Operations Update Bentley Field 2012 AGM Steve Kew 24 May 2012
Xcite Energy Limited overview Published NPV (10) mm (2P/2C)- Core Area only 1,600 9/3b-6&6Z well 9/3b-7&7Z well 2C 2P 9/3b-5 well 1,400 1,200 NPV(10) Million US 1,000 800 NPV (10) Money Raised 600…
Progress along Plan 2007 raised 50m to drill 9/3b-5 well 2007/8 drilled 9/3b-5 well and brought oil to surface 2009/10 raised 60m to drill the 9/3b-6 & 6Z wells 2010 drilled 9/3b-6 & 6Z, flowed 2900 bopd to confirm commerciality.…
Xcite Energy position over time vs North Sea Portfolio of Independents (at current working interest in red) Xcite Energy Phase 1A Xcite Energy Phase 1B Xcite Energy Phase 2 Xcite Energy - RAR Feb 2012 Individual average of first…
XEL AGM Presentation Outline May 2012 1. Heavy Oil in The North Sea Challenges and Opportunities 2. Xcites Bentley Field a) Description b) Development drivers c) Phase 1A work programme d) Phase 1B work programme 6
Heavy Oil Not so Challenging XEL AGM May 2012 Heavy Oil Not so Challenging Field Life Discovery Development Extension Opportunities: Challenges: Value Add: Large Proven High viscosity Large remaining Resources Mobility ratios…
Xcite Energy Heavy Oil Focus XEL AGM May 2012 1. Relatively easy access to significant resources a) Technical expertise an enabler 2. Play the long-game to meet development challenges and extend into EOR 3. Strategy to become…
XEL AGM Prospects for Heavy Oil in the North Sea May 2012 Key Drivers to initiate Heavy Oil Development Technology for completions Sustained oil prices 70/bbl Critical mass and volume Adequate recoverable volumes in aggregate…
XEL AGM North Sea Heavy Oil Setting May 2012 Heavy oil in the North Sea is attracting increased interest: 9 billion barrels of estimated heavy oil resources-in- place(1) Higher oil prices plus new technologies UK government…
XEL AGM Bentley Area Fields May 2012 1 24 E 1 36 E Source: IHS BRESSAY Disc. - 1976 with well 3/28-1 Operator - Statoil BENTLEY Disc. - 1977 with well 9/3-1 Operator - XER 60 N 009/03e Bentley Area 6Z 4Z 4 100 km…
XEL AGM Xcite, Bentley Field, Timeframe May 2012 2003 Xcite formed; 21st Round Promote License awarded to Xcite (100%) for 9/3b 2005 Block converted to Traditional License 2008 Xcite flow oil from 9/3b-5 appraisal well 2010 -…
XEL AGM Bentley Field & Prospect Outlines with Schematic Depositional Model May 2012 3/27-1 3/28a Bressay Bressay Bentley 9/3b 9/3e Field Field XER 3/27-1 9/3-1 9/2a 9/3a 9/2-1 3/28a-4 9/3-2A, 4 9/3b-5,6,6Z 9/3-3 9/2b 9/3c…
XEL AGM Top Dornoch Reservoir Structure with Example 3D Seismic May 2012 West 9/3b-5 Contours at 20 ft East from 3730 TVDSS 1 km Top Dornoch Base Dornoch 9/3-1 9/3-3 9/3b- 6,6Z 9/3b-5 This data is proprietary to…
XEL AGM Bentley Field & Reservoir Characteristics May 2012 Four-way dip closed (15 km x 6 km) High net to gross 88% High porosity 32% Oil saturation 91% High Permeability Avg 10 D Oil-leg up to 115 Underlying water-leg up to…
XEL AGM 2010, 9/3b-6 & 9/3b-6Z - Overcoming Preconceptions May 2012 Industry perception of heavy-oil: Heavy-oil challenging and unpredictable Difficult to achieve commercial flowrates Difficult to drill, complete & flow…
XEL AGM 9/3b-6Z Horizontal Wellbore Geosteering using AziTrak May 2012 Zone 1 Top reservoir Zone 2 Top reservoir 18 ft high to High to Zone 3 on prognosis prognosis prognosis() GEOLOGICAL INTERPRETATION No indication of…
XEL AGM Horizontal Wellbore Reservoir Section May 2012 Gross reservoir 1823 ft, Average Sw 3% Net reservoir 1807 ft Net pay 1807 ft N:G 100% Avg Porosity 32% RNS D2B Gamma Gas VShale Porosity Sw Sonic…
Overcoming the Challenges Bentley Heavy Oil XEL AGM May 2012 Challenges: Solutions / Mitigation: High viscosity Appropriate completion / Blending Mobility ratios Aquifer support beneficial / water production manageable Friable…
XEL AGM Field Development Drivers May 2012 Phased development enables early production history hence design optimisation Closely spaced multi-lateral wellbores enables good recovery per well and good sweep of field Flow…
XEL AGM May 2012 Phase 1 A 9/3b-7 and 7z wells Calibrate the reservoir models Get a better understanding of water flow in the reservoir and how it interacts with the oilby producing a significant volume of oil and water Get…
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XEL AGM May 2012 Phase 1 B The first phase of development Facilities A wellhead tower to support dry trees A leased in jack up drilling rig to drill, complete and conduct workover interventions An FPSO to process produce fluids…
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XEL AGM May 2012 Bentley Field - Reserves Assessment Report TRACS independent Reserves Assessment Report (RAR) update February 2012 SPD Core Area defined in the RAR comprises: Bentley Bentley o First Phase Development…
XEL AGM May 2012 Oil in place and potentially recoverable volumes Discovered PIIP for Core Area (FPD + SPD) P90 P50 P10 MMstb 415 488 567 Reserves for Core Area 1P 2P 3P MMstb 96 116 140 Prospective Resources (unrisked)…
XEL AGM Conclusions May 2012 Much of geological/exploration risk removed for Xcite oOpportunities exist in previously discovered resources Challenge is principally engineering rather than geological oMaximise reservoir footage…
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