Agenda PORTFOLIO OPTIMIZATION INCREASING CONTROL ON PRODUCTION RISK MANAGEMENT REVIEW OF FINANCIAL RESULTS CANDAX STRATEGY 2
PORTFOLIO OPTIMIZATION 4
El Bibane Gas Cycling Pilot EBB-5 EBB-3RE EBB-4H The remaining oil has moved upwards, above the depth of both horizontal drains. EBB5 is Lean gas reinjected in best located to recover the remaining oil EBB4H reserves, after…
CANDAX derisking on Probable reserves (2P) through El Bibane Gross Reserves Net Reserves (Company working interests ) after Royalties 8 000 7 000 El Bibane revised 6 000 development plan / 5 000 Risk mitigation kbbls 4 000…
CANDAX focused on Proved reserves (1P) Total 1P Gross 2 494 kbbls, the highest level in past 4 years. Gross Reserves Net Reserves (Company working interests ) after Royalties 3 000 Working interests 2 500 consolidation (PA 2…
CANDAX portfolio optimization Company value shifted from EBB to EZZ between 2011 and 2013 due to: de-emphasis on the higher risk drilling prospects of El Bibane focus on the lower risk development and near term production…
INCREASING CONTROL ON PRODUCTION
Our aim is to increase 1P to secure higher level of production. Candax Net Reserves (kbbls) 100% 80% 1 768 1 312 2 024 60% 2 279 40% 1 728 1 238 20% 1 214 673 0% 2 010 2 011 2 012 2 013 2014F Proved Probable Candax…
Increase Control of Candax production operation (2010-2014) Candax/Ecumed daily Oil Net Production before royalties (bopd) 700 600 500 Forecast decline on 400 producing wells EZZ 300 EBB ROB 200 100 0 2,010 2,011 2,012…
Ezzaouia Gross Production (by well) Jet pumped well productions not 2013 EZZAOUIA representative of true Workover reservoir decline Campaign Candax/Ecumed monthy Oil Production (bbls) 30 000 25 000 20 000 15 000 10 000 5…
RISK MANAGEMENT
RISK MANAGEMENT Candax is specializing in the reactivation of mature oilfield assets. This implies to manage risks to in order to be able to self finance its development plan. Our Risk Management policy is based on the following…
RISK MANAGEMENT Stay Focused Strong commitment to develop our Bring reserves to production Tunisian assets with operatorship and stakeholder engagement. Build redundancy Avoid completion failure Divestment from capital…
RISK MANAGEMENT Stay Focused Bring reserves to production Focused on development of Proved Build redundancy reserves (1P) Avoid completion failure De-risking on Probable reserves (2P) through El Bibane gas cycling project.…
RISK MANAGEMENT Stay Focused Bring reserves to production A lease contract including a purchase option was signed in May 2013 to Build redundancy commission a second gas compressor on the EBB CPF. Avoid completion failure…
RISK MANAGEMENT Stay Focused Jet pumped well productions was not Bring reserves to production adapted to EZZ Jurassic production due to heavy scaling from formation water Build redundancy and tubing integrity failures induced…
RISK MANAGEMENT Stay Focused Bring reserves to production Reduction of Corporate Burden, objective is to maintain corporate costs Build redundancy below 10/bbls Avoid completion failure Rescheduling the debt whenever…
REVIEW OF FINANCIAL RESULTS 21
REVIEW OF FINANCIAL RESULTS AS OF DECEMBER 31, 2013 Revenue for the year was 16.5 million compared to 8.7 million in 2012. The increase in revenue reflects a revenue recognition policy whereby revenues are only recognized when…
REVIEW OF FINANCIAL RESULTS AS OF MARCH 31, 2014 Production, net of royalties, increased in Q1 2014 to 491 bopd from 437 bopd in average for 2013 and 446 bopd for the last quarter of 2013 as a result of production improvements on…
Finance update (end of May) Cash in Bank at end of May close to 2,0 million with 8.1 million to be cashed in end of June 2014. Production: Based on last KPI (Week 22) including Actual Figures and Updated FCST, Candax is below its…
CANDAX STRATEGY
Focus on Tunisia The Company is focusing in the development of its lower risk assets in Tunisia to get a continuous increase in production. The Company aims to diversify its risks over its three producing assets focusing on the…
Candax Strategy The tentative development plan of the Company includes three additional wells from 2014 to 2015 of which only one is currently financed. The production levels for 2013 and 2014 have resulted in stable cash flow which…
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