Investor Day 2018 – Vermilion Energy Inc.

Vermilion Energy Inc. · Nov 27, 2018 · 236 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

INVESTOR DAY NOVEMBER 27, 2018 TORONTO, CANADA Vermilion Energy Investor Day November 27, 2018 Toronto, Canada
AGENDA Topic Presenter Start End Welcome and Introduction Kyle Preston Director Investor Relations 8:00 AM 8:05 AM Corporate Overview Anthony Marino President & CEO 8:05 AM 8:20 AM Michael Kaluza EVP & COO Operations Overview 8:20…
CORPORATE OVERVIEW Anthony Marino, President & CEO Vermilion Energy Investor Day November 27, 2018 Toronto, Canada 5
VERMILION OVERVIEW International E&P with leading positions in Europe, North America and Australia Self-funded growth-and-income model Supported by business units that deliver high margins, low decline rates and strong capital…
CORE OPERATING AREAS 2019E PRODUCTION* EUR NORTH 33% N.A. AMERICA 62% AUS 5% EUROPE EUR N.A. FFO* 44% 48% AUS 8% AUSTRALIA N.A. FCF* 28% EUR 58% AUS 14% * Company 2019 estimates as at November 19,…
VERMILION HISTORY Issued senior Launched as an Alberta-based oil & unsecured notes in Canadian gas exploration and production company Converted to High Yield market Issued senior IPO in April 1994 at 0.30 per share Vermilion…
STRATEGY Self-funded production and dividend growth model Targeting free cash flow and dividend yield compression through per-share growth and risk reduction (low financial and Capital Markets Model operating leverage, consistent…
SELF-FUNDED GROWTH-AND-INCOME Vermilion Energy Investor Day November 27, 2018 Toronto, Canada 10
PRODUCTION GROWTH AND CAPEX ANNUAL PRODUCTION VS E&D CAPITAL EXPENDITURES 120 800 15% CAGR 700 100 600 MBOE / D 80 500 MM 60 400 40 6% CAGR 300 200 20 100 0 0 2003 2004 2005 2006 2007 2008…
PRODUCTION PER SHARE PRODUCTION PER SHARE 250 8% CAGR BOE PER THOUSAND SHARES 200 150 100 50 0 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018E* 2019E* * Based on mid-point of…
RESERVES PER SHARE RESERVES PER SHARE 3.5 3 2P RESERVES (BOE) PER SHARE 12% CAGR 2.5 2 1.5 1 0.5 0 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2P Reserves per Share With 2018…
FFO / FCF FFO FCF (CORPORATE ERA) 1,200 500 1,000 400 FFO LESS E&D CAPEX* (MM) 800 300 FFO (MM) 600 200 400 100 200 0 0 -100 2010 2011 2012 2013 2014 2015 2016 2017 2018E* 2019E* 2003…
FFO AND FCF PER SHARE FFO PER SHARE FCF PER SHARE 8.00 3.50 7.00 3.00 2.50 FCF PER SHARE (/SHARE)** 6.00 FFO PER SHARE (/SHARE) 2.00 5.00 1.50 4.00 1.00 3.00 0.50 2.00 0.00 1.00 -0.50 0.00 -1.00 2010 2011…
RELIABLE AND GROWING DIVIDENDS CUMULATIVE DIVIDENDS PAID PER SHARE (2003 THRU Q3 2018) = 36.18 0.25 9% 0.23 8% 0.215 7% 0.20 MONTHLY DIVIDENDS 0.20 0.19 6% DIVIDEND YIELD 0.17 5% 4% 0.15 3% 2% 1% 0.10 0%…
SUSTAINABILITY RATIO 200% 175% 162% 150% TOTAL EXPENDITURES / FFO* 140% 125% 121% 121% 117% 108% 111% 109% 111% 100% 100% 96% 88% 75% 81% 74% 73% 70% 50% 59% 25% 0% 2003 2004 2005 2006 2007 2008 2009 2010 2011…
CORPORATE CITIZENSHIP Vermilion Energy Investor Day November 27, 2018 Toronto, Canada 18
HEALTH, SAFETY AND ENVIRONMENT (HSE) VERMILIONS PRIORITIES WE CONDUCT ALL ACTIVITIES TO: Safety, environmental protection, and regulatory compliance go 1. Protect the health and safety of our hand-in-hand with maximizing…
STRATEGIC COMMUNITY INVESTMENT Vermilion is committed to giving back to Canada France Netherlands Australia the communities in which we operate We assess the critical needs in each community, and determine where our financial…
SUSTAINABILITY We recognize an energy transition is occurring, and we are a part of the transition At the same time, we are realistic that oil and gas consumption will continue during the transition, and will in fact increase over…
CDP (CARBON DISCLOSURE PROJECT) CDP (formerly Carbon Disclosure Project) is an international environmental organization that collects information about carbon emissions and energy use Vermilion was named to the CDP Climate…
RELATIVE MARKET PERFORMANCE CUMULATIVE TOTAL RETURN SINCE BEGINNING OF GROWTH-AND-INCOME ERA 1,600% 1,400% 1,200% 1,000% 800% 600% 400% 200% 0% 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016…
OPERATIONS OVERVIEW Michael Kaluza, EVP & COO Vermilion Energy Investor Day November 27, 2018 Toronto, Canada 24
CORE OPERATING AREAS NORTH AMERICA EUROPE AUSTRALIA VERMILION IS FOCUSED IN THREE CORE AREAS Vermilion Energy Investor Day November 27, 2018 Toronto, Canada 25
VERMILIONS INTERNATIONAL ADVANTAGE Focused in three core areas (Europe, North America and Australia) with stable, well-developed fiscal and regulatory regimes Global asset portfolio provides commodity diversification and premium…
COMMODITY MIX PRODUCTION (2019E)* ESTIMATED FFO CONTRIBUTION (2019E)* ESTIMATED FCF CONTRIBUTION (2019E)** France Australia Germany United Australia Australia 11% 8% France 4% Ireland States France 14% 5% 8% 20% United 6% 18%…
GLOBAL CRUDE OIL PRICING ADVANTAGE Approximately 36% of Vermilions crude oil production is priced with reference to Dated Brent* Vermilions Australian crude was sold at an average premium of US4-5 to Dated Brent from 2012 to 2017…
EUROPEAN NATURAL GAS PRICING SUMMARY Futures markets continue to reflect a significant premium for NATURAL GAS* European natural gas versus AECO and Henry Hub 14 Realized prices are influenced by a number of factors, 12 including…
ORGANIZATIONAL MODEL Vermilion uses a decentralized business unit structure to effectively manage our diverse global portfolio Country-based business units are grouped into three regions: Vermilion Energy Inc. Europe, North America…
MANAGING OUR GLOBAL ORGANIZATION Significant focus on company-wide communication to ensure alignment of strategy, propagation of best-practices and promote our shared culture Quarterly town-halls are webcast to all our operations…
PROJECT INVENTORY Vermilion Energy Investor Day November 27, 2018 Toronto, Canada 32
DRILLING PROJECTS Economics at US55 WTI 2018E Net 2019E Net DCET Well IP365 EUR Prod. Efficiency Net Well Investment Cost (CM) (BOE/D) (MBOE) (IP365 /BOED) ATAX Recycle ATAX Payout Inventory* Wells Wells ROR Ratio (Years) Planned…
DRILLING PROJECT INVENTORY EVOLUTION UNRISKED NET WELL LOCATIONS* 3,500 TOTAL LOCATIONS (EXCLUDING DUVERNAY) 3,000 2,500 2,000 1,500 1,000 500 0 2012 2013 - 2017 Drills Location Additions 2017 2018 Acquisitions*…
RESERVES AND RESOURCE BASE RESERVES* 2017 RESOURCES* 500 RESOURCE CONVERSIONS 300 CONTINGENT PROSPECTIVE 450 (MBOE) (MBOE) 2014 20,400 2,500 400 2015 17,500 500 2016 5,450 - 350 2017 20,456 1,734 200 300 MMBOE 250…
RECYCLE RATIOS Including FDC RECYCLE RATIO (F&D incl. FDC) 2017 F&D / FD&A Costs* (/BOE) 6.0x 2015-2017 F&D (E&D CAPEX) 10.57 3 Yr Avg 3.3x 5.0x 2012-2014 FD&A (Total CAPEX, 11.24 3 Yr Avg 2.7x including acquisitions) 4.0x…
2019 BUDGET Vermilion Energy Investor Day November 27, 2018 Toronto, Canada 37
E&D CAPITAL BUDGET Capital Expenditures by Country 2014 Actuals 2015 Actuals 2016 Actuals 2017 Actuals 2018 Budget* 2019 Budget** (MM) (MM) (MM) (MM) (MM) (MM) Canada 336 202 62 149 260 319 France 148 92 69 73 79 78 Netherlands 62…
LONG-RANGE OUTLOOK Vermilion Energy Investor Day November 27, 2018 Toronto, Canada 39
LONG-TERM ORGANIC PRODUCTION GROWTH ANNUAL AVERAGE DAILY PRODUCTION 140,000 5% CAGR 120,000 100,000 80,000 BOE / D 60,000 40,000 20,000 0 2012 2013 2014 2015 2016 2017 2018 E 2019E 2020E 2021E 2022 E 2023E CANADA…
OPERATIONS SUMMARY Global asset portfolio provides commodity diversification and premium pricing which reduces revenue volatility, increasing the stability of our cash flows Decentralized, technically-integrated business units…
EUROPEAN NATURAL GAS FUNDAMENTALS / RISK MANAGEMENT Adam Iwanicki Risk Manager Vermilion Energy Investor Day November 27, 2018 Toronto, Canada 42
EUROPEAN NATURAL GAS FUNDAMENTALS European Supply & Demand (Bcf/d) 2015 2017 2020E 2030E European natural gas demand, both for industrial and power European Domestic Production 23.1 22.8 19.7 15.0 Russia & CIS 12.0 15.4 16.5 19.9…
EUROPEAN NATURAL GAS FUNDAMENTALS Gas use in the European power sector has steadily displaced conventional coal and nuclear power generation, both of which face future phase outs which leaves gas with an increasingly important role in…
EUROPEAN NATURAL GAS PRICING Coal-to-gas switching currently provides price support of US7.50/mmbtu, gas prices are above this level thanks to a stronger carbon price. Gas prices are positively correlated to carbon prices Europe…
EUROPEAN NATURAL GAS WINTER OUTLOOK Overall, storage injections this summer came at a huge cost relative to prior years due to high gas prices and time spreads trading near backwardation for most of the injection season. European…
ANNUAL COMMODITY HEDGE POSITION Q4 2018 Full Year 2019 Full Year 2020 WTI Percent of Production Hedged 7% 4% - Average Floor / Ceiling / Swap (/bbl) 65.72 / 72.29 / 74.54 92.51 / 106.05 / 80.97 -/-/- Brent Percent of Production…
QUARTERLY COMMODITY HEDGE POSITION OIL HEDGES NATURAL GAS HEDGES (/bbl) (/mmbtu) 65.66- Q1 2018 69.83 62.32- 77.03 74.12 European Gas North American Gas 70.23 Q1 2018 7.64 7.21-8.47 Q1 2018 2.65 2.67-3.06 Q2 2018 70.9770.51-…
FINANCE OVERVIEW Lars Glemser, VP & CFO Vermilion Energy Investor Day November 27, 2018 Toronto, Canada 49
CONSERVATIVE BALANCE SHEET CREDIT CAPACITY C2.2 BILLION NET DEBT-TO-FFO RATIO* AS AT SEPTEMBER 30, 2018 4.0 0.4 B 3.0 0.4 B 2.0 1.4 B 1.0 REVOLVING CREDIT FACILITY 0.0 US Senior Notes 2003 2004 2005 2006 2007 2008…
CONSERVATIVE BALANCE SHEET To ensure a conservative balance sheet, we monitor the ratio of net debt to fund flows from operations, which we expect to trend towards our target of 1.5 times over time Debt capital structure utilizes a…
INCOME TAXES & ROYALTIES Vermilion Energy Investor Day November 27, 2018 Toronto, Canada 52
INCOME TAXES OVERVIEW Despite being subject to cash income taxes in three of its operating jurisdictions, Vermilions after-tax cash flow netback remains amongst the highest in its peer group Positive attributes (pricing / royalty…
CASH TAXABLE JURISDICTIONS KEY INCOME TAX & ROYALTY FRANCE NETHERLANDS AUSTRALIA INFORMATION Corporate Tax Rate 2018 34.4%; 2019 32% 47% 58% 2019 Current Estimated Effective Tax Rate 15% 25% 36% (% of pre-tax FFO) 2018…
OTHER JURISDICTIONS CANADA Anticipate that Vermilions Canadian cash flows will be fully sheltered from CIT for the next 10+ years as a result of tax pools totaling 3.5 billion (includes 2018 acquisition activity) 2019E Royalty rate…
2019 SELF-FUNDED STATUS We released our 2019 budget on October 25, 2018, which delivered a CHANGE IN 2019E forecasted payout ratio of 82% based on October 15, 2018 strip pricing PAYOUT RATIO WTI/Brent prices have dropped 18% from…
FCF OUTLOOK 5-YEAR OUTLOOK CUMULATIVE FCF SENSITIVITY TO WTI 7,000 6,000 CUMULATIVE FCF (MM) 5,000 4,000 3,000 2,000 1,000 0 2019E 2020 E 2021E 2022 E 2023 E US45/BBL US55/BBL US65/BBL US75/BBL * Based on internal…
SELF-FUNDED SUMMARY Cumulative free cash flow of approximately 3 billion for the period 2019 through 2023 based on WTI of 55/bbl* Continue to prioritize a healthy balance sheet through a long-term target leverage of 1.5x…
PRODUCTION (2019E)* E&D CAPEX (2019E)* France FRANCE 11% France 11,600 BOE/D 15% 78MM 2P RESERVES (YE 2017)** FFO CONTRIBUTION (2019E)* Sylvain Nothhelfer France 14% Managing Director 64 MMBOE France Business Unit…
FRANCE INDUSTRY OVERVIEW Small but active hydrocarbon industry; present since mid- 1950s Total crude oil production in 2017 of 16,000 boe/d Majority of production comes from two producing basins (Paris/Aquitaine) Limited number…
FRANCE REGULATORY ENVIRONMENT Two primary regulatory bodies in France BRESS (Bureau Etude et Recherche du Sous Sol): Federal government agency that processes all hydrocarbon permit applications (exploration permits and production…
VERMILION IN FRANCE Entered France in 1997 with a production rate of 4,500 bopd Assets characterized by large OOIP conventional fields with high PARIS working interest (OOIP in 5 largest fields 1.7 billion barrels of oil)…
FRANCE PRODUCTION 14,000 12,000 10,000 8,000 BOE/D 6,000 4,000 2,000 0 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018E 2019E E&D CAPEX AS % OF FFO* N/A 43%…
FRANCE OPERATING PERFORMANCE VALUE CREATION (2P RESERVES)* MMBOE Acquired Reserves Initial acquisition (1997) 22.6 14,000 2006 Acquisition 15.0 2012 Acquisition 1 6.7 2006 ACQUISITION 2012 Acquisition 2 6.3 15.0 MMBOE (2P) 12,000…
FRANCE OPERATING BASINS France Business Unit produces in two basins Paris Basin Aquitaine Basin PARIS Champotran Alsace Basin (exploration only) PARIS BASIN ALSACE 26 operated production concessions and 4 exploration…
PARENTIS SUSTAINABILITY PARTNERSHIP Vermilion was the recipient of Frances Circular Economy Award for our project to supply geothermal heat from our oil operation to local greenhouses The award recognizes economically successful…
LA TESTE ECO-HABITATS Our operations near La Teste, France now support an eco-neighborhood of 450 homes that are heated the same way as the tomato greenhouses, using recycled geothermal energy from our oil operation 30-year…
PARIS BASIN OVERVIEW Vermilion Energy Investor Day November 27, 2018 Toronto, Canada 68
PARIS BASIN OVERVIEW Paris Basin activities concentrated in the departments of Essonne, Seine et Marne, and Loiret 2017 production 6,355 boe (100% oil) 85% Light crude (31-41API) 15% Medium crude (27API) 4 largest fields…
PARIS BASIN FORMATIONS DOGGER CHAUNOY NEOCOMIAN Main fields Itteville Champotran Neocomian (St. Firmin, Vulaines Chaunoy Chuelles, Chateau Renard, Courtenay) Type Carbonates Sandstone Sandstone % of Paris 20% 65% 15% Basin…
CHAMPOTRAN FIELD Discovered 1985 Acquired in 1997 from Exxon at 460 bopd 100% working interest 2018 Q3 production of 2,600 bopd 9,700 bfpd at 73% BSW 2P reserves 13.3 mmboe* 34 producing wells and 12 injection wells Full…
CHAMPOTRAN DEVELOPMENT 21 wells drilled from 2013 to 2018 at 100% success rate Reduced DCET costs by 26% since 2013 CHAMPOTRAN PRODUCTION 3,500 35 net drilling locations identified in reserves and resources* 3,000 2P reserves have…
AQUITAINE BASIN OVERVIEW Vermilion Energy Investor Day November 27, 2018 Toronto, Canada 73
AQUITAINE BASIN OVERVIEW Bordeaux Aquitaine Basin activities concentrated around 3 departments: Gironde, Landes, Pyrenees Atlantiques Q3 2018 production 4,730 boe/d (100% oil) 80% Light Crude (32-41 API) 20% Medium Crude (27…
AQUITAINE WORKOVER OPPORTUNITIES Workover, infill drilling and secondary recovery opportunities in existing fields Multiple stacked reservoirs 4 major plays (1,000 m 2,500 m measured depth) Albian/Aptian Sands (Lower…
CAZAUX FIELD OPTIMIZATION CAZAUX PRODUCTION 2,500 65% production growth since acquisition over 10 years Pre-acquisition Vermilion Workovers / Optimizations Achieved through well workovers and optimization (50 2,000 operations)…
LUGOS FIELD Field located 30 km North-East of Parentis Discovered 1956 - 32 wells drilled from 1956 to 1982 Separation on-site, export to the Parentis-Ambes pipeline Today 14 producers and 2 water disposal wells: Current production…
ALSACE EXPLORATION In 2017 Vermilion acquired mining rights in the Seebach 2017 seismic aquisition permit (Alsace Basin) Historical oil and gas basin in France Pechelbronn Seebach Scheibenhardt Muehlweg Conducted a 2D…
FRANCE BUDGET 2018 CAPITAL ACTIVITY FRANCE E&D BUDGET 160 Drilling 19MM Wells optimization 35MM 140 Facilities 13MM 120 E&D CAPITAL (MM) 100 2019 CAPITAL ACTIVITY 78MM 80 Drilling 23MM 60 Wells optimization 30MM 40…
FRANCE FIVE-YEAR PLAN FRANCE PROSPECT INVENTORY* AS OF DECEMBER 31, 2017 NET WELLS DRILLED 80 BY YEAR NET LOCATIONS BY PLAY 16 NEOCOMIAN CHAMPOTRAN 30 14 38 VULAINES ANNUAL NET WELLS DRILLED 26 12 PARENTIS 23 OTHER 10…
SUMMARY Significant free cash flow generator Capable of moderate long-term production growth: Low base decline rates reducing ongoing capital requirements Well-defined inventory of projects supporting continued self-funded…
NETHERLANDS PRODUCTION (2019E)* E&D CAPEX (2019E)* Netherlands Netherlands 5% NETHERLANDS 8% 26MM 8,700 BOE/D 2P RESERVES (YE 2017)** FFO CONTRIBUTION (2019E)* Sven Tummers Netherlands 4% Netherlands 9% 18 MMBOE…
NETHERLANDS INDUSTRY OVERVIEW 2nd largest natural gas producing country in European Union at an estimated 3.4 BCF/d in 2018 Oil production of 20,000 bbls/d, including Dutch North Sea Mature service industry with significant…
VERMILION IN THE NETHERLANDS Entered Netherlands in 2004 2 onshore gas operator High impact natural gas drilling and development Strong gas price, favorable fiscal regime, and low OPEX enhance netbacks Doubled production since…
NETHERLANDS PRODUCTION 10,000 8,000 First major drilling program in the Netherlands with 4 gross successful wells 6,000 BOE/D 4,000 2,000 0 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018E…
NETHERLANDS OPERATING PERFORMANCE VALUE CREATION (2P RESERVES)* MMBOE Acquired Reserves Initial acquisition (2004) 16.5 2013 Acquisition 2.3 14,000 2016 Acquisition (Drenthe WI) 0.6 2013 ACQUISITION Total Acquired Reserves 19.4 2.3…
PUBLIC/GOVERNMENT RELATIONS AND PERMITTING Vermilion Energy Investor Day November 27, 2018 Toronto, Canada 87
NETHERLANDS PGR ENVIRONMENT ROLE OF DOMESTIC GAS IN THE NETHERLANDS Production induced seismicity in the Groningen field, including 3.6/3.4 magnitude earthquakes in 2012/2018, has raised public concern regarding overall gas…
PGR STRATEGY OUR BRAND Proven track record of producing gas safely and responsibly Communicate our record as a transparent, proactive, respectful operator Differentiate ourselves from our competitors through stakeholder engagement…
INVESTING IN OUR NETHERLANDS COMMUNITIES MUNICIPALITY LINKAGE PROGRAM Vermilion launched the Municipality Linkage Program (MLP) in 2016 in the Netherlands, to support targeted and transparent connections between our capital…
SUSTAINABILITY WE STRONGLY SUPPORT THE ENERGY TRANSITION AND TAKE AN ACTIVE PART IN IT Our strategy focuses on reducing environmental impacts of traditional energy production while developing renewable energy projects closely…
NETHERLANDS REGULATORY GOVERNMENT DOMESTIC GAS Supply and Demand* The industry is nationally regulated; permits are handled by the 3000 MEAC and State Supervision of Mines provides the MEAC with technical advice and acts as the…
NETHERLANDS BUSINESS UNIT OVERVIEW 17 production concessions, 9 exploration concessions Harlingen Harlingen Head office in Amsterdam with several field offices Friesland Middenmeer 4 core operating assets, 100% operated Business…
FRIESLAND ASSET OVERVIEW FRIESLAND NORTH AREA FRIESLAND NORTH AREA Prolific Vlieland & Rotliegend sandstones Leeuwarden field (1968 discovery) 13 wells, 230 BCF produced Tietjerksteradeel fields (1965 discovery) 22 wells, 1040…
FRIESLAND GEOLOGY Conventional basin consisting of normal-pressured dry gas development in carbonate and sandstone reservoirs Stacked pay potential in the Cretaceous and Permian sections across our Vlieland SS acreage resulting in…
NETHERLANDS SEISMIC ACQUISITION Perseverance in stakeholder engagement and permitting process enabled the execution of seismic acquisition in 2017 310 km2 of new 3D seismic was acquired in two concessions near VENs core operating…
NETHERLANDS SEISMIC IMPROVEMENT Legacy 2D Line To date, 15 future drilling prospects have been identified, the majority of which can be reached from existing wellsites, shortening the permitting timelines Key well results can now…
HARLINGEN ASSET OVERVIEW HARLINGEN ASSET Harlingen Prolific Vlieland Sandstone Pool Zuidwal field in the Waddenzee with a water depth of 5 meters Full Field Development in 1988 with 10 wells, 500 BCF produced Gas processed at…
MIDDENMEER ASSET OVERVIEW MIDDENMEER ASSET MIDDENMEER Prolific Rotliegend & Zechstein fractured carbonates Middenmeer field (1975 discovery) 3 wells, 50 BCF produced Slootdorp field (1965 discovery) 5 wells, 59 BCF produced Gas…
WAALWIJK ASSET OVERVIEW WAALWIJK Prolific Triassic sandstones Waalwijk field (1989 discovery) 3 wells, 90 BCF produced Sprang field (1994 discovery) 1 well, 11 BCF produced Loon Op Zand field (1991 discovery) 1 well, 17 BCF…
FIVE YEAR PROJECT INVENTORY Project Name Timing Background 13 locations in planning for coming years focused on Ten Boer, Rotliegend Friesland North Area 2020+ and Vlieland targets 18 locations in planning for coming years…
NETHERLANDS BUDGET 2019 CAPITAL ACTIVITY NETHERLANDS E&D BUDGET Drill 2 wells (0.9 net) 70 Install Field Compression in Langezwaag field 60 Execute Waalwijk workover campaign targeting 50 E&D CAPITAL (MM) bypassed pay 40…