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Corporate Presentation – Valeura Energy Inc.

Valeura Energy Inc. · Jan 13, 2015 · 62 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 JANUARY 2015
  2. Corporate Presentation – Valeura Energy Inc. – slide 2
    Corporate Profile Valeura Energy Inc. (VLE TSX) is a Canada-based oil and gas company with assets in Turkey Interests in 14 leases & licences in Turkey: 1.0 MM acres (gross); 0.43 MM acres (net) Focused on development of conventional…
  3. Corporate Presentation – Valeura Energy Inc. – slide 3
    Capital Structure January 9, 2015 Basic shares outstanding at January 9, 2015 57,906,135 Common shares purchasable pursuant to outstanding: Financial warrants (5.50 exercise price per share) 13,269,217 Options (0.82 wtd average…
  4. Corporate Presentation – Valeura Energy Inc. – slide 4
    Why Turkey Prospective Proven petroleum systems TBNG-PTI Under-explored & under-exploited conventional & TBNG-PTI acquisition unconventional plays Acquisition (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 Turkey…
  6. Corporate Presentation – Valeura Energy Inc. – slide 6
    Thrace Basin Transactions Bulgaria 2010 Otto asset purchase (Edirne) (35% WI) Black Sea 3839 Turkey 2013 Copkoy 2013 Banarli licence award licence award (100% WI) (100% WI) 3659 2926 5147 5122 5104 3861 Greece 5151 3860…
  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 new drills: 6 on production (7.6 MMcf/d aggregate initial 7-day rate); 1 completing/evaluating; 2 plugged and abandoned Completed 32 workovers (8.9 MMcf/d aggregate…
  10. Corporate Presentation – Valeura Energy Inc. – slide 10
    Osmanli Area Conventional Gas Exploration Drilling Banarli 5104 Merged Osmanli & Tekirdag 3D seismic Gurgen-1 area Osmanli Gurgen-2 Dogu Gurgen-3 Guney Osmanli-1 3934 Osmanli-3 Tavanli-1 Karaevli 3931 Kayi Gazi Biyikali-2 ST…
  11. Corporate Presentation – Valeura Energy Inc. – slide 11
    TBNG JV Shallow Gas & Tight Gas Plays SHALLOW GAS Akcahalil-1 Inecik- 2 Aydede-1 YAGCI-8 ND-1 TDR-2 TS-18 DTD-1 KAYI-7 BATI GAZI-1 BATI KARAEVLI-1 Danismen & Osmancik SOUTHWEST NORTHEAST 50% of production DANISMEN 5 re-entry…
  12. Corporate Presentation – Valeura Energy Inc. – slide 12
    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…
  13. Corporate Presentation – Valeura Energy Inc. – slide 13
    Thrace Basin Tight Gas Learning Curve 2011 2014 THRACE BASIN Cum. Capex(1,2) 3 OSMANLI Exploration Program 64MM (net) DISCOVERIES Horizontal Drills 6 Hz MEZ/TES/KESAN DRILL & FRACS & Fracs DEVELOP Vertical Drills & 12 VERTICAL…
  14. Corporate Presentation – Valeura Energy Inc. – slide 14
    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…
  15. Corporate Presentation – Valeura Energy Inc. – slide 15
    Mezardere Multi Frac Type Curve (Horizontal Wells) (1) 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 -…
  16. Corporate Presentation – Valeura Energy Inc. – slide 16
    Tekirdag Area Horizontal Drilling (1) 2nd HZ well BTD-4H 1st HZ well DTD-19H Teslimkoy U. Kesan 655 m lateral 425 m lateral 10-stage frac 7-stage frac IP30 rate 3.0 MMcf/d IP30 rate 0.4 MMcf/d 5th Hz well TDR-11H Mezardere…
  17. Corporate Presentation – Valeura Energy Inc. – slide 17
    Tekirdag Area 2011-2014 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…
  18. Corporate Presentation – Valeura Energy Inc. – slide 18
    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…
  19. Corporate Presentation – Valeura Energy Inc. – slide 19
    Banarli Licence (100% - Operated) Banarli SeismicatAcquisition I-8 Rig Drilling TDR-9 June 2013 19 27
  20. Corporate Presentation – Valeura Energy Inc. – slide 20
    Potential Basin-Centered Gas Play Fairway Base Alacaogl Mezardere u Mezardere Potential Depth Temrez Mezarder kitchen area Structure e Kitchen 5104 Hayrabolu-10 Kazanci-5 Banarli Gurgen-1 Tekirdag 10 km Banarli…
  21. Corporate Presentation – Valeura Energy Inc. – slide 21
    Recent Osmancik & Mezardere Results & Potential Extension of Play Types into Banarli Mezardere Depth Structure Pressure Seal 10 km Hayrabolu-10 5104 Banarli Planned 3D: 136km2 Gurgen-1 IP(30): 3.2 MMcf/d (Osm)…
  22. Corporate Presentation – Valeura Energy Inc. – slide 22
    Robust Netbacks & Competitive Costs Drive Attractive Natural Gas Economics in Turkey Operating Netbacks /boe (1) Cost Structure USMM (Gross) 70 Royalty CURRENT FUTURE 62.00 POTENTIAL Opex 60 58.57 RE-ENTRY FRACS (2) Netback 8.36…
  23. Corporate Presentation – Valeura Energy Inc. – slide 23
    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) (USMM) (%) (MONTHS) (USMM) RATIO…
  24. Corporate Presentation – Valeura Energy Inc. – slide 24
    Turkey Net Capital Budget 2014 (1) 2014 work program and budget targeting to: Achieve average 2014 sales in Turkey of 1,030 1,080 boe/d (Actual: 1,143 boe/d) Expand Tekirdag area tight gas development with horizontal wells & explore…
  25. Corporate Presentation – Valeura Energy Inc. – slide 25
    Turkey Net Capital Budget Outlook 2015 (1) 2015 work program and budget targeting to: Achieve average 2015 sales in Turkey of 1,260 1,310 boe/d Drill balanced program of up to 10 new conventional gas & tight gas wells on the TBNG JV…
  26. Corporate Presentation – Valeura Energy Inc. – slide 26
    Summary Owning Valeura provides exposure to a natural gas-focused, pure play in Turkey, which benefits from: 10/Mcf gas prices, 12.5% government royalty & 44/boe operating netbacks Large land position of 1.0 MM gross acres (0.43 MM…
  27. Corporate Presentation – Valeura Energy Inc. – slide 27
    A GLOBAL ENERGY COMPANY FOCUSED ON EXCEPTIONAL VALUE CREATION SUPPLEMENTARY INFORMATION
  28. Corporate Presentation – Valeura Energy Inc. – slide 28
    Our Heritage Senior Management Board of Directors 30
  29. Corporate Presentation – Valeura Energy Inc. – slide 29
    Recent Successes of Management & Board Sold 2009 360 mm Market Cap 3x ROI (04-09) 619 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 in…
  30. Corporate Presentation – Valeura Energy Inc. – slide 30
    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…
  31. Corporate Presentation – Valeura Energy Inc. – slide 31
    Officers President & CEO: Jim McFarland, P. Eng. 42 years oil & gas experience Former President & CEO, director and co-founder, Verenex Energy (Libya light oil) Former Managing Director, Southern Pacific Petroleum (Australian shale…
  32. Corporate Presentation – Valeura Energy Inc. – slide 32
    Officers (Contd) VP Engineering: Don Shepherd, P. Eng. 41 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…
  33. Corporate Presentation – Valeura Energy Inc. – slide 33
    Managers Manager Business Development: Barry Wihak, P. Geol. 31 years oil & gas experience Former President & CEO, director and co-founder, Cangea Energy (private, Colombia focus) 5 years with Vermilion Energy Trust as Business…
  34. Corporate Presentation – Valeura Energy Inc. – slide 34
    Managers (Contd) Country Representative (Ankara, Turkey): Mehmet Ekinalan 7 years oil & gas experience Former Resident Representative of Thrace Basin Natural Gas Turkiye Corporation 21 years telecommunications experience (Turkey and…
  35. Corporate Presentation – Valeura Energy Inc. – slide 35
    Board of Directors Abby Badwi, P. Geol. Vice-Chairman, Bankers Petroleum Ltd. Former President & CEO, Bankers Petroleum Ltd. Geological background Bill Fanagan, CA (Chair) Former Chairman, Verenex Energy Inc. Former President & CEO,…
  36. Corporate Presentation – Valeura Energy Inc. – slide 36
    Q3 2014 Financial & Operating Highlights (1) 3 MONTHS 3 MONTHS 9 MONTHS RESULTS ENDED ENDED ENDED SEPT 30, 2014 JUNE 30, 2014 SEPT 30, 2014 Production Crude oil & NGLs (bbl/d) 7 8 7 Natural gas (Mcf/d) 5,943 6,693 6,741 boe/d (6:1)…
  37. Corporate Presentation – Valeura Energy Inc. – slide 37
    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…
  38. Corporate Presentation – Valeura Energy Inc. – slide 38
    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…
  39. Corporate Presentation – Valeura Energy Inc. – slide 39
    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…
  40. Corporate Presentation – Valeura Energy Inc. – slide 40
    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 DEC 31, 2014 (MMcf/d)…
  41. Corporate Presentation – Valeura Energy Inc. – slide 41
    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 DEC 31, 2014 (MMcf/d)…
  42. Corporate Presentation – Valeura Energy Inc. – slide 42
    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 DEC 31, 2014…
  43. Corporate Presentation – Valeura Energy Inc. – slide 43
    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 DEC 31, 2014 (MMcf/d)…
  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 DEC 31, 2014…
  45. Corporate Presentation – Valeura Energy Inc. – slide 45
    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 DEC 31, 2014…
  46. Corporate Presentation – Valeura Energy Inc. – slide 46
    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 DEC 31, 2014 (MMcf/d)…
  47. Corporate Presentation – Valeura Energy Inc. – slide 47
    TBNG JV New Drill Spuds In 2012 - 2015 YTD Hayrabolu-10 Kazanci-5 Dogu Kayi Derin-1 Karya-1, Sig-1 Kuzey Gurgen- Guney Atakoy-2 Kayi-16 Koseilyas-1 Atakoy-1 1,2,3 Hayrabolu Deep Guney Exploration Kayi-1 Osmanli Guney…
  48. Corporate Presentation – Valeura Energy Inc. – slide 48
    TBNG JV New Drill Spuds In 2012 SPUD RIG RELEASE TD STATUS WELL LICENCE WELL TYPE (d/m/y) (d/m/y) (m) JANUARY 6, 2015 Baglik-1 3931 10/03/2012 06/05/2012 Unconventional 3,594 Producing Dogu Karya-1 3934 04/04/2012 23/04/2012…
  49. Corporate Presentation – Valeura Energy Inc. – slide 49
    TBNG JV New Drill Spuds 2013 - 2015 YTD SPUD RIG RELEASE TD STATUS WELL LICENCE WELL TYPE (d/m/y) (d/m/y) (m) JANUARY 6, 2015 TDR-14 3931 29/01/2013 22/02/2013 Unconventional 1,749 Producing Hayrabolu-10 2926 08/02/2013 10/04/2013…
  50. Corporate Presentation – Valeura Energy Inc. – slide 50
    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…
  51. Corporate Presentation – Valeura Energy Inc. – slide 51
    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…
  52. Corporate Presentation – Valeura Energy Inc. – slide 52
    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…
  53. Corporate Presentation – Valeura Energy Inc. – slide 53
    BTD-2H Horizontal - Mezardere Reservoir Mezardere DTD-6 producing zone Spud February 3, 2014 (13 drill BTD-2 DTD-6 days) 635 m TVD; 1,246 m MD Lateral section: 476 m Total sand encountered: 242 m 8-stage frac Packers Plus…
  54. Corporate Presentation – Valeura Energy Inc. – slide 54
    TDR-11H Horizontal - Mezardere Reservoir Mezardere TS-18 producing zone Spud February 20, 2014 (11 drill days) 518 m TVD; 1,291 m MD Lateral section: 678 m Total sand encountered: 394 m 10-stage frac Packers Plus assembly 4,754…
  55. Corporate Presentation – Valeura Energy Inc. – slide 55
    TDR-5H1 Horizontal - Teslimkoy Reservoir Teslimkoy C producing zone Spud July 28, 2014 (12 drill TDR-5 TDR-5H days) 991 m TVD; 1,698 m MD Lateral section: 569 m Total sand encountered: 35 m Total silt encountered: 103 m 8-stage…
  56. Corporate Presentation – Valeura Energy Inc. – slide 56
    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…
  57. Corporate Presentation – Valeura Energy Inc. – slide 57
    Thrace Basin Seismic 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 (92.5 km) TBNG JV drilling since early 2012…
  58. Corporate Presentation – Valeura Energy Inc. – slide 58
    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 as 414 m horizontal side-track in original Alibey-1 vertical well,…
  59. Corporate Presentation – Valeura Energy Inc. – slide 59
    Turkey Natural Gas Infrastructure 61
  60. Corporate Presentation – Valeura Energy Inc. – slide 60
    Turkey Oil Infrastructure 62
  61. Corporate Presentation – Valeura Energy Inc. – slide 61
    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…
  62. Corporate Presentation – Valeura Energy Inc. – slide 62
    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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