2014 HOULIHAN LOKEY ENERGY CONFERENCE October 22, 2014
Agenda What is a Bennu Bennu Intro Key Assets Management Team Strategy & Key Objectives Financial Highlights & Hedging 2014 Highlights Q4 2014 / 2015 Priorities Q&A 3
What is a Bennu The Bennu is an ancient Egyptian deity and a symbol of renewal, creation, and new life Typically drawn as a Heron, the Bennu is connected to the Phoenix legend in Greek mythology The Bennu is symbolic of our…
Bennu Intro Formed September 2013 to acquire key GOM producing properties, infrastructure, certain exploratory blocks from ATP estate Acquisition closed 11/1/13, along with 2nd lien term loan to provide working capital, address…
Key Assets Mirage Field Mississippi Canyon Block 941 Water Depth: 3770' Royalty: 12.5% (87.5 MMboe royalty relief) Operating Rights: 100% to 18,000 TVDSS NRI: 100% to 87.5% (subject to royalty relief) Miocene, 2 DVA wells at…
Key Assets Morgus Field Mississippi Canyon Block 942 Water Depth: 3959' Royalty: 12.5% (9 MMboe royalty relief) Operating Rights: 100% to 18,000 TVDSS NRI: 100% to 87.5% (subject to royalty relief) Miocene, 1 DVA well at…
Key Assets Telemark Field Atwater Valley Block 63 Water Depth: 4314' Royalty: 12.5% Record Title: Bennu 100% NRI: 81% to 77.5% Miocene, 1 well tied back to Titan via SURF 4 S/T PUD Opportunity Blocks with Bennu interest…
Key Assets Clipper Field Green Canyon Block 300 Water Depth: 3136' Royalty: 12.5% (9 MMboe royalty relief) Operating Rights W/2: 100% to 17,440 TVDSS NRI: 87% to 74.5% (subject to royalty relief) Miocene, 2 wells tied back…
Titan Production Facility Capacity of 25k bopd and 50 MMcf/d; can be readily increased to 35k bopd and 100 MMcfd Currently utilized by Bennus Telemark, Mirage and Morgus Fields; planned tie-back for MC 941 5 and MC 941 MC 942 AT…
Management Team Former SVP of Production, E&P Services at Hess Corporation John Simon Chief Executive Officer Over 38 years of experience in the E&P sector Former CFO/EVP of Saratoga; EVP/CFO/Treasurer of PetroQuest Mike Aldridge…
Strategy & Key Objectives Leverage strengths offshore expertise, financial stability, and high- quality assets with running room Optimize existing operations Diversify portfolio (through partnering, and acquiring select, high…
Financial Highlights & Hedging Financial Highlights 2014E prod 5 MMboe, rev 350-400 MM, EBITDA 250-300 MM Y/E 2014E Leverage Ratio (Net Debt/LTM EBITDA) of 2.4x FYE 2014E Interest Coverage Ratio (EBITDA/Int Exp) of 3.4x Fund capex…
2014 Highlights Received P&A supplemental bonding waiver from BOEM Refinanced/increased term loan, bought out all but one, smaller term ORRI Installed replacement (electrical) umbilical on Clipper; increased production from 10,000…
Q4 2014 / 2015 Priorities Find right partners for Mirage and Telemark PUD projects; plan, prepare and execute Develop 2015+ budget/plan, stress test at low pricing, assure liquidity Add high caliber staff to increase opportunity…
Questions CONTACT Holly Baker-Vite Michael Aldridge Assistant to CEO/Investor Relations Chief Financial Officer 1330 Post Oak Place, Suite 1600 1330 Post Oak Blvd, Suite 1600 Houston, TX 77056 Houston, TX 77056 (713)552-5012…
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