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September 2017 Corporate Update – Athabasca Oil Corp

Athabasca Oil Corp · Sep 14, 2017 · 31 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. September 2017 Corporate Update – Athabasca Oil Corp – slide 1
    ATHABASCA OIL CORPORATION FOCUSED EXECUTING DELIVERING SEPTEMBER 2017 CORPORATE UPDATE
  2. September 2017 Corporate Update – Athabasca Oil Corp – slide 2
    ATHABASCA PREMIER RESOURCE EXPOSURE 1 INTERMEDIATE OIL WEIGHTED PRODUCER LIGHT OIL THERMAL OIL o 40,000 boe/d (90% liquids) Montney Rights Hangingstone o 10% corporate decline ASSETS IN CANADAS TOP PLAYS Greater Placid o…
  3. September 2017 Corporate Update – Athabasca Oil Corp – slide 3
    ATHABASCA A COMPELLING INVESTMENT 2 PRODUCTION LIGHT OIL: DEFINED & MATERIAL GROWTH 60 Leismer Hangingstone 50 Montney (1 rig) o Scalable Montney position 40 Duvernay mboe/d 30 o Funded Duvernay development 20 10 0 THERMAL…
  4. September 2017 Corporate Update – Athabasca Oil Corp – slide 4
    CORPORATE SNAPSHOT 3 2017 GUIDANCE CAPITALIZATION (ATHTSX) o Production outlook Share Price (August 30, 2017) 0.90 /sh Corporate: 33,500 36,500 boe/d (90% liquids) Basic Shares Outstanding 509 MM Thermal Oil: 27,000 29,000 bbl/d…
  5. September 2017 Corporate Update – Athabasca Oil Corp – slide 5
    CAPITAL FLEXIBILITY & 2018 PRELIM OUTLOOK 4 250 2018 CAPEX CAPITAL FLEXIBILITY 200 o Placid Montney MM 150 No near term land expiries 100 Minimal capital to hold production flat (1 rig) 50 Strong economics at 45 WTI (2 year…
  6. September 2017 Corporate Update – Athabasca Oil Corp – slide 6
    LIGHT OIL MONTNEY & DUVERNAY
  7. September 2017 Corporate Update – Athabasca Oil Corp – slide 7
    MONTNEY REGIONAL OVERVIEW 6 HIGHLIGHTS o 80,000 gross prospective Montney acres; AOC operates with a 70% average working interest o Owned and operated strategic regional infrastructure; egress secured through Pembina, Alliance and…
  8. September 2017 Corporate Update – Athabasca Oil Corp – slide 8
    MONTNEY PLACID DEVELOPMENT 7 ASSET HIGHLIGHTS ACTIVITY OVERVIEW o 48,000 development acres (36,000 net); 200 well inventory o 5 wells between 2014 2016 o Prospectivity in multiple Montney intervals o 20 well 2016/17 program (5…
  9. September 2017 Corporate Update – Athabasca Oil Corp – slide 9
    MONTNEY WELL DESIGN EVOLUTION 8 HIGHLIGHTS DRILLING PERFORMANCE 0 ATH (Q1 2017; 8 wells) o Lateral lengths between 2,500 3,000m ATH (H2 2016; 12 wells) 1,000 ATH (2015/16; 3 wells) o Completions optimized for high liquids reservoir…
  10. September 2017 Corporate Update – Athabasca Oil Corp – slide 10
    MONTNEY TYPE CURVE ECONOMICS 9 PRODUCTION PLOT TYPE WELL PARAMETERS 1,200 Gen 1 Gen 2 Gen 3 initially restricted (trucking constraints over breakup & 3rd party outage) Gen 3 Type Well Total Sales Gas C5+ Liquids 1,000 Gen 1 Gen…
  11. September 2017 Corporate Update – Athabasca Oil Corp – slide 11
    MONTNEY OUTLOOK 10 20 Base Case 1 Rig PRODUCTION DEVELOPMENT OVERVIEW Upside 2 Rigs 15 o Scalable asset mboe/d 200 well inventory with potential to 15,000 boe/d net10 o Flexible program (1 3 rigs) 5 13,000 boe/d single well…
  12. September 2017 Corporate Update – Athabasca Oil Corp – slide 12
    DUVERNAY KAYBOB REGIONAL OVERVIEW 11 DUVERNAY HIGHLIGHTS INDUSTRY STATS o 30% working interest and Murphy operated o Shell and Chevron are the most active majors o 200,000 acres with 1,500 potential locations o 70 licenses & 53 spuds…
  13. September 2017 Corporate Update – Athabasca Oil Corp – slide 13
    DUVERNAY KAYBOB RECENT ACTIVITY 12 4326420W5 2well pad 11186420W5 3well pad 1636 1,790 boe/d IP30 (75% liquids) & IP60 1,450 boe/d (74% liquids) Testing underway Completion design 2,300m & 3,000 lb/ft (38 stages, 4.5 T/M) 1324…
  14. September 2017 Corporate Update – Athabasca Oil Corp – slide 14
    DUVERNAY JOINT VENTURE & ECONOMICS 13 JOINT VENTURE OVERVIEW KAYBOB WEST CUM LIQUIDS PRODUCTION 160,000 Old Design o Partnered with Murphy Oil in May 2016 Uplift Sensitivity 140,000 Cum Condensate (mbbl) o 1B gross 4year program…
  15. September 2017 Corporate Update – Athabasca Oil Corp – slide 15
    LIGHT OIL OUTLOOK MONTNEY & DUVERNAY 14 PRODUCTION DEVELOPMENT OVERVIEW 25 Montney (1 rig) Duvernay o Operated Montney 20 mboe/d 15 Maintain base production with 1 rig 10 13,000 boe/d single well capital efficiencies 5 o…
  16. September 2017 Corporate Update – Athabasca Oil Corp – slide 16
    THERMAL OIL LEISMER & HANGINGSTONE
  17. September 2017 Corporate Update – Athabasca Oil Corp – slide 17
    THERMAL OIL ASSET OVERVIEW 16 LEISMER REGIONAL MAP o 20,000 22,000 bbl/d o 613 mmbbl 2P reserves1; 75 year 2P RLI Hangingstone o Approval in place for expansion up to 40,000 bbl/d HANGINGSTONE 50km 16 Dilbit Line (Enbridge owned)…
  18. September 2017 Corporate Update – Athabasca Oil Corp – slide 18
    THERMAL OIL ASSET OVERVIEW CONTD 17 LEISMER ASSET MAP LEISMER PRODUCTION 25 Production 8x CPF Capacity CSOR Wells L5 L5 infills 35 well pairs onstream 25 mbbl/d bitumen ISOR 7x 9 infills onstream (L1 & L2) in 2018 69 mbbl/d steam…
  19. September 2017 Corporate Update – Athabasca Oil Corp – slide 19
    THERMAL OIL TECHNOLOGY IMPLEMENTATION 18 TECHNOLOGY RESULTS FUTURE APPLICATION Non compressible gas coinjection (NCG) NCG Pilot on Leismer Pad L4 NCG Opportunities Improves energy efficiency and allows for iSOR reduced to 3.5x (from…
  20. September 2017 Corporate Update – Athabasca Oil Corp – slide 20
    THERMAL OIL OUTLOOK 19 40 PRODUCTION DEVELOPMENT OVERVIEW Leismer Hangingstone o Optimize sustaining capital 30 mboe/d C5 10 / bbl annually (5 year range) 20 o Technology implementation (FCDs & NCG injection) 10 o 2018…
  21. September 2017 Corporate Update – Athabasca Oil Corp – slide 21
    ATHABASCA OIL CORPORATION A COMPELLING & DIFFERENTIATED INVESTMENT OPPORTUNITY
  22. September 2017 Corporate Update – Athabasca Oil Corp – slide 22
    SUPPLEMENTAL INFORMATION
  23. September 2017 Corporate Update – Athabasca Oil Corp – slide 23
    PLACID MONTNEY WELL SUMMARY 22 Well UWI Key Dates Drilling Summa Completions Summary* Production*** Spud On Prod. Spud RR Lateral Stages Proppant Loading IP30**** Cum. Production To Date Peak IP30 mmmyy mmmyy days m lb/ft boe/d %…
  24. September 2017 Corporate Update – Athabasca Oil Corp – slide 24
    SINGLE STREAM REPORTING OVERVIEW (MONTNEY & DUVERNAY) 23 TOTAL PRODUCTION (PLACID 926 WELL) INTERPRETING PUBLIC DATA 2,000 geoSCOUT (single stream) Actual o Issue: public data not properly capturing high CGR gas wells for 1,500…
  25. September 2017 Corporate Update – Athabasca Oil Corp – slide 25
    KAYBOB DUVERNAY WHAT MAKES THE PLAY COMPETITIVE 24 WHAT MAKES THE DUVERNAY COMPETITIVE ROYALTY INCENTIVE (C* CALC) Lateral Length (m) o High free condensate yields over the life of the well 27.0 2,000 2,250 2,500 2,750 3,000…
  26. September 2017 Corporate Update – Athabasca Oil Corp – slide 26
    KAYBOB DUVERNAY REGIONAL ACTIVITY 25 Apache Chevron Conoco Encana Hitic Shell Talisman Trilogy XTO Other Apache Partial AOC Duvernay Land MUR/AOC Duvernay Licensed Duvernay Drilled Duvernay
  27. September 2017 Corporate Update – Athabasca Oil Corp – slide 27
    LIGHT OIL INFRASTRUCTURE 26 Gas Pipeline (gross) Up to Gas Capacity 180 MMcf/d Kaybob East AOC 91 km Pipeline Fort Kaybob West McMurray Keyera Saxon Simonette SemCAMS KA Placid Total Battery Capacity (gross) Oil…
  28. September 2017 Corporate Update – Athabasca Oil Corp – slide 28
    THERMAL OIL INFRASTRUCTURE 27 150k bbl Dilbit 150k bbl Diluent Diluent supply Keyera Dilbit egress capability terminal HANGINGSTONE 16 Cheecham Enbridge Lateral Terminal 40k bbl Dilbit 6k bbl Diluent CHEECHAM AOC OWNED…
  29. September 2017 Corporate Update – Athabasca Oil Corp – slide 29
    MANAGEMENT TEAM AND BOARD 28 MANAGEMENT TEAM BOARD OF DIRECTORS Robert Broen, P.Eng. Ronald Eckhardt President & Chief Executive Officer Chair and member of the Reserves Committee and member of the Audit Committee Kim Anderson,…
  30. September 2017 Corporate Update – Athabasca Oil Corp – slide 30
    ENDNOTES 29 Slide Endnotes 5year outlook flat price deck scenario: 2016 2017e 2018e 2019e 2020e 2021e WTI US/bbl 42.00 53.00 55.00 55.00 55.00 55.00 FX C/US 0.76 0.75 0.75 0.75 0.75 0.75 Heavy Diff US/bbl -14.00 -14.00 -15.00…
  31. September 2017 Corporate Update – Athabasca Oil Corp – slide 31
    NOTES 31

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