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CORPORATE PRESENTATION – Bankers Petroleum Ltd.

Bankers Petroleum Ltd. · Dec 10, 2014 · 30 slides

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Slides

  1. CORPORATE PRESENTATION – Bankers Petroleum Ltd. – slide 1
    December 2014 Corporate Presentation TSX AIM: BNK
  2. CORPORATE PRESENTATION – Bankers Petroleum Ltd. – slide 2
    Company Overview Bankers Petroleum Ltd. is an international E&P company with operational focus in Albania. Stock Exchange Symbol: BNK TSX Toronto AIM London Total Shares 261 Million (281 Million fully diluted) Share Price 2.50 (as of…
  3. CORPORATE PRESENTATION – Bankers Petroleum Ltd. – slide 3
    Asset Overview- Albania Patos-Marinza Oilfield Largest onshore oilfield in Europe 100% W.I. and operatorship 220 Million Barrels 2P Reserves Kuova Oilfield 100% W.I. and operatorship 12 Million Barrels 2P Reserves Drilling…
  4. CORPORATE PRESENTATION – Bankers Petroleum Ltd. – slide 4
    Investment Highlights 232 Million barrels 2P Large Primary Reserves 5.4 Billion barrels OIIP Strong Record of Q4 2014 average production as of Nov. 7 Production Growth 22,000 bopd Robust Pricing 25 cash margin at 60 Brent…
  5. CORPORATE PRESENTATION – Bankers Petroleum Ltd. – slide 5
    History of Patos-Marinza Patos-Marinza was first discovered by APOC (Anglo Persian Oil Co.) and developed in stages by 1928 1990 Russians and Albanians. 1990 Fall of Communism in Albania AAP (Anglo Albanian Petroleum, a partnership…
  6. CORPORATE PRESENTATION – Bankers Petroleum Ltd. – slide 6
    Engineered Resilience 3 Drilling Rigs, 85 90 wells Execute Drilling Maintain existing production levels Program Operational flexibility to adjust pace of drilling with oil prices Optimize treating process and sourcing to reduce…
  7. CORPORATE PRESENTATION – Bankers Petroleum Ltd. – slide 7
    2015 Capital Program of 218 M Primary Development 182 Million 3 drilling rigs, 85 - 90 wells to be drilled in 2015 Gathering and flow line systems 2 water disposal wells Large programs for electrification, pump upsizing, and other…
  8. CORPORATE PRESENTATION – Bankers Petroleum Ltd. – slide 8
    2015 Sales Contracts Total cash realization equivalent of 82% Dated Brent Inclusive of domestic and export contracts as well as existing hedge Export Market 55% of 2015 volumes will be sold to the export market All export volumes…
  9. CORPORATE PRESENTATION – Bankers Petroleum Ltd. – slide 9
    Cash Margin Equivalent Hedge AR Recovery Netback S&T Operating Royalties 70.00 9.68 60.00 9.15 8.61 8.07 7.53 12.27 50.00 6.99 12.23 6.46 12.15 12.19 12.07 12.11 9.10 40.00 12.03 8.90 /bbl 8.50 8.70 8.10 8.30 30.00…
  10. CORPORATE PRESENTATION – Bankers Petroleum Ltd. – slide 10
    Strong Balance Sheet LIQUIDITY at September 30, 2014 Working capital of 190 Million; CASH of 88 Million Credit Facilities Facility Utilized Available Raiffeisen Bank 20 Million 0 Million 20 Million IFC / EBRD* 204 Million 104 Million…
  11. CORPORATE PRESENTATION – Bankers Petroleum Ltd. – slide 11
    Netbacks Netback (/bbl) 2012 2013 Q3 2014 60 Brent 111.67 108.66 101.93 Sales Price 79.73 85.39 78.55 50 (% of Brent) (71% ) (79%) (77%) Royalties 14.46 14.22 11.36 40 Transportation 2.38 2.44 2.34 Energy 3.83 2.88 2.25 Well…
  12. CORPORATE PRESENTATION – Bankers Petroleum Ltd. – slide 12
    Cost Structure Improvements Cost Potential Category Q1 2013 Q3 2014 Savings On-going Initiatives Savings (2-3 years) Produce lighter oil 0.50 - Proactive tank turnarounds Diluent 7.12 6.78 0.34 Optimize workovers 1.00 Optimize…
  13. CORPORATE PRESENTATION – Bankers Petroleum Ltd. – slide 13
    Off-take Infrastructure Export Pipeline: 2 year right of way CTF 25,000 on export pipeline route to the Vlore ARMO Refinery bopd Port Terminal from Fier Hub. 10,000 bopd refining treatment capacity capacity, Management currently…
  14. CORPORATE PRESENTATION – Bankers Petroleum Ltd. – slide 14
    Patos-Marinza Average Quarterly Production 22,500 20,000 17,500 Horizontal Wells: 429 15,000 Production (bopd) 12,500 10,000 7,500 Vertical Wells: 107 5,000 2,500 0 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4…
  15. CORPORATE PRESENTATION – Bankers Petroleum Ltd. – slide 15
    Horizontal Well Performance Average Horizontal Well Profile 120 480 Oil Rate 3P recovery case 100 2P recovery case 400 1P recovery case Well Count Producing Well Count 80 320 Oil Rate (CD, bopd) 60 240 40 160 20…
  16. CORPORATE PRESENTATION – Bankers Petroleum Ltd. – slide 16
    Reserves Value / Metrics December 31, 2013 Reserves 147 Mbbls 232 Mbbls Patos-Marinza 144 Mbbls 220 Mbbls Kuova 3 Mbbls 12 Mbbls Reserve Life Index 22 years 35 years Net Present Value 1,216 2,240 at 10% After Tax (Millions) Per Share…
  17. CORPORATE PRESENTATION – Bankers Petroleum Ltd. – slide 17
    Reserves Allocation Depth: 2000 m Core Area 2013 Oil initially in place (OIIP) 1.7 Bbbls Recovery to date 131 Mbbls Recovered by Bankers 29.8 Mbbls (23%) Remaining booked 160 Mbbls Total Recovery using Primary Techniques 17%…
  18. CORPORATE PRESENTATION – Bankers Petroleum Ltd. – slide 18
    Reservoir Characteristics & Development Strategy Composite Type Section Primary Development I Horizontal Drilling & Reactivation of Existing Tertiary Development 510 API Wells Gorani Secondary and Tertiary…
  19. CORPORATE PRESENTATION – Bankers Petroleum Ltd. – slide 19
    Development Program Historical Drilling Program by Zone 2014 locations in red Gorani Upper Driza 519 horizontal wells drilled to the end of Q3 2014 (includes 23 lateral redrills) Pad drilling across 15 zones 995 future horizontal…
  20. CORPORATE PRESENTATION – Bankers Petroleum Ltd. – slide 20
    Water and Polymer Injection Water flood Implementation 1st Waterflood pattern initiated early Q2 2013 3 injection wells in the Upper Marinza (M0) formation at the end of Q3 2014 Initial patterns in 10 700 cP viscosity range Polymer…
  21. CORPORATE PRESENTATION – Bankers Petroleum Ltd. – slide 21
    Illustration Type Curve Early Stage 250 Oil rate plateau for 4-8 months Oil rate peak response (increasing water production Fully Supported Producer rate during period) 200 1 well converted at 12 months ( 50 bopd) Oil Rate…
  22. CORPORATE PRESENTATION – Bankers Petroleum Ltd. – slide 22
    EOR Pattern Performance M0 Water Flood Pattern (10-150 cP) D5 Polymer Patterns (700-1400 cP) 350 250 300 200 Oil Rate (bbl/d) 250 Oil Rate (bbl/d) 150 200 150 100 100 50 50 0 0 0 10 20 30 40 0 10 20 30 40 Time…
  23. CORPORATE PRESENTATION – Bankers Petroleum Ltd. – slide 23
    Oil Rate (bopd) Oil Rate (bopd) 0 100 200 300 400 500 600 0 100 200 300 400 500 600 700 800 Jan-13 Jan-13 Apr-13 Apr-13 Jul-13 Jul-13 Oct-13 Oct-13 Jan-14 Jan-14 Pattern Results by Zone M0 Water…
  24. CORPORATE PRESENTATION – Bankers Petroleum Ltd. – slide 24
    Water and Polymer Flood Acceleration Strongly encouraged by the results to date Bankers will increase its spending on EOR by 41% and double the number of conversions compared to 2014 25 30 estimated conversions in 2015 Pattern…
  25. CORPORATE PRESENTATION – Bankers Petroleum Ltd. – slide 25
    Fiscal Terms Term 25 year term to 2029 with multiple 5 year extensions Royalties Blended average 17% decreasing to 14% over the next 5 years 10% Government Mineral Tax 1% Albpetrol Share of Production ASP 3% after 1x cost recovery…
  26. CORPORATE PRESENTATION – Bankers Petroleum Ltd. – slide 26
    Surface Infrastructure Optimization Lease Construction Satellite Treating Well Pad Tie ins, Treating, Testing, Sour Production Facility Handling, Control & Automation Gathering System (Pad D/H, Sat 3) Water Disposal…
  27. CORPORATE PRESENTATION – Bankers Petroleum Ltd. – slide 27
    Health, Safety, Environment & Community Relations Environmental Clean-up and remediation Meeting International standards Previous Albpetrol well Economic Health & Safety Health, Safety, Development Creating safe work…
  28. CORPORATE PRESENTATION – Bankers Petroleum Ltd. – slide 28
    Management Team David French Rob Carss President & CEO VP, HSSE Doug Urch Leonidha obo Executive VP Finance VP & General Director & CFO Albania Suneel Gupta Mark Hodgson VP, Business Executive VP & COO Development Bayne…
  29. CORPORATE PRESENTATION – Bankers Petroleum Ltd. – slide 29
    Board of Directors Private investor; over 20 years experience financing companies in the resource sector and is Robert Cross, Chairman on the board of several Canadian energy and mining companies Retired from President and CEO of…
  30. CORPORATE PRESENTATION – Bankers Petroleum Ltd. – slide 30
    Analyst Coverage Christopher Canaccord Genuity Haywood Securities Darrell Bishop Brown Cormark Securities Garett Ursu Mackie Research Mark Heim Industrial Alliance Credit Suisse David Phung Amin Haque Securities Dundee Capital…

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