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Corporate Presentation – Valeura Energy Inc.

Valeura Energy Inc. · Mar 1, 2014 · 60 slides

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Slides

  1. Corporate Presentation – Valeura Energy Inc. – slide 1
    A GLOBAL ENERGY COMPANY FOCUSED ON EXCEPTIONAL VALUE CREATION UNLOCKING TURKEYS TIGHT GAS POTENTIAL CORPORATE PRESENTATION MARCH 2014
  2. Corporate Presentation – Valeura Energy Inc. – slide 2
    Corporate Profile Valeura Energy Inc. (VLE TSX) is a Canada-based oil and gas company with core assets in Turkey Interests in 14 leases & licences in Turkey: 1.0 MM acres (gross); 0.43 MM acres (net) Focused on development of tight…
  3. Corporate Presentation – Valeura Energy Inc. – slide 3
    Capital Structure March 1, 2014 Basic shares outstanding at March 1, 2014 57,906,135 Common shares purchasable pursuant to outstanding: Financial warrants (5.50 exercise price per share) 13,269,217 Performance warrants (2.00 wtd…
  4. Corporate Presentation – Valeura Energy Inc. – slide 4
    Why Turkey Prospective Proven petroleum systems TBNG-PTI Under-explored & under-exploited conventional & TBNG-PTI acquisition Acquisition unconventional plays (natural gas & light/medium oil) opportunity Opportunity to deploy…
  5. Corporate Presentation – Valeura Energy Inc. – slide 5
    Turkey Year-End 2013 Reserves (Company Gross)(1) MMboe Million barrels of oil equivalent 12 64% and 19% year-over-year increase in Possible proved (1P) and proved plus probable (2P) Probable 3P 10.3 reserves, respectively, in…
  6. Corporate Presentation – Valeura Energy Inc. – slide 6
    Thrace Basin Transactions Bulgaria 2010 Otto asset purchase (Edirne) (35% WI) Black Sea 3839 2013 Valeura licence 2013 Copkoy Turkey applications applications licence award (100% (100% WI)WI) (100% WI) 2013 Banarli licence…
  7. Corporate Presentation – Valeura Energy Inc. – slide 7
    TBNG JV (40% - Non-Operated) I-8 Rig Drilling at TDR-9 7
  8. Corporate Presentation – Valeura Energy Inc. – slide 8
    TBNG JV (1) Interests in 10 leases & licences in Thrace Basin (0.5 MM gross acres onshore) Established shallow gas production and marketing business: - 65 producing wells in 15 gas fields in onshore lands - Owned compression…
  9. Corporate Presentation – Valeura Energy Inc. – slide 9
    TBNG JV Shallow Gas Business 2012 shallow gas program: (1) Spudded 9 conventional shallow gas wells: 6 on production (7.6 MMcf/d aggregate initial 7-day rate); 1 completing/evaluating; 2 plugged and abandoned Completed 32 workovers…
  10. Corporate Presentation – Valeura Energy Inc. – slide 10
    TBNG JV Shallow Gas & Tight Gas Plays Akcahalil-1 Inecik- Aydede-1 YAGCI-8 ND-1 TDR-2 TS-18 DTD-1 KAYI-7 BATI GAZI-1 BATI 2 KARAEVLI-1 SHALLOW GAS SOUTHWEST NORTHEAST Danismen & DANISMEN Osmancik 50% of production 500 m…
  11. Corporate Presentation – Valeura Energy Inc. – slide 11
    TBNG JV Tight Gas Proof-Of-Concept Program Phases 1. Recompletion fracs (750-2,000 m depth) Identify gas bearing zones in Mezardere, Teslimkoy & Kesan units that require fracs to achieve commercial rates focusing initially on areas…
  12. Corporate Presentation – Valeura Energy Inc. – slide 12
    Thrace Basin Tight Gas Learning Curve 2011 - 2013 THRACE BASIN Cum. Capex(1) Program Horizontal Drills 55MM (net) & Fracs 3 Hz WELLS DEVELOP Vertical Drills & 13 TESLIMKOY/KESAN DRILL & FRACS Fracs 232KM2 3D Studies 413KM2 3D…
  13. Corporate Presentation – Valeura Energy Inc. – slide 13
    Teslimkoy/Kesan Multi Frac Type Curves (Vertical Wells)(1) TYPE CURVE COMPARISON - December 2013 1800 180 D&M 1P (EUR - 0.33 Bcf) 1600 D&M 2P (EUR - 0.88 Bcf) 160 Type Well 6 (EUR - 0.97 Bcf, HCPV - 4m) 1400 D&M 1P - Cum…
  14. Corporate Presentation – Valeura Energy Inc. – slide 14
    Mezardere Multi Frac Type Curve (Horizontal Wells) TYPE CURVE MEZARDERE MFHW - December 2013 3000 150 2500 125 Mez MFHW (800m lateral, 1.13 Bcf) Cum Recovery 2000 100 Cumulative Production - % of EUR GAS RATE -…
  15. Corporate Presentation – Valeura Energy Inc. – slide 15
    Tekirdag Area Horizontal Drilling (1) 2nd HZ well BTD-4H 1st HZ well DTD-19H Teslimkoy U. Kesan 617 m lateral 425 m lateral 10-stage frac 7-stage frac IP30 rate 3.0 MMcf/d IP30 rate 0.4 MMcf/d TDR-14 DTD-6 Baglik-1 BTD-5…
  16. Corporate Presentation – Valeura Energy Inc. – slide 16
    Tekirdag Area 2011-2013 Mezardere/Teslimkoy/Kesan Frac Results & Potential Vertical Well Development (1) KAYI-14 Guney Kayi-1 Kayi Derin-1 KAYI-7 5.0 MMcf/d 1.8 MMcf/d 0.7 MMcf/d 3.4 MMcf/d KAYI-12 KAYI-14 1.6 MMcf/d 5.4 MMcf/d…
  17. Corporate Presentation – Valeura Energy Inc. – slide 17
    Potential Mezardere Play Fairway Base Mezardere Alacaogl u Prospective Depth Structure Mezardere Mezarder play fairway e Kitchen Hayrabolu 5104 Tekirdag Tekirdag area Mezardere exploitation 10 km program New slope fan…
  18. Corporate Presentation – Valeura Energy Inc. – slide 18
    Banarli Licence (100% - Operated) Banarli SeismicatAcquisition I-8 Rig Drilling TDR-9 June 2013 18 27
  19. Corporate Presentation – Valeura Energy Inc. – slide 19
    Potential Basin-Centered Gas Play Fairway Base Alacaogl Mezardere u Mezardere Potential Depth Temrez Mezarder kitchen area Structure e Kitchen Hayrabolu-10 5104 Kazanci-5 Banarli Tekirdag 10 km Banarli Licence…
  20. Corporate Presentation – Valeura Energy Inc. – slide 20
    Mezardere Play Results & Potential Extension to Basin Centre at Banarli Mezardere Depth Structure Potential Pressure 10 km Seal Potential Deep Locations Hayrabolu-10 Estimated TD 5,000m 5104 Banarli Potential Shallow…
  21. Corporate Presentation – Valeura Energy Inc. – slide 21
    Robust Netbacks & Competitive Costs Drive Attractive Natural Gas Economics in Turkey Operating Netbacks /boe (1) Cost Structure MM (Gross) 70 Royalty FUTURE 2013 62.00 POTENTIAL Opex 60.04 60 RE-ENTRY FRACS (2) Netback 8.36 54.07…
  22. Corporate Presentation – Valeura Energy Inc. – slide 22
    Turkey Natural Gas Indicative Well Economics (1) PHYSICAL PARAMETERS PER WELL ECONOMICS PER WELL BEFORE TAX (5) PROGRAM INITIAL 30- RESERVES (2) CAPEX (4) IRR PAYOUT PV10 RECYCLE DAY RATE (3) (Bcf) (MM) (%) (MONTHS) (MM) RATIO (6)…
  23. Corporate Presentation – Valeura Energy Inc. – slide 23
    Turkey Capital Budget Outlook 2014 (1) Offset natural declines and achieve 5-10% annualized production growth from trailing quarter rates, funded from cash on hand and operating cash flow Expand tight gas development area from Tekirdag…
  24. Corporate Presentation – Valeura Energy Inc. – slide 24
    Summary Owning Valeura provides exposure to a tight gas-focused, pure play in Turkey that benefits from: 9 - 10/Mcf gas prices, 12.5% government royalty & 40/boe operating netbacks Large land position of 1.0 MM gross acres (0.43 MM…
  25. Corporate Presentation – Valeura Energy Inc. – slide 25
    A GLOBAL ENERGY COMPANY FOCUSED ON EXCEPTIONAL VALUE CREATION SUPPLEMENTARY INFORMATION
  26. Corporate Presentation – Valeura Energy Inc. – slide 26
    Our Heritage Senior Management Board of Directors 28
  27. Corporate Presentation – Valeura Energy Inc. – slide 27
    Recent Successes of Management & Board Sold 2009 360 mm Market Cap 3x ROI (04-09) 1,349 mm CAGR 22% Market Cap at Trust Conversion Sold in 2008 916 mm 202 mm 35x ROI (94-03) 4x ROI (05-08) CAGR 51% CAGR 89% Sold in 2006 Sold…
  28. Corporate Presentation – Valeura Energy Inc. – slide 28
    Organization Structure BOARD OF DIRECTORS Abby Badwi Jim McFarland Bill Fanagan Ken McKay Claudio Ghersinich Ron Royal Stephanie Stimpson, Corporate Secretary PRESIDENT & CEO ASSISTANT Jim McFarland Shari Lemon MANAGER…
  29. Corporate Presentation – Valeura Energy Inc. – slide 29
    Officers President & CEO: Jim McFarland, P. Eng. 41 years oil & gas experience Former President & CEO, director and co-founder, Verenex Energy (Libya light oil) Former Managing Director, Southern Pacific Petroleum (Australian shale…
  30. Corporate Presentation – Valeura Energy Inc. – slide 30
    Officers (Contd) VP Engineering: Don Shepherd, P. Eng. 40 years oil & gas experience Former General Manager, Verenex Energy Area 47 Libya based in Tripoli 13 years with Saudi Aramco as Asset Management Team Leader and Senior…
  31. Corporate Presentation – Valeura Energy Inc. – slide 31
    Managers Manager Business Development: Barry Wihak, P. Geol. 30 years oil & gas experience Former President & CEO, director and co-founder, Cangea Energy (private, Colombia focus) 5 years with Vermilion Energy Trust as Business…
  32. Corporate Presentation – Valeura Energy Inc. – slide 32
    Managers (Contd) Country Representative (Ankara, Turkey): Mehmet Ekinalan 6 years oil & gas experience Former Resident Representative of Thrace Basin Natural Gas Turkiye Corporation 21 years telecommunications experience (Turkey and…
  33. Corporate Presentation – Valeura Energy Inc. – slide 33
    Board of Directors Abby Badwi, P. Geol. Vice-Chairman, Bankers Petroleum Ltd. Geological background Bill Fanagan, CA (Chair) Former Chairman, Verenex Energy Inc. Former President & CEO, Gulf Indonesia Resources Limited Financial…
  34. Corporate Presentation – Valeura Energy Inc. – slide 34
    Q4 2013 Financial & Operating Highlights 3 MONTHS ENDED 12 MONTHS ENDED RESULTS DECEMBER 31, 2013 DECEMBER 31, 2013 Production Crude oil & NGLs (bbl/d) 44 49 Natural gas (Mcf/d) 6,883 5,589 boe/d (6:1) (1) 1,191 980 Financial (…
  35. Corporate Presentation – Valeura Energy Inc. – slide 35
    Turkey Year-End 2013 Reserves (Company Gross) (1) TOTAL OIL LIGHT & MEDIUM NATURAL GAS PV10 BEFORE TAX (2) PV10 AFTER TAX (2) CATEGORY EQUIVALENT OIL (Mbbl) (Bcf) (USMM) (USMM) (MBOE) PROVED 86 9.4 1,648 42.4 39.8 PROBABLE 50…
  36. Corporate Presentation – Valeura Energy Inc. – slide 36
    Canada Year-End 2013 Reserves (Company Gross) (1) LIGHT & NATURAL NATURAL TOTAL OIL PV10 BEFORE PV10 AFTER HEAVY OIL CATEGORY MEDIUM OIL GAS GAS LIQUIDS EQUIVALENT TAX (2) TAX (2) (Mbbl) (Mbbl) (Bcf) (Mbbl) (MBOE) (MM) (MM)…
  37. Corporate Presentation – Valeura Energy Inc. – slide 37
    Turkey Year-End 2012 Contingent Resources (Company Gross)(1) 302% year-over-year increase in best estimate of contingent resources (2C) in MMboe Million barrels of oil equivalent Turkey (YE 2012 compared to YE 2011) 3C High…
  38. Corporate Presentation – Valeura Energy Inc. – slide 38
    Current Land Position In Turkey LEASES & VALEURA PETROLEUM GROSS AREA TRANSACTION LICENCES NET AREA DISTRICT (1) (acres) () (acres) THRACE BASIN Licence 5104 Award (Banarli) (2) I (MARMARA) 1 118,598 118,598 Licence 5147 Award…
  39. Corporate Presentation – Valeura Energy Inc. – slide 39
    TBNG JV 2011 Frac Results PEAK 24-HOUR INITIAL 7-DAY INITIAL 30-DAY CUMULATIVE FRAC DATE NET PAY (1) POROSITY (1) ON-STREAM AVERAGE AVERAGE PRODUCTION TO WELL (d/m/y) (m) (%) RATE ON-STREAM RATE ON-STREAM RATE FEB 28, 2014 (MMcf/d)…
  40. Corporate Presentation – Valeura Energy Inc. – slide 40
    TBNG JV 2012 Frac Results INITIAL 7-DAY INITIAL 30-DAY CUMULATIVE PEAK 24-HOUR FRAC DATE NET PAY (1) POROSITY (1) AVERAGE AVERAGE PRODUCTION TO WELL ON-STREAM RATE (d/m/y) (m) (%) ON-STREAM RATE ON-STREAM RATE FEB 28, 2014 (MMcf/d)…
  41. Corporate Presentation – Valeura Energy Inc. – slide 41
    TBNG JV 2012 Frac Results (Contd) INITIAL 7-DAY INITIAL 30-DAY CUMULATIVE (1) (1) PEAK 24-HOUR FRAC DATE NET PAY POROSITY AVERAGE AVERAGE PRODUCTION TO WELL ON-STREAM RATE (d/m/y) (m) (%) ON-STREAM RATE ON-STREAM RATE FEB 28, 2014…
  42. Corporate Presentation – Valeura Energy Inc. – slide 42
    TBNG JV 2013 Frac Results INITIAL 7-DAY INITIAL 30-DAY CUMULATIVE PEAK 24-HOUR FRAC DATE NET PAY (1) POROSITY (1) AVERAGE AVERAGE PRODUCTION TO WELL ON-STREAM RATE (d/m/y) (m) (%) ON-STREAM RATE ON-STREAM RATE FEB 28, 2014 (MMcf/d)…
  43. Corporate Presentation – Valeura Energy Inc. – slide 43
    TBNG JV 2013 Frac Results (Contd) INITIAL 7-DAY INITIAL 30-DAY CUMULATIVE PEAK 24-HOUR FRAC DATE NET PAY (1) POROSITY (1) AVERAGE AVERAGE PRODUCTION TO WELL ON-STREAM RATE (d/m/y) (m) (%) ON-STREAM RATE ON-STREAM RATE FEB 28, 2014…
  44. Corporate Presentation – Valeura Energy Inc. – slide 44
    TBNG JV 2013 Frac Results (Contd) INITIAL 7-DAY INITIAL 30-DAY CUMULATIVE PEAK 24-HOUR FRAC DATE NET PAY (1) POROSITY (1) AVERAGE AVERAGE PRODUCTION TO WELL ON-STREAM RATE (d/m/y) (m) (%) ON-STREAM RATE ON-STREAM RATE FEB 28, 2014…
  45. Corporate Presentation – Valeura Energy Inc. – slide 45
    TBNG JV 2014 Frac Results INITIAL 7-DAY INITIAL 30-DAY CUMULATIVE PEAK 24-HOUR FRAC DATE NET PAY (1) POROSITY (1) AVERAGE AVERAGE PRODUCTION TO WELL ON-STREAM RATE (d/m/y) (m) (%) ON-STREAM RATE ON-STREAM RATE FEB 28, 2014 (MMcf/d)…
  46. Corporate Presentation – Valeura Energy Inc. – slide 46
    TBNG JV New Drill Spuds In 2012, 2013 & 2014 YTD Hayrabolu-10 Kazanci-5 Dogu Karya-1, Sig-1 Kuzey Guney Atakoy- Atakoy-1 Kayi Derin-1 Kayi-16 Koseilyas-1 Hayrabolu 2 Deep Guney Exploration Guney Karababa-1 Kayi-1 Area…
  47. Corporate Presentation – Valeura Energy Inc. – slide 47
    TBNG JV New Drill Spuds In 2012 SPUD RIG RELEASE TD STATUS WELL LICENCE WELL TYPE (d/m/y) (d/m/y) (m) MARCH 27, 2014 Baglik-1 3931 10/03/2012 06/05/2012 Unconventional 3,594 Producing Dogu Karya-1 3934 04/04/2012 23/04/2012…
  48. Corporate Presentation – Valeura Energy Inc. – slide 48
    TBNG JV New Drill Spuds 2013 & 2014 YTD SPUD RIG RELEASE TD STATUS WELL LICENCE WELL TYPE (d/m/y) (d/m/y) (m) MARCH 27, 2014 TDR-14 3931 29/01/2013 22/02/2013 Unconventional 1,749 Producing Hayrabolu-10 2926 08/02/2013 10/04/2013…
  49. Corporate Presentation – Valeura Energy Inc. – slide 49
    DTD-19H Horizontal Upper Kesan Reservoir Upper Kesan reservoir horizon (Baglik-1 producing zone) TD 1626 m MD Spud June 3, 2013 (34 drill 1096 m TVD -976 m SSTVD days) 1,096 m TVD; 1,626 m MD GR Mud gas 425 m horizontal leg…
  50. Corporate Presentation – Valeura Energy Inc. – slide 50
    BTD-4H Horizontal - Teslimkoy Reservoir Teslimkoy BTD-2 producing zone Spud July 27, 2013 (36 drill days) 1,004 m TVD; 1,774 m MD 655 m horizontal leg Total 308 m of sand 10-stage frac Packers Plus assembly 5,815 bbls X-linked…
  51. Corporate Presentation – Valeura Energy Inc. – slide 51
    BTD-5H Horizontal - Teslimkoy Reservoir Teslimkoy BTD-2 producing zone Spud Nov 19, 2013 (15 drill days) 974 m TVD; 1,519 m MD 403 m horizontal leg Total 89 m of sand 4-stage frac Packers Plus assembly (3 fracs completed) 583…
  52. Corporate Presentation – Valeura Energy Inc. – slide 52
    BTD-2H Horizontal - Mezardere Reservoir Mezardere DTD-6 producing zone Spud February 3, 2014 (13 drill BTD-2 DTD-6 days) 1,246 m MD; 635 m TVD Lateral section: 476 m Total sand encountered: 242 m 8-stage frac Packers Plus…
  53. Corporate Presentation – Valeura Energy Inc. – slide 53
    TDR-11H Horizontal - Mezardere Reservoir Mezardere TS-18 producing zone Spud February 20, 2014 (11 drill days) 1,291 m MD; 518 m TVD Lateral section: 678 m Total sand encountered: 394 m 10-stage frac Packers Plus assembly…
  54. Corporate Presentation – Valeura Energy Inc. – slide 54
    Mezardere Slope Fan Model Mezardere consists of a north-easterly pro- grading slope fan complex, deposited within delta front and pro-delta setting Potential reservoirs include: Porous channel and basin floor sands Interlaminated…
  55. Corporate Presentation – Valeura Energy Inc. – slide 55
    Thrace Basin Seismic (Under application) (Under application) 2013 Osmanli 3D (232 km2) Drilling on 2D seismic only prior to 2012 2011 Tekirdag/Hayrabolu 3D (413 km2) 2011 & 2013 3D seismic (645 km2) guiding 2013 Banarli 2D…
  56. Corporate Presentation – Valeura Energy Inc. – slide 56
    Gaziantep Licence 4607 Alibey-1 Horizontal 123,372 gross acres (26% WI) in Anatolian Basin in SE Turkey Operated by TransAtlantic Alibey-1 Hz drilled in July 2012 4607 as 414 m horizontal side-track in original Alibey-1 vertical…
  57. Corporate Presentation – Valeura Energy Inc. – slide 57
    Turkey Natural Gas Infrastructure 59
  58. Corporate Presentation – Valeura Energy Inc. – slide 58
    Turkey Oil Infrastructure 60
  59. Corporate Presentation – Valeura Energy Inc. – slide 59
    Thrace Basin Turkey Stratigraphic Column Tertiary basin 9,000 m of tertiary age sediments Depositional environment Deltaic sands Turbidite sands Reef development on Paleozoic highs Key reservoirs Danismen - gas Osmancik gas…
  60. Corporate Presentation – Valeura Energy Inc. – slide 60
    SE Turkey Stratigraphic Column Reservoirs Sinan/Garzan reefs (Tertiary/Upper Cretaceous) Karabogaz & Mardin (Mid Cretaceous) Bedinan (Ordovician) Source Rocks Karabogaz (Cretaceous) Dadas (Silurian) Seals Germav (Upper…

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