Upload
haquynh
View
217
Download
2
Embed Size (px)
Citation preview
Conference Call
Q1 2013 Results May 7, 2013
Cautionary Statement
2
This presentation includes certain information deemed to be "forward-looking information" or "forward-looking statements" within the meaning of applicable Canadian and United States securities laws. All information other than information of historical fact is forward-looking information. Forward-looking information is often, but not always, identified by the use of words such as "seek", "may", "will", "should", "expect", "plan", "anticipate", "continue", "believe", "estimate", "predict", "project", "potential", "targeting", "intend", "could", "might", "continue", "should" or the negative of these terms or other comparable terminology. This information relates to predictions of future events or the Company's future performance and involves known and unknown risks, uncertainties, assumptions and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking information, including, without limitation: exposure to third-party credit risk; unforeseen changes in the rate of production from the Company's oil fields; changes or disruptions in the political or fiscal regimes in the Company's areas of activity; changes in the price of crude oil; adverse technical factors associated with exploration, development, production or transportation of the Company's crude oil reserves; realization of the anticipated benefits of acquisitions and dispositions and incorrect assessments of the values thereof; changes in Egypt or Yemen tax, energy or other laws or regulations and other geopolitical risks associated with the countries in which the Company operates; changes in significant capital expenditures; delays in production starting up due to an industry shortage of skilled manpower, equipment or materials; the cost of inflation; the performance characteristics of the Company's oil properties; the quantity of oil reserves; capital expenditure programs; supply and demand for oil and commodity prices; drilling plans; expectations regarding the Company's ability to raise capital and to continually add to reserves through acquisitions, exploration and development; stock market volatility and market valuations. As such, such information should not be unduly relied upon. Such forward-looking information speaks only as of the date of this presentation. The Company does not intend, and does not assume any obligation, to update this forward-looking information, except as required by applicable Canadian and United States securities laws. Please consult the Company's documents available at www.sedar.com and www.sec.gov for further, more detailed information concerning these matters. All dollar values are expressed in U.S. dollars unless otherwise stated.
Conference Call
Q1 2013 Results May 7, 2013
Q1 2013 Financial Highlights
4
Q1 funds flow of $36.0 MM ($0.44/share)
Q1 net earnings of $24.9 MM ($0.26/share)
Strong balance sheet with $278 MM of working capital
A/R balance of $204.6 million
Q1 2013 Balance Sheet
5
$MM
Long-term debt (17)
Convertible debenture (94)
(111)
Working capital (cash $112.2) 278
Positive working capital (net of long-term debt and convertible debentures) 167
Q1 2013 Operating Highlights
6
Production (Bopd) Q1 April
West Gharib 12,970 13,798
West Bakr 4,359 4,692
East Ghazalat 338 423
Egypt Total 17,667 18,913
Yemen* 323 310
Production Total 17,990 19,222
* Block S-1 shut in
Recent Daily Production
7
January 17,144 Bopd
February
18,085 Bopd
March 18,787 Bopd
April 19,222 Bopd
0
5,000
10,000
15,000
20,000
25,000
May-12 Jun-12 Jul-12 Aug-12 Sep-12 Oct-12 Nov-12 Dec-12 Jan-13 Feb-13 Mar-13 Apr-13 May-13
Oil
Sa
les
(bo
pd
)
Block 32
Block S-1
East Ghazalat
West Bakr
West Gharib
Egypt Land Holdings
8
Egypt
Cairo
Gulf of Suez
South Alamein
East Ghazalat
South Ghazalat
South Mariut
West Gharib/
West Bakr
South Alamein
East Ghazalat
South Ghazalat
South Mariut
NW,SW,SE Gharib
GROSS ACRES (expressed in thousands)
Total Gross Land 2,126
828
40
465
356
102
335
West Gharib 100% Working Interest, Operated
9
2013 plan (18 wells)
Drilled 8 wells YTD
7 Oilwells, 1 D&A
2 New pools (lower Nukhul)
Commissioned new multi-well battery in the NW corner of East Arta
Trucking Hana/Hana West oil to West Bakr K Station
Production steadily increasing to 14,000+ Bopd level
Production in April 2013 13,798 Bopd
West Gharib 100% Working Interest, Operated
10
East Arta
Arta West
East Arta lower Nukhul discovery
90+ feet sand/conglomerate
Extends onto NW Gharib block
20 new appraisal/development locations
10-40 MMBbl PIIP*
Arta West upper & lower Nukhul discovery
40+ feet upper Nukhul
20 feet lower Nukhul
10 appraisal/development locations
2-10 MMBbl PIIP* * Internally estimated petroleum initially in place (P90 to P10 respectively)
West Bakr 100% Working Interest, Operated
11
2013 plan (15 wells)
Drilled 5 wells YTD
5 Oilwells (2K, 2H and 1M) Drilling K Field well targeting
the main Asl A pool 148 feet of Asl “A” net pay
on logs Will be cased and completed
as an Asl A producer Continued pump, waterflood
and facility optimization projects
Production in April 2013 4,692 Bopd
New Concessions 100% Working Interest, Operated
12
NW Gharib
655 square kilometers
(162,000 acres)
79 exploration and appraisal locations identified
SW Gharib
195 square kilometers
(48,000 acres)
SE Gharib
508 square kilometers
(125,000 acres)
Company to acquire extensive 3D seismic over Southern areas prior to drilling exploration wells
South Alamein 100% Working Interest, Operated
13
2013 eight well drilling program
2 Appraisal
6 Exploration Prospects
Awaiting Military approval for surface access
Contingent Resources at December 31, 2012
(millions of barrels “MMbbl") Low Best High
Boraq 0.5 1.4 2.8
*Numbers based on D&M Prospective Resource Report and Contingent Resource Report using Forecast Pricing at Dec 31, 2012
Mean Estimate Prospective Resources Gross Pg Gross WI Pg
Gross Mean Adjusted
Mean TransGlobe Adjusted
Mean
Number of Gross Mean Prospective Geological Prospective Working Prospective
Exploration Prospects UPIIP Resources Risk Resources Interest Resources
Concession Evaluated (MMbbl) (MMbbl) (%) (MMbbl) (%) (MMbbl)
South Alamein 20 669 133.8 15% 20.2 100% 20.2
East Ghazalat 50% Working Interest, Non-Operated
14
2013 plan 5 wells (4 firm, 1 contingent)
2 development (Safwa 3, Sabbar 2)
Safwa 3 oil, moving to Sabbar
2 exploration (Safwa South, North Dabaa)
Drilling Safwa South
April production 846 Bopd (423 Bopd to TransGlobe)
Safwa South 1X
Safwa 3
New Concession 100% Working Interest, Operated
15
S Ghazalat - 1,883 square kilometers (465,000 acres) Company to acquire extensive 3D seismic over area prior to drilling exploration wells
16
Q & A
Conference Call
Q1 2013 Results May 7, 2013