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Analyst Day 2017 – Bonavista Energy Corp

Bonavista Energy Corp · Nov 14, 2017 · 85 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. Analyst Day 2017 – Bonavista Energy Corp – slide 1
    FOCUSED ON VALUE IN A CHANGING ENVIRONMENT Analyst Day - November 14, 2017 1
  2. Analyst Day 2017 – Bonavista Energy Corp – slide 2
    Purpose Two key objectives Demonstrate our success with adapting to the environment Illustrate our approach to value creation 5
  3. Analyst Day 2017 – Bonavista Energy Corp – slide 3
    Agenda Todays Schedule Introductions Berk Sumen Our Strengths and our Approach to Value Creation Jason Skehar Our Focus on Financial Flexibility Dean Kobelka Our Assets Bruce Jensen, Wayne Merkel, Colin Ranger, Scott Shimek,…
  4. Analyst Day 2017 – Bonavista Energy Corp – slide 4
    Our Strengths & Our Approach 7
  5. Analyst Day 2017 – Bonavista Energy Corp – slide 5
    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 8
  6. Analyst Day 2017 – Bonavista Energy Corp – slide 6
    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 9
  7. Analyst Day 2017 – Bonavista Energy Corp – slide 7
    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…
  8. Analyst Day 2017 – Bonavista Energy Corp – slide 8
    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:…
  9. Analyst Day 2017 – Bonavista Energy Corp – slide 9
    Our Strengths Strategic capital allocation enhances sustainability 147% 116% 147% 40% 120% 35% 105% 30% 90% 25% 75% 20% 60% 15% 45% Only 1/3 of peer group 10% 30% can maintain production 5% 15% with less than 2/3 of…
  10. Analyst Day 2017 – Bonavista Energy Corp – slide 10
    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…
  11. Analyst Day 2017 – Bonavista Energy Corp – slide 11
    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…
  12. Analyst Day 2017 – Bonavista Energy Corp – slide 12
    Our Strengths 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 9,000 IP12…
  13. Analyst Day 2017 – Bonavista Energy Corp – slide 13
    Our Strengths Improved operational performance with consolidation 9,500 Current production 9,000 8,500 8,000 Current production Drilled 7.2 7,500 8,800 boe/d net wells year to date Boe/d 7,000 Turnaround impact…
  14. Analyst Day 2017 – Bonavista Energy Corp – slide 14
    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…
  15. Analyst Day 2017 – Bonavista Energy Corp – slide 15
    2017 Accomplishments Improved financial flexibility 900 4.0 Extended bank credit facility an additional two Net debt to Funds From Operations years with maturity date of September 2021 875 3.5 Net Debt (MM)1 Reduced…
  16. Analyst Day 2017 – Bonavista Energy Corp – slide 16
    Financial Flexibility 19 All together better
  17. Analyst Day 2017 – Bonavista Energy Corp – slide 17
    20 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…
  18. Analyst Day 2017 – Bonavista Energy Corp – slide 18
    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…
  19. Analyst Day 2017 – Bonavista Energy Corp – slide 19
    Financial Flexibility 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 Hedged…
  20. Analyst Day 2017 – Bonavista Energy Corp – slide 20
    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…
  21. Analyst Day 2017 – Bonavista Energy Corp – slide 21
    Financial Flexibility 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…
  22. Analyst Day 2017 – Bonavista Energy Corp – slide 22
    Our Assets 25 All together better
  23. Analyst Day 2017 – Bonavista Energy Corp – slide 23
    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…
  24. Analyst Day 2017 – Bonavista Energy Corp – slide 24
    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…
  25. Analyst Day 2017 – Bonavista Energy Corp – slide 25
    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…
  26. Analyst Day 2017 – Bonavista Energy Corp – slide 26
    Bonavista Development Economics Comparable and profitable economics at 2.50/gj 40 50 45 35 40 30 35 Months 25 30 % 25 20 20 Payout 1 15 15 10 10 IRR 2.00 2.50 2.00 2.50 AECO Natural Gas Price…
  27. Analyst Day 2017 – Bonavista Energy Corp – slide 27
    Spirit River 30 All together better
  28. Analyst Day 2017 – Bonavista Energy Corp – slide 28
    Spirit River Notikewin Extensive reach of Spirit River plays Wilrich shoreface deposits Falher and Notikewin fluvial channels Wilrich Multi-zone stacked opportunity Infrastructure in place Falher Falher Spirit River Composite…
  29. Analyst Day 2017 – Bonavista Energy Corp – slide 29
    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…
  30. Analyst Day 2017 – Bonavista Energy Corp – slide 30
    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…
  31. Analyst Day 2017 – Bonavista Energy Corp – slide 31
    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…
  32. Analyst Day 2017 – Bonavista Energy Corp – slide 32
    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…
  33. Analyst Day 2017 – Bonavista Energy Corp – slide 33
    Spirit River Ansell Wilrich Well completion innovations 10,000 15-36 13-36 9,000 95% 8,000 increase Raw Gas Production (mcf/d) 7,000 6,000 5,000 4,000 3,000 2,000 13-36 15-36 1,000 Horizontal Length (m) 1,426…
  34. Analyst Day 2017 – Bonavista Energy Corp – slide 34
    Spirit River Ansell Wilrich Refining proppant and stage spacing 12,000 Improved performance with 10,000 tighter spacing Variance 2015 2016 2017 2017 -2015 (%) IP90 (Raw Gas, mcf/d) 8,000 Avg Horizontal Length (m) 1,400…
  35. Analyst Day 2017 – Bonavista Energy Corp – slide 35
    Spirit River Ansell Wilrich Drilling technology enhancing efficiency decrease in increase in 0 500 Days versus Depth 2017 2016 44% costs per meter 37 % meters drilled per day 1000 2015 2,500 300 Drill Cost per HZ…
  36. Analyst Day 2017 – Bonavista Energy Corp – slide 36
    Spirit River Ansell Wilrich Evolution of length and orientation Diagonal 1-mile N-S ERH ERH Wells Wells Wells 8,000 Average Cost to Drill & Complete (mm) 4.2 4.4 4.3 7,000 IP12 (boe/d) 330 480 870 6,000 Capital Efficiency…
  37. Analyst Day 2017 – Bonavista Energy Corp – slide 37
    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)…
  38. Analyst Day 2017 – Bonavista Energy Corp – slide 38
    Spirit River Ansell Infrastructure Expanding Ansell facility capacity and connectivity R21 R20 R19 R18 R17 Repsol Edson T53 2017 highlights Expanded Ansell process capacity to 100 mmcf/d T52 Connected northern gathering system…
  39. Analyst Day 2017 – Bonavista Energy Corp – slide 39
    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…
  40. Analyst Day 2017 – Bonavista Energy Corp – slide 40
    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…
  41. Analyst Day 2017 – Bonavista Energy Corp – slide 41
    Spirit River Morningside Falher Improved efficiency with incremental length 8,000 Improved performance with 7,000 extended reach Variance 6,000 2015 2016 2017 2017 -2015 (%) IP90 (Raw Gas, mcf/d) 5,000 Avg Horizontal…
  42. Analyst Day 2017 – Bonavista Energy Corp – slide 42
    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…
  43. Analyst Day 2017 – Bonavista Energy Corp – slide 43
    Spirit River Morningside Falher Significant economic enhancement as propane prices increase 87 bbls/mmcf 110 100 22 20 C5+ 90 80 18 13% C2 Months 70 C4 16 % 41% 60 15% 50 14 40 12 30 PAYOUT 20 10…
  44. Analyst Day 2017 – Bonavista Energy Corp – slide 44
    Spirit River Morningside Falher Infrastructure expansion to accommodate growth R28 R27 Keyera Rimbey Ferrybank 2-1 Plant Recent Highlights: 9-1 T43 Increased Morningside capacity from 19 mmcf/d to 32 mmcf/d 11-35 Installed 8…
  45. Analyst Day 2017 – Bonavista Energy Corp – slide 45
    Spirit River Notikewin Successful 2017 results in the Ferrier area R9 R8 R7 T42 IP12 of 470 boe/d with 7,000 6,000 40 bbls/mmcf of liquids 5,000 Raw Natural Gas (mcf/d) 4,000 3,000 2,000 1,000 T41 Bonavista…
  46. Analyst Day 2017 – Bonavista Energy Corp – slide 46
    Spirit River - Notikewin Testing the Notikewin on recently acquired acreage Currently drilling seismically defined channel Adjacent existing infrastructure with surplus capacity With success, will repeat with similar Notikewin…
  47. Analyst Day 2017 – Bonavista Energy Corp – slide 47
    Mannville 50 All together better
  48. Analyst Day 2017 – Bonavista Energy Corp – slide 48
    Mannville Extensive Mannville development potential Liquid rich natural gas reservoirs Bluesky Ellerslie Delineated by productive vertical wells Predictable production performance Glauconite Established operations and…
  49. Analyst Day 2017 – Bonavista Energy Corp – slide 49
    Mannville Stable horizontal well production Maintaining 40,000 80 production while 35,000 drilling fewer wells 70 30,000 60 Production (boe/d) 25,000 50 Net Wells Drilled() 20,000 40 15,000 30 10,000 20 5,000…
  50. Analyst Day 2017 – Bonavista Energy Corp – slide 50
    Mannville Shallowing decline rates 40,000 35,000 36% 27% 30,000 Production (boe/d) 25,000 20,000 15,000 10,000 5,000 0 Mar May Mar May Mar May Mar May Mar May Jul Jul…
  51. Analyst Day 2017 – Bonavista Energy Corp – slide 51
    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%…
  52. Analyst Day 2017 – Bonavista Energy Corp – slide 52
    Mannville Enhancing revenue with liquids rich Mannville development 2017 YTD Revenue Natural Gas Liquids Production 50% 45% C5+ 40% 24% 35% % of total production Natural 30% Gas 25% C4 49% 20% 10% 15% C3 10% 11%…
  53. Analyst Day 2017 – Bonavista Energy Corp – slide 53
    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…
  54. Analyst Day 2017 – Bonavista Energy Corp – slide 54
    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…
  55. Analyst Day 2017 – Bonavista Energy Corp – slide 55
    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…
  56. Analyst Day 2017 – Bonavista Energy Corp – slide 56
    Mannville Strachan Glauconite Enhancing economics with the application of drilling technology decrease in increase in 0 500 Days versus Depth 2015 2016 27% costs per meter 49% meters drilled per day 1000 2017 3,000 250…
  57. Analyst Day 2017 – Bonavista Energy Corp – slide 57
    Mannville Strachan Glauconite Increasing stages and proppant to increase performance 7,000 6,000 2015 Variance and 2016 2017 2017 -2015 (%) 5,000 Prior IP90 (Raw Gas, mcf/d) Avg Horizontal Length (m) 2,420 2,389 2,479 2%…
  58. Analyst Day 2017 – Bonavista Energy Corp – slide 58
    Mannville Strachan Glauconite Initial indications of condensate rich areas 60 40 55 35 50 30 45 Months 40 25 % 35 20 30 15 25 Payout 20 10 IRR 2.00 2.50 2.00 2.50 AECO Natural Gas Price (/GJ) AECO…
  59. Analyst Day 2017 – Bonavista Energy Corp – slide 59
    Mannville Strachan Glauconite Evaluating process and egress options R10 R9 R8 Option 3T38 Option 1 Bonavista process facility Keyera Strachan 6 inch Option 2 - 4 8 inch Third party process facility Option 1 T37 High pressure…
  60. Analyst Day 2017 – Bonavista Energy Corp – slide 60
    Mannville Strachan Glauconite Pursuing options will enhance economics Lower cost processing Current solution 36% reduction in operating costs Capital ( millions) 5.0 5.0 F&D (/boe) 6.87 6.87 Operating Costs (/boe) 5.32…
  61. Analyst Day 2017 – Bonavista Energy Corp – slide 61
    Mannville Glauconite Dependable production base with stable inventory 30,000 9% increase in available 25,000 meters in inventory 500 20,000 Production (boe/d) 400 300 15,000 200 10,000 100 of locations 0 5,000…
  62. Analyst Day 2017 – Bonavista Energy Corp – slide 62
    Mannville Hoadley Glauconite Reliable and predictable performance seven years later 2,500 300 Most recent 30 wells IP12 1,240 mcf/d 2,000 Raw Natural Gas (mcf/d) Number of Wells 1,500 200 Next 170 wells (2011-2015)…
  63. Analyst Day 2017 – Bonavista Energy Corp – slide 63
    Mannville - Bluesky R20 R19 R18 R17 T59 T57 Bluesky position has materially increased since 2015 due to swap and farm-in Prospect inventory has increased over 100% from 64 (37.7 net) locations in 2015 to 130 (77.1 net)…
  64. Analyst Day 2017 – Bonavista Energy Corp – slide 64
    Mannville Pine Creek Bluesky Liquids rich natural gas development optimizing nearby operated facility throughput R20 R19 R18 R17W5 Drilled 36 gross (24.6 net) Bluesky horizontals wells since 2010 T58 84 gross (56.4 net)…
  65. Analyst Day 2017 – Bonavista Energy Corp – slide 65
    Mannville Medicine Lodge Bluesky R21 R20 R19W5 New area for BNP via farm-in T53 21 gross (15.5 net) sections Six well commitment 40 gross (18.2 net) locations in inventory Competitor offset wells T52 6,000 Raw Natural…
  66. Analyst Day 2017 – Bonavista Energy Corp – slide 66
    Mannville - Ellerslie Emerging liquids rich play R19 R18 R17 R16 R15 Extensive land position with 74 gross (48.5 net) locations T57 identified, 30% are ERH Multiple channels up to 30 m in thickness Close proximity to…
  67. Analyst Day 2017 – Bonavista Energy Corp – slide 67
    Mannville - Ellerslie Initial 4,500 2x gas rate Well 4,000 with stabilized CGR2 to Average Cost to Drill & Complete (mm) 4.4 be determined IP12 (boe/d) 475 3,500 Capital Efficiency (/boepd) 1 9,750 Raw Natural Gas (mcf/d)…
  68. Analyst Day 2017 – Bonavista Energy Corp – slide 68
    Three Year Scenario 71 All together better
  69. Analyst Day 2017 – Bonavista Energy Corp – slide 69
    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…
  70. Analyst Day 2017 – Bonavista Energy Corp – slide 70
    Three Year Scenario at 2.50/gj Capital allocation 2018F 2019F 2020F E&D Expenditures ( millions): Value 1 190 - 200 260 - 270 290 - 300 Support 2 55 45 55 Total 245-255 305-315 345-355 Wells Drilled: Spirit River 28.4 43.5…
  71. Analyst Day 2017 – Bonavista Energy Corp – slide 71
    Three Year Scenario at 2.50/gj Production and FFO performance 2018F 2019F 2020F Production: Natural Gas (% of total) 71% 73% 75% Natural Gas Liquids (% of total) 26% 24% 23% Oil (% of total) 3% 3% 2% Total (boe/d) 73,500-75,500…
  72. Analyst Day 2017 – Bonavista Energy Corp – slide 72
    Three Year Scenario at 2.50/gj 120,000 100,000 80,000 Production (boe/d) 60,000 40,000 20,000 0 Dec Dec Dec Dec Mar Jun Jun Jun Mar Mar Jun Mar Sept Sept…
  73. Analyst Day 2017 – Bonavista Energy Corp – slide 73
    Spirit River Three Year Scenario at 2.50/gj 50,000 45,000 Spirit River 40,000 production 35,000 Production (boe/d) will provide a 30,000 26% CAGR1 25,000 20,000 over the 15,000 next three 10,000 years 5,000 0…
  74. Analyst Day 2017 – Bonavista Energy Corp – slide 74
    Mannville Three Year Scenario at 2.50/gj 40,000 Mannville 35,000 production 30,000 will provide a Production (boe/d) 7% 25,000 CAGR1 20,000 while generating 15,000 excess net 10,000 operating 5,000 income 0 Dec…
  75. Analyst Day 2017 – Bonavista Energy Corp – slide 75
    Three Year Scenario at 2.50/gj Improving debt leverage while growing sustainably 450 Payout of 80-95% 5.0 400 4.5 Net debt to Funds From Operations (X:1) 4.0 350 3.5 300 3.0 Millions 250 2.5 200 2.0 150 1.5…
  76. Analyst Day 2017 – Bonavista Energy Corp – slide 76
    Three Year Scenario at 2.50/gj 10% CAGR in production per million debt and dividend adjusted shares 9% CAGR in funds from operations per million debt and dividend adjusted shares 80-95% total payout ratio 79 2.1x Net…
  77. Analyst Day 2017 – Bonavista Energy Corp – slide 77
    2018 Guidance 80 All together better
  78. Analyst Day 2017 – Bonavista Energy Corp – slide 78
    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…
  79. Analyst Day 2017 – Bonavista Energy Corp – slide 79
    2018 Capital Allocation to Maintain Production Wells Expenditures Net ( millions) Spirit River 19.5 - 20.0 83-93 Morningside Falher 9.5 - 10.0 Ansell Wilrich 8.0 Notikewin 2.0 Mannville 9.5 - 10.0 43-49 Glauconite 5.5 - 6.0…
  80. Analyst Day 2017 – Bonavista Energy Corp – slide 80
    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…
  81. Analyst Day 2017 – Bonavista Energy Corp – slide 81
    Appendix 84 All together better
  82. Analyst Day 2017 – Bonavista Energy Corp – slide 82
    Our Responsibility Committed to sustainability 1.2 Air 400 350 Earth 50 Water 1.1 40 C02e (MM Tonnes) 300 1.0 (Thousands) 250 30 0.9 200 % 24% 0.8 150 20 100 353,000 0.7 10 50 0.6 2014 2015 2016 0…
  83. Analyst Day 2017 – Bonavista Energy Corp – slide 83
    Board of Directors Depth of experience and diverse skillset Keith MacPhail Jason Skehar Ian Brown David Carey Executive Chairman President and Chief Executive Officer Independent Director Independent Director Theresa Jang…
  84. Analyst Day 2017 – Bonavista Energy Corp – slide 84
    Experience and Alignment Leadership team Jason Skehar Bruce Jensen Dean Kobelka Wayne Merkel President and Chief Executive Officer Chief Operating Officer Vice President, Finance and Vice President, Exploration Chief Financial…
  85. Analyst Day 2017 – Bonavista Energy Corp – slide 85
    1500, 525-8th Ave SW Calgary, AB T2P 1G1 403.213.4300 investor_relationsbonavistaenergy.com 88

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