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April 2016 Corporate Presentation – Valeura Energy Inc.

Valeura Energy Inc. · Apr 7, 2016 · 51 slides

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Slides

  1. April 2016 Corporate Presentation – Valeura Energy Inc. – slide 1
    A GLOBAL ENERGY COMPANY FOCUSED ON EXCEPTIONAL VALUE CREATION SHIFTING FOCUS TO 100% OWNED & OPERATED BANARLI LICENCES CORPORATE PRESENTATION APRIL 2016
  2. April 2016 Corporate Presentation – Valeura Energy Inc. – slide 2
    Corporate Profile Valeura Energy Inc. (VLE TSX) Canada-based oil & gas company with assets in Turkey Interests in 21 leases & licences in Turkey: 0.63 MM acres (gross); 0.31 MM acres (net)(1) Pursuing development of conventional gas &…
  3. April 2016 Corporate Presentation – Valeura Energy Inc. – slide 3
    Capital Structure April 1, 2016 Basic shares outstanding at April 1, 2016 57,906,135 Common shares purchasable pursuant to outstanding: Options (0.72 weighted average exercise price per share) 5,790,000 Fully diluted shares…
  4. April 2016 Corporate Presentation – Valeura Energy Inc. – slide 4
    Q4 2015 Financial & Operating Highlights 3 MONTHS 3 MONTHS 3 MONTHS RESULTS ENDED ENDED ENDED DEC 31, 2015 SEPT 30, 2015 DEC 31, 2014 Production Crude oil & NGLs (bbl/d) 8 7 10 Natural gas (Mcf/d) 4,805 4,723 7,022 boe/d 809 794…
  5. April 2016 Corporate Presentation – Valeura Energy Inc. – slide 5
    Why Turkey Prospective TBNG-PTI Proven petroleum systems TBNG-PTI acquisition Acquisition (natural gas & light/medium oil) Under-explored & under-exploited conventional & opportunity unconventional plays Opportunity to deploy…
  6. April 2016 Corporate Presentation – Valeura Energy Inc. – slide 6
    Thrace Basin Transactions (1) Bulgaria 2010 Otto asset purchase (Edirne) Black Sea E17-b4-1 (Valeura 35% WI) E17-c1-1 E17-c2-1 Turkey 2013 Banarli licences award VLE (Valeura 100% WI) license application F18-b3,F19-d4…
  7. April 2016 Corporate Presentation – Valeura Energy Inc. – slide 7
    Land Position In Turkey At April 1, 2016 LEASES & GROSS AREA VALEURA NET AREA TRANSACTION LICENCES (1) (acres) (acres) () THRACE BASIN TBNG JV - Onshore (2) (3) 14 293,670 117,468 Banarli Licences Award (4) (5) 2 133,840 133,840…
  8. April 2016 Corporate Presentation – Valeura Energy Inc. – slide 8
    Turkey YE 2015 Reserves (Company Gross) TOTAL OIL LIGHT & MEDIUM NATURAL GAS NPV10 BEFORE TAX NPV10 AFTER TAX CATEGORY EQUIVALENT OIL (Mbbl) (Bcf) (MM) (MM) (Mboe) PROVED DEVELOPED 7 3.0 509 17.3 17.3 PRODUCING PROVED DEVELOPED NON-…
  9. April 2016 Corporate Presentation – Valeura Energy Inc. – slide 9
    TBNG JV (Valeura 40% WI - Non-Operated) The Proving Ground I-8 Rig Drilling at TDR-9 9
  10. April 2016 Corporate Presentation – Valeura Energy Inc. – slide 10
    TBNG JV Interests in 1 leases & licences in Thrace Basin (0.29 MM gross acres) Well established shallow gas production and marketing business: - 100 producing wells (gross) (shallow gas & tight gas) in 15 gas fields in onshore lands -…
  11. April 2016 Corporate Presentation – Valeura Energy Inc. – slide 11
    TBNG JV Shallow Gas & Tight Gas Plays SHALLOW GAS Akcahalil-1 Inecik- 2 Aydede-1 YAGCI-8 ND-1 TDR-2 TS-18 DTD-1 KAYI-7 BATI GAZI-1 BATI KARAEVLI-1 Danismen & Osmancik SOUTHWEST NORTHEAST 5 re-entry fracs since mid-2011 (Osmancik)…
  12. April 2016 Corporate Presentation – Valeura Energy Inc. – slide 12
    Thrace Basin Tight Gas Learning Curve 2011 2015 THRACE BASIN 3 OSMANLI 2 Banarli Exploration DISCOVERIES Discoveries Program Horizontal Drills 6 Hz MEZ/TES/KESAN DRILL & FRACS & Fracs Cumulative Vertical Drills & Develop 12…
  13. April 2016 Corporate Presentation – Valeura Energy Inc. – slide 13
    Tekirdag Area 2011-2015 Mezardere/Teslimkoy/Kesan Frac Results & Potential Vertical Well Development (1) KAYI-14 Guney Kayi-1 Kayi Derin-1 KAYI-7 5.0 MMcf/d 1.8 MMcf/d 0.7 MMcf/d 3.4 MMcf/d KAYI-12 KAYI-14 1.6 MMcf/d 5.4 MMcf/d…
  14. April 2016 Corporate Presentation – Valeura Energy Inc. – slide 14
    Mezardere Slope Fan Play Fairway Mezardere Prospective Depth Structure Mezardere play fairway Banarli Tekirdag Tekirdag area Mezardere exploitation program 10 km Slope fan play in Mezardere Formation showing encouraging…
  15. April 2016 Corporate Presentation – Valeura Energy Inc. – slide 15
    Banarli (Valeura 100% WI - Operated) Opportunity to Leverage Four+ Years of Learnings 3D Seismic Acquisition on Banarli May 2015 15
  16. April 2016 Corporate Presentation – Valeura Energy Inc. – slide 16
    Banarli Exploration Strategy Banarli licence awarded to Valeura (100% WI) in April 2013 (480 km2; 185 square miles) Converted to two licences under New Petroleum Law, which extends initial 5-year term to June 27, 2020: US9.2 MM…
  17. April 2016 Corporate Presentation – Valeura Energy Inc. – slide 17
    TBNG JV Producing Fields & Banarli Conventional Exploration Prospects Banarli Banarli F18-c1,c2,c3,c4 F19-d1,d4 Muratli Banarli licences Producing fields (1) Aydinkoy Banarli prospects (2) Merged Banarli, Tekirdag & Osmanli 3D…
  18. April 2016 Corporate Presentation – Valeura Energy Inc. – slide 18
    Osmancik Prospect Map (Play Types 1 and 2) Osmancik B PSTM Time Structure P10 Prospect Areas (1) MURATLI PROSPECT AYDINKOY PROSPECT YAYLI-1 TESLIMKOY FRACKING UNDERWAY BATI GURGEN-1 OSMANCIK PRODUCING 3.0 MMCF/D…
  19. April 2016 Corporate Presentation – Valeura Energy Inc. – slide 19
    Mezardere Prospect Map (Play Type 3) Tekirdag D PSTM Time Structure P10 Prospect Areas (1) MURATLI PROSPECT AYDINKOY PROSPECT YAYLI-1 TESLIMKOY FRACKING UNDERWAY BATI GURGEN-1 OSMANCIK PRODUCING 3.0 MMCF/D Recently…
  20. April 2016 Corporate Presentation – Valeura Energy Inc. – slide 20
    Potential Basin-Centered Gas Play Fairway (Play Type 5) 10 km Mezardere Depth Structure Alacaoglu-1 CI 100m 0.73 psi/ft Potential Hayrabolu-10 Ergene-1 Pressure 0.75 psi/ft 0.68 psi/ft Seal Area 1,500 km2 Kazanci-5 0.77…
  21. April 2016 Corporate Presentation – Valeura Energy Inc. – slide 21
    Formations & Depositional Environments Within Potential Pressure Seal Area Yayli-1 Ergene-1 Banarli Licenses Boundary Unconformity Top Potential Pressure Seal TD 2,914 m TD 2,967 m Osmancik Shorelines Map View Depth…
  22. April 2016 Corporate Presentation – Valeura Energy Inc. – slide 22
    Robust Netbacks & Competitive Costs Drive Attractive Natural Gas Economics in Turkey Current Cost Structure USMM (gross) TBNG JV BANARLI Operating Netbacks /boe (1) CONVENTIONAL GAS VERTICAL WELL (2) 80 Royalty Drill & Case (2,000 m…
  23. April 2016 Corporate Presentation – Valeura Energy Inc. – slide 23
    Turkey Natural Gas Indicative Well Economics (1) PHYSICAL PARAMETERS PER WELL ECONOMICS PER WELL BEFORE TAX (5) PROGRAM RESERVES (2) IP30 (3) CAPEX (4) IRR PAYOUT NPV10 RECYCLE (Bcf) (MMcf/d) (USMM) (%) (MONTHS) (USMM) RATIO (6)…
  24. April 2016 Corporate Presentation – Valeura Energy Inc. – slide 24
    Summary Valeura provides exposure to a natural gas-focused, pure play in Turkey: 9-10/Mcf natural gas prices, 12.5% government royalty & 40/boe operating netbacks Large land position of 0.63 MM acres (gross); 0.31 MM acres (net)…
  25. April 2016 Corporate Presentation – Valeura Energy Inc. – slide 25
    A GLOBAL ENERGY COMPANY FOCUSED ON EXCEPTIONAL VALUE CREATION SUPPLEMENTARY INFORMATION
  26. April 2016 Corporate Presentation – Valeura Energy Inc. – slide 26
    Our Heritage Senior Management Board of Directors 30
  27. April 2016 Corporate Presentation – Valeura Energy Inc. – slide 27
    Past Successes of Management & Board Sold 2009 360 mm Sale pending 3x ROI (04-09) 575 mm CAGR 22% Market Cap at Trust Conversion Sold in 2007 916 mm 898 mm 35x ROI (94-03) 6x ROI (05-07) CAGR 51% CAGR 118% Sold in 2006…
  28. April 2016 Corporate Presentation – Valeura Energy Inc. – slide 28
    Organization Structure BOARD OF DIRECTORS Abby Badwi Tim Marchant Bill Fanagan Jim McFarland Claudio Ghersinich Ron Royal Stephanie Stimpson, Corporate Secretary PRESIDENT & CEO Jim McFarland VP VP VP VP CFO BUSINESS…
  29. April 2016 Corporate Presentation – Valeura Energy Inc. – slide 29
    Officers President & CEO: Jim McFarland, P. Eng. 43 years oil & gas experience Former President & CEO, director and co-founder, Verenex Energy (Libya light oil) Former Managing Director, Southern Pacific Petroleum (Australian shale…
  30. April 2016 Corporate Presentation – Valeura Energy Inc. – slide 30
    Officers (Contd) VP Engineering: Don Shepherd, P. Eng. 41 years oil & gas experience Former General Manager, Verenex Energy Area 47 Libya based in Tripoli 13 years with Saudi Aramco as Asset Management Team Leader and Senior…
  31. April 2016 Corporate Presentation – Valeura Energy Inc. – slide 31
    Other Vice Presidents VP Business Development: Barry Wihak, P. Geol. 32 years oil & gas experience Former President & CEO, director and co-founder, Cangea Energy (private, Colombia focus) 5 years with Vermilion Energy Trust as Business…
  32. April 2016 Corporate Presentation – Valeura Energy Inc. – slide 32
    Manager Country Representative (Ankara, Turkey): Mehmet Ekinalan 8 years oil & gas experience Former Resident Representative of Thrace Basin Natural Gas Turkiye Corporation 21 years telecommunications experience (Turkey and USA) Former…
  33. April 2016 Corporate Presentation – Valeura Energy Inc. – slide 33
    Board of Directors Abby Badwi, P. Geol. Vice-Chairman, Bankers Petroleum Ltd. Executive Chairman, Americas Petrogas Inc. Former President & CEO, Bankers Petroleum Ltd. Geological background Bill Fanagan, CA (Chair) Former Chairman,…
  34. April 2016 Corporate Presentation – Valeura Energy Inc. – slide 34
    Mezardere Slope Fan Model Mezardere consists of a north-easterly pro- grading slope fan complex, deposited within delta front and pro-delta setting Potential reservoirs include: Porous channel and basin floor sands Interlaminated…
  35. April 2016 Corporate Presentation – Valeura Energy Inc. – slide 35
    Recent Osmancik & Mezardere Results & Potential Extension of Play Types into Banarli Potential Pressure Seal Hayrabolu-10 Banarli 2015 3D: 152 km2 Gurgen-1 IP30: 3.3 MMcf/d (Osm) Yayli-1 Bati Gurgen-1 Gurgen-2 Teslimkoy…
  36. April 2016 Corporate Presentation – Valeura Energy Inc. – slide 36
    Formations Present At Top Of Potential Pressure Seal (2,500 m Depth) Potential Pressure Seal Lower Danismen Coastal Plain Osmancik Mezardere Shorelines Slope Channels Yayli-1 Bati Gurgen-1 Teslimkoy Basin Floor…
  37. April 2016 Corporate Presentation – Valeura Energy Inc. – slide 37
    Time Horizon Slice - Similarity Seismic Image Yayli-1 5 km Bati Gurgen-1 41
  38. April 2016 Corporate Presentation – Valeura Energy Inc. – slide 38
    Basin Floor Fan - Spectral Decomposition Seismic Image 5 km Upper Teslimkoy Basin Floor Fan Complex Yayli-1 Bati Gurgen-1 Mezardere Slope Channel Osmancik Shorelines 42
  39. April 2016 Corporate Presentation – Valeura Energy Inc. – slide 39
    TBNG JV Shallow Gas Business 2013 shallow gas program: Spudded 1 new drill (evaluating) Completed 14 workovers (11.0 MMcf/d aggregate initial 7-day rate); 3 well re-entry fracs Acquired 232 km2 of new 3D seismic in Osmanli area 2014…
  40. April 2016 Corporate Presentation – Valeura Energy Inc. – slide 40
    TBNG JV Tight Gas Proof-Of-Concept Program Phases 1. Recompletion fracs (750-2,000 m depth) Identify gas bearing zones in Mezardere, Teslimkoy & Kesan formations that require fracs to achieve commercial rates focusing initially on…
  41. April 2016 Corporate Presentation – Valeura Energy Inc. – slide 41
    Teslimkoy/Kesan Multi Frac Type Curves (Vertical Wells) (1)(2) Type Curve - Vertical Wells 1200 120 D&M Vertical Well, 2P - 0.8 Bcf, Rate vs. Time 1100 1000 D&M Vertical Well, 2P - 0.8 Bcf, Cum. Recovery vs. Time 100 900…
  42. April 2016 Corporate Presentation – Valeura Energy Inc. – slide 42
    Mezardere Multi Frac Type Curve (Horizontal Wells) (1)(2) Type Curve Comparisons - Horizontal Wells 3000 120 2500 100 CUMMULATIVE RECOVERY - % OF EUR 2000 80 PRODUCTION RATE - Mcf/d VLE HZ Type 2, Reserves - 1.0 Bcf,…
  43. April 2016 Corporate Presentation – Valeura Energy Inc. – slide 43
    Tekirdag Area Horizontal Drilling 2nd HZ well BTD-4H 1st HZ well DTD-19H Teslimkoy U. Kesan 655 m lateral 425 m lateral 10-stage frac 7-stage frac IP30 rate 3.0 MMcf/d IP30 rate 0.4 MMcf/d 5th HZ well TDR-11H Mezardere TDR-14…
  44. April 2016 Corporate Presentation – Valeura Energy Inc. – slide 44
    TBNG JV New Drill Spuds In 2012 - 2015 Hayrabolu Hayrabolu-10 Kazanci-5 Deep Exploration Kuzey Atakoy-1 Area Guney Atakoy-2 Karanfiltepe-5, 6 Guney Karababa-1 Atakoy-8 Biyikali-2ST Tavanli-1 Gurgen-1,2,3 Guney Osmanli-3 Guney…
  45. April 2016 Corporate Presentation – Valeura Energy Inc. – slide 45
    TBNG JV New Drill Spuds In 2012 SPUD RIG RELEASE TD STATUS WELL LICENCE WELL TYPE (d/m/y) (d/m/y) (m) APRIL 1, 2016 Baglik-1 3931 10/03/2012 06/05/2012 Unconventional 3,594 Producing Dogu Karya-1 3934 04/04/2012 23/04/2012…
  46. April 2016 Corporate Presentation – Valeura Energy Inc. – slide 46
    TBNG JV New Drill Spuds 2013 - 2015 SPUD RIG RELEASE TD STATUS WELL LICENCE WELL TYPE (d/m/y) (d/m/y) (m) APRIL 1, 2016 TDR-14 3931 29/01/2013 22/02/2013 Unconventional 1,749 Producing Hayrabolu-10 2926 08/02/2013 10/04/2013…
  47. April 2016 Corporate Presentation – Valeura Energy Inc. – slide 47
    Thrace Basin Seismic 10 km 2015 Banarli 3D (152 km2) Drilling on 2D seismic only prior to 2012 2013 Osmanli 3D (232 km2) 2011 & 2013 3D seismic (645 km2) guiding TBNG- 2011 Tekirdag/Hayrabolu 3D (413 km2) PTI JV drilling…
  48. April 2016 Corporate Presentation – Valeura Energy Inc. – slide 48
    Turkey Natural Gas Infrastructure 52
  49. April 2016 Corporate Presentation – Valeura Energy Inc. – slide 49
    Turkey Oil Infrastructure 53
  50. April 2016 Corporate Presentation – Valeura Energy Inc. – slide 50
    Thrace Basin Turkey Stratigraphic Column Tertiary basin 9,000 m of tertiary age sediments Depositional environment Deltaic sands Turbidite sands Reef development on Paleozoic highs Key reservoirs Danismen - gas Osmancik gas…
  51. April 2016 Corporate Presentation – Valeura Energy Inc. – slide 51
    SE Turkey Stratigraphic Column Reservoirs Sinan/Garzan reefs (Tertiary/Upper Cretaceous) Karabogaz & Mardin (Mid Cretaceous) Bedinan (Ordovician) Source Rocks Karabogaz (Cretaceous) Dadas (Silurian) Seals Germav (Upper…

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