Hibiscus Petroleum Bhd. · MYX:HIBISCS
Hibiscus Petroleum Bhd — Investor Presentation (December 2015)
31 slides from Hibiscus Petroleum Bhd's investor presentation, Dec 11, 2015
Slide 1: Securing Sustainability
Securing Sustainability December 2015 R1 Before proceeding to read further, please refer to the Disclaimer section of this presentation. Hibiscus Petroleum Berhad
Slide 2: Investment Highlights
Investment Highlights • Clear execution strategy for current cycle in the sector • Robust Balanced Portfolio • Core assets in the development and production phase (upon transaction completion) • Focus on geopolitically safe jurisdictions (notably Australia and the UK) • A total of 45.2 mmbbls 2P/2C
Slide 3: Section 1: Introduction
Section 1 Introduction 2
Slide 4: About Us
About Us SOUND BUSINESS ETHICS HIBISCUS Committed to high standards of corporate governance and building a business based on a strong technical and commercial foundation. PETROLEUM TOWARDS A BALANCED PORTFOLIO OF ASSETS IS MALAYSIA’S Rapidly aggregated production, development and FIRST LISTED INDEPE
Slide 5: Vision and Mission: Creating a sustainable and growing business
Vision and Mission Creating a sustainable and growing business To be a Respected Vision Independent E&P Company 2011-2016 • 100 MMbbls 2P/2C Reserves • 10,000 bbls/day production Mission • Advancing assets from Exploration to Production • Capitalise on a strong foundation built over the last 4 years
Slide 6: Vision and Mission: Moving Towards Production and Development
Vision and Mission Moving Towards Production and Development To be a Respected Vision Independent E&P Company 2016-2018 • 50 MMbbls 2P Producing Reserves • 10,000 bbls/day production Mission • Deliver value from core assets in UK and Australia • Be sensitive to targeted opportunity that leverages ou
Slide 7: Section 2: Seasoned Management Team
Section 2 Seasoned Management Team 6
Slide 8: A Stable and Experienced Team with Proven Success
A Stable and Experienced Team with Proven Success A constellation of senior industry BOARD OF MANAGEMENT professionals with more than 250 years DIRECTORS TEAM experience in the upstream business Skills and experience from a range of Business Builders industries and sectors • Experience in pioneering
Slide 9: Section 4: Efficient Capital Utilization
Section 4 Efficient Capital Utilization 8
Slide 10: Hibiscus Strategy: Building a robust and balanced portfolio
Hibiscus Strategy Building a robust and balanced portfolio EXPLORATION DEVELOPMENT PRODUCTION Sharjah VIC/L31; Core Assets VIC/P57 Anasuria Cluster3 Offshore West Seahorse Other Assets RAK South 7 Petroleum Titles under HEH5 Onshore6 RAK North 19 Licenses2 Offshore4 in Norway Block 50 Value accretio
Slide 11: Overview of Asset Base
Overview of Asset Base Balanced investment and risk profile CORE ASSETS – UNITED KINGDOM Anasuria Cluster (Subject to completion of transaction) 50% stake, which consists of: – Cook Field Production 19.3% stake – Teal Field Production 50% stake – Teal South Field Production 50% stake – Guillemot A F
Slide 12: Hibiscus' Reserves EV/2P
Hibiscus’ Reserves EV/2P Creating sustainable growth Hibiscus 2P/2C Oil Hibiscus + Anasuria 2P/2C Oil Hibiscus + Anasuria + HEH assets 2P/2C Reserves/Resources (Mmbbls)* Reserves/Resources (Mmbbls)* Oil Reserves/Resources (Mmbbls)* 6.5 1.5 6.5 1.5 17.0 8.0 28.2 45.2 Mmbbls Mmbbls 1.5 Mmbbls 20.2 6.5
Slide 13: Key Focus Areas
Key Focus Areas Delivering on our mission with clearly defined near-term targets Achieve Material Cashflow • Production of 10,000 bbls/day Sustainability Est. • Secure 50 Mmbbls 2P reserves 2017 Deliver Value • Recognize the USD valuation of our global assets Est. 1H 2016 Est. 1H 2016 First Oil Q4 F
Slide 14: Section 5: Assets: Production and Development with Exploration Upside
Section 5 Assets: Production and Development with Exploration Upside Core Assets: United Kingdom Australia 13
Slide 15: Production in the North Sea, UK
Production in the North Sea, UK A balanced portfolio of producing assets with significant upside The Anasuria Cluster Asset Name: Anasuria Cluster, comprising: Norway • Cook (38.6%) Producing Field Anasuria • Teal (100%) Producing Field COOK Cook Cluster • Teal South (100%) Producing Field North • G
Slide 16: Anasuria Cluster, UK: Key milestones towards completion
Anasuria Cluster, UK Key milestones towards completion of the transaction Total Purchase Consideration USD 105m (USD 52.5m Hibiscus Share) Stage Consideration (Hibiscus Share) Est. Timing SPA Signed USD 4m* Aug 2015 Closing USD 26m* (Unadjusted - est. at USD8m Feb 2016 adjusted for economic benefit
Slide 17: Anasuria Cluster, UK: Common infrastructure
Anasuria Cluster, UK A common infrastructure for all producing wells and future development Exploration Development Production Cook Field Anasuria FPSO Kite Discovery Teal Field 40.4 MMstb 2P Oil Reserves1 Guillemot A Teal South Field 27.9 Bscf 2P Gas Reserves1 Field Averaged production rate1,2 of >
Slide 18: Anasuria Cluster, UK: Merits of the transaction
Anasuria Cluster, UK Merits of the transaction Significance of the Anasuria Cluster upon completion of the transaction The achievement of a milestone in our Portfolio FIRST PRODUCING ASSET Balancing Strategy Expands Hibiscus’ operatorship experience Hibiscus-Ping joint venture takes on 100% ownershi
Slide 19: Anasuria Cluster, UK: Ownership of the Anasuria FPSO
Anasuria Cluster, UK Ownership of the Anasuria FPSO and existing infrastructure 200 people* are currently working on the day to day operations • Plan to maintain existing contractors/crew to maintain smooth operation during transition • Assets can continue to be operated in a safe and environmentall
Slide 20: Section 5: Assets: Production and Development with Exploration Upside
Section 5 Assets: Production and Development with Exploration Upside Core Assets: United Kingdom Australia 19
Slide 21: Development with Exploration upside in Australia
Development with Exploration upside in Australia Fast-tracked execution of marginal field development The proposed acquisition of the assets of Hydra Energy Holdings (HEH) is part of Hibiscus’ mission in building its 2P/2C reserves/resources. Hibiscus’ Existing Australia Assets: • VIC/P57 Exploratio
Slide 22: VIC/L31 – West Seahorse Field
VIC/L31 – West Seahorse Field Our first field development VIC/L31 – West Seahorse Field Acquisition Date: January 2013 Participating Interest: 100% (Concession operator) License type: Development License Work Completed: Field Development Plan approved Production License obtained Programme: FID: Q2 2
Slide 23: Proposed Acquisition of HEH Assets
Proposed Acquisition of HEH Assets Acquisition to upscale near term production potential in Australia Hydra Energy Holdings Acquisition: Hydra Energy Holdings Pty Ltd (HEH) assets Office Location: Perth, Australia Assets: 7 Petroleum Titles, of which: • 4 have discoveries with 2P reserves Assets Loc
Slide 24: Proposed Acquisition of HEH Assets: Petroleum titles
Proposed Acquisition of HEH Assets Upscale near term production potential in Australia in line with our business strategy Licence / Lease/ Hydra Energy Petroleum Title Field / Discovery Oil/Gas Permit Number Equity % Retention Lease WA-41-R Corowa, Corowa Extension 66.667 Oil Production Licence TL/2
Slide 25: Proposed Acquisition of HEH Assets: Deal Parameters & Milestones
Proposed Acquisition of HEH Assets Deal Parameters & Milestones Overview of Transaction • Hibiscus to acquire 100% equity interest in HEH • HEH to be injected into Hibiscus as a wholly owned subsidiary • HEH, GNRI and Hibiscus are in discussions on an independent and separate USD20 million financing
Slide 26: Proposed Acquisition of HEH Assets: Merits of the Transaction
Proposed Acquisition of HEH Assets Merits of the Transaction Adds up to 17 mmbo of 2P/2C reserves/resources which are being acquired during a period of low oil price Development Synergy: HEH’s core assets can be integrated into Hibiscus’ long term development plan, allowing WSH to advance The combin
Slide 27: VIC/P57 – Exploration Permit
VIC/P57 – Exploration Permit Elevating Opportunities VIC/P57 Exploration Permit People Project HSE Acquisition Date: January 2013 Lost Time Incident (LTI) 0 Statistics Water Depth/Size: Up to 150m/460km2 Total Reportable Cases 0 Environment Effective Interest: 78.3% (Concession Operator) Environment
Slide 28: Appendix
Appendix 27
Slide 29: Demand/Supply Balance
Demand/Supply Balance mb/d Demand/Supply Balance until 4Q16 mb/d Oil Market Report, 13th October 2015, International Energy Agency 28 Hibiscus Petroleum Berhad
Slide 30: Definition of Reserves and Resources
Definition of Reserves and Resources Increasing commerciality Low High Low Undiscovered - Discovered – Discovered – Prospective Resources Contingent Resources Reserves Range of Certainty High Estimate 3C 3P Best Estimate 2C 2P Low Estimate 1C 1P High Source: Society of Petroleum Engineers and World
Slide 31: Disclaimer
Disclaimer This presentation has been prepared by Hibiscus Petroleum Berhad (the “Company”) solely for use at a general presentation/briefing to be made as of this date and may not be used by any other party or for any other purpose. By attending the meeting where the presentation is made, or by rea
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