Leading Heavy Oil Expertise OILBARREL CONFERENCE December 2014 Rupert Cole CEO, Xcite Energy www.xcite-energy.com
Xcite Energy 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 Thoroughly…
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 Understand the Reservoir EWT + engineering Simplify the Development Plan Engineering + Partners/ Co-Venturers Thorough Planning for Project Execution 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 3…
2012 Extended Well Test Understanding 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 Understand the Reservoir EWT + engineering Simplify the Development Plan Engineering + Partners/ Co-Venturers Thorough Planning for Project Execution 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 MOPU with 20 well slots (17 producers, 3 First Phase Development injector wells) 5 year drilling programme, with jack-up rig positioned over…
First Phase Development Development Partners to Play Key Roles Mobile Offshore Production Unit (MOPU) N Plus Class Drilling Rig Sevan design Floating Storage Offtake (FSO) vessel Drilling Services December 2014…
Xcite Energy - Key Development Steps 2 wells + EWT Understand the Reservoir EWT + engineering Simplify the Development Plan Engineering + Partners/ Co-Venturers Thorough Planning for Project Execution Development Plan…
Early Planning to Address Project Risks Key Issues for North Sea Developments Bentley Development Group COSTS SCHEDULE RISK MANPOWER XCITE PROJECT STRATEGY 1. Front-end assurance engineering to increase predictability…
Xcite Energy - Key Development Steps 2 wells + EWT Understand the Reservoir EWT + engineering Simplify the Development Plan Engineering + Partners/ Co-Venturers Thorough Planning for Project Execution Development Plan…
Technical and Financial Requirement for FDP Technical Financial Bentley Development Group Reduce upfront cash requirement - Early definition of costs - MOPU asset financing - Development partners Determine balance of funding…
Work Plan and Key Milestones 2014 Key work plan FDP Approval Platform & Topsides MOUs with AMEC, Arup, Aibel Cost & Schedule Assessment Complete NEW BUILD Platform Assurance Scope Complete Costs Defined Ongoing Platform c.36…
Xcite Energy in Summary Major UK North Sea asset Thoroughly appraised reservoir Simplified and validated development plan Major partners with skills and expertise to deliver the Bentley project Strategy to reduce the risks…
Leading Heavy Oil Expertise Thank you December 2014 www.xcite-energy.com OilBarrel Conference
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