Thailand - Pan Orient Energy

Transcription

Page 01
2009 AGM
June 2010
© 2008 Pan Orient Energy Corp.
Cautionary Statement
Page 02
This presentation contains forward looking statements which involve subjective judgement and analysis and are
subject to significant uncertainties, risks and contingencies including those risk factors associated with the oil and
gas industry, many of which are outside the control of and may be unknown to Pan Orient. No representation,
warranty or assurance, express or implied, is given or made in relation to any forward looking statement. In particular,
no representation, warranty or assumption, express or implied, is given in relation to any underlying assumption or
that any forward looking statement will be achieved. Actual and future events may vary materially from the forward
looking statements and the assumptions on which the forward looking statements were based.
Given these uncertainties, readers are cautioned not to place undue reliance on such forward looking statements, and
should rely on their own independent enquiries, investigations and advice regarding information contained in this
presentation. Any reliance by a reader on the information contained in this presentation is wholly at the readers own
risk.
Pan Orient and its related bodies corporate and affiliates and their respective directors, partners, employees, agents
and advisors disclaim any liability for any direct, indirect or consequential loss or damages suffered by a person or
persons as a result of relying on any statement in, or omission from, this presentation. Subject to any continuing
obligations under applicable law or any relevant listing rules of the TSX-V, Pan Orient disclaims any obligation or
undertaking to disseminate any updates or revisions to any forward looking statements in this presentation to reflect
any change in expectations in relation to any forward looking statements or any such change in events, conditions or
circumstances on which any such statements were based.
Corporate Snapshot
Page 03
Reserves-Thailand Barrels ($Cdn NPV 10% after
tax) Dec 31/09
Capital Structure
Shares Outstanding
48.6 million
Shares Fully Diluted
53.2 million
Working Capital & Deposits
(31 March 2010)
Debt
$25 million CDN
nil
Market Capitalization
$255 million CDN
Current Share Price
$5.25
Proven
9.5MM ($191MM)
Proven + Probable
36.7MM ($459MM)
Proven + Probable +
Possible
Production (June)
~3,830 bopd
Reserves Heavy Oil – Canada (Barrels-Dec 31/09)
Probable
70.1MM
Probable+ Possible
125.2MM
Production
85.6MM
Nil-Approved Pilot
3
Asset Summary
Page 04
THAILAND
• 3 operated onshore concessions: 1.6MM acres net
• Reserves: 36.7MM bbls 2P & 9.5MM bbls 1P an increase of 47% & 71%
respectively over the prior year
• Production of ~3,800 bopd in June with 4 fields remaining to be developed &
175 bopd shut-in awaiting the granting of a production license
• 18 additional development wells to be drilled through 2010
• 3P reserves of 85.6MM bbls & mid case un-risked prospective resources of
100MM+ in both sandstone and volcanic reservoirs
INDONESIA
• 3 operated onshore concessions: 2.8MM acres gross
• 6 well high impact exploration program starting in October 2010
• Targeting mid case un-risked prospective resources of over 200 MM boe
CANADA
• Assets operated by 53% POE owned and controlled Andora Energy (private)
• 125MM bbls of 3P reserves (net POE’s 53% interest in Andora Energy)
SE Asia Portfolio
Page 05
L33
L33
Thailand
Thailand
POE:
POE: 60%
60% Operator
Operator
L53
L53
Thailand
Thailand
POE:
POE: 100%
100% Operator
Operator
PRODUCTION/EXPLORATION
L44
L44
Thailand
Thailand
POE:
POE: 60%
60% Operator
Operator
EXPLORATION
EXPLORATION
•
CPP
CPP South
South PSC
PSC
Central
Central Sumatra
Sumatra
POE:
POE: 90%
90% Operator
Operator
•
Batu
Batu Gajah
Gajah PSC
PSC
South
South Sumatra
Sumatra
POE:
POE: 90%
90% Operator
Operator
•
•
Citarum
Citarum PSC
PSC
West
West Java
Java
POE:
POE: 69%
69% Operator
Operator
6 onshore concessions
– Thailand: 3 POE operated
– Indonesia: 3 POE operated
19,187 km2 (gross)
– Thailand: 7,865km2
– Indonesia: 11,322 km2
$69 MM 2010 budget
– $38 MM Thailand Drilling
– $29 MM Indonesia Drilling &
Seismic
Wells remaining in 2010
– 19 Thailand
– 3-6 Indonesia
Thailand 2008 - 2010
Page 06
Net to POE - CDN$ Millions [2010
Forecast based on US$70 oil]
2008
Annual
Oil Sales (bbls/d)
2009
Annual
4,947
2010
Forecast
4,496
6,000
Funds flow from operations
$
62
$
55
$
66
Capital expenditures
$
31
$
63
$
38
Free Cash Flow
$
31
$
-8
$
28
Wells drilled
Crude oil sales
22
$
81.50
24
$
59.87
34
$
66.78
Transportation & operating
(4.79)
(7.03)
(6.03)
G&A
(1.05)
(2.07)
(1.70)
Revenue after expenses
75.66
50.77
59.05
0.28
0.25
-
(41.77)
(17.62)
(27.66)
Interest
Thai royalty, SRB & tax
Funds flow per barrel
$
34.17
$
33.40
$
31.39
Thailand share of revenue after expenses
55%
35%
47%
Pan Orient share of revenue after expenses
45%
65%
53%
Jan-Dec 2009 reference price for oil US$58.56 and Cdn$67.72
2010 Forecast
Page 07
2010 - WTI Price US$ per bbl
CDN$ Millions – Based on estimated avg of
6,000 bbls/d for 2010
$60.00
$65.00
$70.00
$75.00
Thailand - Funds flow from operations
61
64
66
68
Thailand - Capital Expenditures
(38)
(38)
(38)
(38)
Thailand - Free Cash Flow
23
26
28
30
Capital Expenditures - Indonesia
(29)
(29)
(29)
(29)
Operations - Canada & Indonesia
(2)
(2)
(2)
(2)
Working capital increase (decrease)
(8)
(5)
(3)
(1)
• At March 31, 2010 working capital plus deposits of $25 million and no long-term debt
• Based on US$/Cdn$ of 1.06 and Pan Orient crude receiving 90% of the WTI reference price
Oil Production
Page 08
Thailand Oil Sales 2006 to 2010 (bbls/d)
(showing the 60% Net to Pan Orient)
8,000
6,000
4,000
2,000
-
BBLS/D
2006 2006 2006 2006 2007 2007 2007 2007 2008 2008 2008 2008 2009 2009 2009 2009 2010
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
60
48
50
118
344
501
722 2,320 4,604 3,894 4,291 6,982 6,165 4,840 3,648 3,369 3,816
• Oil sales volumes for 2010 Q1 do not include 150 bbls/d of oil production from the L53-A well which is stored in tanks
until a production license for Concession L53 is granted
L44 Reserves (POE 60% Share)
Page 09
POE Concession L44 Reserves at Dec 31/10
Poe-6
L44-W
NSE North
Bo Rang
A&B
Wichian Buri
NSE-F1
NSE-H3
NSE Central
NSE-E1
NSE South
Na Sanun
Si Thep
L44-R
2009 Discoveries
2 km
Contingent Resources
Bo Rang "B"
Page 010
•
Good production
performance to date for
such a shallow reservoir
(500m TVD)
•
1 well testing (L44W-A14)
•
3 more proposed wells in
2010
•
Additional wells contingent
on establishing production
in the 3P envelope
L44W-A15-2
360 BOPD
BR-2ST2
866 BOPD
BR-4D1
700 BOPD
3P Envelope
L44-VD4
600 bopd
BR-3D1
700 BOPD
BR-B
L44W-A15ST1
56 BOPD
1P Envelope
BR-A
2P Envelope
2010 Locations
L44W-A14
Testing
L44-VD3
600 bopd
Approved Locations
Volcanic Zero
Edge
Bo Rang “A"
Page 011
•
Good initial rates
•
3 proposed wells in 2010
BR-1RDST
686 BOPD
BR-2
900 BOPD
•
BR-2 junked in 2009 after
sticking the esp in the hole,
to be re-drilled
•
2 locations built, 2 reaming
to be built
BR-1RD
GAS
L44V-D2ST2
548 BOPD
2010 Proposed Locations
NSE-F1
Page 012
Oil/Water
Contact
•
5 surface pad locations approved by the
Thai government (Multiple wells)
NSE-F4
Drilling
•
NSE-F4 currently drilling
•
Additional 6 proposed wells in 2010
(in addition to NSE-F4)
1P Envelope
NSE-F2
20-40 bopd
Gas/Oil
Contact
NSE-F3
0.7MM cfg/d
NSE-F1
60 BOPD
NSE-F1 38 API Crude
2010 Locations
Oil
Gas
Wichian Buri Field
Page 013
•
F sand discovered in 1988 by PetroCorp
– Wichian Buri-1 (1994)
• 350 bopd
• Sandstone – approx 960m depth
• Put on production in 1994 by Cairn
Energy
• Cum prod’n of 473,500 bbls
•
G & H sand discovered in 2007 by Pan Orient
•
17 wells drilled 1994-2007, 5 by Pan Orient
•
Total field Cum production to Oct 31/08:
942,397 bbls
•
•
At Dec 31/09 (Net POE 60% WI):
– 1P: 0.145MM 2P: 1.9MM 3P: 7.75MM
(F,G and H sands)
2 wells planned in 2010
Up dip undeveloped
area (Prospective
Resources)
Partially developed
area encompassing
all reserves (1P/3P)
WB-1
Discovery
L53 Thailand (100% POE)
Page 014
Top Main Oil
Window
L33/43
(60%
Operated)
L44/43
(60%
Operated)
L53/48 (100%
Operated)
220 Km2 3D SURVEY
acquired 2007
L53 E
L53 D
KS-1: 330,000 BBLS
CUM PROD’N
PROSPECTIVE RESOURCE ESTIMATES (Unrisked)
CONTINGENT RESOURCE ESTIMATES
Low
MMbbls
Mid
MMbbls
High
MMbbls
L53-A
0.346
1.78
4.224
L53-C
9.1
20.7
39.8
L53-D
REVIEW
REVIEW
REVIEW
6.9
13.2
21.7
Prospect name
L53-E
volcanic
L53 A
L53 C
Existing
2D
- 3 wells are planned in 2010 at L53-A, L53-C and L53-E
- L53-A ~175 bopd on a 90 day production test from 1 zone
- Production license approval expected in July 2010
Volcanic Prospects in
Purple
1.5 Km
L53-A (100% POE)
Page 015
L53-A
KS-1
To be tested
192 BOPD
97 BOPD
L53-A
Proposed
Production
License
20 BOPD
L53-A (100% POE)
Page 016
•
K40-D zone
–
–
–
–
–
–
Approx 40m of net oil pay
interpreted by Schlumburger
Oil pressure gradient
throughout based on RFT
measurements with 15-20%
depletion from offsetting
well
50m high to the offsetting
well
Tested 70% oil and 30%
water at the base and 90%
water +10% oil at the mid
and top
Poor cement bond based on
CBL log
Plan to re-drill this zone and
cement with casing
centralizers
POE L53-A
PTTEP KS-1
K40-D
97 bopd
+700
bwpd
K40-D
250
bopd
No
water
L53-C
Page 017
Structure Map Top K30
MAX
11.9 Km2
L53-C
ML
5.26 Km2
MIN
1.37 Km2
Prospect
name
L53-C
Low
MMbbls
Mid
MMbbls
High
MMbbls
9.1
20.7
39.8
L53-E
Page 018
Amplitude Map Top Volcanic
BP1-5
BP1-5
1988
L53-E2
10.5 Km2
L53-E1
3.5 Km2
L53-E3
10.1 Km2
Prospect name
Low
MMbbls
Mid
MMbbls
High
MMbbls
6.9
13.2
21.7
L53-E
volcanic
L53-E
Page 019
BP1-5 mudlog
Oil in mud
12% trip gas
BP1-5
Indonesia
Page 020
L33
L33
Thailand
Thailand
POE:
POE: 60%
60% Operator
Operator
L53
L53
Thailand
Thailand
POE:
POE: 100%
100% Operator
Operator
L44
L44
Thailand
Thailand
POE:
POE: 60%
60% Operator
Operator
EXPLORATION
EXPLORATION
•
3 onshore concessions
– Citarum PSC 69% & Operator
– Batu Gajah PSC 90% Operator
– CPP South PSC 90% Operator
•
$30 MM 2010 budget
– Seismic
$10 million
– Drilling
$19 million
•
6 exploration wells in 2010
– 3 Citarum PSC
– 3 Batu Gajah PSC
CPP
CPP South
South PSC
PSC
Central
Central Sumatra
Sumatra
POE:
POE: 90%
90% Operator
Operator
Batu
Batu Gajah
Gajah PSC
PSC
South
South Sumatra
Sumatra
POE:
POE: 90%
90% Operator
Operator
Citarum
Citarum PSC
PSC
West
West Java
Java
POE:
POE: 69%
69% Operator
Operator
Indonesia - Batu Gajah PSC
Page 021
•
•
•
2,500 Km2 - POE: 90% WI and
operator
North East
Betara
Stacked multi zone targets from
700 to 2,300 meters depth
NEB
Downthrown
Targeting total un-risked mid case
prospective resources of over
200MMboe (net)
•
Two undeveloped gas discoveries
with down dip oil potential (Harja &
Sogo)
•
It is interpreted a number of the
PetroChina fields extend into Batu
Gajah PSC
•
500 km 2D seismic completed May
2010
•
3 wells planned starting October
2010
•
Betano
85/15 profit split on oil and 70/30 on
gas (Government/Contractor)
Harja
Sogo
South East
Betara
Tuba Obi
PetroChina 3D currently
being acquired
Batu Gajah PSC
Gas Fields
Oil Fields
Gas Condensate Fields
Manis Mata
Prospects
2D Seismic
Acquisition
Tuba Obi
Page 022
Top LTAF Structure
Max
50.4 Km2
MIN
12.6 Km2
Top LTAF
ML
29.6 Km2
Base of high
amplitudes at
max closure
Unrisked Prospective Resource Estimates (100%)
Betano Area
Page 023
5 kms
•
•
2 proposed wells
targeting hydrocarbons at
3 stratigraphic levels
All zones proven
hydrocarbon bearing in
directly adjacent wells
Defined
gas/condensat
e
MARMO-2
6.6MMcfg/d+212 bopd
Most likely
gas/condensat
e
Defined oil
Most likely oil
•
Targeting P50 un-risked
prospective resources of
40.5MMboe (net) in three
zones (combined)
Possible oil
2D Seismic
MARMO-1
2,480 bopd
•
Estimated well cost of
$3.5MM – 14 days
SABAR-2
1,000 bcpd+gas
Proposed
locations
Citarum PSC
Page 024
JAKARTA
162MM
bbls
256 Bcf
780 Bcf
Pasundan-1
Well
A
2
•
2,877 Km - POE: 69% and operator
•
Excellent gas/oil pipeline infrastructure
•
75/25 after tax profit split for oil (60/40 gas) - one of the best in non frontier
Indonesia
•
1,100 km of 2D seismic acquisition underway-completion July 2010
•
Drilling late 2010/early 2011 3 wells targeting unrisked mid case prospective
resources of 423 bcf (net)
B
2D Seismic
(Purple)
C
Northern edge
of West Java
fold belt
Prospect A Dip Line
Page 025
Line POEC08-09
SW
A
NE
Cantayan
Sand
Subang
Parigi Reef
Top Parigi
Base Parigi
TD : 2100 m
Prospect A Strike Line
Page 026
NW
Line POEC08-102
A
SE
Kaliwangu
Subang
TD : 2100 m
FAULT
Top Parigi
Base Parigi
FAULT
Heavy Oil Canada
Page 027
SAWN LAKE
©27
2008 Pan Orient Energy Corp.
•
POE holds a 53% ownership in
Andora Energy, a private Alberta
company
•
All season access
•
Excellent existing infrastructure
•
Various interests in 88 sections of oil
sand leases
•
SAG-D pilot demonstration
application approved by the Alberta
Government in Q3 2009
•
Decision on 2010 work program will
be made in early 2010
Heavy Oil Canada
Page 028
Net oil Pay – 5 meter contours
•
Andora Ownership:
–
–
•
POE: 53% of outstanding shares
CEO & CFO - POE officers
Andora Reserves (Gross):
ANDORA 10%
(Dec 31, 2009, D&M)
– Probable: 131.8 MMbo
– Possible: 103.5 MMbo
– Total 3P: 235.3MM bbls (Andora)
125 MM bbls (net POE)
•
Andora Cash: $1.4M
•
Estimated pilot cost: $15MM CDN
ANDORA 50% +
3% GOR
ANDORA 100%
Contacts
Page 029
Pan Orient Energy Corp
Suite 1505, 505 3rd St SW
Calgary, Canada
Telephone: +1 403 294-1770
Fax: +1 403 294-1780
www.panaorient.ca
Supplemental Information
Page 030
L44 Shallow Volcanics
Page 031
Prospective Resource Estimates (Unrisked)
2010-14
2010-15
Low
MMBBLS
Mid
MMBBLS
High
MMBBLS
2010-16
0.6
1.4
2.9
2010-06 A&B
5.3
8.5
12.6
2010-12
5.5
9.8
15.9
2010-13
1.1
2.3
4.3
2010-13A
1.5
2.6
4.2
2010-14
0.7
1.3
2.2
Prospect Name
20103
2010-12
2010-6A
L44-GD1 NORTH
Bo Rang B Upside
2.8
4.9
7.7
JLP650
0.7
1.2
2.0
L44G-D1 NORTH
0.2
0.3
0.4
NSE-H3 UPSIDE
0.4
0.6
0.9
2010-15
1.4
2.3
3.6
2010-6B
L44-GD1 SOUTH
GLP 650
2010-16
Total (100%)
20.2
35.2
56.7
NSE-H3 UPSIDE
POE NET (60%)
12.1
21.1
34.0
Prospects
New Reserves
“Old” Reserves
2 km
L44 MID Volcanics
Page 032
L44-W
2010-10
Bo Rang A
Prospect Name
Low
MMBBLS
Mid
MMBBLS
High
MMBBLS
2010-3
3.9
7.8
13.2
2010-7
2.8
5.1
8.9
2010-1
2.3
5.0
9.4
2010-5A
0.3
0.6
1.0
2010-5C
3.2
6.0
11.1
2010-19
3.3
5.7
9.2
L44G-D1 SOUTH
0.3
0.4
0.6
2010-10
1.0
1.9
3.2
2010-7
2010-5C
2010-5A
2010-1
2010-19
NSE-F1
NSE-E1
2010-3
NSE Central
Total (100%)
17.1
32.5
56.6
POE NET (60%)
10.3
19.5
34.0
NSE South
2 km
Na Sanun
PROSPECTS
New Reserves
“Old” Reserves
L44 DEEP Volcanics
Page 033
Low
MMBBLS
Mid
MMBBLS
High
MMBBLS
2010-9
5.6
10.9
19.5
NS-2 DEEP
0.3
0.6
1.0
NSE-G1 DEEP
9.6
17.2
26.8
HD2
0.9
1.4
2.2
L44-G DEEP
1.3
2.1
3.3
Prospect Name
L44-D DEEP
NSE CENTRAL FIELD
OUTLINE (FOR
REFERENCE)
NSE-G1 DEEP
(SUSPENDED
2010-9
)
HD2
Total (100%)
17.7
32.2
52.8
POE NET (60%)
10.6
19.3
31.7
2 km
NS2-DEEP
The NSE-G3 well targeting the NSE-G1 Deep
prospect is currently cased below the mid
volcanic awaiting re-entry
PROSPECTS
Prospect A
Page 034
•
Existing access road to within 600m of sub
surface location
•
Existing gas infrastructure within 12 km of
subsurface location

Thailand - Pan Orient Energy

Transcription

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