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2011 FULL YEAR RESULTS DELIVERING STRONG GROWTH – Enquest

Enquest · Mar 27, 2012 · 40 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. 2011 FULL YEAR RESULTS DELIVERING STRONG GROWTH – Enquest – slide 1
    2011 Full Year Results Delivering Strong Growth
  2. 2011 FULL YEAR RESULTS DELIVERING STRONG GROWTH – Enquest – slide 2
    Agenda Overview & Strategy CEO, Amjad Bseisu Financials CFO, Jonathan Swinney Operations COO, Nigel Hares Summary CEO, Amjad Bseisu
  3. 2011 FULL YEAR RESULTS DELIVERING STRONG GROWTH – Enquest – slide 3
    EnQuests Strategy Turning opportunities into value Focused on Oil Targeting maturing assets and undeveloped oil fields The Right Fit for the Control through operatorship and high working interests Right Time in the Low…
  4. 2011 FULL YEAR RESULTS DELIVERING STRONG GROWTH – Enquest – slide 4
    EnQuests Strategy Focused on development and production Realising the untapped potential in maturing assets and in underdeveloped oil fields Maximising production and exploiting upside potential Focus on Hubs Infill drilling Alma…
  5. 2011 FULL YEAR RESULTS DELIVERING STRONG GROWTH – Enquest – slide 5
    Strong Cash Flow, Strong Reserves Growth Full year to 31 December 2011, US dollars 12.5% increase in production, all three hubs showing good growth Overall nine well drilling programme including four production wells, 361m of capital…
  6. 2011 FULL YEAR RESULTS DELIVERING STRONG GROWTH – Enquest – slide 6
    2011 Operational Results Strong production growth, up 12.5% overall Net production (Boepd) 23,698 21,074 Up 9.5% 12,770 11,660 Up Up 20.0% 12.4% 5,492 4,836 5,436 4,578 Thistle/Deveron The Dons Heather/Broom Total…
  7. 2011 FULL YEAR RESULTS DELIVERING STRONG GROWTH – Enquest – slide 7
    EnQuests North Sea Assets As at end of 2011, plus acquisitions announced in Q1 2012 6
  8. 2011 FULL YEAR RESULTS DELIVERING STRONG GROWTH – Enquest – slide 8
    Consolidating IPO Positions & Building New Ones Including an additional 18.5% of West Don Crawford/Porter Acquired further 32% for carry up to 55.8m Development decision in 2010 From 19% to 51% Broom Acquired further 8% for 7.5m…
  9. 2011 FULL YEAR RESULTS DELIVERING STRONG GROWTH – Enquest – slide 9
    Track Record of Sustainable Delivery and Growth Reserve replacement ratio of 419%, reserve life of 13.4 years MMboe Full year 2011 Full year 2010 115.2 35.1 15.4 88.5 80.5 (8.4) (7.4) Net 2P reserves Production 2010…
  10. 2011 FULL YEAR RESULTS DELIVERING STRONG GROWTH – Enquest – slide 10
    Alma and Galia EnQuests fourth hub, 29MMboe converted to 2P Proven fields, Alma abandoned at low water cut of 70% Includes Galia field Prudent base case with upside The right facilities for the fields Dedicated completions for…
  11. 2011 FULL YEAR RESULTS DELIVERING STRONG GROWTH – Enquest – slide 11
    2012 Acquisition of 45% of Kraken Discovery Sustainable reserves and production growth, asset diversification In Q1 2012, EnQuest acquired 20% from Canamens EnQuest then acquired a further 25% from P1573 Nautical EnQuest also…
  12. 2011 FULL YEAR RESULTS DELIVERING STRONG GROWTH – Enquest – slide 12
    Expecting To Deliver Over 20% CAGR* Between 2009 and 2014 Average net production (Boepd) Guidance range Over 40,000 30,000 24,000 25,000 23,698 21,074 20,000 13,613 10,150 2008 2009 2010 2011 2012 2013 2014 *…
  13. 2011 FULL YEAR RESULTS DELIVERING STRONG GROWTH – Enquest – slide 13
    EnQuest PLC Financial Highlights Jonathan Swinney Chief Financial Officer 12 12
  14. 2011 FULL YEAR RESULTS DELIVERING STRONG GROWTH – Enquest – slide 14
    Results Summary Full year to 31 December Unless otherwise stated all figures are before exceptional items and depletion of fair value uplift and are in US dollars Unless otherwise stated, all figures are before exceptional items and…
  15. 2011 FULL YEAR RESULTS DELIVERING STRONG GROWTH – Enquest – slide 15
    Reported Income Statement Full year to 31 December 2011 2010 US dollars Exceptional items and Reported Reported Business performance depletion of fair value uplift ms ms ms ms Revenue 936.0 - 936.0 583.5 Cost of sales (491.8)…
  16. 2011 FULL YEAR RESULTS DELIVERING STRONG GROWTH – Enquest – slide 16
    Balance Sheet As at 31 December 2011 2010 US dollars Restated1 ms ms ASSETS Non-current assets Property, plant and equipment 1,273.6 1,134.2 Goodwill 107.8 107.8 Intangible assets 24.3 9.6 Asset held for sale 1.3 9.8 Investments…
  17. 2011 FULL YEAR RESULTS DELIVERING STRONG GROWTH – Enquest – slide 17
    Capital Expenditure* 361m Full year to 31 December 2011 USm 94 82 78 64 32 10 Thistle/Deveron Dons/Conrie Heather/Broom Alma/Galia E&A Other * Includes accrued expenditure 16
  18. 2011 FULL YEAR RESULTS DELIVERING STRONG GROWTH – Enquest – slide 18
    Cash Flow Full year to 31 December 2011 USm 656 (278) (11) 379 (29) 41 Cash & equivalents at Cash flow from Tax paid Capex Financing & other Cash & equivalents at 1 January 2011 operations 31 December 2011 17
  19. 2011 FULL YEAR RESULTS DELIVERING STRONG GROWTH – Enquest – slide 19
    New 900M Revolving Credit Facility Accordion structure 525m committed Further 375m available with lenders consent Up to five years Multi-currency 18
  20. 2011 FULL YEAR RESULTS DELIVERING STRONG GROWTH – Enquest – slide 20
    Finance Outlook Full Year 2012 Capex expectations of around 1,000m Total production and transportation costs to be broadly similar to 2011 Depletion, dependent upon production mix, but anticipated to be similar to 2011, on a per…
  21. 2011 FULL YEAR RESULTS DELIVERING STRONG GROWTH – Enquest – slide 21
    EnQuest PLC Review of Operations Nigel Hares Chief Operating Officer
  22. 2011 FULL YEAR RESULTS DELIVERING STRONG GROWTH – Enquest – slide 22
    Oil And Gas Reserves And Resources Net 2P reserves up 30.2%, contingent resources up 11.1% Proven and Probable Reserves (Net 2P) MMboe At 1 January 2011 88.51 Production during 2011 (8.36) Revisions to estimates 4.55 Discoveries,…
  23. 2011 FULL YEAR RESULTS DELIVERING STRONG GROWTH – Enquest – slide 23
    2011 Operational Results Strong production growth, up 12.5% overall Net production (Boepd) 23,698 21,074 Up 9.5% 12,770 11,660 Up Up 20.0% 12.4% 5,492 4,836 5,436 4,578 Thistle/Deveron The Dons Heather/Broom Total…
  24. 2011 FULL YEAR RESULTS DELIVERING STRONG GROWTH – Enquest – slide 24
    Thistle / Deveron Area6 I1 2011 A46 Production up 12.4% on 2010 Area6 P1 NWFB P2 A56/13 completed A56 Well A57/58 completed A56 w/o NFB I1 30 MW power upgrade project sanctioned Highest production rate for 10 years A58 WFB…
  25. 2011 FULL YEAR RESULTS DELIVERING STRONG GROWTH – Enquest – slide 25
    Dons/Conrie 2011 Production up 9.5% over 2010 Successful exploration well 211/18a-S7, now the Conrie field - on production W1 Increased equity of 44.95% in West Don in late S6 2010 S9 W3Z S8Z producer and the S9 injector…
  26. 2011 FULL YEAR RESULTS DELIVERING STRONG GROWTH – Enquest – slide 26
    Heather/Broom 2011 Production up 20.0% over 2010 Else injector Additional 2016 Opportunities Benefit from the 2010 new Broom to Erica 2017 onwards Heather pipeline injector 2015 Successful re-start of Broom BR4 Else Rosea…
  27. 2011 FULL YEAR RESULTS DELIVERING STRONG GROWTH – Enquest – slide 27
    Alma and Galia EnQuests fourth hub, 29MMboe converted to 2P Proven fields, Alma abandoned at low water cut of 70% Includes Galia field Prudent base case with upside The right facilities for the fields Dedicated completions for…
  28. 2011 FULL YEAR RESULTS DELIVERING STRONG GROWTH – Enquest – slide 28
    Alma and Galia Combined profiles & reserves Alma and Galia - Sales 25000 35.0 Combined Development Alma 20.8 30.0 20000 Galia 8.6 Total MMboe 29.3 25.0 Cumulative Sales (MMstb) 15000 Sales (stb/d) Galia 20.0 Alma…
  29. 2011 FULL YEAR RESULTS DELIVERING STRONG GROWTH – Enquest – slide 29
    The Alma and Galia Development First oil Q4 2013 Purchase option exercised for the FPSO, now the EnQuest Producer Currently at the yard in Hamburg, initial destruction work is underway The rig was mobilised and drilling began in…
  30. 2011 FULL YEAR RESULTS DELIVERING STRONG GROWTH – Enquest – slide 30
    2012 Acquisition of 45% of Kraken Discovery Kraken is a heavy oil accumulation in the UK North Sea East Shetland basin Krakens operator, Nautical Petroleum, estimated gross contingent resources of 160 P1573 MMboe for blocks 9/2b…
  31. 2011 FULL YEAR RESULTS DELIVERING STRONG GROWTH – Enquest – slide 31
    2012 Outline Programme Three drilling strings (one platform rig, two mobile rigs) Q1 Q2 Q3 Q4 Thistle Drilling (2 wells, 3 workovers) Heather Rig reactivation Drilling/workovers Dons Drilling (4 wells) Alma & Galia Drilling…
  32. 2011 FULL YEAR RESULTS DELIVERING STRONG GROWTH – Enquest – slide 32
    EnQuest PLC Summary Amjad Bseisu, CEO 31
  33. 2011 FULL YEAR RESULTS DELIVERING STRONG GROWTH – Enquest – slide 33
    2011 Summary Strong performance in 2011, building blocks in place for future growth Finance Revenue up 52.3% to 936.0m Cash flow from operations up 145.2% to 656.3m Net cash of 378.9m New 900m credit facility Operations Nine…
  34. 2011 FULL YEAR RESULTS DELIVERING STRONG GROWTH – Enquest – slide 34
    A Substantial Exploitation Company In 2012 And Beyond.. Skills Focus on Hubs Scale Alma and Galia Near Field Appraisal and Exploration Conrie and Crathes Business Development Kildrummy and Kraken Strength 33
  35. 2011 FULL YEAR RESULTS DELIVERING STRONG GROWTH – Enquest – slide 35
    EnQuest Q&A
  36. 2011 FULL YEAR RESULTS DELIVERING STRONG GROWTH – Enquest – slide 36
    Largest UK Independent Producer in the UK North Sea Government data for UK north sea independent producers Total Production for the year ending November 2011 1,200,000 1,100,000 Total Production in Mass units (tonnes)…
  37. 2011 FULL YEAR RESULTS DELIVERING STRONG GROWTH – Enquest – slide 37
    Thistle, Conrie and The Dons Infrastructure 36
  38. 2011 FULL YEAR RESULTS DELIVERING STRONG GROWTH – Enquest – slide 38
    Heather / Broom Infrastructure 37
  39. 2011 FULL YEAR RESULTS DELIVERING STRONG GROWTH – Enquest – slide 39
    Project Schedule 38
  40. 2011 FULL YEAR RESULTS DELIVERING STRONG GROWTH – Enquest – slide 40
    Definition of Pro-forma in these Materials Pro-forma data reflects the trading results for the combination of legal entities which include all of the production assets from the start of the 2010 calendar year as though the combination…

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