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HALF YEAR RESULTS 2012 – Genel Energy

Genel Energy · Aug 23, 2012 · 29 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. HALF YEAR RESULTS 2012 – Genel Energy – slide 1
    A New Force in E&P Half Year Results 2012
  2. HALF YEAR RESULTS 2012 – Genel Energy – slide 2
    Introduction Financial results Development and Operations Exploration and Appraisal Political update Strategic development Outlook 3
  3. HALF YEAR RESULTS 2012 – Genel Energy – slide 3
    2012 HALF YEAR RESULTS STEADY PROGRESS Expanded position as leading independent oil and gas producer in increasingly attractive Kurdistan Region Taq Taq and Tawke development plans on track to deliver material production capacity…
  4. HALF YEAR RESULTS 2012 – Genel Energy – slide 4
    Introduction Financial results Development and Operations Exploration and Appraisal Political update Strategic development Outlook 5
  5. HALF YEAR RESULTS 2012 – Genel Energy – slide 5
    INCOME STATEMENT m 2012 2011 Production maintained at levels that fund Kurdistan Average production (bbl/d) 39,839 41,774 capital expenditure on a cash flow neutral basis Revenue 123.1 80.7 No export cash received or revenue recognised…
  6. HALF YEAR RESULTS 2012 – Genel Energy – slide 6
    PRODUCTION & SALES REVENUE Working Interest Production (kbopd) Net Sales Revenue (m)1 250-300m 42 c.40kbopd 39 150 1H2012 142 123m 17 12 29 2009 2010 2011 1H2012 2012E 2009 2010 2011 2012E Taq Taq Tawke 1.…
  7. HALF YEAR RESULTS 2012 – Genel Energy – slide 7
    CASH FLOW m m Cash at 1 January 2012 1,912.9 Operating cash flow of 82.4m has been generated only from domestic sales with no cash received for Operating cash flow 82.4 export sales Development capex (31.5) Over half of exploration…
  8. HALF YEAR RESULTS 2012 – Genel Energy – slide 8
    CAPEX 250 200-250m Net Genel Energy Capex (USm) 200 150 Development 100 86 77 67 60 46 50 Exploration & Appraisal 0 2008 2009 2010 2011 1H2012 2012E Notes: 1. Development include all development well…
  9. HALF YEAR RESULTS 2012 – Genel Energy – slide 9
    Introduction Financial results Development and Operations Exploration and Appraisal Political update Strategic development Outlook 10
  10. HALF YEAR RESULTS 2012 – Genel Energy – slide 10
    TAQ TAQ UPDATE Production capacity upgrade on track On track to deliver 200,000 bopd in 2014 Current capacity 130,000 bopd Construction of phase 2 of the CPU to commence shortly Upgrading of facilities and infrastructure planned for…
  11. HALF YEAR RESULTS 2012 – Genel Energy – slide 11
    TAWKE UPDATE Significant reserve increases at Tawke in 2012 January: 2P increase of 78% to 509mmbbls May: further 2P increase of 44% to 734mmbbls Since acquisition increase from 286mmbbls to 734mmbbls (157%) Production capacity…
  12. HALF YEAR RESULTS 2012 – Genel Energy – slide 12
    CONSTRUCTION OF EXPORT PIPELINE INFRASTRUCTURE UNDERWAY Major pipeline (1 million bopd) to the Turkish border planned by end 2013 Phase 1: Taq Taq to Khurmala (c50% complete, operational 4Q 2012) Initial capacity 150 kbopd with…
  13. HALF YEAR RESULTS 2012 – Genel Energy – slide 13
    Introduction Financial results Development and Operations Exploration and Appraisal Political update Strategic development Outlook 14
  14. HALF YEAR RESULTS 2012 – Genel Energy – slide 14
    2012/13 EXPLORATION PROGRAMME ON SCHEDULE TURKEY Ber Bahr 40% WI Extended well testing: SYRIA results 4Q Peshkabir 25% WI Evaluation and 3D seismic ongoing Bina Bawi 44% WI IRAN Appraisal drilling Tawke Deep ongoing 25% WI…
  15. HALF YEAR RESULTS 2012 – Genel Energy – slide 15
    BER BAHR Genel Energy (operator) 40% working interest BB-1 drilled to 3,933 metres in Chia Zairi (Permian) formation Jurassic 300m heavy oil (1015 API) column encountered in 300 meters oil Jurassic with 17% matrix porosity column…
  16. HALF YEAR RESULTS 2012 – Genel Energy – slide 16
    TAWKE PESHKABIR Genel Energy 25% working interest, Operator: DNO International Peshkabir 1 drilled to 4,092m, targeting major anticline directly DST 5 Tested 27-29 along trend from Tawke API Oil Potential 400m oil column in…
  17. HALF YEAR RESULTS 2012 – Genel Energy – slide 17
    TAWKE DEEP Genel Energy 25% working interest Operator: DNO International 200mmboe gross unrisked mean prospective resources (McDaniel 2011) Exploration well will test the Jurassic and Triassic intervals within the Tawke production…
  18. HALF YEAR RESULTS 2012 – Genel Energy – slide 18
    CHIA SURKH Max Area of closure Haciar Lead : 41.8 sq. km Genel Energy (operator) 60% working interest Covers an area of 984 sq km in the southern Chia Surkh Prospect part of the Kurdistan Region 300mmboe gross unrisked mean…
  19. HALF YEAR RESULTS 2012 – Genel Energy – slide 19
    BINA BAWI SW NE Genel Energy to 44% working interest Operator: OMV Covers an area of 240 sq km adjacent to Taq Taq Estimated contingent resources 500m 1 bn boe Exploration drilling to date confirmed light oil and gas discovery…
  20. HALF YEAR RESULTS 2012 – Genel Energy – slide 20
    MIRAN Genel Energy 51% working interest (38.25% post KRG back-in) following acquisition of additional 26% 294m loan expected to repaid by transfer of Heritages remaining stake in Miran Joint operator with Heritage Oil plc Gas in…
  21. HALF YEAR RESULTS 2012 – Genel Energy – slide 21
    MIRAN GAS DEVELOPMENT Genel uniquely positioned Turkish gas market Growing very strongly International prices Miran low cost gas Phased development Domestic market Turkish border power Turkish market 22
  22. HALF YEAR RESULTS 2012 – Genel Energy – slide 22
    DRILLING PROGRAMME 2012 Well Q1 Q2 Q3 Q4 East Miran-1 Kewa Chirmila Chia Surkh-10 Exploration Tawke-Deep Taq Taq Deep Bina Bawi-4 Appraisal Bina Bawi-5 Miran West- 4 Taq Taq (TT-16,17,19,18, 20) Development…
  23. HALF YEAR RESULTS 2012 – Genel Energy – slide 23
    Introduction Financial results Development and Operations Exploration and Appraisal Political update Strategic development Outlook 24
  24. HALF YEAR RESULTS 2012 – Genel Energy – slide 24
    POLITICAL UPDATE Recent developments Turkey KRG energy and security agreement Trial pipeline exports Momentum building Production capacity rising Export infrastructure being built More IOCs entering the region Political…
  25. HALF YEAR RESULTS 2012 – Genel Energy – slide 25
    Introduction Financial results Development and Operations Exploration and Appraisal Political update Strategic development Outlook 26
  26. HALF YEAR RESULTS 2012 – Genel Energy – slide 26
    STRATEGIC DEVELOPMENT Kurdistan Strong competitive advantage Selective deepening Opportunity set decreasing Beyond Kurdistan High impact exploration Diversify political risk Focus on 3 or 4 hydrocarbon systems Screening…
  27. HALF YEAR RESULTS 2012 – Genel Energy – slide 27
    FOCUSED AFRICAN EXPLORATION PORTFOLIO TAKING SHAPE Malta: Libya Sirte Basin extension NW Africa: Jurassic Carbonate Area 4: Blocks 4,5,6 & 7 (75%) 5,700 sq km gross and Cretaceous Fan Play Morocco Tunisia Juby Maritime…
  28. HALF YEAR RESULTS 2012 – Genel Energy – slide 28
    Introduction Financial results Development and Operations Exploration and Appraisal Political update Strategic development Outlook 29
  29. HALF YEAR RESULTS 2012 – Genel Energy – slide 29
    OUTLOOK Good 1H results and strong financial position Development and appraisal programmes at Taq Taq and Tawke to continue targeting production capacity growth and resource additions Building towards 200,000 bopd gross production…

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