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Analyst Day – Bonavista Energy Corp

Bonavista Energy Corp · Nov 14, 2016 · 87 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. Analyst Day – Bonavista Energy Corp – slide 1
    All together better.
  2. Analyst Day – Bonavista Energy Corp – slide 2
    Agenda 8:30 Introductions Berk Sumen Adapting and Evolving Jason Skehar Visibility to Value Creation Bruce Jensen Dean Kobelka Asset Portfolio Bruce Jensen Wayne Merkel Colin Ranger Scott Wilhelm Scott Shimek 10:00 Summary…
  3. Analyst Day – Bonavista Energy Corp – slide 3
    Todays Objectives 1 Illustrate the steps we have taken to adapt and evolve in this environment 2 Provide clarity with our strategy and visibility for our near term development plans 3 Demonstrate the quality of our assets and…
  4. Analyst Day – Bonavista Energy Corp – slide 4
    Identity This is Bonavista: Our leadership team is We are ALIGNED with our EXPERIENCED: shareholders: average tenure with 8% insider ownership, 4x Bonavista of 13 years our peer group average We have a FOCUSED asset base:…
  5. Analyst Day – Bonavista Energy Corp – slide 5
    Experience & Alignment Board of Directors: Keith MacPhail Jason Skehar Ian Brown Michael Kanovsky Sue Lee Executive Chairman President and Chief Executive Officer Independent Director Lead Director, Independent Director…
  6. Analyst Day – Bonavista Energy Corp – slide 6
    Experience & Alignment Leadership team: Jason Skehar Bruce Jensen Dean Kobelka Wayne Merkel President and Chief Executive Officer Chief Operating Officer Vice President, Finance and Vice President, Exploration Chief Financial…
  7. Analyst Day – Bonavista Energy Corp – slide 7
    Adapting and Evolving Focused on two core areas: Deep Basin 23,500 boe/d production Edmonton (Q4/2016E) 90% natural gas Deep Basin 560 gross locations in key play inventory West Central 45,800 boe/d production (Q4/2016E)…
  8. Analyst Day – Bonavista Energy Corp – slide 8
    Adapting and Evolving Concentrating our portfolio through focused E&D capital programs: E&D Capital ( millions) Production (boe/d) 100% 100% 90% 90% 80% 80% 70% 70% 60% 60% 50% 50% 40% 40% 30% 30% 20% 20% 10% 10%…
  9. Analyst Day – Bonavista Energy Corp – slide 9
    Adapting and Evolving Concentrating our portfolio through acquisitions and divestitures: A&D transaction value ( millions) A&D Production (boe/d) 300 12 664 mm total 21,900 boe/d Acquired core assets at 30,300 200 8 100 4…
  10. Analyst Day – Bonavista Energy Corp – slide 10
    Adapting and Evolving Improving our costs to develop and produce our assets: Finding & Development Costs (/boe) * Production Addition Efficiency (/boepd) 15.00 34,000 56% 32,000 59% 30,000 12.50 28,000 26,000 24,000 10.00…
  11. Analyst Day – Bonavista Energy Corp – slide 11
    Adapting and Evolving Improving our cost of operations with a focus on our margins: 38% reduction in op costs Margin maintained despite 37% erosion in realized prices 14.00 80% 40 12.00 70% 35 60% 30 10.00 Operating…
  12. Analyst Day – Bonavista Energy Corp – slide 12
    Adapting and Evolving Proactively managing our liabilities: Gross Operated Well Count ( wells) Liability Management Rating (LMR) 5.00 6,000 44% 5,000 4.00 4,000 3.00 44% 3,000 2.00 2,000 Regulator LMR…
  13. Analyst Day – Bonavista Energy Corp – slide 13
    Adapting and Evolving Reducing our carbon footprint: Total gas flared (mmcf/year) Total gas vented, Alberta (mmcf/year) 600 600 500 500 400 400 300 300 200 200 100 100 0 0 2012 2013 2014 2015 2012 2013 2014…
  14. Analyst Day – Bonavista Energy Corp – slide 14
    Adapting and Evolving 2016 - Achieving our goals: Improve financial flexibility 2016E net debt reduction of 430 million Demonstrate sustainability January 2016 to January 2017 production maintained with ZERO capital spent…
  15. Analyst Day – Bonavista Energy Corp – slide 15
    2016 Achieving our Goals Improved financial flexibility: In February, we forecasted: 4.9 Net debt / FFO * Year End Net Debt 1.20B 27% The picture today: 2.9 Net Debt / FFO * Year End Net Debt 881MM 17 * Fourth quarter…
  16. Analyst Day – Bonavista Energy Corp – slide 16
    2016 Achieving our Goals Improved financial flexibility - 33% net debt reduction in 2016: 2016 opening net debt 430 million 1,311 Net Debt ( millions) 105 mm of excess funds from operations* 167 mm of net asset dispositions…
  17. Analyst Day – Bonavista Energy Corp – slide 17
    2016 Priorities Financial Flexibility Current debt (total and senior) position*: Interest Rate:Senior Notes 4.1% Bank Debt 3.2% Average Term: 5.0 years Senior Notes (CDN) 20 Hedging: 74% USD notes hedged at 0.76 CDN/USD 200…
  18. Analyst Day – Bonavista Energy Corp – slide 18
    2016 Achieving our Goals Sustained production with zero capital spent: 80,000 January YoY production within 1% 75,000 70,000 +5% Production (boe/d) 65,000 0 capital 60,000 55,000 50,000 Jan-16 Feb-16 Mar-16…
  19. Analyst Day – Bonavista Energy Corp – slide 19
    2016 Achieving our Goals Enhanced well performance - drilling better wells: 700 42% 600 improvement over Average Well Production (boe/d) 500 2015 400 300 200 100 0 1 2 3 4 5 6 7 8 9 10 11 12 Month 2015 Q3…
  20. Analyst Day – Bonavista Energy Corp – slide 20
    2016 Achieving our Goals Well cost reductions contribute to efficiency gains IP12 half cycle improves 38% in 2016: 4,500 2014 4,000 15,600/boed Average Cost Per Well (000s) 3,500 3,000 2,500 2015 2,000…
  21. Analyst Day – Bonavista Energy Corp – slide 21
    2016 Achieving our Goals Cash cost improvements create incremental funds flow to be deployed in 2017: 11.00 1.38/boe x 71,500 boe/d (January 2017F) 36.0 10.50 = mm/year 10.00 1.38/boe Cash costs (/boe) 36.0…
  22. Analyst Day – Bonavista Energy Corp – slide 22
    2016 Achieving our Goals Sustainability cost to maintain production: Minimum AECO price required 80,000 to maintain production spending 100% of funds from 70,000 operations 60,000 2.10/GJ Production (boe/d) 1.70/GJ 50,000…
  23. Analyst Day – Bonavista Energy Corp – slide 23
    Visibility to Value Creation Strategy: the challenge Strengthen the balance sheet Advance the economic quality of our portfolio through focus and innovation Design a sustainable investment platform that will result in…
  24. Analyst Day – Bonavista Energy Corp – slide 24
    Visibility to Value Creation Strategy: the solution Production CAGR of 10% from 2016 through to 2019 2019 Net Debt/FFO of 2.0 times * 90%-95% payout ratio 24% of key play inventory drilled in 3 years 27 * Assumes strip pricing…
  25. Analyst Day – Bonavista Energy Corp – slide 25
    Visibility to Value Creation 2017 capital allocation: Wells Expenditures* Inventory Net ( millions) Net West Central 32-37 105-110 465 Hoadley Glauconite 19-21 240 Strachan Glauconite 3-4 56 55% of Falher/Notikewin 10-12 169…
  26. Analyst Day – Bonavista Energy Corp – slide 26
    Visibility to Value Creation Budgeting for further well performance enhancements: 800 700 7% Average Well Production (boe/d) 600 500 increase over 2016 despite 15% de-risking locations 400 300 200 100 0 1 2 3…
  27. Analyst Day – Bonavista Energy Corp – slide 27
    Visibility to Value Creation Maintaining competitive efficiencies with modest increase in costs: Average Half Cycle IP-12 Flowing Efficiency 4,000 2015 3,500 14,600/boed Average Cost Per Well (000s) 3,000 2,500 2016E…
  28. Analyst Day – Bonavista Energy Corp – slide 28
    Visibility to Value Creation Portfolio consists of 951 net key play locations: Ellerslie 0 202 150 0 296 Wilrich Bluesky Glauconite Glauconite 63 296 Notikewin 73 Falher Wilrich 168 202 0 73 0 168 Notikewin…
  29. Analyst Day – Bonavista Energy Corp – slide 29
    Visibility to Value Creation Three year outlook: 2017F 2018F 2019F E&D Expenditures ( millions): Value 230-245 245-270 295-320 Support 50-55 45-50 50-55 Total 280-300 290-320 345-375 Production: Natural Gas (% of total) 71% 72%…
  30. Analyst Day – Bonavista Energy Corp – slide 30
    Visibility to Value Creation Three year outlook: 2017F 2018F 2019F Funds from operations (FFO): millions 300-350 325-375 385-435 debt adjusted per share 1.44 1.49 1.72 11% CAGR*** Payout ratio (%) * 90-95 90-95 90-95 Net debt to…
  31. Analyst Day – Bonavista Energy Corp – slide 31
    Visibility to Value Creation Protecting future funds flow: Natural Gas* Oil** Propane 5,000 4,000 30.00 250 5.00 74.00 55% 72.00 200 4.00 4,000 70.00 Hedged volumes (thousand gj/d) Hedged volumes (bbls/d) 3,000 25.00…
  32. Analyst Day – Bonavista Energy Corp – slide 32
    Visibility to Value Creation Sensitivities to 2017 funds from operations: 325 mm - 0.25 + 0.25 AECO Natural Gas -0.25/gj +0.25/gj - 5.00 + 5.00 WTI Oil -5.00/bbl +5.00/bbl -20 -15 -10 -5 0 5 10 15 20 Change to funds from…
  33. Analyst Day – Bonavista Energy Corp – slide 33
    Visibility to Value Creation Production growth within funds from operations: 100,000 90,000 80,000 70,000 60,000 50,000 40,000 30,000 20,000 10,000 0 Dec Dec Dec Jun Mar Sep Jun Jun…
  34. Analyst Day – Bonavista Energy Corp – slide 34
    Visibility to Value Creation Production by development year: 100,000 90,000 80,000 70,000 60,000 50,000 40,000 30,000 20,000 10,000 0 Dec Dec Dec Jun Jun Mar Sep Jun Mar Sep…
  35. Analyst Day – Bonavista Energy Corp – slide 35
    All together better.
  36. Analyst Day – Bonavista Energy Corp – slide 36
    All together better.
  37. Analyst Day – Bonavista Energy Corp – slide 37
    West Central Glauconite and Falher remain our priority: Glauconite Reliable and predictable development with over 320 wells drilled Ample infrastructure capacity to continue development at low cost Years of drilling inventory to…
  38. Analyst Day – Bonavista Energy Corp – slide 38
    West Central Visibility to value creation: 70,000 60,000 50,000 Production (boe/d) 40,000 30,000 20,000 10,000 0 Dec Dec Dec Jun Mar Sep Jun Mar Sep Jun Mar Sep 2016…
  39. Analyst Day – Bonavista Energy Corp – slide 39
    West Central Hoadley Glauconite Proven track record of value creation: 30,000 R7 R6 R5 R4 R3 R2 R1W5 T46 25,000 Production (boe/d) 20,000 T45 15,000 10,000 24,600 22,700 14,500 21,600 16,200 T44 5,000…
  40. Analyst Day – Bonavista Energy Corp – slide 40
    West Central - Hoadley Glauconite Consistent excess net operating income: 500 450 400 350 300 ( millions) 250 200 150 100 50 0 2013 2014 2015 Q3 YTD 2016 Net Operating Income Capital 43 All together…
  41. Analyst Day – Bonavista Energy Corp – slide 41
    West Central Hoadley Glauconite Efficiently managing decline and resource capture: 3,500 3,000 Foam Slickwater 2,500 Year 1 75% 34% Decline Raw Gas (mcf/d) 2,000 Year 2 45% 31% 1,500 Decline 1,000 2013 100% 0% 500…
  42. Analyst Day – Bonavista Energy Corp – slide 42
    West Central Hoadley Glauconite Continuous improvement; even after 320+ wells: Year over year performance Production addition efficiency (IP12, /boepd) * 2,500 2,000 Raw Gas (mcf/d) 1,500 14,300 13,300…
  43. Analyst Day – Bonavista Energy Corp – slide 43
    West Central Asset Exchange Closed Q416 Contiguous to existing acreage: R10 R9 R8 R7 R6 R5 R4 R3 R2 T42 T41 Adjacent to current infrastructure and operations T40 Added 55 Glauconite locations T39 Expect to double…
  44. Analyst Day – Bonavista Energy Corp – slide 44
    West Central Asset Exchange Closed Q416 Top tier inventory acquired within greater Hoadley trend: Three year production growth 7,000 Prospect Gross Net inventory 6,000 1.0 mile 36 28.9 5,000 1.5 mile 6 4.5 Production…
  45. Analyst Day – Bonavista Energy Corp – slide 45
    West Central Asset Exchange Closed Q416 Enhancing efficiencies through consolidation: R7 R6 R5 Bonavista land Sept/16 asset exchange land 11-22 Capital required to Bonavista pipeline Sept/16 Asset Exchange pipeline 6-22 redirect…
  46. Analyst Day – Bonavista Energy Corp – slide 46
    West Central Hoadley Glauconite Maintaining production and providing capital for growth assets: Capital Forecast ( millions) Production Forecast (boe/d) 90 45 30,000 80 40 25,000 70 35 60 30 20,000 of wells drilled 28.8…
  47. Analyst Day – Bonavista Energy Corp – slide 47
    West Central Strachan Glauconite Commercializing a significant resource: 3,000 R10 R9 R8 R7 R6 R5W5 2,500 Production (boe/d) 2,000 T39 1,500 1,000 2080 2390 1380 500 640 550 0 2012 2013 2014 2015 2016E…
  48. Analyst Day – Bonavista Energy Corp – slide 48
    West Central Strachan Glauconite Economics becoming more competitive: Year over year performance Production addition efficiency (IP12, /boepd) * 6,000 5,000 4,000 Raw Gas (mcf/d) 14,000 16,300 8,400 3,000…
  49. Analyst Day – Bonavista Energy Corp – slide 49
    West Central Strachan Glauconite Drilling performance significantly improved: Days vs Depth Drilling cost per lateral meter (/m) 0 3,000 2014 1,000 2015 2,500 2016 2,000 2,000 per meter 3,000 Depth 1,500 4,000…
  50. Analyst Day – Bonavista Energy Corp – slide 50
    West Central Strachan Glauconite Productivity improving with proppant intensity: Average Completion Costs (000s) IP12/Lateral Meter (boe/d/m) 2,000 0.300 1,500 0.250 +28% 1,000 500 0.200 0 2014 2015 2016 0.37 0.38…
  51. Analyst Day – Bonavista Energy Corp – slide 51
    West Central Strachan Glauconite Economics improving with drilling and completion innovation: 50% 45% 40% 35% Internal Rate of Return 30% 25% 20% 15% 10% 5% 0% 2.25 2.75 3.25 Natural gas - AECO (/gj)…
  52. Analyst Day – Bonavista Energy Corp – slide 52
    West Central Strachan Glauconite Opportunities to invest in stronger operating margins: KEYERA RIMBEY Cap: 420 mmcf/d Current processing costly, alternatives exist Significant pipeline cost of between 25-30 million Results…
  53. Analyst Day – Bonavista Energy Corp – slide 53
    West Central Strachan Glauconite Economics become significantly more competitive: 120% 100% 180% IRR improvement at 2.75/gj Internal Rate of Return 80% 60% 40% 20% 0% 2.25 2.75 3.25 Natural gas - AECO…
  54. Analyst Day – Bonavista Energy Corp – slide 54
    West Central Strachan Glauconite Improved economics will accelerate development of the resource: E&D Capital Forecast ( millions) Production Forecast (boe/d) 50 25 9,000 45 8,000 40 20 7,000 35 6,000 of wells drilled 30…
  55. Analyst Day – Bonavista Energy Corp – slide 55
    West Central Morningside Falher Growing a top tier development opportunity: R1W5 R25W4 4,000 3,500 T44 Production (boe/d) 3,000 2,500 2,000 1,500 1,000 3,280 3,350 1,680 T43 250 500 60 0 2012 2013 2014…
  56. Analyst Day – Bonavista Energy Corp – slide 56
    West Central Morningside Falher Prolific production potential at low cost: Year over year performance Production addition efficiency (IP12, /boepd) * 6,000 5,000 4,000 Raw Gas (mcf/d) 8,400 6,400 6,700 3,000…
  57. Analyst Day – Bonavista Energy Corp – slide 57
    West Central Morningside Falher Designing the infrastructure for profitable growth: R1W5 R28 R27W4 Bonavista Ferrybank Plant: 28 mmcf/d spare processing capacity 3 mmcf/d spare compression capacity 2-1 Rimbey T43 2017: 9-1…
  58. Analyst Day – Bonavista Energy Corp – slide 58
    West Central Morningside Falher Superior economics promote maximum capital allocation: E&D Capital Forecast ( millions) Production Forecast (boe/d) 60 25 16,000 21.8 14,000 50 20 12,000 40 16.8 of wells drilled 10,000…
  59. Analyst Day – Bonavista Energy Corp – slide 59
    West Central Reliable source of net operating income providing flexibility for growth: Production growth (boe/d) Net operating income ( millions) Wells drilled () 60,000 300 70 50,000 60 250 50 40,000 200 40 30,000 150…
  60. Analyst Day – Bonavista Energy Corp – slide 60
    All together better.
  61. Analyst Day – Bonavista Energy Corp – slide 61
    Deep Basin Multi-zone opportunities: R22 R18 R14 R10W5 Pine Creek Bluesky T57 Core area loaded with multi-zone potential Marlboro T55 Over 260,000 net acres Wilrich Falher/Notikewin Increased our inventory by 49% to 550 T53…
  62. Analyst Day – Bonavista Energy Corp – slide 62
    Deep Basin De-risking for growth: 40,000 35,000 30,000 Production (boe/d) 25,000 20,000 15,000 10,000 5,000 0 2016 Dec Dec Dec Jun Jun Jun Mar Mar Mar Sep Sep Sep…
  63. Analyst Day – Bonavista Energy Corp – slide 63
    Deep Basin Asset Exchange Completed Q416 Expanding our asset base: R21 R19 R17 R15 R13 T61 T59 T57 Increased production by 28% T55 Added 127 net drilling locations Increased our proved plus probable T53 reserves by…
  64. Analyst Day – Bonavista Energy Corp – slide 64
    Deep Basin Asset Exchange Completed Q416 Optimizing our infrastructure: R21 R19 R17 R15 R13 T61 Semcams K3 Facility T59 Consolidating pipeline Bonavista currently owns 225 mmcf/d Pine Creek Facility T57 of processing capacity…
  65. Analyst Day – Bonavista Energy Corp – slide 65
    Deep Basin Asset Exchange Completed Q416 Three year production growth: Three year production growth Prospect Gross Net 10,000 inventory 9,000 Wilrich (1-mile) 13 12.0 8,000 Wilrich (1.5-mile) 6 3.0 7,000 Wilrich (2-mile) 7 5.5…
  66. Analyst Day – Bonavista Energy Corp – slide 66
    Deep Basin Wilrich Extensive resource: R21 R20 R19 R18 R17 R16 R15 R14 R13 12,000 T53 10,000 Production (boe/d) 8,000 T52 6,000 4,000 10,300 1,051 11,290 3,836 6,626 2,000 T51 0 2012 2013 2014 2015…
  67. Analyst Day – Bonavista Energy Corp – slide 67
    Deep Basin Ansell Wilrich Extended reach horizontals enhancing efficiencies: Year over year performance Production addition efficiency (IP12, /boepd) * 5,000 4,500 4,000 3,500 Raw Gas (mcf/d) 3,000 10,200 15,700…
  68. Analyst Day – Bonavista Energy Corp – slide 68
    Deep Basin Ansell Wilrich Significant improvements in drilling performance: Days vs Depth Drilling cost per lateral meter (/m) 0 3,000 2014 2015 1,000 2,500 2016 2,000 2,000 Depth 1,500 3,000 1,000 4,000 500…
  69. Analyst Day – Bonavista Energy Corp – slide 69
    Deep Basin - Ansell Wilrich Reducing costs through facility ownership: Operating Costs (/boe) 8.00 60 mmcf/d Ansell facility online October 2015 6.00 4.00 Connection to both TCPL and Alliance 2.00 Cost structure improving…
  70. Analyst Day – Bonavista Energy Corp – slide 70
    Deep Basin - Ansell Wilrich Cost effective facility expansion: 2017 Expansion to 100 mmcf/d Capital cost of 10 million One new inlet compressor Two new sales compressors New sales compressors Connect surplus refrigeration…
  71. Analyst Day – Bonavista Energy Corp – slide 71
    Deep Basin Ansell Notikewin Prolific channel system accessible with existing Wilrich infrastructure R19 R17 R15W5 100/09-35-050-18W5/0 Notikewin is part of an extensive fluvial system Numerous wells drilled offsetting T51 Ansell…
  72. Analyst Day – Bonavista Energy Corp – slide 72
    Deep Basin Ansell Falher Additional prolific channel system accessible with existing Wilrich infrastructure 100/09-35-050-18W5/0 T52 Ansell Falher is part of an extensive valley system T51 First well to be drilled in Q4 2016…
  73. Analyst Day – Bonavista Energy Corp – slide 73
    Deep Basin Ansell Building a solid base with Spirit River development: E&D Capital Forecast ( millions) Production Forecast (boe/d) 120 30 25,000 100 25 20,000 80 20 of wells drilled 19.0 15,000 millions 17.2 60…
  74. Analyst Day – Bonavista Energy Corp – slide 74
    Deep Basin - Notikewin Significant development optionality: R19 R17 R15W5 Extensive fluvial system extending into the Rosevear, Groat and Pine creek areas T57 3 wells planned for 2017 54 locations in prospect inventory…
  75. Analyst Day – Bonavista Energy Corp – slide 75
    Deep Basin Bluesky Liquids rich natural gas development optimizing nearby operated facility throughput: R21 R20 R19 R18 R17 R16 T59 Bluesky is part of an incised valley system T58 in the Pine Creek area Drilled 35 wells to the…
  76. Analyst Day – Bonavista Energy Corp – slide 76
    Deep Basin Bluesky Recent Bluesky performance: 4.5 4.0 3.5 Over 50% of Bluesky liquid recoveries are condensate 3.0 Raw Gas (mmcf/d) 2.5 2.0 1.5 1.0 0.5 - 1 2 3 4 5 6 7 8 9 10 11 12 Months on Production…
  77. Analyst Day – Bonavista Energy Corp – slide 77
    Deep Basin Committed to profitable growth: Production growth (boe/d) Net operating income ( millions) Wells drilled () 40,000 250 40 35,000 35 200 30,000 30 25,000 25 150 20,000 20 15,000 100 15 10,000 10 50 5,000 5 0 0…
  78. Analyst Day – Bonavista Energy Corp – slide 78
    All together better.
  79. Analyst Day – Bonavista Energy Corp – slide 79
    Summary: Production Growth Production growth within funds from operations: 100,000 90,000 80,000 70,000 60,000 50,000 40,000 30,000 20,000 10,000 0 Dec Dec Dec Jun Mar Sep Jun Jun…
  80. Analyst Day – Bonavista Energy Corp – slide 80
    Summary: Key Play Returns IRR sensitivities to commodity price: LOW BASE HIGH 2.25/GJ AECO 2.75/GJ AECO 3.25/GJ AECO 40/bbl USD WTI 50/bbl USD WTI 60/bbl USD WTI Morningside Falher 30.9% 60.2% 98.4% Glauconite 18.1% 35.7%…
  81. Analyst Day – Bonavista Energy Corp – slide 81
    Growth Impact Outcome of our three year plan: 9% 2.0x Production per 2019 Net 9,000-10,000 boe/d Debt and Debt/Funds Dividend Adjusted From Half cycle IP12 Share Operations production efficiencies CAGR 11% CAGR Debt…
  82. Analyst Day – Bonavista Energy Corp – slide 82
    West Central Hoadley Glauconite 700 1-mile 2-mile Lateral length (miles) 1.0 2.0 600 Capital ( millions) * 2.4 3.9 EUR (mboe) 530 797 500 F&D (/boe) 4.43 4.83 Production (boe/d) 400 IP12 (boe/d) 257 478 /boed 9,200 8,100…
  83. Analyst Day – Bonavista Energy Corp – slide 83
    West Central Strachan Glauconite 900 1.5-mile 2-mile Lateral length (miles) 1.5 2.0 800 Capital ( millions) * 4.7 5.3 700 EUR (mboe) 720 929 600 F&D (/boe) 6.57 5.74 Production (boe/d) 500 IP12 (boe/d) 409 529 /boed…
  84. Analyst Day – Bonavista Energy Corp – slide 84
    West Central Morningside Falher Prairie 900 Crown Sky 2-mile 800 Lateral length (miles) 1.0 1.0 2.0 Capital ( millions) * 2.0 2.0 3.4 700 EUR (mboe) 424 450 717 600 Production (boe/d) F&D (/boe) 4.76 4.48 4.70 500 IP12…
  85. Analyst Day – Bonavista Energy Corp – slide 85
    Deep Basin Wilrich 1,200 Ansell Marlboro Lateral length (miles) 1.5 1.0 1,000 Capital ( millions) * 4.7 3.7 EUR (mboe) 936 538 800 F&D (/boe) 4.97 6.88 Production (boe/d) IP12 (boe/d) 475 417 600 /boed 9,800 8,900 Netback…
  86. Analyst Day – Bonavista Energy Corp – slide 86
    Deep Basin - Bluesky 700 North Trend Lateral length (miles) 1.0 600 Capital ( millions) * 3.6 EUR (mboe) 538 500 F&D (/boe) 6.60 Production (boe/d) 400 IP12 (boe/d) 347 /boed 10,200 300 Netback (12-mos, /boe) 18.64…
  87. Analyst Day – Bonavista Energy Corp – slide 87
    All together better.

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