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June 2016 Corporate Presentation – Valeura Energy Inc.

Valeura Energy Inc. · Jun 8, 2016 · 50 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. June 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 JUNE 2016
  2. June 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. June 2016 Corporate Presentation – Valeura Energy Inc. – slide 3
    Capital Structure June 1, 2016 Basic shares outstanding at June 1, 2016 58,305,801 Common shares purchasable pursuant to outstanding: Options (0.73 weighted average exercise price per share) 5,070,000 Fully diluted shares 63,375,801…
  4. June 2016 Corporate Presentation – Valeura Energy Inc. – slide 4
    Q1 2016 Financial & Operating Highlights 3 MONTHS 3 MONTHS 3 MONTHS ENDED ENDED ENDED RESULTS MARCH 31, DECEMBER 31, MARCH 31, 2016 2015 2015 Production Crude oil & NGLs (bbl/d) 9 8 10 Natural gas (Mcf/d) 4,697 4,805 7,273 boe/d…
  5. June 2016 Corporate Presentation – Valeura Energy Inc. – slide 5
    Why Turkey Prospective Proven petroleum systems TBNG-PTI TBNG-PTI acquisition Acquisition Under-explored & under-exploited conventional & (natural gas & light/medium oil) unconventional plays opportunity Opportunity to deploy…
  6. June 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-a4…
  7. June 2016 Corporate Presentation – Valeura Energy Inc. – slide 7
    Land Position In Turkey At June 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. June 2016 Corporate Presentation – Valeura Energy Inc. – slide 8
    Turkey YE 2015 Reserves (Company Gross) (1) LIGHT & MEDIUM TOTAL OIL NATURAL GAS NPV10 BEFORE TAX NPV10 AFTER TAX CATEGORY OIL EQUIVALENT (Bcf) (MM) (MM) (Mbbl) (Mboe) PROVED DEVELOPED 7 3.0 509 17.3 17.3 PRODUCING PROVED DEVELOPED…
  9. June 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. June 2016 Corporate Presentation – Valeura Energy Inc. – slide 10
    TBNG JV Interests in 14 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. June 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. June 2016 Corporate Presentation – Valeura Energy Inc. – slide 12
    Thrace Basin Tight Gas Learning Curve 2011 2016 YTD 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. June 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. June 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. June 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. June 2016 Corporate Presentation – Valeura Energy Inc. – slide 16
    Banarli Exploration Strategy Banarli licence awarded to Valeura (100% WI) in April 2013 (541 km2; 209 square miles) Converted to two licences under New Petroleum Law, which extends initial 5-year term to June 27, 2020: US9.2 MM…
  17. June 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. June 2016 Corporate Presentation – Valeura Energy Inc. – slide 18
    Osmancik/Danismen Prospect Map (< 2,500 m Depth) Mid Danismen PSTM Time Structure Osmancik/Danismen Prospects Discoveries MURATLI Prospects (< 2500 m) (1) AYDINKOY YAYLI-1 BATI GURGEN-2 TESLIMKOY FRACED EXPECTED SPUD…
  19. June 2016 Corporate Presentation – Valeura Energy Inc. – slide 19
    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…
  20. June 2016 Corporate Presentation – Valeura Energy Inc. – slide 20
    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…
  21. June 2016 Corporate Presentation – Valeura Energy Inc. – slide 21
    Statoil Binding Farm-Out Letter Agreement Statoil to invest at least US36 MM in three phases to earn 50% interest below 2,500 m in Banarli licences while Valeura retains 100% interest above 2,500 m, subject to negotiation of definitive…
  22. June 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 CONVENTIONAL GAS VERTICAL WELL (2) Operating Netbacks /boe (1) Drill & Case (2,000 m TVD) 1.7 1.7…
  23. June 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. June 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. June 2016 Corporate Presentation – Valeura Energy Inc. – slide 25
    Our Heritage Senior Management Board of Directors 30
  26. June 2016 Corporate Presentation – Valeura Energy Inc. – slide 26
    Past Successes of Management & Board Sold 2009 360 mm Market Cap 3x ROI (04-09) 5,120 mm CAGR 22% Market Cap at Trust Conversion Sold in 2004 916 mm 228 mm 35x ROI (94-03) 5x ROI (99-04) CAGR 51% CAGR 43% Sold in 2006…
  27. June 2016 Corporate Presentation – Valeura Energy Inc. – slide 27
    Organization Structure BOARD OF DIRECTORS Bill Fanagan Jim McFarland Claudio Ghersinich Ron Royal Tim Marchant Stephanie Stimpson, Corporate Secretary PRESIDENT & CEO Jim McFarland VP VP VP VP CFO BUSINESS ENGINEERING…
  28. June 2016 Corporate Presentation – Valeura Energy Inc. – slide 28
    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…
  29. June 2016 Corporate Presentation – Valeura Energy Inc. – slide 29
    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…
  30. June 2016 Corporate Presentation – Valeura Energy Inc. – slide 30
    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…
  31. June 2016 Corporate Presentation – Valeura Energy Inc. – slide 31
    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…
  32. June 2016 Corporate Presentation – Valeura Energy Inc. – slide 32
    Board of Directors Bill Fanagan, CA (Chair) Former Chairman, Verenex Energy Inc. Former President & CEO, Gulf Indonesia Resources Limited Financial background (Audit Chair) Claudio Ghersinich, P. Eng. Co-founder & former EVP Business…
  33. June 2016 Corporate Presentation – Valeura Energy Inc. – slide 33
    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…
  34. June 2016 Corporate Presentation – Valeura Energy Inc. – slide 34
    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…
  35. June 2016 Corporate Presentation – Valeura Energy Inc. – slide 35
    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…
  36. June 2016 Corporate Presentation – Valeura Energy Inc. – slide 36
    Time Horizon Slice - Similarity Seismic Image Yayli-1 5 km Bati Gurgen-1 41
  37. June 2016 Corporate Presentation – Valeura Energy Inc. – slide 37
    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
  38. June 2016 Corporate Presentation – Valeura Energy Inc. – slide 38
    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…
  39. June 2016 Corporate Presentation – Valeura Energy Inc. – slide 39
    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…
  40. June 2016 Corporate Presentation – Valeura Energy Inc. – slide 40
    Teslimkoy/Kesan Multi Frac Type Curves (Vertical Wells) (1) Type Curve - Vertical Wells 1600 0.8 1400 D&M Vertical Well, 2P - 0.6 Bcf, Rate vs. Time 0.7 D&M Vertical Well, 2P - 0.6 Bcf, Cum. Production vs. Time CUMMLATIVE…
  41. June 2016 Corporate Presentation – Valeura Energy Inc. – slide 41
    Teslimkoy Multi Frac Type Curve (Horizontal Wells) (1)(2) Type Curve Comparison - Horizontal Teslimkoy Wells 3000 2.4 D&M 2P HZ Teslimkoy, Reserves - 1.3 Bcf, Rate vs. Time 2500 2 VLE HZ Teslimkoy, Reserves - 1.1 Bcf, Rate vs.…
  42. June 2016 Corporate Presentation – Valeura Energy Inc. – slide 42
    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…
  43. June 2016 Corporate Presentation – Valeura Energy Inc. – slide 43
    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…
  44. June 2016 Corporate Presentation – Valeura Energy Inc. – slide 44
    TBNG JV New Drill Spuds In 2012 SPUD RIG RELEASE TD STATUS WELL LICENCE WELL TYPE (d/m/y) (d/m/y) (m) JUNE 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…
  45. June 2016 Corporate Presentation – Valeura Energy Inc. – slide 45
    TBNG JV New Drill Spuds 2013 - 2015 SPUD RIG RELEASE TD STATUS WELL LICENCE WELL TYPE (d/m/y) (d/m/y) (m) JUNE 1, 2016 TDR-14 3931 29/01/2013 22/02/2013 Unconventional 1,749 Producing Hayrabolu-10 2926 08/02/2013 10/04/2013…
  46. June 2016 Corporate Presentation – Valeura Energy Inc. – slide 46
    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…
  47. June 2016 Corporate Presentation – Valeura Energy Inc. – slide 47
    Turkey Natural Gas Infrastructure 52
  48. June 2016 Corporate Presentation – Valeura Energy Inc. – slide 48
    Turkey Oil Infrastructure 53
  49. June 2016 Corporate Presentation – Valeura Energy Inc. – slide 49
    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…
  50. June 2016 Corporate Presentation – Valeura Energy Inc. – slide 50
    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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