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Corporate Presentation – Valeura Energy Inc.

Valeura Energy Inc. · Feb 27, 2015 · 62 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. Corporate Presentation – Valeura Energy Inc. – slide 1
    A GLOBAL ENERGY COMPANY FOCUSED ON EXCEPTIONAL VALUE CREATION UNLOCKING TURKEYS TIGHT GAS POTENTIAL CORPORATE PRESENTATION FEBRUARY 2015
  2. Corporate Presentation – Valeura Energy Inc. – slide 2
    Corporate Profile Valeura Energy Inc. (VLE TSX) is a Canada-based oil and gas company with assets in Turkey Interests in 21 leases & licences in Turkey: 1.0 MM acres (gross); 0.42 MM acres (net) (1) Focused on development of…
  3. Corporate Presentation – Valeura Energy Inc. – slide 3
    Capital Structure February 1, 2015 Basic shares outstanding at February 1, 2015 57,906,135 Common shares purchasable pursuant to outstanding: Financial warrants (5.50 exercise price per share) 13,269,217 Options (0.82 weighted average…
  4. Corporate Presentation – Valeura Energy Inc. – slide 4
    Why Turkey Prospective Proven petroleum systems TBNG-PTI Under-explored & under-exploited conventional & TBNG-PTI acquisition unconventional plays Acquisition (natural gas & light/medium oil) opportunity Opportunity to deploy…
  5. Corporate Presentation – Valeura Energy Inc. – slide 5
    Turkey YE 2013 Reserves (Company Gross) (1) MMboe Million barrels of oil equivalent 12 Possible 64% and 19% year-over-year increase in 1P Probable 10.3 3P and 2P reserves, respectively, in Turkey 10 Proved 9.2 Primarily natural gas…
  6. Corporate Presentation – Valeura Energy Inc. – slide 6
    Thrace Basin Transactions (1) Bulgaria 2010 Otto asset purchase (Edirne) (35% WI) Black Sea E17-b4-1 E17-c1-1 E17-c2-1 Turkey 2013 Copkoy 2013 Banarli licence award licence award (100% WI) (100% WI) 3659 2926 5147 5122…
  7. Corporate Presentation – Valeura Energy Inc. – slide 7
    TBNG JV (40% WI - Non-Operated) I-8 Rig Drilling at TDR-9 7
  8. Corporate Presentation – Valeura Energy Inc. – slide 8
    TBNG JV (1) Interests in 14 leases & licences in Thrace Basin (0.51 MM gross acres onshore) Established shallow gas production and marketing business: - 65 producing wells (gross) in 15 gas fields in onshore lands - Owned compression…
  9. Corporate Presentation – Valeura Energy Inc. – slide 9
    TBNG JV Shallow Gas Business 2012 shallow gas program: (1) Spudded 9 new drills: 6 on production (7.6 MMcf/d aggregate initial 7-day rate); 1 completing/evaluating; 2 plugged and abandoned Completed 32 workovers (8.9 MMcf/d aggregate…
  10. Corporate Presentation – Valeura Energy Inc. – slide 10
    Osmanli Area Conventional Gas Exploration Drilling Banarli 5104 Merged Osmanli & Tekirdag 3D seismic Gurgen-1 area Osmanli Gurgen-2 Dogu Gurgen-3 Guney Osmanli-1 3934 Osmanli-3 Tavanli-1 Karaevli 3931 Kayi Gazi Biyikali-2 ST…
  11. Corporate Presentation – Valeura Energy Inc. – slide 11
    TBNG JV Shallow Gas & Tight Gas Plays SHALLOW GAS Akcahalil-1 Inecik- Aydede-1 YAGCI-8 ND-1 TDR-2 TS-18 DTD-1 KAYI-7 BATI GAZI-1 BATI Danismen & Osmancik 2 KARAEVLI-1 SOUTHWEST NORTHEAST 5 re-entry fracs since DANISMEN mid-2011…
  12. Corporate Presentation – Valeura Energy Inc. – slide 12
    TBNG JV Tight Gas Proof-Of-Concept Program Phases 1. Recompletion fracs (750-2,000 m depth) Identify gas bearing zones in Mezardere, Teslimkoy & Kesan units that require fracs to achieve commercial rates focusing initially on areas…
  13. Corporate Presentation – Valeura Energy Inc. – slide 13
    Thrace Basin Tight Gas Learning Curve 2011 2014 THRACE BASIN Cumulative 3 OSMANLI Exploration Program capex(1,2) DISCOVERIES 64MM (net) Horizontal Drills 6 Hz MEZ/TES/KESAN DRILL & FRACS & Fracs DEVELOP Vertical Drills & 12…
  14. Corporate Presentation – Valeura Energy Inc. – slide 14
    Teslimkoy/Kesan Multi Frac Type Curves (Vertical Wells) (1) TYPE CURVE COMPARISON - December 2013 1800 180 D&M 1P (EUR - 0.33 Bcf) 1600 D&M 2P (EUR - 0.88 Bcf) 160 Type Well 6 (EUR - 0.97 Bcf, HCPV - 4m) 1400 D&M 1P - Cum…
  15. Corporate Presentation – Valeura Energy Inc. – slide 15
    Mezardere Multi Frac Type Curve (Horizontal Wells) (1) TYPE CURVE MEZARDERE MFHW - December 2013 3000 150 2500 125 Mez MFHW (800m lateral, 1.13 Bcf) Cum Recovery 2000 100 Cumulative Production - % of EUR GAS RATE -…
  16. Corporate Presentation – Valeura Energy Inc. – slide 16
    Tekirdag Area Horizontal Drilling (1) 2nd HZ well BTD-4H 1st HZ well DTD-19H Teslimkoy U. Kesan 655 m lateral 425 m lateral 10-stage frac 7-stage frac IP30 rate 3.0 MMcf/d IP30 rate 0.4 MMcf/d 5th HZ well TDR-11H Mezardere…
  17. Corporate Presentation – Valeura Energy Inc. – slide 17
    Tekirdag Area 2011-2014 Mezardere/Teslimkoy/Kesan Frac Results & Potential Vertical Well Development (1) KAYI-14 Guney Kayi-1 Kayi Derin-1 KAYI-7 5.0 MMcf/d 1.8 MMcf/d 0.7 MMcf/d 3.4 MMcf/d KAYI-12 KAYI-14 1.6 MMcf/d 5.4 MMcf/d…
  18. Corporate Presentation – Valeura Energy Inc. – slide 18
    Potential Mezardere Play Fairway Base Mezardere Alacaogl u Prospective Depth Structure Mezardere Mezarder play fairway e Kitchen Hayrabolu 5104 Tekirdag Tekirdag area Mezardere exploitation 10 km program New slope fan…
  19. Corporate Presentation – Valeura Energy Inc. – slide 19
    Banarli Licence (100% WI - Operated) Banarli SeismicatAcquisition I-8 Rig Drilling TDR-9 June 2013 19 27
  20. Corporate Presentation – Valeura Energy Inc. – slide 20
    Potential Basin-Centered Gas Play Fairway Base Alacaogl Mezardere u Mezardere Potential Depth Temrez Mezarder kitchen area Structure e Kitchen 5104 Hayrabolu-10 Kazanci-5 Banarli Gurgen-1 Tekirdag 10 km Banarli…
  21. Corporate Presentation – Valeura Energy Inc. – slide 21
    Recent Osmancik & Mezardere Results & Potential Extension of Play Types into Banarli Potential Pressure Seal Hayrabolu-10 Banarli Planned 3D: 150 km2 Gurgen-1 IP(30): 3.3 MMcf/d (Osm) Gurgen-2 IP(30): 3.3 MMcf/d (Osm)…
  22. Corporate Presentation – Valeura Energy Inc. – slide 22
    Robust Netbacks & Competitive Costs Drive Attractive Natural Gas Economics in Turkey Operating Netbacks /boe (1) Tight Gas Cost Structure USMM (Gross) 70 FUTURE CURRENT 62.00 POTENTIAL Royalty 59.92 60 RE-ENTRY FRACS (2) Opex 54.07…
  23. Corporate Presentation – Valeura Energy Inc. – slide 23
    Turkey Natural Gas Indicative Well Economics (1) PHYSICAL PARAMETERS PER WELL ECONOMICS PER WELL BEFORE TAX (5) PROGRAM RESERVES (2) IP30 (3) CAPEX (4) IRR PAYOUT PV10 RECYCLE (Bcf) (MMcf/d) (USMM) (%) (MONTHS) (USMM) RATIO (6)…
  24. Corporate Presentation – Valeura Energy Inc. – slide 24
    Turkey Net Capital Budget 2014 (1) 2014 work program and budget targets (and actuals): Achieve average 2014 sales in Turkey of 1,030 1,080 boe/d (Actual: 1,143 boe/d) Expand Tekirdag area tight gas development with horizontal wells &…
  25. Corporate Presentation – Valeura Energy Inc. – slide 25
    Turkey Net Capital Budget Outlook 2015 (1) 2015 work program and budget targeting to: Achieve average 2015 sales in Turkey of 1,260 1,310 boe/d Drill balanced program of up to 10 new conventional gas & tight gas wells on the TBNG JV…
  26. Corporate Presentation – Valeura Energy Inc. – slide 26
    Summary Owning Valeura provides exposure to a natural gas-focused, pure play in Turkey, which benefits from: 10.62/Mcf gas prices, 12.5% government royalty & 45/boe operating netbacks (Q4 2014) Large land position of 1.0 MM gross…
  27. Corporate Presentation – Valeura Energy Inc. – slide 27
    A GLOBAL ENERGY COMPANY FOCUSED ON EXCEPTIONAL VALUE CREATION SUPPLEMENTARY INFORMATION
  28. Corporate Presentation – Valeura Energy Inc. – slide 28
    Our Heritage Senior Management Board of Directors 30
  29. Corporate Presentation – Valeura Energy Inc. – slide 29
    Recent Successes of Management & Board Sold 2009 360 mm Market Cap 3x ROI (04-09) 835 mm CAGR 22% Market Cap at Trust Conversion Sold in 2008 916 mm 202 mm 35x ROI (94-03) 4x ROI (05-08) CAGR 51% CAGR 89% Sold in 2006 Sold in…
  30. Corporate Presentation – Valeura Energy Inc. – slide 30
    Organization Structure BOARD OF DIRECTORS Abby Badwi Jim McFarland Bill Fanagan Ken McKay Claudio Ghersinich Ron Royal Stephanie Stimpson, Corporate Secretary PRESIDENT & CEO ASSISTANT Jim McFarland Shari Lemon MANAGER…
  31. Corporate Presentation – Valeura Energy Inc. – slide 31
    Officers President & CEO: Jim McFarland, P. Eng. 42 years oil & gas experience Former President & CEO, director and co-founder, Verenex Energy (Libya light oil) Former Managing Director, Southern Pacific Petroleum (Australian shale…
  32. Corporate Presentation – Valeura Energy Inc. – slide 32
    Officers (Contd) VP Engineering: Don Shepherd, P. Eng. 41 years oil & gas experience Former General Manager, Verenex Energy Area 47 Libya based in Tripoli 13 years with Saudi Aramco as Asset Management Team Leader and Senior…
  33. Corporate Presentation – Valeura Energy Inc. – slide 33
    Managers Manager Business Development: Barry Wihak, P. Geol. 31 years oil & gas experience Former President & CEO, director and co-founder, Cangea Energy (private, Colombia focus) 5 years with Vermilion Energy Trust as Business…
  34. Corporate Presentation – Valeura Energy Inc. – slide 34
    Managers (Contd) Country Representative (Ankara, Turkey): Mehmet Ekinalan 7 years oil & gas experience Former Resident Representative of Thrace Basin Natural Gas Turkiye Corporation 21 years telecommunications experience (Turkey and…
  35. Corporate Presentation – Valeura Energy Inc. – slide 35
    Board of Directors Abby Badwi, P. Geol. Vice-Chairman, Bankers Petroleum Ltd. Former President & CEO, Bankers Petroleum Ltd. Geological background Bill Fanagan, CA (Chair) Former Chairman, Verenex Energy Inc. Former President & CEO,…
  36. Corporate Presentation – Valeura Energy Inc. – slide 36
    Q3 2014 Financial & Operating Highlights (1) 3 MONTHS 3 MONTHS 9 MONTHS RESULTS ENDED ENDED ENDED SEPT 30, 2014 JUNE 30, 2014 SEPT 30, 2014 Production Crude oil & NGLs (bbl/d) 7 8 7 Natural gas (Mcf/d) 5,943 6,693 6,741 boe/d (6:1)…
  37. Corporate Presentation – Valeura Energy Inc. – slide 37
    Turkey Year-End 2013 Reserves (Company Gross) (1) (2) TOTAL OIL LIGHT & MEDIUM NATURAL GAS PV10 BEFORE TAX (3) PV10 AFTER TAX (4) CATEGORY EQUIVALENT OIL (Mbbl) (Bcf) (USMM) (USMM) (MBOE) PROVED 86 9.4 1,648 42.4 39.8 PROBABLE 50…
  38. Corporate Presentation – Valeura Energy Inc. – slide 38
    Turkey Year-End 2012 Contingent Resources (Company Gross) (1)(2) 302% year-over-year increase in best estimate of contingent resources (2C) in MMboe Million barrels of oil equivalent Turkey (YE 2012 compared to YE 2011) 3C High…
  39. Corporate Presentation – Valeura Energy Inc. – slide 39
    Land Position In Turkey At December 31, 2014 LEASES & VALEURA PETROLEUM GROSS AREA TRANSACTION LICENCES (2) NET AREA DISTRICT (1) (acres) () (acres) THRACE BASIN TBNG-PTI - Onshore (3) I (MARMARA) 14 507,853 203,141 TBNG-PTI -…
  40. Corporate Presentation – Valeura Energy Inc. – slide 40
    TBNG JV 2011 Frac Results PEAK 24-HOUR INITIAL 7-DAY INITIAL 30-DAY CUMULATIVE FRAC DATE NET PAY (1) POROSITY (1) ON-STREAM AVERAGE AVERAGE PRODUCTION TO WELL (d/m/y) (m) (%) RATE ON-STREAM RATE ON-STREAM RATE JAN 31, 2015 (MMcf/d)…
  41. Corporate Presentation – Valeura Energy Inc. – slide 41
    TBNG JV 2012 Frac Results INITIAL 7-DAY INITIAL 30-DAY CUMULATIVE PEAK 24-HOUR FRAC DATE NET PAY (1) POROSITY (1) AVERAGE AVERAGE PRODUCTION TO WELL ON-STREAM RATE (d/m/y) (m) (%) ON-STREAM RATE ON-STREAM RATE JAN 31, 2015 (MMcf/d)…
  42. Corporate Presentation – Valeura Energy Inc. – slide 42
    TBNG JV 2012 Frac Results (Contd) INITIAL 7-DAY INITIAL 30-DAY CUMULATIVE (1) (1) PEAK 24-HOUR FRAC DATE NET PAY POROSITY AVERAGE AVERAGE PRODUCTION TO WELL ON-STREAM RATE (d/m/y) (m) (%) ON-STREAM RATE ON-STREAM RATE JAN 31, 2015…
  43. Corporate Presentation – Valeura Energy Inc. – slide 43
    TBNG JV 2013 Frac Results INITIAL 7-DAY INITIAL 30-DAY CUMULATIVE PEAK 24-HOUR FRAC DATE NET PAY (1) POROSITY (1) AVERAGE AVERAGE PRODUCTION TO WELL ON-STREAM RATE (d/m/y) (m) (%) ON-STREAM RATE ON-STREAM RATE JAN 31, 2015 (MMcf/d)…
  44. Corporate Presentation – Valeura Energy Inc. – slide 44
    TBNG JV 2013 Frac Results (Contd) INITIAL 7-DAY INITIAL 30-DAY CUMULATIVE PEAK 24-HOUR FRAC DATE NET PAY (1) POROSITY (1) AVERAGE AVERAGE PRODUCTION TO WELL ON-STREAM RATE (d/m/y) (m) (%) ON-STREAM RATE ON-STREAM RATE JAN 31, 2015…
  45. Corporate Presentation – Valeura Energy Inc. – slide 45
    TBNG JV 2013 Frac Results (Contd) INITIAL 7-DAY INITIAL 30-DAY CUMULATIVE PEAK 24-HOUR FRAC DATE NET PAY (1) POROSITY (1) AVERAGE AVERAGE PRODUCTION TO WELL ON-STREAM RATE (d/m/y) (m) (%) ON-STREAM RATE ON-STREAM RATE JAN 31, 2015…
  46. Corporate Presentation – Valeura Energy Inc. – slide 46
    TBNG JV 2014 Frac Results INITIAL 7-DAY INITIAL 30-DAY CUMULATIVE PEAK 24-HOUR FRAC DATE NET PAY (1) POROSITY (1) AVERAGE AVERAGE PRODUCTION TO WELL ON-STREAM RATE (d/m/y) (m) (%) ON-STREAM RATE ON-STREAM RATE JAN 31, 2015 (MMcf/d)…
  47. Corporate Presentation – Valeura Energy Inc. – slide 47
    TBNG JV New Drill Spuds In 2012 - 2015 YTD Hayrabolu-10 Kazanci-5 Dogu Kayi Derin-1 Karya-1, Sig-1 Kuzey Gurgen- Guney Atakoy-2 Kayi-16 Koseilyas-1 Atakoy-1 1,2,3 Hayrabolu Deep Guney Exploration Kayi-1 Osmanli Guney…
  48. Corporate Presentation – Valeura Energy Inc. – slide 48
    TBNG JV New Drill Spuds In 2012 SPUD RIG RELEASE TD STATUS WELL LICENCE WELL TYPE (d/m/y) (d/m/y) (m) FEBRUARY 24, 2015 Baglik-1 3931 10/03/2012 06/05/2012 Unconventional 3,594 Producing Dogu Karya-1 3934 04/04/2012 23/04/2012…
  49. Corporate Presentation – Valeura Energy Inc. – slide 49
    TBNG JV New Drill Spuds 2013 - 2015 YTD SPUD RIG RELEASE TD STATUS WELL LICENCE WELL TYPE (d/m/y) (d/m/y) (m) FEBRUARY 24, 2015 TDR-14 3931 29/01/2013 22/02/2013 Unconventional 1,749 Producing Hayrabolu-10 2926 08/02/2013 10/04/2013…
  50. Corporate Presentation – Valeura Energy Inc. – slide 50
    DTD-19H Horizontal Upper Kesan Reservoir Upper Kesan reservoir horizon (Baglik-1 producing zone) TD 1626 m MD Spud June 3, 2013 (34 drill 1096 m TVD -976 m SSTVD days) 1,096 m TVD; 1,626 m MD GR Mud gas 425 m horizontal leg…
  51. Corporate Presentation – Valeura Energy Inc. – slide 51
    BTD-4H Horizontal - Teslimkoy Reservoir Teslimkoy BTD-2 producing zone Spud July 27, 2013 (36 drill days) 1,004 m TVD; 1,774 m MD 655 m horizontal leg Total 308 m of sand 10-stage frac Packers Plus assembly 5,815 bbls X-linked…
  52. Corporate Presentation – Valeura Energy Inc. – slide 52
    BTD-5H Horizontal - Teslimkoy Reservoir Teslimkoy BTD-2 producing zone Spud Nov 19, 2013 (15 drill days) 974 m TVD; 1,519 m MD 403 m horizontal leg Total 89 m of sand 4-stage frac Packers Plus assembly (3 fracs completed) 583…
  53. Corporate Presentation – Valeura Energy Inc. – slide 53
    BTD-2H Horizontal - Mezardere Reservoir Mezardere DTD-6 producing zone Spud February 3, 2014 (13 drill BTD-2 DTD-6 days) 635 m TVD; 1,246 m MD Lateral section: 476 m Total sand encountered: 242 m 8-stage frac Packers Plus…
  54. Corporate Presentation – Valeura Energy Inc. – slide 54
    TDR-11H Horizontal - Mezardere Reservoir Mezardere TS-18 producing zone Spud February 20, 2014 (11 drill days) 518 m TVD; 1,291 m MD Lateral section: 678 m Total sand encountered: 394 m 10-stage frac Packers Plus assembly 4,754…
  55. Corporate Presentation – Valeura Energy Inc. – slide 55
    TDR-5H1 Horizontal - Teslimkoy Reservoir Teslimkoy C producing zone Spud July 28, 2014 (12 drill TDR-5 TDR-5H days) 991 m TVD; 1,698 m MD Lateral section: 569 m Total sand encountered: 35 m Total silt encountered: 103 m 8-stage…
  56. Corporate Presentation – Valeura Energy Inc. – slide 56
    Mezardere Slope Fan Model Mezardere consists of a north-easterly pro- grading slope fan complex, deposited within delta front and pro-delta setting Potential reservoirs include: Porous channel and basin floor sands Interlaminated…
  57. Corporate Presentation – Valeura Energy Inc. – slide 57
    Thrace Basin Seismic 2013 Osmanli 3D (232 km2) Drilling on 2D seismic only prior to 2012 2011 Tekirdag/Hayrabolu 3D (413 km2) 2011 & 2013 3D seismic (645 km2) guiding 2013 Banarli 2D (92.5 km) TBNG JV drilling since early 2012…
  58. Corporate Presentation – Valeura Energy Inc. – slide 58
    Gaziantep Licences Alibey-1 Horizontal 152,111 gross acres (26% WI) in Anatolian Basin in SE Turkey N39-a1 Operated by TransAtlantic New Licences Alibey-1 Hz drilled in July 2012 as 414 m horizontal side-track in original Alibey-1…
  59. Corporate Presentation – Valeura Energy Inc. – slide 59
    Turkey Natural Gas Infrastructure 61
  60. Corporate Presentation – Valeura Energy Inc. – slide 60
    Turkey Oil Infrastructure 62
  61. Corporate Presentation – Valeura Energy Inc. – slide 61
    Thrace Basin Turkey Stratigraphic Column Tertiary basin 9,000 m of tertiary age sediments Depositional environment Deltaic sands Turbidite sands Reef development on Paleozoic highs Key reservoirs Danismen - gas Osmancik gas…
  62. Corporate Presentation – Valeura Energy Inc. – slide 62
    SE Turkey Stratigraphic Column Reservoirs Sinan/Garzan reefs (Tertiary/Upper Cretaceous) Karabogaz & Mardin (Mid Cretaceous) Bedinan (Ordovician) Source Rocks Karabogaz (Cretaceous) Dadas (Silurian) Seals Germav (Upper…

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