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2016 Results and Outlook – Genel Energy

Genel Energy · Mar 30, 2017 · 30 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. 2016 Results and Outlook – Genel Energy – slide 1
    30 March 2017
  2. 2016 Results and Outlook – Genel Energy – slide 2
    1. 2016 Review and KRI update Murat zgl (CEO) 2. KRI gas business Murat zgl (CEO) 3. Operating review Paul Schofield (COO) 4. Financial review Ben Monaghan (CFO) 5. Outlook and Q&A Murat zgl (CEO)/Panel
  3. 2016 Results and Outlook – Genel Energy – slide 3
    KRI gas business momentum Signature of amended Production Sharing Contracts and Gas Lifting Agreements in February 2017 Focus now on concluding negotiations with potential upstream partners KRI oil business Tawke year-end 2016 2P…
  4. 2016 Results and Outlook – Genel Energy – slide 4
    Over 1.1 billion paid out to main fields(2) since September 2015 650,000 700 KRI export Good uptime in the KRI export NOC volumes N.Iraq exports rebound on return pipeline shut in pipeline, although exports offline, exports of Bai…
  5. 2016 Results and Outlook – Genel Energy – slide 5
    1. 2016 Review and KRI update Murat zgl (CEO) 2. KRI gas business Murat zgl (CEO) 3. Operating review Paul Schofield (COO) 4. Financial review Ben Monaghan (CFO) 5. Outlook and Q&A Murat zgl (CEO)/Panel
  6. 2016 Results and Outlook – Genel Energy – slide 6
    Amended and Restated PSCs signed in February 2017 Incorporate the commercial terms as announced in the term sheets signed in 2015 Interests in Miran and Bina Bawi increased to 100% No royalty on raw gas production, 100% cost…
  7. 2016 Results and Outlook – Genel Energy – slide 7
    Gas Development Plan Completed by Baker Hughes RDS in early 2017 Confirms Miran and Bina Bawi can deliver the Annual Contract Quantity (ACQ) over the initial two year production build-up and subsequent ten year plateau period (as…
  8. 2016 Results and Outlook – Genel Energy – slide 8
    Midstream pre-FEED Pre-FEED: preferred sites for Miran and Bina Bawi gas processing Fluor established concept definition for Miran and Bina Bawi surface facilities, which includes: Main components of gas treatment facilities…
  9. 2016 Results and Outlook – Genel Energy – slide 9
    2017 Upstream farm-out/partnership Updated CPRs for Miran and Bina Bawi Tender and engineering studies Commence Bina Bawi ESIA(1), 3D seismic, Extended Well Test 2018+ Miran oil development Midstream gas processing…
  10. 2016 Results and Outlook – Genel Energy – slide 10
    1. 2016 Review and KRI update Murat zgl (CEO) 2. KRI gas business Murat zgl (CEO) 3. Operating review Paul Schofield (COO) 4. Financial review Ben Monaghan (CFO) 5. Outlook and Q&A Murat zgl (CEO)/Panel
  11. 2016 Results and Outlook – Genel Energy – slide 11
    Reserves and resource development Net Genel 2P reserves of 161 MMbbls at end-2016 represents a 25% downgrade on end-2015 levels 2C resources practically unchanged KRI oil assets Tawke production and Expected Ultimate Recovery…
  12. 2016 Results and Outlook – Genel Energy – slide 12
    2P reserves progression (MMbbls) 2C resources progression (MMboe) 250 1,600 1,400 200 1,200 150 1,000 800 100 600 400 50 200 0 0 End-2015 End-2016 End-2015 (restated) End-2016 Tawke Taq Taq Peshkabir Jurassic Miran Oil…
  13. 2016 Results and Outlook – Genel Energy – slide 13
    Tawke top Cretaceous map EUR and production stable 2016 activity campaign helped to offset natural declines Four oil production wells drilled in H2 2016 added 10,000 bopd of initial production for investment of 11 million…
  14. 2016 Results and Outlook – Genel Energy – slide 14
    Tawke licence map Peshkabir located in the Tawke Concession approximately 20 km west of the Tawke field Peshkabir-1 (2011) tested oil with a high water cut from the Jurassic Following acquisition of 3D seismic the well was found…
  15. 2016 Results and Outlook – Genel Energy – slide 15
    Cretaceous Top Cretaceous Depth Structure Focus for appraisal Flowed 3,800 bopd of 28 API oil from a 170 metre interval in the southern flank of the Peshkabir structure Data supports Cretaceous oil interval in Discovery under…
  16. 2016 Results and Outlook – Genel Energy – slide 16
    Year-to-date 2017 production has averaged 28,000 bopd, current production of 19,000 bopd Taq Taq field data 31 Dec 15 30 June 16 31 Dec 16 Current The natural well declines seen in 2016 have Cumulative oil (MMstb) 184 197 206 208…
  17. 2016 Results and Outlook – Genel Energy – slide 17
    TT-29z trajectory is projected Shiranish Kometan Qamchuqa FWL location on flanks of the field will determine remaining GRV currently estimated at 4.3-8.3 Bm3 (low-high) Key assumptions in assessing remaining…
  18. 2016 Results and Outlook – Genel Energy – slide 18
    SOMALILAND EXPLORATION CAMPAIGN Depth to Basement from High Resolution Airborne Gravity & Magnetics Survey Odewayne Block Block SL-10B/13 Somaliland 2 licences, 41,000km2 Depth seep locations SL-10B/13 (Operator, 75%…
  19. 2016 Results and Outlook – Genel Energy – slide 19
    2017 2018 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Mobilisation, community engagement and line clearance Seismic acquisition and processing Commenced Seismic acquisition March 2017 Seismic delivery and processing (PSTM) Seismic…
  20. 2016 Results and Outlook – Genel Energy – slide 20
    Firm Contingent 2017 Rig Q1 Q2 Q3 Q4 + T-21N 2,000HP T-35 Cretaceous Cretaceous Tawke T-28N T-22 T-36 1,500HP T-13 Cretaceous Cret. Cretaceous Cretaceous 1 x Jeribe water injector Sindy Workovers (7 x ESP replacement)…
  21. 2016 Results and Outlook – Genel Energy – slide 21
    1. 2016 Review and KRI update Murat zgl (CEO) 2. KRI gas business Murat zgl (CEO) 3. Operating review Paul Schofield (COO) 4. Financial review Ben Monaghan (CFO) 5. Outlook and Q&A Murat zgl (CEO)/Panel
  22. 2016 Results and Outlook – Genel Energy – slide 22
    Cash flow positive as payment regularity improved Flexible capital expenditure profile Accounting impairments to reflect updated outlook Strong liquidity with bond buy-back announced today
  23. 2016 Results and Outlook – Genel Energy – slide 23
    Free cash flow of 59 million 700 54 25 650 35 153 17 600 12 61 550 2 52 500 455 35 450 1 427 400 million 350 300 Restricted cash of 21 million Restricted cash of 20 million Unrestricted cash of 434 million…
  24. 2016 Results and Outlook – Genel Energy – slide 24
    90 2016 capex below original guidance 80 Tawke capex managed during the year to reflect timing of export payments 70 Phasing/changes to TT programme Miran and Bina Bawi capex lower than 60 anticipated due to deferral of…
  25. 2016 Results and Outlook – Genel Energy – slide 25
    2016 impairments Brent oil price assumption (/bbl) Principal assumptions 80 Oil price 75 70 Tawke and Taq Taq 2P production 65 profiles 60 55 Discount rate 15% (oil and gas assets), 50 from 12.5% in 2015 45 40 Receivable…
  26. 2016 Results and Outlook – Genel Energy – slide 26
    Existing debt As at Covenant 31 Dec 2016 675 million bond with two years to May 2019 maturity Net debt/EBITDAX < 3.0x 1.8x 407 million of unrestricted cash at year-end 2016 Equity ratio 40% 60% IFRS net debt 241 million at…
  27. 2016 Results and Outlook – Genel Energy – slide 27
    2017 GUIDANCE Expect YTD production levels as an average for the year (in line with recent Tawke production operator guidance) Production costs 30-35 million 50-75 million Taq Taq and Tawke Capex 10 million KRI gas business 10…
  28. 2016 Results and Outlook – Genel Energy – slide 28
    1. 2016 Review and KRI update Murat zgl (CEO) 2. KRI gas business Murat zgl (CEO) 3. Operating review Paul Schofield (COO) 4. Financial review Ben Monaghan (CFO) 5. Outlook and Q&A Murat zgl (CEO)/Panel
  29. 2016 Results and Outlook – Genel Energy – slide 29
    KRI gas business momentum Expect further progress on introducing partner(s) in 2017 KRI oil business Maintain Tawke production in 2017 at year to date levels Peshkabir appraisal and early production Focus on maximising Taq Taq…
  30. 2016 Results and Outlook – Genel Energy – slide 30
    APPENDIX - GENEL ENERGY KRI LICENCES

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