Pharos Energy Plc · LSE:PHAR
Pharos Energy — SOCO International — Shareholder Meeting (June 2013)
16 slides from Pharos Energy's shareholder meeting presentation, June 2013
Slide 1: June 2013 Annual General Meeting
June 2013 Annual General Meeting
Slide 2: Disclaimer
This presentation, which is confidential and is being supplied only to persons with professional experience in matters relating to investments for the purposes of the Financial Services and Markets Act 2000, does not constitute or form part of any offer or invitation to sell or issue, any offer or i
Slide 3: Production for the first five months of the year
Production for the first five months of the year averaged 18,070 BOEPD net to the Company’s WI, approximately 60% higher than the same period last year Completed the first phase of TGT’s FPSO production handling capacity testing with sustained production over 60,000 BOPD Rigs have been contracted to
Slide 4: 2012 financial results: sales revenue, operating profit, net profit
2012 2011 Sales revenue 621.6 234.1 Net Entitlement Production 15,500 boepd vs 6,700 boepd Realisations $118/bbl vs $113/bbl Operating profit 448.2 156.9 Net profit 207.0 88.6 Basic earnings per share (¢) 62.7 26.4 Capex 109.9 152.2 2012--$58 VN dev 2013--$180 ($60 VN , $60 Africa Expl; $24
Slide 5: TGT production averaged 15,679 BOPD for first five months of 2013
TGT production averaged 15,679 BOPD net to WI for first five months of 2013 TGT development drilling continues for the next four years with significant H5 well to spud later this month or July TGT 30.5% WI CNV production averaged CNV 25% WI 2,391 BOPD net to WI for first five months of the year Part
Slide 6: H1-WHP FPSO-TGT 1 FPSO
H1-WHP FPSO-TGT 1 FPSO Storage Capacity: 4 x 10” Multiphase Pipelines 620,000 BBLS 10” Water Injection Pipeline Processing Capacities: 8” Gas‐lift Pipeline Crude oil rate 55,000 BOPD Produced water rate 75,000 BWPD 1.8 km PLEM MWJ SSIV ~ 7 km 1 x 8” Gas‐export Pipeline H4‐WHP 16” Multiphase Pipeline
Slide 7: TGT fault blocks and appraisal wells
TGT-17P H1 WI/Appraisal H3 Appraisal H2 South Appraisal H5 Appraisal 7
Slide 8: STOIIP range and recoverable gas
Range (low to high case) STOIIP (mmstb) 470 960 Recoverable Gas (mmboe) 15 30 1 Future activities will significantly de-risk high case Additional 10 infield and step out wells (e.g. H5 (50-150 mmstb)) planned in 2013-14 Continued drilling beyond 2014 Gas contract signature With mid-range success cas
Slide 9: Block map of Central Africa
i 4 q 1SE. we CENTRAL AFRICAN REPUBLIC INTERNATIONAL $0C0,.. Pe GABON | CUVETTE CENTRALE OLA yF O6™~ <= DEMOCRATIC REPUBLIC OF CONGO "= (0) socowterest Brock 300 MILES 500 KILOMETRES te? te BURUNDIy + f *s 4 TANZANIA
Slide 10: Added Nanga II A block and seismic reprocessing
Added Nanga II A 100% WI block and commencing seismic reprocessing Preparing to drill Lideka East on Marine 40.39% WI XI in 2H13 Cabinda sale still possible, preparing to drill two wells in 3Q13 17% WI Completing seismic reprocessing for drill 65% WI or drop decision on Nganzi 10
Slide 11: Estimated mean predrill recoverable resources
Estimated mean predrill recoverable resources c. 70 mmbbl in primary target Sendji formation COS 40% Estimated mean upside recoverable resources c. 60 mmbbl in secondary formations Preparing for late June early July drilling 11
Slide 12: Block V environmental study completed
Completed detailed environmental study together with relevant DRC authorities Activity suspended during M23 insurgency Block V 85% WI 12
Slide 13: 2013 drilling schedule and potential reserves
2013 Potential March April May June July August Sept Oct Nov Dec Reserves Vietnam 40 ‐ 80 4 Infield wells +TGT‐H5 Congo (Brazzaville) 60 ‐ 130 Lideka East Marine Angola ‐ Cabinda North Well 20‐6 Well 20‐7 13
Slide 14: Sustainable yield and growth potential of an independent E&P
Sustainable yield equal to or greater than IOCs Growth potential of an independent E&P company 14
Slide 15: Outlook and upcoming activity
Continued strong cash generation from the Vietnam assets Development drilling on TGT and CNV Appraisal well on the previously undrilled TGT H5 block Second phase of sustained capacity test on TGT FPSO pending Exploration drilling on Lideka Marine East Well 1 (Republic of Congo) to commence shortly 2
Slide 16: SOCO International plc contact details
SOCO International plc 48 Dover Street London W1S 4FF United Kingdom Tel: 020 7747 2000 Fax: 020 7747 2001 Registered No: 3300821 www.socointernational.com 16