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January 2018 Corporate Presentation – Bonavista Energy Corp

Bonavista Energy Corp · Jan 23, 2018 · 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. January 2018 Corporate Presentation – Bonavista Energy Corp – slide 1
    CONSISTENTLY ADAPTING TO THE ENVIRONMENT January 2018 1
  2. January 2018 Corporate Presentation – 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. January 2018 Corporate Presentation – Bonavista Energy Corp – slide 3
    Our Strengths Concentrated land base 2008 Over the years we have concentrated Current our land base from 4 core areas to 2 99% of net operating income generated in two core areas BC Deep Basin NPRA EA West Central…
  4. January 2018 Corporate Presentation – 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. January 2018 Corporate Presentation – Bonavista Energy Corp – slide 5
    Our Strengths Low cost operations Operating Expense (/boe)1 Cash Costs (/boe)1,2 Bonavista 9 Month 17 5.60 8.94 37% improvement 32% improvement Bonavista 2013 Intermediate E&P Low: 1.49 9.64 High: 17.77 Low: 4.10 14.88…
  6. January 2018 Corporate Presentation – Bonavista Energy Corp – slide 6
    Our Strengths Allocating capital towards liquids rich targets 25% C3+ Production Additions (% of Total Additions) 20% 15% 10% 5% 0% Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2017 2018 6
  7. January 2018 Corporate Presentation – Bonavista Energy Corp – slide 7
    Our Strengths Enhancing revenue portfolio with liquids rich development NGL Revenue as a % of Total Revenue1 Edmonton Spot Propane2 2018 90 01/09/2018 80 2016 70 US Cents/Gallon) 20% 25% 30% 35% 40% 60 50 40 2016 2018F…
  8. January 2018 Corporate Presentation – Bonavista Energy Corp – slide 8
    Our Strengths Enhanced performance through innovation Continued improvement in 800 capital efficiency as drilling activity increases by 50% 700 26 % 600 improvement 9,400 9,200 Capital Efficiency (/boepd)2 500 IP12…
  9. January 2018 Corporate Presentation – Bonavista Energy Corp – slide 9
    Financial Flexibility 9 All together better
  10. January 2018 Corporate Presentation – Bonavista Energy Corp – slide 10
    Financial Flexibility Significant strides in strengthening the balance sheet 1,500 4.0 2017 Long-term Debt net of Adjusted Working Capital ( MM)1 Extended bank credit facility an additional Net Debt to Funds From…
  11. January 2018 Corporate Presentation – Bonavista Energy Corp – slide 11
    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…
  12. January 2018 Corporate Presentation – Bonavista Energy Corp – slide 12
    Financial Flexibility Well hedged and diversified 2018 Industry Natural Gas Hedging1 2018 Bonavista Natural Gas Diversification 70% 60% 50% 40% Station 2 30% Average 20% Dawn 10% Chicago Ventura 0% Numbers…
  13. January 2018 Corporate Presentation – Bonavista Energy Corp – slide 13
    Financial Flexibility Reduced AECO Exposure in 2018 100% 100% 5% 5% 13% 12% 31% 18% 16% 28% 90% 90% 80% 80% 70% 70% % of Natural Gas Volumes % of Revenues 60% 60% 50% 50% 95% 95% 87% 88% 40% 40% 30% 30% 20%…
  14. January 2018 Corporate Presentation – Bonavista Energy Corp – slide 14
    Financial Flexibility Protecting 2018 funds from operations Natural Gas 200 4.00 180 3.60 160 3.20 Hedged Volume (mmcf/d) 1 140 Hedged 2.80 Price (/mmcf) 120 2.40 100 2.00 80 1.60 60 1.20 40 0.80 20 0.40…
  15. January 2018 Corporate Presentation – Bonavista Energy Corp – slide 15
    2018 Guidance 15 All together better
  16. January 2018 Corporate Presentation – Bonavista Energy Corp – slide 16
    2018 Operational and Financial Guidance Protecting our financial position at current AECO pricing 2018F Capital Expenditures ( millions): Total Exploration and Development 160 - 180 Divestitures, net of Acquisitions - Total…
  17. January 2018 Corporate Presentation – Bonavista Energy Corp – slide 17
    Sensitivities Natural Gas +/- 0.10 AECO Oil +/- 5 WTI FX +/- 0.01 258 260 262 264 265 266 268 270 272 Funds From Operations (MM) 1 17 1. Based on October 24, 2017 strip prices (AECO 2.00/gj , WTI US52.47/bbl).
  18. January 2018 Corporate Presentation – Bonavista Energy Corp – slide 18
    Our Assets 18 All together better
  19. January 2018 Corporate Presentation – Bonavista Energy Corp – slide 19
    Economic Program in Volatile Price Environment Adapting our business plan to drill most economic prospects Strip Pricing Realized Price (/GJ) (/GJ) 45 Strachan Glauc 2018 1.41 2.28 Months Hoadley Glauc Falher 2019 1.55 1.71…
  20. January 2018 Corporate Presentation – Bonavista Energy Corp – slide 20
    Mannville Strachan Glauconite Targeting liquids rich growth New addition to budget R10 R9 R8 R7 T38 Allocating 23% of 2018 value capital program 5-34 to high liquid recovery locations in Strachan More efficient, lower cost…
  21. January 2018 Corporate Presentation – Bonavista Energy Corp – slide 21
    Mannville Strachan Glauconite Allocating capital program to liquids rich plays targeting 6 locations yielding 6,000 5,000 60 50 46 bbls/mmcf 2 Wells 4,000 40 C3 Raw Gas (mcf/d) 28% bbls/mmcf 2 Wells 3,000…
  22. January 2018 Corporate Presentation – Bonavista Energy Corp – slide 22
    Mannville Strachan Glauconite Evolution of development economics Payout of 24 months Higher NGL and Current Lower Processing Development Extended Reach Costs Innovations Initial Wells 22 Economics are run at flat…
  23. January 2018 Corporate Presentation – Bonavista Energy Corp – slide 23
    2018 Priorities Strengthen financial position with excess funds from operations Maximize funds from operations by allocating capital to liquids rich plays Enhance asset base through innovation and concentration We will…
  24. January 2018 Corporate Presentation – Bonavista Energy Corp – slide 24
    Appendix 24 All together better
  25. January 2018 Corporate Presentation – Bonavista Energy Corp – slide 25
    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…
  26. January 2018 Corporate Presentation – Bonavista Energy Corp – slide 26
    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…
  27. January 2018 Corporate Presentation – Bonavista Energy Corp – slide 27
    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%…
  28. January 2018 Corporate Presentation – Bonavista Energy Corp – slide 28
    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…
  29. January 2018 Corporate Presentation – Bonavista Energy Corp – slide 29
    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…
  30. January 2018 Corporate Presentation – Bonavista Energy Corp – slide 30
    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)…
  31. January 2018 Corporate Presentation – Bonavista Energy Corp – slide 31
    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…
  32. January 2018 Corporate Presentation – Bonavista Energy Corp – slide 32
    Spirit River Morningside Falher Enhanced performance with extended reach drilling (ERH) Year over Year Improvements Average Well Characteristics 7,000 Morningside Falher 6,000 2017 (2-mile) 2017 (1.5 mile) 2017 2016 % change…
  33. January 2018 Corporate Presentation – Bonavista Energy Corp – slide 33
    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…
  34. January 2018 Corporate Presentation – Bonavista Energy Corp – slide 34
    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…
  35. January 2018 Corporate Presentation – Bonavista Energy Corp – slide 35
    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…
  36. January 2018 Corporate Presentation – 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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