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SEPTEMBER 2011 INVESTOR PRESENTATION – Genel Energy

Genel Energy · Sep 12, 2011 · 32 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. SEPTEMBER 2011 INVESTOR PRESENTATION – Genel Energy – slide 1
    Creation of a Regional Champion September 2011 CONFIDENTIAL Analyst Presentation WORKING DRAFT 1
  2. SEPTEMBER 2011 INVESTOR PRESENTATION – Genel Energy – slide 2
    AGENDA 1. Transaction Summary 2. Board & Management 3. Kurdistan Region of Iraq 4. Resources 5. Production & Development 6. Exploration & Appraisal 7. Finance 8. Conclusion 3
  3. SEPTEMBER 2011 INVESTOR PRESENTATION – Genel Energy – slide 3
    TRANSACTION SUMMARY 50:50 merger of equals Vallares all share consideration of 2.1bn1 at 10/share for Genel equity Existing Genel shareholders to be limited to 29.9% voting shares, lock up for minimum 12 months Approval received…
  4. SEPTEMBER 2011 INVESTOR PRESENTATION – Genel Energy – slide 4
    ACQUISITION OF A WORLD-CLASS RESOURCE BASE AND STRONG OPERATING CAPABILITY 1.4bnboe of total resource potential BALANCED WORLD-CLASS Net production of 41kbopd in H1 2011 growing to 90kbopd by 2013 PORTFOLIO 750mmboe of significant…
  5. SEPTEMBER 2011 INVESTOR PRESENTATION – Genel Energy – slide 5
    GENEL ENERGY PLC PROPOSED BOARD OF DIRECTORS Rodney Chase Non-Executive Chairman Chairman Nat Rothschild Gulsun Nazli Murat Yazici Non-Independent Non- Non-Executive Karamehmet Williams Non-Executive Director Non-Executive…
  6. SEPTEMBER 2011 INVESTOR PRESENTATION – Genel Energy – slide 6
    AN EXPERIENCED TEAM Name Career Background Relevant Experience Tony Hayward Senior independent director of Glencore International 30 years experience in oil & gas CEO Partner of AEA Investors Formerly Group Chief Executive of BP from…
  7. SEPTEMBER 2011 INVESTOR PRESENTATION – Genel Energy – slide 7
    KURDISTAN REGION OF IRAQ POLITICAL OVERVIEW The Kurdistan Region of Iraq is a stable part of Iraq The elected Kurdistan Regional Government (KRG) Three major political parties: PUK, KDP and Goran A joint PUK-KDP list won elections…
  8. SEPTEMBER 2011 INVESTOR PRESENTATION – Genel Energy – slide 8
    IMPROVING POLITICAL ENVIRONMENT ATTRACTING INCREASING FOREIGN INVESTMENT 2005-2009 2010 2011 October 2005 March 2010 February 2011 Iraq constitution adopted by Iraq holds its second democratic KRG and Baghdad understood to have…
  9. SEPTEMBER 2011 INVESTOR PRESENTATION – Genel Energy – slide 9
    KURDISTAN REGION OF IRAQ ONE OF THE LAST GREAT FRONTIERS TURKEY to Mediterranean Port Tawke KURDISTAN Underexplored REGION OF IRAQ SYRIA Erbil US Geological Society YTF (2010) estimate Mosul Taq Taq Kirkuk 40bnboe oil and 60Tcf…
  10. SEPTEMBER 2011 INVESTOR PRESENTATION – Genel Energy – slide 10
    GENELS LICENCE POSITION Turkey Ber Bahr Taurus %40WI Mountains Syria Prolific hydrocarbon province Sarsang Foothills to Zagros foldbelt Peshkabir Sheikh Adi Atrush %25WI Shaikan Tawke Akri Bijeel %25WI Rovi Clear…
  11. SEPTEMBER 2011 INVESTOR PRESENTATION – Genel Energy – slide 11
    GENEL RESOURCE HOPPER Exploration Assets Unrisked mean resources Dohuk 777mmboe1 Ber Bahr Miran Peshkabir Contingent Resources 47mmboe Development Assets Taq Taq Deep Miran Tawke Deep Chia Surkh Kewa Chirmila Possible…
  12. SEPTEMBER 2011 INVESTOR PRESENTATION – Genel Energy – slide 12
    TWO WORLD SCALE PRODUCING FIELDS Taq Taq and Tawke 2P and Possible Reserves1 Turkey 1,600 Gross 2P Syria Gross Possible 631 1,200 655 655 mmboe 800 TAWKE 290 Genel WI: 25% IRAN 400 313 932 Other Partners 674 660 DNO…
  13. SEPTEMBER 2011 INVESTOR PRESENTATION – Genel Energy – slide 13
    TAQ TAQ A POTENTIAL BILLION BARREL FIELD Structure Map Operator: TTOPCO (Genel Energy 55% / Addax 45%) API gravity: 48 API Full 3D seismic coverage 2H 2011E gross production: 75kbopd 8 existing producing wells Drilling 5 to 7…
  14. SEPTEMBER 2011 INVESTOR PRESENTATION – Genel Energy – slide 14
    TAQ TAQ DEVELOPMENT PLAN Taq Taq Production Profile Process debottlenecking 250 Gross Increase production to 110kbopd by 1H 2012 200 Net 200 150 150 kbopd 110 2012-2013E: growth to 150kbopd 100 75 88 64 66 48…
  15. SEPTEMBER 2011 INVESTOR PRESENTATION – Genel Energy – slide 15
    TAWKE AN EMERGING GIANT Map Operator: DNO API gravity: 23 27 API Full 3D seismic coverage Tawke pipeline tie-in to Iraqs export pipeline system at Fishkhabur (current capacity of 100kbopd) Current production capacity: 70kbopd 8…
  16. SEPTEMBER 2011 INVESTOR PRESENTATION – Genel Energy – slide 16
    ROUTES AVAILABLE TO MARKET Established oil export route to Ceyhan, Turkey Existing pipeline capacity of 1.6mmbopd Approximately 1mmbopd spare capacity 100kbopd tie-in from Tawke Proposed 400+kbopd KICE 255km tie-in pipeline from…
  17. SEPTEMBER 2011 INVESTOR PRESENTATION – Genel Energy – slide 17
    NET PRODUCTION PROFILE (WORKING INTEREST) 300 250 200 Net production (kboepd) 150 125 100 90 70 50 50 41 17 12 0 2009A 2010A H1 2011A H2 2011E 2012E 2013E 2014E 2015E 2016E 2017E Taq Taq Tawke…
  18. SEPTEMBER 2011 INVESTOR PRESENTATION – Genel Energy – slide 18
    KURDISTAN REGION OF IRAQ BALANCED FISCAL TERMS Illustrative Revenue Per Barrel Breakdown1 Duration: typically 25-30 years KRG carried interest between 20-25% Royalty: 10% of gross revenues Contractor take 8% Cost oil: up to 40-45%…
  19. SEPTEMBER 2011 INVESTOR PRESENTATION – Genel Energy – slide 19
    EXPLORATION - SIGNIFICANT HIGH-IMPACT EXPLORATION PORTFOLIO 70% exploration success rate in Kurdistan Turkey Two prospects 500mmboe gross mean unrisked resources Ber Bahr Syria 750mmboe total estimated net unrisked mean resources…
  20. SEPTEMBER 2011 INVESTOR PRESENTATION – Genel Energy – slide 20
    BER BAHR - GEOLOGY Map and Seismic Lines Barsarin Structure 500mmboe gross unrisked mean resources Legend Ber Bahr-1 exploration well spudded 10-Oct-2011 with TAWKE Field results expected in Q2 2012 SINDI-AMEDI Discovery Tawke Deep…
  21. SEPTEMBER 2011 INVESTOR PRESENTATION – Genel Energy – slide 21
    DOHUK - GEOLOGY Map and Seismic Lines Summail Structure 660mmboe gross unrisked mean resources Summail-1 high impact exploration well spudded April 2011 with results expected by year end Primary target: Cretaceous, secondary:…
  22. SEPTEMBER 2011 INVESTOR PRESENTATION – Genel Energy – slide 22
    UNLOCKING SIGNIFICANT VALUE OVER THE NEXT 12 MONTHS Field/ 2011 2012 2013 Activity Well Prospect Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Comments Taq Taq Development Taq Taq 14 Completed on 28-Aug-2011 Spudded on 4-Sep-2011, expected completion…
  23. SEPTEMBER 2011 INVESTOR PRESENTATION – Genel Energy – slide 23
    RESOURCE PROGRESSION FROM EXPLORATION PROGRAMME 2011-2013 Risked Mean Resources (mmboe) Total: 307 mmboe Tawke Deep: Chia Surkh: + 19 mmboe + 19 mmboe Taq Taq Deep: + 44 mmboe Peshkabir: + 32 mmboe Ber Bahr: + 89…
  24. SEPTEMBER 2011 INVESTOR PRESENTATION – Genel Energy – slide 24
    FINANCIAL FRAMEWORK Fixed exploration budget Development and appraisal budget will be managed against available cashflow proceeds from producing assets The business will be managed to be cashflow neutral under all scenarios…
  25. SEPTEMBER 2011 INVESTOR PRESENTATION – Genel Energy – slide 25
    UPSIDE POTENTIAL Expected production growth through 2014 (CAGR 36%) from existing producing 1 fields 2 Low risk high impact exploration portfolio 3 Cashflow sufficient to fund development and ongoing E&A programme Early…
  26. SEPTEMBER 2011 INVESTOR PRESENTATION – Genel Energy – slide 26
    GENEL ENERGY - A LEADING UK-LISTED E&P COMPANY Net Working Interest 2P Reserves (mmboe) Current Net Working Interest Production (kboepd) 400 80 75 356 350 70 305 300 60 261 250 50 41 37 200 40 150 133 30 25 96 21 100 80…
  27. SEPTEMBER 2011 INVESTOR PRESENTATION – Genel Energy – slide 27
    CONCLUDING REMARKS High quality resource base with a balanced portfolio of production, development 1 and high impact exploration 2 Short, medium and long term growth at scale 3 Outstanding operating team and track record…
  28. SEPTEMBER 2011 INVESTOR PRESENTATION – Genel Energy – slide 28
    Creation of a Regional Champion November 2011 29
  29. SEPTEMBER 2011 INVESTOR PRESENTATION – Genel Energy – slide 29
    APPENDIX PSC TERMS Taq Taq Tawke Miran Dohuk Ber Bahr Chia Surkh Genel WI for costs 55% 25% 18.75%1 40% 60% 25% Genel WI for revenues 44% 25% 18.75%1 40% 40% 20% KRG carried interest 20% 20% 25%1 20% 20% 20% State royalty2 10%…
  30. SEPTEMBER 2011 INVESTOR PRESENTATION – Genel Energy – slide 30
    APPENDIX RESERVE AND RESOURCE OVERVIEW McDaniel & Associates reserve estimates Reserves have consistently increased year-on-year as additional field data is obtained to improve model assumptions Increases typically attributed to…
  31. SEPTEMBER 2011 INVESTOR PRESENTATION – Genel Energy – slide 31
    APPENDIX TAQ TAQ MCDANIEL & ASSOCIATES CPR CASES Company Share of Net Present Values at June 30, 2011 Discounted at USm 0.0% 5.0% 10.0% 12.5% 15.0% 20.0% Proved Reserves 1,634 1,261 1,026 940 868 754 Probable Reserves 1,746 1,175 838…
  32. SEPTEMBER 2011 INVESTOR PRESENTATION – Genel Energy – slide 32
    APPENDIX TAWKE MCDANIEL & ASSOCIATES CPR CASES Company Share of Net Present Values at June 30, 2011 Discounted at USm 0.0% 5.0% 10.0% 12.5% 15.0% 20.0% Proved Reserves 377 327 290 275 262 239 Probable Reserves 379 265 198 174 155…

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