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December 2016 Corporate Update – Athabasca Oil Corp

Athabasca Oil Corp · Dec 7, 2016 · 33 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. December 2016 Corporate Update – Athabasca Oil Corp – slide 1
    ATHABASCA OIL CORPORATION FOCUSED EXECUTING DELIVERING DECEMBER 2016 CORPORATE UPDATE
  2. December 2016 Corporate Update – Athabasca Oil Corp – slide 2
    2 ATHABASCA OIL OUR ASSETS THERMAL OIL ALBERTA BASED ASSETS Hangingstone Low decline & robust FCF profile 8,500 bbl/d 12,000 bbl/d expected to be reached in 2018 Fort McMurray Corner LIGHT OIL Leismer LIGHT OIL Greater…
  3. December 2016 Corporate Update – Athabasca Oil Corp – slide 3
    STRATEGY & INVESTMENT PROFILE 3 70 Duvernay PRODUCTION LIGHT OIL: DEFINED & MATERIAL GROWTH Montney 60 Leismer o Scalable Montney position Hangingstone 50 o Funded Duvernay development 40 mboe/d 30 THERMAL OIL: LEVERAGE…
  4. December 2016 Corporate Update – Athabasca Oil Corp – slide 4
    A TRANSFORMATIONAL ACQUISITION 4 2 510km2 Assets Total Acreage 838 Delineation Wells 24,000 bbl/d 2P Reserves1 856 mmbbl 165MM Cash Flow at Current Production Resource1 628 mmbbl US60/bbl WTI 70 year Infrastructure…
  5. December 2016 Corporate Update – Athabasca Oil Corp – slide 5
    ACQUISITION RATIONALE & HIGHLIGHTS 5 STRATEGIC RATIONALE o Acquisition of 24,000 bbl/d of stable Production with US44/bbl WTI Break-Evens o Establishes Athabasca as a 40,000 boe/d (90% liquids) Intermediate Producer o Upgrades…
  6. December 2016 Corporate Update – Athabasca Oil Corp – slide 6
    OUTLOOK & CAPITALIZATION 6 2017 PRELIMINARY OUTLOOK CAPITALIZATION (ATH-TSX) o Production** Share Price (Dec 13, 2016) 1.47 /sh Corporate 38,000 - 42,000 boe/d (90% liquids) Basic Shares Outstanding* 506 MM Thermal Oil: 31,500…
  7. December 2016 Corporate Update – Athabasca Oil Corp – slide 7
    THERMAL OIL LEISMER & HANGINGSTONE
  8. December 2016 Corporate Update – Athabasca Oil Corp – slide 8
    8 THERMAL OIL ASSET OVERVIEW ASSET HIGHLIGHTS REGIONAL MAP o 33,000 bbl/d 2017e production o 1,075 mmbbl 2P reserves1 o Low-risk future expansion opportunities o Corner lease delineated with 40,000 bbl/d regulatory Hangingstone…
  9. December 2016 Corporate Update – Athabasca Oil Corp – slide 9
    LEISMER ESTABLISHED OPERATIONS 9 MAP ASSET HIGHLIGHTS Central Processing o Commissioned in 2010 Facility Capacity 75km 12 Dilbit Line 25 mbbl/d of bitumen 8 Diluent Line 69 mbbl/d of steam (AOC owned) o Current production…
  10. December 2016 Corporate Update – Athabasca Oil Corp – slide 10
    LEISMER HIGH QUALITY ASSET 10 HIGHLIGHTS AVERAGE RATE PER WELL PAIR 1,000 Pads 1-4 Pad 5 o Top tier SAGD well pair performance 900 Pad 6 800 700 800 bbl/d average plateau rates 700 600 Top quartile 1.5 mmbbl average…
  11. December 2016 Corporate Update – Athabasca Oil Corp – slide 11
    11 HANGINGSTONE DEVELOPMENT OVERVIEW MAP HANGINGSTONE PROJECT 1 (12,000 BBL/D) Central Processing Facility Capacity o First oil in August 2015 12 mbbl/d of bitumen 42 mbbl/d of steam o Recent production 8,500 9,000 bbl/d…
  12. December 2016 Corporate Update – Athabasca Oil Corp – slide 12
    12 THERMAL OIL OUTLOOK DEVELOPMENT HIGHLIGHTS PRODUCTION PROFILE 40 Leismer o Optimize operations in the initial years Hangingstone 35 OUTLOOK 30 o Reinvest FCF into high rate of return light oil assets 25 mbbl/d 20 o…
  13. December 2016 Corporate Update – Athabasca Oil Corp – slide 13
    LIGHT OIL MONTNEY & DUVERNAY
  14. December 2016 Corporate Update – Athabasca Oil Corp – slide 14
    14 PLACID MONTNEY OVERVIEW HIGHLIGHTS ALBERTA & BC MONTNEY o 60,000 operated acres spanning Placid, Saxon and Simonette o 27,500 prospective acres at Placid o 150 200 development locations with egress in place1 o Robust…
  15. December 2016 Corporate Update – Athabasca Oil Corp – slide 15
    ATTRACTIVE ECONOMICS IN THE CURRENT 15 PRICING ENVIRONMENT NEAR TERM ACTIVITY SUMMARY ACTIVITY MAP o H2 2016 activity (66MM net) 12 wells drilled 30MM 4 wells completed 9MM Facilities 20MM Long lead commitments Initial construction…
  16. December 2016 Corporate Update – Athabasca Oil Corp – slide 16
    SCALABLE MONTNEY POSITION 16 DEVELOPMENT HIGHLIGHTS PRODUCTION PROFILE (NET) 18 Montney - Upside o AOC operates with a 70% WI 16 Montney - Base o Production potential 14 12 2017e 8,500 boe/d gross mboe/d 10 6,000 boe/d net…
  17. December 2016 Corporate Update – Athabasca Oil Corp – slide 17
    KAYBOB DUVERNAY LIQUIDS AND OVERPRESSURE DRIVES ECONOMICS 17 GREATER KAYBOB DUVERNAY EXPOSURE HIGH QUALITY LIQUIDS KAYBOB Volatile Oil1 EAST Land: 156,000 acres 8-18 45API Locations: 1,300 WI: 30% 12 Kaybob East KAYBOB…
  18. December 2016 Corporate Update – Athabasca Oil Corp – slide 18
    FUNDED DUVERNAY DEVELOPMENT 18 o Development goals 10 PRODUCTION PROFILE (NET) 9 Production o 1,500 gross well potential 8 o Achieve self funding post carry period 7 o Continue to drive cost efficiencies with multi- 6…
  19. December 2016 Corporate Update – Athabasca Oil Corp – slide 19
    CONCLUSIONS
  20. December 2016 Corporate Update – Athabasca Oil Corp – slide 20
    ATHABASCA A PREMIUM OIL WEIGHTED 20 INVESTMENT CURRENT OUTLOOK STRATEGY Operational execution LIQUIDS WEIGHTED Compelling 5-yr growth GROWTH Funding secured for core plays Self-funding in 2018/19 (JV, CBR, strategic…
  21. December 2016 Corporate Update – Athabasca Oil Corp – slide 21
    SUPPLEMENTAL INFORMATION
  22. December 2016 Corporate Update – Athabasca Oil Corp – slide 22
    PEER BENCHMARKING COMPETITIVE METRICS 22 AND COMPELLING VALUE 250% 2018 / 2016 PPS GROWTH 9.0x 2018 NET DEBT/CF 225% 8.0x 200% 7.0x Statoil 175% 6.0x 150% 125% 5.0x 100% 4.0x Organic 75% 3.0x 50% Peer Group Average 2.0x…
  23. December 2016 Corporate Update – Athabasca Oil Corp – slide 23
    23 LIGHT OIL JOINT VENTURE WITH MURPHY OIL STRATEGIC RATIONALE o Corporate o Reduce development risk profile while maintaining upside potential o Strengthen balance sheet and facilitate debt refinancing o Montney o Material operated…
  24. December 2016 Corporate Update – Athabasca Oil Corp – slide 24
    24 LIGHT OIL JOINT VENTURE MAP Greater Kaybob Assets AOC 30% WI in 200,000 Duvernay acres 1,200 boe/d net (Q3 2016) Greater Placid Assets AOC 70% WI in 60,000 Montney acres 1,818 boe/d net (Q3 2016)
  25. December 2016 Corporate Update – Athabasca Oil Corp – slide 25
    PLACID MONTNEY WELL SUMMARY 25 Well UWI Key Dates Drilling Summa Completions Summary Production* * * Spud On Prod. Spud - RR Lateral Stages Proppant Loading IP30* * * * Cum. Production To Date mmm-yy mmm-yy days m lb/ ft boe/ d %…
  26. December 2016 Corporate Update – Athabasca Oil Corp – slide 26
    KAYBOB DUVERNAY 26 JOINT DEVELOPMENT AGREEMENT Greater Kaybob Duvernay & Greater Placid Montney Joint Development Agreements available on SEDAR
  27. December 2016 Corporate Update – Athabasca Oil Corp – slide 27
    LIGHT OIL STRATEGIC INFRASTRUCTURE 27 R26 R24 R22 R20 R18 R16 R14W5 Total Battery Capacity (gross) Gas Pipeline (gross) T67 T67 Oil Capacity 36,000 bbl/d Gas Up to Capacity 180 MMcf/d 84 MMcf/d, Gas Capacity expandable to 130…
  28. December 2016 Corporate Update – Athabasca Oil Corp – slide 28
    THERMAL OIL STRATEGIC INFRASTRUCTURE 28 150k bbl Dilbit 150k bbl Diluent Diluent supply Keyera terminal HANGINGSTONE Dilbit egress capability 16 Cheecham Enbridge Lateral Terminal 40k bbl Dilbit 6k bbl Diluent 12 Dilbit…
  29. December 2016 Corporate Update – Athabasca Oil Corp – slide 29
    29 HANGINGSTONE RESERVOIR OVERVIEW o Reservoir model reflects continued vertical steam chamber growth o Pressure data supports that the reservoir and lean zones are bounded o Steam conditions are present in the lean zones and moving…
  30. December 2016 Corporate Update – Athabasca Oil Corp – slide 30
    30 CONTINGENT BITUMEN ROYALTY HIGHLIGHTS SLIDING SCALE PRICING 14% Birch, Dover & Grosmont o Royalty only applies to the Hangingstone, Dover 12% Hangingstone West, Birch and Grosmont leases 10% Royalty Rate (%) o Leismer and…
  31. December 2016 Corporate Update – Athabasca Oil Corp – slide 31
    ALBERTAS OIL SANDS 31 A GLOBAL ENVIRONMENTAL LEADER HIGHLIGHTS o Canada, with 0.5% of the worlds population, produces about 2% of global CO2 emissions o Oil sands accounted for 8.5% of Canada GHG emissions and about 0.13% of global GHG…
  32. December 2016 Corporate Update – Athabasca Oil Corp – slide 32
    32 MANAGEMENT TEAM AND BOARD MANAGEMENT TEAM BOARD OF DIRECTORS Rob Broen, P.Eng. Ronald Eckhardt President & Chief Executive Officer Chair and member of the Reserves Committee Kim Anderson, CA Rob Broen, P.Eng. Chief Financial…
  33. December 2016 Corporate Update – Athabasca Oil Corp – slide 33
    33 ENDNOTES Slide Endnotes GLJ price deck summary: Pricing (GLJ - AS OF Oct 1 /16) 2016e 2017e 2018e 2019e 2020e WTI US/bbl 42.25 54.00 58.00 63.00 67.00 FX C/US 0.755 0.775 0.800 0.825 0.850 Condensate C/bbl 54.50 68.75 71.50…

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