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April 2018 Corporate Presentation – Bonavista Energy Corp

Bonavista Energy Corp · Apr 9, 2018 · 34 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. April 2018 Corporate Presentation – Bonavista Energy Corp – slide 1
    CONSISTENTLY ADAPTING TO THE ENVIRONMENT April 2018 1
  2. April 2018 Corporate Presentation – Bonavista Energy Corp – slide 2
    Corporate Identity 2 All together better
  3. April 2018 Corporate Presentation – Bonavista Energy Corp – slide 3
    Corporate Identity Characteristics at year end, 2017 Operational: 72,156 boe/d production, 29% oil and liquids 5.59/boe operating cost 92% operated production Corporate: 256 million basic shares outstanding 302 million…
  4. April 2018 Corporate Presentation – Bonavista Energy Corp – slide 4
    Corporate Identity Two core areas with unique strengths 2017 Deep Basin West Central (year ended December 31, 2017) Production 26,880 41,929 (boe/d) Oil and Liquids 12% 42% (% of total production) Proved plus Probable…
  5. April 2018 Corporate Presentation – Bonavista Energy Corp – slide 5
    2017 Accomplishments Adapting with success Adjusted Funds Flow 325 2P Reserves 450 Production 75,000 300 70,000 14% 6% 5% 275 425 ( millions) 65,000 (MMboe) 250 (boe/d) 400 225 60,000 200 growth growth 375…
  6. April 2018 Corporate Presentation – Bonavista Energy Corp – slide 6
    Guidance & Financial Flexibility 6 All together better
  7. April 2018 Corporate Presentation – Bonavista Energy Corp – slide 7
    2018 Guidance At current natural gas prices, maintain production and strengthen balance sheet 2018E Capital Expenditures ( millions): Total Exploration and Development 135 155 Divestitures, net of Acquisitions - Total Capital…
  8. April 2018 Corporate Presentation – Bonavista Energy Corp – slide 8
    2018 Guidance Sustainability and optionality Sustaining Production Generating Surplus AFF1 250 200 150 100 millions 50 0 -50 -100 -150 -200 AFF 1 Capital/Dividend Excess AFF 1 Excess AFF1 Dividend Multiple capital…
  9. April 2018 Corporate Presentation – Bonavista Energy Corp – slide 9
    2018 Guidance Well positioned on sustainability relative to peers 250% +15% increase in commodity prices Sustaining Capital as a % of 2018E Cash Flow -15% decrease in commodity prices 200% High quality asset portfolio 150%…
  10. April 2018 Corporate Presentation – Bonavista Energy Corp – slide 10
    2018 Guidance Allocating capital towards liquids rich targets 30% C3+ Production Additions (% of Total Additions) 25% 20% 15% 10% 5% 0% Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2017 2018E 10
  11. April 2018 Corporate Presentation – Bonavista Energy Corp – slide 11
    2018 Guidance Enhancing revenue portfolio with liquids rich development NGL Revenue as a % of Total Revenue1 2018E Edmonton Spot Propane2 80 2016 70 60 US Cents/Gallon 20% 30% 40% 50% 50 40 2016 2018E 4% 30 20…
  12. April 2018 Corporate Presentation – Bonavista Energy Corp – slide 12
    Financial Flexibility Hedging and market diversification supports sustainability 2018 Industry Natural Gas Hedging1 2018 Bonavista Natural Gas Diversification 90% 100% 14% 13% 80% 90% 20% 56% of 2018 70% production 80% hedged…
  13. April 2018 Corporate Presentation – Bonavista Energy Corp – slide 13
    Financial Flexibility Credit facility composition and liquidity position Next maturity 250 not until 2020 200 Bank credit facility - 500 million CDN Recently renewed bank credit facility, matures September 10, 2021 150 8…
  14. April 2018 Corporate Presentation – Bonavista Energy Corp – slide 14
    Our Assets 14 All together better
  15. April 2018 Corporate Presentation – Bonavista Energy Corp – slide 15
    Economic Program in Volatile Price Environment Allocating capital to liquids rich development Redirecting Value Capital: 2018E Drill Program Zone ( millions)1 2017 2018E Oil 8 - 10 Cardium Glauconite, West Central 40 bbls/mmcf…
  16. April 2018 Corporate Presentation – Bonavista Energy Corp – slide 16
    Mannville Strachan Glauconite Targeting liquids rich development R10 R9 R8 R7 Allocating 22% of 2018 E&D capital program T38 94.5 (80.3 net) sections of land Operating cost reductions of 50% to 3.50/boe creating a 25%…
  17. April 2018 Corporate Presentation – Bonavista Energy Corp – slide 17
    Mannville Strachan Glauconite Building on success with enhanced NGL content targeting 5 locations yielding 40-60 70 bbls/mmcf 60 50 NGL recovery (bbls/mmcf) 40 C3 31% 30 C5+ 20 51% 10 C4 18% 0 1 2 3 4 5 6 7…
  18. April 2018 Corporate Presentation – Bonavista Energy Corp – slide 18
    Mannville Strachan Glauconite Targeting 40-60 bbls/mmcf Production Performance 6,000 ERH Type Curve Capital ( mm)1 5.1 5,000 IP12 (boe/d)2 604 Well Characteristics Raw natural gas (mcf/d) /boepd 8,485 4,000 EUR…
  19. April 2018 Corporate Presentation – Bonavista Energy Corp – slide 19
    Spirit River Morningside Falher R1W5 R28 R27 24 locations added with the addition of 27 sections of land in 2017 T43 Over 300% increase in available meters in inventory 13 wells drilled in 2017 with 9 planned in 2018 80…
  20. April 2018 Corporate Presentation – Bonavista Energy Corp – slide 20
    Spirit River Morningside Falher Enhanced performance with extended reach drilling (ERH) Production Performance 7,000 ERH ERH Type Type Curve Curve Capital ( mm)1 3.4 6,000 IP12 (boe/d)2 525 Well Characteristics Raw…
  21. April 2018 Corporate Presentation – Bonavista Energy Corp – slide 21
    Spirit River - Morningside Falher Industry leading performance enhancements with ERH drilling 8,900 6,500 0 /boepd /boepd 3,000 500 1,000 2,500 95 1,500 Capital (000s), Meters (m) % Total Depth (meters) 2,000…
  22. April 2018 Corporate Presentation – Bonavista Energy Corp – slide 22
    Spirit River Ansell Wilrich Continued success at Ansell R18 R17 R16 R15 R14 Drilled 64 gross (61.9 net) wells in five years T52 144 gross (137 net) locations in inventory, 73% ERH T51 Horizontal length has increased 55% since…
  23. April 2018 Corporate Presentation – Bonavista Energy Corp – slide 23
    Spirit River Ansell Wilrich Production Performance 7,000 ERH ERH Type Type Curve Curve Restricted production Capital ( mm)1 4.7 6,000 IP12 (boe/d)2 821 Well Characteristics 7 wells Raw natural gas (mcf/d) 5,000 /boepd…
  24. April 2018 Corporate Presentation – Bonavista Energy Corp – slide 24
    Upper Spirit River Success with new opportunities in the Deep Basin 9,000 8,000 Belly River at 15 mPA FCP1 Cardium 7,000 Raw natural gas (mcf/d) Viking 6,000 at 10 mPA FCP1 NOTIKEWIN FALHER 5,000 at 11 mPA FCP1 Wilrich…
  25. April 2018 Corporate Presentation – Bonavista Energy Corp – slide 25
    2018 Priorities We will remain flexible aligning capital allocation with value creation at current commodity prices Strengthen financial position with excess adjusted funds flow Maximize adjusted funds flow by allocating…
  26. April 2018 Corporate Presentation – Bonavista Energy Corp – slide 26
    Appendix 26 All together better
  27. April 2018 Corporate Presentation – Bonavista Energy Corp – slide 27
    2017 Reserves F&D costs of 7.60/boe: Reserves Weighting Natural Reserve Category Oil Natural Gas Total Gas Liquids (Mbbls) (Bcf) (Mbbls) (Mboe) Oil and Proved Developed Producing 4,489 642.4 43,267 154,819 Natural Gas…
  28. April 2018 Corporate Presentation – Bonavista Energy Corp – slide 28
    2017 Reserves Corporate FD&A Recycle Ratio (3-year weighted average) 59% 3.5 3.0 PDP reserves 2.5 2.0 1.5 28 1.0 % 0.5 PDP reserves 0.0 2015 2016 2017 Total Proved Total Proved + Probable 28
  29. April 2018 Corporate Presentation – Bonavista Energy Corp – slide 29
    2018 Capital Program Allocating capital to liquids rich development Capital Drills Completions 2018E ( millions) (net) (net) Oil 10 3.0 3.5 40 bbls/mmcf 66 15.5 17.0 < 40 bbls/mmcf 34 6.2 8.8 Support Capital 35 Total 145 24.8…
  30. April 2018 Corporate Presentation – Bonavista Energy Corp – slide 30
    Bonavista Producers1 Our Strengths Optimized capital efficiencies and low costs 2017 Capital Efficiencies (/boepd)2 3-Year Average 2P FD&A Costs (/boe)2 20,000 37,000 12.00 20.53 10.00 15,000 8.00 12,500 10,000 6.00 4.00…
  31. April 2018 Corporate Presentation – Bonavista Energy Corp – slide 31
    Our Strengths Enhanced performance through innovation Continued improvement in 800 capital efficiency as drilling activity increases by 50% 700 27 % 600 improvement 9,400 9,200 Capital Efficiency (/boepd)2 500 IP12…
  32. April 2018 Corporate Presentation – Bonavista Energy Corp – slide 32
    Financial Flexibility Significant strides in strengthening our financial position 1,500 2017 Long-term Debt net of Adjusted Working Capital ( MM)1 Extended bank credit facility for an 1,275 additional two years with a…
  33. April 2018 Corporate Presentation – Bonavista Energy Corp – slide 33
    Financial Flexibility Protecting 2018 adjusted funds flow Natural Gas 200 4.00 180 3.60 160 3.20 Hedged Volume (mmcf/d) 140 2.80 120 2.40 Price (/mcf) 100 2.00 80 1.60 60 1.20 40 0.80 20 0.40 0 0.00 Q2'18…
  34. April 2018 Corporate Presentation – Bonavista Energy Corp – slide 34
    1500, 525-8th Ave SW Calgary, AB T2P 1G1 403.213.4300 investor_relationsbonavistaenergy.com 37

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