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Corporate Presentation – Shamaran Petroleum

Shamaran Petroleum · Apr 2, 2014 · 21 slides

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Slides

  1. Corporate Presentation – Shamaran Petroleum – slide 1
    Corporate Presentation April 2014 Update A Lundin Group Company
  2. Corporate Presentation – Shamaran Petroleum – slide 2
    Kurdistan Continuing Progress 2 Construction of Khurmala to Fishkabur pipeline has been commissioned. Kurdistan oil exports expected to Kurdistan reach 400,000 BOPD by end 2014. First Kurdistan crude reported to have reached…
  3. Corporate Presentation – Shamaran Petroleum – slide 3
    Atrush Block - History of a World Class Oil Discovery 3 Atrush-1: April 2011 Jurassic oil discovery. Atrush-2: 2012 appraisal well extends oil column to deeper Jurassic formations and confirms excellent reservoir properties…
  4. Corporate Presentation – Shamaran Petroleum – slide 4
    Atrush Block - Part of an Accelerated Regional Development 4 FDP approved in Sep 2013. Phase 1 execution underway. Contracts for the Atrush field development (Chiya Khere production facilities* modules and civil engineering…
  5. Corporate Presentation – Shamaran Petroleum – slide 5
    Atrush Block Historic Wells Summary 5 AT-1: Discovery well with indicative large volumes but large volumetric uncertainty. 510m gross oil column in well with nearly 400m of uncertainty on Free Water Level (FWL). Test rates…
  6. Corporate Presentation – Shamaran Petroleum – slide 6
    Atrush-4: Well Summary 6 2nd Phase 1 Atrush Development well for the Chiya Khere facilities* at initial 4km2/well spacing. Spud October 20, 2013 - Drilling operations: 111 days; Testing operations: 44 days. TD of 2916m MD (1687m…
  7. Corporate Presentation – Shamaran Petroleum – slide 7
    Atrush-4: Well Test Summary 7 Well was flowed at various rates using ESP following a specific data gathering program for the purposes of obtaining maximum quality surface samples (for crude assay), downhole fluid samples (for PVT)…
  8. Corporate Presentation – Shamaran Petroleum – slide 8
    Atrush Discovery Reservoir Description 8 Barsarin A single reservoir comprised of stacked formations of Jurassic Naokelekan age: (Barsarin, Naokelekan, Upper & Lower Sargelu, Alan & Mus)*. Upper Sargelu Massive &…
  9. Corporate Presentation – Shamaran Petroleum – slide 9
    Overall FDP Philosophy 9 Atrush field development will be implemented using a phased, modular, expandable and value accretive process (Chiya Khere facilities*). Development initiated on the West/Central portion of the block…
  10. Corporate Presentation – Shamaran Petroleum – slide 10
    Atrush Block Phase 1 Development Summary 10 Modular concept, with provision included to expand and replicate. Capable of handling oil rates of 30,000 bopd, initially. Maximize gas utilization in initial facility. Minimize sour…
  11. Corporate Presentation – Shamaran Petroleum – slide 11
    Atrush Development - Phase 1a Chiya Khere* Facility 11 FEED study Completed ITT issued & evaluated Modules/Civils contracts awarded Completion & testing of 2nd producer (AT-4). FP1 civil engineering. Feeder pipeline FEED…
  12. Corporate Presentation – Shamaran Petroleum – slide 12
    Remaining 2014 Atrush Block Well Program* 12 CK-5 (Phase 1 producer) to follow AT-4 from the same well pad: Replacing AT-1 in the production well spacing. Top reservoir target about 400m SW of AT-1 surface location. Drill pad…
  13. Corporate Presentation – Shamaran Petroleum – slide 13
    Atrush Block YE 2013 PIIP 13 PIIP (MMB Crude Oil)* P90 P50 P10 YE 2012 1843 2686 3999 YE 2013 2469 3016 3796 YOY Change +34% +30% -5% *YE2013 McDaniel & Associates, in accordance with standards set out in the Canadian…
  14. Corporate Presentation – Shamaran Petroleum – slide 14
    Atrush Block Reserves & Resource Summary 14 ShaMaran has completed the 3D seismic interpretation showing the potential upside: Gross Reserves* (MMBOE) 1P 2P 3P Chiya Khere Footwall: Cretaceous, Jurassic & Triassic YE 2013 (Phase…
  15. Corporate Presentation – Shamaran Petroleum – slide 15
    Corporate Financial Position 15 Cash Position* Mar 31, 2014: 122 MM Forecasted Expenditure Apr-Dec 2014: Atrush CAPEX Budget** 65 MM Debt Service / Other Costs 22 MM Total: 87 MM *Includes 34.5mm of cash restricted for…
  16. Corporate Presentation – Shamaran Petroleum – slide 16
    USD 150 million Senior Secured Bond 16 Main terms: Issuer: General Exploration Partners Inc (holds Atrush asset). Loan amount: USD 150 million. Settlement date: 13th November 2013. Term: 5 years. Maturity date: 13th November…
  17. Corporate Presentation – Shamaran Petroleum – slide 17
    The Lundin Group 17 Combined Market Cap 13.3 Billion Oil Exploration Oil Production Mining Exploration Mining Production Other A Lundin Group Company
  18. Corporate Presentation – Shamaran Petroleum – slide 18
    Corporate Profile 18 SNM Share PRICE : TSX.V Symbol TSX V & NASDAQ OMX First North: SNM Share Capital Issued and outstanding: 810,983,860 shares Fully diluted 819,247,194 shares Market Capitalisation (23 Jan 2014) CDN 377…
  19. Corporate Presentation – Shamaran Petroleum – slide 19
    Appendix 1: 2014 Changes in Atrush Block Nomenclature 19 The Atrush Management Committee and MNR confirmed the following changes to terminology used with respect to activity on the Atrush Block, effective from 2014: Atrush Block,…
  20. Corporate Presentation – Shamaran Petroleum – slide 20
    Appendix 2: 2014 Changes in Jurassic Stratigraphic Nomenclature 20 Lithology Pre-2014 Nomenclature Revised Nomenclature Predominantly anhydrite with Barsarin fractured carbonates Barsarin < Atrush Jurassic reservoir section…
  21. Corporate Presentation – Shamaran Petroleum – slide 21
    Appendix 3: Chiya Khere Structure Nearby Analogues 21 Seismic cross-sections through Sheikh Adi (above) & Bakrman (below) Hanging wall / Footwall configuration at Sheikh Adi Sheikh Adi is situated on trend to and just west…

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