Pareto E&P Conference – Sterling Resources Ltd.

Sterling Resources Ltd. · Mar 12, 2015 · 13 slides

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Slides

Pareto E&P Conference Corporate presentation 12 March 2015
Overview of Sterling Resources E&P independent listed on TSX-V (Toronto, ticker SLG) Market cap of C67m (10 Mar 2015, at C0.175/share) Pro forma net debt of US185m(1) (31 Dec 2014) 3 areas of operations: UK, Romania and the…
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 potentially on-stream Q3 2017 (profile assumes 7 wells from…
Strategy Refinance bond debt, probably through bank RBL, in H1 2015 to reduce interest cost and push back amortization Pursue sale of part of Breagh interest to facilitate refinancing of debt and improve liquidity Significantly…
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. (=…
Breagh: production performance in 2014-15 opened up A07 & A08 A08 Online further A07 Online Instrumentation fouling Instrumentation TGPP vessel inspection & minor modifications Slug catcher replacement Slug…
Breagh: future plans Remaining Phase 1 development Drilling program due to recommence in Q4 2015 A09, A10 and hydraulic stimulation of one existing well after re-entry are firm A11, A12 and hydraulic stimulation of another existing…
Cladhan: development summary Participants Sterling 2-13.8%, TAQA (52.7%, op.), MOL (33.5%) 2P Reserves(1) 10.2 MMbbls field, 0.44 MMbbls net (post carry) P50 Prospective Resources(2) 2 MMbbls field, 0.3 MMbbls net (post carry)…
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…
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…
Expected activity for 2015-17 2015 2016 2017 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 United Kingdom Drill, stimulate A9,10 & re-entry Drill, stimulate A11,12 & sidetrack Breagh Phase 1 development Onshore compression Breagh Phase…
Cost-cutting Stringent focus on cost reduction across group Organizational review has resulted in reduction of UK employee headcount by 25% No annual salary increases or cash bonuses for 2014 to be paid to staff in 2015 UK…
Financial situation and near term plans Cash and cash equivalents of 19 million at end February 2014; no restricted cash following approval of bond amendments Expected cash deficit (below 10m minimum UK unrestricted cash required…

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