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June 2015 Corporate Presentation – Valeura Energy Inc.

Valeura Energy Inc. · Jun 9, 2015 · 53 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. June 2015 Corporate Presentation – Valeura Energy Inc. – slide 1
    A GLOBAL ENERGY COMPANY FOCUSED ON EXCEPTIONAL VALUE CREATION UNLOCKING TURKEYS TIGHT GAS POTENTIAL CORPORATE PRESENTATION JUNE 2015
  2. June 2015 Corporate Presentation – Valeura Energy Inc. – slide 2
    Corporate Profile Valeura Energy Inc. (VLE TSX) is a Canada-based oil and gas company with assets in Turkey Interests in 21 leases & licences in Turkey: 1.0 MM acres (gross); 0.42 MM acres (net) (1) Focused on development of…
  3. June 2015 Corporate Presentation – Valeura Energy Inc. – slide 3
    Capital Structure June 1, 2015 Basic shares outstanding at June 1, 2015 57,906,135 Common shares purchasable pursuant to outstanding: Financial warrants (5.50 exercise price per share) 13,269,217 Options (0.72 weighted average…
  4. June 2015 Corporate Presentation – Valeura Energy Inc. – slide 4
    Q1 2015 Financial & Operating Highlights (1) 3 MONTHS 3 MONTHS 3 MONTHS RESULTS ENDED ENDED ENDED MAR 31, 2015 Dec 31, 2014 MAR 31, 2014 Production Crude oil & NGLs (bbl/d) 10 10 7 Natural gas (Mcf/d) 7,273 7,022 7,605 boe/d 1,223…
  5. June 2015 Corporate Presentation – Valeura Energy Inc. – slide 5
    Why Turkey Prospective Proven petroleum systems TBNG-PTI Under-explored & under-exploited conventional & TBNG-PTI acquisition unconventional plays Acquisition (natural gas & light/medium oil) opportunity Opportunity to deploy…
  6. June 2015 Corporate Presentation – Valeura Energy Inc. – slide 6
    Turkey YE 2014 Reserves (Company Gross) MMboe 5% and 9% year-over-year increase in 1P 14 Possible and 2P reserves, respectively, in Turkey Probable 12 Proved Primarily natural gas reserves in Thrace 10.3 10.4 3P Basin on TBNG-PTI JV…
  7. June 2015 Corporate Presentation – Valeura Energy Inc. – slide 7
    Thrace Basin Transactions (1) Bulgaria 2010 Otto asset purchase (Edirne) (Valeura 35% WI) Black Sea E17-b4-1 E17-c1-1 E17-c2-1 Turkey 2013 Copkoy 2013 Banarli licence award licence award (Valeura 100% WI) (Valeura 100% WI)…
  8. June 2015 Corporate Presentation – Valeura Energy Inc. – slide 8
    TBNG-PTI JV Interests in 14 leases & licences in Thrace Basin (0.51 MM gross acres onshore) Well established shallow gas production and marketing business: - 65 producing wells (gross) in 15 gas fields in onshore lands - Owned…
  9. June 2015 Corporate Presentation – Valeura Energy Inc. – slide 9
    TBNG-PTI JV Shallow Gas Business 2013 shallow gas program: Spudded 1 new drill (evaluating) Completed 14 workovers (11.0 MMcf/d aggregate initial 7-day rate); 3 well re-entry fracs Acquired 232 km2 of new 3D seismic in Osmanli area…
  10. June 2015 Corporate Presentation – Valeura Energy Inc. – slide 10
    Osmanli Area Conventional Gas Drilling Banarli 5104 Merged Osmanli & Tekirdag 3D seismic Gurgen-1 area Osmanli Gurgen-2 Dogu Gurgen-3 Guney Osmanli-1 3934 Osmanli-3 Tavanli-1 Karaevli 3931 Kayi Gazi Biyikali-2 ST Tekirdag…
  11. June 2015 Corporate Presentation – Valeura Energy Inc. – slide 11
    TBNG-PTI JV Shallow Gas & Tight Gas Plays SHALLOW GAS Akcahalil-1 Inecik- Aydede-1 YAGCI-8 ND-1 TDR-2 TS-18 DTD-1 KAYI-7 BATI GAZI-1 BATI Danismen & Osmancik 2 KARAEVLI-1 SOUTHWEST NORTHEAST 5 re-entry fracs since DANISMEN…
  12. June 2015 Corporate Presentation – Valeura Energy Inc. – slide 12
    TBNG-PTI JV Tight Gas Proof-Of-Concept Program Phases 1. Recompletion fracs (750-2,000 m depth) Identify gas bearing zones in Mezardere, Teslimkoy & Kesan formations that require fracs to achieve commercial rates focusing initially on…
  13. June 2015 Corporate Presentation – Valeura Energy Inc. – slide 13
    Thrace Basin Tight Gas Learning Curve 2011 2015 YTD 3 OSMANLI THRACE BASIN Cumulative Exploration DISCOVERIES Program capex (1) 65MM (net) Horizontal Drills 6 Hz MEZ/TES/KESAN DRILL & FRACS & Fracs Vertical Drills & DEVELOP 12…
  14. June 2015 Corporate Presentation – Valeura Energy Inc. – slide 14
    Teslimkoy/Kesan Multi Frac Type Curves (Vertical Wells) (1)(2) Type Curve - Vertical Wells 1200 120 D&M Vertical Well, 2P - 0.8 Bcf, Rate vs. Time 1100 1000 D&M Vertical Well, 2P - 0.8 Bcf, Cum. Recovery vs. Time 100 900…
  15. June 2015 Corporate Presentation – Valeura Energy Inc. – slide 15
    Mezardere Multi Frac Type Curve (Horizontal Wells) (1)(2) Type Curve Comparisons - Horizontal Wells 3000 120 2500 100 CUMMULATIVE RECOVERY - % OF EUR 2000 80 PRODUCTION RATE - Mcf/d VLE HZ Type 2, Reserves - 1.0 Bcf,…
  16. June 2015 Corporate Presentation – Valeura Energy Inc. – slide 16
    Tekirdag Area Horizontal Drilling 2nd HZ well BTD-4H 1st HZ well DTD-19H Teslimkoy U. Kesan 655 m lateral 425 m lateral 10-stage frac 7-stage frac IP30 rate 3.0 MMcf/d IP30 rate 0.4 MMcf/d 5th HZ well TDR-11H Mezardere TDR-14…
  17. June 2015 Corporate Presentation – Valeura Energy Inc. – slide 17
    Tekirdag Area 2011-2015 YTD Mezardere/Teslimkoy/Kesan Frac Results & Potential Vertical Well Development (1) KAYI-14 Guney Kayi-1 Kayi Derin-1 KAYI-7 5.0 MMcf/d 1.8 MMcf/d 0.7 MMcf/d 3.4 MMcf/d KAYI-12 KAYI-14 1.6 MMcf/d 5.4…
  18. June 2015 Corporate Presentation – Valeura Energy Inc. – slide 18
    Potential Mezardere Play Fairway Base Mezardere Alacaogl u Prospective Depth Structure Mezardere Mezarder play fairway e Kitchen Hayrabolu 5104 Tekirdag Tekirdag area Mezardere exploitation 10 km program New slope fan…
  19. June 2015 Corporate Presentation – Valeura Energy Inc. – slide 19
    Potential Basin-Centered Gas Play Fairway Base Alacaogl Mezardere u Mezardere Potential Depth Temrez Mezarder kitchen area e Kitchen Structure 5104 Hayrabolu-10 Kazanci-5 Banarli Gurgen-1 Tekirda g 10 km Banarli…
  20. June 2015 Corporate Presentation – Valeura Energy Inc. – slide 20
    Recent Osmancik & Mezardere Results & Potential Extension of Play Types into Banarli Potential Pressure Seal Hayrabolu-10 Banarli 2015 3D seismic area: 152 km2 Gurgen-1 IP30: 3.3 MMcf/d (Osm) Gurgen-2 IP30: 3.3 MMcf/d…
  21. June 2015 Corporate Presentation – Valeura Energy Inc. – slide 21
    Robust Netbacks & Competitive Costs Drive Attractive Natural Gas Economics in Turkey Cost Structure USMM (gross) FUTURE Operating Netbacks /boe CURRENT POTENTIAL 80 CONVENTIONAL GAS VERTICAL WELL (1) Royalty Opex Drill & Case 1.7 1.7…
  22. June 2015 Corporate Presentation – Valeura Energy Inc. – slide 22
    Turkey Natural Gas Indicative Well Economics (1) PHYSICAL PARAMETERS PER WELL ECONOMICS PER WELL BEFORE TAX (5) PROGRAM RESERVES (2) IP30 (3) CAPEX (4) IRR PAYOUT NPV10 RECYCLE (Bcf) (MMcf/d) (USMM) (%) (MONTHS) (USMM) RATIO (6)…
  23. June 2015 Corporate Presentation – Valeura Energy Inc. – slide 23
    Turkey Net Capital Budget Outlook 2015 (1) 2015 work program and budget targeting to: Achieve 2015 net sales from the TBNG-PTI JV lands of 1,120 1,170 boe/d (mid-point level with 2014) Drill up to seven (gross) gas wells on the…
  24. June 2015 Corporate Presentation – Valeura Energy Inc. – slide 24
    Summary Owning Valeura provides exposure to a natural gas-focused, pure play in Turkey, which benefits from: 10.88/Mcf natural gas prices, 12.5% government royalty & 49.58/boe operating netbacks (Q1 2015) Large land position of 1.0 MM…
  25. June 2015 Corporate Presentation – Valeura Energy Inc. – slide 25
    Our Heritage Senior Management Board of Directors 32
  26. June 2015 Corporate Presentation – Valeura Energy Inc. – slide 26
    Past Successes of Management & Board Sold 2009 360 mm Market Cap 3x ROI (04-09) 782 mm CAGR 22% Market Cap at Trust Conversion Sold in 2008 916 mm 202 mm 35x ROI (94-03) 4x ROI (05-08) CAGR 51% CAGR 89% Sold in 2006 Sold in…
  27. June 2015 Corporate Presentation – Valeura Energy Inc. – slide 27
    Organization Structure BOARD OF DIRECTORS Abby Badwi Jim McFarland Bill Fanagan Ken McKay Claudio Ghersinich Ron Royal Tim Marchant Stephanie Stimpson, Corporate Secretary PRESIDENT & CEO ASSISTANT Jim McFarland Shari Lemon…
  28. June 2015 Corporate Presentation – Valeura Energy Inc. – slide 28
    Turkey YE 2014 Reserves (Company Gross) TOTAL OIL LIGHT & MEDIUM NATURAL GAS NPV10 BEFORE TAX NPV10 AFTER TAX CATEGORY EQUIVALENT OIL (Mbbl) (Bcf) (USMM) (USMM) (Mboe) PROVED 79 10.0 1,738 34.0 31.4 PROBABLE 48 24.1 4,066 58.6…
  29. June 2015 Corporate Presentation – Valeura Energy Inc. – slide 29
    Turkey YE 2012 Contingent Resources (Company Gross) 302% year-over-year increase in 2C contingent resources in Turkey (YE 2012 MMboe compared to YE 2011) 3C Contingent Resources 2C Contingent Resources Natural gas in six discovered…
  30. June 2015 Corporate Presentation – Valeura Energy Inc. – slide 30
    Land Position In Turkey At June 1, 2015 LEASES & VALEURA NET GROSS AREA TRANSACTION LICENCES (1) AREA (acres) () (acres) THRACE BASIN TBNG-PTI JV - Onshore (2) 14 507,853 203,141 TBNG-PTI JV - Offshore - 116,508 17,476 Banarli…
  31. June 2015 Corporate Presentation – Valeura Energy Inc. – slide 31
    TBNG-PTI JV 2011 Frac Results PEAK 24-HOUR INITIAL 7-DAY CUMULATIVE FRAC DATE NET PAY (1) POROSITY (1) ON-STREAM AVERAGE IP30 RATE PRODUCTION TO WELL (d/m/y) (m) (%) RATE ON-STREAM RATE (MMcf/d) APR 30, 2015 (MMcf/d) (MMcf/d)…
  32. June 2015 Corporate Presentation – Valeura Energy Inc. – slide 32
    TBNG-PTI JV 2012 Frac Results INITIAL 7-DAY CUMULATIVE PEAK 24-HOUR FRAC DATE NET PAY (1) POROSITY (1) AVERAGE IP30 RATE PRODUCTION TO WELL ON-STREAM RATE (d/m/y) (m) (%) ON-STREAM RATE (MMcf/d) APR 30, 2015 (MMcf/d) (MMcf/d)…
  33. June 2015 Corporate Presentation – Valeura Energy Inc. – slide 33
    TBNG-PTI JV 2012 Frac Results (Contd) INITIAL 7-DAY CUMULATIVE (1) (1) PEAK 24-HOUR FRAC DATE NET PAY POROSITY AVERAGE IP30 RATE PRODUCTION TO WELL ON-STREAM RATE (d/m/y) (m) (%) ON-STREAM RATE (MMcf/d) APR 30, 2015 (MMcf/d)…
  34. June 2015 Corporate Presentation – Valeura Energy Inc. – slide 34
    TBNG-PTI JV 2013 Frac Results INITIAL 7-DAY CUMULATIVE PEAK 24-HOUR FRAC DATE NET PAY (1) POROSITY (1) AVERAGE IP30 RATE PRODUCTION TO WELL ON-STREAM RATE (d/m/y) (m) (%) ON-STREAM RATE (MMcf/d) APR 30, 2015 (MMcf/d) (MMcf/d)…
  35. June 2015 Corporate Presentation – Valeura Energy Inc. – slide 35
    TBNG-PTI JV 2013 Frac Results (Contd) INITIAL 7-DAY CUMULATIVE PEAK 24-HOUR FRAC DATE NET PAY (1) POROSITY (1) AVERAGE IP30 RATE PRODUCTION TO WELL ON-STREAM RATE (d/m/y) (m) (%) ON-STREAM RATE (MMcf/d) APR 30, 2015 (MMcf/d)…
  36. June 2015 Corporate Presentation – Valeura Energy Inc. – slide 36
    TBNG-PTI JV 2013 Frac Results (Contd) INITIAL 7-DAY CUMULATIVE PEAK 24-HOUR FRAC DATE NET PAY (1) POROSITY (1) AVERAGE IP30 RATE PRODUCTION TO WELL ON-STREAM RATE (d/m/y) (m) (%) ON-STREAM RATE (MMcf/d) APR 30, 2015 (MMcf/d)…
  37. June 2015 Corporate Presentation – Valeura Energy Inc. – slide 37
    TBNG-PTI JV 2014 Frac Results INITIAL 7-DAY CUMULATIVE PEAK 24-HOUR FRAC DATE NET PAY (1) POROSITY (1) AVERAGE IP30 RATE PRODUCTION TO WELL ON-STREAM RATE (d/m/y) (m) (%) ON-STREAM RATE (MMcf/d) APR 30, 2015 (MMcf/d) (MMcf/d)…
  38. June 2015 Corporate Presentation – Valeura Energy Inc. – slide 38
    TBNG-PTI JV New Drill Spuds In 2012 - 2015 YTD Hayrabolu-10 Kazanci-5 Dogu Kayi Derin-1 Karya-1, Sig-1 Kuzey Gurgen- Guney Atakoy-2 Kayi-16 Koseilyas-1 Atakoy-1 1,2,3 Hayrabolu Deep Guney Exploration Kayi-1 Osmanli Guney…
  39. June 2015 Corporate Presentation – Valeura Energy Inc. – slide 39
    TBNG-PTI JV New Drill Spuds In 2012 SPUD RIG RELEASE TD STATUS WELL LICENCE WELL TYPE (d/m/y) (d/m/y) (m) JUNE 5, 2015 Baglik-1 3931 10/03/2012 06/05/2012 Unconventional 3,594 Producing Dogu Karya-1 3934 04/04/2012 23/04/2012…
  40. June 2015 Corporate Presentation – Valeura Energy Inc. – slide 40
    TBNG-PTI JV New Drill Spuds 2013 - 2015 YTD SPUD RIG RELEASE TD STATUS WELL LICENCE WELL TYPE (d/m/y) (d/m/y) (m) JUNE 5, 2015 TDR-14 3931 29/01/2013 22/02/2013 Unconventional 1,749 Producing Hayrabolu-10 2926 08/02/2013 10/04/2013…
  41. June 2015 Corporate Presentation – Valeura Energy Inc. – slide 41
    DTD-19H Horizontal Upper Kesan Reservoir Upper Kesan reservoir horizon (Baglik-1 producing zone) TD 1626 m MD Spud June 3, 2013 (34 drill 1096 m TVD -976 m SSTVD days) 1,096 m TVD; 1,626 m MD GR Mud gas 425 m horizontal leg…
  42. June 2015 Corporate Presentation – Valeura Energy Inc. – slide 42
    BTD-4H Horizontal - Teslimkoy Reservoir Teslimkoy BTD-2 producing zone Spud July 27, 2013 (36 drill days) 1,004 m TVD; 1,774 m MD 655 m horizontal leg Total 308 m of sand 10-stage frac Packers Plus assembly 5,815 bbls X-linked…
  43. June 2015 Corporate Presentation – Valeura Energy Inc. – slide 43
    BTD-5H Horizontal - Teslimkoy Reservoir Teslimkoy BTD-2 producing zone Spud Nov 19, 2013 (15 drill days) 974 m TVD; 1,519 m MD 403 m horizontal leg Total 89 m of sand 4-stage frac Packers Plus assembly (3 fracs completed) 583…
  44. June 2015 Corporate Presentation – Valeura Energy Inc. – slide 44
    BTD-2H Horizontal - Mezardere Reservoir Mezardere DTD-6 producing zone Spud February 3, 2014 (13 drill BTD-2 DTD-6 days) 635 m TVD; 1,246 m MD Lateral section: 476 m Total sand encountered: 242 m 8-stage frac Packers Plus…
  45. June 2015 Corporate Presentation – Valeura Energy Inc. – slide 45
    TDR-11H Horizontal - Mezardere Reservoir Mezardere TS-18 producing zone Spud February 20, 2014 (11 drill days) 518 m TVD; 1,291 m MD Lateral section: 678 m Total sand encountered: 394 m 10-stage frac Packers Plus assembly 4,754…
  46. June 2015 Corporate Presentation – Valeura Energy Inc. – slide 46
    TDR-5H1 Horizontal - Teslimkoy Reservoir Teslimkoy C producing zone Spud July 28, 2014 (12 drill TDR-5 TDR-5H days) 991 m TVD; 1,698 m MD Lateral section: 569 m Total sand encountered: 35 m Total silt encountered: 103 m 8-stage…
  47. June 2015 Corporate Presentation – Valeura Energy Inc. – slide 47
    Mezardere Slope Fan Model Mezardere consists of a north-easterly pro- grading slope fan complex, deposited within delta front and pro-delta setting Potential reservoirs include: Porous channel and basin floor sands Interlaminated…
  48. June 2015 Corporate Presentation – Valeura Energy Inc. – slide 48
    Thrace Basin Seismic 2013 Osmanli 3D (232 km2) Drilling on 2D seismic only prior to 2012 2011 Tekirdag/Hayrabolu 3D (413 km2) 2011 & 2013 3D seismic (645 km2) guiding TBNG- PTI JV drilling since early 2012 2013 Banarli 2D (92.5…
  49. June 2015 Corporate Presentation – Valeura Energy Inc. – slide 49
    Gaziantep Licences Alibey-1 Horizontal 152,111 gross acres (Valeura 26% WI) in Anatolian Basin N39-a1 Operated by TransAtlantic New Licences Alibey-1 Hz drilled in July 2012 as 414 m horizontal side-track in original Alibey-1…
  50. June 2015 Corporate Presentation – Valeura Energy Inc. – slide 50
    Turkey Natural Gas Infrastructure 62
  51. June 2015 Corporate Presentation – Valeura Energy Inc. – slide 51
    Turkey Oil Infrastructure 63
  52. June 2015 Corporate Presentation – Valeura Energy Inc. – slide 52
    Thrace Basin Turkey Stratigraphic Column Tertiary basin 9,000 m of tertiary age sediments Depositional environment Deltaic sands Turbidite sands Reef development on Paleozoic highs Key reservoirs Danismen - gas Osmancik gas…
  53. June 2015 Corporate Presentation – Valeura Energy Inc. – slide 53
    SE Turkey Stratigraphic Column Reservoirs Sinan/Garzan reefs (Tertiary/Upper Cretaceous) Karabogaz & Mardin (Mid Cretaceous) Bedinan (Ordovician) Source Rocks Karabogaz (Cretaceous) Dadas (Silurian) Seals Germav (Upper…

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