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March 2016 Investor Presentation – Dana Gas

Dana Gas · Mar 22, 2016 · 35 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. March 2016 Investor Presentation – Dana Gas – slide 1
    Clean Energy For the MENA Regions Tomorrow Dana Gas Investors Presentation March 2016 www.danagas.com 1
  2. March 2016 Investor Presentation – Dana Gas – slide 2
    Gas is the growth fuel of the 21st Century. Gas has strong environmental credentials and is cost competitive Current full lifecycle costs for new-build power generation including CO2 emissions from fuel externalities (US/boe) (%…
  3. March 2016 Investor Presentation – Dana Gas – slide 3
    MENA region has strong economic growth credentials. Energy requirements of the region are expected to increase. Population growth in MENA countries 400 Bahrain 350 Qatar Kuwait 300 Population (millions) Oman 250 Libya UAE…
  4. March 2016 Investor Presentation – Dana Gas – slide 4
    MENA gas demand is growing strongly. Dana Gas is well placed to be one of the regions leading independent suppliers of this gas. 2000-14 MENA gas demand (bcm)* 600 Other ME Gas consumption (bcmpa) 500 Gas demand growth Kuwait…
  5. March 2016 Investor Presentation – Dana Gas – slide 5
    Dana Gas as regional gas integrated player focused on matching resource with markets Gas Resource* Holders in MENA (Total Reserves: c. 92 tcm) 40 Proved gas reserves, tcm Access to Private Capital Open 30 Potentially Open…
  6. March 2016 Investor Presentation – Dana Gas – slide 6
    Dana Gas: Independent E&P company listed on the ADX Dana Gas is operating at the heart of the worlds Dana Gas is a MENA focused gas independent largest hydrocarbon region headquartered in the UAE Quoted in the Abu Dhabi…
  7. March 2016 Investor Presentation – Dana Gas – slide 7
    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 10.3% Net…
  8. March 2016 Investor Presentation – Dana Gas – slide 8
    Consistent production growth, delivery and financial performance since 2007 Production Revenue CAGR: 5% CAGR: 10.3% Profit After Tax CAGR: 21.6% www.danagas.com *Includes 700bpd from EBGDCO (LPG plant) 11
  9. March 2016 Investor Presentation – Dana Gas – slide 9
    Egypt gas market fundamental are sound. New gas discoveries and gas imports are likely to return Egypts domestic demand to its historic growth trajectory Egypt annual gas supply/demand balance (post Zohr) Egypts current and planned…
  10. March 2016 Investor Presentation – Dana Gas – slide 10
    Dana Gas is the 6th largest operator and 5th largest onshore producer in Egypt 2016e Gas Production Ranking in Egypt (Source: Woodmac) (* denotes company is an operator) 1,800 2016 WI Production, mmcfpd 1,600 Mainly onshore…
  11. March 2016 Investor Presentation – Dana Gas – slide 11
    Egypt: Nile Delta Operations El Wastani Development Leases: Onshore acreage consisting of 14 Development Leases in the prolific Nile Delta region Production: 4Q 2015 avg 32.2 kboe/d versus 37.6 kboe/d for 4Q 2014. Decline in…
  12. March 2016 Investor Presentation – Dana Gas – slide 12
    Gas Production Enhancement Agreement (GPEA) helps Egypt increase production while delivering long term value to Dana Gas Gas Enhancement Project Execution Progress Longest gas column encountered in Dana Gas Egypt portfolio. Pulse…
  13. March 2016 Investor Presentation – Dana Gas – slide 13
    Block 6 North El Arish Offshore Opportunity Block-6 (100% WI) 1782 sq km of full fold 3D seismic acquired in October 2015 by PGS Ramform Titan boat. 3D seismic processing completed in January 2016. Initial processing…
  14. March 2016 Investor Presentation – Dana Gas – slide 14
    Egypt: Block 1 - North El Salhiya Exploration Newly awarded exploration blocks in Nile Delta enables Dana Gas to build on its core area production and utilising existing infrastructure Block-1 (100% WI) Targets prolific Abu Madi…
  15. March 2016 Investor Presentation – Dana Gas – slide 15
    Egypt: Block 3 - El Matariya Exploration Newly awarded exploration blocks in Nile Delta enables Dana Gas to build on its core area production and utilising existing infrastructure Block-3 (Dana Gas 50% WI) BP is operating Block-3 as…
  16. March 2016 Investor Presentation – Dana Gas – slide 16
    Operations in Kurdistan Region of Iraq DG share of production averaged 28,800 boepd during 4Q 2015. Gross production details are as follows: 313 MMscfd of natural gas 13,703 bbl/d of condensates 830 MT/d LPG The Mol sieve bed…
  17. March 2016 Investor Presentation – Dana Gas – slide 17
    Rich gas and condensate producer with strong growth track record Pearl Petroleum Company Ltd ownership: Dana Gas 35 % Khor Mor Field Production, Dana Gas net share Crescent Petroleum 35 % 35 OMV 10 % MOL 10 % Gas RWE 10 % *…
  18. March 2016 Investor Presentation – Dana Gas – slide 18
    Khor Mor and Chemchemal are potentially largest gas fields in the KRI and comparable to large scale gas developments in the region Large Gas Developments in MENA (Source: Company disclosure) 110 100 90 Gas initially in place…
  19. March 2016 Investor Presentation – Dana Gas – slide 19
    Zora Offshore Platform - Ready for gas production Platform installation, hook up and commissioning completed. Wire line operation for un-plugging the well completed successfully. Repair works completed on the offshore…
  20. March 2016 Investor Presentation – Dana Gas – slide 20
    Zora Gas Processing Plant - Construction completion and handover All systems powered up, commissioning activities and start-up ongoing. Commissioning of truck loading facility for condensate export completed.…
  21. March 2016 Investor Presentation – Dana Gas – slide 21
    Zora Operations start-up progress First gas delivered to site 10/01/16. Pipeline and well cleaned up with well flowing approx. 45 mmscfd. Gas production started on 14/01/16. Gas processing shutdown again 15/01/16, due to…
  22. March 2016 Investor Presentation – Dana Gas – slide 22
    Dana Gas: Credit Metrics www.danagas.com 28
  23. March 2016 Investor Presentation – Dana Gas – slide 23
    Additional financial information Dana Gas additional financial metrics Period Unit Value EBITDA LTM USm 191 EBIT LTM USm 93 Net debt Current USm 379 Net debt / EBITDA LTM x 2.0 Interest cover ratio LTM x 1.4 Book…
  24. March 2016 Investor Presentation – Dana Gas – slide 24
    Dana Gas Sukuk Instruments Dana Gas share price vs. convertible trading value Sukuk convertible trading value (USD) Dana Gas share price (AED) Convertible Sukuk: 140 1.2 Convertible trading value (USD) 120 Principal amount:…
  25. March 2016 Investor Presentation – Dana Gas – slide 25
    Leverage and interest coverage ratio in line with peers Debt servicing: Net debt / EBITDA 4 2 Net debt / EBITDA 0 -2 -4 -6 -8 -10 DNO Premier Dana Gas Petroceltic Genel Lundin Tullow Note: Net debt is as of…
  26. March 2016 Investor Presentation – Dana Gas – slide 26
    Book gearing and Leverage comparable to industry peers Total debt to total assets 90 80 Total debt to total assets 70 60 50 40 30 20 10 0 Lundin Premier Tullow DNO Petroceltic Dana Gas Genel Debt to common…
  27. March 2016 Investor Presentation – Dana Gas – slide 27
    Long reserve life of assets underpins debt Years to average maturity 6 Years to average maturity () 5 4 3 2 1 0 Tullow DNO Premier Genel Dana Gas Lundin Petroceltic 2P reserve life 60 50 2P reserve…
  28. March 2016 Investor Presentation – Dana Gas – slide 28
    EV and Production valuation relative to peers Enterprise value vs 2015 production EV (bn) 2015 Production (kboepd) 10 100 9 90 8 80 WI Production (kboepd) 7 70 Enterprise Value ( bn) 6 60 5 50 4 40 3 30 2…
  29. March 2016 Investor Presentation – Dana Gas – slide 29
    Significantly undervalued relative to peers EV / EBITDA (2017E) Price / EPS (2017E) 8 25 6.8 7 6.4 20.5 19.8 20 Price / EPS (2017E) EV / EBITDA (2017E) 6 5.3 5.0 5 Mean* 4.5 15 13.0 Mean * 13.2 12.2 4 2.9 8.4 3…
  30. March 2016 Investor Presentation – Dana Gas – slide 30
    Relative Performance 90% 80% 70% 60% 50% 40% 30% 20% 10% 0% 100% www.danagas.com Indus gas DanaGas Lundin Petroleum Det Norske Brent Soco Intl. Source: Bloomberg, performance as of 16/02/2016 Cairn…
  31. March 2016 Investor Presentation – Dana Gas – slide 31
    Relative Performance 80% 70% 60% 50% 40% 30% 20% 10% 0% 10% 20% Lundin Petroleum www.danagas.com Maurel & Prom Shamaran Africa Oil Cairn Energy Det Norske Indus gas Green Dragon Source: Bloomberg,…
  32. March 2016 Investor Presentation – Dana Gas – slide 32
    Relative share price performance of Dana Gas Relative performance of Dana Gas vs market indices 140% 120% Received Signed the Abu Dhabi Index +57% US53mln GPEA in Egypt Partial award from Egypt in KRI Successful Arbitration…
  33. March 2016 Investor Presentation – Dana Gas – slide 33
    Dana Gas has performed in line with international peers in H2 2015 Relative performance of International peers since July 2015 Relative performance of International peers since Oct 2015 40% 60% 20% 40% - 20% Relative…
  34. March 2016 Investor Presentation – Dana Gas – slide 34
    Dana Gas has outperformed its Middle Eastern (ME) peers in H2 2015 Relative performance of ME peers since July 2015 Relative performance of ME peers since October 2015 40% 60% 40% 20% 20% - Relative performance (% )…
  35. March 2016 Investor Presentation – Dana Gas – slide 35
    Summary 2015 has been a tough year with a difficult business environment, and the future is continuing to look challenging with oil having already hit a low of 27/bbl this year. However, it has also been a year of significant…

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