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TD Securities 2015 Energy Conference – Western Zagros

Western Zagros · Jan 12, 2015 · 32 slides

Investor presentation from the Shale Experts oil & gas presentation and slide database. Every page is imaged and its text indexed for search across operators, plays, basins and time.

Slides

  1. TD Securities 2015 Energy Conference – Western Zagros – slide 1
    Corporate Presentation January 2015 Fueling Our Futures TSX.V: WZR October 6, 2014
  2. TD Securities 2015 Energy Conference – Western Zagros – slide 2
    WesternZagros: Pure Play Kurdistan Independent Kurdamir Garmian W.I. W.I. 40% 40% 40% 40% KRG 20% KRG 20% W.I. Working Interest 2
  3. TD Securities 2015 Energy Conference – Western Zagros – slide 3
    Fueling our Futures Key Investment Highlights 12 million Initial Block Gross 2P Reserves1 1.0 billion BOE of Contingent Resources2 2.2 billion BOE of Prospective Resources2 145,000 200,000 bbl/d Peak Oil Production…
  4. TD Securities 2015 Energy Conference – Western Zagros – slide 4
    WesternZagros: Kurdistan Focused Independent Pure Play 2 PSCs in the Kurdistan Region of Iraq (1) Ticker TSX-V : WZR (2) Fully Diluted Shares Outstanding 808 million (3) Market Capitalization US293 million (4) Working…
  5. TD Securities 2015 Energy Conference – Western Zagros – slide 5
    Phased Development: Managing Capital and Production Kurdamir Block Gross Mean Contingent Resources of 976 MMBOE, 58% oil (38o to 40o API), low sulphur, low H2S Large, strategically Resources defined by 3D seismic and 3 wells drilled…
  6. TD Securities 2015 Energy Conference – Western Zagros – slide 6
    Kurdistan Iraqi Crude Export Agreement KRG and Iraq Government agree to jointly export 550,000 bbl/d through KRG pipeline to Turkey Kurdistan crude exports reported in excess of 400,000 bbl/d by end 2014 KRG plans to extend oil pipeline…
  7. TD Securities 2015 Energy Conference – Western Zagros – slide 7
    Developing Kurdistan Gas Markets Kurdistan Advancing Gas Infrastructure and Markets Export Markets KRG/Turkey : Bilateral Energy Agreement 10 bcma (27.4 MMcf/d) of gas exports to Turkey by 2018 Domestic Markets Miran and Bina Bawi Gas…
  8. TD Securities 2015 Energy Conference – Western Zagros – slide 8
    Kurdamir Phased Development Conceptual Plan Amended development plan submitted December 2014 Ongoing discussions with the KRG on near term gas supply options Peak oil production could reach 110,000 to 150,000 bbl/d(3)…
  9. TD Securities 2015 Energy Conference – Western Zagros – slide 9
    Kurdamir Phased Development Plan Kurdamir Block 2015 2016 2017 Phase 1 Wells Kurdamir-4 * EPF Capacity (bpd) 1 10,000 10,000 10,000 Phase 1 Committed Capital (U.SM) 45 - Phase 2 Wells Kurdamir-5, Kurdamir-6+ CPF Oil Capacity…
  10. TD Securities 2015 Energy Conference – Western Zagros – slide 10
    Significant Upside Remains in the Oligocene 2 3 950 MMbbls of Prospective oil Resources1 in the Oligocene 350 MMbbls of Prospective oil Resources1 assessed from -2081mSS to base Oligocene at -2228mSS in K-3 600 MMbbls of…
  11. TD Securities 2015 Energy Conference – Western Zagros – slide 11
    Significant Upside Remains in the Oligocene (Contd.) Audited estimates of Contingent Resources limited by oil with water produced in K-3 DST 2 Base Contingent Resources down to at least -2049mSS (range -2049 to -2081 mSS) based on…
  12. TD Securities 2015 Energy Conference – Western Zagros – slide 12
    Garmian Phased Development: Commence Production in Q1 2015 Working Interest (Gross) (2) Category 1PLow 2PBest 3PHigh (MMbbl) (MMbbl) (MMbbl) Reserves 1 5 9 NPV(10) 33MM 75MM 216MM Prospective 12 24 46 NPV(10) n/c 347MM n/c…
  13. TD Securities 2015 Energy Conference – Western Zagros – slide 13
    Sarqala-1: Increased Production Capabilities Sarqala-1 Development Plan Phase 1 facility upgrades increasing capacity up to 15,000 bbl/d in late 2014 Sarqala-1 Production Facility Loading Gantry Sarqala Search Bay Sarqala-1…
  14. TD Securities 2015 Energy Conference – Western Zagros – slide 14
    Garmian Phased Development Plan Garmian Block 2014 2015 2016 2017 Phase 1 EPF Capacity (bbl/d) 1 10000 * 15,000 15,000 15,000 Wells Sarqala-1, Hasira-1 Phase 1 Committed Capital(U.S.M) 20 23 - Phase 2 Wells Sarqala-3, Sarqala-4…
  15. TD Securities 2015 Energy Conference – Western Zagros – slide 15
    Garmian Development: Future Upside Potential Significant upside potential in prospective resources Multiple reservoir horizons that could be included in future expansions Hasira-1 exploration well test results anticipated late…
  16. TD Securities 2015 Energy Conference – Western Zagros – slide 16
    Financial Resources and Capital Program Combined Financial Resources Pro Forma (US millions) Phase 1 capital expenditures fully Working capital (as at September 30, 2014) 20 funded to first production Gross proceeds of the Offering 177…
  17. TD Securities 2015 Energy Conference – Western Zagros – slide 17
    Kurdistan Attracting World Class Oil Players Zagros Fold Belt Province (including Kurdistan) estimated to hold 6.5% of worlds total undiscovered resources* 39 billion barrels of oil 192 Tcf of gas More than 50 energy companies…
  18. TD Securities 2015 Energy Conference – Western Zagros – slide 18
    Confidence and optimism in KRG-Baghdad oil export agreement Poised to contribute to oil domestic and/or export markets on Garmian Advancing gas options on Kurdamir Well funded to advance development on both blocks Significant…
  19. TD Securities 2015 Energy Conference – Western Zagros – slide 19
    Appendix Sarqala-1 Workover Rig 19
  20. TD Securities 2015 Energy Conference – Western Zagros – slide 20
    Attractive Fiscal Terms Summary of PSC Terms All PSCs are governed by the same framework, but with significant ranges for Total Oil Produced both cost recovery and capacity building 100bbl s payments which affect the end contractor…
  21. TD Securities 2015 Energy Conference – Western Zagros – slide 21
    Reserves, Contingent & Prospective Resources Reserves(1) Block Gross Working Interest (Gross) (5) NPV10 License Reservoir (Classification) (MMbbl) (MMbbl) (MMboe) US million (7) 1P (6) 3 1 1 33 Jeribe/Upper Garmian 2P(6) 12 5 5…
  22. TD Securities 2015 Energy Conference – Western Zagros – slide 22
    Kurdamir and Garmian: Resource Table Notes Notes: (1) As at September 1, 2014. (2) As at February 10, 2014 with respect to the Oligocene reservoir and as at February 8, 2013 with respect to the Eocene and Cretaceous reservoirs.…
  23. TD Securities 2015 Energy Conference – Western Zagros – slide 23
    Kurdamir 3D Seismic Predicts Reservoir Porosity High quality 3D Seismic acquired in 2013 and M-1 processed in 2014 Previous wells drilled to K-2 date without the benefit of 3D seismic K-1 K-3 Interpreted 3D seismic used to…
  24. TD Securities 2015 Energy Conference – Western Zagros – slide 24
    Kurdamir 3D Seismic Predicts Reservoir Fractures 3D seismic volume curvature computations indicate fracture orientations Curvature is a geometric attribute that enhances interpretability of seismic data Major fracture trend…
  25. TD Securities 2015 Energy Conference – Western Zagros – slide 25
    Kurdamir-4: First Horizontal Development Well Timing for spud is dependent on KRG approval Well location influenced by 3D seismic data acquired in 2013 and processed in 2014 Horizontal trajectory designed to intersect multiple open…
  26. TD Securities 2015 Energy Conference – Western Zagros – slide 26
    Future Upside Remaining in Deeper Reservoirs Future phases of development for deeper reservoirs Leverage planned facility infrastructure 1 Kurdamir Mean Resources(3) 2,500 2 1.55B(1) Future Upside(2) Bl ock Gross…
  27. TD Securities 2015 Energy Conference – Western Zagros – slide 27
    Sarqala 3D Seismic: Maximize Drilling Success High quality 3D Seismic acquired in 2013 and processed in 2014 Previous wells drilled to date without the benefit of 3D seismic Highest fracture density indicated by red and yellow areas…
  28. TD Securities 2015 Energy Conference – Western Zagros – slide 28
    Prospective Acreage: Close to Fully Contracted Bl ock Opera tor A Ga rmi a n Wes ternZa gros B Kurda mi r Ta l i s ma n C Ai n Si fni / K8 Hunt D Akre-Bi jeel MOL / Ka l egra n E A l Qush/B aeshiqa/P irmam/B etwata/Qara-Hanjeer/ 6…
  29. TD Securities 2015 Energy Conference – Western Zagros – slide 29
    Key Historical Milestones EPSA signed with Kurdamir-1 well KRG drilled 40% WI of Garmian Development plan assigned to submitted on Garmian Gazprom Neft, in June 2014 WZR remains operator 2006 2008 2009 2011 2012 2013 2014…
  30. TD Securities 2015 Energy Conference – Western Zagros – slide 30
    Evolving Political Environment, Increasing Investment 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 1 2 3 4 5 6 7 8 9 10 11 12 13 1 October 2005 8 December 2012 Iraqi constitution adopted 2007 KRG cease oil exports…
  31. TD Securities 2015 Energy Conference – Western Zagros – slide 31
    Caution to the Reader (Contd.) Block Gross resource estimates presented herein represent the total volumes for the indicated reservoirs attributable to 100% of the relevant block, without any adjustment for the Companys working interest…
  32. TD Securities 2015 Energy Conference – Western Zagros – slide 32
    www.westernzagros.com Head Office Hasira-1 Well Aug 2013 600, 440 2nd Avenue S.W. Calgary, Alberta, Canada T2P 5E9 Tel: 1-403-693-7017 Fax: 1-403-233-0174 email : investorrelationswesternzagros.com

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