Dana Gas Pjsc · ADX:DANA
Dana Gas Pjsc — Dana Gas — Q1 2016 Earnings Presentation
31 slides from Dana Gas Pjsc's earnings presentation, May 4, 2016
Slide 1: Clean Energy For the Future
Clean Energy For the Future Dana Gas Investors Presentation 1Q 2016 Financial Results 04 May 2016 www.danagas.com 1
Slide 2: Forward Looking Statement
Forward Looking Statement This presentation contains forward-looking statements Forward-looking statements are based on certain which may be identified by their use of words like assumptions and expectations of future events. The “plans,” “expects,” “will,” “anticipates,” “believes,” Company, its su
Slide 3: Presentation Outline
Presentation Outline Performance Highlights Finance Update Country Performance Egypt Kurdistan Region of Iraq UAE - Zora Gas Project Summary www.danagas.com 3
Slide 4: Performance Highlights
Performance Highlights Dr Patrick Allman-Ward Chief Executive Officer www.danagas.com 4
Slide 5: 2016 Q1 Performance Highlights - 1
2016 Q1 Performance Highlights - 1 Despite a very challenging oil price environment, Dana Gas has continued to remain profitable: – Net profit after tax was $6 million compared with $12 million in Q1 2015. – Realised prices were $30 per barrel for condensate and $29 for LPG, 41% and 29% down as co
Slide 6: 2016 Q1 Performance Highlights - 2
2016 Q1 Performance Highlights - 2 We are seeing improving sales and cash flows from Kurdistan: – In Q1 2016 we recommenced local sales of LPG and condensate, which were temporarily interrupted in Q4 2015. – Collections and advanced payment on these sales brought in $18 million during the quarter.
Slide 7: Financial Performance
Financial Performance Chris Hearne Chief Financial Officer www.danagas.com 7
Slide 8: Financial Highlights: Q1 2015 vs Q1 2016
Financial Highlights: Q1 2015 vs Q1 2016 Percentage (In $ million) Q1 – 2015 Q1 – 2016 Change Gross Revenue 115 82 (29) Gross Profit 37 22 (41) Net Profit 12 6 (50) EBITDA 55 47 (15) Gross revenue declined by 29%, mainly due to a sharp decline in hydrocarbon prices (Impact: $28 million) coupled wi
Slide 9: Profit After Tax Bridge – Q1 2015 Vs Q1 2016
Profit After Tax Bridge – Q1 2015 Vs Q1 2016 (all figures in $ million) 20 9 15 12 (1) 10 11 6 5 (5) (10) 0 2 -5 3 14 -10 (1) -15 -20 (28) -25 Quarter 1 Revenue - Revenue - Decrease in Increase in Decrease in Decrease in Increase in Reversal of Increase in Increase in Quarter 1 Profit - 2015 Quantit
Slide 10: Production (BOEPD)
Production(BOEPD) Rounded to nearest hundred 1Q 2015 Vs 1Q 2016 2015 2016 4Q 2015 Vs 1Q 2016 80,000 70,000 68,700 60,400 60,500 70,000 60,000 60,500 60,000 50,000 50,000 40,000 37,700 33,000 40,000 30,900 33,000 30,000 28,900 30,400 25,500 30,000 25,500 20,000 20,000 10,000 10,000 1,300 1,300 0 0 To
Slide 11: Average Realized Prices
Average Realized Prices 1Q 2015 Vs 1Q 2016 2015 2016 4Q 2015 Vs 1Q 2016 60 60 51 50 50 41 41 40 40 36 30 29 30 30 30 29 20 20 10 10 0 0 Condensate (USD/boe) LPG (USD/boe) Condensate (USD/boe) LPG (USD/boe) * Liquids benchmarked to Brent www.danagas.com 11
Slide 12: Trade Receivables
Trade Receivables (all figures in $ million) Dana Gas Egypt KRI Pearl Petroleum Receivable - $226 million Receivable - $221 million Receivable - $733 million Receivable - $727 million 140 160 30% 111% 125 142 120 Billing Collection 113 140 Billing Collection 120 100 100 80 80 60 86% 60 43 40 95% 28
Slide 13: Liquidity & Liability
Liquidity & Liability 600 Cash & bank balance Outstanding Sukuk 800 750 750 500 470 700 413 600 350 350 400 500 300 400 300 200 400 400 200 100 100 31 December 2015 31 March 2016 31 December 2015 31 March 2016 9% Ordinary Sukuk 7% Exchangeable Sukuk Cash and bank balance at period end stood at $413
Slide 14: Country Performance – Egypt, KRI and UAE
Country Performance – Egypt, KRI and UAE Iman Hill Technical Director & GM UAE and Egypt www.danagas.com 14
Slide 15: Egypt: Nile Delta Operations
Egypt: Nile Delta Operations Development Leases: • Onshore acreage consisting of El Wastani 14 Development Leases in the prolific Nile Delta region Production: • 1Q 2016 avg 33 kboe/d versus 30.9 kboe/d for 4Q 2015. Balsam field production has SF-6 Balsam-4Hz been largely responsible for the SF-7 st
Slide 16: Egypt: Nile Delta Operations
Egypt: Nile Delta Operations The tie-ins for Salma Delta-4 and South Abou El Naga (SAEN) 6 wells have also completed and the El Wastani wells are in production. The tie-ins for South Faraskur-5, South Faraskur-6 and SAEN-7 are well advanced and these wells will commence production during May. As a r
Slide 17: Egypt: Balsam Horst Update: Balsam-4 Hz
Egypt: Balsam Horst Update: Balsam-4 Hz • Following the success of Balsam 1 & 2 wells, Balsam- 4Hz has drilled a geo-steered a 400m near-horizontal section across the best quality part of the upper Balsam reservoir. • 400m of screens were successfully run and cemented. • The well has proven our abil
Slide 18: Egypt: South Faraskur-7 Discovery
Egypt: South Faraskur -7 Discovery S Faraskur-7 • South Faraskur -7 discovery well has proved up the play in the eastern part of the development lease. • This is a separate hydrocarbon filled structure from Faraskur Field increasing the resource base in this development lease with 2P estimated ultim
Slide 19: Egypt: Block 1 - North El Salheya Exploration
Egypt: Block 1 - North El Salheya Exploration Block-1 (100% WI) • Targets prolific Abu Madi play • Other plays include: Kafr El Sheikh and Oligocene Activities • Reprocessing of 800 km2 3D seismic Western Geco completed and loaded to workstation. • Reprocessing of 2D seismic data has started. • Plan
Slide 20: Egypt: Block 3 - El Matarya Exploration
Egypt: Block 3 - El Matarya Exploration Block-3 (Dana Gas 50% WI) • BP is operating Block-3 as 50/50 partner and is targeting the deeper, high potential Oligocene play which is proven in the offshore Nile Delta. Mocha-1 • Expected spud date for Mocha-1 exploration well is mid May 2016. • Studies are
Slide 21: Egypt: Block 6 – North El Arish Offshore Update
Egypt: Block 6 – North El Arish Offshore Update Block-6 (100% WI) • 1782 km2 of full fold 3D seismic acquired in October 2015 by PGS Ramform Titan boat. • 3D seismic processing completed in January 2016. • Substantial and material prospect inventory emerging in the Oligo-Miocene section. • Farm-out
Slide 22: Egypt Summary
Egypt Summary The Company collected $ 24 million in 1Q 2016 realising 86% of the quarter’s revenue. 1Q 2016 end total receivables are $ 226 million compared to $ 221 million at end of 2015, an overall increase of $ 5 million. The Company continued to deliver the Gas Production Enhancement Projec
Slide 23: Kurdistan Operations Q1 2016
Kurdistan Operations Q1 2016 Iman Hill Technical Director and GM UAE & Egypt www.danagas.com 23
Slide 24: Operations in Kurdistan Region of Iraq
Operations in Kurdistan Region of Iraq • DG share of production averaged 25,500 boepd during 1Q 2016. Gross production details are as follows: o 304 MMscfd of natural gas o 13,322 bbl/d of condensate o 737 MT/d LPG • Gaffney Cline and Associates have conducted an independent assessment of the Khor M
Slide 25: GCA Estimated Khor Mor and Chemchemal Gross Field Reserves
GCA Estimated Khor Mor and Chemchemal Gross Field Reserves Summary of Gross Field Reserves as at 31st December, 2015 Gross Field Reserves Condensate Gas (MMBbl) (Bscf) Area/Fault Field Block Proved plus Proved plus Proved plus Proved Probable Proved plus Probable Probable Proved (1P) plus Probable p
Slide 26: GCA Estimated Khor Mor and Chemchemal Gross Field Reserves
GCA Estimated Khor Mor and Chemchemal Gross Field Reserves Summary of Gross Field Reserves as at 31st December, 2015 – Wet Gas Equivalent Gross Field Reserves Wet Gas (Bscf) Area / Fault Field Block Proved plus Proved Proved plus Probable plus Probable Possible Khor Mor 1 and 2 6,738 9,165 12,102 Ch
Slide 27: UAE Operations - Zora Gas Project Update
UAE Operations - Zora Gas Project Update Iman Hill Technical Director and GM UAE & Egypt www.danagas.com 27
Slide 28: Zora Operations progress
Zora Operations progress The Zora Field has been producing since mid January 2016 Following the shutdown for engineering design modifications the plant re-commenced production in February Gas is being supplied to the customer at the agreed nominated rate Further engineering design modificati
Slide 29: Summary
Summary Dr Patrick Allman-Ward Chief Executive Officer www.danagas.com 29
Slide 30: Summary
Summary Overall, we are pleased with how we are progressing. We have maintained a good operational performance and made financial progress in the quarter despite the persistent low oil price environment. Operations in Egypt and the KRI continue smoothly whilst the Zora Field and Gas Plant were
Slide 31: Reach us: Dana Gas
Reach us: Dana Gas P. O. Box 2011, Sharjah, UAE www.danagas.com Direct : +971 6 519 4444 Fax : +971 6 556 6522 www.danagas.com