Leading Heavy Oil Expertise PARETO SECURITIES OIL & OFFSHORE CONFERENCE September 2014 Rupert Cole CEO, Xcite Energy www.xcite-energy.com
Xcite Energy an Introduction Major UK North Sea asset One of the largest, proven, undeveloped assets in UK North Sea 257 MMstb 2P + 48 MMstb 2C + 96 MMstb Prospective Resources + EOR Delivering 50+ years of predictable production…
The Bentley Field - Block 9/3b Located in UK North Sea 160km east of Shetland Islands 15km x 6km; 113m water depth High quality reservoir High net to gross: 93% High porosity: 31% Ultra-high (47 Darcies) effective permeability…
One of the Largest, Proven and Undeveloped Assets in the UK North Sea Initial production profile (257MMstb) of 35 years; 50+ years including contingent resources Optimisation and Enhanced Oil Recovery expected to materially increase…
Xcite Energy - Key Development Steps 2 wells + EWT De-Risk the Reservoir EWT + engineering Simplify the Development Plan Engineering + Partners/ Co-Venturers De-Risk the Project Execution De-risked Development Plan…
Well Appraised and Understood Heavy Oil Field Pre-Xcite Wells 1970s and 1980s Well Name Date Operator Hydrocarbons Tests Encountered 12 API oil Nitrogen evacuation. Oil too heavy to 9/3-1 1977 Amoco 81 ft oil column flow 9/3-2A…
Independent Assessment of Reserves 2007 to 2014 2008 2010 2012 9/3b-5 Well 9/3b-6/6Z Well 9/3b-7/7Z Well MMstb 450 NPV10 NPV10 2.11bn 2.17bn 7 6 400 350 NPV10 1.46bn 300 5 NPV10 1.36bn 250 4 NPV10 200 781m…
2012 Extended Well Test - de-risked the Reservoir Principal Technical Objectives Safety & Environmental compliance Drilling and completion techniques Multi-lateral well technology Water ingress and interaction with oil Flow…
2012 Extended Well Test - validated the Development Concept Rig to Tanker offset approx 1.7 km Dehydrate De-gas Blend Water Depth 113m TK Shuttle tanker - 750,000 bbls Storage Jack-Up Drilling Rig Rowan Norway 250m,…
Xcite Energy - Key Development Steps 2 wells + EWT De-Risk the Reservoir EWT + engineering Simplify the Development Plan Engineering + Partners/ Co-Venturers De-Risk the Project Execution De-risked Development Plan…
Key Development Questions now addressed Question How Xcite has addressed this Is there sufficient oil in the ground for a Mapping has consistently shown large in-place volume. viable development Current P50 = 907 MMstb. What…
Field Development Plan - Utilises Key Information from EWT First Phase Development Plan ACE platform with 20 well slots (18 First Phase Development producers, 2 injector wells) 5 year drilling programme, with jack-up rig positioned…
Key Assets - ACE Platform and Sevan Bridge-Linked FSO Arup Concept Elevating (ACE) platform MOU signed with AMEC and ARUP for design and development of Arups self-installing platform Self-installing and re-locatable platform operates…
Xcite Energy - Key Development Steps 2 wells + EWT De-Risk the Reservoir EWT + engineering Simplify the Development Plan Engineering + Partners/ Co-Venturers De-Risk the Project Execution De-risked Development Plan…
Phased Development De-Risks the Full Field Project Large areal extent of Bentley requires two drilling centres First Phase exploits the northern area: - Replicates functionality and location of EWT - Conduct EOR pilot Development…
Early Engagement to Manage Project Execution Risks KEY DEVELOPMENT ISSUES XCITE DRIVES PROJECT STRATEGY COSTS SCHEDULE RISK RESOURCES Bentley Development Group 1. Front-end assurance engineering 2. Reduce technical and…
Xcite Energy - Key Development Steps 2 wells + EWT De-Risk the Reservoir EWT + engineering Simplify the Development Plan Engineering + Partners/ Co-Venturers De-Risk the Project Execution De-risked Development Plan…
2014 Work Plan and Expected Field Development 2014 Key work plan FDP Approval Platform & Topsides - MOUs - AMEC, Arup, Aibel Cost & Schedule Assessment Q2 Platform Assurance Scope Q3 Costs Defined Q3/Q4 NEW BUILD Contract…
Xcite Energy in Summary Bentley a major UK North Sea asset Thoroughly appraised reservoir Simplified and de-risked the Development Plan Early engagement with partners to manage project execution risk Project uncertainties…
Leading Heavy Oil Expertise THANK YOU - ANY QUESTIONS September 2014 www.xcite-energy.com
Glossary In this Presentation, the following expressions have the meanings as set out below: 1P means proved reserves, which are those quantities that are estimated with a high degree of FDP means Field Development Plan certainty to…
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