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2013 Half Year Results – Enquest

Enquest · Aug 13, 2013 · 48 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. 2013 Half Year Results – Enquest – slide 1
    EnQuest 2013 Half Year Results Substantial production growth in 2014 Kraken on track, gross reserves 137 MMboe, second 800m allowance H1 2013 production up 6%, strong cash flow generation continues Alma/Galia first oil in Q1 2014
  2. 2013 Half Year Results – Enquest – slide 2
    Agenda Overview. Amjad Bseisu, CEO Business development & major projects Financials Jonathan Swinney, CFO Operations Nigel Hares, Co-founder & Strategy Adviser Summary Amjad Bseisu
  3. 2013 Half Year Results – Enquest – slide 3
    Repeatable strategy delivering success H1 2013 production up 6%, good operations progress, good development drilling results and good reservoir performance Strong cash flow of 235m Thistle well better than expected, stronger…
  4. 2013 Half Year Results – Enquest – slide 4
    Cash flow Six months to 30 June 2013 USm Strong financial position, 900m credit facility and 145m retail bond 235 (415) 90 (102) (12) Financing & other Cash & equivalents less Cash & equivalents less Cash flow…
  5. 2013 Half Year Results – Enquest – slide 5
    Growth through the realisation of untapped potential Technical leadership in integrated development Creating development value via: Heather/Broom Upgrading existing facilities Thistle/Deveron Newer technology, new seismic Field…
  6. 2013 Half Year Results – Enquest – slide 6
    H1 2013 Results Building blocks for sustainable future growth in place Production of 21,455 Boepd in H1 2013 Production 6 wells successfully drilled, 141m capital investment in producing fields & Reserves Successful development…
  7. 2013 Half Year Results – Enquest – slide 7
    Business development & major projects
  8. 2013 Half Year Results – Enquest – slide 8
    Further expanding our UK asset base in 2013 With a rich discovery hopper Kraken (60%) Cairngorm Appraisal well 2013 Farmed out 55% on promoted basis Cairngorm (45% ) Appraisal well 2013 Alba Acquired 8% Avalon…
  9. 2013 Half Year Results – Enquest – slide 9
    Alma/Galia First oil in Q1 2014, net initial production of c.13,000 Boepd H1 2013 Announced increase in scope and specification Extending vessel and field life, optimising operating costs Enabling a second phase of development…
  10. 2013 Half Year Results – Enquest – slide 10
    Kraken on track for sanction in H2 2013 Kraken North confirmed H1 2013 appraisal well confirmed Kraken North field Second 800m heavy oil allowance FDP submitted in Q2 2012 as planned Contains plan for both fields Gross reserves…
  11. 2013 Half Year Results – Enquest – slide 11
    Entry into North Africa - Tunisia 70% operating interest in the producing Didon Oil Field and the Zarat Permit Good fit with strategy to create value from maturing assets and new developments First international production…
  12. 2013 Half Year Results – Enquest – slide 12
    Three years of strong cash flow generation 300% reserve replacement ratio Reserves 2010 - 2012 Cash flow 2010 - 2012 72.0 128.5 1.5bn MMboe MMboe (0.1)bn 80.5 (24.0) MMboe MMboe Additions to Tax, 90m Production…
  13. 2013 Half Year Results – Enquest – slide 13
    Financials
  14. 2013 Half Year Results – Enquest – slide 14
    Results summary Half year to 30 June Unless otherwise stated all figures are before exceptional items and depletion of fair value uplift and are in US dollars US dollars 2013 2012 Change % Export production (Boepd) 21,455 20,253 5.9…
  15. 2013 Half Year Results – Enquest – slide 15
    Summary income statement Half year to 30 June 2013 2013 2013 2012 US dollars Business Exceptional Reported Reported performance items ms ms ms ms Revenue 455.9 - 455.9 440.1 Cost of sales (280.9) (6.4) (287.2) (240.1) Gross profit…
  16. 2013 Half Year Results – Enquest – slide 16
    Group taxation position No material cash tax liability on operational activities expected before 2018 ETR % ms UK Tax Allowances ms PBT 141 Recognised at 31 December 604 2012 UK CT Rate 62.0 87 1H 2013 net additions 174 PRT 4.8…
  17. 2013 Half Year Results – Enquest – slide 17
    Oil & gas capital additions 412m Six months to 30 June 2013 USm 220 63 57 56 16 Alma/Galia Thistle/Deveron Kraken Dons/Conrie Heather/Broom 16
  18. 2013 Half Year Results – Enquest – slide 18
    Cash flow Six months to 30 June 2013 USm Strong financial position, 900m credit facility and 145m retail bond 235 (415) 90 (102) (12) Financing & other Cash & equivalents less Cash & equivalents less Cash flow…
  19. 2013 Half Year Results – Enquest – slide 19
    Finance outlook Full Year 2013 Current capex expectations of approximately 750m, with additional 300m post Kraken sanction Production and transportation costs expected to be in the range 310m to 320m Depletion anticipated to be…
  20. 2013 Half Year Results – Enquest – slide 20
    Operations Continuing investment: - Strong reservoir performance - Improving uptimes - Improving production
  21. 2013 Half Year Results – Enquest – slide 21
    2013 Production results by hub Up 6% H1 2013 Vs H1 2012 Net production (Boepd) 2012 2013 21,455 20,253 11,349 8,895 7,655 5,046 3,703 4,246 - 814 Thistle/Deveron The Dons Heather/Broom Alba Total 20
  22. 2013 Half Year Results – Enquest – slide 22
    EnQuest 2013 production Good drilling results, strong reservoir performance, improving uptimes All figures EnQuest net production (bopd) aggregated and expressed as a weekly average
  23. 2013 Half Year Results – Enquest – slide 23
    Thistle / Deveron New producer better than expected, D turbine fully commissioned in H2 2013 Area6 I1 2013 A59 w/o Drilled A60(WFB-P1), 80ft high to prognosis, started A59 production this August Workover of A53/60 injector well…
  24. 2013 Half Year Results – Enquest – slide 24
    Thistle Late Life Extension projects Power & Electricity Upgrade Project New D turbine commissioned Jacket Integrity Project Modifications required to ensure jacket protection for another 15 years Topsides Structural Integrity…
  25. 2013 Half Year Results – Enquest – slide 25
    West Dons and Don Southwest Successful well at W6, S12Z and OB 2013 28% production increase West Don W6 injector tied in and brought online in W1 Q1, providing strong support to W4 Conrie S7 producer W2 Don South West W5 W3Z…
  26. 2013 Half Year Results – Enquest – slide 26
    Heather/Broom 2013 15% production increase Good operational uptimes 2/0 Else 5- Broom continues to outperform production 15 H42 H33 expectations Erica 2/05-21 H61Z 2/0 2/0 Improvement in Heather operating uptimes H46 (BW3)…
  27. 2013 Half Year Results – Enquest – slide 27
    Heather field life extension Drilling rig upgrade 26
  28. 2013 Half Year Results – Enquest – slide 28
    2013 EnQuest outline programme 15 wells being delivered Q1 Q2 Q3 Q4 Thistle Workover Drilling (1 well), workover Heather Producer workover Dons Drilling (3 wells) Alba Drilling (4 wells) Alma/Galia Drilling 3 production well…
  29. 2013 Half Year Results – Enquest – slide 29
    Summary
  30. 2013 Half Year Results – Enquest – slide 30
    Outlook Demonstrating the sustainability of EnQuests growth 2013 guidance in the lower half of the range of between 22,000 Boepd to 27,000 Boepd Material increase to come in 2014 Production 15 wells being delivered in 2013…
  31. 2013 Half Year Results – Enquest – slide 31
    Delivering sustainable growth Successfully implementing our strategy Exploiting our existing reserves Dons, Thistle/Deveron, Heather/Broom, Alba Making selective acquisitions Commercialising & developing discoveries…
  32. 2013 Half Year Results – Enquest – slide 32
    Q&A Thistle/Deveron Dons Northern Producer Heather/Broom Alma/Galia EnQuest Producer 31
  33. 2013 Half Year Results – Enquest – slide 33
    EnQuests North Sea assets At 30 June 2013, including Avalon farm in 32
  34. 2013 Half Year Results – Enquest – slide 34
    Balance Sheet 30 June 2013 31 December 2012 US dollars 000s 000s ASSETS Property, plant and equipment 2,270.1 1,816.6 Non-current assets Goodwill 107.8 107.8 Intangible oil and gas assets 110.0 97.5 Investments 2.0 2.3 Deferred…
  35. 2013 Half Year Results – Enquest – slide 35
    Track Record of Sustainable Delivery and Growth Reserve replacement ratio of 300% over three years MMboe Full year 2010 Full year 2011 Full year 2012 21.5 128.51 115.2 35.1 88.5 (8.2) 15.4 80.5 (8.4) (7.4) Net 2P…
  36. 2013 Half Year Results – Enquest – slide 36
    Largest UK Independent Producer in the UK North Sea Government data (DECC) for UK North sea independent producers Total Production for the year ending April 2013 1,000,000 900,000 Total Production in Mass units (tonnes)…
  37. 2013 Half Year Results – Enquest – slide 37
    Malaysia: Larger map 36
  38. 2013 Half Year Results – Enquest – slide 38
    Alba Field Summary A37W 26 + ALBA FIELD MAP A48W A11Y A33Y A44Y 14 5 Located in Block 16/26. Operated by A4X A4Z A13 A13Y A13Z A29Y Top Main Field Reservoir Map A2Z (SI04 Interpretation) 15 11 A59Y A36Y A55Z A62Y…
  39. 2013 Half Year Results – Enquest – slide 39
    Thistle, Conrie and The Dons Infrastructure 38
  40. 2013 Half Year Results – Enquest – slide 40
    Heather / Broom Infrastructure 39
  41. 2013 Half Year Results – Enquest – slide 41
    Kraken Infrastructure 40
  42. 2013 Half Year Results – Enquest – slide 42
    Cairngorm Well Block 16/3d Flank Well 1 2 16/3d 16/2b NW SE 41
  43. 2013 Half Year Results – Enquest – slide 43
    Alma/Galia 42
  44. 2013 Half Year Results – Enquest – slide 44
    Alma Subsurface -10 -105 52 00 5 -1047 -104 5 -1 50 04 25 -1 -10400 -100375 -1 3 -10032550 300 -10 -10-1 -10 2202275 5 50 500205 17 -102 5 -9878-59-999 00 -101 50 -9 5 0 12 0 -1 00 5 80 -10 1…
  45. 2013 Half Year Results – Enquest – slide 45
    Alma Seismic SW 30/24-2 30/24-1 3 0/24-5 30/24-3 30/25a-2 NE 44
  46. 2013 Half Year Results – Enquest – slide 46
    Alma Extensive In-House Subsurface Work Reinterpretation of Seismic Petrophysics Layering Re Build of models Static Simulation Integrated Team ESP design Well Trajectories 45
  47. 2013 Half Year Results – Enquest – slide 47
    0 0 0 -9 -985 45 -94 -9 -9300 -9 6229200 0 00 -925 -98 0 Alma Development -980 0 -9 -9 75 70 0 Wells Trajectory Schematic -8 50 6228800 60 7 -8 0 30/25a-02 -94 50 00 -940…
  48. 2013 Half Year Results – Enquest – slide 48
    Galia STOIIP & Reserves Only 50% Water Cut Galia Main 2 Well Sampled 30/24-15 Galia 1 Bubble Point Pressure 1900 psia Main 1 Differential Gas-Oil Ratio 631 scf/stb outline 9 29 Galia East 3 30Z outline Formation Volume Factor…

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