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TD Securities Energy Conference Corporate presentation – Sterling Resources Ltd.

Sterling Resources Ltd. · Jan 13, 2015 · 15 slides

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Slides

  1. TD Securities Energy Conference Corporate presentation – Sterling Resources Ltd. – slide 1
    TD Securities Energy Conference Corporate presentation 13 January 2015
  2. TD Securities Energy Conference Corporate presentation – Sterling Resources Ltd. – slide 2
    Overview of Sterling Resources E&P independent listed on TSX-V (Toronto, ticker SLG) Market cap of C89m (31 Dec 2014, at C0.235/share) Pro forma net debt of US185m(1) (31 Dec 2014) 4 areas of operations: UK, Romania, France and the…
  3. TD Securities Energy Conference Corporate presentation – Sterling Resources Ltd. – slide 3
    Material Reserves, Contingent & Prospective Resources NET RESERVES WORKING ASSET & RESOURCES DESCRIPTION INTEREST (1)(2) MMboe CURRENT PRODUCTION / DEVELOPMENT 2P (1) Build-up of reserves and contingent resources Phase 1…
  4. TD Securities Energy Conference Corporate presentation – Sterling Resources Ltd. – slide 4
    Production growing and diversifying over next 5 years Sterlings production should increase materially in coming years: Cladhan expected on-stream Q3 2015 Breagh Phase 2 expected on-stream Q3 2017 (profile assumes 7 wells from a…
  5. TD Securities Energy Conference Corporate presentation – Sterling Resources Ltd. – slide 5
    Gas-dominated portfolio Sterlings portfolio is heavily weighted towards gas In H2 2014: (end 2013, ex NI 51-101F1): Brent crude spot price has fallen 47% 82% of 2P reserves are gas UK NBP spot gas price has increased 19%, in terms…
  6. TD Securities Energy Conference Corporate presentation – Sterling Resources Ltd. – slide 6
    Vision and strategy VISION: BECOME A LEADING PREDOMINANTLY UK-FOCUSED E&P COMPANY WITH SOLID BALANCE SHEET AND DIVERSIFIED CASH FLOW, DELIVERING SUPERIOR RETURNS TO SHAREHOLDERS Refinance bond debt, probably through bank RBL, in…
  7. TD Securities Energy Conference Corporate presentation – Sterling Resources Ltd. – slide 7
    Breagh: field summary Participants Sterling (30%), RWE Dea (70%, op.) Facilities completed and commissioned Field 2P Reserves(1) 596 Bcf sales gas, 2.4 MMb condensate Wells A01 A08 online Net 2P Reserves(1) 179 Bcf, 0.7 MMb cond. (=…
  8. TD Securities Energy Conference Corporate presentation – Sterling Resources Ltd. – slide 8
    Breagh: production performance in 2014 A08 Online A07 Online Instrumentation fouling Instrumentation TGPP vessel inspection & minor modifications Slug catcher replacement Slug catcher Field total (100%) wet…
  9. TD Securities Energy Conference Corporate presentation – Sterling Resources Ltd. – slide 9
    Breagh: future plans Remaining Phase 1 development Drilling of A09-A12 in 2015-16, all with hydraulic stimulation (A09 onstream Q4 2015, other wells during 2016) Rig rates expected to be significantly lower in H2 2015 Stimulation…
  10. TD Securities Energy Conference Corporate presentation – Sterling Resources Ltd. – slide 10
    Cladhan: development summary Participants Sterling 2-13.8%, TAQA (52.7%, op.), MOL (33.5%) 2P Reserves(1) 16.5 MMbbls field, 1.8 MMbbls net (post carry) P50 Prospective Resources(1) 2 MMbbls field, 0.3 MMbbls net (post carry)…
  11. TD Securities Energy Conference Corporate presentation – Sterling Resources Ltd. – slide 11
    Cladhan: current status Production, water injection and gas lift pipelines laid P1 and W1 wells drilled; P2 currently drilling and due to be completed in January 2015 Tern topsides modifications commenced Subsea connections to…
  12. TD Securities Energy Conference Corporate presentation – Sterling Resources Ltd. – slide 12
    Romania: gas development project and high quality exploration potential P50 Best Est. Block Interest CR(1) PR(1) 28 Bcf Block 13 Pelican 65%, op 38 Bcf 44 MMb Block 15 Midia (Shallow) 65%, op 216 Bcf 1088 Bcf Block 25 Luceafarul…
  13. TD Securities Energy Conference Corporate presentation – Sterling Resources Ltd. – slide 13
    Netherlands: probable oil development Sterling is operator of Jurassic and Early Cretaceous horizons in licences F17a, F18 (Sterling 35%) Contingent and prospective oil resources in F17a/18 Net 12 MMbbls contingent oil…
  14. TD Securities Energy Conference Corporate presentation – Sterling Resources Ltd. – slide 14
    Expected activity for 2015-17 2014 2015 2016 2017 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 United Kingdom Drill & stimulate A09-A12 and 1 sidetrack Additional sidetrack Breagh Phase 1 development Onshore compression Breagh Phase…
  15. TD Securities Energy Conference Corporate presentation – Sterling Resources Ltd. – slide 15
    Financial situation and near term plans Amendments to UK bond terms made in Dec 2014 provide additional liquidity through to end Apr 2015 - Principal amendment is suspension of requirement to transfer funds to a restricted account at…

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