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September 2016 Investor Presentation – Bonavista Energy Corp

Bonavista Energy Corp · Sep 13, 2016 · 25 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. September 2016 Investor Presentation – Bonavista Energy Corp – slide 1
    INVESTOR PRESENTATION SEPTEMBER 2016 1 All together better.
  2. September 2016 Investor Presentation – Bonavista Energy Corp – slide 2
    IDENTITY This is Bonavista: Our leadership team is We are ALIGNED with our EXPERIENCED: shareholders: average tenure with 8% insider ownership Bonavista of 13 years We have a FOCUSED Consistently becoming asset base: more…
  3. September 2016 Investor Presentation – Bonavista Energy Corp – slide 3
    IDENTITY CORE OPERATING AREAS Focused on two core areas: Deep Basin 23,500 boe/d production (Q4/2016E) 90% natural gas Edmonton 560 gross locations in key play inventory Deep Basin West Central 45,800 boe/d production…
  4. September 2016 Investor Presentation – Bonavista Energy Corp – slide 4
    IDENTITY STRATEGIC ASSET EXCHANGE Assets acquired: 172.8 net horizontal locations currently identified Edmonton 40.7 mmboe 2P reserves* Deep Basin 330 gross sections of land 8,500 boe/d, 2017F production Bonavista…
  5. September 2016 Investor Presentation – Bonavista Energy Corp – slide 5
    SUMMARY 2016 Priorities: 1. Improve financial flexibility 2. Demonstrate sustainability 3. Protect funds from operations 4. Enhance efficiencies 9
  6. September 2016 Investor Presentation – Bonavista Energy Corp – slide 6
    2016 PRIORITIES SUSTAINABILITY & FINANCIAL FLEXIBILITY 2016 1,310 2016 opening net debt Budget 1,260 Capital expenditures ( millions): 2016 excess funds from operations Exploration & development 160 1,210 Net Debt (…
  7. September 2016 Investor Presentation – Bonavista Energy Corp – slide 7
    2016 STRATEGIES - PROTECTED Protecting our natural gas revenue: 500 300 4.00 450 250 3.50 Natural gas revenue ( millions) 400 Hedged volumes (thousands gjs/d) 350 26% 200 3.00 300 CDN/gj 250 32% 150 2.50 200…
  8. September 2016 Investor Presentation – Bonavista Energy Corp – slide 8
    2016 STRATEGIES - EFFICIENT Efficiency through concentration in core areas: 2008 Land Position 2012 Land Position Current Land Position Deep Basin Deep Basin Deep Basin Bonavista Lands Sept/16 Asset Exchange West Central…
  9. September 2016 Investor Presentation – Bonavista Energy Corp – slide 9
    2016 STRATEGIES - EFFICIENT Concentrated production and spending in our core areas: Production (mboe/d) E&D Capital ( millions) 100% 100% 53 55 66 69 69 73 77 79 69-70 306 204 349 454 402 444 640 314 160 90% 90% 80% 80% 70% 70%…
  10. September 2016 Investor Presentation – Bonavista Energy Corp – slide 10
    2016 STRATEGIES - EFFICIENT Improving our costs to develop and operate our assets: Finding & Development Costs (/boe) * Operating Costs (/boe) 15.00 19.11 10.00 60% 40% 12.50 8.00 10.00 6.00 7.50 4.00 5.00 2.00…
  11. September 2016 Investor Presentation – Bonavista Energy Corp – slide 11
    CAPITAL ALLOCATION 100% of E&D spending in two core areas: 2 core areas, Wells Expenditures* % of Value 4 key plays Gross Net ( millions) Expenditures Inventory West Central 26 23.0 66 50 856 Hoadley Glauconite 18 15.0 42 32…
  12. September 2016 Investor Presentation – Bonavista Energy Corp – slide 12
    DEEP BASIN 2016 Development concentrated in the Wilrich and Bluesky: Production (boe/d) 100% Bluesky 21,500 20,200 80% 17,400 13,800 8,300 2,400 60% 3,600 7,000 2,300 2,100 3,900 4,100 40% 2,400 20% 1,600 600 1,100 3,800…
  13. September 2016 Investor Presentation – Bonavista Energy Corp – slide 13
    DEEP BASIN - WILRICH Inventory Production (boe/d) 300 14,000 250 Inventory converted 12,000 to extended reach 200 10,000 150 of locations 8,000 100 6,000 50 4,000 0 2,000 -50 -100 0 2010 2011 2012 2013 2014 2015…
  14. September 2016 Investor Presentation – Bonavista Energy Corp – slide 14
    DEEP BASIN - ANSELL WILRICH Continually more efficient: Average production per well Average costs* per well 6,000 Down 1,200 1,000 5,000 17%** 800 4,000 1H 2016 boe/d 000s 600 3,000 400 Up 2,000 1H 2015 200 41%…
  15. September 2016 Investor Presentation – Bonavista Energy Corp – slide 15
    DEEP BASIN - ANSELL WILRICH Reducing costs through facility ownership: Operating Costs (/boe) 8.00 60 mmcf/d compression and processing facility commissioned in Q3 2015 6.00 4.00 Forecasting to expand to 120 mmcf/d in 2017 2.00…
  16. September 2016 Investor Presentation – Bonavista Energy Corp – slide 16
    DEEP BASIN - BLUESKY Inventory Production (boe/d) 120 5,000 100 4,500 80 4,000 60 3,500 of locations 3,000 40 2,500 20 2,000 0 1,500 -20 1,000 -40 500 -60 0 2010 2011 2012 2013 2014 2015 2016E Q1 Q2 Q3 Q4 Q1 Q2…
  17. September 2016 Investor Presentation – Bonavista Energy Corp – slide 17
    WEST CENTRAL 2016 Activity concentrated in the Glauconite and Falher: Production (boe/d) 100% 80% 48,300 44,300 46,700 35,700 38,800 41,400 60% 18,500 32,800 3,300 3,700 13,400 1,700 40% 100 200 100 20% Falher 200 2,300…
  18. September 2016 Investor Presentation – Bonavista Energy Corp – slide 18
    WEST CENTRAL - GLAUCONITE Inventory Production (boe/d) 500 30,000 400 25,000 300 200 20,000 of locations 100 15,000 0 -100 10,000 -200 5,000 -300 -400 0 2008 2009 2010 2011 2012 2013 2014 2015 2016E Q1 Q2 Q3 Q4…
  19. September 2016 Investor Presentation – Bonavista Energy Corp – slide 19
    GLAUCONITE Reliable and predictable production: Production Value capital expenditures * 30,000 Only 30-40% of net operating income required to maintain 25,000 production** Production (boe/d) 20,000 2016E 15,000…
  20. September 2016 Investor Presentation – Bonavista Energy Corp – slide 20
    WEST CENTRAL - HOADLEY GLAUCONITE Continually more efficient: Average production per well Average costs* per well Down 3,000 3,000 2,500 2,500 20% 2,000 2,000 Raw gas (mcf/d) 1H 2016 000s 1,500 1,500 1,000 1H…
  21. September 2016 Investor Presentation – Bonavista Energy Corp – slide 21
    WEST CENTRAL - FALHER Inventory Production (boe/d) 160 4,500 140 4,000 120 3,500 100 3,000 of locations 80 2,500 60 2,000 40 1,500 20 1,000 0 -20 500 -40 0 2010 2011 2012 2013 2014 2015 2016E Q1 Q2 Q3 Q4 Q1 Q2…
  22. September 2016 Investor Presentation – Bonavista Energy Corp – slide 22
    MORNINGSIDE FALHER Continually more efficient: Average production per well Average costs* per well Down 3,000 5,000 4,000 2,500 26% 2,000 Raw gas (mcf/d) 3,000 000s 1H 2016 1,500 2,000 1,000 1,000 Up…
  23. September 2016 Investor Presentation – Bonavista Energy Corp – slide 23
    PLAY CHARACTERISTICS Competitive economics**: Wilrich Bluesky Glauconite Falher Lateral length (miles) 1.5 1.0 Avg. 1 and 1.5 1.0 Capital ( millions) * 4.7 3.7 2.8 2.4 EUR (mboe) 983 577 597 477 F&D (/boe) 4.73 6.43 4.68 4.99…
  24. September 2016 Investor Presentation – Bonavista Energy Corp – slide 24
    KEY PLAY RETURNS Sensitivities: 2017 strip price at September 6, 2016 90% Key play economics 80% resilient in a low 70% commodity price environment Internal Rate of Return 60% 50% 40% 30% Morningside Falher 20%…
  25. September 2016 Investor Presentation – Bonavista Energy Corp – slide 25
    SUMMARY 2016 Priorities: Improve financial flexibility Reduce net debt by approximately 350 million Demonstrate sustainability Total payout ratio of 42% with minimal production decline Protect funds from operations Hedged…

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