Pareto Oil & Offshore Conference Corporate presentation 3rd September 2015
Overview of Sterling Resources E&P independent listed on TSX-V (Toronto, ticker SLG) Market cap of C26.5m (31 August 2015, at C0.06/share, 441.6m shares in issue) Pro forma net debt of US185m(1) (30 Jun 2015) 3 areas of operations:…
Gas dominated production with prospective upside 20.0 Breagh Breagh Phase 2 Cladhan F17 Niadar (50% equity) Sterlings production from 2P/2C resources should increase 15.0 materially in coming years: Cladhan expected on-stream Q4…
Strategy Sterling Resources - North Sea focused E&P company Maximize Breagh cash flow through targeted investment in drilling and compression Enhance value of UK tax losses through asset acquisition and/or consolidation Monetize 2C…
Breagh: field summary Participants Sterling (30%), DEA (70%, Op.) Material North Sea gas producer Field 2P Reserves(1) 452 Bcf sales gas, 1.7 MM bbls condensate Wells A01 A08 online Net 2P Reserves(1) 136 Bcf, 0.5 MM bbls cond. (= 23…
Breagh: production performance 2015 Steady state operations 57.6 Bcf produced (end August) Reliable Facilities Plant shutdown for baseline inspection Intelligent pig run completed May 2015 no pipeline issues Baseline plant…
Breagh: future plans Application of 3D seismic interpretation New 3D acquired in 2014 Interpretation expected to be completed end 2015 Key to defining additional well targets and unlocking Phase 2 decision A12 Remaining Phase 1…
Cladhan: Field summary Participants Sterling 2-13.8%, TAQA (52.7%, op.), MOL (33.5%) 2P Reserves(1) 14.9 MMbbls field, 0.44 MMbbls net (post carry) First Production Q4 2015 Subsea development via Tern platform (operated by TAQA,…
UKCS: Central North Sea assets Discovered oil in Evelyn and Belinda Block 21/30f P50 Contingent Resources 4.1 MMboe net(1) (Sterling 20% WI) Well planned on Evelyn/Belinda (appraisal - 2017) High proportion of dry hole costs…
UKCS: additional Southern North Sea assets Ossian & Darach Location Niadar Location Ossian & Darach Blocks 36/30, 42/2a, 42/3a, 42/4, 42/5 Dual target: Permian reef and Carboniferous Potentially large structure with 1,076 bcf P10…
Netherlands: F Quad probable oil development Sterling is Operator of Jurassic and Early Cretaceous horizons in licences F17a, F18 (Sterling 35%) Net 2C Resources in F17a/18 of 12 MMbbls(1), in three oil discoveries Appraisal…
Financial situation and near term plans Stringent focus on cost reduction across group Reduction of UK employee headcount by 40% in Q1 2015 No annual salary increases or cash bonuses for 2014 to be paid to staff in 2015 UK offices…
LetterOne sale of Dea UK The UK Department of Energy and Climate Change (DECC) has required LetterOne Holdings S.A. to sell DEA UK, the UK upstream business acquired as part of the acquisition of RWE Dea AG which completed in March…
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