Valeura Energy Inc. · TSX:VLE
Valeura Energy — Shareholder Meeting (May 2013)
19 slides from Valeura Energy's shareholder meeting presentation, May 15, 2013
Slide 1: Unlocking Turkey's Tight Gas Potential – Annual General Meeting
A GLOBAL ENERGY COMPANY FOCUSED ON EXCEPTIONAL VALUE CREATION UNLOCKING TURKEY’S TIGHT GAS POTENTIAL ANNUAL GENERAL MEETING OF SHAREHOLDERS MAY 15, 2013
Slide 2: Disclaimer/Forward Looking Information
Disclaimer/Forward Looking Information This presentation contains certain forward-looking statements including, but not limited to: the anticipated tight gas delineation and development program in the Thrace Basin and the ability to finance development; anticipated work programs, budgets and operati
Slide 3: Corporate Profile
Corporate Profile Valeura Energy Inc. (VLE – TSX) Canada-based oil and gas E&P company with assets in Turkey and Western Canada Large land position in Turkey of 2.0 MM acres (gross); 0.83 MM acres (net) Advancing initial development phase of Thrace Basin tight gas play after 18-month proof-of-
Slide 4: Q1 2013 Financial & Operating Highlights
Q1 2013 Financial & Operating Highlights 3 MONTHS 3 MONTHS 3 MONTHS RESULTS ENDED ENDED ENDED Mar 31, 2013 Dec 31, 2012 Mar 31, 2012 Production Crude oil & NGLs (bbl/d) 53 61 59 Natural gas (Mcf/d) 4,787 5,682 9,074 boe/d (@6:1) (1) 851 1,008 1,572 Financial ($ thousands except per boe amounts) P &
Slide 5: Pro Forma Land Position In Turkey
Pro Forma Land Position In Turkey PETROLEUM LEASES & LICENCES GROSS AREA VALEURA NET AREA TRANSACTION DISTRICT (#) (acres) (acres) (1) THRACE BASIN Licence 5104 Award (Banarli) (2) I (MARMARA) 1 118,598 118,598 TBNG-PTI – Onshore (3) I (MARMARA) 9 387,125 154,850 TBNG-PTI – Offshore I (MARMARA) - 11
Slide 6: Turkey Year-End 2012 Reserves (Company Gross)
Turkey Year-End 2012 Reserves (Company Gross)(1) MMboe – Million barrels of oil equivalent 159% year-over-year increase in proved plus probable (2P) reserves in Turkey Primarily natural gas reserves in Thrace Basin on TBNG-PTI lands (Valeura 40%) and Edirne Licence (Valeura 35%) Growth in 2P r
Slide 7: Turkey Year-End 2012 Contingent Resources (Company Gross)
Turkey Year-End 2012 Contingent Resources (Company Gross)(1) MMboe – Million barrels of oil equivalent 302% year-over-year increase in best 3C – High Estimate estimate of contingent resources (2C) in 2C – Best Estimate Turkey 1C – Low Estimate Natural gas in six discovered gas fields on TBNG-PTI
Slide 8: Thrace Basin Transactions
Thrace Basin Transactions Bulgaria Otto asset purchase Black Sea 3839 (35% WI) Valeura licence Turkey applications applications (100% WI) (100% Banarli licence TBNG-PTI asset purchase award (40% WI onshore; (100% WI) 15% WI offshore) 3659 2926 5122 5104 3861 Greece 3860 3934 4126 4532 3858 3931 4094
Slide 9: Shallow Gas & Tight Gas Plays in the Thrace Basin – TBNG-PTI Lands
Shallow Gas & Tight Gas Plays in the Thrace Basin – TBNG-PTI Lands Akcahalil-1 Inecik-2 Aydede-1 YAGCI-8 ND-1 TDR-2 TS-18 DTD-1 KAYI-7 BATI GAZI-1 BATI KARAEVLI-1 SHALLOW GAS SOUTHWEST NORTHEAST Danismen & Osmancik DANISMEN 60% of production 500 m OSMANCIK ~120 wells 34 workovers & 9 MEZARDE
Slide 10: Tight Gas Proof-Of-Concept Program – TBNG-PTI Lands
Tight Gas Proof-Of-Concept Program – TBNG-PTI Lands 1. Recompletion fracs (750-2,000 m depth) − Identify gas bearing zones in Mezardere, Teslimkoy & Kesan units that require fracs to achieve commercial rates focusing initially on areas within structural closure − 25 well re-entry fracs completed sin
Slide 11: New Drill Spuds In 2012 & 2013 YTD – TBNG-PTI Lands
New Drill Spuds In 2012 & 2013 YTD – TBNG-PTI Lands Dogu Hayrabolu-10 Kazanci-5 Koseilyas-1 Karya-1, Sig-1 Kuzey Guney Atakoy-1 Kayi Derin-1 Atakoy-2 Guney Guney Karababa-1 Kayi-1 Hayrabolu Tekirdag Deep Atakoy-8 Karanfiltepe-6 Deveseki-1 Development Exploration Area Dogu Area TDR-9, 14 Gazi-2 10 km
Slide 12: Tekirdag Area Tight Gas Development Drilling Program
Tekirdag Area Tight Gas Development Drilling Program (1) KAYI DERIN-1 Planned Horizontal Wells (DTD-19H, (BTD-4H, DTD-19H) BTD-4H) TDR-6 TDR-9 TDR-7 DTD-19H TDR-14 BTD-4H BAGLIK-1 BTD-5 DTD-19 Teslimkoy/Kesan Penetrations BTD-3 Delineation Drills Delineation Fracs Phase 1 Phase 2 Kesan Phase 3 400 m
Slide 13: Banarli Licence 5104 – Multiple Exploration Plays
Banarli Licence 5104 – Multiple Exploration Plays Edirn Teslimkoy/Kesan Alacaoglu e Potential Active Depth Structure “Kitchen” Area Mezardere Kitchen Hayrabolu-10 Sariyer-1 5104 Kazanci-5 Banarli Licence 5104 Tekirdag 10 km Banarli licence awarded to Valeura (100%) in April 2013 (118,598 acres or
Slide 14: Banarli Licence 5104 – Potential Active Kitchen Area
Banarli Licence 5104 – Potential Active “Kitchen” Area Banarli Tekirdag 14
Slide 15: Anatolia Basin Licences
Anatolia Basin Licences Gaziantep Karakilise Licences Licences (26% WI) (27.5 - 100% WI) (Mardin play) 2677 (Mardin, Dadas 5052 Shale & Bedinan 2674 plays) TURKEY Bostanci 4985 4656 4656 Licence 4607 (50% WI (1)) 4658 (Mardin, Jurassic SYRIA & Triassic plays) 4649 IRAQ 50 km (1) Valeura currently ho
Slide 16: Bostanci Licence 4985
Bostanci Licence 4985 1 km Potential High Impact Prospect East Tawke Underlies large undrilled surface anticline at Peshkabir-1 North North juncture of Turkey, Iraq and Syria borders SIV-10-04 SIV-10-03 Bostanci 35 km west of Tawke oil field & 16 km northwest Planned new 2D seismic Prospect of P
Slide 17: Gaziantep Licence 4607
Gaziantep Licence 4607 123,372 gross acres (26% WI) Operated by TransAtlantic Alibey-1 Hz drilled in July 2012 as 414 m horizontal side-track in original Alibey-1 vertical well, which flowed heavy oil 4607 from the Mardin Group Alibey-1 HZ First horizontal well drilled by (indicated initial
Slide 18: Summary
Summary Pure play in Turkey Large land position – 2.0 MM gross acres or 0.83 MM net acres Significant discovered resource base in Thrace Basin of 680 Bcf (113 MMboe) (net) (2P reserves + 2C contingent resources) Corporate 2P reserves value alone $1.61 per share (before-tax PV10) Progressin
Slide 19: Unlocking Turkey's Tight Gas Potential – Annual General Meeting
A GLOBAL ENERGY COMPANY FOCUSED ON EXCEPTIONAL VALUE CREATION UNLOCKING TURKEY’S TIGHT GAS POTENTIAL ANNUAL GENERAL MEETING OF SHAREHOLDERS MAY 15, 2013