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Corporate Presentation – Delphi Energy Corp.

Delphi Energy Corp. · Feb 5, 2015 · 31 slides

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Slides

  1. Corporate Presentation – Delphi Energy Corp. – slide 1
    2015 FEBRUARY 2015 CORPORATE PRESENTATION FEBRUARY 2015 DELPHI ENERGY CORP.
  2. Corporate Presentation – Delphi Energy Corp. – slide 2
    DELPHI: A SUSTAINABLE BUSINESS MODEL Cash generating capability remains healthy in current environment Balanced revenue stream (2014: 48% Gas 52% Condensate/NGLs) Significant commodity hedge position for 2015 and 2016 Efficient cost…
  3. Corporate Presentation – Delphi Energy Corp. – slide 3
    FOCUS: CONDENSATE-RICH BIGSTONE MONTNEY Bigstone Montney the driver of significant growth Built an 8,000 boe/d 138 gross sections Payout achieved on 5 Forecast average asset on net capital with a drilling wells (6 to 18 months) Montney…
  4. Corporate Presentation – Delphi Energy Corp. – slide 4
    BIGSTONE MONTNEY: A GREAT PIECE OF REAL ESTATE Montney land position has grown to 138 gross (116.5 net) sections since 2010 Delphi one of the largest Montney landowners on map sheet Delphi is a leader in the technical evolution of…
  5. Corporate Presentation – Delphi Energy Corp. – slide 5
    BIGSTONE MONTNEY: ASSEMBLED 138 SECTIONS East Bigstone: 78 sections Held 4 sections of legacy Montney rights West Bigstone: 27 sections below existing DEE production 26.3 sections of Cretaceous added Sept/14 Added 12 sections of…
  6. Corporate Presentation – Delphi Energy Corp. – slide 6
    BIGSTONE MONTNEY: STRATEGIC INFRASTRUCTURE Rge25W5 Rge24 Rge23 Rge22 Rge19 Rge18 SemCAMS KA TCPL Delphi owns significant existing infrastructure in Alliance the Bigstone area Sour processing capacity at SemCAMS K3 Lower fee…
  7. Corporate Presentation – Delphi Energy Corp. – slide 7
    BIGSTONE MONTNEY: 19 WELLS DRILLED Drilled 3 HZ wells in 2012: ATH To KA Sour Two mile HZs with laterals of 2 wells 16-27 Plant 15-30 2,200 m to 3,000 m 13-27 10-27 13-30 16-30 DEI Fracd using conventional gelled 3 wells 13-23…
  8. Corporate Presentation – Delphi Energy Corp. – slide 8
    BIGSTONE MONTNEY: PRODUCTION GROWTH YTD Q314 Production 10,050 boe/d Montney Production Ramped Up in 2014 Hythe Eleven fold increase in Montney production from 700 boe/d Bigstone Cretaceous in Feb 2013 to over 8,100 boe/d in Nov 2014…
  9. Corporate Presentation – Delphi Energy Corp. – slide 9
    BIGSTONE MONTNEY: RESERVES Montney Development Dec. 31, 2013 Categories 271% growth in PDP reserves over 2012 Increase in 2P value to 242.7 million and 2P Montney reserves to 33.1 mmboe 24% PDP Delphi Capital Efficiencies (proved…
  10. Corporate Presentation – Delphi Energy Corp. – slide 10
    BIGSTONE MONTNEY: WELL PERFORMANCE 3,000 12 Typecurve Total Sales (boe/d) Average 30 Stage HZ Total Sales Typecurve Field Condensate (boe/d) Average 30 Stage HZ Field Condensate 2,500 10 2,000 Production volumes of 500 to 700…
  11. Corporate Presentation – Delphi Energy Corp. – slide 11
    BIGSTONE MONTNEY: INDIVIDUAL WELL DATA Initial Production (IP) Rate Well Performance(1) Number IP30 IP30 IP30 IP90 IP180 IP270 Payout Monthly (4) HZ Length of Fracs Total Sales FCond Rate Total NGL Total Sales Total Sales Total Sales…
  12. Corporate Presentation – Delphi Energy Corp. – slide 12
    BIGSTONE MONTNEY: PRODUCTION TRENDS Value creation remains robust on GLJ January 2015 Price Deck Type Well NPV = 13.2 million IRR = 74% PI = 2.4 Payouts = 18 months Lower intial gas rate: Decline profile less than type curve…
  13. Corporate Presentation – Delphi Energy Corp. – slide 13
    BIGSTONE MONTNEY: COMPARATIVES Well Depths 6,000 5,000 4,000 3,000 Metres 2,000 1,000 0 2012 2013 2014 TVD (m) Hz length (m) Well Costs 14,000 700 12,000 600 Cost per Frac Stage (000) 10,000 500 D&C…
  14. Corporate Presentation – Delphi Energy Corp. – slide 14
    BIGSTONE MONTNEY: COMPARATIVES Natural Gas Rate Field Condensate Rate Raw Gas Plus (Raw) Field Condensate Rate Delphi Energy East Bigstone Montney (17 wells) Delphi Energy East Bigstone Montney (17 wells) Delphi Energy East…
  15. Corporate Presentation – Delphi Energy Corp. – slide 15
    BIGSTONE MONTNEY: ECONOMIC MODEL Two Section Montney Horizontal w/ 30 stage Slickwater Hybrid Completion Revised Type Well (1) Capital Total MM 9.2 Initial Production (day 1) Gas mmcf/d raw 7.0 Initial Field Condensate bbl/mmcf…
  16. Corporate Presentation – Delphi Energy Corp. – slide 16
    BIGSTONE MONTNEY: WELL PAYOUTS Slickwater Wells Achieving Payout 5 wells to date Payout achieved on approximately 20% of well EUR Average production at payout of 500- 700 boe/d Cash operating income after payout funding continuous…
  17. Corporate Presentation – Delphi Energy Corp. – slide 17
    BIGSTONE MONTNEY: WELL PAYOUTS Slickwater Wells Achieving Payout 6 of the first 9 Slickwater 30 stage wells will have achieved payout in 6 to 19 months Leading to self sustainability of Bigstone Montney Program FEBRUARY 2015…
  18. Corporate Presentation – Delphi Energy Corp. – slide 18
    BIGSTONE MONTNEY: NETBACKS Liquids Yield (bbls/mmcf) Cash Netbacks Increasing with Montney Growth Field Condensate Plant Condensate Butane Propane Ethane 120 Montney Montney average liquids yield in 2014 YTD of 98 100 bbls/mmcf (71%…
  19. Corporate Presentation – Delphi Energy Corp. – slide 19
    BIGSTONE MONTNEY: SELF SUSTAINING 250 ( millions) ACTUALS PROFORMA 200 Quick Payback period and High PI ratios. Expected end of 2015 run-rate annual production of 150 3.5 million boe, requiring 3-4 wells per annum to maintain…
  20. Corporate Presentation – Delphi Energy Corp. – slide 20
    BIGSTONE MONTNEY: 2015 DRILLING PROGRAM Area of 5 year / 70 well Development plan 1 4 East Bigstone 6 53 2 2015 Drilling Plans Include: Up to 6 HZ wells at East Bigstone 2 wells drilled in first half 20 million…
  21. Corporate Presentation – Delphi Energy Corp. – slide 21
    HEDGING PROGRAM: PROTECTING CASH FLOW Natural Gas (Cdn) Oct - Dec 2014 2015 2016 2017 Volume (mmcf/d) 26.9 30.1 10.9 2.4 % Hedged * 52 58 21 5 Fixed Price (Cdn /mcf) 3.74 3.67 3.68 3.96 Natural Gas (US) Oct - Dec 2014 2015 2016 2017…
  22. Corporate Presentation – Delphi Energy Corp. – slide 22
    MARKET GUIDANCE % 2014 Forecast 2015 Guidance Change Average Annual Production (boe/d) 10,500 11,500 - 12,000 12% Exit Production Rate (boe/d) 11,500 11,600 12,250 12,750 7% AECO Natural Gas Price (Cdn per mcf) 4.50 3.50 (22%)…
  23. Corporate Presentation – Delphi Energy Corp. – slide 23
    DELPHI SUMMARY Current inventory of scalable development opportunities: Montney land base has grown to 138 sections Application of slickwater frac technology is successful Gas rates / NGL yields / costs Field operations benefiting…
  24. Corporate Presentation – Delphi Energy Corp. – slide 24
    APPENDIX FEBRUARY 2015 DELPHI ENERGY CORP. 25
  25. Corporate Presentation – Delphi Energy Corp. – slide 25
    CORPORATE FOCUS: DEEP BASIN ASSET BASE Cash Generating Capability by Play Type Concentrated land base of over 300 sections Percent of Capital Recovered Bigstone Montney HZ Significant HZ drilling inventory on multiple Bigstone…
  26. Corporate Presentation – Delphi Energy Corp. – slide 26
    BIGSTONE MONTNEY: PLAY EVOLUTION East Bigstone Development/Manufacturing Mode +100 Locations East Bigstone 20 producing wells West Bigstone Upper Montney +100 Locations Area of Focus Fir 10 producing wells West Bigstone…
  27. Corporate Presentation – Delphi Energy Corp. – slide 27
    WEST BIGSTONE MONTNEY: DE-RISKING West Bigstone Montney: 27 sections (100% WI) Athabasca Completed in 2014 Upper and middle Montney thicken Delphi 9-4 Well Conventional Natural gas is sweet to marginally sour Gelled Oil Frac…
  28. Corporate Presentation – Delphi Energy Corp. – slide 28
    BIGSTONE MONTNEY: WELL DESIGN Extended Reach Evolution of Montney Drilling Depths HZ Drilling 6000 Over 4,000 Montney wells drilled in last 5 years 5000 Ave. HZ Length Depth (m) Ave. TVD 2,700 4000 Two - single section HZ…
  29. Corporate Presentation – Delphi Energy Corp. – slide 29
    BIGSTONE MONTNEY: CUMULATIVE PRODUCTION 500 Cumulative Production 450 400 Type Well 350 300 Cumulative BOE's (MBOE) 250 200 150 First 3 Gelled Oil Fracs 100 50 All shut in days have been removed 0 0 50…
  30. Corporate Presentation – Delphi Energy Corp. – slide 30
    BIGSTONE MONTNEY: CUMULATIVE REVENUE Cumulative Revenue 22,000 New wells generating up to 3 times more revenue: 20,000 Higher condensate yields Lower decline profiles Faster payouts 18,000 Greater NPVs and ROR Type Well 16,000…
  31. Corporate Presentation – Delphi Energy Corp. – slide 31
    300, 500 4th Avenue S.W. Calgary, Alberta T2P 2V6 Telephone: (403) 265-6171 Facsimile: (403) 265-6207 Email: infodelphienergy.ca Website: www.delphienergy.ca FEBRUARY 2015 DELPHI ENERGY CORP. 32

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