Agenda Notice to Investors and Safe Harbor Statement What is a Bennu Bennu Intro Key Assets Formation Background Happenings Since Creation Management Team Strategy & Key Objectives Financial Highlights & Hedging Near…
What is a Bennu A 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 producing properties, infrastructure, certain exploratory blocks (all GoM) from ATP estate Acquisition closed 11/1/13, along with 2nd lien term loan - to clean up bankruptcy baggage,…
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 DVA well tied back to Titan via SURF Blocks with Bennu interest Producing…
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 MC 941 MC 942 MC 940…
Formation Background A great starter kit for a start-up, but Recently completed sub-sea tie-back project with inoperable umbilical Key producing assets heavily encumbered by term NPIs/ORRIs Substantial list/quantum of senior liens…
Happenings Since Creation Retained essential staff from ATP to sustain operations and critical activities; added other essential staff Set, implemented Bennu strategy, objectives, and near term priorities Developed/implemented robust…
More Happenings Increased production from 10,000 boepd to 18,000 boepd net Established Bennu SEMS program and satisfied BSEE audit requirements Converted (10) supervisory level offshore contract staff to employees Located and secured…
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, high-quality assets, and financial stability Optimize existing operations Diversify portfolio (through partnering, and acquiring select, high quality GOM assets)…
Financial Highlights & Hedging Financial Highlights 2014E production 5 MMboe, revenue 350-400 MM, EBITDA 250- 300 MM End 2014E leverage ratio 2.1 (net debt/EBITDA) Fund capex from operating cash flow; 2014/15 CAPEX 150-300 MM Pursue…
Near Term Priorities Create culture of performance, values and transparency Positively increase visibility of Bennu Find right partners for Mirage and Telemark PUD projects; plan and execute Add high caliber staff to increase…
Aspirations Sustainable, profitable growth Partner of choice Preferred employer Investor/creditor top performer Respected and valued client GOM operator who does the right thing Good corporate citizen Fully committed to HSE…
Closing The Bennu story (as of todaymore to come) Thanks for your attention 8/15/2014 19
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