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December 2018 Corporate Presentation – Gran Tierra Energy, Inc.

Gran Tierra Energy, Inc. · Dec 28, 2018 · 35 slides

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Slides

  1. December 2018 Corporate Presentation – Gran Tierra Energy, Inc. – slide 1
    Creating Value in Colombia December 2018
  2. December 2018 Corporate Presentation – Gran Tierra Energy, Inc. – slide 2
    COMPANY SNAPSHOT Gran Tierra: publicly listed, independent international exploration & production company focused in onshore Colombia Operating Statistics 2016 2017 2018E 2019E W.I. Production (boepd)1 26,216 31,426 36,500-38,500…
  3. December 2018 Corporate Presentation – Gran Tierra Energy, Inc. – slide 3
    GRAN TIERRA EXCELLENT VALUE PROPOSITION Focused on full-cycle returns Light/medium oil Management track record of High impact exploration adding predictable value Low full-cycle F&D costs Value- High Quality Driven Assets CREATE…
  4. December 2018 Corporate Presentation – Gran Tierra Energy, Inc. – slide 4
    Q4/2018 Q1/2019: KEY CATALYSTS1 All wells GTE-operated, 100% Working Interest Middle Magdalena 3 - 4 appraisal oil wells at Ayombero Valley Basin Midas Block (La Luna carbonate) Ayombero-2 appraisal well currently drilling; 2-3…
  5. December 2018 Corporate Presentation – Gran Tierra Energy, Inc. – slide 5
    PUTUMAYO BASIN UPDATE PUT-7 Block Exploration Drilling Campaign1 Vonu-1 o Pomorroso-1 Exploration Well Log evaluation indicates up to seven potential prospective zones at Pomorroso-1 well Post stimulation, the first tested zone is…
  6. December 2018 Corporate Presentation – Gran Tierra Energy, Inc. – slide 6
    LISTING ON LONDON STOCK EXCHANGE Trading of GTEs common shares on London Stock Exchange (LSE) commenced on October 10, 2018 under the ticker GTE; GTE shares continue to trade on NYSE American and TSX LSE listing expected to:…
  7. December 2018 Corporate Presentation – Gran Tierra Energy, Inc. – slide 7
    DELIVERING ON OUR FOCUSED STRATEGY 1 Production Growth 2 Reserves Growth1 (mboe/d, gross W.I.) (mmboe, gross W.I.) 194% 77% 142% 75% 3 Expanded Exploration NAV Per Share Growth1,2 4 Potential1 (US/share) (mmboe, mean…
  8. December 2018 Corporate Presentation – Gran Tierra Energy, Inc. – slide 8
    NET ASSET VALUE 3,500 Dec.31/2017 NAV Before Tax (USMM, US/share)1 8.48 3,320 3,000 Dec.14/2018 1,125 Share Price 2,500 US 2.37/share 5.61 2,000 2,195 1,107 1,500 1,394 306 2.78 1,000 1,088 500 0 Proved Net Debt 1P NAV…
  9. December 2018 Corporate Presentation – Gran Tierra Energy, Inc. – slide 9
    STEADILY GROWING PRODUCTION From 2015 to 2019, Gran Tierra forecasts average production growth rate of 15% per year 1. Based on GTE 2015-2017 actuals, 2018-2019 production guidance; see press release dated December 17, 2018 for more…
  10. December 2018 Corporate Presentation – Gran Tierra Energy, Inc. – slide 10
    MATERIAL GROWTH: RESERVES AND VALUE1 2P Reserves by Property1 (MMboe) 85% of 2P reserves in 4 core fields Reserves = 137 MMBOE (99% oil), up 18% y-o-y Reserves/share2 up 20% y-o-y 2P NAV/share up 29% Reserves replacement2 =…
  11. December 2018 Corporate Presentation – Gran Tierra Energy, Inc. – slide 11
    Q3/2018 RESULTS & OPERATIONAL HIGHLIGHTS Q3/2018 Q3/2017 Change o Record Quarterly Production2 WI Production (boepd) 36,170 32,570 11% - Q3/2018 averaged 36,170 BOEPD Net Income (MM) 75 MM 3 MM 2400% - Current production of…
  12. December 2018 Corporate Presentation – Gran Tierra Energy, Inc. – slide 12
    2019 GUIDANCE1 GROWTH WITHIN CASH FLOW Production Guidance Capital Guidance BASE/HIGH LOW WI Production (boepd) 40,000 42,000 Total Capital (MM) 350-370 300-320 y-o-y growth2 12 18% Cash Flow Guidance BASE HIGH LOW Brent (/bbl) 65 75 55…
  13. December 2018 Corporate Presentation – Gran Tierra Energy, Inc. – slide 13
    2019 GUIDANCE Invest to drill including 350-370 Million 38-40 gross wells 31-32 development & 7-8 exploration wells at lower operating cost of generating cash flow1 of increasing production to 8.50-9.50/boe 365-375 Million…
  14. December 2018 Corporate Presentation – Gran Tierra Energy, Inc. – slide 14
    2019 CAPITAL PROGRAM DETAILS1 Development Capital (235-245 MM; 65%) New storage tanks and new processing equipment under Acordionero (MMV) construction Drill 14 wells: 9 development & 5 water injection Ongoing CPF expansion Expand…
  15. December 2018 Corporate Presentation – Gran Tierra Energy, Inc. – slide 15
    SUSTAINABLE BUSINESS MODEL1 Self-Funding Business Low Debt Levels 2019F net debt2 to cash flow3 of 0.8-1.0x 65/bbl Brent No near-term maturities: (MM) Gran Tierra has created a self-funded, sustainable business model 1.…
  16. December 2018 Corporate Presentation – Gran Tierra Energy, Inc. – slide 16
    CASH FLOW & USES SENSITIVITY1 2019F net debt2 to cash flow3 2019F net debt2 to cash flow3 of 0.7-0.9x 75/bbl Brent of 1.1-1.3x 55/bbl Brent Gran Tierra is positioned to create value in a variety of oil price scenarios 1. See…
  17. December 2018 Corporate Presentation – Gran Tierra Energy, Inc. – slide 17
    DEPLOYING CAPITAL PROFITABLY GTE already generates high return on capital 2P Recycle Ratio1 employed (ROCE), over 15% YTD in 2018 4.0 3.5 Over time, GTE to ROCE to trend towards 3.0 long-term internal rate of return target of 20%+…
  18. December 2018 Corporate Presentation – Gran Tierra Energy, Inc. – slide 18
    ACORDIONERO (MMV) SNAPSHOT o Acordionero: major oil producing asset in MMV - GTE increased fields production by 357% since acquisition, all while generating free cash flow o Near-term production growth engine - 4Q/2018 production of…
  19. December 2018 Corporate Presentation – Gran Tierra Energy, Inc. – slide 19
    AYOMBERO-1: EXCITING MMV LA LUNA RESULTS Spud Nov. 13, 2017 La Luna Depth Map Galembo member: Galembo 200 ft. contour interval 200-275 ft of net oil pay Only 70 ft perforated to date Natural flow of 280 bopd of 19API, no…
  20. December 2018 Corporate Presentation – Gran Tierra Energy, Inc. – slide 20
    PUTUMAYO SNAPSHOT o Dominant land position & proprietary seismic database - GTE: largest landholder (1.1 million gross acres) & operates 14 out of 15 blocks - Substantial seismic database covering much of basin - Unrisked Mean…
  21. December 2018 Corporate Presentation – Gran Tierra Energy, Inc. – slide 21
    PUTUMAYO BASIN STACKED PAYS OIL RESERVOIR ANALOG FIELDS N Sands Stratigraphic Play Cumplidor Discoveries/appraisal: Cumplidor-1 & 2, N Sand Alpha-1, Confianza-1, Nancy-1 Dec.31/2017 Putumayo Quinde Cohembi Amplitudes identifiable…
  22. December 2018 Corporate Presentation – Gran Tierra Energy, Inc. – slide 22
    TRANSPORTATION OPTIONALITY Barranquilla Ample takeaway capacity and no infrastructure Cartagena / Puerto Baha bottlenecks to GTEs operations Cov eas Lower Mag Basin Spare capacity exists in many pipelines due to Ayacucho…
  23. December 2018 Corporate Presentation – Gran Tierra Energy, Inc. – slide 23
    OIL PRICE UPSIDE EXPOSURE Vasconia Brent differential GTE produces nearly 100% oil; all crude sales contracts use Brent as the reference price Strong netbacks and clean balance sheet reduce need for long-term hedging Crude oil…
  24. December 2018 Corporate Presentation – Gran Tierra Energy, Inc. – slide 24
    ENVIRONMENTAL, SOCIAL & GOVERNANCE EXCELLENCE Safety Greenhouse Gas NaturAmazonas Emissions Project GTE is committed to being an industry leader in GTE voluntarily discloses greenhouse GTE has positive impact on areas Health and…
  25. December 2018 Corporate Presentation – Gran Tierra Energy, Inc. – slide 25
    KEY INVESTMENT ATTRIBUTES High Quality Assets Accretive Production/Reserves Growth Middle Magdalena Valley Basin High Impact Exploration Llanos Basin Funded Through Cash Flow Putumayo Basin Significant…
  26. December 2018 Corporate Presentation – Gran Tierra Energy, Inc. – slide 26
    Appendix
  27. December 2018 Corporate Presentation – Gran Tierra Energy, Inc. – slide 27
    HIGHLY EXPERIENCED MANAGEMENT TEAM Name Title Experience Gary President & Professional Engineer registered with APEGA with over 35 years of experience; prior to Gran Tierra, was Guidry CEO President & CEO of Caracal Energy, Orion Oil &…
  28. December 2018 Corporate Presentation – Gran Tierra Energy, Inc. – slide 28
    2015 TO 2018: A TRANSFORMED COMPANY 2015 Key Goals Achieved Where We Are Now in 2018 Visible Reserves & Production Growth P 2P Reserves up 142%, Production up 60%, RLI = 11 yrs Focus on Colombia P Brazil assets sold, Peru assets…
  29. December 2018 Corporate Presentation – Gran Tierra Energy, Inc. – slide 29
    ACORDIONERO (MMV) ASSET OVERVIEW Lisama A Sand Structure Map o Low decline rate for existing production of 14% 1,3 o 100% working interest (operator) o High netback 19 API oil o Stacked pay: Overview - Thick, permeable oil pay in…
  30. December 2018 Corporate Presentation – Gran Tierra Energy, Inc. – slide 30
    DEBT/CASH FLOW PEER COMPARISON Gran Tierra is committed to maintaining a strong balance sheet & has low leverage relative to its peers Source: Scotiabank research, Oct. 31, 2018; CDN Peers: AAV, BIR, BNP, BTE, BXE, CR, ERF, PGF,…
  31. December 2018 Corporate Presentation – Gran Tierra Energy, Inc. – slide 31
    PETROLATINA: TRANSFORMATIONAL ACQUISITION IN MMV Reserves2 o In August 2016, GTE made transformational & (MMBOE; W.I.) strategic acquisition of PetroLatina for US525 million 18% o Provided diversification into prolific Middle…
  32. December 2018 Corporate Presentation – Gran Tierra Energy, Inc. – slide 32
    PUTUMAYO: COSTAYACO & MOQUETA ASSET OVERVIEW Reserves2 (MMBOE; W.I.) o Low decline rates for existing production of 17%1,2 (Costayaco) & 12%1,2 (Moqueta) o 100% working interest (operator) o High netback 29 API oil Overview o…
  33. December 2018 Corporate Presentation – Gran Tierra Energy, Inc. – slide 33
    LARGE PUTUMAYO SEISMIC DATABASE o Gran Tierra has a substantial Costayaco proprietary seismic database Moqueta covering much of the Putumayo Vonu Basin - 3D: 1,716 km2 - 2D: 16,807 km o N Sand and A-Limestone plays are clearly…
  34. December 2018 Corporate Presentation – Gran Tierra Energy, Inc. – slide 34
    PRESENTATION OF OIL & GAS INFORMATION Reserves and Prospective Resources Information Unless otherwise noted, estimates of the Companys reserves, net present value of future net revenue attributable to Companys reserves and prospective…
  35. December 2018 Corporate Presentation – Gran Tierra Energy, Inc. – slide 35
    900, 520 3RD AVENUE SW CALGARY, ALBERTA, CANADA T2P 0R3 END Investor Relations 403-265-3221 infograntierra.com 41

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