Corporate Presentation April 2013 April 2013 BANK OF AMERICA MERRILL LYNCH OIL & GAS CONFERENCE, 20131
Xcite Energy Appraisal and development company focused on heavy oil 9 1 100% interest in the Bentley field a major strategic North Sea 9/3e 9/4a 9/3a asset Clement Bunsen and 01o 48 00 2P Reserves*: 250 MMstb; NPV10 value:…
Progression of Reserves and Resources 2008 2010 2012 Bentley discovered in 1977 by Amoco 9/3b-5 9/3b-6/6Z 9/3b-7/7Z 4 initial wells drilled (Amoco x1; Well Well Well Conoco x3) MMstb Licence awarded to Xcite in 2003 450 NPV10…
Reserves and Resources Summary Reserves Assessment Report (TRACS, 8 April 2013) Feb 2012 RAR (TRACS): PIIP for Bentley Field Mean P90 P50 P10 Mean PIIP: 550 MMstb First Phase Development MMstb 468 387 465 551 2P Reserves: 116 MMstb…
Updated Development Scheme Pre-Extended Well Test Post-Extended Well Test Pre-EWT 3 Phases 3 Platforms + EOR Post-EWT 2 Phases 2 Platforms + EOR 6
Economics and production profile Current Projected Development Costs - FPD & SPD* Based on 250 MMstb 2P Reserves, the RAR 1,000 3,500 assumes** 900 3,000 Total development costs of approx 3.4bn, equating 800 to 14/bbl; unescalated…
Development Plan: Expected First Phase Development FPD with jack-up rig First Phase Development (FPD) Permanent, manned production, utilities and quarters platform 20 slot drill template 18 production wells, with 4-5 laterals…
Development Plan: Expected FPD Extension FPD Extension Approx two years after first production, peripheral areas beyond 3.5km range, will be accessed Bentley Far-West 1 subsea oil producer, 1 subsea water injector Bentley…
Development Plan: Expected Second Phase Development Second Phase Development (SPD) To be initiated approx five years after first production from FPD Permanent, manned production, utilities and quarters platform with water handling…
Additional Opportunities Optimisation Opportunities Prospective Resources Production optimisation 9 1 Field life extension 9/3e 9/4a 9/3a Enhanced Oil Recovery Clement 01o 48 00 01o 36 00 Bunsen and Prospective Resources…
Conclusion The Bentley field is a strategically important asset in the North Sea 250 MMstb 2P Reserves; 46 MMstb 2C Contingent Resources Initial facilities service life of 35 years; further 20 years economic production life The…
Appendices 13
Capital Structure Equity Million Shares in issue 290.9 Warrants outstanding 16.3 Options outstanding 16.3 Fully diluted 323.5 Equity Line Facility 47.1 West Face Capital 14% Loan notes (unsecured) 63.7 (inc. interest,…
North Sea Heavy Oil Setting North Sea heavy oil is a significant and accessible resource Bressay Estimated 9bn barrels resources-in-place(1) Bentley Technological developments Mariner UK government initiatives (800m tax…
Bentley Field (Blocks 9/3b, c & d) BRESSAY BENTLEY Disc. - 1976 with well 3/28-1 Disc. - 1977 with well 9/3-1 Operator - Statoil Operator - XER Reservoir Statoil Statoil Homogeneous Core Area of reservoir Xcite 9/3c containing…
Not to scale Phase 1A: Pre-production Flow Test c.370ft Sand Screen c.3,700ft c.2,200ft 17
Phase 1A: Pre-production Flow Test: 9/3b-7(B6) & 7Z(B5) Timing of first water ingress to wellbore and subsequent rate of water build-up better than expected (ie less water) Ratio of oil to water also better than expected…
Xcite Energy Management Team XEL Board of Directors Rupert Cole Steve Kew Non Executive Directors Chief Executive Officer Chief Operating Officer Roger Ramshaw (Chairman) Founder and Executive Director of Xcite Founder and Executive…
Glossary In this Presentation, the following words have the meanings as set out below. 1P means proved reserves, which are those quantities that are estimated with a high FPSO means Floating Production Storage Offloading unit degree…
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