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October 2023 Investor Presentation – Advantage Energy Ltd.

Advantage Energy Ltd. · Oct 30, 2023 · 47 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. October 2023 Investor Presentation – Advantage Energy Ltd. – slide 1
    A Progressive Montney Producer for the New Energy Market Investor Presentation October 2023
  2. October 2023 Investor Presentation – Advantage Energy Ltd. – slide 2
    (1) Advantage Corporate Highlights Market Overview Alberta Pure Play Montney Producer Market Capitalization: 1.6 b Decades of top-tier inventory Enterprise Value: 1.8 b Net Debt(2): Advantage 206.7 m Glacier Gas Plant capacity of…
  3. October 2023 Investor Presentation – Advantage Energy Ltd. – slide 3
    Corporate Strategy Strength Across the Board Performance Evolving Competitively Entropy Inc. - 10% annual production growth Modular Carbon Capture and StorageTM Net debt(1) target of 170 m to 230 m(2) Advancing liquids…
  4. October 2023 Investor Presentation – Advantage Energy Ltd. – slide 4
    2023 Capital Investment Thesis Maximizes AFF Per Share(1)(2) Capital Efficiency (1) Glacier 14,425/boe/d 16 wells (14 net) 24% corporate decline rate (1) Production 59,000 to 62,500 boe/d 250 - 280 Net Debt (1) Target 170…
  5. October 2023 Investor Presentation – Advantage Energy Ltd. – slide 5
    Three-Year Strategic Plan: Investing in Measured Production Growth Net Capital Expenditures (1)(2) Production Range (2) 400 80,000 75,000 300 70,000 Millions 200 65,000 100 60,000 0 55,000 2023 2024 2025 2023…
  6. October 2023 Investor Presentation – Advantage Energy Ltd. – slide 6
    Three-Year Strategic Plan: Maximize AFF per Share Growth Adjusted Funds Flow per Share at Strip Pricing(1)(2) 2023 AFF Sensitivity(3) 600 500 US90/bbl WTI & US4.00/mmbtu HH 400 Free Cash Flow Dedicated to Millions US75/bbl…
  7. October 2023 Investor Presentation – Advantage Energy Ltd. – slide 7
    World Class Assets, Operational Excellence, Environmental Leadership Disciplined Financial Management PROGRESS GLACIER Self-funded growth with free cash flow (1) Glacier Carbon Capture Prolific Gas Foundation & Storage Asset Free…
  8. October 2023 Investor Presentation – Advantage Energy Ltd. – slide 8
    Low-Cost Structure: Key Factor in Free Cash Flow Generation Op Exp Royalty Exp G&A Int Exp Trans Exp(1) 30 25 20 /boe 15 10 5 0 AAV Peer Peer Peer Peer Peer Peer Peer…
  9. October 2023 Investor Presentation – Advantage Energy Ltd. – slide 9
    Advantage Montney Assets Multizone Oil, Liquids and Gas Throughout Glacier Valhalla Progress Wembley Doig Upper Montney D4 Middle Montney 300m D3 D2 D1 2023 Targets Lower Advantage Operated HZ Montney…
  10. October 2023 Investor Presentation – Advantage Energy Ltd. – slide 10
    Glacier Core: World-Class Free Cash Flow(1) Engine Glacier Production Forecast2 Net Capital Expenditures1 & FCF1 Free Cash Actuals Net Operating Income1,2 Flow1 Growth Net Capital Expenditures [MM]1,2 Engine 04-01: 1 UM, 4 D1 Base…
  11. October 2023 Investor Presentation – Advantage Energy Ltd. – slide 11
    Wembley/Pipestone: Premium Oil-Weighted Asset With Room to Run Wembley Production Forecast2 Net Capital Expenditures1 & FCF1 Actuals Rapid Oil-Weighted Net Operating Income1,2 Generating Growth Net Capital Expenditures [MM]1,2 Base…
  12. October 2023 Investor Presentation – Advantage Energy Ltd. – slide 12
    Progress/Valhalla: Integrated, Prolific Liquids-Rich Assets Progress/Valhalla Production Forecast2 Net Capital Expenditures1 & FCF1 Actuals Net Operating Income1,2 2025 Gas Plant Growth Net Capital Expenditures [MM]1,2 AAV Pipelines…
  13. October 2023 Investor Presentation – Advantage Energy Ltd. – slide 13
    Compelling Economics Across Multiple Assets Generic Generic Generic Type Liquids AAV Tier 1 Half Cycle Production Generic Type Wells3 Type Curve4 IRR1,4 Payout1,4 Well Capital (%) (%) (months) (MM)3 Glacier D1 Gas 139% 10 6.1 2%…
  14. October 2023 Investor Presentation – Advantage Energy Ltd. – slide 14
    Since 2020 - All Wells Have Ranged From 2 to 11 Months Payout1 2020-2022 Well Payout 1 Performance 2H 2020 average 1x payout: 8 mo 2x payout: 19 mo 2021 average 1x payout: 6 mo 28 2x payout: 11 mo 24 2022 average 20 1x payout: 5…
  15. October 2023 Investor Presentation – Advantage Energy Ltd. – slide 15
    Advantage Montney Gas Wells Dominated 2022 Alberta Results Calendar-Day Natural Gas Rate (Mcf/d) 14,000 IP30 Natural Gas Rate (Mcf/d) 12,000 IP90 Natural Gas Rate (Mcf/d) 10,000 8,000 6,000 4,000 2,000 0 Sources:…
  16. October 2023 Investor Presentation – Advantage Energy Ltd. – slide 16
    Advantage NEBC Conroy Acquisition Emerging Liquids-Rich Montney Fairway BC AB Conroy T- North Contiguous 100% WI land base in the Pipeline Conroy liquids-rich Montney trend Conroy Acquisition T-North Ft. Nelson Acquired at…
  17. October 2023 Investor Presentation – Advantage Energy Ltd. – slide 17
    Deep Inventory of Gas, NGLs and Oil Deep Inventory (1)(2) PROGRESS GLACIER Tier 1 Inventory 20 Years Booked Inventory 10 Years Unbooked Inventory - 50 Years 2023 Budget Drill Count VALHALLA WEMBLEY Alberta: 226 Net…
  18. October 2023 Investor Presentation – Advantage Energy Ltd. – slide 18
    Tier Promotion Wembley Tier 1 Inventory 2020 D4 Inventory Map 2023 D4 Inventory Map 2020 Inventory 2023 Inventory D4 Tier 1 D4 Tier 1 D4 Inventory D4 Inventory D4 Drilled D4 Drilled Offset D4 Previous Tier 1 Offset D4 Inventory…
  19. October 2023 Investor Presentation – Advantage Energy Ltd. – slide 19
    Well Execution Driving Increased Tier 1 Inventory Glacier Tier 1 Inventory Valhalla Tier 1 Inventory Wembley Tier 1 Inventory 28% Inventory Growth 19% Inventory Growth 44% Inventory Growth 2020 Inventory Tier 1 Wells Tier 1 2023…
  20. October 2023 Investor Presentation – Advantage Energy Ltd. – slide 20
    Strategic Infrastructure Control, Flexible Pipeline Access 425 mmcf/d + 6,800 bbls/d capacity Glacier Gas Plant BC AB TCPL Groundbirch Lateral 45 mmcf/d + 2,000 bbls/d Valhalla hub AAV Progress 35 mmcf/d + 5,000 bbls/d Wembley hub…
  21. October 2023 Investor Presentation – Advantage Energy Ltd. – slide 21
    Natural Gas Market Exposure Revenue Exposure by Q2/23 Q3/23 Q4/23 2024 2025 27 mmcf/d of TC Market Mainline to Emerson AECO 12% 10% 15% 20% 58% until Nov-32 Empress 16% 29% 22% 22% 14% Emerson 9% 8% 12% 12% 8% Dawn 10% 8% 11% 14%…
  22. October 2023 Investor Presentation – Advantage Energy Ltd. – slide 22
    Celebrating Over 20 Years of Sustainability NET ZERO IN VIEW(1) Industry Leading Low Emissions Environmental Highlights 8% decrease in 2.2 million spent on abandonment and emission intensity(4) reclamation 10% decrease in 14%…
  23. October 2023 Investor Presentation – Advantage Energy Ltd. – slide 23
    Entropy: Commercial Carbon Capture And Storage, Today Clean Tech Pure Play Technology Dedicated, full-service Exclusive ownership of world- industrial CCS company leading solvent Proprietary, innovative Innovative process…
  24. October 2023 Investor Presentation – Advantage Energy Ltd. – slide 24
    Entropy Inc Uniquely Positioned in a Global Market Leading the way globally on post-combustion carbon capture Massive Market Opportunity Positioned For Success CCS: IEA Net Zero 2050 Pathway1 7,600 MTPA Pure-play, full-scope CCS…
  25. October 2023 Investor Presentation – Advantage Energy Ltd. – slide 25
    Global Emissions Are Predominantly Post-Combustion Commercial Post-Combustion Carbon Capture is necessary for large-scale decarbonization Post-Combustion Emissions Canadas Emissions Breakdown Pre-Combustion Emissions 670 MT CO2 in…
  26. October 2023 Investor Presentation – Advantage Energy Ltd. – slide 26
    World Map Of Active Commercial CCS Projects CCS projects are widely referenced and based on known technology; however Coloured by year in operation, sized by TPA 40 MTPA from existing commercial CCS projects…
  27. October 2023 Investor Presentation – Advantage Energy Ltd. – slide 27
    World Map Of Active POST-COMBUSTION CCS Projects only four operating commercial CCS projects on post-combustion emissions Glacier (natural gas) by Entropy Boundary Dam (coal) by SaskPower Petra Nova (coal) by JX Nippon Taizhou Power…
  28. October 2023 Investor Presentation – Advantage Energy Ltd. – slide 28
    Global Post-Combustion Capture Project Comparisons Operational Glacier Phase 1A Glacier Phase 1 CE: 660/TPA Average Annual Abatement Rate: 47,000 TCO2e Capture vs Design: 90-100%1 Public Funding: C20MM Alberta Government Capital…
  29. October 2023 Investor Presentation – Advantage Energy Ltd. – slide 29
    Post-Combustion CCS: Inverting the Impact of Traditional Energy Extraction Geoscientists Identify Resource Drilling Operations Resource Production Resource Processing Transport to Market Carbon Captured at Source Carbon…
  30. October 2023 Investor Presentation – Advantage Energy Ltd. – slide 30
    Brookfield + Entropy Strategic Investment Transition Strategy 300 Million 31,000 MW Renewable Power Portfolio Expanded global reach Strategic Entropy Funded for Scale Accelerated decarbonization Investment 300 million to fund…
  31. October 2023 Investor Presentation – Advantage Energy Ltd. – slide 31
    Generating Return on Investment While Decarbonizing Emitters Entropy commits capital to build the CCS facility in exchange for most 1 environmental attributes (including carbon credits, clean fuel regulation credits, refundable…
  32. October 2023 Investor Presentation – Advantage Energy Ltd. – slide 32
    Entropy: Illustrative Single Project Economics Single Project Free Cash Flow (mm) (1)(2)(3)(4) Net Operating Income Investment Tax Credit 80 Capital Cumulative Free Cash Flow (incl. ITC) 800 ILLUSTRATIVE Cumulative Free Cash Flow…
  33. October 2023 Investor Presentation – Advantage Energy Ltd. – slide 33
    Measuring Performance GJ/t is the Key Success Factor in determining project efficiency Solvent Carbon Capture Heat Duty Entropy23TM vs. MEA Energy/Tonne CO2 Energy inputs costs, 5 3.85x lower heat duty operating costs 66% higher…
  34. October 2023 Investor Presentation – Advantage Energy Ltd. – slide 34
    Glacier Phase 1 Worlds First Gas-Fired CCS Project, From Concept to Reality Absorber tower for one compressor engine Regeneration Module 34
  35. October 2023 Investor Presentation – Advantage Energy Ltd. – slide 35
    Introducing EntropyIQTM Data Management and Reporting for CCS Proprietary Data Capture and Analysis Software ENTROPYIQ Integration of all control systems and emissions information Proprietary algorithms project GHG abatement levels…
  36. October 2023 Investor Presentation – Advantage Energy Ltd. – slide 36
    Reverse Entropy Storage Using Deep Aquifers The Local Solution Is Often Best Emitters Much of North America has suitable deep saline Tonnes CO2/year (000s) geological storage potential for…
  37. October 2023 Investor Presentation – Advantage Energy Ltd. – slide 37
    Developing Two Alberta Global-Scale Storage Hubs The hubs provide strategic access to develop multiple projects in Alberta 10,000 TPA 9,000,000 TPA Natural Gas Processing Facilities Thermal Oil Facilities Power Plants Grande…
  38. October 2023 Investor Presentation – Advantage Energy Ltd. – slide 38
    Entropy Standardized Designs iCCS Recip iCCS Thermal iCCS Turbine Capture on reciprocating Capture on boilers/steam Capture on simple or combined engines, commonly used for generation cycle gas turbines, commonly gas compression…
  39. October 2023 Investor Presentation – Advantage Energy Ltd. – slide 39
    Taking Action Today to De-risk Tomorrow FIRST-OF-KIND SCALE UP 20 mtpa1 Reciprocating Engines Gas Plants GLACIER 200k tpa 40 ITC mtpa1 Carbon Price Thermal Oil Production OTSGs (Boilers) LEISMER 440k tpa Certainty (Other…
  40. October 2023 Investor Presentation – Advantage Energy Ltd. – slide 40
    Path to Value Creation Path to IPO(4) and value recognition for AAV involves progressing 2 more projects to commercial operations, in addition to our robust pipeline of opportunities at earlier stages of development. Project Value…
  41. October 2023 Investor Presentation – Advantage Energy Ltd. – slide 41
    Advantage Contact Information Investor Relations 1.866.393.0393 iradvantageog.com www.advantageog.com Listed on TSX: AAV Advantage Energy Ltd. Suite 2200, 440 2nd Avenue SW Calgary, Alberta T2P 5E9 Main: 403.718.8000…
  42. October 2023 Investor Presentation – Advantage Energy Ltd. – slide 42
    Financial Discipline Operationally Nimble Focus on Profitability APPENDIX
  43. October 2023 Investor Presentation – Advantage Energy Ltd. – slide 43
    Track Record of Enhancing Efficiency and Performance 2008-2022 Wells Drilled MD 12,000 Relentless Drilling, Completion, & Tie-In Cost Efficiency 7000 Relentless Drilling, Completion, & Tie-In Cost Efficiency 10,000 6000 8,000…
  44. October 2023 Investor Presentation – Advantage Energy Ltd. – slide 44
    Advisory Information Regarding Public Issuer Counterparties Certain information contained in this presentation relating to the Corporation's public issuer counterparties and the nature of their respective businesses is taken from and…
  45. October 2023 Investor Presentation – Advantage Energy Ltd. – slide 45
    Advisory Non-GAAP Financial Measures Operating Netback Operating netback is comprised of sales revenue and realized gains (losses) on derivatives, net of expenses resulting from field operations, including royalty expense, operating…
  46. October 2023 Investor Presentation – Advantage Energy Ltd. – slide 46
    Advisory Supplementary Financial Measures Corporate Decline Rate Corporate decline rate is calculated by identifying the actual or forecasted production of all the wells onstream at the start of the year, then tracking their…
  47. October 2023 Investor Presentation – Advantage Energy Ltd. – slide 47
    Advisory Oil and Gas Information Barrels of oil equivalent (boe) and thousand cubic feet of natural gas equivalent (mcfe) may be misleading, particularly if used in isolation. Boe and mcfe conversion ratios have been calculated using…

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