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IPAA OGIS NEW YORK – Endeavour International Corp

Endeavour International Corp · Apr 18, 2012 · 28 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. IPAA OGIS NEW YORK – Endeavour International Corp – slide 1
    2012 IPAA OGIS New York April 18, 2012
  2. IPAA OGIS NEW YORK – 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 Balanced…
  3. IPAA OGIS NEW YORK – Endeavour International Corp – slide 3
    Significant Production Growth Acquisition and Near-Term Projects Pro forma Production - Bacchus Pro forma Production - Current Production and acquired North Sea Assets Rochelle 13% 30% 18% 30% 70% 57% 82% 3,500 4,500…
  4. IPAA OGIS NEW YORK – Endeavour International Corp – slide 4
    Our Growing Resource Base Reserve Growth 76.0 CAGR: 43% 43.7 38.9 26.1 (1) (1) (2) (3) (1) Proved and probable reserves after asset sales of 6.0mmboe in 2009. (2) Proved and probable reserves after asset sales…
  5. IPAA OGIS NEW YORK – Endeavour International Corp – slide 5
    Reserve Valuation Net Asset Valuation (1) (1) (2) (2) (1) Pre-tax PV-10 as of December 31, 2011 pro forma for the acquisition of assets in the North Sea per NSAI audited reserve reports for respective assets. (2) As of…
  6. IPAA OGIS NEW YORK – Endeavour International Corp – slide 6
    Reserves Value Make-Up and Migration Reserves Migrate from Probable to Proved from Known Fields, with Little Capital Investment 7
  7. IPAA OGIS NEW YORK – Endeavour International Corp – slide 7
    Overview of Endeavours U.K. Assets * On 12/27/11, END announced the acquisition of three ConocoPhillips assets in the North Sea, including an increased working interest in Alba and two new assets MacCulloch and Nicol. The…
  8. IPAA OGIS NEW YORK – Endeavour International Corp – slide 8
    North Sea Acquisition - Transaction Summary Deal Value: 330 million with a 28% allocation to tax basis Purchase price to be reduced by cash flow from the effective economic date to closing (Approximately 95 million after tax if…
  9. IPAA OGIS NEW YORK – Endeavour International Corp – slide 9
    Expected 2012 Exit Position of Endeavour 10
  10. IPAA OGIS NEW YORK – Endeavour International Corp – slide 10
    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) Discovered/1st Production 1984/1994 Britannia…
  11. IPAA OGIS NEW YORK – Endeavour International Corp – slide 11
    Alba Field - Future Development Sustain current production and increase reserves through continued development drilling Current production rate 25,000 30,000 bopd gross Cumulative production to date 373 MMbbls gross Infill…
  12. IPAA OGIS NEW YORK – Endeavour International Corp – slide 12
    MacCulloch Field Overview - Block 15/24b END WI: 40% WI Partners: ENI(40% WI) Noble Energy (14% WI) Talisman (6% WI) Discovered/1st Production 1990/1997 Current Production Rate 3,100 boepd 490ft water depth Paleocene reservoir…
  13. IPAA OGIS NEW YORK – Endeavour International Corp – slide 13
    MacCulloch Field - Status Control in future Operated Asset with upside potential Current production rate 7,000 bopd gross Cumulative production to date 114 MMbbl gross Plan to assume Operatorship from ConocoPhillips on completion…
  14. IPAA OGIS NEW YORK – Endeavour International Corp – slide 14
    Bacchus - Block 22/06a Central North Sea END WI: 30% Operator: Apache (50% WI) Bacchus Partner: First Oil (20% WI) Online: Expected Q2 2012 Drilling of the first well Drilling has reached Total Depth The liner has been cemented…
  15. IPAA OGIS NEW YORK – Endeavour International Corp – slide 15
    Bacchus Field - Subsurface Development Plan 3 well development Horizontal wells Maximize productivity Drilled through faults Mitigate seal risk Phase 1 Depletion from 3 wells Phase 2 Commence water injection in southern well…
  16. IPAA OGIS NEW YORK – Endeavour International Corp – slide 16
    Bacchus Field - Development Status Project sanction and FDP approval in June 2010 Riser Caisson installed in February 2011 Bundle launched and in place in March 2011 Bundle tied back to Forties Alpha in August 2011 All…
  17. IPAA OGIS NEW YORK – Endeavour International Corp – slide 17
    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 Commercial terms…
  18. IPAA OGIS NEW YORK – Endeavour International Corp – slide 18
    Rochelle Field - Reservoir Development Reservoir Description 3 way stratigraphic trap in Kopervik fairway Lower Cretaceous Kopervik turbidite sands of good quality GOLDENEYE 50% NTG / 21% porosity / 100 1,000mD perm Regionally…
  19. IPAA OGIS NEW YORK – Endeavour International Corp – slide 19
    Rochelle Field - Development Status 2012 Achievements Pipeline section fabrication completed Commenced full pipeline fabrication Deliveries on target Beds on the platform allocated Regulatory consents in place Drilling commencing…
  20. IPAA OGIS NEW YORK – Endeavour International Corp – slide 20
    Overview of Endeavours US Assets US 2011 Year-End Totals 582,000 gross / 159,000 net acres 20 MMCFe/D net production (exit rate) Heath Shale Oil Play - MT 61 BCFe Proved / 89 BCFe 2P reserves Marcellus Play - PA Cretaceous…
  21. IPAA OGIS NEW YORK – Endeavour International Corp – slide 21
    Heath Shale Tight Oil Play in Central Montana Heath Play Attributes Bakken-like play, but shallower (4000- 5500 ft. depth) A proven petroleum system 137 MMBO cumulative production (Heath Shale is the primary source rock) Rich,…
  22. IPAA OGIS NEW YORK – Endeavour International Corp – slide 22
    Capital Structure 23
  23. IPAA OGIS NEW YORK – Endeavour International Corp – slide 23
    2012 Capital Plan by Project - 175mm to 200mm (1) 2012 is About Turning On and Maintaining North Sea Production (1) Includes ongoing infill drilling at Alba for 20mm Note: Capital Plan is pro forma for the North Sea…
  24. IPAA OGIS NEW YORK – Endeavour International Corp – slide 24
    Corporate Focus for 2012 High Yield Transaction completed February 2012 North Sea Asset Acquisition Government regulatory approvals received Capital to fund acquisition completed Company ready to close Bacchus Development…
  25. IPAA OGIS NEW YORK – Endeavour International Corp – slide 25
    Additional Exhibits
  26. IPAA OGIS NEW YORK – Endeavour International Corp – slide 26
    Endeavour Tax Attributes Total NOLs (mm) Pro Forma UK 356 US 136 UK Net Operating Loss (NOL) buildup from 2009 is attributable to Cygnus/Rochelle exploration expenditure with subsequent NOLs primarily from Bacchus/Rochelle…
  27. IPAA OGIS NEW YORK – Endeavour International Corp – slide 27
    Alba - 2.25% Interest - Current Reserves Alba Reserves Have Increased 35% Since Acquisition 28
  28. IPAA OGIS NEW YORK – Endeavour International Corp – slide 28
    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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