Kelt Exploration Ltd. · TSX:KEL
Kelt Exploration — Investor Presentation (August 2019)
61 slides from Kelt Exploration's investor presentation, August 2019
Slide 1: Corporate Presentation August 2019
Corporate Presentation August 2019 KeltExploration.com David J. Wilson President & Chief Executive Officer Sadiq H. Lalani Vice President & Chief Financial Officer www.keltexploration.com 0
Slide 2: Why Invest in Kelt?
Why Invest in Kelt ? VALUE CREATION OPPORTUNISTICALLY TAKING ADVANTAGE OF INDUSTRY DOWNTURNS BY ACCUMULATING RESOURCE DEVELOPMENT POTENTIAL AT HISTORICALLY LOW COSTS ● Kelt focuses on value creation resulting in annual growth in production and funds from operations per share over the long-term. ● Th
Slide 3: Capital Structure
Capital Structure ● Stock Exchange listing TSX ● Trading symbol KEL ● Market capitalization $ 0.6 billion ● Enterprise value $ 1.0 billion ● 52-week stock trading range $ 3.19 – $ 10.01 ● Common shares issued ( @ Aug/6/2019 ) 184.2 million ● Stock options ( 8.8 MM ) & RSUs ( 0.9 MM ) 9.7 million ( 5
Slide 4: Insider Commitment
Insider Commitment Insider Purchases Offering / Market Purchases Date Shares (MM) Amount (MM) Price/share $ 13.9 MM Equity Private Placement Feb-2013 3.7 $ 8.7 $ 2.32 $ 94.4 MM Equity Private Placement Apr-2013 5.7 $ 31.5 $ 5.55 $ 92.0 MM Equity Private Placement Aug-2013 0.5 $ 4.0 $ 8.00 $ 19.6 MM
Slide 5: Capital Expenditures
Capital Expenditures 2019 2019 2019 % ( $ millions ) 2018 Forecast Forecast change in OLD NEW Forecast Drilling & Completions 168.7 201.0 179.0 − 11% Equipment, Facilities, & Pipeline 117.7 60.0 90.8 + 51% Infrastructure Land, Seismic & Asset Acquisitions, net of ( 0.9 ) 9.0 0.2 − 98% Property Dispo
Slide 6: Drilling Program
Drilling Program 2017 2018 2019 Forecast Drills Gross / Net Wells Gross / Net Wells Gross / Net Wells Alberta 27 18.2 16 15.1 8 8.0 British Columbia 13 13.0 17 17.0 24 24.0 Total [1, 2, 3] 40 31.2 33 32.1 32 32.0 2017 2018 2019 Forecast Completions Gross / Net Wells Gross / Net Wells Gross / Net Wel
Slide 7: Expected Timing of 2019 Production Additions
Expected Timing of 2019 Production Additions Expected Production Expected Number Expected On- PROJECT (IP30) Range Oil/NGLs (IP30) of Wells stream Date BOE/d Percentage Inga ( 5-9 ) 24-well pad ( #1 − #6 ) 6 Q2 2019 5,800 − 6,200 60% − 65% Fireweed ( B-33-I/A-34-I ) pad 5 Q2 2019 5,200 − 5,500 60% −
Slide 8: 2019 Production Outlook
2019 Production Outlook 2019 2019/2018 2017 2018 Forecast Change Oil ( bbls/d ) 6,634 8,403 10,800 − 11,400 29% − 36% NGLs ( bbls/d ) [1] 2,608 3,186 5,000 − 5,500 57% − 73% Gas ( Mcf/d ) 77,330 92,502 102,000 − 109,000 10% − 18% Combined ( BOE/d ) 22,130 27,006 33,500 − 34,500 24% − 28% Per MM Shar
Slide 9: Product Mix
Product Mix Production Operating Income Operating Income 2018 Actual Split ( MM ) Split Oil & NGLs 43% $ 158.8 78% Gas 57% $ 43.8 22% Total 100% $ 202.6 100% Production Operating Income Operating Income 2019 Forecast Split ( MM ) Split Oil & NGLs 49% $ 210.3 86% Gas 51% $ 33.3 14% Total 100% $ 243.6
Slide 10: Commodity Prices
Commodity Prices ( CA$, unless otherwise specified ) 2017 2018 2019 Forecast YOY Change WTI Crude Oil ( USD/bbl ) [1] US $ 50.95 US $ 64.94 US $ 58.00 − 11% MSW Crude Oil ( CAD/bbl ) [2] $ 62.91 $ 69.29 $ 69.32 ─ WTI-MSW Basis Differential ( CAD/bbl ) ( $ 3.27 or 5% ) ( $ 14.98 or 18% ) ( $ 7.24 or
Slide 11: Gas Market Risk Management
Gas Market Risk Management GAS MARKET DIVERSIFICATION ● The Company has taken a diversified approach to selling its natural gas in order to reduce exposure to single market risk. ● Kelt has entered into several contracts that result in price exposure to various gas price hubs in North America. ● Est
Slide 12: North American Natural Gas Hubs
North American Natural Gas Hubs Kelt 2019 Forecast ─ Gas Hub Netbacks Station 2 Natural Hub Price Netback Hub Price Netback Gas % US$ / US$ / CA$ / CA$ / AECO Hub MMBtu [1] Mcf [2] MMBtu [1,3] Mcf [2,3] Sumas Empress Emerson NYMEX 2.80 3.70 Kingsgate Waddington Dawn 21% 2.70 1.73 3.56 2.28 Boston St
Slide 13: Hedging
Hedging Commodity Index Term Quantity Fixed Price NYMEX to Dawn Basis Jan/2019 to Natural Gas 10,000 MMBtu/d Minus US$0.0975/MMBtu Differential Dec/2019 NYMEX to Chicago Basis Jan/2019 to Natural Gas 10,000 MMBtu/d Minus US$0.14/MMBtu Differential Oct/2019 Jan/2019 to USD CAD/USD US$1.0 MM/month CA$
Slide 14: 2019 Forecast Commodity Price Sensitivities
2019 Forecast Commodity Price Sensitivities Kelt Kelt Kelt CAD / USD 2019 Oil Price NGLs Price Gas Price Exchange Rate Forecast minus 10% minus 10% minus 10% minus 5% Kelt Oil Price ( CAD/bbl ) 68.61 61.75 − 10% 68.61 ─ 68.61 ─ 65.20 − 5% Kelt NGLs Price ( CAD/bbl ) 21.67 21.67 ─ 19.50 − 10% 21.67 ─
Slide 15: Netbacks
Netbacks 2019 2019/18 ( $ / BOE ) 2017 2018 Forecast Change Revenue/Price 31.51 37.30 36.49 − 2% Realized hedging gain ( loss ) ( 0.13 ) ( 0.60 ) ( 0.22 ) − 63% Royalties ( % of revenue/price ) ( 9.3% ) ( 8.3% ) ( 8.2% ) − 1% Transportation expense ( 3.13 ) ( 3.92 ) ( 4.28 ) + 9% Production expense
Slide 16: Financial Outlook
Financial Outlook 2019 2019/18 2017 2018 Forecast Change Revenue ( $ MM ) 257.6 389.3 464.0 + 19% Operating income ( $ MM ) [1] 123.4 202.6 243.6 + 20% Adjusted funds from operations ( $ MM ) [1] 108.0 186.8 220.0 + 18% Per share – diluted ( $/share ) 0.61 1.01 1.19 + 18% Capital expenditures, net (
Slide 17: Focused on per Share Growth
Focused on per Share Growth PRODUCTION PER MILLION SHARES ( BOE / d ) FUNDS FROM OPERATIONS PER SHARE ( diluted ) 250 $1.75 CAGR Since CAGR 2013 Since = 23% $1.50 2013 200 = 24% 181 − 187 $1.25 148 1.19 150 92 − $1.00 120 121 125 1.01 99 0.93 105 84 $0.75 100 73 77 76 0.61 69 $0.50 53 50 86 − 92 0.3
Slide 18: Operating Areas
Operating Areas Fort St. John ( BC ) : Inga/Fireweed & Oak/Flatrock ● Stacked Montney light oil and condensate-rich gas ● Doig condensate-rich gas Grande Prairie ( AB ) : Pouce Coupe/Progress, Spirit River, Fort St. John Valhalla/La Glace & Wembley/Pipestone Grande Prairie ● Stacked Montney light oi
Slide 19: Kelt Land Fairway
Kelt Land Fairway Fireweed Corporate Land Holdings Inga March Gross Net Net Flatrock 2019 Acres Acres Sections Oak Developed 365,616 227,397 355 Fort St. John Undeveloped 695,321 600,275 938 Total 1,060,937 827,672 1,293 Pouce Progress Montney Rights Coupe Spirit River Developed + Gross Net Net Unde
Slide 20: Reserves
Reserves Dec/31 Dec/31 NPV 10% BT NPV 10% BT Percent 2017 2018 Dec/31/2018 Dec/31/2018 Change ( MBOE ) ( MBOE ) ( $ MM ) ( $ / BOE ) Proved Developed 37,858 40,701 + 8% $ 481 $ 11.82 Producing Total Proved 132,973 158,443 + 19% $ 1,499 $ 9.46 Proved plus Probable 235,601 302,678 + 28% $ 3,129 $ 10.3
Slide 21: Kelt Montney Framework
#2 kelt exploration Kelt Montney Framework Inga / Fireweed Oak / Flatrock ; Pouce Coupe Progress La Glace Pipestone / Wembley A A! A A A A lei hh ll — Proven Productive Montney Horizons 3 ae %* Kelt Future Exploratory Horizons Within Core Areas 20
Slide 22: British Columbia Montney Lands
British Columbia Montney Lands MONTNEY LAND HOLDINGS Gross: 368,618 acres ( 576 sections ) Net: 363,852 acres ( 569 sections ) Fireweed OPERATIONS ● Kelt has been successful delineating the Upper Flatrock and Middle Montney at Inga/Fireweed. ● Kelt is pleased with the initial results from the Inga M
Slide 23: British Columbia Montney Wells
British Columbia Montney Wells PRODUCTION RESERVES Kelt British Columbia Montney Drills Typical Well EUR’s Top 10 IP30 Wells ( gross sales, BOE/d ): Inga / Fireweed Upper Montney ( UM ) (1) Inga (B5-9) 05/16-33-087-23W6 UM 2,148 ( 80% oil/ngls ) Sproule 2P EUR = 860 MBOE: (2) Fireweed 00/C-31-I/94-A
Slide 24: Inga / Fireweed Montney Lands
Inga / Fireweed Montney Lands MONTNEY LAND HOLDINGS A-65-I MM B-90-A UM 02/A-65-I UM 03/A-65-I UM (sfc C-10-H) Gross: 142,297 acres ( 222 sections ) B-65-I UM (sfc B-33-I) C-26-A UM Net: 140,718 acres ( 220 sections ) (sfc A-6-A) A-58-I UM (sfc D-A79-I) C-85-I UM 2019 DRILLING PLANS (sfc A-65-I) 00/
Slide 25: Inga / Fireweed - Stacked Montney Resource Potential
Inga / Fireweed - Stacked Montney Resource Potential THE MONTNEY CUBE ● Kelt has been successful delineating MULTIPLE STACKED MONTNEY HORIZONS the Upper and Middle Montney at Inga/Fireweed. ● Initial results from the Montney IBZ have been encouraging and Kelt will continue with its delineation progr
Slide 26: Inga 6-Section / 3-Pad / 72-Well Montney Development Plan
Inga 6-Section / 3-Pad / 72-Well Montney Development Plan ● Kelt’s 2018 / 2019 capital expenditures to include 24 drills at Inga from the Company’s first 24-well multi- layer Montney cube pad that is expected to include eight Upper, eight IBZ and eight Middle Montney wells. ● Horizontal wells in eac
Slide 27: Inga / Fireweed Montney CGR
Inga / Fireweed Montney CGR (Condensate to Gas Ratio) 02/14-24 IP30 – 1,609 BOE (CGR - 402 bbls/MMcf) 1 Year Cum = 268,000 BOE Inga 24 Well Pad Inga 24 Well Pad 00/14-24 IP30 – 1,412 BOE (CGR - 278 bbls/MMcf) 1 Year Cum = 202,000 BOE 02/15-33 IP30 - 2,066 BOE (CGR - 509 bbls/MMcf) 1 Year Cum = 286,0
Slide 28: Inga 24-well Montney Cube Pad – Initial Results
Inga 24-well Montney Cube Pad – Initial Results ● Kelt has drilled and completed the first 12 wells on its initial 24-well Montney cube pad development program. ● The average drill and complete cost was $4.9 million per well. ● Aggregate combined sales volumes from the first six wells for initial pr
Slide 29: Inga / Fireweed DOIG Development Wells
Inga / Fireweed DOIG Development Wells ● Kelt drilled two Doig wells at Inga in 2017 and two more wells in 2018. ● 2P Type Curves target EURs of 1,300 MBOE (51% gas / 49% oil/ngls). ● Kelt has 36 (33.4 net) future 2P HZ wells booked as inventory in the Doig in its Dec/31/18 reserves evaluation. ● Th
Slide 30: Inga Gas Processing & Liquids Handling
Inga Gas Processing & Liquids Handling KELT FACILITY ( “Inga 2-10 Facility” ): ● The Company constructed a 100 MMcf/d compression, dehydration, liquids handling and frac water facility located at Inga which is currently in operation. ● The Inga 2-10 Facility will compress raw gas that will be delive
Slide 31: Oak / Flatrock Montney Lands
Oak / Flatrock Montney Lands MONTNEY LAND HOLDINGS 02/13-13 UM (sfc 13-12) Gross: 206,260 acres ( 322 sections ) Net: 204,988 acres ( 320 sections ) OPERATIONS 00/16-6 UM 00/13-5 MM (sfc 5-31) ● Oil and gas exploration activity targeting the Montney at depths of 1,500 to 1,600 metres. 02/6-2 UM ● Ex
Slide 32: Alberta Montney Lands
Alberta Montney Lands MONTNEY LAND HOLDINGS Gross: 178,080 acres ( 278 sections ) Net: 153,188 acres ( 239 sections ) OPERATIONS Pouce Coupe ● Kelt continues with development of the Montney oil play at Pouce Coupe. The first five-well pad was completed Progress in Q1-17. The second five-well pad was
Slide 33: Alberta Montney Wells
Alberta Montney Wells PRODUCTION RESERVES Kelt Alberta Montney OIL Drills Typical Well EUR’s Top 10 IP30 Wells ( gross sales, BOE/d ): Pouce Coupe Montney OIL Sproule (1) Pouce Coupe 03/07-18-078-11W6 LMM (D1) 2,045 ( 66% oil/ngls ) 2P EUR = 585 MBOE: (2) Pouce Coupe 02/06-18-078-11W6 MM (D2) 2,004
Slide 34: Wembley / Pipestone Montney Lands
Wembley / Pipestone Montney Lands MONTNEY LAND HOLDINGS Sexsmith Gross: 107,680 acres ( 168 sections ) Gas Plant Net: 103,955 acres ( 162 sections ) (0.3% WI) 00/1-35 UMM OPERATIONS (sfc 12-19) ● Kelt has entered into an agreement with Tidewater 00/13-6 Midstream and Infrastructure Ltd. for firm UMM
Slide 35: Valhalla / La Glace Montney Lands
Valhalla / La Glace Montney Lands MONTNEY LAND HOLDINGS Kelt 14-29 La Glace Facility Gross: 107,680 acres ( 168 sections ) (100% WI) 1-5 MM Sexsmith Gas Plant Net: 103,955 acres ( 162 sections ) 02/13-33 MM (0.3% WI) 15-33 UM OPERATIONS 14-32 MM 2-28 MM ● Ownership in pipeline infrastructure, minor
Slide 36: Net Asset Value
Net Asset Value Dec/31 Dec/31 NET ASSET VALUE PER SHARE ( diluted ) ( millions ) Change $20.00 2017 2018 CAGR Since P&NG reserves, NPV10% BT 2,111.5 3,128.6 + 48% $17.50 2013 = 23% Decommissioning obligations, ( 12.8 ) ( 9.0 ) − 30% $15.00 NPV10% BT [1] 15.51 Undeveloped land 239.1 279.7 + 17% $12.5
Slide 37: Future Considerations
Future Considerations ● The Company has numerous potential future drilling opportunities on its existing lands that will provide for continued growth in the years to come. ● The Company has amassed vast Montney acreage in new plays to complement its existing development Montney lands. ● The Company
Slide 38: Appendix
Appendix ● Convertible Debentures ● 2019 Forecasted Commodity Prices ● Quarterly Oil & Gas Prices - 2018 Actual & 2019 Forecast ● Reserves: FD&A Costs and FDC required to develop P+P Reserves ● Annual Reserves and Production Growth Charts ● Annual Cash Costs Chart ● Environment, Social and Governanc
Slide 39: Convertible Debentures
Convertible Debentures ● TSX trading symbol KEL.DB ● Principal amount issued $ 90.00 million ● Principal amount outstanding $ 89.91 million ● Coupon / Maturity date 5.0% / May 31, 2021 ● 52-week trading range $ 103.00 – $ 186.05 → D&O’s purchased $14.7 million (16%) of the total Debenture offering,
Slide 40: 2019 Forecasted Commodity Prices
2019 Forecasted Commodity Prices ( CA$, unless otherwise specified ) Jan-Jun Jul-Dec (E) 2019 Forecast WTI Crude Oil ( USD/bbl ) [1] US $ 57.31 US $ 58.66 US $ 58.00 MSW Crude Oil ( CAD/bbl ) [2] $ 70.18 $ 67.94 $ 69.32 WTI-MSW Basis Differential ( CAD/bbl ) ( $ 6.25 or 8% ) ( $ 8.71 or 11% ) ( $ 7.
Slide 41: Kelt's 2019 Oil Price Forecast
Kelt’s 2019 Oil Price Forecast ( CA$/bbl ) ( US$/bbl ) 100.00 100.00 KELT Realized WTI ( 2018 Average = CA$65.82 ) ( 2018 Average = US$64.94 ) 90.00 ( 2019 Forecast = CA$68.61 + 4% ) ( 2019 Forecast = US$$58.00 − 11% ) 90.00 80.56 80.62 80.00 80.00 72.17 68.16 68.77 70.00 67.16 66.75 70.00 69.46 67.
Slide 42: Kelt's 2019 Budget Gas Price Forecast
Kelt’s 2019 Budget Gas Price Forecast ( CA$/Mcf ) ( US$/MMBtu ) 7.50 7.50 KELT Realized NYMEX Henry Hub ( 2018 Average = CA$3.76 ) ( 2018 Average = US$3.04 ) ( 2019 Forecast = CA$3.36 − 11% ) 6.37 ( 2019 Forecast = US$2.80 − 8% ) 6.50 6.50 5.50 5.18 5.50 4.50 4.50 3.50 3.20 3.50 3.55 2.96 2.81 2.75
Slide 43: Finding, Development & Acquisition Costs
Finding, Development & Acquisition Costs As at December 31, 2018 Proved Proved + Probable 2018 capital expenditures + change in FDC ( $M ) 381,046 596,004 Reserve additions, net ( MBOE ) 35,298 76,905 FD&A cost ( $/BOE ) 10.80 7.75 2018 operating netback ( $/BOE ) 20.56 20.56 Recycle ratio 1.9 x 2.7
Slide 44: Sproule P+P Reserves – Future Development Capital
Sproule P+P Reserves – Future Development Capital December 31, 2017 December 31, 2018 FDC Net HZ FDC Net HZ ( $ MM ) Wells ( $ MM ) Wells Alberta Montney wells 176 37 332 59 B.C. Montney wells 638 103 744 140 TOTAL Montney wells 814 140 1,076 199 Other formation wells 342 74 355 77 Other expenditure
Slide 45: Annual Growth in Proved plus Probable Reserves
Annual Growth in Proved plus Probable Reserves ( since inception ) RESERVES ( MBOE ) 400,000 CAGR since 2013 = 39% 350,000 302,678 300,000 250,000 235,601 194,066 173,831 200,000 150,507 133,813 150,000 122,173 99,110 100,000 96,130 59,198 64,836 128,847 50,000 101,788 42,388 71,893 54,377 16,810 34
Slide 46: Annual Production Growth
Annual Production Growth ( since inception ) PRODUCTION ( BOE / d ) 45,000 CAGR since 2013 = 43% 40,000 33,500 − 35,000 34,500 30,000 27,006 17,000 − 25,000 18,100 22,130 20,947 20,000 18,577 15,417 15,000 12,888 12,756 13,168 11,879 10,000 15,800 − 8,419 16,900 5,000 3,961 11,589 7,779 9,242 3,148
Slide 47: Annual Cash Costs
Annual Cash Costs ( $ / BOE ) CASH COSTS PER BOE 24.00 G&A Interest Production & Transportation 20.00 16.00 12.00 8.00 4.00 0.00 2014 2015 2016 2017 2018 2019 [E] 46
Slide 48: Environment, Social & Governance (ESG)
Environment, Social & Governance ( ESG ) Health & Safety Safety is paramount in Kelt’s corporate culture. The Company is committed to safe and environmentally responsible operations for the benefit of its employees, contractors and the communities we work in. We reinforce our commitment through the
Slide 49: Environment, Social & Governance (ESG)
Environment, Social & Governance ( ESG ) Air Quality Kelt’s air emission roadmap is focused on continuous improvement to meet provincial and federal standards. Kelt’s emissions management framework includes air monitoring, utilizing renewable and alternative energy, creating energy efficiencies and
Slide 50: Environment, Social & Governance (ESG)
Environment, Social & Governance ( ESG ) Corporate Governance The following documents relating to the Company’s corporate governance matters are available on the internet at www.keltexploration.com: ● Advance Notice Policy ● Disclosure, Confidentiality and Trading Policy ● Articles of Incorporation,
Slide 51: Board of Directors
Board of Directors Robert J. Dales [2, 3, 4, 7] Geri L. Greenall [2, 3, 6] William C. Guinan [1,5] President, Valhalla Ventures Inc. Chief Financial Officer, Partner, Borden Ladner Gervais LLP Chief Compliance Officer & Portfolio Manager, Camber Capital Corp. Notes: [1] Chairman of the Board [2] Mem
Slide 52: Management
Management David David J. Wilson Sadiq H. Lalani Douglas J. Errico Alan G. Franks Bruce D. Gigg President & Chief Executive Officer Vice President & Chief Financial Officer Vice President, Land Vice President, Production Vice President, Engineering David A. Gillis Douglas O. MacArthur Patrick W. G.
Slide 53: Abbreviations
Abbreviations GAAP: Canadian generally accepted accounting principles as set out in the CPA Canada Handbook – Accounting. IFRS: International Financial Reporting Standards as issued by the International Accounting Standards Board (“IASB’). FFO: Funds from operations WTI: West Texas Intermediate MSW:
Slide 54: Disclaimer
Disclaimer Forward Looking Statements Certain statements included in this corporate presentation (the “Presentation”) constitute forward looking statements or forward looking information under applicable securities legislation. Such forward looking statements or information are provided for the purp
Slide 55: Disclaimer
Disclaimer The actual results of operations of the Company and the resulting financial results will likely vary from the amounts set forth in the analysis presented in this Presentation, and such variation may be material. The Company and its management believe that the FOFI has been prepared on a r
Slide 56: Disclaimer
Disclaimer Risks and Uncertainties Forward looking statements or information are based on current expectations, estimates and projections that involve a number of risks and uncertainties which could cause actual results to differ materially from those anticipated by the Company and described in the
Slide 57: Disclaimer
Disclaimer Oil and Gas Advisories Barrel of Oil Equivalent Presentation This Presentation contains various references to the abbreviation BOE which means barrels of oil equivalent. Where amounts are expressed on a BOE basis, natural gas volumes have been converted to oil equivalence at six thousand
Slide 58: Disclaimer
Disclaimer Reserves Unless otherwise specified, reserve estimates disclosed in this Presentation were prepared by Sproule Associates Limited (“Sproule”) in accordance with National Instrument 51- 101 Standards of Disclosure for Oil and Gas Activities (“NI 51-101”) and the Canadian Oil and Gas Evalua
Slide 59: Disclaimer
Disclaimer Financial Advisories All dollar amounts are referenced in Canadian dollars, except when otherwise noted. Non-GAAP Financial Measures and Other Key Performance Indicators This Presentation contains certain financial measures, as described below, which do not have standardized meanings pres
Slide 60: Disclaimer
Disclaimer Other Key Performance Indicators Production per common share: is calculated by dividing total production by the basic weighted average number of common shares outstanding, as determined in accordance with GAAP. NPV10% BT: the anticipated net present value of the future net cash flow befor
Slide 61: Corporate Presentation
Corporate Presentation KeltExploration.com Kelt Exploration Ltd. Suite 300, East Tower 311 – Sixth Avenue SW Calgary, Alberta Canada T2P 3H2 Phone: 403-294-0154 Fax: 403-291-0155 Website: www.KeltExploration.com 60
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