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September 2020 Company Presentation – Kelt Exploration Ltd.

Kelt Exploration Ltd. · Sep 15, 2020 · 37 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. September 2020 Company Presentation – Kelt Exploration Ltd. – slide 1
    Corporate Presentation September 2020 KeltExploration.com David J. Wilson President & Chief Executive Officer Sadiq H. Lalani Vice President & Chief Financial Officer www.keltexploration.com 0
  2. September 2020 Company Presentation – Kelt Exploration Ltd. – slide 2
    Why Invest in Kelt VALUE CREATION Kelt focuses on value creation resulting in annual growth in production and funds from operations per share over the long-term. The Company emphasizes low-cost land accumulation in resource-style…
  3. September 2020 Company Presentation – Kelt Exploration Ltd. – slide 3
    Current Economic Environment COVID-19 PANDEMIC Kelts highest priority remains the health and safety of its employees, partners and the communities where it operates. The Company has introduced measures to protect the well-being of…
  4. September 2020 Company Presentation – Kelt Exploration Ltd. – slide 4
    Recent Asset Disposition SALE OF INGA/FIREWEED DIVISION On August 21, 2020, Kelt completed the sale of its Inga/Fireweed Division to a multi-national oil and gas company headquartered in Houston, Texas, USA. Kelt received cash…
  5. September 2020 Company Presentation – Kelt Exploration Ltd. – slide 5
    Environment, Social and Governance ( ESG ) Environment Social Governance Kelt is committed to minimalizing impacts on the Health and safety are a high Kelt is committed to strong environment. priority and Kelt maintains a HS&E…
  6. September 2020 Company Presentation – Kelt Exploration Ltd. – slide 6
    Capital Structure Stock Exchange listing TSX Trading symbol KEL Market capitalization ( effective September 17, 2020 ) 320 million 52-week stock trading range 0.67 5.00 Common shares issued 188.4 million Stock options ( 11.2 MM ) &…
  7. September 2020 Company Presentation – Kelt Exploration Ltd. – slide 7
    Insider Commitment Insider Purchases Offering / Market Purchases Date Shares (MM) Amount (MM) Price/share 13.9 MM Equity Private Placement Feb-2013 3.7 8.7 2.32 94.4 MM Equity Private Placement Apr-2013 5.7 31.5 5.55 92.0 MM Equity…
  8. September 2020 Company Presentation – Kelt Exploration Ltd. – slide 8
    Capital Expenditures Jan-Jun ( millions ) 2018 2019 2020 Drilling & Completions 168.7 184.7 51.5 Equipment, Facilities, & Pipeline 117.7 129.0 67.2 Infrastructure [1] Land, Seismic & Asset Acquisitions, net of ( 0.9 ) 1.9 0.2…
  9. September 2020 Company Presentation – Kelt Exploration Ltd. – slide 9
    Drilling Program 2018 2019 Jan-Jun 2020 Drills Gross / Net Wells Gross / Net Wells Gross / Net Wells Alberta 16 15.1 8 8.0 British Columbia 17 17.0 25 25.0 9 9.0 Total 33 32.1 33 33.0 9 9.0 2018 2019 Jan-Jun 2020 Completions Gross…
  10. September 2020 Company Presentation – Kelt Exploration Ltd. – slide 10
    Production Jan-Jun 2018 2019 2020 Oil ( bbls/d ) 8,403 31% 9,361 31% 9,254 30% NGLs ( bbls/d ) [1] 3,186 12% 4,490 15% 4,825 16% Gas ( Mcf/d ) 92,502 57% 96,658 54% 99,045 54% Combined ( BOE/d ) 27,006 100% 29,961 100% 30,587…
  11. September 2020 Company Presentation – Kelt Exploration Ltd. – slide 11
    Commodity Prices ( CAD, unless otherwise specified ) 2018 2019 Jan-Jun 2020 WTI Crude Oil ( /bbl ) [1] US 64.94 84.29 US 56.98 75.61 US 36.81 50.25 MSW Crude Oil ( /bbl ) [2] US 53.42 69.29 US 52.17 69.19 US 29.79 40.64 WTI-MSW Basis…
  12. September 2020 Company Presentation – Kelt Exploration Ltd. – slide 12
    Gas Market Risk Management GAS MARKET DIVERSIFICATION The Company has taken a diversified approach to selling its natural gas in order to reduce exposure to single market risk. Estimated % of average gas sales in 2021 at each…
  13. September 2020 Company Presentation – Kelt Exploration Ltd. – slide 13
    Hedging Commodity Index Term Quantity Fixed Price MSW Jul/2020 to 3,000 CAD 31.36 / bbl Crude Oil Fixed Price Dec/2020 bbls/d [ equivalent to USD 23.23 at the Jul/20 CAD/USD exchange rate of 1.350 ] NYMEX Henry Hub Jul/2020 to…
  14. September 2020 Company Presentation – Kelt Exploration Ltd. – slide 14
    Netbacks Jan-Jun ( / BOE ) 2018 2019 2020 Revenue / Price 37.30 34.53 20.07 Realized hedging gain ( loss ) ( 0.60 ) ( 0.08 ) 3.82 Royalties ( % of revenue / price ) ( 8.3% ) ( 5.1% ) ( 4.6% ) Transportation expense ( 3.92 ) ( 4.62 ) (…
  15. September 2020 Company Presentation – Kelt Exploration Ltd. – slide 15
    Finding, Development & Acquisition Costs: P+P Reserves 2018 2019 Capital expenditures + change in FDC ( M ) 596,004 1,295,973 P+P reserve additions, net ( MBOE ) 76,905 169,217 FD&A cost ( /BOE ) 7.75 7.66 Operating netback ( /BOE…
  16. September 2020 Company Presentation – Kelt Exploration Ltd. – slide 16
    Financial Jan-Jun 2018 2019 2020 Revenue ( MM ) 389.3 394.4 116.4 Operating income ( MM ) [1] 202.6 206.5 51.0 Adjusted funds from operations ( MM ) [1] 186.8 182.5 39.1 AFFO per share diluted ( /share ) 1.01 0.99 0.21 Capital…
  17. September 2020 Company Presentation – Kelt Exploration Ltd. – slide 17
    Focused on per Share Growth PRODUCTION PER MILLION SHARES ( BOE / d ) ADJUSTED FUNDS FROM OPERATIONS PER SHARE ( diluted ) 250 1.25 CAGR CAGR Since Since 2013 2013 = 21% 200 = 21% 1.00 1.01 0.99 163 0.93 148 150 0.75 120 121 125…
  18. September 2020 Company Presentation – Kelt Exploration Ltd. – slide 18
    Operating Divisions Oak/Flatrock Montney light oil/condensate-rich gas Pouce Coupe/Progress/Spirit River Montney light oil Montney and Doig gas Oak/Flatrock Pouce Coupe/ Progress/Spirit River Charlie Lake light oil…
  19. September 2020 Company Presentation – Kelt Exploration Ltd. – slide 19
    Kelt Land Fairway R13 R11 R9 R7 R5 R3 R1W6 R24W5 94-A-14 94-A-15 94-A-16 T90 T88 94-A-11 94-A-10 94-A-9 T88 Land Holdings Flatrock [ September 2020 ] T86 T86 Oak Developed + Gross Net Net T84 T84 Undeveloped Acres Acres…
  20. September 2020 Company Presentation – Kelt Exploration Ltd. – slide 20
    Kelt Montney Framework 19
  21. September 2020 Company Presentation – Kelt Exploration Ltd. – slide 21
    Drilling Economics Wembley/Pipestone Oak/Flatrock Pouce Coupe Alberta Charlie ( CA, unless otherwise specified ) Montney Well Montney Well Montney Gas Well Lake Well Estimated sales IP30 ( BOE / d ) 1,290 1,060 2,000 570 IP30 split %…
  22. September 2020 Company Presentation – Kelt Exploration Ltd. – slide 22
    British Columbia Montney - Oak / Flatrock Division 00/1-9 UM (DUC) 00/8-23 UM (DUC) 00/4-10 UM (DUC) 00/6-24 UM (DUC) (sfc 5-33) 02/13-13 UM (sfc 13-12) OPERATIONS 00/16-6 UM * 00/13-5 MM * (sfc 5-31) 00/7-3 UM 00/12-2 MM T87 Oil…
  23. September 2020 Company Presentation – Kelt Exploration Ltd. – slide 23
    Alberta Montney Lands MONTNEY LAND HOLDINGS T80 Gross: 185,600 acres ( 290 sections ) Net: 163,621 acres ( 256 sections ) Spirit OPERATIONS Pouce River Coupe Kelt commenced development of the Montney oil play at T78 Pouce Coupe…
  24. September 2020 Company Presentation – Kelt Exploration Ltd. – slide 24
    Alberta Montney Wells PRODUCTION RESERVES Top 5 Pouce Coupe IP30 Wells ( gross sales, BOE/d ): Typical Well EURs (1) Pouce Coupe 03/07-18-078-11W6 LMM (D1) 2,045 ( 66% oil/ngls ) Wembley Montney GAS (2) Pouce Coupe 02/06-18-078-11W6 MM…
  25. September 2020 Company Presentation – Kelt Exploration Ltd. – slide 25
    Wembley/Pipestone/La Glace Division Middle Montney ( D3 ) MONTNEY LAND HOLDINGS 00/5-10 02/13-32 (sfc 14-34) Gross: 110,880 acres ( 173 sections ) Sexsmith 00/1-35 (sfc 12-19) Gas Plant T75 Net: 107,155 acres ( 167 sections )…
  26. September 2020 Company Presentation – Kelt Exploration Ltd. – slide 26
    Wembley/Pipestone/La Glace Division Middle Montney ( D2 / D4 ) Kelt 14-29 MONTNEY LAND HOLDINGS La Glace Facility (100% WI) 1-5 (D2) Gross: 110,880 acres ( 173 sections ) 02/13-33 (D2) 15-33 (D4) Sexsmith T75 Net: 107,155 acres (…
  27. September 2020 Company Presentation – Kelt Exploration Ltd. – slide 27
    Alberta Charlie Lake Lands CHARLIE LAKE LAND HOLDINGS T80 Gross: 108,320 acres ( 169 sections ) Net: 74,720 acres ( 117 sections ) Progress Pouce OPERATIONS Coupe T78 Kelt has over 100 gross locations targeting the Spirit Upper and…
  28. September 2020 Company Presentation – Kelt Exploration Ltd. – slide 28
    Spirit River Charlie Lake CHARLIE LAKE LAND HOLDINGS 02/16-11 15-15 Pad: H2O Disposal 13-34 14-22 (60%) T79 15-22 (60%) Gross: 27,200 acres ( 43 sections ) 4-5 Pad: 03/3-1 (Upper CL) 14-33 16-22 (60%) Net: 20,000 acres ( 31…
  29. September 2020 Company Presentation – Kelt Exploration Ltd. – slide 29
    Future Considerations The Company has numerous potential future drilling opportunities on its existing lands that will provide for continued growth in the years to come. The Company has amassed vast Montney acreage in new plays to…
  30. September 2020 Company Presentation – Kelt Exploration Ltd. – slide 30
    Appendix ESG Health & Safety ESG Environment & Air Quality ESG Climate Change ESG GHG Emissions ESG Corporate Governance Leadership Board of Directors Leadership Management Abbreviations Disclaimers 29
  31. September 2020 Company Presentation – Kelt Exploration Ltd. – slide 31
    Environment, Social & Governance ( ESG ) Health and Safety Safety is paramount in Kelts corporate culture. The Company is committed to safe and environmentally responsible operations for the benefit of its employees, contractors and the…
  32. September 2020 Company Presentation – Kelt Exploration Ltd. – slide 32
    Environment, Social & Governance ( ESG ) Environment and Air Quality Kelt is committed to ensuring that its operational activities comply with all environmental regulatory standards and requirements. By conducting due diligence, Kelt…
  33. September 2020 Company Presentation – Kelt Exploration Ltd. – slide 33
    Environment, Social & Governance ( ESG ) Kelt supports innovative strategies, clean technology (including alternative energy and renewable energy), green products and utilizing lower emitting solutions to meet industry targets. GHG…
  34. September 2020 Company Presentation – Kelt Exploration Ltd. – slide 34
    Environment, Social & Governance ( ESG ) Corporate Governance The following documents relating to the Companys corporate governance matters are available on the internet at www.keltexploration.com: Advance Notice Policy Disclosure,…
  35. September 2020 Company Presentation – Kelt Exploration Ltd. – slide 35
    Corporate Governance - Board of Directors Robert J. Dales [ 2, 3, 4, 7 ] Geri L. Greenall [ 2, 3, 6 ] President, Valhalla Ventures Inc. Chief Financial Officer, Spartan Delta Corp. Common shares 1,794,255 Common shares 38,500…
  36. September 2020 Company Presentation – Kelt Exploration Ltd. – slide 36
    Management David J. Wilson Sadiq H. Lalani Douglas J. Errico President & Chief Executive Officer Vice President & Chief Financial Officer Vice President, Land Common shares 23,782,992 Common shares 1,708,318 Common shares 463,842…
  37. September 2020 Company Presentation – Kelt Exploration Ltd. – slide 37
    Corporate Presentation KeltExploration.com Kelt Exploration Ltd. Suite 300, East Tower 311 Sixth Avenue SW Calgary, Alberta Canada T2P 3H2 Phone: 403-294-0154 Fax: 403-291-0155 Website: www.KeltExploration.com 44

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