Dana Gas Pjsc · ADX:DANA
Dana Gas Pjsc — Dana Gas — Q1 2015 Earnings Presentation
25 slides from Dana Gas Pjsc's earnings presentation, May 5, 2015
Slide 1: Clean Energy For the Future
Clean Energy For the Future Dana Gas Capital Markets Presentation 1Q 2015 Quarterly Financial Results 05 May 2015 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 1Q 2015 Performance Highlights Quarter-on-Quarter Financial Performance Egypt Performance KRI production and Zora Project update Summary www.danagas.com 3
Slide 4: Performance Highlights
Performance Highlights Dr Patrick Allman-Ward Chief Executive Officer www.danagas.com 4
Slide 5: 1Q 2015 Performance Highlights
1Q 2015 Performance Highlights Group production has remained strong: Q1 2015 68,700 boepd vs Q1 2014 68,800 boepd Significant achievement despite severe fall in oil prices (reducing capex availability); difficult macro-economic environment in Egypt; unpredictable security environment in Iraq I
Slide 6: Financial Performance
Financial Performance Azfar Aboobakar Head - Financial Control & Reporting www.danagas.com 6
Slide 7: Financial Highlights: Q1 2014 vs Q1 2015
Financial Highlights: Q1 2014 vs Q1 2015 Percentage (In $ million) Q1 – 2014 Q1 – 2015 Change Gross Revenue 180 115 (36) Gross Profit 87 37 (57) Net Profit 45 12 (73) EBITDA 106 55 (48) Whilst overall production was maintained, decline in revenue was due to sharp decline in hydrocarbon prices in Q
Slide 8: Profit After Tax Bridge – Q1 2014 Vs Q1 2015
Profit After Tax Bridge – Q1 2014 Vs Q1 2015 (all figures in $ million) 60 6 50 40 30 20 45 1 3 10 3 5 1 22 (1) (1) 12 0 (1) -10 -20 (71) -30 Q1 2014 Revenue - Revenue - Decrease in Increase in Decrease in Decrease in Decrease in Decrease in Increase in Exchange Decrease in Q1 2015 Profit Quantity P
Slide 9: Profit After Tax Bridge – 4Q 2014 Vs 1Q 2015
Profit After Tax Bridge – 4Q 2014 Vs 1Q 2015 (all figures in $ million) 15 2 3 12 10 23 1 -1 -1 -1 5 0 -5 -4 -1 -10 2 -15 3 7 -20 -25 5 -30 -26 -35 Q4 2014 Revenue - Revenue - Decrease in Decrease in Decrease in Increase in Decrease in Decrease in Decrease in Increase in Increase in Exchange Decreas
Slide 10: Production (BOEPD)
Production(BOEPD) Rounded to nearest hundred 1Q 2014 Vs 1Q 2015 4Q 2014 Vs 1Q 2015 80,000 80,000 68,700 68,800 68,700 70,000 66,300 70,000 60,000 60,000 50,000 50,000 39,500 38,300 40,000 37,900 38,300 40,000 29,300 30,400 30,000 28,400 30,400 30,000 20,000 20,000 10,000 10,000 0 0 Total Egypt Kurdi
Slide 11: Average Realized Prices
Average Realized Prices 1Q 2014 Vs 1Q 2015 4Q 2014 Vs 1Q 2015 120 120 106 100 100 80 76 80 73 60 60 51 51 50 41 41 40 40 20 20 0 0 Condensate (USD/boe) LPG (USD/boe) Condensate (USD/boe) LPG (USD/boe) 2015 2014 * Liquids benchmarked to Brent www.danagas.com 11
Slide 12: Trade Receivables
Trade Receivables (all figures in $ million) Dana Gas Egypt KRI Pearl Petroleum (40%) Receivable - $243 million Receivable - $233 million 300 300 Receivable - $770 million Receivable - $746 million 121% 14% Billing Collection Billing Collection 247 250 250 210 200 200 173 $ Million $ Million 150 150
Slide 13: Egypt Operations
Egypt Operations Dr. Mark Fenton General Manager Egypt www.danagas.com 13
Slide 14: Egypt: Nile Delta Operations
Egypt: Nile Delta Operations Development Leases: El Wastani Onshore acreage consisting of 13 Development Leases in the prolific Nile Delta region. One additional Development Lease (Begonia) was approved in Jan-15 Production: 1Q 2015 actual avg 37.7 kboe/d versus 38.9 kboe/d for 1Q 2014. Decline is d
Slide 15: Gas Production Enhancement Agreement Update
Gas Production Enhancement Agreement Update Gas Enhancement Project – Execution Progress 3 drilling and workover rigs secured with spud dates during May/June 650 HP workover – 14 activities planned 2000 HP rig - Balsam-2 1500 HP rig - Balsam-3 Plans underway to lay approximately 130 km pipelin
Slide 16: Block 6 – North El Arish Offshore Opportunity
Block 6 – North El Arish Offshore Opportunity Integration of regional 2D multi client seismic data into evaluation Environmental Impact Assessment completed Bids received for seismic processing / reprocessing program Seismic acquisition will occur once relevant government DGE approvals received Bloc
Slide 17: Blocks 1 & 3 – Onshore Nile Delta Opportunities
Blocks 1 & 3 – Onshore Nile Delta Opportunities Blocks 1 & 3 located adjacent to Dana Gas’ prolific Nile Delta development leases North El Salhiya (Block-1) and El Matariya (Block-3) onshore concessions in the Nile Delta ratified on 15th January 2015 Block-1 (100% WI) - planning and tender preparati
Slide 18: KRI and Zora Project Update
KRI and Zora Project Update Paul Gayton Technical Director www.danagas.com 18
Slide 19: Operations in Kurdistan Region of Iraq
Operations in Kurdistan Region of Iraq Gross production averaged 76,070 boepd during 1Q 2015: 318 MMscfd of natural gas 14,243 bbl/d of condensate 750 MT/d of LPG Dana Gas has a 40% WI Production of LPG increased from 420 MT/D in 1Q 2014 to 750 MT/D in 1Q 2015 All liquids continue to b
Slide 20: UAE: Zora Project Update
UAE: Zora Project Update Overall project progress is in line with plans for first gas in mid 2015 with a capacity of 40 mmscfd (6,650 boepd) Offshore Pipeline pre- commissioning ongoing Offshore platform jacket installed Drilling Rig mobilized to site Topsides pre-commissioning ongoing O
Slide 21: UAE: Zora Project Update
UAE: Zora Project Update Offshore Trenching for the Zora Gas Pipeline www.danagas.com 21
Slide 22: UAE: Zora Project Update
UAE: Zora Project Update Onshore Gas Plant Construction Slug Catcher Being Positioned www.danagas.com 22
Slide 23: Summary
Summary www.danagas.com 23
Slide 24: Summary
Summary Despite the difficult operating environment DG has delivered stable production with further upside later in 2015 with enhanced production following the GPEA in Egypt and incremental production in the UAE Financial performance has been better than current industry conditions might have di
Slide 25: Contact us: Dana Gas
Contact us: Dana Gas P. O. Box 2011, Sharjah, UAE www.danagas.com E-mail : rsingh@danagas.com Direct : +971 6 519 4401 Fax : +971 6 556 6522 www.danagas.com