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Investor Open House – Pacific Rubiales Energy Corp.

Pacific Rubiales Energy Corp. · May 13, 2014 · 121 slides

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Slides

  1. Investor Open House – Pacific Rubiales Energy Corp. – slide 1
  2. Investor Open House – Pacific Rubiales Energy Corp. – slide 2
    Advisories Prospective Resources are those quantities of oil and gas estimated to be potentially recoverable from undiscovered accumulations. There is no certainty that the Prospective Resources will be discovered. If discovered, there…
  3. Investor Open House – Pacific Rubiales Energy Corp. – slide 3
    Advisories RPS prepared: (i) the report dated February 2014, effective December 31, 2013, entitled Reserves Certification Report for the Rubiales Field, Colombia; and (ii) the report dated February 14, 2013, effective December 31,…
  4. Investor Open House – Pacific Rubiales Energy Corp. – slide 4
    Advisories Boe Conversion Disclosure provided herein that is expressed in barrels of oil equivalent (boe) is derived by converting natural gas to oil in the ratio of five thousand seven hundred cubic feet (Mcf) of natural gas to one…
  5. Investor Open House – Pacific Rubiales Energy Corp. – slide 5
    INTRODUCTION President Jos Francisco Arata
  6. Investor Open House – Pacific Rubiales Energy Corp. – slide 6
    Pacific Rubiales The Company and Assets Production Mix 7% Heavy Oil 27% 2014 L&M Oil Base Natural Gas 67% Leading Latin American focused E&P 95 E&P blocks in seven countries (32 million gross (21 million net) acres…
  7. Investor Open House – Pacific Rubiales Energy Corp. – slide 7
    Pacific Rubiales Long-term Strategic Vision Leading (growth & value creation) Latin America focused Independent E&P Sustainable growth in production & reserves and cash generation Target growth mainly through drill bit,…
  8. Investor Open House – Pacific Rubiales Energy Corp. – slide 8
    Industry Leading Production, Reserves and Financial Growth Net Production Net Reserves Mboe/d Net Production Guidance (Low) Guidance (High) MMboe P1 P2 2P 180 700 613 160 162 600 514 140 59% 148 500 36% 224 127 CAGR 407 120…
  9. Investor Open House – Pacific Rubiales Energy Corp. – slide 9
    Reserves Growth Feeds Future Production Net 2P Reserves Peru PMG Light Oil RESERVES AND NETBACK COMPARISON(1) Colombia Light Oil Rio Ariari CPE-6 Quifa* 2P RLI P1/2P Ratio Oil Netback(1) La Creciente & Guama Rubiales (years) (%)…
  10. Investor Open House – Pacific Rubiales Energy Corp. – slide 10
    Organic Growth through the Drill Bit Net 2P Reserves Exploration Net 2P Reserves Company is focused on organic reserves Total Net 2P Reserves MMboe % Incorporated by Exploration % Exploration and production growth 700 100% 94%…
  11. Investor Open House – Pacific Rubiales Energy Corp. – slide 11
    Strategic M&A Provides Elements Unavailable Organically COLOMBIA M&A ACQUISITIONS Net 2P Net Cost Acquisition Reserves Production /2Pbbl M/bbl/d (B) (MMbbl) (Mbbl/d) PetroMagdalena (mid 2012) 0.2 16.6 3 14 71 C&C (late 2012)…
  12. Investor Open House – Pacific Rubiales Energy Corp. – slide 12
    Light Oil from M&A Provides Less Expensive Diluent 1 2 IMPORTED OWN LIGHT DISTILLATE OIL PRODUCTION (PRE-2013) (2013 Forward) Blending ratio: Blending ratio: 1 1.5 bbl / 10 bbl 2 3 bbl / 10 bbl oil production oil production…
  13. Investor Open House – Pacific Rubiales Energy Corp. – slide 13
    Adding Additional Value Through Early Infrastructure Investment Company makes early first mover investments in infrastructure to control the pace and timing of critical oilfield developments Major Midstream Assets: ODL (35% WI)…
  14. Investor Open House – Pacific Rubiales Energy Corp. – slide 14
    Replacement of the Rubiales Field (Base Case Forecast) Net 2P Reserves Net Production Rubiales Other Fields Rubiales Other Heavy oil (low case) Mboe/d Other Heavy oil (high case) Light/Medium oil MMboe Natural Gas Exploration 700…
  15. Investor Open House – Pacific Rubiales Energy Corp. – slide 15
    Pacific Rubiales Advantage 1 Sustainable Cash Flow and Strong Netbacks Cash flow to invest in large development and exploration portfolio Self funded growth from internally generated cash flow Production linked to international…
  16. Investor Open House – Pacific Rubiales Energy Corp. – slide 16
    TRADING Sr. VP Wuillian Mauco Please see Advisories in Introduction Section and on the Corporate Website at: www.pacificrubiales.com
  17. Investor Open House – Pacific Rubiales Energy Corp. – slide 17
    Trading Key Messages Oil markets remain strong and supportive of Colombian heavy oil producers Significant arbitrage opportunities supports export diversification PRE netbacks remain strong versus peers 18
  18. Investor Open House – Pacific Rubiales Energy Corp. – slide 18
    Trading Key Messages ICE BRENT WTI NYMEX CASTILLA PLATTS VASCONIA PLATTS /bbl 130 120 110 100 90 80 70 60 01/10 04/10 07/10 10/10 01/11 04/11 07/11 10/11 01/12 04/12 07/12 10/12 01/13 04/13 07/13 10/13 01/14 04/14 High…
  19. Investor Open House – Pacific Rubiales Energy Corp. – slide 19
    World Oil Demand Oil Demand Change Mbbl/d Year -on- Ind. Atl. Basin Japan/ANZ Year Changes Asia S.America Africa/Middle East FSU/E. EUR. 4,000 3,015 3,000 700 1,250 1,450 1,735 2,000 650 1,000 Industrial Atlantic basin oil…
  20. Investor Open House – Pacific Rubiales Energy Corp. – slide 20
    Global Refining Capacity Variation Refinery Runs Annual Growth 2020 - 2012 USA / Canada Europe Japan / ANZ FSU Latin America / Africa Other Asia Mid East China MMbbl/d Mbbl/d 100 1,600 90 1,400 80 1,200 70 1,000 Asian /…
  21. Investor Open House – Pacific Rubiales Energy Corp. – slide 21
    Global Oil Supply Trends Oil Supply Growth Heavy Medium Light MMbbl/d Extra light/ Cond. Biofuel NGL'S 120 100 80 60 Oil supply growth concentrated in light and 40 medium grades 20 0 2010 2015 2020 2025 2030 Mexican oil…
  22. Investor Open House – Pacific Rubiales Energy Corp. – slide 22
    2013 Oil Exports 2013 2012 WTI Nymex 98.1 WTI Differential 94.2 WTI Differential ICE BRENT 108.7 -10.6 111.9 -17.7 Region Price /bbl Volume MMbbl Price /bbl Volume MMbbl USA 99.8 16.8 101.3 10.1 Europe / Asia / Africa 98.8 20.4…
  23. Investor Open House – Pacific Rubiales Energy Corp. – slide 23
    PRE Sales Price vs. Other Producers 2013 Fob Prices /bbl 120 98.6 98.6 97.3 94.5 94.1 100 73.4 80 60 40 20 0 18.8 19.0 22.0 12.5 19.6 19.0-22.0 API CASTILLA MARLIN MAYA RUBIALES NAPO WCS Fob Prices /bbl 120 104.0…
  24. Investor Open House – Pacific Rubiales Energy Corp. – slide 24
    PREs Natural Gas Sales Price vs. Other Producers Domestic Sales 2013 /MMBTU 6.5 5.7 3.5 3.7 Volume sold: 61.8 MMcf/d (22.6 Bcf) Premium over Guajira of 15% and over PRE Guajira Cusiana Henry Hub Cusiana of 81% Firm…
  25. Investor Open House – Pacific Rubiales Energy Corp. – slide 25
    PREs Natural Gas Sales Price vs. Other Producers Prices (/MMBTU) NBP: 10.5 HH: 3.7 US is solely a domestic natural gas market JKM: 16.6 Japan-Korea is solely an LNG market *Brasil: 15.4 *Chile: 15.8 *Argentina: 16.0 Europe…
  26. Investor Open House – Pacific Rubiales Energy Corp. – slide 26
    LNG Commercial Contract LNG Sales Process: More than 20 LNG world players contacted 8 LNG purchase offers received Offers received linked to Brent, HH, NBP and fuel oil LNG Sales Agreement Status HOA with Gazprom Marketing…
  27. Investor Open House – Pacific Rubiales Energy Corp. – slide 27
    PRE Netback 2013 Oil (99.05/ Combined bbl) (93.95/boe) OPEX 15.24 OPEX 14.41 Transporta.on 14.54 Natural Gas Transporta.on 13.35 (37.27/boe) Diluent Cost 5.46 Diluent Cost 5.01 OPEX 5.11 Other cost 1.77 Other cost 1.84…
  28. Investor Open House – Pacific Rubiales Energy Corp. – slide 28
    PRE Netback 1Q 2014 Oil (98.44/ Combined bbl) (93.38/boe) OPEX 16.51 OPEX 15.57 Transporta.on 15.02 Natural Gas Transporta.on 13.88 (31.80/boe) Diluent Cost 2.90 Diluent Cost 2.68 OPEX 4.18 Other cost 1.24 Other cost…
  29. Investor Open House – Pacific Rubiales Energy Corp. – slide 29
    PRE Peers Benchmark (2013) PRE vs. Oil Producers(1) /bbl Operating Netbacks Operating costs 120 100 80 60 40 64 66 63 Netbacks comparable to light oil Colombian 48 20 43 43 peers 0 PRE A B C D F Colombian Canadian Heavy…
  30. Investor Open House – Pacific Rubiales Energy Corp. – slide 30
    Commercial Strategies Continue development of commercial relationships with first class oil buyers from Europe and Asia Maintain flexibility regarding market indicators (Brent / WTI) and destination of cargoes Continue…
  31. Investor Open House – Pacific Rubiales Energy Corp. – slide 31
    PRODUCTION & OPERATIONS Sr. VP Luis A. Pacheco Please see Advisories in Introduction Section and on the Corporate Website at: www.pacificrubiales.com
  32. Investor Open House – Pacific Rubiales Energy Corp. – slide 32
    PRE as The Main Engine in Colombias Production Growth Light/Medium Oil Fields (Other) Heavy Oil Fields (Other) Light/Medium Oil Fields (PRE) Heavy Oil Fields (PRE) Mbbl/d 1,200 1,000 Large Light Fiscal & Regulatory Oil Field…
  33. Investor Open House – Pacific Rubiales Energy Corp. – slide 33
    2P Reserves Growth Underlines Robustness and Diversification Net 2P Reserves MMboe Rubiales Other Fields 700 600 500 400 300 200 100 56% 100% 60% 50% 28% 19% 11% 0 2007 2008 2009 2010 2011 2012 2013 13 year RLI: 2.5 x other…
  34. Investor Open House – Pacific Rubiales Energy Corp. – slide 34
    PRE Production Forecast Provides Growth and Diversification Net Production Rubiales Other Heavy oil (low case) Other Heavy oil (high case) Mboe/d Light/Medium oil Natural Gas Risked Exploration 250 200 150 100 50 61% 54% 40%…
  35. Investor Open House – Pacific Rubiales Energy Corp. – slide 35
    The Rubiales Field Model Development Total Field Production, Facilities, Permits Production Growth from 20 Mbbl/d to over Oil Oil Gross Production Water Production Mbbl/d New Facility Enviromental Permit Water Mbbl/d 200 Mbbl/d in…
  36. Investor Open House – Pacific Rubiales Energy Corp. – slide 36
    Quifa SW Field Model Development Total Field Production, Facilities, Permits Oil Oil Gross Production Water Production Water Mbbl/d New Facility Enviromental Permit Mbbl/d Production Growth from 0 Mbbl/d to over 30 60 1,200 Mbbl/d in…
  37. Investor Open House – Pacific Rubiales Energy Corp. – slide 37
    Oil Field Development Model Cycle Oil (bbl/d) Heavy oil field Discovery Permits Field Abandonment 1 - 2 Years 2 - 4 Years 4 - 8 Years 8+ Years Appraisal wells Development wells Production optimization Infill wells Field…
  38. Investor Open House – Pacific Rubiales Energy Corp. – slide 38
    Technology Improving Operations and Recovery Horizontal Drilling Primary recovery Submersible pumps and horizontal drilling technology RF increased…
  39. Investor Open House – Pacific Rubiales Energy Corp. – slide 39
    STAR Pilot Project a Successful Demostration Independent Engineer Evaluation RF STAR Technology: opportunity to unlock 33% 32.4% additional resources 32% 31% 30.4% Heavy oil operated assets in Colombia 30% 29.5% combined OOIP of 10…
  40. Investor Open House – Pacific Rubiales Energy Corp. – slide 40
    CPE-6 Development Moving Along the Trend PRE 50% WI and operator (Talisman 50% WI partner) 25 wells in plan for 2014 (16 development, 9 exploratory) 63 MMbbl certified net 2P reserves on drilled portion of Hamaca prospect 137…
  41. Investor Open House – Pacific Rubiales Energy Corp. – slide 41
    Rio Ariari Development Moving Along the Trend PRE 100% WI and operator Mochelo Prospect Progressing with development of Mochelo prospect 46 MMbbl certified net 2P reserves + early low case resources support 50 - 60 Mbbl/d…
  42. Investor Open House – Pacific Rubiales Energy Corp. – slide 42
    Light Oil Field Development Net Production Colombia Mboe/d Light / Medium oil Risked Exploration 80 Light Colombia oil provides secure lower cost diluent source 60 40 86 MMbbl Net 2P reserves light / medium 20 La Creciente and Guama…
  43. Investor Open House – Pacific Rubiales Energy Corp. – slide 43
    HSEQ Accident Frequency Index and Production Production PRODUCCION AFI IF 2008 2009 2010 2011 2012 2013 2014 Bbl/d MHW: 9.0 million MHW: 14.0 million MHW: 32.3 million MHW:39.8 million MHW: 46.38 million MHW:62.4 million MHW:18.0…
  44. Investor Open House – Pacific Rubiales Energy Corp. – slide 44
    Production Summary The Transition: Building upon Rubiales and Quifas success - New heavy oil field development CPE-6 and Rio Ariari - Substantial growth in light/medium oil and natural gas Technology driven company Water…
  45. Investor Open House – Pacific Rubiales Energy Corp. – slide 45
    SUPPLY & TRANSPORTATION Sr. VP Renata Campagnaro Please see Advisories in Introduction Section and on the Corporate Website at: www.pacificrubiales.com
  46. Investor Open House – Pacific Rubiales Energy Corp. – slide 46
    PRE- Pipelines Capacities Pipeline Capacity* 1. Oleoducto de los Llanos (ODL): 119,000 bbl/d 2. OCENSA: 100,750 bbl/d (18 - 24API) BICENTENARIO: 47,334 bbl/d (24API) 3. Oleoducto Guaduas la Dorada (OGD): 38,000 bbl/d…
  47. Investor Open House – Pacific Rubiales Energy Corp. – slide 47
    Dilution Cost 2013 Heavy Crude Oil Own Light Crude Natural Gasoline Diluet Cost Per Sold Barrel (/Boe) Diluent Cost Distribution /bbl 2% 3% 100% 4% 10 6% 12% 10% 14% 19% 9 24% 80% 8.58 8 7 5.78 60% 6 5 78% 73% 88% 83%…
  48. Investor Open House – Pacific Rubiales Energy Corp. – slide 48
    Pipeline vs. Trucking Volumes TOTAL TRANSPORTED CRUDE TRUCKING (BARRANQUILLA) bbl/d bbl/d 140,000 132,141 25,000 22,012 118,614 120,000 112,865 101,831 20,000 100,000 Optimization of 87,500 Bicentenario Guaduas 18,553 startup…
  49. Investor Open House – Pacific Rubiales Energy Corp. – slide 49
    Transportation Costs 2013-2014 OCENSA BICENTENARIO GUADUAS-OGD-OAM-ODC Barranquilla (Trucking) Transported Crude Distribution (bbl/d) OTA Pipeline Transportation Cost Per Sold Barrel /boe 140,000 3,072 15.0 378 14.42 14.41 6,224…
  50. Investor Open House – Pacific Rubiales Energy Corp. – slide 50
    CPE-6 Transportation Options Blending to 16.5 API at ODL Option 1 Trucking to ODL Facilities at Corocora Rubiales Transported through ODL Option 2 New pipeline to Corocora pumping Option 1 Option 2 station 115 km 100…
  51. Investor Open House – Pacific Rubiales Energy Corp. – slide 51
    Rio Ariari Transportation Options Option 1: Trucking to Guaduas Transport Through OGD-OAM-ODC pipeline Sell as Vasconia San Fernando Option 2: Trucking to San Fernando Transport Through Option 1 Option 2 San Fernando,…
  52. Investor Open House – Pacific Rubiales Energy Corp. – slide 52
    Onshore Peru Transportation Options Similar transportation strategies for blocks 131 and 126 Option 1: Trucking to Pucallpa and barge to Iquitos refinery Option 2: Trucking to Pucallpa and barge to station 1 of Oleoducto…
  53. Investor Open House – Pacific Rubiales Energy Corp. – slide 53
    Transportation & Supply Summary Decreased truck transportation through pipeline investment New Dilution arrangement provides important cost savings by: Lowering diluent volume required at Rubiales / ODL blending point,…
  54. Investor Open House – Pacific Rubiales Energy Corp. – slide 54
    PROJECTS & INFRASTRUCTURE Sr. VP EDUARDO LIMA Please see Advisories in Introduction Section and on the Corporate Website at: www.pacificrubiales.com
  55. Investor Open House – Pacific Rubiales Energy Corp. – slide 55
    Key Messages What we have accomplished Rubiales and Quifa field developments Support the business strategy Know-how, repeatable / scalable heavy oil development CPE-6 Rio Ariari Integrating infrastructure with operations, cost…
  56. Investor Open House – Pacific Rubiales Energy Corp. – slide 56
    Rubiales + Quifa Fields The Show Piece - Cookie Cutter Approach Rubiales Mbbl/d Mbwpd 2014 CAPEX* Oil Water CAPEX MM (1) 2008 2009 2010 2011 2012 2013 250 4,000 E 9% CPF1 23% CPF2 200 16% Production Facilities 3,000 Rubiales…
  57. Investor Open House – Pacific Rubiales Energy Corp. – slide 57
    Other Blocks in the Llanos Basin Future barrels using cookie cutter approach Short term: Cajua, Sabanero, CPE-6, Rio Ariari Mid-term: Quifa North,CPO-14, CPO-12, CPO-17 Long-term: Caguan Putumayo basin Development know-how…
  58. Investor Open House – Pacific Rubiales Energy Corp. – slide 58
    CPE-6 Block Development Plans Project Phases Phase 1: 8 Mbbl/d (Jun-14) Phase 2: 10 Mbbl/d additional (Dec-14) Phase 3: 15 - 25 Mbbl/d additional (Dec-15) Phase 4: 15 - 25 Mbbl/d additional (Dec-16) Estimated Capex: 1.5 - 2.0…
  59. Investor Open House – Pacific Rubiales Energy Corp. – slide 59
    Rio Ariari Block Development Plans Project Phases Early production facilities Phase 1: 12 Mbbl/d (Dec-14) Phase 2: 25 - 35 Mbbl/d additional (Dec-16) Estimated Capex: 1.2 - 1.7 Billion Mochelo South Current Project Status…
  60. Investor Open House – Pacific Rubiales Energy Corp. – slide 60
    Integrating Infrastructure PEL with Operations Puerto Baha 61
  61. Investor Open House – Pacific Rubiales Energy Corp. – slide 61
    Business Rationale From Oil & Gas field Operators to Infrastructure Developers Access to pipeline and infrastructure systems key to managing growing production volumes PRE has developed major infrastructure projects linked to…
  62. Investor Open House – Pacific Rubiales Energy Corp. – slide 62
    ODL Pipeline Key element of the Companys expansion plans Project Description Connected to OCENSA and Bicentenario pipeline systems PRE equity interest: 35% 236 km long x 24 inch pipeline Capacity: 340,000 bbl/d Capex: 1.0…
  63. Investor Open House – Pacific Rubiales Energy Corp. – slide 63
    Bicentenario Pipeline Provides additional link to export markets Project Description Phase 1: 226 km long x 42 pipeline connecting Araguaney to Banadia (Cao Limn Pipeline) Capacity: up to 600,000 bbl/d Operational on November…
  64. Investor Open House – Pacific Rubiales Energy Corp. – slide 64
    Petroelctrica de los Llanos Strategic asset for Llanos development Project Description 260 km, 230 kV powerline from Chivor to Rubiales 550 transmission towers 2 substations to supply power to ODL pipeline boosters 192 MW initial…
  65. Investor Open House – Pacific Rubiales Energy Corp. – slide 65
    Pacific Infrastructure A New Doorway to the Market Puerto Baha (41.4% WI) Natural deep water port 3.3 MMbbl storage in two phases Total Capex: 570 MM; 70% project financed First operations by 3Q14 OLECAR (50.0% WI) 130 km…
  66. Investor Open House – Pacific Rubiales Energy Corp. – slide 66
    Pacific Midstream Monetization of Infrastructure Assets OCENSA transaction successfully closed during the quarter (385 MM) Pacific Midstream Assets: PEL (100%) ODL (35%) BIC (41.5%) IFC non-binding appraisal letter agreement For…
  67. Investor Open House – Pacific Rubiales Energy Corp. – slide 67
    Caribbean Floating LNG Worlds First Floating LNG Facility Gas Pipeline 88 km x 18 gas pipeline Capacity: 100 MMcf/d 3 km subsea line to offshore jetty Capex pipeline + jetty: 210 MM 70% project financed Permits ongoing…
  68. Investor Open House – Pacific Rubiales Energy Corp. – slide 68
    Caribbean Floating LNG Worlds First Floating LNG Facility 2013 2014 2015 Completion 1Q 3Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 1Q 4Q 4Q 4Q 4Q 1Q 1Q 69
  69. Investor Open House – Pacific Rubiales Energy Corp. – slide 69
    Agrocascada Share value with communities Sustainable alternative for water disposal Provides a new source of water resource for agroindustrial projects Share value with communities Agricultural developments Local employment (1,400…
  70. Investor Open House – Pacific Rubiales Energy Corp. – slide 70
    Summary PRE Advantages First mover advantage in Colombia infrastructure and heavy oil field development Rubiales and Quifa fields as models Cookie cutter approach to other heavy field developments (CPE-6, Rio Ariari, CPO-17, CPO-14,…
  71. Investor Open House – Pacific Rubiales Energy Corp. – slide 71
    EXPLORATION Sr. VP Jairo Lugo Please see Advisories in Introduction Section and on the Corporate Website at: www.pacificrubiales.com
  72. Investor Open House – Pacific Rubiales Energy Corp. – slide 72
    Exploration Opportunities PRE Total Acres 33.4 MM Gross 24.5 MM Net 95 60 Assets Exploration 304 193 Prospects* 107 Leads* E&P Opportunities ASSETS Activity 4 Contingent R. * Management estimates 73
  73. Investor Open House – Pacific Rubiales Energy Corp. – slide 73
    Resources Net to PRE Resources by Hydrocarbon Type* Resources* Oil Natural Gas 2 Papua New Heavy Oil 1,295 Guinea 75 Guatemala 158 Medium Oil 1,334 Guyana 1,286 331 Light Oil 7,444 Brazil 2,336 389 Peru 3,799 268 Natural…
  74. Investor Open House – Pacific Rubiales Energy Corp. – slide 74
    Historic Exploration Seismic Drilling Stratigraphic Appraisal Seismic 2D Seismic 3D Wells Exploratory Exploration Success 327 80 100% 2007 83% 84% 225 90% 70 370 80% 2008 67% 14 67% 112 60 83% 70% 53 2009 50 72% 180 14…
  75. Investor Open House – Pacific Rubiales Energy Corp. – slide 75
    Historic Exploration Reserves Resources* Net 2P Reserves Incorporation by Production Opportunities Exploration Blocks Incorporation by Exploration % Incorporation Opp.Blocks Resources Expected MMboe MMboe 700 100% 350 14,000…
  76. Investor Open House – Pacific Rubiales Energy Corp. – slide 76
    Mean Successful Volumes Vs. Possibility of Success 100.0% Low Risk Low Risk & Volume High Volume Colombia 90.0% Llanos Basin Rio Ariari Quifa 80.0% Sabanero CPO-14 70.0% CPO-12 CPE-6 CPO-17 60.0% Lla-83 Cag-Put Basin Cor…
  77. Investor Open House – Pacific Rubiales Energy Corp. – slide 77
    Colombia Assets 40 Assets 156 Prospects 70 Exploration 219 Opportunities* Assets Activity 63 Leads Hydrocarbon Type* 454 Natural Gas 1,296 2,946 437 Light Oil MMBOE Medium Oil Heavy Oil 759 Resources by Basin* Llanos…
  78. Investor Open House – Pacific Rubiales Energy Corp. – slide 78
    Peru Assets 23 Prospects 9 8 Assets Exploration 53 Opportunities* 1 Contingent Assets Activity 29 Leads Resource Net 152.9 MMboe Hydrocarbon Type* Management Estimate 35.2 MMboe 574 268 Natural Gas 4,067 Light Oil…
  79. Investor Open House – Pacific Rubiales Energy Corp. – slide 79
    Brazil Assets 4 Prospects 8 8 Assets Exploration 14 Opportunities* 2 Contingent Assets Activity 8 Leads Resource Net 80.5 MMboe Hydrocarbon Type* Management Estimate 56.4 MMboe 389 Natural Gas 2,725 MMBOE Light Oil…
  80. Investor Open House – Pacific Rubiales Energy Corp. – slide 80
    Guyana Assets 2 Assets 4 Prospects 3 Exploration 7 Opportunities* Assets Activity 3 Leads Hydrocarbon Type* 331 1,617 Natural Gas MMBOE Light Oil 1,286 Resources* Mean 1,617 MMBOE Prospective 152 MMBOE 0 500…
  81. Investor Open House – Pacific Rubiales Energy Corp. – slide 81
    Guatemala, Belize & Papua New Guinea Assets 3 Prospects 3 Prospects 3 2 Assets Exploration 5 2 2 Assets Exploration 6 Opportunities* 1 Contingent Assets Opportunities* Assets Resource Activity 2 Leads Activity 2 Leads Net 3.3…
  82. Investor Open House – Pacific Rubiales Energy Corp. – slide 82
    Exploration Strategy Opportunities Giant Opportunities Colombia: Heavy, L&M & Gas 83
  83. Investor Open House – Pacific Rubiales Energy Corp. – slide 83
    Exploration Opportunities 500 Mmboe* Papua Gross Net Colombia Peru Brazil Guyana New Guinea Oil (MMbbl) 7,759 4,575 Gas (TCF) 11.3 3.9 Total Equivalent 9,643 5,232 Plan 2014-2018 2 Leads Net Investment 1 Lead 2 Prospects 2…
  84. Investor Open House – Pacific Rubiales Energy Corp. – slide 84
    Giant Opportunities Brazil - Santos Basin Management 14 4 Prospects 2 Contingent MMboe Estimate 18 Net Investment Opportunities Resources Gross 7,109 990 Wells 666 MM 8 Leads Net 80.5 MMboe Net 2,725 375 Management Estimate…
  85. Investor Open House – Pacific Rubiales Energy Corp. – slide 85
    Giant Opportunities Guyana Management 7 4 Prospects MMboe Estimate 5 Net Investment Opportunities Gross 2,512 236 Wells 270 MM 3 Leads Net 1,077 141 S N Shelf Margin Carbonates Campanian Prograding Complex Eocen S lope…
  86. Investor Open House – Pacific Rubiales Energy Corp. – slide 86
    Giant Opportunities Peru Block 135 Management 4 4 MMboe Estimate 2 Net Investment Opportunities Prospects Gross 2,106 237 Wells 160 MM SW NE 500 1500 135-K-T Vivian Unconformity 2500 Ene 135-Pz-E Cabanillas…
  87. Investor Open House – Pacific Rubiales Energy Corp. – slide 87
    Heavy Oil Trend Colombia Management 49 29 Prospects MMbbl Estimate 58 Net Investment Opportunities Gross 1,582 597 Wells 237 MM 20 Leads Net 708 265 CPE-6 Rio Ariari 88
  88. Investor Open House – Pacific Rubiales Energy Corp. – slide 88
    Light - Medium Oil Trend Colombia Management 95 78 Prospects MMbbl Estimate 39 Net Investment Opportunities Gross 263 63 Wells 403 MM 17 Leads Net 258 61 Guatiqua Block 89
  89. Investor Open House – Pacific Rubiales Energy Corp. – slide 89
    Gas Basin Colombia LMV Basin Management 43 33 Prospects TCF Estimate 15 Net Investment Opportunities Gross 3.8 0.7 Wells 152 MM 10 Leads Net 2.6 0.5 90
  90. Investor Open House – Pacific Rubiales Energy Corp. – slide 90
    Tumbes Basin Peru Block Z-1 (G/L/M) Management 11 9 Prospects 1 Contingent MMboe Estimate 20 Net Investment Opportunities Resource Gross 1,508 297 Wells 310 MM 1 Lead Net 152.9 MMboe Net 740 146 Management Estimate 35.2…
  91. Investor Open House – Pacific Rubiales Energy Corp. – slide 91
    Exploration Activities 2014 Seismic Plan Total Country Block 1Q 2Q 3Q 4Q Seismic Cordillera-24 2D 305 CPO-12 3D 439 CPO-14 2D 100 Llanos-83 3D 145 Quifa 2D 251 Colombia Quifa N 3D* 762 SSJN-7 2D 152 Net Investment Tacacho 2D…
  92. Investor Open House – Pacific Rubiales Energy Corp. – slide 92
    Exploration Activities 2014 Drilling Plan Resources to Test 2014 Country Block W.I Total Wells MMBOE 1Q 2Q 3Q 4Q Mean Risked Arrendajo 67.5 2 2 0 0 La Creciente 100 1 1 0 0 6 3 4 CPE-6 50 15 186.5 82 2 CPO-14 62.5 2 2 20.3 3.2…
  93. Investor Open House – Pacific Rubiales Energy Corp. – slide 93
    Plan 2014 - 2018 Seismic per Country Management Estimate Reserves Incorporation Colombia Belize Guyana PNG Brazil Guatemala MMboe /boe Km 2D Reserves Incorporation Finding Cost MM Equivalent Peru Seismic Investment MM 300 10 18,000…
  94. Investor Open House – Pacific Rubiales Energy Corp. – slide 94
    Production Profile 2014 2018* Exploration per Country Management Estimate (Business Plan) PAPUA NG GUYANA Guyana PNG Guatemala BRASIL GUATEMALA Mboe/d Brazil Peru Colombia Mboe/d PERU COLOMBIA 160 350 140 140 1 1 300 6 18 120…
  95. Investor Open House – Pacific Rubiales Energy Corp. – slide 95
    Summary 11,591 MMboe (1,841 Mmboe management estimate) of total yet to find resources 304 exploration opportunities in 95 E&P Blocks (60% with Exploration activity) Colombia 25%, Per 35%, Brazil 24%, Guyana 14% and rest 2%…
  96. Investor Open House – Pacific Rubiales Energy Corp. – slide 96
    FINANCE Sr. VP & CFO Carlos Prez
  97. Investor Open House – Pacific Rubiales Energy Corp. – slide 97
    Key Messages Focused on growth and cash generation Growth continues Self-financed organic growth Maintaining stability and integrity of funds flow Debt leverage and structure Target to reduce current debt leverage Optimizing…
  98. Investor Open House – Pacific Rubiales Energy Corp. – slide 98
    Colombia Sound Macroeconomic Environment Country Risk EMBI Spread FDI* Oil & Gas in Colombia Billion Oil & Gas Others Colombia Peru Brasil 300 18 16.8 15.5 16 13.4 250 14 12 10.6 10.1 11.9 200 10 8.3 8 7.1 6.7 7.2 150 6…
  99. Investor Open House – Pacific Rubiales Energy Corp. – slide 99
    Growth and Cash Generation Our Main Focus Sustained Revenue Growth MM 4,627 3,885 52% 3,381 Strong financial track record: growth in CAGR revenues, adjusted EBITDA and Funds Flow 1,662 (cash flow) 639 579 Strong margins: 55%…
  100. Investor Open House – Pacific Rubiales Energy Corp. – slide 100
    Managing Liquidity Risk Maintain Stability and Integrity of Funds Flow RCF Participant Banks (20) Revolver: first line of defense 20% On April 30, 2014, the Company closed a 1 22% US Billion revolving credit facility (RCF)…

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