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September 2023 Investor Presentation – Kelt Exploration Ltd.

Kelt Exploration Ltd. · Sep 29, 2023 · 42 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 2023 Investor Presentation – Kelt Exploration Ltd. – slide 1
    Corporate Presentation September 2023 KeltExploration.com David J. Wilson President & Chief Executive Officer Sadiq H. Lalani Vice President & Chief Financial Officer www.keltexploration.com 1
  2. September 2023 Investor Presentation – Kelt Exploration Ltd. – slide 2
    Why Invest in Kelt VALUE CREATION Kelt Exploration Ltd. (Kelt or the Company) focuses on value creation for shareholders over the long-term. The Company emphasizes low-cost land accumulation in resource-style plays with the…
  3. September 2023 Investor Presentation – Kelt Exploration Ltd. – slide 3
    Environment, Social and Governance ( ESG ) On May 4, 2023, Kelt released its third ESG Report as part of its ongoing commitment to health and safety, responsible and sustainable resource development, good governance practices and…
  4. September 2023 Investor Presentation – Kelt Exploration Ltd. – slide 4
    Capital Structure Stock Exchange listing TSX Trading symbol KEL Market capitalization ( 7.07 effective Sep/6/2023 ) 1.4 billion 52-week stock trading range 4.29 7.34 Common shares issued 194.0 million Stock options ( 10.0 MM ) &…
  5. September 2023 Investor Presentation – Kelt Exploration Ltd. – slide 5
    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…
  6. September 2023 Investor Presentation – Kelt Exploration Ltd. – slide 6
    Capital Expenditures Three Year Comparative ( millions ) 2021 2022 2023 Forecast Drilling & Completions 123.5 191.0 186.0 Infrastructure: Equipment, Facilities, 95.7 122.7 84.0 Pipelines & Tangible Inventory [1] Land, Seismic,…
  7. September 2023 Investor Presentation – Kelt Exploration Ltd. – slide 7
    Drilling & Completions Program 2021 2022 2023 Forecast Drills Gross / Net Wells Gross / Net Wells Gross / Net Wells Alberta 16 15.7 28 25.4 22 21.0 British Columbia 5 5.0 3 3.0 5 5.0 Total 21 20.7 31 28.4 27 26.0 2021 2022 2023…
  8. September 2023 Investor Presentation – Kelt Exploration Ltd. – slide 8
    Production Three Year Comparative 2021 2022 2023 Forecast Oil ( bbls/d ) 4,692 22% 5,640 21% 8,200 8,900 26% NGLs ( bbls/d ) [1] 3,154 15% 4,049 15% 4,000 4,500 13% Gas ( Mcf/d ) 78,846 63% 105,280 64% 112,800 117,600 61% Combined (…
  9. September 2023 Investor Presentation – Kelt Exploration Ltd. – slide 9
    Commodity Prices Three Year Comparative ( CAD, unless otherwise specified ) 2021 2022 2023 Forecast WTI Crude Oil ( /bbl ) [1] US 68.03 85.31 US 94.80 123.42 US 77.00 102.41 MSW Crude Oil ( /bbl ) [2] US 64.08 80.29 US 92.78 120.79 US…
  10. September 2023 Investor Presentation – Kelt Exploration Ltd. – slide 10
    2023 Forecasted Commodity Prices ( CAD, unless otherwise specified ) Jan-Jun Jul-Dec (E) 2023 Forecast WTI Crude Oil ( USD/bbl ) [1] US 74.89 US 79.08 US 77.00 MSW Crude Oil ( CAD/bbl ) [2] 96.92 100.35 98.65 NYMEX Henry Hub Gas Daily…
  11. September 2023 Investor Presentation – Kelt Exploration Ltd. – slide 11
    Gas Market Risk Management GAS MARKET DIVERSIFICATION Kelt 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 2023 at each respective price…
  12. September 2023 Investor Presentation – Kelt Exploration Ltd. – slide 12
    Gas Processing Arrangements GAS PLANT DIVERSIFICATION Kelt has entered into various agreements that provide the Company with the ability to increase its gas processing capacity over the next three years: WEMBLEY/PIPESTONE DIVISION: Kelt…
  13. September 2023 Investor Presentation – Kelt Exploration Ltd. – slide 13
    Commodity Price Risk Management Derivative Financial Instruments Remaining Commodity Index Term Quantity Contract Price NYMEXAECO Sep/2023 to 50,000 NYMEX Minus USD 1.17 / MMBtu Natural Gas Basis Differential Oct/2023 MMBtu/d […
  14. September 2023 Investor Presentation – Kelt Exploration Ltd. – slide 14
    Netbacks Three Year Comparative 2023/22 ( / BOE ) 2021 2022 2023 Forecast change Net realized price 40.52 59.54 43.82 ( 26% ) Realized hedging gain ( loss ) ( 2.14 ) ( 5.68 ) 1.49 Royalties ( % of net realized price ) ( 8.8% ) ( 11.1%…
  15. September 2023 Investor Presentation – Kelt Exploration Ltd. – slide 15
    Financial Summary Three Year Comparative 2023/22 ( MM, unless otherwise specified ) 2021 2022 2023 Forecast change P&NG sales 316.8 613.4 510.7 ( 17% ) Adjusted funds from operations [1] 161.4 327.0 276.0 ( 16% ) AFFO per share…
  16. September 2023 Investor Presentation – Kelt Exploration Ltd. – slide 16
    Reserves - Volumes ( MBOE ) Dec/31/2021 Dec/31/2022 Change Proved Developed Producing 43,854 61,062 39% Proved 134,091 192,073 43% Proved plus Probable 254,149 340,801 34% Oil & NGLs / Gas Mix 41% 59% 38% 62% ( MBOE ) PDP Proved…
  17. September 2023 Investor Presentation – Kelt Exploration Ltd. – slide 17
    Reserves Future Development Capital Proved Reserves P+P Reserves December 31, 2022 FDC Net FDC Net ( MM ) Wells ( MM ) Wells Alberta Montney wells 887.0 111.8 1,423.5 181.8 B.C. Montney wells 177.3 23.0 281.7 36.0 Alberta Charlie…
  18. September 2023 Investor Presentation – Kelt Exploration Ltd. – slide 18
    2022 Finding, Development, Acquisition & Disposition Costs PDP Proved P+P ( M, unless otherwise specified ) Reserves Reserves Reserves Capital expenditures, net of dispositions 317,540 317,540 317,540 Change in FDC costs required…
  19. September 2023 Investor Presentation – Kelt Exploration Ltd. – slide 19
    Reserves - Values Net Asset Value per Share Sproules Forecasted Future Commodity Prices M / share WTI NYMEX HH Exchange Crude Oil Natural Gas Rate ( USD/bbl ) ( USD/MMBtu ) ( CAD / USD ) P+P Reserves, NPV 10% BT [3] [4] 3,430,114…
  20. September 2023 Investor Presentation – Kelt Exploration Ltd. – slide 20
    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…
  21. September 2023 Investor Presentation – Kelt Exploration Ltd. – slide 21
    Kelt Land Fairway R13 R11 R9 R7 R5 R3 R1W6 R24W5 94-A-14 94-A-15 94-A-16 T90 94-A-11 94-A-10 94-A-9 T88 T88 Land Holdings T86 T86 Oak Developed + Gross Net Net T84 Fort Flatrock T84 Undeveloped Acres Acres Sections St. John…
  22. September 2023 Investor Presentation – Kelt Exploration Ltd. – slide 22
    Kelt Montney Framework 22
  23. September 2023 Investor Presentation – Kelt Exploration Ltd. – slide 23
    British Columbia Montney - Oak / Flatrock Division 8-16 D4 14-2 D4 02/8-16 D4 (sfc 11-26) 1-9 D4, 4-10 D4 (sfc 13-12) (DUC) 16-23 D4 2-9 D5, 3-9 D4 14-24 D4 Montney Land Holdings 3-10 D5, 2-10 D4 (sfc 13-12) (sfc 5-33) 02/13-13 D4…
  24. September 2023 Investor Presentation – Kelt Exploration Ltd. – slide 24
    Oak Montney Type Curve / Production Profile 2-9 D5 (sfc 5-33) 3-9 D4 (sfc 5-33) Notes: Sproule (December 31, 2022) Raw Gas Type Curve Mean Production from Nine producing Oak wells Most recent wells brought on production 24
  25. September 2023 Investor Presentation – Kelt Exploration Ltd. – slide 25
    Pioneering a Model for Sustainable Oil & Gas Development at Oak Kelts Green Initiatives for Sustainable Oil & Gas Development at Oak in British Columbia ELECTRONIC FLARE STACK* Annual CO2E reduction of Elimination of continuous pilot…
  26. September 2023 Investor Presentation – Kelt Exploration Ltd. – slide 26
    Alberta Montney Lands Alberta Montney Land Holdings T80 Gross 169,928 acres ( 265 sections ) Net 150,667 acres ( 235 sections ) Pouce Pouce Coupe Coupe T78 POUCE COUPE WEST West High deliverability dry gas wells. Progress Wells that…
  27. September 2023 Investor Presentation – Kelt Exploration Ltd. – slide 27
    Pouce Coupe / Progress Division Montney Kelt Lands T82 Gas Plants NRM Fourth Creek T81 Gas Plant NRM Gordondale East Gas Plant Pouce T79 Pouce Coupe Coupe (oil-prone) West (gas-prone) Progress T77 Progress (oil-prone)…
  28. September 2023 Investor Presentation – Kelt Exploration Ltd. – slide 28
    Wembley / Pipestone / La Glace Division Montney ( D1 / D3 ) 02/13-32 13-10 Montney Land Holdings (sfc 14-34) 1-35 13-18 (sfc 9-17) (sfc 12-19) 5-9 T75 Gross 113,608 acres ( 177 sections ) 13-6 (sfc 15-29) (sfc 11-31) Net…
  29. September 2023 Investor Presentation – Kelt Exploration Ltd. – slide 29
    Wembley / Pipestone / La Glace Division Infrastructure Kelt 14-29 INFRASTRUCTURE Kelt 11-31 La Glace Facility Sexsmith Wembley (100% WI) Gas Plant T75 Ownership in extensive pipeline infrastructure and Facility (0.3% WI) (100% WI)…
  30. September 2023 Investor Presentation – Kelt Exploration Ltd. – slide 30
    Alberta Charlie Lake Lands Alberta Charlie Lake Land Holdings T80 Gross 137,120 acres ( 214 sections ) Pouce Coupe Net 92,205 acres ( 144 sections ) Progress Spirit Spirit River Lower Charlie Lake Type Curve River T78 ( Sproule,…
  31. September 2023 Investor Presentation – Kelt Exploration Ltd. – slide 31
    Progress / Spirit River Charlie Lake CHARLIE LAKE LAND HOLDINGS Spirit T79 Gross: 27,840 acres ( 43 sections ) 1-30 LCL River Net: 20,755 acres ( 32 sections ) (sfc 10-7) 1-25 LCL Kelt 14-6 KEL 50% 1-36 UCL 8-25 UCL Spirit River…
  32. September 2023 Investor Presentation – Kelt Exploration Ltd. – slide 32
    Pouce Coupe Charlie Lake 13-7 (sfc 12-9) Kelt 8-33 Pouce Coupe North CHARLIE LAKE LAND HOLDINGS DUC Facility T81 (99% WI) Gross: 60,320 acres ( 94 sections ) Net: 39,488 acres ( 61 sections ) Pouce 16-6 (sfc 8-1) Coupe DUC North…
  33. September 2023 Investor Presentation – Kelt Exploration Ltd. – slide 33
    Wembley / Pipestone Charlie Lake CHARLIE LAKE LAND HOLDINGS T74 Gross: 31,520 acres ( 49 sections ) Net: 23,917 acres ( 37 sections ) CHARLIE LAKE ACTIVITY Wembley / T73 Charlie Lake lands overlapping Kelts Montney 1-24 Pipestone…
  34. September 2023 Investor Presentation – Kelt Exploration Ltd. – slide 34
    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…
  35. September 2023 Investor Presentation – Kelt Exploration Ltd. – slide 35
    Appendix ESG GHG Emissions ESG Carbon Tax ESG Corporate Governance Corporate Governance Board of Directors Leadership Management Abbreviations and Definitions Disclaimers 35
  36. September 2023 Investor Presentation – Kelt Exploration Ltd. – slide 36
    ESG Greenhouse Gas Emissions Kelt supports innovative strategies, clean technology (including alternative energy and renewable energy), green products and utilizing lower emitting solutions to improve air quality by reducing greenhouse…
  37. September 2023 Investor Presentation – Kelt Exploration Ltd. – slide 37
    ESG Carbon Tax CARBON TAX FEDERAL The Federal carbon tax applies where a Province does not have a carbon pricing system that aligns with Federal benchmarks. The current carbon tax rate is 65/tonne; and proposing annual increases…
  38. September 2023 Investor Presentation – Kelt Exploration Ltd. – slide 38
    ESG Corporate Governance 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, Confidentiality and…
  39. September 2023 Investor Presentation – Kelt Exploration Ltd. – slide 39
    Corporate Governance - Board of Directors Geri L. Greenall [ 2, 6, 10 ] William C. Guinan [ 9 ] Lead Director, Independent Board Chair, Independent Common shares 95,235 Common shares 1,154,459 Stock options 50,000 Stock options…
  40. September 2023 Investor Presentation – Kelt Exploration Ltd. – slide 40
    Leadership - Officers Douglas J. Errico David J. Wilson Sadiq H. Lalani Senior Vice President, Land President & Chief Executive Officer Vice President & Chief Financial Officer and Corporate Development Common shares 26,426,842…
  41. September 2023 Investor Presentation – Kelt Exploration Ltd. – slide 41
    Disclaimer Net asset value is calculated by adding the present value of proved plus probable petroleum and natural gas reserves discounted at 10% before tax, undeveloped land value, proceeds from exercise of stock options, and net bank…
  42. September 2023 Investor Presentation – Kelt Exploration Ltd. – slide 42
    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 50

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