-dip of Ebok-2 Target crestal location of Fault Block-2 to prove maximum oil column and…
  18. Ebok Capital Markets Presentation – Afren Plc – slide 18
    Ebok-4 well location penetrating structural crest Ebok-4 500 D-1 LD-1A 1000 LD-1B D-2 1500 Ebok appraisal programme 4
  19. Ebok Capital Markets Presentation – Afren Plc – slide 19
    Ebok-4 drilling operations summary Trident IV rig moved onto location 4th November Commenced seabed coring and preloading operations (required to ascertain punch through risk) Began driving 30 pipe on 21 November Spudded well (26…
  20. Ebok Capital Markets Presentation – Afren Plc – slide 20
    Ebok-4 log with pay summary Greater than expected Top D1 2466ss 4ft Gas oil column 171ft Oil Oil down to on LD1a, Base D1 2703ss LD1b and D2 4ft Gas Top LD1-A 2738ss - potential scope for 20ft Oil deeper contacts Base LD1-A…
  21. Ebok Capital Markets Presentation – Afren Plc – slide 21
    Ebok reservoir sands and fluid contacts Ebok-5 Ebok-1 Ebok-4 Ebok-2 -2400 -2600 -2800 -3000 -3200 -3400 -3600 -3800 Ebok appraisal programme 7
  22. Ebok Capital Markets Presentation – Afren Plc – slide 22
    Post well studies MDT and DST sample fluid analysis: - Black oil and gas PVT; Geochemical analysis Core - Routine rock properties - Special core analysis (SCAL) - Sieve analysis - Sedimentology study Fluid substitution study…
  23. Ebok Capital Markets Presentation – Afren Plc – slide 23
    D1 core referenced to the LWD logs Total 72 ft of core cut in four runs Oil shows throughout core (except in cap 1 rock shale) Routine Core Analysis = 36% Kv = 8-10D Sw=12-15 Exceptional reservoir 2 = 32% Kv = 4D Sw = 18-20…
  24. Ebok Capital Markets Presentation – Afren Plc – slide 24
    Corelab sedimentological study Ebok-1 Ebok-4 Ebok-2 Ebok-3 (updip) Mfon-1 (downdip) D1 D1 D1 D1 D1 LD1A LD1A LD1A LD1B LD1B LD1B LD1A LD1A LD1B LD1E LD1B LD1E LD1E LD1E D2 D2 D2 D2 LD1E QI_ sand QI_…
  25. Ebok Capital Markets Presentation – Afren Plc – slide 25
    Corelab sedimentological D2 Ebok-3 (updip) Ebok-1 Ebok-4 Ebok-2 Mfon-1 (downdip) D2 equiv. D2 D2 D2 D2 On shelf QI_ sand QI_ sand QI_ sand D2 Uppermost Slope Ponded/Ponding Lobe Delta progrades beyond shelf edge during…
  26. Ebok Capital Markets Presentation – Afren Plc – slide 26
    Ebok D2 regional setting Ebok 1 Ebok 2 Ebok 5 Ebok 4 Okwok 1 Okwok 8A Okwok 2 1179m 789m 8892m 2935m 1987m Thickening of the D2 into fault at Ebok will Ebok focus sand deposition. Okwok 3 3 3 1 Thickening Direction 3…
  27. Ebok Capital Markets Presentation – Afren Plc – slide 27
    Fluid substitution modelling D2 summary Ebok - 4 Gas over Oil ( Insitu case model) Vp Gas 5418 s ; Vs Gas 2850 /s ; Den.Gas 1.74 gm/cc Ebok - 4 Oil Model Ebok - 4 Brine Model Vp Oil 6730 /s ; Vs Oil 2650 /s ; Den.Oil 2.01 gm/cc Vp…
  28. Ebok Capital Markets Presentation – Afren Plc – slide 28
    4) Summary field potential 1
  29. Ebok Capital Markets Presentation – Afren Plc – slide 29
    Composite map of field potential - update North Fault Block 30 mmbo STOIIP 9 mmbo recoverable* West Fault block 92 mmbo STOIIP 25 mmbo recoverable* D1 base case 77 mmbo STOIIP 26 mmbo recoverable* West Flank Qua Iboe D2…
  30. Ebok Capital Markets Presentation – Afren Plc – slide 30
    Upside potential in the D1 reservoir D1 upside Base case D1 Summary field potential 3
  31. Ebok Capital Markets Presentation – Afren Plc – slide 31
    Ebok D2 FB1 and FB2 area Surface attributes Amplitude supporting the FBN potential Further amplitude related potential in Northern part of field (under evaluation) Amplitude pattern on Zafiro Base case D2 Amplitude…
  32. Ebok Capital Markets Presentation – Afren Plc – slide 32
    Ebok D2 upside case Warm colours indicate Sand deposition Blues indicate no Sand deposition RMS amplitude extraction supporting evidence for sand distribution. Warm colours indicate sand. Cold colours indicate no sand…
  33. Ebok Capital Markets Presentation – Afren Plc – slide 33
    Western flank upside potential in field structure Deep potential to the south west of the Ebok field. 150 mmbo STOIIP potential can be developed as part of a phased development LOS 0.000 0.500 1.000 1.500 2.000…
  34. Ebok Capital Markets Presentation – Afren Plc – slide 34
    Ebok D2 upside case The west similar trapping nature and character to the XOM Utue field. This is a major field of circa 200 mmbo to 300 mmbo STOIIP 0.500 1.000 1.500 2.000 2.500 Summary field potential 7
  35. Ebok Capital Markets Presentation – Afren Plc – slide 35
    Indications that this play is oil bearing from Ebok-1 Ebok D2 Oil bearing interval at level of amplitude observed in the seismic Summary field potential 8
  36. Ebok Capital Markets Presentation – Afren Plc – slide 36
    5) Ebok field development planning 1
  37. Ebok Capital Markets Presentation – Afren Plc – slide 37
    Operational philosophy Fast track, fit for purpose solutions Safe planning and project execution Commitment to high standards of EHSS performance Team based development approach - all core competences reside within Afren Robust…
  38. Ebok Capital Markets Presentation – Afren Plc – slide 38
    Phased development 53 mmbo base case, 99 mmbo upside potential Baseline data - 140 water depth - 55 km offshore - Standalone development required Development scenarios - FPSO linked to WHPs - MOPU linked to an FSO Production…
  39. Ebok Capital Markets Presentation – Afren Plc – slide 39
    Phased development Phase 2a: D1 and LD1B FB1/FB2 and Ebok West (2011) - Seven horizontal production wells, two LD1B producers - 26 mmbo technical recoverable - Ebok West: six horizontal production wells and one water injection wells…
  40. Ebok Capital Markets Presentation – Afren Plc – slide 40
    Reservoir modelling plan view of Base Case D2 Model Layer 1 Layer 20 Proposed well trajectories 1.8 bscf free gas North North Gas or water Grid cell size is x and y = 50m and z = 5ft Oil Five deviated wells ranging from…
  41. Ebok Capital Markets Presentation – Afren Plc – slide 41
    Phase 1 development upside appraisal options North Fault Block West Fault Block D1 Oil in place FB1 and FB2 areas: 77 mmbo FB1 Ebok-2 SWFB FB2 D2 Oil in place FB1 and FB2 areas: 55 mmbo base case Incremental STOIIP Prospect…
  42. Ebok Capital Markets Presentation – Afren Plc – slide 42
    Summary - Phase 1a production and appraisal objectives Phase 1a to comprise - Five D2 horizontal producers - One D2 Water injector - One D1 horizontal producer - Four pilot holes to optimally place D2 producers Appraisal…
  43. Ebok Capital Markets Presentation – Afren Plc – slide 43
    Existing wells and two planned vertical appraisal wells Ebok-5 Ebok-1 Ebok-3 Ebok-4 Ebok-2 Top D2 depth Structure map Ebok-6 Estimated OWC -3795 from Ebok-2 shows (could be much deeper) Appraisal wells Ebok-5 and…
  44. Ebok Capital Markets Presentation – Afren Plc – slide 44
    Proposed platform Location Ebok-5 Vertical D2 Water Injector drilled from Ebok-6 platform location Platform location will be to the south of the FB1/FB2 structures. The water injection well will be drilled first to…
  45. Ebok Capital Markets Presentation – Afren Plc – slide 45
    4 Pilot Holes Sharing the same D2 producer top hole Platform Shared top hole Four D2 pilot holes will be drilled to define reservoir continuity and optimise the positioning of the production wells Ebok field…
  46. Ebok Capital Markets Presentation – Afren Plc – slide 46
    Five D2 development wells drilled from single platform Platform Five horizontal production wells will be batch drilled and completed in the D2 reservoir Ebok field development planning 11
  47. Ebok Capital Markets Presentation – Afren Plc – slide 47
    Phase 1a Development two appraisal wells, one water injector, four pilot holes, five D2 wells & one D1 well D1 Development Well One horizontal production well will be drilled and completed. The completion will contain both…
  48. Ebok Capital Markets Presentation – Afren Plc – slide 48
    Amplitude map showing five D2 and two appraisal wells Ebok-5 Ebok-5 will target The West Fault Block accumulation Ebok-1 Ebok-4 Ebok-2 Platform Ebok-7 will target the upside D2 sand Ebok-6 Ebok-6 targets the amplitude…
  49. Ebok Capital Markets Presentation – Afren Plc – slide 49
    6) Ebok drilling operations 1
  50. Ebok Capital Markets Presentation – Afren Plc – slide 50
    Typical well trajectory Ebok drilling operations 2
  51. Ebok Capital Markets Presentation – Afren Plc – slide 51
    Ebok wells / typical completions 1 No. Description Depth ft Depth Max ID in MD TVD OD in 2 1 4-1/2 12.75ppf 13 Cr 85 Tubing 0 4.938 3.958 30 2 Equalizing SCSSV (Tubing Retrievable) 321 321 7.125 3.812 3 4-1/2 Gas-lift Mandrels…
  52. Ebok Capital Markets Presentation – Afren Plc – slide 52
    Typical days depth curve Ebok D2 H-1 Horizontal Well 0 Drive 30 1000 Batch drilling should Drill 16 Hole reduce this timeline 2000 3000 Depth (ft) Run & Cement 13 3/8 Casing. N/U & Test BOP 4000 Drill 12 1/4 Hole…
  53. Ebok Capital Markets Presentation – Afren Plc – slide 53
    7) Platforms and Facilities 1
  54. Ebok Capital Markets Presentation – Afren Plc – slide 54
    Ebok field operations summary of current work Phase 1 well planning defined FPSO status - two main contenders have submitted bids. Currently under review Wellhead platform options have been identified MOPU/FSO development solution…
  55. Ebok Capital Markets Presentation – Afren Plc – slide 55
    Ebok development Phase 1 Development criteria Water depth 140 ft Initial production early 2010 Minimum oil rate of 20,000 BOPD Minimum water rate of 20,000 BWPD Gas lift on initial completion Water injection on initial…
  56. Ebok Capital Markets Presentation – Afren Plc – slide 56
    Ebok Phase 1 development - facilities FPSOs /MOPU Several proposals have been evaluated to date for FPSOs / MOPUs / FSOs MOPU and FSO appears to be the most appropriate Wellhead support structures Multiple wellhead platforms are…
  57. Ebok Capital Markets Presentation – Afren Plc – slide 57
    FPSOs summary of general specifications Vessel 1 Vessel 2 Cargo Storage Volume BBLS 625,000 510,000 Processing Capacity Max. Liquid Rate BPD 121,000 25,000 Max. Oil Rate BOPD 57,000 20,000 Max.Water Rate BWPD 100,000 12,500…
  58. Ebok Capital Markets Presentation – Afren Plc – slide 58
    New wellhead platform Platforms and facilities 6
  59. Ebok Capital Markets Presentation – Afren Plc – slide 59
    Refurbished wellhead platform clear advantages Cost efficiencies Speed Higher specification than a new-build Fit for purpose Platforms and facilities 7
  60. Ebok Capital Markets Presentation – Afren Plc – slide 60
    Advantages of a MOPU vs FPSO Flexible drilling schedule Does not require a lift barge Immediate access to produced fluid from wellhead Savings on well support structure Savings on flowlines Easier & more cost effective to expand…
  61. Ebok Capital Markets Presentation – Afren Plc – slide 61
    Ebok field development - MOPU / FSO option Platforms and facilities 9
  62. Ebok Capital Markets Presentation – Afren Plc – slide 62
    Ebok field development. MOPU - FSO option Key features of MOPU for Ebok Platforms and facilities 10
  63. Ebok Capital Markets Presentation – Afren Plc – slide 63
    Ebok field development - MOPU / FSO option Storage capacity 1,300,000 bbl Spread Moored DPR approved Fiscal metering unit Helideck Tank heating (if required) Accommodation 32 persons Delivery time 8 months Platforms and…
  64. Ebok Capital Markets Presentation – Afren Plc – slide 64
    Ebok field development - MOPU / FSO option Wellhead Support Structure. Eliminates the need for a WHP Platforms and facilities 12
  65. Ebok Capital Markets Presentation – Afren Plc – slide 65
    Ebok field development - MOPU / FSO option Wellhead Support Structure Platforms and facilities 13
  66. Ebok Capital Markets Presentation – Afren Plc – slide 66
    Ebok field development - MOPU / FSO option Wellhead Support Structure WSS Platforms and facilities 14
  67. Ebok Capital Markets Presentation – Afren Plc – slide 67
    Gas solution Low GOR oil: D1 70scf/stb D2 315scf/stb Requirements for gas Gas lift gas for all producing wells - estimated per well requirement 3mmscfg/d Fuel gas requirement for FPSO power generation Ebok-4 has been T&Ad with…
  68. Ebok Capital Markets Presentation – Afren Plc – slide 68
    8) EHSS
  69. Ebok Capital Markets Presentation – Afren Plc – slide 69
    Afrens corporate commitments EHSS Environment, Health, Safety and Social Afren strives to meet the key goals of - protecting people - protecting the environment - fulfilling social commitments We have a commitment to set and…
  70. Ebok Capital Markets Presentation – Afren Plc – slide 70
    Afren Nigeria and the Ebok project Afren Nigeria has its own EHSS Management System implemented with support from a fully established EHSS team Experience gained on Okoro is valuable for Ebok development Local partner experience…
  71. Ebok Capital Markets Presentation – Afren Plc – slide 71
    Management of Ebok EHSS CONCEPT Risk assessment (HAZID) ONGOING COMMUNITY AND SECURITY PROGRAMMES DETAILED DESIGN Safety studies, EIA, SIA, facility and contractor selection ENGINEER PROCURE Supervision, monitoring…
  72. Ebok Capital Markets Presentation – Afren Plc – slide 72
    Security overview Successful security management requires Security Risk - Proactive community programme Screening - Robust security arrangements in place Threat assessment and risk screening undertaken Field security plan based…
  73. Ebok Capital Markets Presentation – Afren Plc – slide 73
    Community affairs overview Afren community affairs vision To contribute towards making a significant and lasting impact on wealth creation and sustainable livelihood in our host communities In practice this means A…
  74. Ebok Capital Markets Presentation – Afren Plc – slide 74
    Community engagement Understanding our community Effiat Island community, Mbo LGA (population 10,000) Conducted Socio-economic baseline study as part of EIA June 08 Concluded in April 09 - detail socio-economics community needs…
  75. Ebok Capital Markets Presentation – Afren Plc – slide 75
    Community development and employment Community development Scholarships (secondary and tertiary education) Primary education provision of teaching materials Construction of teachers quarters for seven teachers (including families)…
  76. Ebok Capital Markets Presentation – Afren Plc – slide 76
    9) Conclusions
  77. Ebok Capital Markets Presentation – Afren Plc – slide 77
    Total project first oil early 2010 Task Name Jun 09 Jul 09 Aug 09 Sep 09 Oct 09 Nov 09 Dec 09 Jan 10 Feb 10 Mar 10 Apr 10 May 10 Jun 10 Jul 10 Aug 10 Sep 10 Oct 10 Nov 10 Dec 10 DPR approvals FDP submission EIA Bluebook…
  78. Ebok Capital Markets Presentation – Afren Plc – slide 78
    Ebok production forecast Phase 1 plus Upside Potential 80,000 Phase 1a + 1b Phase 1b upside 70,000 Phase 2a Phase 2a Phase 2a 60,000 Phase 2a Phase 2b Phase 2c 50,000 40,000 30,000 20,000 10,000 0 1H…
  79. Ebok Capital Markets Presentation – Afren Plc – slide 79
    Phase 1a cost estimates Phase 1a capex estimate US150 US175 mm Drilling 15% Facilities 20% Other 65% Phase 1a opex estimate p.a. US75 US80 mm Majority of cost estimates determined by rates under negotiation such as…
  80. Ebok Capital Markets Presentation – Afren Plc – slide 80
    Sources and uses (2009 2010) 2009 2010 50/bbl 50/bbl Sources Cash held at start period/deficit 60 60 Okoro facility drawdown 0 0 Equity placement 122 0 Net cashflow from operations 161 310 Hedging Cash Gain / (Loss) 24 15…
  81. Ebok Capital Markets Presentation – Afren Plc – slide 81
    Conclusions Established platform - 15 assets in 6 countries - 86 mmboe 2P recoverable reserves - Resource potential500 mmboe Ebok appraisal drilling has significantly de-risked the project and identified greater upside…
  82. Ebok Capital Markets Presentation – Afren Plc – slide 82
    Appendix 7
  83. Ebok Capital Markets Presentation – Afren Plc – slide 83
    Existing debt facilities Total 2009 Total drawn 2009 Interest & Outstanding 1/1/09 Repayments Fees 31/12/09 USmm USmm USmm USmm Notes Okoro: Senior secured facility 195 85 16 110 US25 mm already repaid Q1 2009 Cte d'Ivoire:…

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