A GLOBAL ENERGY COMPANY FOCUSED ON EXCEPTIONAL VALUE CREATION UNLOCKING VALUE IN TURKEY Focused on appraising a world-class Basin-Centered Gas-Condensate Play Enercom, Denver August 2018
Valeura Investment Highlights Top Performing Canadian-listed Oil & Gas Company (VLE) - Yamalik-1 well, production test 1 350% return in 2017 Operator of a major new unconventional gas play in Turkey: 10.1 Tcfe net recoverable…
Valeura Snapshot Assets Financials and Performance Capital Structure Resource1 10.1 Tcfe Debt nil Shares o/s 86.1 MM 2P Reserves 7.8 MM boe Working Capital2 60 MM Fully Diluted 91.0 MM Production2 736 boe/d Gas price2 7.24/Mcf Reserves…
Turkey Growing Market Fundamentals Turkeys economy is growing Gas demand mirrors GDP growth Real 2011 US Gas consumption Million tonnes oil equivalent 27,500 60 23,500 50 19,500 40 15,500 30 11,500 20 7,500 10 Source: World…
Strong Natural Gas Pricing in Turkey BOTAS1 Gas Sales Price is set by the government in Turkish Lira (TL) BOTAS import contracts are confidential, but price has historically behaved like a dampened EU gas price In 2018, BOTAS has…
Land Position Surrounded by Gas Infrastructure Dominant Land Position Gas Pipeline TANAP-TAP Valeura acreage covers 80% Valeura Lands of the total BCGA play1 All BCGA prospective acreage is operated by Valeura 255,663 net acres…
Successful Strategy to Test Unconventional Play (BCGA) 2011-2013: Valeura identified potential for a BCGA in Western Canada Deep Basin Thrace Basin based on drilling results and regional geological modelling Greater Green River…
Yamlik-1 Drilled 1,300m of Overpressured Gas Yayli-1 Yamalik-1 Ergene-1 Yamalik-1 Pressure vs Depth Osmancik Mezardere Teslimkoy Kesan 2,500m 3,000m 4,000m Depth Axis not exact as squeezed to fit seismic data…
Strong Evidence Supporting BCGA Play Strong Evidence for BCGA Normally pressured gas fields around basin Numerous gas fields producing from normally pressured reservoirs in the same formations BCGA typically has significant…
Gas Volumes and Upside Potential Reservoir Cross Section D&M 2017 BCGA Prospective Resource Report Yamalik-1 10km Recoverable Unconventional Natural Gas (Bcf) Unrisked (Valeura Working Interest Lands) Osmancik Low Best High Mean…
Fully Funded 2018/2019 Appraisal Campaign Long-term production test of Yamalik and 3 new wells Prove up Gas Inplace volumes Demonstrate that the over-pressured gas is pervasive across the basin Test for the Reservoir floor by drilling…
Definitive BCGA Appraisal Program Valeura is fully funded by Equinor (Statoil) carry and current cash for Appraisal Program 2018 2019 Q2 Q3 Q4 Q1 Q2 Q3 Yamalik-1 Inanli - 1 (Banarli) Devepinar - 1 (West Thrace) Deep Well 3…
Fiscal Terms & Gas Price Comparison Assumes an identical horizontal well Capital cost of US9 million Generic production decline with an Estimated Ultimate Recovery of 7.7 Bcfe Fiscal terms & Prices adjusted for each region…
BCGA Value Compared to US Unconventional Deals Implied VLE BCGA Land Value: Market Cap (3.00) C258 million Working Capital - C 58 million 2P Reserves Value - C 65 million Implied BCGA Value C 135 million Implied BCGA Value US 103…
Valeura Positioned for Realizing Upside Value World Class Project 12.5 Tcfe Risked Resource 5.2 Tcfe Net Valeura High Value Gas Proximal to major gas infrastructure Major domestic gas market and on Europes Doorstep 20-40 Year…
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