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Full year Results – Salamander Energy Plc

Salamander Energy Plc · Mar 13, 2014 · 40 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. Full year Results – Salamander Energy Plc – slide 1
    SALAMANDER ENERGY Full Year Results 13th March 2014
  2. Full year Results – Salamander Energy Plc – slide 2
    INTRODUCTION 1 Introduction & Highlights James Menzies, CEO 2 Financial Overview Jonathan Copus, CFO 3 Operations Overview Mike Buck, COO 4 Summary James Menzies, CEO SALAMANDER 2013 3
  3. Full year Results – Salamander Energy Plc – slide 3
    INTRODUCTION AND HIGHLIGHTS James Menzies, CEO
  4. Full year Results – Salamander Energy Plc – slide 4
    SALAMANDER ENERGY RESULTS HIGHLIGHTS Growing production, adding resources FY2013 production of 14.2 Mboepd, up over 32% Current production over 16.2 Mboepd, FY 2013 guidance 13 16 Mboepd Contingent resource increased 48% to 121.3…
  5. Full year Results – Salamander Energy Plc – slide 5
    DEVELOPING HUB POSITIONS IN THAILAND, INDONESIA & Onshore Khorat, Thailand MALAYSIA Sinphuhorm gas field (9.5%) Dong Mun gas development (27.2%) Gas Production, Development & Exploration Operated positions with large equity…
  6. Full year Results – Salamander Energy Plc – slide 6
    HUB STRATEGY FOR INDEPENDENT E&P OPERATOR WELL SUITED TO SE ASIA Add value through development / commercialisation Building a portfolio of opportunities Field / Discovery DEVELOPED / DISCOVERED RESOURCES Sinphuhorm Area,…
  7. Full year Results – Salamander Energy Plc – slide 7
    RESERVES & RESOURCES UPLIFTED IN ALL THREE AREAS MMboe Reserve and resources YE 2012 v YE 2013 MMboe Reserve and resource growth by asset 200.0 90.0 180.0 160.0 5.2 16.3 52.9 80.0 140.0 120.0 70.0 100.0 186.5 80.0 60.0 155.1 60.0…
  8. Full year Results – Salamander Energy Plc – slide 8
    RESOURCE TO RESERVE CONVERSION THE NEXT WAVE OF PRODUCTION GROWTH Illustrative 2P + 2C production profile 25 Dong Mun 2C Kerendan 2C Bualuang 2C Sinphuhorm 2P Kerendan 2P Bualuang 2P 20 Average daily production (mboepd)…
  9. Full year Results – Salamander Energy Plc – slide 9
    FINANCIAL OVERVIEW Jonathan Copus, CFO
  10. Full year Results – Salamander Energy Plc – slide 10
    FY 2013 FINANCIAL OVERVIEW MM 2013 2012 Production Group production up 31% y-o-y 14.2 10.8 (Mboepd) Bualuang production up 72% y-o-y Realisation Oil ( per bbl) 104.0 104.0 Brent slightly weaker, but realisations flat y-o-y Gas ( per…
  11. Full year Results – Salamander Energy Plc – slide 11
    FY 2013 FINANCIAL OVERVIEW INCOME STATEMENT MM FY 2013 FY 2012 FY 2013 non-recurring items Revenue 482.2 368.0 None Cost of sales Direct Operating Costs -86.3 -74.8 Recurring non-cash items Inventory movement: Revenue lowered by…
  12. Full year Results – Salamander Energy Plc – slide 12
    FY 2013 FINANCIAL OVERVIEW CASH FLOW EVOLUTION 700 Post Tax Op CF 90% higher 300.3MM (57.76/boe up 44% y-o-y) 12 Capex 354.5MM 600 (plus 19.4MM PCG) 27 -68 500 150MM HY bond Cash tax 50MM bridge repaid 31% lower -180 CB remains…
  13. Full year Results – Salamander Energy Plc – slide 13
    2014 OUTLOOK WORKING OUR ASSETS HARDER Evolution of Group cash flow (US per boe) Production 18.6 Mboe/d 10.8 Mboe/d 14.2 Mboe/d Driving the next wave of production growth Bualuang % 42% 67% 86% 13,000 to 16,000 boe per day in 2014…
  14. Full year Results – Salamander Energy Plc – slide 14
    OPERATIONS OVERVIEW Mike Buck, COO
  15. Full year Results – Salamander Energy Plc – slide 15
    GREATER BUALUANG B8/38 G4/50 SALAMANDER 2013 16
  16. Full year Results – Salamander Energy Plc – slide 16
    BUALUANG CONSISTENT STRONG RESERVES AND PRODUCTION GROWTH Evolution of reserves and resources Reserves trebled since first production in 2008 80 Originally estimated to contain 15 MMbo 70 2C 2P Undergone multiple reserve upgrades…
  17. Full year Results – Salamander Energy Plc – slide 17
    BUALUANGS RESERVOIRS Exploitation of new reservoirs underway T4.1 was the sole target of producers drilled from 2008 to 2012 First T2 producers in 2013 significantly out-performed expectation First East Terrace T4.1 production…
  18. Full year Results – Salamander Energy Plc – slide 18
    BRAVO DEVELOPMENT DRILLING Regents Park Old Street Hyde Park Drilling performance setting new standards Extended reach horizontal drilling to 3500m measured depth with vertical depth of only 1100m Wells steered to targets…
  19. Full year Results – Salamander Energy Plc – slide 19
    BUALUANG DRIVING LONG TERM OPERATING COSTS DOWN Bualuang field operating cost forecast New infrastructure to reduce opex by US20-25 million p.a. 90 Power and processing modules installed on Bravo. Hook up in 80 70 progress…
  20. Full year Results – Salamander Energy Plc – slide 20
    GREATER BUALUANG FORWARD PLAN 2013 129% increase in 2C resources certified at year end More wells required from a new platform or platforms 2014 FEED underway Expect to select platform design and sanction project by mid year A…
  21. Full year Results – Salamander Energy Plc – slide 21
    G4/50 EXPLORATION STATUS Abutment Western Basin Hanging-wall Fault & Dip Partial relinquishment Basement completed All high graded areas retained EIA application in process Stratigraphic 20 drilling locations Drilling…
  22. Full year Results – Salamander Energy Plc – slide 22
    GREATER KERENDAN North East Bangkanai PSC Kerendan West Bangkanai PSC SALAMANDER 2013 23
  23. Full year Results – Salamander Energy Plc – slide 23
    WEST KERENDAN SIGNIFICANT UPPER BERAI DISCOVERY WK1 operational summary Drilled to 4050m. Testing underway K-3 Upper Berai 401m of gas saturation in Upper Berai, 163m of pay. Potentially 2 separate gas K-7 columns West Kerendan-1…
  24. Full year Results – Salamander Energy Plc – slide 24
    KERENDAN FIELD CROSS SECTION 10 km Planned Second Upper Berai DST First Upper Berai DST 18 MMcfd & 183 bcpd SALAMANDER 2013 25
  25. Full year Results – Salamander Energy Plc – slide 25
    GREATER KERENDAN REGIONAL SETTING AND FOLLOW UP POTENTIAL NW SE West Jupoi Prospect Kerendan-1 Kerendan- 7 1,000m 2,000m Top Upper Berai Intra Upper Berai 3,000m Lower Berai Upper Tanjung 4,000m Lower Tanjung Depth…
  26. Full year Results – Salamander Energy Plc – slide 26
    COMMERCIALISING GREATER KERENDAN Power line transmission network Kerendan gas field 120 Bcf proved reserves. 160 Bcf contingent resources Development on-going providing feedstock for new build local power generation with GSA for…
  27. Full year Results – Salamander Energy Plc – slide 27
    GREATER KERENDAN FORWARD PLAN 2014 Complete testing of WK1 1Q Potential to appraise Upper Berai with WK2 in 2Q Re-certify reserves and resources with Indonesian certifier. Underway, complete by mid year Commence production 4Q…
  28. Full year Results – Salamander Energy Plc – slide 28
    MALAYSIA PM-322 SALAMANDER 2013 29
  29. Full year Results – Salamander Energy Plc – slide 29
    MALAYSIAN COUNTRY ENTRY, PM322 A GOOD STRATEGIC FIT Proven hydrocarbon system Port Klang-1 oil discovery drilled by Sun Oil, 1991 20,000 km2 block in under-explored Melaka Strait Found excellent quality Pematang source rocks Early…
  30. Full year Results – Salamander Energy Plc – slide 30
    NORTH KUTEI Bontang PSC SE Sangatta PSC SALAMANDER 2013 31
  31. Full year Results – Salamander Energy Plc – slide 31
    NORTH KENDANG RE-DRILL PREPARATIONS SSW NNE NW SE North Kendang-1 and 2 NK1 had high A pressure wet gas kick North Kendang from Upper Miocene High Well control insurance claim approved 16 MM received to date Re-drill insurance…
  32. Full year Results – Salamander Energy Plc – slide 32
    SUMMARY James Menzies, CEO
  33. Full year Results – Salamander Energy Plc – slide 33
    KEY MILESTONES Resource Addition Commercialisation Reserve Addition Development Production YE Reserve 2013 2014 Booking 2015 2016 Bualuang Area, Resource Charlie Platform Platform Installation & Charlie Thailand Upgrade…
  34. Full year Results – Salamander Energy Plc – slide 34
    SUMMARY Excellent FY2013 production average production rate 14.2 Mboepd, up over 30% progress across Significant increase in resources added through the drill-bit to 121.3 MMboe, up 48% the portfolio Bualuang development continues,…
  35. Full year Results – Salamander Energy Plc – slide 35
    IR CONTACT Geoff Callow Head of Corporate Affairs Tel: + 44 (0)20 7432 2680 Email: geoff.callowsalamanderenergy.com www.salamander-energy.com smdrenergyplc SALAMANDER 2013 36
  36. Full year Results – Salamander Energy Plc – slide 36
    APPENDIX
  37. Full year Results – Salamander Energy Plc – slide 37
    FY 2013 FINANCIAL OVERVIEW TAX RECONCILIATION (NOTE 9) FY 2013 FY 2012 PBT 47.3 10.8 Adjustments: UK losses 25.4 42.8 SRB 91.2 57.6 Non-allowable exploration costs 103.2 18.4 Other items 67.1 16.6 Adjusted PBT 334.2…
  38. Full year Results – Salamander Energy Plc – slide 38
    THAILAND - KHORAT PLATEAU L15/43 EU-1 E5-N L27/43 SALAMANDER 2013 39
  39. Full year Results – Salamander Energy Plc – slide 39
    SINPHUHORM RECOGNISED UPSIDE YET TO BE PURSUED Hess THAILAND (Operator) divesting of asset Hess has not been an aggressive operator Upside potential on the field has not been chased Sales process ongoing, expected imminent…
  40. Full year Results – Salamander Energy Plc – slide 40
    DONG MUN GAS DISCOVERY APPROACHING COMMERCIALISATION Block L27/43 Dong Mun field development Salamander Working Interest 27.2% (1) Successful appraisal well DM3ST in 2012 Ownership of Dong Mun APICO (100%, Operator) Production…

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