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Clean Energy For the MENA Regions – Dana Gas

Dana Gas · Sep 7, 2015 · 37 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. Clean Energy For the MENA Regions – Dana Gas – slide 1
    Clean Energy For the MENA Regions Tomorrow Dana Gas Investors Presentation September 2015 www.danagas.com 1
  2. Clean Energy For the MENA Regions – Dana Gas – slide 2
    Presentation Outline Increasing role of gas in MENA Dana Gas Business Profile Country Operations Egypt, KRI and UAE Valuation and Credit Metrics Summary www.danagas.com 3
  3. Clean Energy For the MENA Regions – Dana Gas – slide 3
    Gas is the growth fuel of the 21st Century. It has strong environmental credentials, is cost competitive, is accessible and available in abundance Current full lifecycle costs for new-build power generation including externalities (USD…
  4. Clean Energy For the MENA Regions – Dana Gas – slide 4
    Middle East gas demand is poised for continued growth as the regions population and economy grows in coming decades GDP Growth of Middle East1 Regional Gas Demand Growth in Last Decade 3,500 CAGR: 8.2% 3,000 500% 162 2,500 2013 Gas…
  5. Clean Energy For the MENA Regions – Dana Gas – slide 5
    MENA region holds ca. 50% of global oil & gas reserves but with limited access. Dana Gas has established presence in both large resource plays and growth market with open access Oil & Gas Proved Reserves (Source: BP Statistical…
  6. Clean Energy For the MENA Regions – Dana Gas – slide 6
    Dana gas as regional gas integrated player focused on matching resource with markets Gas Resource Holders in Middle East (incl. Egypt) 40 (Total Reserves: c. 82 Tcm) Proved Gas Reserves, tcm 35 Access to Private Capital Based on…
  7. Clean Energy For the MENA Regions – Dana Gas – slide 7
    Dana Gas Business Profile www.danagas.com 8
  8. Clean Energy For the MENA Regions – Dana Gas – slide 8
    Dana Gas: Independent E&P company listed on the ADX Dana Gas is operating at the heart of the Worlds Dana Gas is a MENASA focused gas Largest Hydrocarbon region independent headquartered in the UAE Dana Gas is quoted in the Abu…
  9. Clean Energy For the MENA Regions – Dana Gas – slide 9
    Dana Gas works across the gas value chain addressing both domestic and export market needs in MENA region Dana Gas is operating at the heart of the Production Profile worlds largest hydrocarbon bearing region CAGR 11% Reserve &…
  10. Clean Energy For the MENA Regions – Dana Gas – slide 10
    Consistent growth, delivery and financial performance since 2007 Production Revenue 800 700 600 USD Million 500 400 690 652 683 300 636 487 200 349 282 311 100 231 0 2007 2008 2009 2010 2011 2012 2013 2014 H1 2015…
  11. Clean Energy For the MENA Regions – Dana Gas – slide 11
    Dana Gas: Country Business Highlights www.danagas.com 12
  12. Clean Energy For the MENA Regions – Dana Gas – slide 12
    Despite a challenging business environment; Egypt gas fundamentals are robust. Dana Gas to play a key role in increasing gas production in the core Nile Delta region Egypt GDP (USD bln) Egypt Primary Energy Demand (mln toe pa) 450…
  13. Clean Energy For the MENA Regions – Dana Gas – slide 13
    Dana Gas is the 6th largest operator and 4th largest onshore producer in Egypt 2015e Gas Production Ranking in Egypt (* denotes company is an operator) 1,000 900 2015 WI Production, mmcfpd 800 Dana Gas Egypt Credentials:…
  14. Clean Energy For the MENA Regions – Dana Gas – slide 14
    Egypt: Nile Delta Operations Development Leases: El Onshore acreage consisting of 14 Wastani Development Leases in the prolific Nile Delta region. Begonia, the most recently awarded lease, was approved in Jan-15 Production: 2Q…
  15. Clean Energy For the MENA Regions – Dana Gas – slide 15
    Gas Production Enhancement Agreement (GPEA) helps Egypt increase production while delivering long term value to Dana Gas Gas Enhancement Project Execution Progress 3 drilling and workover rigs secured with spud dates during…
  16. Clean Energy For the MENA Regions – Dana Gas – slide 16
    Block 6 North El Arish Offshore Opportunity Integration of regional 2D multi- client seismic data into evaluation Environmental Impact Assessment completed Military approval in progress 1750 sqkm of 3D seismic acquisition…
  17. Clean Energy For the MENA Regions – Dana Gas – slide 17
    Newly awarded exploration blocks in Nile Delta enables Dana Gas to build on its core area production and utilising existing infrastructure Blocks 1 & 3 located adjacent to Dana Gas prolific Nile Delta development leases North El…
  18. Clean Energy For the MENA Regions – Dana Gas – slide 18
    Operations in Kurdistan Region of Iraq Gross production averaged 75,540 boepd during 1H 2015 including: Gas: 317 MMSCFD Condensates: 14062 boepd LPG: 737 MTD Dana Gas has a 40% WI Dana gas saw a 6% increase over 1H 2014 as…
  19. Clean Energy For the MENA Regions – Dana Gas – slide 19
    Rich gas and condensate producer with strong growth track record Khor Mor Field Production, Dana Gas net share (40%) 35 Gas 3 30 Liquids(Condensate + LPG) 25 Production (kboed) 20 15 10 5 0 2Q09 3Q10 4Q08…
  20. Clean Energy For the MENA Regions – Dana Gas – slide 20
    Khor Mor and Chemchemal are world class assets: potentially largest gas fields in the KRI and comparable to some of the largest gas field developments in the region Some Large Gas Developments in MENA under development 60 Gas in…
  21. Clean Energy For the MENA Regions – Dana Gas – slide 21
    UAE: Zora Project Update Project plan for first gas in 2015 with a capacity of 40 mmscfd (6,650 boepd) Offshore Pipeline pre- commissioning complete Offshore Platform jacket installed Drilling complete and Well stimulation…
  22. Clean Energy For the MENA Regions – Dana Gas – slide 22
    UAE: Zora Project Update Offshore Trenching for the Zora Gas Pipeline www.danagas.com 23
  23. Clean Energy For the MENA Regions – Dana Gas – slide 23
    UAE: Zora Project Update Onshore Gas Plant Construction Slug Catcher Being Positioned www.danagas.com 24
  24. Clean Energy For the MENA Regions – Dana Gas – slide 24
    Dana Gas: Relative Valuations www.danagas.com 25
  25. Clean Energy For the MENA Regions – Dana Gas – slide 25
    EV and Production valuation relative to peers Enterprise Value vs. Production (2015E) EV (bn) 2015E Production (kboepd) 10 100 9 90 8 80 WI Production (kboepd) Enterprise Value ( bn) 7 70 6 60 5 50 4 40 3 30 2 20 1…
  26. Clean Energy For the MENA Regions – Dana Gas – slide 26
    Significantly undervalued relative to peers EV/EBITDA P/E 6.0 20 17.4 5.3 5.1 5.0 Price/EPS (2016E) EV/EBITDA (2016E) 15 4.0 Mean* 3.7 3.6 3.5 11.1 10.7 3.4 3.0 10 Mean * 9.8 8.0 7.2 2.0 1.2 5 4.4 1.0 0.0 0…
  27. Clean Energy For the MENA Regions – Dana Gas – slide 27
    Dana Gas has mostly outperformed International and Middle Eastern (ME) peers since Jan 2013 International Peers ME Peers 150% 200% Dana Gas -2% Dana Gas -2% 150% 100% Relative performance (%) Relative performance (%) DNO…
  28. Clean Energy For the MENA Regions – Dana Gas – slide 28
    Relative Performance -90% -80% -70% -60% -50% -40% -30% -20% -10% 0% 20% 10% DanaGas www.danagas.com Africa Oil Cairn Energy Det Norske Lundin Petroleum Faroe Petroleum Cobalt Lekoil Green Dragon Soco…
  29. Clean Energy For the MENA Regions – Dana Gas – slide 29
    Dana Gas: Credit Metrics www.danagas.com 30
  30. Clean Energy For the MENA Regions – Dana Gas – slide 30
    Additional Financial Information Dana Gas Additional Financial Metrics EBITDA (LTM) mln 252 EBIT (LTM) mln 149 Net Debt mln 595 Net Debt/EBITDA x 2.4 Interest Cover Ratio (LTM) x 2.2 Book Leverage (Net debt/Total…
  31. Clean Energy For the MENA Regions – Dana Gas – slide 31
    Dana Gas Sukuk Instruments Convertible Bond Performance Convertible Price Share Price Convertible Sukuk: 130 1.2 Dana Gas Convertible Trading Value Principal amount: 352 mln Dana Gas Share Price, AED 120 1.0 110 0.8…
  32. Clean Energy For the MENA Regions – Dana Gas – slide 32
    Leverage and interest coverage ratio in line with peers 5 3 1 Net Debt / EBITDA -1 -3 -5 -7 -9 Net Debt /EBITDA (LTM*) -11 (Source: Bloomberg) -13 -15 DNO Dana Gas Premier Petroceltic Genel Tullow Lundin 30…
  33. Clean Energy For the MENA Regions – Dana Gas – slide 33
    Book gearing and Leverage comparable to industry peers 60 50 Debt to Book value of Assets Debt/Total Assets (Source: Bloomberg) 40 30 20 10 0 Lundin Premier Petroceltic Tullow Dana Gas DNO Genel 140 120 Debt to…
  34. Clean Energy For the MENA Regions – Dana Gas – slide 34
    Reserve life c. 2 x average year to maturity of Debt 8 Werighted Avg Years to Maturity 7 Debt : Average year to maturity 6 (Source: Bloomberg) 5 4 3 2 1 0 Tullow DNO Premier Genel Dana Gas 45 40 Reserve Life…
  35. Clean Energy For the MENA Regions – Dana Gas – slide 35
    Summary www.danagas.com 36
  36. Clean Energy For the MENA Regions – Dana Gas – slide 36
    Summary Marginal reduction in production resulting from natural field decline in Egypt despite the steep fall in oil prices Further upside potential in 2015 with enhanced production following planned commencement of GPEA (Egypt) and…
  37. Clean Energy For the MENA Regions – Dana Gas – slide 37
    Reach Us: Dana Gas PJSC P. O. Box 2011, Sharjah, UAE www.danagas.com E-mail : rsinghdanagas.com Direct : +971 6 519 4401 Fax : +971 6 556 6522 www.danagas.com 38

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