Corpus Resources Plc · LSE:COR
Corpus Resources — Curzon Energy — IPO Roadshow (October 2017)
22 slides from Corpus Resources's IPO roadshow presentation, October 2017
Slide 1: Curzon Energy PLC
CURZON ENERGY PLC October 2017
Slide 2: Important Notice
I M P O R TA N T N O T I C E By attending this presentation and/or accepting these slides you agree to be bound by the following conditions It is not intended that the Presentation Materials be distributed or passed on, directly or indirectly, to anyone and will be taken as having represented and un
Slide 3: Executive Summary
EXECUTIVE SUMMARY 100% owner of Coos Bay Energy LLC, owner and operator of c. 45,000 acres of known Coalbed Methane (CBM) Gas accumulations in Coos Bay, Oregon. 85.6 to 419.4 BCF of contingent resources and approximately 1,000 BCF of gas in-place with up to 465 wells as per Competent Persons Report
Slide 4: Curzon Is Led By An Experienced Team
CURZON IS LED BY AN EXPERIENCED TEAM John McGoldrick John McGoldrick brings over 36 years of upstream experience in a variety of senior management roles, notably at Enterprise Oil where he was responsible for its US operations up until Shell’s takeover in 2002 in a deal worth £3.5 billion. Since the
Slide 5: Coos Bay – Primed for Appraisal and Development
C O O S B AY – P R I M E D F O R A P P R A I S A L A N D DEVELOPMENT Estimated 1.2 TCF of Original-Gas-in-Place as per report by Sproule Associates Inc. (2006)1 Wells drilled in 3 test areas (Radio Hill, Beaver Hill and Westport) between 2004 and 2006 with reported test rates of up to 500 Mscf/day.2
Slide 6: Situated Close to Pipeline with Capacity
S I T U AT E D C L O S E T O P I P E L I N E W I T H C A PA C I T Y Coos County Gas Pipeline 12” Coos Bay PL Minimal infrastructure cost The 12“ Coos Bay Gas Pipeline crosses the property and is within 15 meters of Curzon’s existing intra-field pipeline. The pipeline is operated by Northwest Natural
Slide 7: Appraisal & Development Plan
APPRAISAL & DEVELOPMENT PLAN Phase I and Phase II Development PL Connection & Compression Source - CPR Source - CPR 7
Slide 8: Pictures of Coos Bay Field
P I C T U R E S O F C O O S B AY F I E L D 8
Slide 9: 2012 Production Tests
2012 PRODUCTION TESTS 2012 Test Data Test Periods MCF Cum. Flow Hours Results * April 6 - April 19 123 94.4 31 Mscf/day average rate April 19 - May 2 879 339.5 62 Mscf/day average rate June 2 - June 17 957 360.6 64 Mscf/day average rate June 17 - July3 1074 377.9 68 Mscf/day average rate *Results ca
Slide 10: Premium Gas Prices Compared to National Average
P R E M I U M G A S P R I C E S C O M PA R E D T O N AT I O N A L AV E R A G E Natural Gas Prices ($/MMBTU) Annual Average Year NW Nat. 2 HH1 OCG1 2012 5.66 2.75 5.21 2013 4.96 3.73 4.82 2014 4.90 4.37 5.40 2015 5.38 2.62 4.65 2016 4.34 2.52 4.39 Average 5.05 3.20 4.89 Company has Letter of Intent f
Slide 11: Independent Validation of Opportunity
I N D E P E N D E N T VA L I D AT I O N O F O P P O R T U N I T Y Third Party Evaluation by MHA (May 2017) Gas in Place Estimate Curzon Coos Bay CBM - Original Gas in Place Estimates, BCF Low Mid High Upper Coaledo 20.6 66.2 101.5 Lower Coaledo 181.3 579.4 888.5 Total 201.9 645.5 989.9 Contingent Re
Slide 12: Coos Bay Project Timeline
New Well NW Natural Permits Sales Contract Workover Start Well Drilling of Contracts H Workovers New Wells Compression : Gas Station Contract : Testing New Well Pipeline Contracts Connection Phase | evaluation Long term Well testing Phase II Planning Reserves Report 12 months 12
Slide 13: Coos Bay – An Attractive First Asset
C O O S B AY – A N AT T R A C T I V E F I R S T A S S E T 13
Slide 14: Appendix
Appendix
Slide 15: Asset Overview – Coos Bay, Oregon
A S S E T O V E R V I E W – C O O S B AY, O R E G O N Eocene aged Coal Beds present from surface to 8,000 ft with gas flow tests down to 4000 ft. Mid Case original gas in place of 645 BCF as per MHA Independent Technical Reports third party report (2016) on existing leases. Field reports indicate co
Slide 16: What Is Coalbed Methane?
W H AT I S C O A L B E D M E T H A N E ? Production Life1 CBM has been extracted successfully in the Powder River Basin (PRB) in the USA and also extensively in Eastern Australia1. CBM is created during the formation of coal. Methane is trapped by water within a coal seam. Relatively low cost wells
Slide 17: Coalbed Methane Is Established and Successful in the USA
C O A L B E D M E T H A N E I S E S TA B L I S H E D A N D SUCCESSFUL IN THE USA Powder River Basin (USA) Powder River Basin The orange areas of the map show coalbed • Black Thunder CBM has been extracted successfully for decades in the • Coal Creek methane fields in the U.S.A USA1. Coos Bay Proven
Slide 18: Coos Bay – Powder River Basin Similarity
C O O S B AY – P O W D E R R I V E R B A S I N S I M I L A R I T Y Comparison Coos Bay vs Powder River Basin Coos Bay Coal is similar in Age and Coal Rank Coos Bay 1 Powder River Basin 2 “Coals of the Powder River Basin, located in north- Age Eocene Paleocene eastern Wyoming, are shallow, young, the
Slide 19: An Example of Coalbed Methane Success Is Australia
AN EXAMPLE OF COALBED METHANE SUCCESS IS AUSTRALIA Australia The orange areas of the map show coal Australia is a major Coalbed Methane producer. CBM basins with proven recoverable coalbed accounts for 27% of Australian gas reserves and is methane predicted to supply over 30% of Australia’s domestic
Slide 20: New Wells Drilling and Completion Costs
NEW WELLS Drilling and Completion Costs The Directors intend to take advantage of the current availability and prices in the market of crews and equipment, in addition to drilling and completion rigs by drilling 2 new wells. Estimates to drill and complete a typical Curzon well for as low as $225K t
Slide 21: Water Disposal
WAT E R D I S P O S A L Water disposal Water point in separation Coos Bay and removal process Permit secured from the state allowing for the disposal of produced water into the Davis Slough at low cost. The produced water has been tested and is in compliance with the guidelines of the permit. The pr
Slide 22: Oregon – An Economically Attractive State for Gas Production
O R E G O N – A N E C O N O M I C A L LY AT T R A C T I V E S TAT E F O R G A S PRODUCTION 22