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November 2017 Corporate Update Presentation – Athabasca Oil Corp

Athabasca Oil Corp · Nov 2, 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. November 2017 Corporate Update Presentation – Athabasca Oil Corp – slide 1
    ATHABASCA OIL CORPORATION FOCUSED EXECUTING DELIVERING NOVEMBER 2017 CORPORATE UPDATE
  2. November 2017 Corporate Update Presentation – 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. November 2017 Corporate Update Presentation – 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. November 2017 Corporate Update Presentation – Athabasca Oil Corp – slide 4
    CORPORATE SNAPSHOT 3 2017 GUIDANCE REAFFIRMED CAPITALIZATION (ATHTSX) o Production Share Price (Nov. 1, 2017) 1.20 /sh o Annual: 35 mboe/d (90% liquids) Basic Shares Outstanding 510 MM o Q4: 40 42 mboe/d (1011 mboe/d LO & 3031…
  5. November 2017 Corporate Update Presentation – Athabasca Oil Corp – slide 5
    LIGHT OIL MONTNEY & DUVERNAY
  6. November 2017 Corporate Update Presentation – Athabasca Oil Corp – slide 6
    MONTNEY REGIONAL OVERVIEW 5 HIGHLIGHTS AOC OPERATED 70%WI o 80,000 gross prospective acres o Operated strategic regional infrastructure; secured egress through Pembina, Alliance and TCPL Athabasca Cenovus Cequence Chevron Delphi…
  7. November 2017 Corporate Update Presentation – Athabasca Oil Corp – slide 7
    MONTNEY PLACID DEVELOPMENT 6 ASSET HIGHLIGHTS ACTIVITY HISTORY o 48,000 development acres (36,000 net); 200 well inventory o 20142016: 5 wells o Prospectivity in two Montney intervals o 2016/17 Winter: 20 wells (5 pads) o…
  8. November 2017 Corporate Update Presentation – Athabasca Oil Corp – slide 8
    MONTNEY WELL DESIGN EVOLUTION 7 COMPLETION DESIGN EVOLUTION DESIGN DRIVING STRONGER SUSTAINED PRESSURES 14 Gen 1 Day 90 Casing Pressure (Mpa) Gen 2 Gen 2 Ball Drop 12 Gen 3 Up to 35 stages with only 1 10 NonOp Offsets Gen…
  9. November 2017 Corporate Update Presentation – Athabasca Oil Corp – slide 9
    MONTNEY TYPE CURVE ECONOMICS 8 PRODUCTION PLOT TYPE WELL PARAMETERS 1,400 Generation 1 (2 wells) Generation 2 (6 wells) Total Sales Gas C5+ Liquids 1,200 Generation 3 (10 wells) boe/d mmcf/d bbl/d % 34 pad onstream Generation 3…
  10. November 2017 Corporate Update Presentation – Athabasca Oil Corp – slide 10
    MONTNEY OUTLOOK 9 20 Base Case 1 Rig PRODUCTION DEVELOPMENT OVERVIEW Upside 2 Rigs 15 o Scalable asset mboe/d 200 well inventory 10 o Flexible program (1 3 rigs) 5 13,000 boe/d capital efficiencies 0 2016 2017 2018 2019…
  11. November 2017 Corporate Update Presentation – Athabasca Oil Corp – slide 11
    DUVERNAY KAYBOB REGIONAL OVERVIEW 10 DUVERNAY HIGHLIGHTS (30% WI) INDUSTRY STATS o 200,000 gross acres o Shell and Chevron are the most active majors o 1,500 potential locations o 70 licenses & 70 spuds YTD; 400+ spuds since 2014…
  12. November 2017 Corporate Update Presentation – Athabasca Oil Corp – slide 12
    DUVERNAY JOINT VENTURE 11 JOINT VENTURE HIGHLIGHTS o Partnered with Murphy Oil in May 2016 o JDA designed to delineate the extensive land base Shale experience (800+ Eagle Ford oil wells) Annual scope and capital commitments o…
  13. November 2017 Corporate Update Presentation – Athabasca Oil Corp – slide 13
    DUVERNAY RECENT ACTIVITY CONTD 12 KAYBOB NORTH Shell 513 McKinley Onstream April 2017 IP30 910 boe/d (81% liquids) IP110 880 boe/d (77% liquids) 1618 96mboe CTD 110 days KAYBOB 4326420W5 2 well pad WEST 1636 1,790 boe/d…
  14. November 2017 Corporate Update Presentation – Athabasca Oil Corp – slide 14
    DUVERNAY COMPETITIVE ECONOMICS 13 WHAT MAKES THE DUVERNAY COMPETITIVE KAYBOB WEST CUM LIQUIDS PRODUCTION 160,000 Old Design Uplift Sensitivity o High liquids yields 140,000 200 1,000 bbl/mmcf initial yields (C5+) Cum…
  15. November 2017 Corporate Update Presentation – Athabasca Oil Corp – slide 15
    LIGHT OIL MONTNEY & DUVERNAY OUTLOOK 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 capital efficiencies 5 o Nonoperated…
  16. November 2017 Corporate Update Presentation – Athabasca Oil Corp – slide 16
    THERMAL OIL LEISMER & HANGINGSTONE
  17. November 2017 Corporate Update Presentation – Athabasca Oil Corp – slide 17
    THERMAL OIL ASSET OVERVIEW 16 LEISMER REGIONAL MAP o 20,900 bbl/d October (field estimate) Hangingstone 2015 project startup o 613 mmbbl 2P reserves1; 70 year 2P RLI 12,000 bbl/d design o Approval in place for expansion up to 40,000…
  18. November 2017 Corporate Update Presentation – Athabasca Oil Corp – slide 18
    THERMAL OIL OUTLOOK 17 40 PRODUCTION DEVELOPMENT OVERVIEW Leismer Hangingstone o Minimal sustaining capital 30 mboe/d C5 10 / bbl annually (5 year range) 20 o Technology implementation (FCDs & NCG injection)* 10 0…
  19. November 2017 Corporate Update Presentation – Athabasca Oil Corp – slide 19
    CONCLUSION
  20. November 2017 Corporate Update Presentation – Athabasca Oil Corp – slide 20
    ATHABASCA PREMIER RESOURCE EXPOSURE 19 A DIFFERENTIATED INTERMEDIATE PRODUCER 40,000 boe/d (90% oil); low decline (10%) Thermal Oil underpins free cash flow Light Oil drives margin growth Low net debt & strong liquidity…
  21. November 2017 Corporate Update Presentation – Athabasca Oil Corp – slide 21
    SUPPLEMENTAL INFORMATION
  22. November 2017 Corporate Update Presentation – Athabasca Oil Corp – slide 22
    PLACID MONTNEY WELL SUMMARY 21 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 %…
  23. November 2017 Corporate Update Presentation – Athabasca Oil Corp – slide 23
    SINGLE STREAM REPORTING OVERVIEW (MONTNEY & DUVERNAY) 22 TOTAL PRODUCTION (PLACID 926 WELL) INTERPRETING PUBLIC DATA 2,000 geoSCOUT (single stream) Actual o Issue: for some operators public data does not capture liquids for…
  24. November 2017 Corporate Update Presentation – Athabasca Oil Corp – slide 24
    LIGHT OIL INFRASTRUCTURE 23 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…
  25. November 2017 Corporate Update Presentation – Athabasca Oil Corp – slide 25
    THERMAL OIL INFRASTRUCTURE 24 150mbbl Dilbit 150mbbl Diluent Diluent supply Keyera Dilbit egress capability terminal HANGINGSTONE 16 Cheecham Enbridge Lateral Terminal 40mbbl Dilbit 6mbbl Diluent CHEECHAM AOC OWNED 12…
  26. November 2017 Corporate Update Presentation – Athabasca Oil Corp – slide 26
    THERMAL OIL TECHNOLOGY IMPLEMENTATION 25 TECHNOLOGY RESULTS FUTURE APPLICATION Non compressible gas coinjection (NCG) NCG Pilot on Leismer Pad L4 NCG Opportunities Improves energy efficiency and steam iSOR reduced (1015%) while…
  27. November 2017 Corporate Update Presentation – Athabasca Oil Corp – slide 27
    HEDGING & LIGHT OIL EGRESS 26 HEDGING SUMMARY Q4 2017 Q1 2018 Q2 2018 Q3 2018 Q4 2018 mbbl/d /bbl mbbl/d /bbl mbbl/d /bbl mbbl/d /bbl mbbl/d /bbl WCS C 20,000 50.73 18,000 48.05 11,000 48.02 5,000 48.00 Implied WTI US 20,000…
  28. November 2017 Corporate Update Presentation – Athabasca Oil Corp – slide 28
    MANAGEMENT TEAM AND BOARD 27 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,…
  29. November 2017 Corporate Update Presentation – Athabasca Oil Corp – slide 29
    ENDNOTES 28 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…
  30. November 2017 Corporate Update Presentation – Athabasca Oil Corp – slide 30
    NOTES 30

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