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January 2017 Corporate Presentation – Black Swan Energy Ltd.

Black Swan Energy Ltd. · Jan 17, 2017 · 35 slides

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Slides

  1. January 2017 Corporate Presentation – Black Swan Energy Ltd. – slide 1
    Corporate Presentation January 2017
  2. January 2017 Corporate Presentation – Black Swan Energy Ltd. – slide 2
    North Montney: Scale, Growth and Value NEBC Liquids-Rich High Well results indicate 7-11 Bcf EUR at low cost Montney Quality Liquids yield of 35-50 bbl/MMcf 218,000 net acres Half-cycle IRR of 75% at 2.50/GJ AECO1 Asset 341…
  3. January 2017 Corporate Presentation – Black Swan Energy Ltd. – slide 3
    Building Momentum: Development Drilling & Infrastructure Production Growth 25,000 Corporate production Avg. Daily Production (boe/d) Expansion of owned infrastructure 20,000 Dec 2016: 16,500 boe/d (16% liquids) Dec 2017…
  4. January 2017 Corporate Presentation – Black Swan Energy Ltd. – slide 4
    Robust Economics: Low Cost, Liquids-Rich, Hot Gas Black Swan Montney Half-Cycle Economics1 160% Assumptions 7.5 Bcf (8.6 Bcfe) D&C Cost (MM, excl. 0.4 MM tie-in) 4.6 140% 9.0 Bcf (10.4 Bcfe) EUR (Bcf) 9.0 10.5 Bcf (12.0 Bcfe) 120%…
  5. January 2017 Corporate Presentation – Black Swan Energy Ltd. – slide 5
    Continuous Improvement in Well Deliverability Average EUR/Well1 Results demonstrate operational success 10.0 9.0 Average EUR 9.0 Bcf on most recent 24 Hz wells 8.0 7.0 Increased number of stages Well placement optimized EUR…
  6. January 2017 Corporate Presentation – Black Swan Energy Ltd. – slide 6
    Consistent Reservoir Characteristics, Consistent Results Upper Montney Net Pay Map (1% Porosity Cutoff) Net pay and porosity continuous across Aitken development area The reservoir across the southern development area shows little…
  7. January 2017 Corporate Presentation – Black Swan Energy Ltd. – slide 7
    Type Curve Supported by Multi-Well Development Pads Upper Montney Multi-Well Pad Performance: Average Rate Per Well Southern portion of asset base 10,000 delineated by multi-well pads 9,000 Type Curves 7-H Pad Average Established…
  8. January 2017 Corporate Presentation – Black Swan Energy Ltd. – slide 8
    Infrastructure Investment Strategy 100% Owned & Operated Infrastructure Plant 1: North Aitken Creek Gas Plant Phase 1: 50 MMcf/d 110 MMcf/d Existing gathering trunk-lines 6 Phase 2: 60 MMcf/d raw capacity 6 Liquids recoveries…
  9. January 2017 Corporate Presentation – Black Swan Energy Ltd. – slide 9
    Low Cost Future Growth: Owned & Operated Gas Plant North Aitken Creek Gas Plant Production 60 120 Phase 1 capacity: 10,000 boe/d Plant optimized for above average C5+ yield from 50 100 22-C pad and to maximize netbacks: Gas…
  10. January 2017 Corporate Presentation – Black Swan Energy Ltd. – slide 10
    Inventory Feeds H1/17 Production, New Wells Fill Plant Expansion Black Swan Production 30,000 North Aitken Plant Phase 2 on-stream Corporate production at record rates 25,000 Dec 2016: 16,500 boe/d (16% liquids) Daily Production…
  11. January 2017 Corporate Presentation – Black Swan Energy Ltd. – slide 11
    Uniquely Positioned With Multiple Egress Opportunities Current BRITISH COLUMBIA Processing 110 MMcf/d owned & operated gas plant ALBERTA Beatton River Phase 1: 50 MMcf/d (Jan 2016) 1 Phase 2: 60 MMcf/d (2017 expansion)…
  12. January 2017 Corporate Presentation – Black Swan Energy Ltd. – slide 12
    Leveraging Infrastructure to Access Diverse Markets Infrastructure connects Black Swan to BRITISH COLUMBIA diverse existing and new markets ALBERTA NEBC Montney is the most active natural gas development area in western Canada AB…
  13. January 2017 Corporate Presentation – Black Swan Energy Ltd. – slide 13
    Aitken Area Capable of Delivering 100,000 boe/d Derisked Upper Montney inventory Aitken area has been proven across a broad land base Five year growth Capable of achieving 100,000 boe/d within five years then flat for 10 years…
  14. January 2017 Corporate Presentation – Black Swan Energy Ltd. – slide 14
    Source Water Secured for Development Plan Beatton River water license Water license supports: c-7-H Fresh Water Pit 60,300 m capacity Peak drilling rate of 100+ Hz wells/year Development profile capable of achieving Water Pump…
  15. January 2017 Corporate Presentation – Black Swan Energy Ltd. – slide 15
    PIR (Atax, 10%) 0.0x 0.2x 0.4x 0.6x 0.8x 1.0x 1.2x 1.4x 1.6x 1.8x YO - Inga/Fireweed Montney CR - Greater Portage Montney VII - Route - Upper/Middle Montney TOU - Deep Basin Montney Canbriam - South Fault Block…
  16. January 2017 Corporate Presentation – Black Swan Energy Ltd. – slide 16
    Dominant Position in Over-Pressured, Liquids-Rich Fairway Over-pressured Caribou Highly over-pressured reservoir 13-16 kPa/m Jedney Laprise Liquids-rich Normally Pressured Total liquids of 35-50 bbl/MMcf1 (50% C5+); maximizes…
  17. January 2017 Corporate Presentation – Black Swan Energy Ltd. – slide 17
    Strategic Focus Long-term, Scalable, Low Cost Development Current Pad development: one-rig Montney program drilling up to 20 wells/year Activity North Aitken Gas Plant expansion to 110 MMcf/d One to Three Leverage asset scale…
  18. January 2017 Corporate Presentation – Black Swan Energy Ltd. – slide 18
    Appendix 18
  19. January 2017 Corporate Presentation – Black Swan Energy Ltd. – slide 19
    Black Swan Energy Management and Directors Management Team David Maddison, P.Eng. President and CEO (Talisman Energy, BP Exploration) Marc Mereau, P.Eng. COO (Talisman Energy, BP Canada) Michael Wilhelm, B.Comm., CPA, CGA CFO & VP…
  20. January 2017 Corporate Presentation – Black Swan Energy Ltd. – slide 20
    Historical Financial Summary 2016 2015 2015 2014 2014 Q31 Q2 Q1 Full Year Q4 Q3 Q2 Q1 Full Year Q4 Q3 Q2 Q1 Production Oil (bbl/d) - - 65 79 54 64 82 116 17 69 - - - Gas (mcf/d) 75,484 71,376 46,944 23,538 26,513 24,318 19,431…
  21. January 2017 Corporate Presentation – Black Swan Energy Ltd. – slide 21
    Montney: Proven Top-Tier North American Play Alberta Black Swan Beg A-020-H/094-G-01 BC Montney over 250 m thick Upper Montney 1850 65 metres Four landing zones are proven Hz targets either on or immediately 1900…
  22. January 2017 Corporate Presentation – Black Swan Energy Ltd. – slide 22
    NEBC Growth in 2017 Driven by Junior/Intermediate Producers Industry investment accelerating North Montney production of 1.3 Bcf/d at October 2016 Activity increasing in 2017 with 12 rigs running in January North Montney…
  23. January 2017 Corporate Presentation – Black Swan Energy Ltd. – slide 23
    Low Cost Reserves Underpin Growth Plan Delivered 250% Y/Y increase in 1P reserves & 78% Y/Y increase in 2P reserves Net Present Value1 Before Income 2015 Company Interest Reserves Taxes (MM) Gas NGLs Total 0% 8% 10% 15% 2015…
  24. January 2017 Corporate Presentation – Black Swan Energy Ltd. – slide 24
    Reserve Booking Methodology Upper Montney Reserve Booking Map Proved plus probable reserves 2015 YE Proved + Probable (2P) reserves were 383 MMboe, of which 68% are in the upper Montney where development is focused 2P reserves for…
  25. January 2017 Corporate Presentation – Black Swan Energy Ltd. – slide 25
    Substantial Resource to Unlock Jedney Capable of sustaining 2 Bcf/d for 10 years Gas-in-place supports long-term growth Average 250 Bcf/DSU OGIP 78 Tcf of gas-in-place 1 Over 2,800 Hz well inventory and 16 Tcfe of 2 recoverable…
  26. January 2017 Corporate Presentation – Black Swan Energy Ltd. – slide 26
    Black Swan Liquids Yields 2016 corporate avg: 31 bbl/MMcf (73% C5+) Black Swan Corporate Liquid Yield 100 Production flowing to McMahon has lower 90 liquids recoveries averaging 19 bbl/MMcf (73% Black Swans plant provides superior…
  27. January 2017 Corporate Presentation – Black Swan Energy Ltd. – slide 27
    Upper Montney Multi-Well Pad Production Summary Black Swan utilizes downhole chokes on all Hz wells for operational purposes Data presented is based on actual daily production which has been normalized to adjust for downtime Cum to…
  28. January 2017 Corporate Presentation – Black Swan Energy Ltd. – slide 28
    Update on Recent Results 19-E 92-C well pad offsets to existing Hz 92-C Five Upper Montney wells completed Q3/16 completed 2015 & 2016 6 well pad Average EUR 9.0 Bcf indicated on test completed Q3/16 Liquids yields higher than…
  29. January 2017 Corporate Presentation – Black Swan Energy Ltd. – slide 29
    2017 Capital Program: Growth to 25,000 boe/d Expanding the capital program 2017 capital budget: 180 MM DCET activity: 19 Hz wells drilled 16 Hz wells completed 16 Hz wells tied-in Plan to test longer lateral lengths, higher…
  30. January 2017 Corporate Presentation – Black Swan Energy Ltd. – slide 30
    Comparative Ranking Among Top US Plays Resource Play Benchmarking at US50/bbl WTI & US3.25/mcf NYMEX (half-cycle) 70% Black Swan well results improved over last two years 60% based on operational enhancements & geotechnical work…
  31. January 2017 Corporate Presentation – Black Swan Energy Ltd. – slide 31
    Completions Evolution of Design Concepts is Ongoing Initial Completions Design Current Completions Design Continuous Evolution of Ideas Perf and plug (cemented liners) Open hole ball drop Optimizing Per DSU Recovery 1,700 m lateral…
  32. January 2017 Corporate Presentation – Black Swan Energy Ltd. – slide 32
    Drilling Curves Show Efficient Operations Total Time vs. Depth 0 Surface hole Black Swan has established a highly effective D-42-D Four Wells 200 Set casing, cement drilling program as a result of continuous 400 Move pad rig,…
  33. January 2017 Corporate Presentation – Black Swan Energy Ltd. – slide 33
    Over 4 Bcf/d New Egress Planned Within Three Years 2017 2018 2019 Receipt Point Delivery Point Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Spectra High Pine Ft. Nelson T-North TransCanada Sunset or Station 2 240 240 240 240 240 240 240 240…
  34. January 2017 Corporate Presentation – Black Swan Energy Ltd. – slide 34
    Marketing and Risk Management Third party natural gas processing 25 MMcf/d firm: McMahon Q4 2015 to Q4 2020 Natural gas egress From McMahon 9.1 MMcf/d contract on Alliance Q4 2015 to Q4 2017 4 MMcf/d on T-North Q4 2016 to Q4 2018…
  35. January 2017 Corporate Presentation – Black Swan Energy Ltd. – slide 35
    Type Curve Assumptions 1. Economics assume Black Swan owned infrastructure; Fx C/US of 1.30, 1.25 & 1.20 at US40/bbl, US50/bbl & US60/bbl respectively; Station 2 differential = 0.32/mcf 2. Economics Include equip & tie-in costs of 0.4…

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