Annual General Meeting 26 June 2014 Brian OCathain
Major progress since 2012 merger Building for long term growth and value Progress of Algeria Renewed Experienced project - Team, exploration portfolio management team FEED, GSA, - extensive 2014/15 with new senior second farmout…
Petroceltic corporate overview (AIM: PCI) Share in issue and market capitalisation Shares in Issue 213.7 Million Market Cap - 155p 562 Million Enterprise Value 808 Million EV/BOE 2.24 /boe Proven and Probable Reserves 31 Dec…
Delivering value through full cycle E&P Operational experience Discover Assets we know and Geology we understand acquire Risks we can manage Regional partnerships Operational Low Operating Costs efficiency Limited pricing…
Producing and Development Assets Algeria, Egypt, Bulgaria 5
360 Mmboe Reserve base supports long term focus Algeria Egypt Bulgaria Team in place Stable operation High value products Production Infrastructure Development on track management ownership Competitive fiscal Farm-out agreed…
Sustainable long term production profile Mboepd, Working Interest basis 50 50 40 40 30 30 20 20 10 10 0 - Gas Liquids 2014 production guidance 20-22 Mboepd, Q1 2014 actual 26 Mboepd Producing Reserve Life of 10 years as at…
Algeria Overview Ain Tsila Development has many regional analogues *Post farm-out Petroceltics interest will be 38.25% 8
Ain Tsila- an active development 2013 2014 2015 2016 2018 Groupement Award FEED Award EPC Infrastructure Commissioning established Gas Sales Drilling and on- Liquids marketing First gas FEED Tender Agreement going facilities…
Algeria - Ain Tsila Value growth through execution Petroceltic interest valuation* Petroceltic has managed financial exposure 1600 to Ain Tsila through farmouts 1400 1200 These transactions have clearly 1000 demonstrated growing…
Indicative upside production profile 800 Enhanced Plateau 700 mmscfd wet gas 700 600 Wet Gas Rate (MMcfpd) 500 Upside Production Profile 400 300 200 Initial Production Profile 100 Plateau rate 355mmscfd 0 0 1 2 3 4…
Egypt - portfolio geared to long term growth Operated assets onshore Nile Delta (100% working interest) 15 development leases, 12 fields on production Two key assets with long term production South Idku, exploration concessions…
Egypt is becoming a net gas importer.. LNG production and consumption Base domestic gas price is set at 2.76/mcf Approximately 30% of domestic gas production achieves enhanced prices to permit development (up to 5.80/mcf) Price…
Egypt - 2013 awards increase core acreage by 300% Expanding exploration portfolio during period of low competition 3 recent awards in EGAS/EGPC licencing rounds Onshore Nile Delta South Idku (1,575 km, 75% WI, Operator)…
PETROCELTIC INTERNATIONAL PLC Egyptian Political and Economic Situation Political stability returning New constitution approved in January Presidential elections won by President El Sisi New Government with focus on stability,…
Cash generative Bulgaria production Galata Block (100% WI) located in shallow water…
Exploration portfolio Kurdistan, Romania, Italy, Greece Growth potential for the future scale of the business 17
Exploration Strategy Petroceltics exploration team is focused on three main play types Low cost, near-field operated conventional plays in MENA, (Algerias Illizi Basin, Egypts Nile Delta and Gulf of Suez) Shallow water offshore…
Kurdistan Region of Iraq- High Impact campaign in progress Hess Operator, 64%, Petroceltic 16%, KRG 20% (carried). Situated adjacent to existing discoveries in northern Kurdistan Taq Taq, Bina Bawi, Shaikan, Atrush, Swara Tika,…
Kurdistan - Dinarta 3 Independent structures with 1.9 Bboe potential Shireen Anticline: Simple Fold Geometry Jurassic-Triassic Reservoirs Shireen-1 well spudded on 11 June 2014 4 way dip closed prospect Oil prone in…
Romania exploration- Shallow Water Potential Muridava (Ex27): Petroceltic 40%, Sterling 40%, Petromar 20% Est Cobalcescu (Ex28): Petroceltic 40% Beach 30%, Petromar 30% Mainly shallow water (jack-up) with multiple proven…
Romania exploration- Muridava and Est Cobalcescu Limited 1980s 2D seismic data and one well drilled on the blocks (Olympiskaya discovery) Block-wide 3D seismic survey (1,930 km2) acquired in 2012 Two wells drilled in 2013/14, on…
Italy - Key appraisal / development asset: Elsa field Petroceltic operated asset (55% WI) (1) discovered in 1992 Gross 2C contingent resource 95 MMbbls (2) 65 metre oil pay zone identified in Cretaceous dolomites, but not…
Italy exploration: Po Valley, Carpignano Sesia Thrusted structure identified to west of producing 250MMbbls Trecate / Villafortuna field Triassic fractured carbonate targets - P50 prospective resources 230 MMbbls (1) Stakeholder…
Active exploration, appraisal and development programme 2014 2015* SOUTH WORK WD 8 WO EAK 1 ST WK1 ST WK 10 SK 3 WD 15 HZ DIKIRNIS OVERS Egypt - Nile Delta FACILITY INTEGRATION AND SAFETY UPGRADES Egypt - New licences SOUTH…
Corporate activity and conclusions 26
PETROCELTIC INTERNATIONAL PLC Planned step up to Official List Proposed application for UK Standard Listing intention to apply for Premium listing at a later date secondary listing on the Irish Stock Exchange Simultaneously…
PETROCELTIC INTERNATIONAL PLC Board changes Board of directors reduced from 9 to 7 members. 2 new non-executive directors to be appointed in due course COO & CFO retain corporate roles but step down from the board Dovenby…
Annual Results 2013 - Highlights Revenue for the year of US197m relating to Egypt US115m and Bulgaria US82m Production of 25.2Mboepd in line with guidance Exploration write-off US37m due to unsuccessful wells in Egypt, Bulgaria and…
PETROCELTIC INTERNATIONAL PLC Well positioned for growth Balanced portfolio of exploration, development and production assets Algeria development project on track, experienced team, financing strategy in place Well positioned for…
Loading...
