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CREDIT SUISSE HIGH YIELD CONFERENCE – Endeavour International Corp

Endeavour International Corp · Oct 4, 2012 · 25 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. CREDIT SUISSE HIGH YIELD CONFERENCE – Endeavour International Corp – slide 1
    Credit Suisse High Yield Conference October 4 - 5, 2012
  2. CREDIT SUISSE HIGH YIELD CONFERENCE – Endeavour International Corp – slide 2
    Endeavour At A Glance Near-term growth through lower risk development activities Growing cash flow from U.K. development projects Exposure to Brent crude oil and European gas Increasing liquids production near-term Key Figures…
  3. CREDIT SUISSE HIGH YIELD CONFERENCE – Endeavour International Corp – slide 3
    Significant Production Growth Acquisition and Near-Term Projects (1) Pro forma Production and Pro forma Production - Current Production (2) MacCulloch & Nicol Fields Rochelle (3) 13% 14% 29% 30% 71% 57% 86% 10,000…
  4. CREDIT SUISSE HIGH YIELD CONFERENCE – Endeavour International Corp – slide 4
    Our Growing Resource Base Reserve Growth 80 76.0 100% 70 41% 60 33.7 GAS 50 43.7 MMBoe 38.9 40 30 25.0 26.1 20.7 59% 20 42.3 OIL 19.3 10 18.2 18.7 6.8 0 (1) 2008 2009 2010 2011 Proved Probable (1)…
  5. CREDIT SUISSE HIGH YIELD CONFERENCE – Endeavour International Corp – slide 5
    Reserve Valuation Net Asset Valuation 2,467 2,500 2,000 1,500 1,288 1,000 810 715 500 0 (1) (1) 2P PV-10 1P PV-10 Total Debt Net Debt (1) Pre-tax PV-10 as of December 31, 2011 pro forma for the acquisition of…
  6. CREDIT SUISSE HIGH YIELD CONFERENCE – Endeavour International Corp – slide 6
    Reserves Value Make-Up and Migration 2,500 2,000 1,500 1,000 500 0 1P PV-10 1P PV-10 Over Time = 2P Rochelle Bacchus Alba Other Reserves Migrate from Probable to Proved from Known Fields, with Little Capital…
  7. CREDIT SUISSE HIGH YIELD CONFERENCE – Endeavour International Corp – slide 7
    Overview of Endeavours U.K. Assets Current Production Development Projects Enoch Ivanhoe / MacCulloch RobRoy Rubie Nicol Renee Alba Rochelle Bacchus Columbus Bittern * On 12/27/11, END announced the acquisition…
  8. CREDIT SUISSE HIGH YIELD CONFERENCE – Endeavour International Corp – slide 8
    Expected 2012 Exit Position of Endeavour GDF Suez Premier 100 EnQuest DONG Energy Hess Corporation OMV 80 RWE Dea 2P Reserves (MMboe) Dyas Canadian Natural Resources E.ON Ruhrgas 60 ATP Oil & Gas Marathon Endeavour…
  9. CREDIT SUISSE HIGH YIELD CONFERENCE – Endeavour International Corp – slide 9
    Bacchus - Block 22/06a Central North Sea END WI: 30% Bacchus Operator: Apache (50% WI) Partner: First Oil (20% WI) First two wells on production, initial rate 13,000 boepd gross Forties Reservoir is formed by shallow marine…
  10. CREDIT SUISSE HIGH YIELD CONFERENCE – Endeavour International Corp – slide 10
    Rochelle - Blocks 15/26b, 15/26c and 15/27 Operator: Endeavour (44% WI) Ivanhoe / RobRoy Partners: Nexen (41% WI), Premier Oil (15% WI) FDP Approved: February 2011 Renee Rubie Online: Q4 2012 Goldeneye Project in execution…
  11. CREDIT SUISSE HIGH YIELD CONFERENCE – Endeavour International Corp – slide 11
    Rochelle Field - Development Status 2012 Achievements Pipeline section fabrication completed Commenced full pipeline completed Deliveries on target Beds on the platform allocated Regulatory consents in place Drilling commenced on…
  12. CREDIT SUISSE HIGH YIELD CONFERENCE – Endeavour International Corp – slide 12
    Alba Field Overview - Block 16/26a END WI: 25.68% MacCulloch Operator: Chevron (23.37% WI) Partners: Statoil (17% WI) Nicol BP (13% WI) Total (12.65% WI) CIECO/Itochu (8% WI) Britannia Discovered/1st Production 1984/1994…
  13. CREDIT SUISSE HIGH YIELD CONFERENCE – Endeavour International Corp – slide 13
    Alba Field - Future Development Sustain current production and increase reserves through continued development drilling Cumulative production to date 373 MMbbls gross Infill drilling since 2009 has largely sustained production…
  14. CREDIT SUISSE HIGH YIELD CONFERENCE – Endeavour International Corp – slide 14
    MacCulloch Field Overview - Block 15/24b END WI: 40% WI* Partners: ENI(40% WI) MacCulloch Noble Energy (14% WI) Talisman (6% WI) Nicol Discovered/1st Production 1990/1997 Britannia 490ft water depth Alba Paleocene reservoir…
  15. CREDIT SUISSE HIGH YIELD CONFERENCE – Endeavour International Corp – slide 15
    MacCulloch Field - Details Cumulative production to date 114 MMbbl gross Plan to assume operatorship from ConocoPhillips on completion of acquisition Plans to perform a detailed asset performance review: Evaluation of infill /…
  16. CREDIT SUISSE HIGH YIELD CONFERENCE – Endeavour International Corp – slide 16
    Overview of Endeavours US Assets US Q2 2012 542,000 gross / 146,000 net acres Heath Shale Oil Play - MT 15.4 MMCFe/D net production Marcellus Play - PA Cretaceous Plays - CO Haynesville Play LA/ E. TX 17
  17. CREDIT SUISSE HIGH YIELD CONFERENCE – Endeavour International Corp – slide 17
    Heath Shale Tight Oil Play in Central Montana Heath Play, END Activity 25% joint venture with two independent Montana producers 430,000+ gross acres primarily in Garfield and Rosebud Counties (94,000 net to END) Re-entry of 1st…
  18. CREDIT SUISSE HIGH YIELD CONFERENCE – Endeavour International Corp – slide 18
    The Haynesville and Marcellus Plays Low cost entry with limited drilling requirements Endeavours Marcellus and Haynesville acreage largely held by production No wells currently drilling Future capex is at Endeavours discretion,…
  19. CREDIT SUISSE HIGH YIELD CONFERENCE – Endeavour International Corp – slide 19
    Financial Philosophy Maintain disciplined, conservative approach to capital spending Allocate capital to optimize and grow our asset base, making appropriate adjustments in sustained periods of lower commodity prices Capital budget…
  20. CREDIT SUISSE HIGH YIELD CONFERENCE – Endeavour International Corp – slide 20
    Debt Maturity Profile 500 500 ( in millions) 450 400 (1) 350 300 250 500 198 200 63 150 110 100 100 135 50 10 14 10 0 2012 2013 2014 2015 2016 2017 2018 Subordinated Notes due 2014 Revolving Credit Facility…
  21. CREDIT SUISSE HIGH YIELD CONFERENCE – Endeavour International Corp – slide 21
    Capital Structure ( mm) December 31, March 31, June 30, 2011 2012 2012 Cash and Deposits 106.0 511.6 94.7 Senior Term Loan, 12% plus 3% PIK, due 2013 240.3 241.6 Revolving Credit Facility, 13%, due 2013 - - 100.0 Senior…
  22. CREDIT SUISSE HIGH YIELD CONFERENCE – Endeavour International Corp – slide 22
    2012 Capital Plan by Project - 175mm to 200mm 120 100 80 mm 60 40 20 0 Rochelle Bacchus UK Other US 2012 is About Turning On and Maintaining North Sea Production Note: Capital Plan is pro forma for the North Sea…
  23. CREDIT SUISSE HIGH YIELD CONFERENCE – Endeavour International Corp – slide 23
    Key Credit Highlights Balanced business strategy based on the low risk exploitational development of proven petroleum systems with current technology North Sea acquisition has significantly increase production and cash flow…
  24. CREDIT SUISSE HIGH YIELD CONFERENCE – Endeavour International Corp – slide 24
    Corporate Focus North Sea Asset Acquisition Closed acquisition of Alba interests on May 31, 2012 Closing on the acquisition of MacCulloch and Nicol field interests expected in early 4Q Bacchus Development On-line First two wells…
  25. CREDIT SUISSE HIGH YIELD CONFERENCE – Endeavour International Corp – slide 25
    NYSE:END LSE:ENDV www.endeavourcorp.com INVESTOR CONTACTS: Mike Kirksey Darcey Matthews Chief Financial Officer Director of Investor Relations 713.307.8788 / +44.207.451.2381 713.307.8711 mike.kirkseyendeavourcorp.com…

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