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2015 Results and Outlook – Genel Energy

Genel Energy · Mar 3, 2016 · 32 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. 2015 Results and Outlook – Genel Energy – slide 1
    3 March 2016
  2. 2015 Results and Outlook – Genel Energy – slide 2
    1. Opening remarks Tony Hayward (Chairman) 2. Introduction Murat zgl (CEO) 3. KRI oil assets Murat zgl (CEO) 4. Exploration and appraisal Murat zgl (CEO) 5. KRI gas business Murat zgl (CEO) 6. Financials Ben Monaghan (CFO) 7.…
  3. 2015 Results and Outlook – Genel Energy – slide 3
    800,000 750,000 Contractor export payments(1) 700,000 75m 75m 75m 75m 56m 650,000 600,000 550,000 500,000 450,000 bopd 400,000 350,000 300,000 250,000 200,000 150,000 100,000 50,000 0 Jan-15 Feb-15…
  4. 2015 Results and Outlook – Genel Energy – slide 4
    Production of 84,900 bopd in 2015, a 22% increase on 2014 KRI oil and gas assets Consolidated control of gas assets, revised term sheets a key milestone in the commercialisation of a world-scale resource KRI oil export payments…
  5. 2015 Results and Outlook – Genel Energy – slide 5
    Monthly export payment now based on PSC entitlement Export payment evolution 5% of monthly netback field revenue to address recovery of receivable (MNR 1 Feb 2016 Announcement) Resumption of investment at Taq Taq and Tawke…
  6. 2015 Results and Outlook – Genel Energy – slide 6
    1. Opening remarks Tony Hayward (Chairman) 2. Introduction Murat zgl (CEO) 3. KRI oil assets Murat zgl (CEO) 4. Exploration and appraisal Murat zgl (CEO) 5. KRI gas business Murat zgl (CEO) 6. Financials Ben Monaghan (CFO) 7.…
  7. 2015 Results and Outlook – Genel Energy – slide 7
    Taq Taq 2015 sales by destination (bopd) Tawke 2015 sales by destination (bopd) 160,000 160,000 140,000 140,000 120,000 120,000 100,000 100,000 80,000 80,000 60,000 60,000 40,000 40,000 20,000 20,000 - - Q1 15 Q2 15 Q3 15 Q4 15 Q1…
  8. 2015 Results and Outlook – Genel Energy – slide 8
    Principal change from McDaniel 2011 CPR is a revised estimate of fracture porosity in Cretaceous Shiranish reservoir Original Recoverable 2P Reserves McDaniel McDaniel Reservoir Change Comment 20111 20162 Pilaspi 17 7 (10) More…
  9. 2015 Results and Outlook – Genel Energy – slide 9
    Lower well density on flanks of the structure Side-track campaign on flanks of structure Production concentrated on crest Side-track wells to target zones of high fracture porosity Water level rising faster at the crest compared to the…
  10. 2015 Results and Outlook – Genel Energy – slide 10
    Irregular free water level rise Actions: Potential for unswept zones 1. Reduce rate of field offtake (implemented) 2. Manage offtake less on crest more on flanks 3. Drill horizontal wells on flanks Shiranish Shiranish…
  11. 2015 Results and Outlook – Genel Energy – slide 11
    Reservoir Saturation Tool Results Reservoir Saturation Tool Remaining Oil Saturation results confirm unswept oil in the Qamchuqa matrix Currently assessed as prospective resources of 20-40 mmbbls Depleted Plan being developed…
  12. 2015 Results and Outlook – Genel Energy – slide 12
    Taq Taq Gross Production (bopd) Taq Taq activity plan will focus on c.80,000 three key areas 65-75,000 50-70,000 Development of fracture systems side-tracks and horizontal wells Reservoir management for FWL control production…
  13. 2015 Results and Outlook – Genel Energy – slide 13
    1,750 4% 1,516 1,500 21% 1,455 1,252 1,250 1,031 1,000 mmboe 750 (39)% 500 429 264 250 0 2014 2015 2014 2015 2014 2015 2P 2C 2P + 2C Taq Taq Tawke Miran Bina Bawi Chia Surkh Peshkabir Others
  14. 2015 Results and Outlook – Genel Energy – slide 14
    1. Opening remarks Tony Hayward (Chairman) 2. Introduction Murat zgl (CEO) 3. KRI oil assets Murat zgl (CEO) 4. Exploration and appraisal Murat zgl (CEO) 5. KRI gas business Murat zgl (CEO) 6. Financials Ben Monaghan (CFO) 7.…
  15. 2015 Results and Outlook – Genel Energy – slide 15
    Chia Surkh-10 and Chia Surkh-11 (2013) Peshkabir-1 (2012) CS-10 and CS-11 encountered light oil and gas in Jeribe/Euphrates Drilled on flank of structure, based on sparse 2D data, 27-29 API oil Oligo-Miocene with flow rates between…
  16. 2015 Results and Outlook – Genel Energy – slide 16
    1. Opening remarks Tony Hayward (Chairman) 2. Introduction Murat zgl (CEO) 3. KRI oil assets Murat zgl (CEO) 4. Exploration and appraisal Murat zgl (CEO) 5. KRI gas business Murat zgl (CEO) 6. Financials Ben Monaghan (CFO) 7.…
  17. 2015 Results and Outlook – Genel Energy – slide 17
    Upstream and midstream term sheets signed Revised terms enhance original agreements and deliver alignment along the value chain Term sheets to be converted into binding documentation by Q2 2016 Acquired OMVs stake in Bina Bawi…
  18. 2015 Results and Outlook – Genel Energy – slide 18
    Upstream Field Development Plan contract expected to be awarded in Q2 2016 Midstream Pre-FEED expected to complete by end H1 2016 - Pre-FEED will focus on site selection and technical design for the gas processing facilities at…
  19. 2015 Results and Outlook – Genel Energy – slide 19
    1. Opening remarks Tony Hayward (Chairman) 2. Introduction Murat zgl (CEO) 3. KRI oil assets Murat zgl (CEO) 4. Exploration and appraisal Murat zgl (CEO) 5. KRI gas business Murat zgl (CEO) 6. Financials Ben Monaghan (CFO) 7.…
  20. 2015 Results and Outlook – Genel Energy – slide 20
    Revenues of 344 million a decrease of 34% on 2014 EBITDAX of 279 million KRI cash proceeds of 148 million Operating cash flow of 71 million Capex of 157 million a 77% reduction on 2014 Net KRG receivable stabilised during H2…
  21. 2015 Results and Outlook – Genel Energy – slide 21
    700 Operating cash flow of 71m 74 36 230m senior unsecured 18 bonds issued in Net debt of 600 23 March 2015 239m 74 46 (less issue discount) 93 500 489 196 455 141 400 Taq Taq and Tawke m Three payments received…
  22. 2015 Results and Outlook – Genel Energy – slide 22
    Taq Taq Impairment Exploration Assets Impairment of 1,038 million 2015 Impairment Total expense & Provisions Exploration USm (cash) (non-cash) Expense New oil price assumption (c.50% of Ber Bahr - 67 67 impairment) Dohuk - 2 2…
  23. 2015 Results and Outlook – Genel Energy – slide 23
    million 2015 2014 Production growth driven by field capacity upgrades and availability of KRI-Turkey export pipeline Average production (bbl/d) 84,900 69,000 Revenue 344 520 Overall 2015 realisation 39/bbl (46% decrease on 2014):…
  24. 2015 Results and Outlook – Genel Energy – slide 24
    February 2016 payment mechanism for exports announced by Ministry of Natural Resources Monthly payment to Contractor calculated as a proportion of monthly field revenue as a proxy for entitlement Processed within 10 working days of…
  25. 2015 Results and Outlook – Genel Energy – slide 25
    2015 capex of 157 million 75% reduction on 2014 Majority of 2015 spend on development at Taq Taq and Tawke 2016 capex guidance of 80-120 million unchanged 50-90 million on Taq Taq & Tawke Contingent activity will move into…
  26. 2015 Results and Outlook – Genel Energy – slide 26
    Guidance Production 60-70,000 bopd Accrued revenue Brent oil price guidance Production costs 1.25 - 1.75/bbl 35/bbl 160 220 million 45/bbl 200 275 million G&A 1.00 1.25/bbl Revenue ranges reflect current production guidance and…
  27. 2015 Results and Outlook – Genel Energy – slide 27
    Balance sheet strength Bond covenants significant headroom at end-2015 730 million bond due 2019 455 million cash at end-2015 As at Covenant Significant covenant headroom 31 Dec 2015 Net debt/EBITDAX < 3.0 0.9x Equity ratio…
  28. 2015 Results and Outlook – Genel Energy – slide 28
    1. Opening remarks Tony Hayward (Chairman) 2. Introduction Murat zgl (CEO) 3. KRI oil assets Murat zgl (CEO) 4. Exploration and appraisal Murat zgl (CEO) 5. KRI gas business Murat zgl (CEO) 6. Financials Ben Monaghan (CFO) 7.…
  29. 2015 Results and Outlook – Genel Energy – slide 29
    Taq Taq reserves reset with program in place to produce 2P reserves and and gather additional information on reservoir parameters Genel still has a material low-cost cash flow generative oil business YE 2015 net 2P reserves of 264…
  30. 2015 Results and Outlook – Genel Energy – slide 30
    1. Opening remarks Tony Hayward (Chairman) 2. Introduction Murat zgl (CEO) 3. KRI oil assets Murat zgl (CEO) 4. Exploration and appraisal Murat zgl (CEO) 5. KRI gas business Murat zgl (CEO) 6. Financials Ben Monaghan (CFO) 7.…
  31. 2015 Results and Outlook – Genel Energy – slide 31
  32. 2015 Results and Outlook – Genel Energy – slide 32
    McDaniel, 30 June 2011 McDaniel, 31 December 2015 Original Recoverable Reserves 1P 2P 3P Original Recoverable Reserves 1P 2P 3P Pilaspi 11 17 22 Pilaspi 4 7 11 Shiranish 220 460 792 Shiranish 128 237 470 Kometan 50 93 124 Kometan 66 66 67…

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