Birchcliff Energy Ltd. · TSX:BIR
Birchcliff Energy — Investor Presentation (February 2020)
76 slides from Birchcliff Energy's investor presentation, Feb 12, 2020
Slide 1: Corporate Presentation
CORPORATE PRESENTATION February 12, 2020
Slide 2: Forward-Looking Information
FORWARD-LOOKING INFORMATION: Certain statements contained in this presentation constitute forward‐looking statements and forward‐looking information (collectively referred to as “forward‐looking statements”) within the meaning of applicable Canadian securities laws. The forward‐looking statements co
Slide 3: People, Focus & Execution
PEOPLE, FOCUS & EXECUTION February 12, 2020 3
Slide 4: Corporate Snapshot & Select Guidance
Corporate Snapshot & Select Guidance Q4 2019 average production 77,962 boe/d 2019 annual average production 77,977 boe/d % oil and NGL 22% 2019 adjusted funds flow (millions) $335 2019 free funds flow (millions) $78 Estimated 2020 annual average production 80,000 – 82,000 boe/d % oil and NGL 24% Est
Slide 5: Corporate Snapshot & Select Guidance Continued
Corporate Snapshot & Select Guidance Continued Total debt as at December 31, 2019 (millions) (3) $633 Credit facilities limit as at December 31, 2019 (billions) $1.0 Common shares (basic) as at December 31, 2019 (millions) 265.9 Market capitalization as at February 11, 2020 (billions) - $1.70/sh $0.
Slide 6: Looking Forward
LOOKING FORWARD 2020 Plans & Beyond
Slide 7: 2020 Capital Program - Capital Expenditures by Classification
2020 CAPITAL PROGRAM 2020 Capital Program - Capital Expenditures by Classification Classification Capital (MM) DCCET Pouce Coupe(1) $104 - $110 (1) $95 - $100 Gordondale (2) $21 - $22 Additional Well Completions Capital Total DCCET $220 - $232 Facilities and Infrastructure(3) $72 - $76 Maintenance a
Slide 8: 2020 Capital Program - Wells to be Drilled
2020 CAPITAL PROGRAM 2020 Capital Program - Wells to be Drilled and Brought on Production Total w ells to be brought on Area Total w ells to be drilled in 2020 production in 2020(1) Pouce Coupe Montney D1 horizontal natural gas wells 4 4 Montney D2 horizontal natural gas wells 9 12 Montney C horizon
Slide 9: Five Year Plan Themes
FIVE YEAR PLAN THEMES • Fully utilizing the available capacity of Birchcliff’s existing infrastructure • Increasing Birchcliff’s free funds flow and reducing per-unit operating costs • Maintaining and strengthening Birchcliff’s balance sheet and financial flexibility and reducing indebtedness over t
Slide 10: Five Year Plan – Production
FIVE YEAR PLAN – PRODUCTION Filling all existing infrastructure to drive down per-unit costs and maximize efficiencies 100,000 Average Production (boe/d) 95,000 90,000 85,000 80,000 75,000 70,000 2020 2021 2022 2023 2024 Total Production 2020 2021 2022 2023 2024 Annual Average Production 80,000 – 90
Slide 11: Five Year Plan – Financial
FIVE YEAR PLAN – FINANCIAL $600 $500 Full utilization of infrastructure $400 $millions drives $300 significant free $200 cash flow growth $100 $0 2020 2021 2022 2023 2024 Sustaining Capital Growth Capital Free Funds Flow 2020 2021 2022 2023 2024 Annual Adjusted Funds Flow $370 $435 $480 $485 $510 (M
Slide 12: Multi-Interval Cube-Style Development
MULTI-INTERVAL CUBE-STYLE DEVELOPMENT • It is very important to note that all rock is not the same and Birchcliff has material, proprietary knowledge respecting all aspects of the Montney/Doig Resource Play in our area of focus. This competitive advantage is resulting from the commitment to science
Slide 13: Multi-Interval Cube-Style Development
MULTI-INTERVAL CUBE-STYLE DEVELOPMENT 2,400m 1,600m February 12, 2020 13
Slide 14: Birchcliff's History
BIRCHCLIFF’S HISTORY A Track Record of Execution
Slide 15: Investment Highlights
INVESTMENT HIGHLIGHTS • Focused assets in the Peace River Arch Area of Alberta on the Montney/Doig Resource Play • Essentially 100% working interest; 99% of production is operated • Large, contiguous undeveloped land base with an average 87% W.I. • Significant control of infrastructure including the
Slide 16: Keys to Success
KEYS TO SUCCESS Executives with proven track record, continuity since inception and significant ownership Management Highly experienced Management Team with excellent technical knowledge and a long history with the company 425 (417.4 net) Montney/Doig horizontal wells drilled to December 31, 2
Slide 17: Production History
PRODUCTION HISTORY 90,000 80,000 ‐ 82,000 77,977 80,000 77,096 Compound per-share production growth of 11% per year since 2005. 70,000 67,963 (12% since PC Gas Plant Phase I Average Production (boe/d) Completion in 2010) 60,000 49,236 50,000 38,950 40,000 33,734 30,000 25,829 22,802 20,000 18,136 13
Slide 18: Corporate Reserves
CORPORATE RESERVES 1,200,000 $7,000 PDP - Reserves 1,100,000 TP - Reserves 2P - Reserves $6,000 1,000,000 On a per share basis PDP, 1P and 2P PDP - NPV10 reserves have increased at a compound 900,000 TP - NPV10 annual growth rate of 13%, 19% and 19% $5,000 2P - NPV10 per year since 2005, respectivel
Slide 19: Proven Track Record as a Low Cost Producer
PROVEN TRACK RECORD AS A LOW COST PRODUCER 5 Year Profitability Breakdown: 2015 2016 2017 2018 2019 Average Average AECO (CAD$/GJ) $2.55 $2.05 $2.04 $1.42 $1.67 $1.95 Average WTI (USD$/bbl) $48.80 $43.32 $50.95 $64.77 $57.03 $52.97 P&NG Revenue ($/Mcfe) (1) $3.72 $3.12 $3.74 $3.68 $3.59 $3.57 PDP F&
Slide 20: Proven Track Record as a Low Cost Finder
PROVEN TRACK RECORD AS A LOW COST FINDER $12 PDP F&D 1P F&D 2P F&D Cash flow netback recycle ratios F&D Cost ($/boe) $8 1.3x 1.4x 1.4x 1.6x 1.5x 1.5x 1.8x 1.3x 2.0x 1.9x 2.0x $4 1.7x 2.3x 1.8x 4.7x 8.8x 7.3x 17.4x $0 2015 2016 2017 2018 2019 5 Yr Avg Corporate F&D Costs (incl. FDC) & Cash Flow Recyc
Slide 21: True Asset Value
TRUE ASSET VALUE • Infrastructure Assets(1) = $605 MM or $2.27/sh. $3,000 • Pouce Coupe Gas Plant = $375 MM • 100% WI Oil Batteries = $75 MM x 2 $2,500 • Sales & Gathering Lines = $30 MM • Field Compression Hubs = $10 MM x 3 • Non-Op Plant Ownership = $20 MM $2,000 • PDP Value(2)(3) = $1,939 MM or $
Slide 22: Corporate Responsibility
CORPORATE RESPONSIBILITY • Environmental, Social & Governance • Waste heat recovery units on phases V & VI of the PC Gas Plant and additional emission reduction initiatives take the equivalent of >5,000 cars off the road annually • Peer-leading water storage and infrastructure has taken the equivale
Slide 23: Corporate Responsibility
CORPORATE RESPONSIBILITY • Community Involvement • Over $3 million donated to more than 100 local community groups and organizations in the last 3 years • Continued partnerships with local communities through educational, cultural, and economic development initiatives • Annual open-house to meet wit
Slide 24: 2020E Natural Gas Marketing
2020E NATURAL GAS MARKETING AECO $2.10 $0.04 $0.34 $1.72 91,000 GJ/d 22% 44% 1% 185,000 GJ/d Dawn $3.15 5,000 GJ/d $0.12 Alliance $1.20 33% $2.47 $1.82 $0.03 $0.62 140,000 GJ/d $1.82 Note: All Birchcliff gas realizes a Henry Hub 9% heat premium(1) Dif.(6) US$2.50/MMBTU $3.13 Pricing Hub US$1.23/MMBT
Slide 25: Risk Management, Hedging & Diversification
RISK MANAGEMENT, HEDGING & DIVERSIFICATION(3) • In 2020, approximately 78% of Birchcliff’s natural gas production will effectively be sold at prices that are not based on AECO (based on 2020 production guidance of 80,000 - 82,000 BOE/d) Product Type of Contract Notional Quantity Term(1) Fixed/Floati
Slide 26: Opex/Transport Costs vs Gas Pricing
OPEX/TRANSPORT COSTS VS GAS PRICING Opex down 28% Q4/19 vs Q3/17 9.00 T&M has increased due to increasing 4.00 access to new markets, realizing a 8.00 14% premium to AECO in Q4/19 3.50 7.00 3.00 6.00 Operating & T&M Costs ($/boe) 2.50 Gas Pricing ($/Mcf) 5.00 2.00 4.00 1.50 3.00 1.00 2.00 1.00 0.50
Slide 27: Increasing WCSB Natural Gas Egress
INCREASING WCSB NATURAL GAS EGRESS Additional 5.6 Bcf/d coming online by 2023 • Intra-Alberta +1.5 Bcf/d • East Gate +1.3 Bcf/d LNG 2.1 Bcf/d Intra-AB Demand • West Gate +0.7 Bcf/d 1.5 Bcf/d • West Coast LNG +2.1 CANADA Bcf/d East Gate 1.3 Bcf/d CALGARY Total AB Demand/Egress West Gate Expansion: 0.
Slide 28: Borrowing Base Details
BORROWING BASE DETAILS • Birchcliff has extendible revolving credit facilities in the aggregate principal amount of $1.0 billion, which are comprised of an extendible revolving syndicated term credit facility of $900 million and an extendible revolving working capital facility of $100 million • The
Slide 29: Montney/Doig Resource Play
MONTNEY/DOIG RESOURCE PLAY A Significant Position in a World Class Play
Slide 30: Montney/Doig - A World Class Resource Play
MONTNEY/DOIG - A WORLD CLASS RESOURCE PLAY Resource density. Stacked resource up to 300 metres thick. Large areal extent. Extends over 50,000 square miles. Exceptional “fracability”. Low clay Birchcliff Montney/Doig content, low Poisson’s Ratio and high Young’s Modulus. Exceptional fracture stabilit
Slide 31: Montney/Doig Mineralogy Leads to Excellent Fracability
MONTNEY/DOIG MINEROLOGY LEADS TO EXCELLENT “FRACABILITY” The Montney/Doig Resource Play rock type is composed of a Some other Resource Plays have a high percentage of clays high percentage of hard minerals, and a low percentage of and soft minerals. When fractured this results in the rock clays and
Slide 32: Birchcliff Montney/Doig Resource Play
BIRCHCLIFF MONTNEY/DOIG RESOURCE PLAY • The Gordondale Acquisition in 2016 added a fourth commercial development interval in the Montney D2 • Large contiguous land base with 413.2 sections prospective for the Montney/Doig as at December 31, 2019 • Birchcliff has contiguous land block at Pouce Coupe
Slide 33: Stacked Resource Provides Substantial Future Upside
STACKED RESOURCE PROVIDES SUBSTANTIAL FUTURE UPSIDE 413 (406.2 net) Montney/Doig horizontal wells producing as of Dec 31, 2019 February 12, 2020 33
Slide 34: Montney/Doig Multi Layer Opportunity
MONTNEY/DOIG MULTI LAYER OPPORTUNITY February 12, 2020 34
Slide 35: Birchcliff Montney/Doig Inventory 2019YE
BIRCHCLIFF MONTNEY/DOIG INVENTORY 2019YE Note: Location inventory includes three (3) 100% W.I. existing wells that have proved non-producing reserves. (2 in Pouce Coupe and 1 in Elmworth) February 12, 2020 35
Slide 36: Focused Assets Focused Infrastructure
FOCUSED ASSETS FOCUSED INFRASTRUCTURE POUCE COUPE GORDONDALE Key Natural Gas Processing Infrastructure Key Natural Gas Processing Infrastructure Pouce Coupe Natural Gas Plant AltaGas Gordondale Gas Plant 3-22-078-12W6 Sour Deep Cut Gas Plant Licensed Capacity: ~340 MMcf/d 16-31-078-11W6 Current BIR
Slide 37: Water Storage Infrastructure
WATER STORAGE INFRASTRUCTURE • Birchcliff has extensive water storage infrastructure in place to support its completion operations • 1,170,000 m3 of water storage at 11 strategically located site • This volume provides Birchcliff with the ability to complete approximately 78 wells per year February
Slide 38: Pouce Coupe Overview
POUCE COUPE OVERVIEW • Proven asset in development phase • Wells show high initial deliverability, low terminal decline and stable long term production • Predictable results with improving gas rates & liquids yields • 100% owned and operated • The 2020 drilling program includes 20 (20.0 net) Montney
Slide 39: Continued Natural Gas Rate Improvement
CONTINUED NATURAL GAS RATE IMPROVEMENT Only 3 wells in 2019 with 9 or more months of production data Deloitte Tier 0 Type Curve February 12, 2020 39
Slide 40: Continued Condensate Rate Improvement
CONTINUED CONDENSATE RATE IMPROVEMENT Birchcliff continues to target condensate-rich natural gas wells in Pouce Coupe, which has materially impacted the amount of liquids (primarily condensate) being produced at the Pouce Coupe Gas Plant (4,735 bbls/d in 2019, an 81% increase from 2018). February 12
Slide 41: Continued Condensate Rate Improvement
CONTINUED CONDENSATE RATE IMPROVEMENT February 12, 2020 41
Slide 42: Pouce Coupe 2020 Liquids Type Curve
POUCE COUPE 2020 LIQUIDS TYPE CURVE Rate of Return (%) 4000 WTI (US$/bbl) $55.00 $60.00 $65.00 3500 $1.50 54 59 64 (C$/GJ) AECO $2.00 71 77 83 Sales Gas Rate (Mcf/d) 3000 $2.50 90 97 103 2500 NPV 10% ($MM) WTI (US$/bbl) 2000 $55.00 $60.00 $65.00 $1.50 6.9 7.6 8.2 (C$/GJ) 1500 AECO $2.00 9.1 9.8 10.4
Slide 43: Science & Technology Pad
SCIENCE & TECHNOLOGY PAD February 12, 2020 43
Slide 44: Gordondale Overview
GORDONDALE OVERVIEW • Acquired in 2016, Gordondale consolidated a sizeable and contiguous land base within Birchcliff’s existing core area • High oil & NGLs weighting • Strategic infrastructure • Low base decline production • High quality development opportunities including the addition of a fourth
Slide 45: Gordondale Base Production History
GORDONDALE BASE PRODUCTION HISTORY Birchcliff Scheduled Acquisition AltaGas Plant (~22,000 BOE/d) Turnaround Last well drilled in 2014 (on-stream 2015) with peak production of ~35,000 boe/d AltaGas Deep Cut Plant on stream October 2012 and Montney oil pool development commenced Montney oil pool disc
Slide 46: Gordondale 2019 D1 & D2 Oil Type Curves
GORDONDALE 2019 D1 & D2 OIL TYPE CURVES D1 Tier 1 Type Curve D2 Tier 1 Type Curve 500 450 400 350 Oil Rate (bbl/d) 300 250 200 150 100 50 0 0 20 40 60 80 100 120 Producing Time (Months) *Assumptions: Fx 1.30 CAD/USD *All economics are before tax; reference date is January 1, 2020 February 12, 2020 4
Slide 47: 2018 Liquids Summary
2018 LIQUIDS SUMMARY 2018 Well Rates (Rates are IP60) FURTHER REFINING OUR LIQUIDS STRATEGY GORDONDALE: CRUDE OIL • Strong Montney D2 oil and total boe test rates • Strong Montney D1 oil and total boe test rates • Further refinements of engineered completions having positive results POUCE COUPE: CON
Slide 48: 2019 Liquids Summary
2019 LIQUIDS SUMMARY 2019 Well Rates (Rates are IP60) CONTINUED PURSUIT OF INCREASED LIQUIDS GORDONDALE: CRUDE OIL • Successful delineation of the Montney D1 and D2 oil trends to the south • Significant Montney D1 and D2 results offsetting recent land acquisition • Lower GOR areas identified, which
Slide 49: Elmworth Development
ELMWORTH DEVELOPMENT • Received regulatory approval for an Second Exploration acid gas injection well in August 2016 Horizontal • Preliminary planning underway for a 100% owned and operated 40 MMcf/d natural gas processing plant • Drilled two successful exploration horizontal wells into the Montney
Slide 50: Conceptual Montney/Doig Field Development Model
CONCEPTUAL MONTNEY/DOIG FIELD DEVELOPMENT MODEL STATUS OF MODEL CALIBRATION AND DERISKING FACIES & PETROPHYSICAL GEOLOGICAL, GEOPHYSICAL, GEOMECHANCAL HYDRAULIC FRAC & MICRO SEIS. RESERVOIR MODEL OPTIMIZED DCC & PRODUCTION BASAL DOIG / D5 T1 D4 T2 D3 D2 >T0 D1 >T0 C >T4 February 12, 2020 50
Slide 51: Engineered Completions for Montney/Doig Full Field Development
ENGINEERED COMPLETIONS FOR MONTNEY/DOIG FULL FIELD DEVELOPMENT Industry Range Birchcliff Best Practices Oil Birchcliff Best Practices Gas Liner type Openhole or Cemented Cemented Cemented Inter-well spacing 100 – 400 m (300 – 1,200 ft) 200 – 250 m (600 – 750 ft) 300 m (900 ft) 15 – 25 m (50 – 80 ft)
Slide 52: Terminal Decline Changes
TERMINAL DECLINE CHANGES • IQRE continued support for low terminal decline rates from Birchcliff’s existing wells and offsetting industry wells with significant production history. • Deloitte’s 2P Tier 0 type curve has remained at 8.2 Bcf raw gas EUR with the same terminal decline rates of 11% Prove
Slide 53: Continued Cost and Design Refinement
CONTINUED COST AND DESIGN REFINEMENT Both Pouce Coupe and Gordondale have moved to increased frac intensity to maximize oil and condensate rates Overall well costs have slightly increased due to increased frac intensity February 12, 2020 53
Slide 54: PC Gas Plant
PC GAS PLANT The Engine for Future Growth
Slide 55: Production Processed through the PC Gas Plant
Production Processed through the PC Gas 2014 2015 2016 2017 2018 2019 Plant Average daily production, net to Birchcliff: Natural gas (Mcf) 132,808 163,641 168,444 193,417 250,011 263,108 Oil, condensate & NGLs (bbls) 1,065 1,287 960 1,316 2,609 4,735 Total boe (6:1) 23,200 28,560 29,034 33,552 44,27
Slide 56: Key Strategic Advantages
KEY STRATEGIC Corporate Operating Costs vs. % of Natural Gas Sales Volumes Processed at the PC Gas Plant $10.00 100% ADVANTAGES Corporate Operating Cost ($/boe) Volum e Through PC Gas Plant $8.00 80% $6.00 60% • 100% owned and operated $4.00 40% • Generates operating cost savings of $2.00 20% approx
Slide 57: PC Gas Plant Highlights
PC GAS PLANT HIGHLIGHTS • Following the successful condensate-rich drilling program, Birchcliff is initiating the engineering and planning of a 20,000 bbls/d liquids handling hub at the PC Plant (anticipated completion in Q3/2020). This will allow Birchcliff to grow its condensate production in Pouc
Slide 58: Building on Our Past
BUILDING ON OUR PAST Over 15 Years of Success
Slide 59: Birchcliff's average daily production 2005 to 2019 timeline
Forecasted annual average production of Birchcliff’s average daily production was 77,977 boe/d in 81,000-82,000 boe/d in 2019 compared to 2,793 boe/d in 2005, a compounded 2020 annual growth rate of 29% per year over that span. 2,793 boe/d 1 2 3 4 5 6 7 8 9 10 11 12 2004 2020 September 1, 2014: Phas
Slide 60: Production growth and operating & cash costs
Birchcliff has increased production at a compound annual growth rate of 29% since 2005. Operating & Cash Costs * $20 $18 $16 $14 Operating and cash costs have $12 decreased by 70% and 41% since $/boe $10 $8 2008 largely due to horizontal drilling success $6 and benefits achieved from processing gas
Slide 61: Reserves Growth
Re serves Grow th 1,200 4,800 Birchcliff has added significant low cost 1,000 4,000 reserves since commencing operations in 800 3,200 2005. On a per common share boe/1,000shares MMboe 600 2,400 basis, PDP, 1P and 2P reserves 400 1,600 grew 13% per year, 19% per 200 800 year and 19% per year, respect
Slide 62: Appendix
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Slide 63: Canada's LNG Advantage
CANADA’S LNG ADVANTAGE Cleaning Our World’s Environment, a 2.4 Bcf/d LNG Facility Could; • Displace 52.6 million tonnes of carbon emissions from coal-fired power generation • Replace approximately 34 coal fired power plants in China Benefits • Reduce Alberta’s 2016 annual GHGs on an equivalent basis
Slide 64: Enough Resource to Fill a 2.2 Bcf/d LNG Train
ENOUGH RESOURCE TO FILL A 2.2 Bcf/d LNG TRAIN FOR OVER 20 YEARS! 1 Bcf/d LNG Train X 365 Days X 20 Years = 7.3 Tcf BIR Remaining Reserves as BIR Contingent Resource as at Dec 31, 2019 (gas only) at Dec 31, 2018 (gas only) 5.2 Tcf + 11.2 Tcf / 20 Years = 2.2 Bcf/d Birchcliff 2018 Montney/Doig Resourc
Slide 65: Proximal to Infrastructure with Long Term Exposure to LNG Export
PROXIMAL TO INFRASTRUCTURE WITH LONG TERM EXPOSURE TO LNG EXPORT Montney/Doig Birchcliff Montney/Doig Production Resource Play Owned Infrastructure Pouce Coupe Gas Plant Nova Pipeline System North American Market LNG Export Source: RBC Energy Insights: The Montney – Tracking an Elephant August 12, 2
Slide 66: Montney/Doig Well Locations
MONTNEY/DOIG WELL LOCATIONS Existing and Potential Future Drilling Locations by Interval at December 31, 2019 Average Proved Plus Probable Reserves plus Gross Number of 2P Net Number of 2P Cumulative Production Horizontal Well Locations Horizontal Well Locations (Bcfe) Potential Potential Potential
Slide 67: Series A Perpetual Preferred Shares
SERIES A PERPETUAL PREFERRED SHARES Preferred Share Details Series A Number of Shares 2 million Issue Date August 8, 2012 TSX Trading Symbol BIR.PR.A Issue / Par Price $25.00 per share Quarterly Dividend $0.523375 per share Yield on Par Price 8.374% Redeemable by Holder No • September 30, 2022: Seri
Slide 68: Series C Preferred Shares
SERIES C PREFERRED SHARES Preferred Share Details Series C Number of Shares 2 million Issue Date June 14, 2013 TSX Trading Symbol BIR.PR.C Issue / Par Price $25.00 per share Quarterly Dividend $0.4375 per share Yield at Issue 7.0% June 30, 2020 and each Redeemable by Holder quarter thereafter 2016 2
Slide 69: Executive Officers
EXECUTIVE OFFICERS Mr. Tonken is the President, Chief Executive Officer and Chairman of the Board of Birchcliff. He has more than 36 years of A. Jeffery experience in the oil and natural gas industry and is one of the Corporation’s founders. Prior to creating Birchcliff, Mr. Tonken founded and serve
Slide 70: Executive Officers
EXECUTIVE OFFICERS Mr. Carlsen is the Vice-President, Engineering of Birchcliff and is a Professional Engineer. He previously served as Asset Christopher A. Team Lead and Senior Exploitation Engineer with Birchcliff. Mr. Carlsen is a Professional Engineer with more than 16 years of experience in the
Slide 71: Board of Directors
BOARD OF DIRECTORS A. Jeffery Tonken See Mr. Tonken’s biography under “Executive Officers”. President, CEO and Chairman of the Board Mr. Surbey is a Director of Birchcliff and is a member of the Reserves Evaluation Committee. Mr. Surbey has more than 40 James W. years of experience in the oil and na
Slide 72: Board of Directors
BOARD OF DIRECTORS Ms. Gerlach is a Director of Birchcliff and is a member of the Audit Committee, Compensation Committee, Nominating Debbie Committee and Reserves Evaluation Committee. Ms. Gerlach was a partner with Deloitte LLP for over 21 years where she practiced in the Assurance and Advisory gr
Slide 73: Presentation of Oil and Gas Reserves and Resources
PRESENTATION OF OIL AND GAS RESERVES AND RESOURCES: Deloitte prepared the 2019 Consolidated Reserves Report, the 2018 Consolidated Reserves Report, the 2019 Deloitte Reserves Report and the 2018 Deloitte Reserves Report. McDaniel prepared the 2019 McDaniel Reserves Report and the 2018 McDaniel Reser
Slide 74: Advisories
Uncertainty Ranges for Resources Estimates of resource volumes can be categorized according to the range of uncertainty associated with the estimates. Uncertainty ranges are described in the COGE Handbook as low, best and high estimates as follows: • A “low estimate” (1C) is considered to be a conse
Slide 75: Non-GAAP Measures
With respect to disclosure of F&D costs disclosed in this presentation: F&D costs including FDC have been presented herein. F&D costs for each reserves category in a particular period are calculated by taking the sum of: (i) exploration and development costs incurred in the period; and (ii) the chan
Slide 76: Thank You Team Birchcliff
THANK YOU TEAM BIRCHCLIFF Jeffrey Akeroyd, Bradley Alexander, Karen Allen, Diana Almeida, Tracy Anderson, Camille Ashton, Gaetano Aurigemma, Angela Belbeck, Tyrus Bender, Riley Berge, Daniel Blattler, Calvin Bohdan, Angela Boire, Darryl Bolch, Deborah Borthwick, Myles Bosman, Jeff Boswell, Robyn Bou
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