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First Half 2017 Results – International Petroleum Corp.

International Petroleum Corp. · Aug 8, 2017 · 24 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. First Half 2017 Results – International Petroleum Corp. – slide 1
    Operations and Financial Update First Six Months 2017 Mike Nicholson, CEO Christophe Nerguararian, CFO 8 August 2017 NCF00031 p01 07.17
  2. First Half 2017 Results – International Petroleum Corp. – slide 2
    International Petroleum Corp. Corporate Strategy Deliver operational excellence Maintain financial resilience under low oil prices Maximise the value of our resource base Grow through M&A NCF00031 p02 07.17 1
  3. First Half 2017 Results – International Petroleum Corp. – slide 3
    International Petroleum Corp. First Six Months Update Strong HS&E performance No material incidents Production to end June of 11,100 boepd exceeds mid-point guidance by 4% Underpinned by strong operational and reservoir performance…
  4. First Half 2017 Results – International Petroleum Corp. – slide 4
    International Petroleum Corp. Contingent Resources and 2017 Capital Programme Renewed focus on organic growth: 17.5 MMboe of contingent resources Capital expenditure increased with sanction of 2 projects Guidance increased from…
  5. First Half 2017 Results – International Petroleum Corp. – slide 5
    International Petroleum Corp. Business Development Mergers and acquisitions very active Many quality assets on the market Optimal time within the commodities cycle Focus on quality assets to diversify production and cash flow base,…
  6. First Half 2017 Results – International Petroleum Corp. – slide 6
    International Petroleum Corp. 2017 Production Year to date production 11,100 boepd 4% above mid-point guidance 2017 production guidance remains unchanged 9,000 to 11,000 boepd net Safe and successful shutdown on Bertam completed…
  7. First Half 2017 Results – International Petroleum Corp. – slide 7
    International Petroleum Corp. 2P Reserves 29.4 MMboe 2P Reserves France Aquitaine Basin, 2.4 Netherlands, 1.9 8% 6% 29.4 MMboe 2P reserves, 94% light oil Malaysia, 9.5 Track record of reserves increases 33% 53% Limited…
  8. First Half 2017 Results – International Petroleum Corp. – slide 8
    International Petroleum Corp. Contingent Resources IPC net Contingent Resources 17.5 MMboe 17.5 MMboe contingent resources 100% oil weighted France, Aquitaine Basin Bertam Infill wells 1.7 90% in France 2.2 France, Paris Basin,…
  9. First Half 2017 Results – International Petroleum Corp. – slide 9
    Malaysia Bertam Development Upside Bertam Field Map Low risk infill drilling (2 wells) Planned execution Q4 2017 2 best well locations highgraded Low risk, between existing production wells 1.7 MMboe contingent resources (net)…
  10. First Half 2017 Results – International Petroleum Corp. – slide 10
    France Vert-La-Gravelle Development Project Top ranked opportunity in France 3.6 MMboe 2P reserves Original development suspended due to capital allocation priorities All facilities in place, 4 wells on production already 5 new…
  11. First Half 2017 Results – International Petroleum Corp. – slide 11
    Villeperdue Dogger Depth Map France Villeperdue 5,000m West Development OWC Undeveloped Undeveloped western extension of Villeperdue field extension 4.1 MMboe contingent resources Villeperdue Deep prospect Field…
  12. First Half 2017 Results – International Petroleum Corp. – slide 12
    IPC Net Resources International Petroleum Corp. 50 2017 focus 11.7 46.9 Net Resources 40 4.1 1.7 MMboe (net) 30 3.6 29.4 3 Opportunities being actively matured 25.8 Bertam infill campaign 20 Vert-La-Gravelle…
  13. First Half 2017 Results – International Petroleum Corp. – slide 13
    First Six Months 2017 Financial Highlights NCF00031 p01 07.17 12
  14. First Half 2017 Results – International Petroleum Corp. – slide 14
    Second Quarter 2017 Financial Highlights Second Quarter First Half 2017 2017 Production (boepd) 10,600 11,100 Average Brent Oil Price (USD/boe) 49.64 51.72 Operating costs (USD/boe) 1 14.38 13.32 Operating cash flow (MUSD) 1…
  15. First Half 2017 Results – International Petroleum Corp. – slide 15
    Second Quarter 2017 Financial Results Operating Cash Flow 1 100 100 80 80 72.3 71.9 60 60 Million USD 40 40 42.7 32.6 20 20 0 0 Q2 Q2 First Half First Half 2017 2016 2017 2016 NCF00031 p03 07.17 1…
  16. First Half 2017 Results – International Petroleum Corp. – slide 16
    Second Quarter 2017 Financial Results EBITDA 1 100 100 80 80 69.4 70.5 60 60 Million USD 40 40 43.0 30.0 20 20 0 0 Q2 Q2 First Half First Half 2017 2016 2017 2016 NCF00031 p04 07.17 1 Non-IFRS…
  17. First Half 2017 Results – International Petroleum Corp. – slide 17
    Second Quarter 2017 Financial Results 120 120 100 100 Revenue Production costs MUSD 100.4 MUSD 27.9 11,100 boepd Operating costs USD 13.32/boe 80 80 MUSD 72.5 Depletion Million USD MUSD 44.1 60 60 Exploration…
  18. First Half 2017 Results – International Petroleum Corp. – slide 18
    Second Quarter 2017 Netback 1 (USD/boe) Second Quarter First Half 2017 2017 Average Brent Oil Price (USD/boe) 49.64 51.72 Revenue 50.38 50.25 Cost of operations -12.89 -11.57 Tariff and transportation -0.65 -0.95 Production taxes…
  19. First Half 2017 Results – International Petroleum Corp. – slide 19
    Second Quarter 2017 Operating Costs 1 Bertam FPSO USD/boe planned shutdown USD/boe 24 24 20 20 CMD / Q1 Guidance USD 18.75/boe Q2 Guidance USD 17.20/boe 16 16 12 12 8 8 4 4 0 0 Q1 2017 Q2 2017 Q3 2017 Q4 2017…
  20. First Half 2017 Results – International Petroleum Corp. – slide 20
    Second Quarter 2017 G&A / Financial Items (MUSD) Second Quarter First Half 2017 2017 G&A 2.5 3.1 G&A depreciation 0.4 0.7 G&A Expense 2.9 3.8 Second Quarter First Half 2017 2017 Interest expense 0.3 0.3 Amortisation of loan…
  21. First Half 2017 Results – International Petroleum Corp. – slide 21
    Second Quarter 2017 Credit Facility MUSD 100 2.25 year revolving reserves-based lending signed April 20, 2017 Fully available Margin 2.75% MUSD 80 drawn to partly fund share purchase offer (MUSD 90.6) Net debt 1 as at June…
  22. First Half 2017 Results – International Petroleum Corp. – slide 22
    First Six Months 2017 Net Debt 1 (MUSD) MUSD Exploration & appraisal 100 Financial 100 MUSD -1.9 MUSD -1.3 80 80 Payments to LUPE Development MUSD -34.4 G&A 60 MUSD -4.1 60 MUSD -1.9 40 40 Operating cash flow MUSD 72.3…
  23. First Half 2017 Results – International Petroleum Corp. – slide 23
    International Petroleum Corp. Concluding Remarks First half production of 11,100 boepd, 4% ahead of guidance Operating cost 1 guidance reduced to 17.2 per boe Strong operating cash flow 1 generation of MUSD 72.3 Share purchase…
  24. First Half 2017 Results – International Petroleum Corp. – slide 24
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