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Annual Meeting Management Presentation – Interoil Corporation

Interoil Corporation · Jun 9, 2015 · 43 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. Annual Meeting Management Presentation – Interoil Corporation – slide 1
    InterOil Annual Meeting Company update June 9, 2015 New York Triceratops-3
  2. Annual Meeting Management Presentation – Interoil Corporation – slide 2
    Executive summary Strong focus on LNG project Project on track concept select expected soon Elk-Antelope one of the most robust LNG projects globally At doorstep to…
  3. Annual Meeting Management Presentation – Interoil Corporation – slide 3
    Todays presenters Dr Michael Hession Jon Ozturgut Saxon Palmer Don Spector Chief Executive Officer Chief Operating Officer SVP Exploration Chief Financial Officer Executive Summary Appraisal update Exploration update of Financial…
  4. Annual Meeting Management Presentation – Interoil Corporation – slide 4
    Elk-Antelope Update Jon Ozturgut Chief Operating Officer Antelope-5 Flare Test 6
  5. Annual Meeting Management Presentation – Interoil Corporation – slide 5
    Elk-Antelope LNG: What makes it so attractive Lowest cost to build Tieback potential for expansion (/tonne) Asias largestBobcat Triceratops gas discovery in the last 20 years Elk-Antelope Raptor Antelope South 10km…
  6. Annual Meeting Management Presentation – Interoil Corporation – slide 6
    Appraising defines volume and captures value Key appraisal process drivers: Larger volumes = larger Total payment = higher NPV (IOC NPV vs. Elk-Antelope gross certified volume) Timely resource monetization NPV IOCs Net Present Value…
  7. Annual Meeting Management Presentation – Interoil Corporation – slide 7
    Elk-Antelope: Examples of depositional environment Windjana Gorge in north-western Australia is part of a 375 million-year-old Devonian barrier reef system that extends for 350km along the northern margin of the Canning Basin. This…
  8. Annual Meeting Management Presentation – Interoil Corporation – slide 8
    Antelope-4: Southern flank Good reservoir quality extends into southern flank Pre-drill top reservoir structure map Intersected top reservoir at 1,911m (6,270ft) TVDSS* with positive results 300m (984ft) gross gas column Top…
  9. Annual Meeting Management Presentation – Interoil Corporation – slide 9
    Antelope-4: How far does the dolomite extend Top reservoir 1) High quality dolomite encountered immediately on entering reservoir Upper 33m Limestone cored (good quality) 118m 2) FEWD logs suggest extended dolomite Dolomite…
  10. Annual Meeting Management Presentation – Interoil Corporation – slide 10
    Antelope-5: Western flank Antelope-5 completed Pre-drill top reservoir structure map Reached total depth of 2,307m* (7,569ft) TVDSS in 63 days Intersected top reservoir at 1,534m (5,033ft) TVDSS 680m (2,231ft) gross gas column…
  11. Annual Meeting Management Presentation – Interoil Corporation – slide 11
    Implied upside: Fault extends further west Post-drill top reservoir structure map New gravity survey supports updated Position of main bounding western fault fault possibilities uncertain due to seismic quality Interpretation of…
  12. Annual Meeting Management Presentation – Interoil Corporation – slide 12
    Implied upside: Reef extension Post-drill top reservoir structure map Antelope-5 suggests high quality reef extends west Well targeted western margin of reef Intersected best reefal build up to date N W E Thrust Fault Lagoon…
  13. Annual Meeting Management Presentation – Interoil Corporation – slide 13
    Antelope-6: Eastern flank Reef vs Lagoon Post-drill top reservoir structure map Well separately appraises eastern flank upside Core reef rock meets lagoon rock on eastern flank Expect well to encounter lagoon rock N Lagoon rock can…
  14. Annual Meeting Management Presentation – Interoil Corporation – slide 14
    Single gas pressure system, no compartmentalization Extensive data set has already been collected Results support a single gas column, field-wide communication and no compartmentalization Six wells penetrated reservoir Antelope-6…
  15. Annual Meeting Management Presentation – Interoil Corporation – slide 15
    Minimal pressure draw-down on four-rate flow test Antelope-5 115 hours of flow test data now collected Clean-up test at 70mmscf/d (April 2015) Four-rate test period completed at planned rates of: 30, 40, 50, 60 mmscf/d for 12…
  16. Annual Meeting Management Presentation – Interoil Corporation – slide 16
    Transitioning operatorship to Total SA Transition of operatorship well advanced Total SA on track to assume operatorship from early Q3 2015 Future wells in PRL15 expected to be operated by Total SA Concept select on track for…
  17. Annual Meeting Management Presentation – Interoil Corporation – slide 17
    Exploration Update Saxon Palmer Senior Vice President, Exploration 19 Raptor
  18. Annual Meeting Management Presentation – Interoil Corporation – slide 18
    Unlocking the Eastern Papuan Basin Triceratops Bobcat Elk-Antelope 1.0Tcfe 69.1% interest 1.5Tcfe 78.6% interest Potential 2-train LNG project 8 Tcfe* Raptor 5.5Tcfe Elk-Antelope Gross, un-risked contingent resource 66.2%…
  19. Annual Meeting Management Presentation – Interoil Corporation – slide 19
    Exploration success: Five consecutive discoveries 1 2 2006 Elk 2007 Antelope (Elk-4) 3 4 5 2012 Triceratops 2014 Raptor 2014 Bobcat 21
  20. Annual Meeting Management Presentation – Interoil Corporation – slide 20
    New aerial gravity surveys provide greater resolution Airborne gravity gradiometry is a step-change improvement to conventional gravity Greater resolution (20x) optimizes locations for seismic surveys Surveys can identify individual…
  21. Annual Meeting Management Presentation – Interoil Corporation – slide 21
    Advanced seismic processing increases definition InterOil has acquired 2,000km of 2D onshore seismic data in Eastern Papuan Basin Seismic used to delineate prospects for gross rock volume (size of tank) and likely reservoir properties…
  22. Annual Meeting Management Presentation – Interoil Corporation – slide 22
    Triceratops-3 (PRL39) Commitment well targeting large carbonate build-up Site prepared (35km from Elk-Antelope) Spud expected in June Attractive tie-back for LNG project Targeting 1.0 Tcfe (internal P50 estimate of gross, un-risked…
  23. Annual Meeting Management Presentation – Interoil Corporation – slide 23
    Wahoo-1 side track (PPL474) Expect to re-enter mid-2015 Wahoo-1 Tests whether successful PRL15 trends extend 170km south-east Suspended July 2014 Current results indicate: Working hydrocarbon kitchen Effective seal Orubadi…
  24. Annual Meeting Management Presentation – Interoil Corporation – slide 24
    Raptor (PPL475) Discovery Discovered November 2014 Antelope Discovery Gas and condensate flared at surface Included 200m of Kapau limestone Mule Deer Seismic shows Raptor potentially twice area Prospect White Tail of Antelope…
  25. Annual Meeting Management Presentation – Interoil Corporation – slide 25
    Antelope South (PRL15) Exploration well Prospect south of and partly below Antelope in PRL15 107km seismic acquired in 2013-14 Elk Antelope Large-scale, high-impact, low-risk exploration target supported by joint venture…
  26. Annual Meeting Management Presentation – Interoil Corporation – slide 26
    Bobcat (PPL476) Discovery Discovered December 2014 30km from Elk-Antelope Seismic mapping, logging and testing indicate well is close to gas-water contact and near transition zone Interval of 320m of Kapau limestone flow tested…
  27. Annual Meeting Management Presentation – Interoil Corporation – slide 27
    Exploration Summary PICTURE OF SEISMIC 29 Bridging on seismic line near Wahoo
  28. Annual Meeting Management Presentation – Interoil Corporation – slide 28
    Financial & Markets Update Don Spector Chief Financial Officer 30
  29. Annual Meeting Management Presentation – Interoil Corporation – slide 29
    Financial update: 628m liquidity AT DECEMBER 31, 2014 Q1 MOVEMENT MAR 31, 2015 Strong balance sheet USm 628 million liquidity at end of 1,000 Q1 2015 900 300 million credit facility remains undrawn 800 21 Negotiated reductions:…
  30. Annual Meeting Management Presentation – Interoil Corporation – slide 30
    Financial update: Certification payment expected Q1 2016 INDICATIVE PAYMENTS TO INTEROIL FROM TOTAL SA Certification process to USm 4,000 take 4-6 months on completion of appraisal 3.5bn 3,500 drilling 517 Certification payment…
  31. Annual Meeting Management Presentation – Interoil Corporation – slide 31
    Economics: Anticipated lower cost than PNG LNG Project PNG LNG Elk-Antelope Pnyang Field PNG LNG Gas Number of fields 7 1 Purari River Distance to Port Moresby 690km 340km Highlands Near Shore Onshore pipeline Elk-Antelope…
  32. Annual Meeting Management Presentation – Interoil Corporation – slide 32
    Economics: Anticipated low-cost project vs. Australasia peers Source: Sanford Bernstein estimates, IOC Initiation August 2014 Note North West Shelf excluded as it was constructed in the 1990s 34
  33. Annual Meeting Management Presentation – Interoil Corporation – slide 33
    Economics: PNG close to worlds largest LNG buyers Global LNG demand expected to outstrip supply by early 2020s Largest LNG markets are close to PNG MTPA…
  34. Annual Meeting Management Presentation – Interoil Corporation – slide 34
    Indicative two-train project cash flow and share price US PNG LNG is 2 x 3.4mtpa Development Production LNG project that generates 4bn* in cash each year for 20 years Based on this, a two- train LNG Elk-Antelope project could…
  35. Annual Meeting Management Presentation – Interoil Corporation – slide 35
    Summary Strong focus on LNG project Concept select expected mid-year Total SA to assume operatorship in early Q3 2015 Appraisal program to complete by year end Certification payment expected Q1 2016 Building Shareholder Positive…
  36. Annual Meeting Management Presentation – Interoil Corporation – slide 36
    Appendix 38
  37. Annual Meeting Management Presentation – Interoil Corporation – slide 37
    Appendix: Profile InterOil Corporation (NYSE:IOC) Leading Asian E&P company with Papua New Guinea, LNG for Asia LNG focus ExxonMobil-operated PNG LNG Focus on Papua New Guinea delivered first LNG cargo in 2014 Elk-Antelope one of…
  38. Annual Meeting Management Presentation – Interoil Corporation – slide 38
    Appendix: Leadership team CEO COO CFO GENERAL COUNSEL MICHAEL HESSION JON OZTURGUT DON SPECTOR GEOFF APPLEGATE 30 yrs experience 30 yrs experience 30 yrs experience 40 yrs experience Mega-projects, emerging provinces M&A,…
  39. Annual Meeting Management Presentation – Interoil Corporation – slide 39
    Appendix: Total SA A global leader in LNG PRL15 Ownership Totals Global LNG Projects Source: Total SA 43
  40. Annual Meeting Management Presentation – Interoil Corporation – slide 40
    Appendix: Anticipated break-even price (/mmbtu) Elk-Antelope robust even at low LNG spot price LNG projects tend to be based on long-term contracts (and in the current low oil price environment, generally command higher prices…
  41. Annual Meeting Management Presentation – Interoil Corporation – slide 41
    Appendix: China Fastest growing gas market globally Increasing Growing uncontracted LNG Demand LNG imports Rising Middle Class LNG Demand (2000 - 2030) Contracted LNG Import Outlook By 2030, 70% of Chinas projected population…
  42. Annual Meeting Management Presentation – Interoil Corporation – slide 42
    Appendix: Japan Worlds largest LNG market Nuclear generation remains Excess regas capacity 2x of imports unclear post-Fukushima Additional Hokkaido 1,293 mmcfd R Japan court blocked starting of capacity 2 nuclear reactors in…
  43. Annual Meeting Management Presentation – Interoil Corporation – slide 43
    Appendix: PNG LNG project Project Owners 0.2% 4.7% 2.8% ExxonMobil Oil Search 13.5% 33.2% NPCP Santos 16.6% JX Nippon MRDC 29.0% Petromin Major Customers (6.9 mtpa) 4.3% 17.8% 29.7% Sinopec TEPCO 30-Year 2 Trains…

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