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GMP First Energy Growth Conference – Bonavista Energy Corp

Bonavista Energy Corp · Nov 15, 2017 · 36 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. GMP First Energy Growth Conference – Bonavista Energy Corp – slide 1
    GMP FIRSTENERGY ENERGY GROWTH CONFERENCE November 15, 2017 1
  2. GMP First Energy Growth Conference – Bonavista Energy Corp – slide 2
    Our Approach What enables us to succeed Concentrated position in resource rich basin allows for: Optimal Low Strategic Innovation and Capital Cost Capital Enhancement Efficiencies Operations Allocation 2
  3. GMP First Energy Growth Conference – Bonavista Energy Corp – slide 3
    Our Strengths Concentrated land base Over the years we have concentrated 2008 our land base from 4 core areas to 2 Current BC Deep Basin NPRA EA West Central SA 3
  4. GMP First Energy Growth Conference – Bonavista Energy Corp – slide 4
    Our Strengths Optimizing capital efficiencies 3-Year Average F&D Costs/boe2 Capital Efficiencies1 11,800 7.59 Bonavista 2017E Bonavista 2016 45% improvement 53% improvement Bonavista 2013 Bonavista 2013 19,300 15.83…
  5. GMP First Energy Growth Conference – Bonavista Energy Corp – slide 5
    Our Strengths Strategic capital allocation allows for self-funded growth West Central Deep Basin 28,000 1,400 26,000 1,200 24,000 93% 308MM Funds From Operations (MM) Production (boe/d) 1,000 22,000 20,000 800…
  6. GMP First Energy Growth Conference – Bonavista Energy Corp – slide 6
    Our Strengths Enhancing revenue portfolio with liquids rich development 2016 Edmonton Spot Propane2 80 12% 70 6% 60 US Cents/Gallon) 2017E 50 134 million 40 59% 23% 8% 30 20 10 24% 0 -10 48% 205 million1 2015 2016…
  7. GMP First Energy Growth Conference – Bonavista Energy Corp – slide 7
    2017 Accomplishments Sustainable growth 10% 5% 300 75,000 280 260 96%1 Funds From Operations (MM) 240 220 70,000 Production (boe/d) 200 180 160 65,000 140 120 58%1 100 80 60,000 60 40 20 0 55,000 2016…
  8. GMP First Energy Growth Conference – Bonavista Energy Corp – slide 8
    2017 Accomplishments Enhanced performance through innovation Continued improvement in 800 capital efficiency as drilling 700 activity increases by 45% 600 26% improvement 9,200 4% Capital Efficiency (/boepd)2 500…
  9. GMP First Energy Growth Conference – Bonavista Energy Corp – slide 9
    Our Assets 9 All together better
  10. GMP First Energy Growth Conference – Bonavista Energy Corp – slide 10
    Focused in the Best Plays Our play economics compete with the top plays Kakwa (Nest 2) Montney Liquids-Rich Gas Bilbo/Karr Montney Liquids-Rich Gas Heritage Montney Liquid Rich Gas Greater Kakwa/Resthaven Spirit River Gas Kaybob…
  11. GMP First Energy Growth Conference – Bonavista Energy Corp – slide 11
    Spirit River Committed to the Spirit River 30,000 40 35 25,000 30 Net Wells Drilled() 20,000 Production (boe/d) 25 15,000 20 15 10,000 10 5,000 5 0 0 2013 2014 2015 2016 2017E Dec Dec Dec…
  12. GMP First Energy Growth Conference – Bonavista Energy Corp – slide 12
    Spirit River Ansell Wilrich Significant development potential R18 R17 R16 R15 R14 Drilled 64 gross (61.9 net) wells in five years T52 74,000 131 gross (126.1 net) locations in net acres inventory, 68% ERH T51 Horizontal length…
  13. GMP First Energy Growth Conference – Bonavista Energy Corp – slide 13
    Spirit River Ansell Wilrich Well length, orientation and completion design enhances performance Year over Year Improvements Well Characteristics 7,000 Ansell Wilrich 6,000 2017 2016 % change to date Raw Gas (mcf/d) Drill…
  14. GMP First Energy Growth Conference – Bonavista Energy Corp – slide 14
    Spirit River Ansell Wilrich Enhancing operational efficiencies Margins improving 5.00 despite 35% 4.52 Commissioned new erosion in price 4.50 operated facility 100% 5.00 4.00 95% 4.50 90% 4.00 3.50 Operating Cost (/boe)…
  15. GMP First Energy Growth Conference – Bonavista Energy Corp – slide 15
    Spirit River Morningside Falher R1W5 R28 R27 Increased land base by 17,000 acres in 24 Locations added with the addition of 27 the last 12 months sections of land in the past 12-months T43 Over 300% increase in available…
  16. GMP First Energy Growth Conference – Bonavista Energy Corp – slide 16
    Spirit River Morningside Falher Enhanced performance with extended reach drilling (ERH) Year over Year Improvements Average Well Characteristics 8,000 Morningside Falher 7,000 2017 (2-mile) 2017 (1.5 mile) 2017 2016 % change…
  17. GMP First Energy Growth Conference – Bonavista Energy Corp – slide 17
    Spirit River Morningside Falher Economic strength at low natural gas prices 110 26 100 24 90 22 80 20 70 Months 18 % 60 16 50 40 14 12 Payout 30 20 10 IRR 2.00 2.50 2.00 2.50 AECO Natural Gas…
  18. GMP First Energy Growth Conference – Bonavista Energy Corp – slide 18
    Mannville Glauconite Significant resource in place Reliable and predictable future development Available infrastructure capacity at low cost HOADLEY Drilled 322 gross (268.8 net) locations to the end of 2017 280 gross (220.8…
  19. GMP First Energy Growth Conference – Bonavista Energy Corp – slide 19
    Mannville Strachan Glauconite Positioning Strachan for growth Land Growth Over the Past Year 90 R10 R9 R8 R7W5 T39 Access to 60,000 % acres over last 12 months T38 100 80 of locations 60 T37 40 20 Bonavista…
  20. GMP First Energy Growth Conference – Bonavista Energy Corp – slide 20
    Mannville Strachan Glauconite Continuous improvements in ERH performance Year over Year Performance Average Well Characteristics 6,000 Strachan Glauconite 5,000 2017 2016 % change 2 Wells 4,000 Drill & complete capital 5.0…
  21. GMP First Energy Growth Conference – Bonavista Energy Corp – slide 21
    2018 Guidance 21 All together better
  22. GMP First Energy Growth Conference – Bonavista Energy Corp – slide 22
    Commodity Price Forecasts Business plan highly sensitive to small fluctuations in price 50 3.00 Two different 45 outcomes Growth dependent in value at 2.50/gj 2.75 on pricing 40 2.50 35 2.50 Months AECO (/gj) 30…
  23. GMP First Energy Growth Conference – Bonavista Energy Corp – slide 23
    Hedging and Diversification Well hedged to protect future funds from operations Q417 Natural Gas Oil1 Propane 28% 29% 43% 57% 72% 71% Hedged 228 mmcf/d at 4,500 bbls/d at 3,000 bbls/d at C3.32/mcf C65.35/bbls C28.11/bbls 2018…
  24. GMP First Energy Growth Conference – Bonavista Energy Corp – slide 24
    Hedging and Diversification Well hedged and diversified 2018 Industry Natural Gas Hedging 2018 Bonavista Natural Gas Diversification 60% 50% 40% Station 2 30% Average 20% Dawn 10% Chicago Ventura 0% Numbers…
  25. GMP First Energy Growth Conference – Bonavista Energy Corp – slide 25
    2018 Priorities At 2.00/gj we will direct capital to strengthen balance sheet Maximize funds from operations while maintaining production Strengthen financial position with excess funds from operations Enhance asset base…
  26. GMP First Energy Growth Conference – Bonavista Energy Corp – slide 26
    2018 Operational and Financial Guidance 2018F Capital Expenditures ( millions): Total Exploration and Development 160 - 180 Divestitures, net of Acquisitions - Total Capital Expenditures 160 - 180 Production (mboe/d) 71.0 73.0…
  27. GMP First Energy Growth Conference – Bonavista Energy Corp – slide 27
    Appendix 27 All together better
  28. GMP First Energy Growth Conference – Bonavista Energy Corp – slide 28
    Our Strengths Low cost operations Operating Expense (/boe)1 Cash Costs (/boe)1,2 Bonavista 1H17 5.54 9.00 38% improvement 31% improvement Bonavista 2013 Intermediate E&P Low: 1.48 9.66 High: 18.02 Low: 4.14 15.11 High:…
  29. GMP First Energy Growth Conference – Bonavista Energy Corp – slide 29
    Focused in the Best Plays Competitive supply costs Our owned and operated The cost to develop our Spirit infrastructure supports lower River and Mannville plays cash costs compete Full Supply Cost Cash Costs (/boe)2 3-Year Average…
  30. GMP First Energy Growth Conference – Bonavista Energy Corp – slide 30
    Focused in the Best Plays Competitive netbacks 35.00 30.00 Spirit River producers have similar netbacks to Montney After-Tax Netbacks (/boe) 25.00 producers 20.00 15.00 10.00 5.00 0.00 Q1/13A Q3/13A Q1/14A…
  31. GMP First Energy Growth Conference – Bonavista Energy Corp – slide 31
    Spirit River Net prospect inventory growing our ERH locations Prospect Inventory % Prospect Inventory Total Inventory ERH of inventory 1-mile Wilrich 88.4 60% 59.1 147.5 Falher 107.4 74% 37.9 145.3 Notikewin 14.7 19% 63.1…
  32. GMP First Energy Growth Conference – Bonavista Energy Corp – slide 32
    Mannville Ample inventory to convert to higher value ERH Prospect Inventory % Prospect Inventory Total ERH of inventory 1-mile Inventory Hoadley Glauc 27.6 12% 193.3 220.9 Strachan Glauc 68.7 82% 15.4 84.1 Bluesky 19.7 26%…
  33. GMP First Energy Growth Conference – Bonavista Energy Corp – slide 33
    Financial Flexibility Reduced AECO Exposure in 2018 120% 100% 80% 60% 40% 20% 0% Winter 2017/2018 Summer 2018 AECO Floating Midwest Floating Station 2 Floating Dawn Floating Financial Hedge NYMEX Floating Dawn…
  34. GMP First Energy Growth Conference – Bonavista Energy Corp – slide 34
    34 Long-term Debt net of Adjusted Working Capital ( MM)1 1,200 1,500 900 600 1. From Q415 to Q418. Q1'15 Q2'15 Q3'15 Q4'15 Q1'16 Q2'16 Q3'16 Q4'16 Q1'17 Q2'17 Q3'17 Q4'17E Q1'18F Q2'18F 528…
  35. GMP First Energy Growth Conference – Bonavista Energy Corp – slide 35
    Financial Flexibility Credit facility composition and liquidity position Bank credit facility - 500 million CDN Senior notes (CDN) Recently renewed bank credit facility, matures September 10, 2021 Elected to reduce commitment by 100…
  36. GMP First Energy Growth Conference – Bonavista Energy Corp – slide 36
    1500, 525-8th Ave SW Calgary, AB T2P 1G1 403.213.4300 investor_relationsbonavistaenergy.com 39

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