AGM Presentation outline 1. Company overview 2. Ain Tsila development 3. Current production 4. Exploration 5. Financial overview and Bond Issue 6. Formal Business of the AGM 3
Petroceltic Company overview Petroceltic asset map North Africa focused independent E&P company Listed on the London Stock Exchange AIM market and the Dublin Stock Exchange (PCI.L) Market cap of USD 270m (21 July 2015) net debt of…
Share price development and shareholder overview PCI share price compared to oil price since Jan 2014 Top shareholders at 30 June 2015 Dragon bid lapses 2014 Results announced Shares in issue and market capitalisation…
Strategy centered around successful development of Ain Tsila Ain Tsila Successful execution of Ain Tsila Invest cash flow development in a way that in Ain Tsila maximises long term value Manage commitments and exploration risk…
Substantial production base Material growth from Ain Tsila PCI production (2P reserve profile) Petroceltic expected production of 14,000 15,000 boepd in 2015 Mature existing production on natural decline in 2015-18, partly offset…
Performance overview Algeria, significant progress on major Ain Tsila development project - second farm-out completed - key contracts awarded (GSA, FEED, Rig) - EPC contract expected by year end 2015 - on track for first gas in…
AGM Presentation outline 1. Company overview 2. Ain Tsila development 3. Current production 4. Exploration 5. Financial overview and Bond Issue 6. Formal Business of the AGM 9
Algeria overview Algeria is Africas largest gas producer and exporter Significant presence of majors and independents (ENI, BP, Statoil, Total, Repsol, Anadarko) The oil and gas sector is a key industry for Algeria Accounts for…
Ain Tsila A strategic asset for Petroceltic and Algeria Ain Tsila is a large gas-condensate field in the Illizi basin in south-east Algeria Established hydrocarbon area with several analogue fields nearby (TFT, Ohanet, In Amenas)…
Well defined geology with proven production capabilities Well defined and understood geology 34 MMscf/d AT-1 AT-8 39 MMscf/d 14 wells on Ain Tsila structure 9 tests completed AT-5 &5z Proven GIIP of 10 Tcf AT-9 68 MMscf/d…
Conventional development with proven concept and technology Comparable facilities Ohanet- see detail overleaf Ain Tsila development is materially de-risked by use of proven technology with numerous analogues 10 similar plants in…
Comparable facilities Ohanet field nearby analogue to Ain Tsila Condensate Tanks LPG spheres Industrial Base Gas /Condensate / LPG export 350 MMcfpd processing Inlet trains Compression Slug Export catchers Compression…
Sinopec 1500 HP Drilling Rig designed for fast rig moves Sinopec awarded contract for main rig The Groupement Isarene 1500 hp Main Drilling Unit Brand new rig built in China Currently on a boat en route for Algeria Designed for…
Key development milestones scheduled during 2015 - H1 15 H2 15 2016 2017 2018 Capitalised G&A and pre-operations costs USD 113m FEED work USD 17m 3D seismic Contract award USD 46m Drilling of 24 new wells + 6 recompletions…
Material production based on conservative plan 1P and 2P production profiles Gross production (Mboepd) First gas planned in Q4 2018 90 Plateau rate of 81.5 Mboepd Production plateau of 81,500 boepd 80 gross 329 MMcfpd sales gas and…
Gas Sales Agreement in place with Sonatrach Algerian export infrastructure Petroceltic signed the Gas Sales Agreement with Sonatrach in Sept 2014 Gas price is Brent oil linked GSA is valid to 2042 and provides certainty on pricing…
Ain Tsila will generate significant long-term cash flow Net PCI cash flow (including Sonatrach carry) USDm Current net point forward capex to 300 PCI equivalent of c.USD2.25/boe Significant cash flow generated 200 post first…
Ain Tsila Valuation demonstrated in historical transactions The Ain Tsila field has a proven valuation from farm-out transactions to Enel and Sonatrach Implied valuation of PCIs Ain Tsila interest Sonatrach farm-out provides value…
Material production with large upside potential Reserves and upside production profiles (gross) Upside scenario for Ain Tsila if a Enhanced Plateau second train is developed 700 MMcfpd wet gas Production could increase to more than…
AGM Presentation outline 1. Company overview 2. Ain Tsila development 3. Current production 4. Exploration 5. Financial overview and Bond Issue 6. Formal Business of the AGM 22
Mature current production base in Egypt & Bulgaria Diversified production base from 12 fields in Egypt Long term production (2P profile) and three in Bulgaria, generating solid cash flow 2015: Production Guidance of 14-15 Mboepd…
Egypt: Diverse production with established cash flow PCI presence since 1998 and production since 2002 Diversified and lower risk portfolio of 12 producing gas/condensate and oil fields in the onshore Nile Delta 2014 production of…
Bulgaria: High margin gas production PCI presence since 1998 and production since 2004 100% WI in three shallow water producing gas fields and one field to be developed in 2015 Galata: Field development hub with platform, pipeline to…
AGM Presentation outline 1. Company overview 2. Ain Tsila development 3. Current production 4. Exploration 5. Financial overview and Bond Issue 6. Formal Business of the AGM 26
Egypt exploration Low cost, prospective portfolio renewal Recent portfolio renewal Undertaken when competition was low Guided by expected gas price trends Four new licences acquired in 2013/14 N Thekah and N Port Fouad (gas) High…
Italy Material offshore discovery, and onshore potential Elsa discovery Appraisal well offshore Abruzzo Petroceltic operated asset (55% WI) discovered in 1992 Gross 2C contingent resource 95 MMbbls (AGR CPR) 65 metre oil pay zone…
AGM Presentation outline 1. Company overview 2. Ain Tsila development 3. Current production 4. Exploration 5. Financial overview and Bond Issue 6. Formal Business of the AGM 29
Annual Results 2014- Overview Operational Production of 22.5Mboepd of which 19.3Mboepd relates to Egypt and 3.2Mboepd to Bulgaria 2P Reserves at year end of 245mmboe (2013: 361mmboe), the decrease due to the farm-out to Sonatrach of…
Matching Funding to business and growth needs (Feb 2013) 500m Refinance Possible Refinance 300m Syndicated RBL Algeria to RBL Corporate Level Transaction Dev Tranche High Yield/Bond Financing Bridge 2012 2013 2014 2015 2016…
Bond Issue - financial stability through key execution phase Sources(1) USDm Planning a 3 year Senior Secured Bond Issue Senior secured bond issue 175 to raise USD 150-175m Bond secured against the subsidiary holding Uses(1) USDm the…
Ain Tsila value rises rapidly through execution phase Strong growth in the value of Ain Tsila (2P reserves) The value of Ain Tsila grows rapidly through USDm first gas in 2018 as production start 1,600 approaches and capex is spent…
Asset base supports long term financing strategy PCI has a strong production and development asset base Ain Tsila with proven valuation (implied value of USD 493m based on Sonatrach farm-out), conventional development concept,…
Summary Ain Tsila is a world class asset with proven industry value Ain Tsila field development materially de-risked, with visible near term milestones Large reserves and significant current production base Experienced management…
AGM Presentation outline 1. Company overview 2. Ain Tsila development 3. Current production 4. Exploration 5. Financial overview and Bond Issue 6. Formal Business of the AGM 36
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