Corporate Profile
Transcription
Corporate Profile
Corporate Profile August 2016 Strictly Private & Confidential Energean at a glance Private E&P company with focus in the Med and N. Africa The Only Oil & Gas producer in Greece – over 4,000bbls/day current BP offtake agreement – 6 year term 30 mmbbls 2P Reserves 28mmbbls 2C Resources with significant upside through EOR/IOR prospectivity New 3D in Prinos in 2015 additional to 2 surveys in 1993 & 1997 USD200 mm low risk ongoing investment plan to increase production to 10,000bbls per day – 15 wells- 2 already drilled Exploration upside in Western Greece, Egypt and Montenegro Experienced Management Team with International Oil Industry track record Low cost producer with stable cashflow from existing production at low breakeven Unparalleled HSE track record with 35 year offshore production history in environmentally sensitive areas in the Mediterranean 2 Summarized Assets 3 Developed Producing • • • Prinos (oil) 100% Prinos North (oil) 100% South Kavala (gas) 100% Undeveloped • • • Epsilon (oil) Prinos (oil) Prinos North (oil) 100% 100% 100% Exploration • • • • • Prinos South Kavala Ioannina Katakolo Aitoloakarnania 100% 100% 100% 60% 100% April 25th, 2016 EGYPT GREECE ASSETS • West Kom Ombo MONTENEGRO • • Block 30 Block 26 100% 100% 7-year Operations Plan GREECE- Development 2015 Prinos Epsilon 2016 4 wells 1 well Planning and design Preliminary study and concept design 2017 2018 2019 2020 4 wells 4 wells SIP2 & pipeline construction 2 wells 5 wells Prinos North Side track Well GREECE - Exploration Prinos Ioannina Katakolon 3D seismic, 340km2 * Seismic reprocessing * FTG survey * Old seismic Interpretation * FTG data processing & interpretation Reprocessing of 3D data Field development studies FDP preparation July 21st , 2016 4 4 2D Seismic and data interpretation Drill 1st exploration deep well Seismic survey, processing & interpretation EGYPT - Exploration West KomOmbo Drill exploration wells (contingent) Processing & Interpretation 2 exploration wells Design production facilities Install facilities Drill 2 ERD wells Drill 2nd exploration Well (contingent) Production 2021 Reserves & Resources Impressive Reserve Growth- Strong Reserves & resources position • • Low risk development plan enables fast future resources to reserves conversion Impressive 2P reserves growth enables rapid production increase Based on CPR produced by ERC on 30 June 2014 3 5 Prinos operating breakeven Strong financing support • Private founding shareholders in management position have invested over US$80mn highlighting their long-term commitment to the Company • One of Energean’s founding shareholders has ownership of Prime Marine, a global provider of seaborne transportation of petroleum products and gas, and operator of a fleet of 36 double-hull product/chemical tankers and LPG carriers with an overall carrying capacity of over 2.4 million deadweight tons • Third Point, a US institutional investor with more than US$12bn under management, made an equity investment of US$100mn in 2013 through its Third Point Hellenic Recovery Fund, a fund which is dedicated to investing in Greece • In May 2016, EBRD extended to Energean a US$ 75 million financial package to support the company’s growth and finance energy efficiency investments. This is the first nonfinancial project supported by EBRD in Greece • In July 2016, EBRD extended additional US$ 20 million subordinated loan for oil & gas exploration in Greece 6 Unique Operated Positions, Partnered with Blue Chip Players Off-Take Agreements 6 year off-take agreement for the entire production of Prinos basin Technical Service Agreement Strategic Technical Partner for oil & gas operation in Greece Engineering & Project Mgmt Drilling Services Independent Auditors Hydrocarbon Reserves & Resources Financial & Tax audit Offshore & onshore facility integrity certification 7 Operations in Greece Prinos – 100% 1 2 1 3 4 1 2 Energean awarded Greece, active licenses and ongoing tenders Last update: 09/06/2016 8 8 Prinos North - 100% Net 2P Reserves: 3.4 MMstb Average Daily Production(May): 328 bblpd (*) One infill well planned Epsilon – 100% Net 2P: 15.25 MMstb Net 2C Reserves: 3.0 MMstb Full field development plan with unmanned platform tied back to existing infrastructure Ioannina – 100% 4,187 km2 Fold Thrust belt with multiple play concepts 3 Aitoloakarnania – 100% Energean assets Net 2P Reserves: 12 MMstb Net 2C Reserves: 24.5 MMstb Average daily Production (May):3,998 bblpd Significant recovery potential through infill drilling & EOR Block awarded on 05/02/2016, not yet signed 4,360 km2 Multiple play concepts Katakolo – 60% 4 Operator: Energean Oil & Gas Partner: Trajan Oil & Gas (40%) 545km2 . Discovered in 1982, commerciality subject to develop.plan Prinos basin – Operator 100% Hydrocarbon System Early Neocene formed basin – Extensional environment (North Aegean Sea) Up to 6 km of Neocene & Quaternary sediments accumulated. Metamorphic basement Source: Miocene waxy sapropelic kerogen type II and III – Oil window @ 2800m. Different types of source rocks produced different quality HC into the basin (sweet & sour gas, sweet & sour oil, light and heavy oil) Trap: Structural & Stratigraphic traps & combinations of both Seal: Thick Evaporitic sequence due to Messinian salinity crisis in the Mediterranean area Reservoir: Sand rich Turbidites, shallow marine clastics & fan deltas Timing: Most of the oil generation & migration occurred after the deposition of the evaporites and formation of traps Summary Fiscal terms • Tax 25% (20% income tax and 5% regional tax). Tax rate fixed during the term of the Contract as per ratification by Parliament in 2013 • Exemption from any general of special taxes, dues, stamp duties, royalties, ordinary or extraordinary contributions • Royalties based on a sliding scale of average daily production as presented in the following table: Total Royalties Average Daily Production 0% Up to 2,500 bbls 3% From 2,501 to 5,000 bbls From 5,001 to 10,000 bbls > 10,001 bbls 6% 10% Current Fields Overview Geology Prinos Prinos North Epsilon Current Recovery Factor Low relief fault bounded anticline Stacked accumulations of Miocene Age turbiditic sands Four way dip closed structure with hydrocarbons trapped in Miocene stacked turbiditic sandstones Structural/stratigraphic closure with dip closure Note (1): Based on CPR dated 30 June 2014. Source: Company, CPR. 9 STOIIP 289mmbbls 38% 16mmbbls 24% 39mmbbls 1% Facilities Wells Oil Transportation Prinos Delta – processing platform Prinos A, B – wellhead platforms Flare tower Total of 54 (including sidetracks) 11 currently producing, 3 water injectors 27–30°API Under-saturated and sour with high wax and asphaltene content From Prinos Complex to Sigma plant through existing pipeline system Current producing well drilled as an ERD tied to Prinos’ A platform One well is currently on production (since July 2009) Two exploration wells 17–24°API Sour with a high wax and asphaltene content Extended reach well from Prinos Complex No facilities currently One appraisal extended reach well 36°API Sour No transportation infrastructure currently Infrastructure Supports Fast & Low Complexity Resource Monetization Onshore Infrastructure – Sigma Processing Plant Onshore Sigma Plant 30,000bbblpd capacity Strategic geographic position in the NE Aegean close to all major planned gas and oil pipelines as well as access to the sea. Connected to the Greek national gas and electricity grid Crude oil desalination, dehydration, stabilization and storage in three floating roof tanks with storage capacity of 500,000 bbls Gas treatment: dehydration, H2S removal and Natural gas liquid recovery Residue gas compression and recycling offshore for gas lifting Sulphur Plant and storage facilities & sales to neighbouring fertilizer plant 17 MW Combined Cycle Power Plant with ability to expand No Abandonment Liability Offshore Infrastructure Two 4-leg oil production platforms & an 8-leg processing platform One 4-leg unmanned gas production platform Fully integrated oil & gas pipeline system Offshore Loading System that can accommodate up to Aframax tankers Energean Force on main Prinos Complex 32m water depth Owned Tender Assisted Drilling Rig – Energean Force Hull dimensions 300 ft.x90ft.x 20 ft. , 2 cranes 140ft. & 135ft. Operating water depth 13-220m, Max Drilling Well depth at 6,700m 2000HP, capacity 1000kips, 5 engines(diesel) X 1225KW Accommodation: 110 people Supply Vessel and Offshore Supply Vessel Valiant Energy Length overall: 65,2m, Draft:7,1m, DWT 1,800 tons Able to support any drilling program, participate in fire-fighting, anti-pollution and rescue operations, collect and treat up to 155 persons on board Energean Wave Length overall: 47,2m, Draft:3,8m 60 persons. 25 knots max speed 10 Valiant Energy Energean Wave Low Risk Investment Plan 1. Drill 15 development wells in Prinos (7 in Prinos, 1 in Prinos North, 7 in Epsilon) 1. Install new unmanned platform on Epsilon field 2. Increase production to 10,000 bbls per day 3. Identify new exploration targets from 3D 4. Explore Ioannina and Western Greece 5. Develop Katakolo 6. Develop the first UGS project in Greece 2014-2017: US$ 200 million Investment plan Prinos Platform Complex – 32 meters water depth 11 New 3D Seismic survey over Prinos – June 2015 First 3D campaign using latest technology in 18 years in Greece 390 Km2 coverage Target to identify stratigraphic traps and better image the Prinos and Epsilon fields In accordance with our commitment to the Government in 2013, we are fully exploring the Prinos basin 12 Polar Marquis Ioannina - Operator 100% Block characteristics Large under explored onshore block, area 4,187km2 Previously licensed by Enterprise – relinquished after takeover by Shell Good evidence for working source rock – good HC shows and seeps Working analogues in Albania and Italy Multiple play concepts – shallow and deep exploration targets identified Complex structural setting ‐ geological regime (thrust fold belt) Prospects and leads identified. Potential for large reserves 1st exploration period: (3 years) Oct.2014- Oct.2017 • • • • • • • AGG Interpretation- almost completed 2D Seismic reprocessing – Completion H1 2016 Geological surveys- final reports available/ complimentary studies under way Assessemnet of Demetra well re-entry: under way 2D seismic acquisition program 2Q-3Q 2017 1st stage of EBR submitted and approved by the Ministry 2nd stage of EBR and Environmental Action Plan for the Seismic Acquisition Program in progress €7.9 million commitment 13 Oil System 2nd expl. period: (2 yrs) Oct.2017- Oct. 2019 Drill 1st Well €11.5 million 3rd expl. period:(2 yrs) Oct.2019- Oct. 2021 Summary Fiscal Terms Drill 2nd Well 3 Exploration periods – total 7 Years 25 Year Development term with two 5-year extensions Royalty : 2-20% Corporate Tax : 25% €11.5 million Aitoloakarnania Block – Operator 100% (awarded – not signed) Block characteristics • • • • • • • Large underexplored block, 4,360 km2 4 wells: • 37 degrees oil on DST from Triassic evaporites at ~4000m Ionian Zone thrust potential recognized (leads) Cretaceous Vigla Fm Source Rocks in outcrops Sub-evaporite potential reachable (sub-thrust Apulian) “Deepening” South Tryphos-1 well Nearby oil seep 1st exploration period: 3 years • • • • • Environmental baseline report Seismic reprocessing Geological, Geochemical and Geophysical surveys Full Tensor Gravity Gradiometry and Aeromagnetic survey New Seismic acquisition of 400km of 2D data Pre-drill €7.23 million 14 2nd expl. period: 2 years 3rd expl. period: 2 years Drill 1st Well Drill 2nd Well (dry hole cost) (dry hole cost) €10 million €10 million Summary Fiscal Terms 3 Exploration periods – total 7 Years 25 Year Development term with two 5-year extensions Royalty : 4-20% Corporate Tax : 25 % Katakolo – 60% Operator Block characteristics 545km2 – offshore / onshore 2 wells tested: W.KAT‐1 (+1A)in 1981, W.KAT‐2 in S.KAT‐1 (1A) well (1981–82) in South Katakolo structure oil and gas shows from Triassic breccia The West Katakolo reservoir is believed to be a dual porosity system (matrix, fractures and vugs), with an overlaying gas cap and an underlying aquifer Plan to develop the field from onshore with ERD Government estimates 6 mmbbls recoverable 1st exploration period: 3/10/2014-2/10/2016 (2years) • • • Reprocessing of 3D data – on going Reservoir studies, Interpretation & Petrophysical analysis – on going Environmental: EBR completed, ESIA to commence €0,6 million - completed 15 2nd expl. period: (3years) 3/10/2016-2/10/2019 2017 Drill 1st Well €15 million Summary Fiscal Terms 2 Exploration periods – total 5 Years 25 Year Development term with two 5-year extensions Royalty : 2-20% Corporate Tax : 25% Egypt, West Kom Ombo - Operator Block characteristics Limited 2D seismic coverage, 699 km 20,948 km2 remaining exploration area Potential for the development of a rift basin trend in the block analogous to the Kom Ombo Basin on the eastern border, which sources the producing Al Baraka oil field. Summary Fiscal Terms 1st exploration period • 2 wells completed in 2011- obligations completed 2nd exploration period • Aeromagnetic survey acquired and results currently being evaluated • 400 km new 2D seismic • 2 new exploration wells • No financial commitment Remaining commitment: $6 million 16 Cost oil : 40% Profit oil: 60% Profit Oil Split Mbopd %State % Cont. <10 86 17 10-15 84 16 15-25 85 15 15-25 86 14 MMscf/d %State % Cont. <150 75 25 150 > 80 20 Montenegro – 100% Operator (expecting ratification of the Parliament of Montenegro) Block characteristics 2 blocks: 4218-30 (275km2) and 4219-26 (63km2) Prospectivity offshore Montenegro Plio-Pleistocene Biogenic gas Lower Tertiary Thermogenic gas Mesozoic black oil The shallow water offshore Montenegro is the NW extension of the “Kruga” thrust front onshore Albania, which has been well studied and explored. 1st exploration period: 3 years • 3D seismic surveys for a total area of 338 km2 • Complete set of Geophysical and Geological studies €3 million commitment 17 2nd exploration period: 4 years • Geophysical and Geological studies necessary to complete the drilling of mandatory wells • One mandatory well and 1 optional well to be drilled targeting a plio-pleistocene play to a depth no less than 2,800 meters €15 million - contingent Summary Fiscal Terms 2 Exploration periods – total 7 Years - extension possible upon performance of the mandatory work program or upon approved program for reserve verification phase 20 year Production period since first oil Corporate Tax: 54% Exploring a New Area in the East Med The Mesozoic productive basin in Albania known as the Ionian Zone continues south into Western Greece, where it is under explored Rospo Mare 1975 100 MMBO / 1 TCF JJ-3 Chevron; Oil DST Shell/Petromana s - 2014 ~200 MMBO Monti Alpi 1988 220 MMBO / 1 TCF Patos Marinza 4 - 7 BBOIP ~650 MMBO / 0.5 TCF ~ 6 BBOIP Tempa Rosa 1989 280 MMBOE EUR Paxi-1 Esso; Oil DST Aquilla 1989 30 MMBOE Produced to date Katakolon 1981 6 MMBO 18 Other Projects South Kavala Underground Gas Storage Field Characteristics South Kavala is an almost depleted, offshore gas field producing since 1981 (85 % RF; 52 m water depth; GIIP 0.95*109 m3 ) Turbiditic sandstone; Favg 22%; kavg 100 mD Evaporite top seal No aquifer Dry gas (0.14 mol% CO2) Pini 182 bar (current Pres 27bar), Tres 95 °C Located next to the Greek gas transportation network Ideal candidate for UGS Gas initially in place 1 BCM Remaining Gas in reservoir 150 MCM Working gas 530 X 2 MCM Max deliverability 9 mcm/day Max injection 7,5 Mcm/day Cycles per year 2 Max well-head pressure 180 barg Number of wells 5 Gas pipeline diameter 30 inch To be connected with a 32 km pipeline Kappa platform South Kavala reservoir 19 Sigma site Total Investment: €400 million HSE Mission To transfer our 34 Years experience of working safely in environmentally sensitive locations in NE Greece to every area we operate Kavala and Thasos: 14 blue flags every year for the last 15 years Zero accidents in 2013, 2014, 2015 Prinos Production Complex: 18km from Kavala, 7km from Thasos Island CSR - Strong Relationships with the local communities Kavala, Donation to the Municipality to cover pharmaceutical and children’s basic needs for the refugees stranded in Kavala, February 2016 Kavala, Volunteer Firemen, Donation of personal protection equipment, August 2015 Kavala, Ambulance Emergency Center: repair of 3 vehicles, June 2014 OUR VISION is to become a leading independent E&P company. Our primary objective is to create value for all our stakeholders and be capable of sustainable economic growth, by being dynamic and innovative. By adhering to our corporate principles and values we aspire to be a responsible corporate citizen and to be recognized as a global champion in sustainability issues”. Kavala Special Education Elementary School, Donation for educational and cultural purposes , February 2015 21 Kavala, Association for the Visually impaired, Donation of laptops with special software, June 2015 Close collaboration with ΤΕΙ KAVALA: 240 hrs of training - 60 hrs of lectures- 12 scholarships for post graduate studies - 70 internships- 40 people employed, in 2007-2016 Management Team 22 Board of Directors Mathios Rigas - Chairman & Chief Executive Officer Founding shareholder with a unique combination of Petroleum Engineering background and 20 years of investment banking and private equity experience, primarily in the oil & gas sector Vice President of Shipping, Energy and Project Finance at Chase Manhattan Bank in London raised in excess of US$5 billion in oil and gas financings Chairman of the Greek Society of Petroleum Engineers (SPE) Panos Benos - Chief Financial Officer 15 years international experience in the oil & gas sector, both in banking and industry, with a long track record of upstream financings in emerging markets Joined Energean from Standard Chartered Bank, where he worked as a Director in the Oil & Gas team in London delivered a number of award winning project and acquisition finance deals in Africa, Asia and Middle East. Previously worked for ConocoPhillips, where he held positions in European Treasury, North Sea Economics and International Downstream Stathis Topouzoglou – Director • Founding shareholder of the company and successful entrepreneur with more than 30 years founding and growing companies in the energy transportation sector • Principal Shareholder and CEO of Prime Marine Corporation, a worldwide leading product tanker company with a fleet of 26 modern product tankers, LPG and Ammonia carriers • Investments in the largest Solar Panels manufacturing company in Greece and in developments of Solar parks experience in David Bonanno, Director • Joined Third Point Hellenic Recovery Fund, L.P. in 2008. His focus is on special situation opportunities in the US and Europe and is the primary investment professional responsible for all Third Point’s activities in Greece. • Previously served as associate in the Private Equity and Distressed Investments Group at Cerberus Capital Management, L.P. and as analyst in the Restructuring and Reorganization Advisory Group at Rothschild Inc. Scott Leslie, Director Scott Leslie joined Third Point in 2009. His primary focus is on equity and credit opportunities in the energy sector. Prior to joining Third Point, Mr. Leslie was an Associate in the Private Equity division at The Carlyle Group. Previously, he was an analyst in the Financial Sponsors Group at Credit Suisse, where he focused on leveraged finance transactions. . 23 Key management Dr. Stephen Moore – Group Technical Director E&P technical professional with 28 years’ experience at Shell, Maersk Oil and Mubadala Joined Energean from the position of Senior Vice President – Technical at Mubadala where he successfully managed all technical functions of the company worldwide Dr. Moore has worked extensively in the FSU, the Middle East, SE Asia and the UK section of the North Sea James Efstathiou– Exploration Director • Exploration Manager / Geoscientist with 35 years of oil industry experience. • Previously, Global Exploration Manager at Mubadala, responsible for all captured assets and Exploration New Ventures. • Prior to Mubadala, he worked with Statoil and Norsk Hydro gaining a broad range of experience on Middle East David Donaldson, Well Engineering Manager • Petroleum engineer with drilling specialization with over 30 years of industry experience • Joined Energean from the position of Well Engineering manager at Petroceltic, Algeria where he was responsible for the drilling of 124 land wells, including the planning, programming, recruitment and delivery of 30 early wells and field infrastructure of tight gas, the HSE management, Risk Analysis, QA/QC management and cost management. Previously, he served as drilling engineer in senior positions for BG Group, Shell, Eni and Halliburton • Fred Riddiford, Reservoir Engineering Manager • • Reservoir Engineering/ Project Engineering Technical Professional and Senior Manager with almost 40 years’ experience Previously, he worked in the Petro-Technical Group in Mubadala Petroleum as Vice President Reservoir Engineering (2013-2016) and Director Reservoir Engineering (2011-2013) in Abu Dhabi. He has worked with BP for 35 years, his last position being the Technical Manager of the Growth/Technical Directorate (Middle East & South Asia SPU, 20042010), during which he worked on a number of key growth opportunities in these regions. • Vassilis Zenios, Project Manager • • • 25 years oil & gas experience, with onshore construction, pipelines and heavy lift installation Contractors. Joined Energean in 2015, after working with Vesrabar Inc. for 10 years in innovative offshore heavy lift solutions and execution services to operators, worldwide locations, notably the simultaneous raising of the LIMA field complex platforms and bridges, East Java Sea Indonesia 15 years with Saipem, various worldwide locations performing fast track offshore pipelines and heavy lift projects Vincent Reboul-Salze, Facilities Engineering Manager • • 24 10 years of industry experience, mostly gained at Shell Upstream International. Joined Energean in 2014, after having served for 3 years as the Lead Process Engineer at Kashagan field Start-Up in Kazakhstan, for Shell/ AGIP KCO. Prior to that, he worked with Shell Upstream development teams, as a Concept Development Engineer supporting New Business Development and Concept projects. Also worked for 4 years in the Dutch and Southern North Sea production areas (mainly gas fields) www.energean.com Head Offices Athens -Greece Kavala - Greece United Kingdom Cyprus Egypt 32, Kifissias Ave. Atrina Center, 17th floor 151 25 Marousi Tel: +30 210 81 74 200 Fax: +30 210 81 74 299 64006 Nea Karvali P.O Box 8, Kavala Greece Tel: + 30 2510 317201 Fax:+ 30 2510 317204 7B Abbey Road, NW8 9AA London UK Tel: +44 20 7286 36, Vyronos 1506 Nicosia, Cyprus Τel: +35 722447444 Fax: +35 722447445 Building 1 Square 1169 Mokarar Sheraton, Heliopolis Cairo, Egypt Tel.+202 22696484 Fax.+202 22696474 e-mail: [email protected] 25 6574