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2013 Results & Outlook – Genel Energy

Genel Energy · Mar 6, 2014 · 48 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. 2013 Results & Outlook – Genel Energy – slide 1
    2013 Results & Outlook 6 March 2014
  2. 2013 Results & Outlook – Genel Energy – slide 2
    2013 Highlights 2013 Financial Review 2014 Catalysts & Key Events Politics KRI Oil KRI Gas High Impact Exploration Summary 3
  3. 2013 Results & Outlook – Genel Energy – slide 3
    2013 POLITICAL DERISKING 2013 January Genel begins trucked export to Turkey March KRG/Turkey bilateral Energy Agreement Heads of Terms July Turkish Energy Company (TEC) announces direct participation in 13 KRI PSCs November…
  4. 2013 Results & Outlook – Genel Energy – slide 4
    2013 A YEAR OF DELIVERY Full year revenue of 348m in the middle of 300-400m guidance Robust production 44,000 bopd Operational performance processing capacity upgrades at Taq Taq & Tawke on schedule and successful horizontal…
  5. 2013 Results & Outlook – Genel Energy – slide 5
    2013 SIGNIFICANT RESOURCE GROWTH December 2013 Unrisked Prospective Resources +238mmboe Acquisition of Adigala (Ethiopia) 4,135mmboe Africa resource updates Contingent Resources +278mmboe 1,088mmboe Bina Bawi resource…
  6. 2013 Results & Outlook – Genel Energy – slide 6
    DELIVERING ON STRATEGY Maintain the highest level of corporate governance Create value with the drill bit Manage our KRI business on a broadly cash flow neutral basis Maximise shareholder returns by monetising at all points in…
  7. 2013 Results & Outlook – Genel Energy – slide 7
    2013 Highlights 2013 Financial Review 2014 Catalysts & Key Events Politics KRI Oil KRI Gas High Impact Exploration Summary 8
  8. 2013 Results & Outlook – Genel Energy – slide 8
    2013 INCOME STATEMENT m 2013 2012 YoY Production flat year-on-year Average production (bopd) 44,000 44,500 -1% Volumes in Q4 2013 impacted by fire at Taq Taq Tanker Loading Station in November Revenue 348 333 +4% Price realisations…
  9. 2013 Results & Outlook – Genel Energy – slide 9
    PRODUCTION AND SALES Net Genel Production (kbopd) Net Genel Revenues (m) 500 600m(1) c.145 kboepd Year-End Capacity c.80 kbopd Capacity 348 70 kbopd 333 60 kbopd 44 44 42 142 150 17 12 29 2009 2010 2011 2012…
  10. 2013 Results & Outlook – Genel Energy – slide 10
    2013 CASH FLOW KRI Cash Flow Neutrality since Merger Completion 800 348m exploration & appraisal 600 Strong KRI cash 129m development 1,600 4m other m 400 flow generation 200 1,400 305 482 0 KRI Operating Cash Flow KRI…
  11. 2013 Results & Outlook – Genel Energy – slide 11
    CAPEX 2013 Capex Split Including: 129m KRI Development 2nd CPF and 4 additional 348m KRI Exploration & Appraisal production wells at Taq Taq 82m Africa Exploration Taq Taq Deep exploration well 4m Other Fixed Assets 2nd CPF,…
  12. 2013 Results & Outlook – Genel Energy – slide 12
    CAPITAL STRATEGY Balance sheet will evolve to be consistent with Genel's future business needs and will reflect: Confidence in oil export revenue Capex needs of current portfolio Portfolio management Access to debt markets New…
  13. 2013 Results & Outlook – Genel Energy – slide 13
    2013 Highlights 2013 Financial Review 2014 Catalysts & Key Events Politics KRI Oil KRI Gas High Impact Exploration Summary 14
  14. 2013 Results & Outlook – Genel Energy – slide 14
    2014 CATALYSTS & KEY EVENTS A TRANSFORMATIONAL YEAR Politics pipeline exports to ramp up Agreement with Baghdad or independently via Turkey Ramp up of production at both Taq Taq and Tawke with international price realisations KRI…
  15. 2013 Results & Outlook – Genel Energy – slide 15
    2013 Highlights 2013 Financial Review 2014 Catalysts & Key Events Politics KRI Oil KRI Gas High Impact Exploration Summary 16
  16. 2013 Results & Outlook – Genel Energy – slide 16
    POLITICAL UPDATE KRG / Baghdad negotiations continue Federal budget Oil marketing Revenue allocation Pipeline oil exports Commissioning KRI pipeline systems ongoing Currently c.50-100 kbopd pipeline export capacity to…
  17. 2013 Results & Outlook – Genel Energy – slide 17
    REGIONAL PIPELINE INFRASTRUCTURE New KRI export pipeline Iraq Turkey pipeline Iraq section Iraq Turkey pipeline Turkish section 40 Pipeline Tawke field 46 Pipeline Khurmala Dome Taq Taq field 40 Pipeline 46…
  18. 2013 Results & Outlook – Genel Energy – slide 18
    2013 Highlights 2013 Financial Review 2014 Catalysts & Key Events Politics KRI Oil KRI Gas High Impact Exploration Summary 19
  19. 2013 Results & Outlook – Genel Energy – slide 19
    TAQ TAQ RAMPING UP TO 200,000 BOPD CAPACITY 2013 Key Developments 77,000 bopd gross production in 2013 Strong domestic demand and pricing (c.71/bbl) Trucked exports averaged c.20,000 bopd (75-80/bbl) YE 2013 processing capacity of…
  20. 2013 Results & Outlook – Genel Energy – slide 20
    TAWKE CONTINUING SUCCESFUL DEVELOPMENT DRILLING PROGRAM 2013 Key Developments 39,000 bopd gross production in 2013 with domestic prices of c.60/bbl YE 2013 processing capacity of 100,000 bopd YE 2013 well production capacity of…
  21. 2013 Results & Outlook – Genel Energy – slide 21
    CHIA SURKH POST-DISCOVERY EVALUATION CS-10 test flow rates: Up to 11,950 bopd 41 API oil and 15 mmscfd gas in Oligo-Miocene Up to 3,200 bopd 38 API oil and 8.4 mmscfd gas in Miocene CS-11 test flow rates: Up to 2,060 bopd 50 API…
  22. 2013 Results & Outlook – Genel Energy – slide 22
    BER BAHR POST-DISCOVERY EVALUATION BB-1 side track sustainable flow rate of 2,100 bopd 15 API oil from the Middle Jurassic Sargelu Formation 3D seismic to be completed mid-year Top Sargelu BB-2 appraisal well to spud Q4…
  23. 2013 Results & Outlook – Genel Energy – slide 23
    2013 Highlights 2013 Financial Review 2014 Catalysts & Key Events Politics KRI Oil KRI Gas High Impact Exploration Summary 24
  24. 2013 Results & Outlook – Genel Energy – slide 24
    KRI GAS MARKET Export markets: GSA signed between Turkey and KRG in November 2013 GSA for 4 bcma of gas exports starting 2017 rising to 10 bcma by 2020 Option of increasing to 20 bcma Miran and Bina Bawi to deliver gas to underpin…
  25. 2013 Results & Outlook – Genel Energy – slide 25
    DOHUK GAS PROJECT GSA for domestic gas supply signed with KRG in September 2013 Initial deliveries of 30-50 mmscfd commencing late Q1 2014 ramping up to 100-120 mmscfd Development first phase near completion mmscfd Dohuk…
  26. 2013 Results & Outlook – Genel Energy – slide 26
    MIRAN Resources (RPS mean contingent) 10.5tcf gas in place 3.5tcf recoverable sales gas with 35mmbbls condensate Image TBC 60mmbbls oil Phased Gas Development Studies KRG exercises back-in right for 25% in Miran PSC (23 Feb…
  27. 2013 Results & Outlook – Genel Energy – slide 27
    BINA BAWI Resources (RPS mean contingent) 8.1tcf gas in place 4.9tcf recoverable sales gas Gas Development Studies 6 bcma export development Gas Sales Offtake Agreement H2 2014 FID 2015, first gas 2018 Capex: facilities…
  28. 2013 Results & Outlook – Genel Energy – slide 28
    KRI GAS SIGNIFICANT PROGRESS & MOMENTUM 2013 March KRG/Turkey agree Heads of Terms for bilateral Energy Agreement August Genel issued Declaration of Commerciality on the Miran discovery KRG approves Declaration of Commerciality…
  29. 2013 Results & Outlook – Genel Energy – slide 29
    KRI GAS ROAD MAP TO MONETISATION z 2013 2014 2015 2016 2017 2018 DOC FDP Miran EWT HORIZONTAL EARLY PRODUCTION FACILITY PRODUCTION EARLY OIL WELL DOC Bina Bawi EXTENDED WELL TEST PRODUCTION TERM GSA SHEET GAS SALES…
  30. 2013 Results & Outlook – Genel Energy – slide 30
    2013 Highlights 2013 Financial Review 2014 Catalysts & Key Events Politics KRI Oil KRI Gas High Impact Exploration Summary 31
  31. 2013 Results & Outlook – Genel Energy – slide 31
    EXPLORATION STRATEGY High Impact Exploration 4-5 wells targeted per annum Focus on material prospects: 250mmbbls with PoS 20% 5 high impact wells in 2014: Taq Taq Deep, Juby Maritime-1, Hagar Qim (Malta Area 4), Nour (Sidi…
  32. 2013 Results & Outlook – Genel Energy – slide 32
    EXPLORATION INVENTORY (PoS) Lower risk KRI portfolio drill-out potential, 50% proven basin, prospect specific risk Kurdistan Offshore Africa 45% Onshore Africa 40% Higher risk, high-impact Africa exploration both basin and…
  33. 2013 Results & Outlook – Genel Energy – slide 33
    KRI EXPLORATION TAQ TAQ DEEP Top Jurassic Depth Map Seismic Line S N W E TT-22 CRETACEOUS D E PTH (MSL) JURASSIC TRIASSIC Key play info Key prospect / drilling info Gas discovered in Jurassic (Butmah Fm) and Triassic…
  34. 2013 Results & Outlook – Genel Energy – slide 34
    AFRICA EXPLORATION HIGH IMPACT WELLS TARGETED IN 2014 NORTH ATLANTIC OCEAN Mir Left Sidi Moussa Juby Maritime MOROCCO Area 4 Morocco 3 licences, 13,890km2 combined Malta Juby Maritime (37.5% W.I.) 1 licence, 5,715km2…
  35. 2013 Results & Outlook – Genel Energy – slide 35
    MOROCCO REGIONAL CONTEXT Canada Morocco Panuke Cap Juby Nova Scotia - Key Carbonate Play Analogue Morocco Discoveries on conjugate Jurassic carbonate margin Cap Juby Jurassic carbonate discovery Panuke ( 1Tcf) Petroleum system…
  36. 2013 Results & Outlook – Genel Energy – slide 36
    MOROCCO JUBY MARITIME (CAP JUBY PROSPECT) Key play info Cap Juby: 110m water depth Upper Jurassic carbonate shelf & reef play (proven) Top Upper Jurassic reservoir: 2,110m TVDSS at JM-1 Middle Jurassic oolitic shoal play OWC, oil…
  37. 2013 Results & Outlook – Genel Energy – slide 37
    MOROCCO SIDI MOUSSA (NOUR PROSPECT) NOUR-1 Upper Jurassic Mid Jurassic Top Salt Key play info Nour-1: 980m water depth Upper Jurassic carbonate reef play; analogue to Cap Juby discovery Top Upper Jurassic reservoir:…
  38. 2013 Results & Outlook – Genel Energy – slide 38
    MOROCCO MIR LEFT Salt Flank Leads BTU L.CRET UPPER JUR MID JUR SALT New 3D Seismic (PSTM, 2013) Upper Jurassic 1 Salt 2 Sub-Salt Structure Key play info 1,000 km2 3D seismic acquired in 1H2013…
  39. 2013 Results & Outlook – Genel Energy – slide 39
    MALTA GEOLOGICAL CONTEXT Cretaceous Libyan Sirte Basin rift extension into Maltese waters Hagar Qim will test a Tertiary carbonate build up The Lower Eocene & Upper Cretaceous carbonate plays host billion barrel fields on the North…
  40. 2013 Results & Outlook – Genel Energy – slide 40
    MALTA AREA 4 (HAGAR QIM PROSPECT) SW Hagar Qim 1 NE Lower Eocene Tertiary Cretaceous Cretaceous upside Hagar Qim-1: 460m water depth Cretaceous leads will be matured in 2014 with new PSDM Top reservoir (Lower Eocene)…
  41. 2013 Results & Outlook – Genel Energy – slide 41
    EXPLORATION ACTIVITY PROGRAMME Block Gross Block Net Gross Net Unrisked Unrisked Unrisked Unrisked Assets W.I. Country Prospective Prospective H1 2014 H2 2014 H1 2015 H2 2015 Resource Resource PoS Resources Resources Prospect…
  42. 2013 Results & Outlook – Genel Energy – slide 42
    2013 Highlights 2013 Financial Review 2014 Catalysts & Key Events Politics KRI Oil KRI Gas High Impact Exploration Summary 43
  43. 2013 Results & Outlook – Genel Energy – slide 43
    2014 AN EXCITING YEAR AHEAD Q1 Q2 Q3 Q4 Politics & Commissioning of KRI- Ramp-up of export volumes Infrastructure Turkey export pipeline via KRI-Turkey pipeline infrastructure infrastructure Tawke-21 and 22 (horizontal Taq Taq first…
  44. 2013 Results & Outlook – Genel Energy – slide 44
    SUMMARY & 2014 OUTLOOK Oil Significant production growth of 50% in 2014 Genels first gas sales at Dohuk end Q1 2014 Gas Derisking of major gas resource (Miran and Bina Bawi GSA & FID) Exploration 5 high impact exploration wells…
  45. 2013 Results & Outlook – Genel Energy – slide 45
    2013 Results & Outlook 6 March 2014
  46. 2013 Results & Outlook – Genel Energy – slide 46
    GENEL ENERGY RESERVES AND RESOURCES Gross Resource Net Resource Unrisked Working Unrisked Risked 2P 3P Contingent Prospective Interest 2P 3P Contingent Prospective PoS Prospective mmboe mmboe mmboe mmboe % mmboe mmboe mmboe mmboe %…
  47. 2013 Results & Outlook – Genel Energy – slide 47
    GENEL ENERGY KRI LICENSES Tawke Processing Capacity 708 200 mmbbls kbopd2 355 100 23 mmbbls 1,2 kbopd mmbbls 2P CR PR End-13 End-14 Ber Bahr 50 Dohuk mmbbls CR Bina Bawi 52 29 849 mmbbls mmboe mmbbls 2P CR CR…
  48. 2013 Results & Outlook – Genel Energy – slide 48
    CONTACTS Phil Corbett Head of Investor Relations +44 20 7657 5119 phil.corbettgenelenergy.com 49

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