Greenfields Petroleum Corporation BAHAR Project Update 3rd Annual Azerbaijan & Caspian Sea Oil and Gas Week 2015 September 28, 2015 Baku, Azerbaijan TSX.V: GNF & GNF.DB Organized by: oliverkinross
My Mother always told me; 1. Know who you are playing with 2. Do your homework first
Bahar Project Challenges Partner funding problems Oil Price Decline Second Chance to do it Right
Background Bahar ERDPSA Offshore Shallow Water Caspian Sea The Neighborhood of Big Oil and Gas Billion Barrel and Multi TCF Fields Neft Dashlary Field 1,200 MMBO Gum-Deniz Field CUM 212 MMBO REM 329 MMBO(1) Guneshli…
Bahar ERDPSA closer look Contractor Parties Bahar Energy Limited (80 %) Greenfield Petroleum Corporation 1/3 BAKU Baghlan Group Limited 2/3 SOCAR Oil Affiliate (20%) 2014 Gross Production 5,753 BOE/d Bahar Reserves (P1+P2)*…
20112014 Bahar ERDPSA Gross Production Workover & Drilling Contribution Start PSA Partner Work overs & funding Recompletions problems Drilling 7
Key Highlights Gum Deniz development drilling program on hold until mid 2016 Gum Deniz and Bahar workovers and recompletions ongoing Limited access to crane barges for Bahar field Dramatic operating costs reductions 89MM reduced to…
2014 Reserves Major Factors Affecting Revisions negative Oil price decline (100 to 50) Drilling hiatus: 2 years development delay + positive Reduced OPEX from personnel and increased efficiency Reduce CAPEX for future…
Bahar Energy Limited Reserves* THE PRIZE Bahar Energy Total Total Total 2P Total Total 3P Net Interest Proved Probable Possible Oil (MMbbls) 4.4 5.7 10.1 3.3 13.3 Gas (Bcf) 73.9 107.0 180.9 72.4 253.3 NGL 0.5 0.8 1.3 0.5 1.8…
2015 2D Seismic Bahar Field Gum Deniz 3D 50 LKM Good quality data Acquisition and Fast Track Processing Complete Bahar 3D Integration into Bahar Field redevelopment plan 12
Bahar Field Reservoir Evaluation 2015 ERA Energy Consulting Tevfik Efenar team colocated with operating staff Integrated all 180 wells in Bahar field mapped 15 gas reservoir flow units mapped 7 oil flow units Determined GOIP (gas…
Bahar Field Workovers and Recompletions MODULAR RIGS for offshore platforms Each module weighs less than 4 tons Easily moved with crane Skidmounted draw works; fast installation Double lifting mast, hydraulically raised Caterpillar…
2016 Bahar Well Activities 15
Gum Deniz 3D Seismic Started December 2013 Acquisition impacted by Weather, shipping channels, contractor equipment Operator and Contractor agreed to cease acquisition in March 2015 Final coverage was fast track…
Gum Deniz 3D Final Integrated Interpretation Final PSTM cube will be integration in November 2015 with all well control by ERA Consulting in Gum Deniz model study Synthetics and fluid substitution models will be constructed for…
2016 Well Activities 18
Shallow Water Absheron Peninsula (SWAP) PSA New shallow water seismic acquisition & exciting deep exploration opportunities 19
Partner Issues Bahar Energy Limited (BEL) 1/3 Greenfields Petroleum Corporation 2/3 Baghlan Group (Baghlan) (Azerbaijan Private Company) Baghlan defaulted on their Corporate Bond in 2014 and Receiver took control of Baghlans…
Next Steps: ReStart Development Maintain reduced operating costs Continue Oil and Gas recompletions and workovers successful and less expensive expanding program and adding more ESPs double existing production 10,000 BOE/D…
Greenfields Petroleum Corporation 1. Know who you are playing with 2. Do your homework first Second Chance Do it Right Bay of Baku is a natural harbor on the shore of the Absheron Peninsula 22
Contact Information Greenfields Petroleum Corporation John Harkins CEO Wayne Curzadd CFO Phone: (832) 2340810 Phone: (832) 2340835 Facsimile: (832) 2340823 Facsimile: (832) 2340823 John.Harkinsgreenfieldspetroleum.com…
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