ShaMaran Petroleum Ltd. · OSL:SNM
ShaMaran Petroleum — Investor Presentation (March 2012)
19 slides from ShaMaran Petroleum's investor presentation, March 2012
Slide 1: Exploration & Development in Kurdistan
Corporate Presentation – March 2012 Exploration & Development in Kurdistan
Slide 2: A Lundin Group Company
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Slide 3: Strategic Realignment of Assets
Strategic Realignment of Assets 3 » Prioritize assets with the maximum possible upside. » Technical and financial resources to be focussed on the Atrush discovery and Taza exploration block. » Relinquishment of Arbat & Pulkhana blocks (mutually agreed with the KRG) with effective date 17th January 2
Slide 4: High Levels of Exploration Success
High Levels of Exploration Success 4 » Over 55% of the World’s oil reserves Kurdistan are in the Middle East. * » Kurdistan region projected to have 70 billion barrels of oil reserves and 200 TCF of gas. ** » Kurdistan the only region in the Middle East which is open to industry with good commercial
Slide 5: Key Issues
Key Issues 5 Politics: » Moving in the right direction. Draft Petroleum Law in Parliament. » Entrance of “Majors” a significant development. » Ongoing negotiations between Baghdad & Erbil for addressing issues. » Cost recovery payments on exports from Kurdistan and acceptance of PSCs a major milesto
Slide 6: Asset Summary
Asset Summary 6 » Atrush: A world class oil discovery. » Taza: High-potential exploration. ShaMaran Gross Map showing current and near future well activity Block Working Partners Operator Acres Status Interest Taza 20% Oil Search 60%, KRG Oil Search 124,784 Exploration 20% Atrush* 26.8%* Aspect Ener
Slide 7: Atrush Project
Atrush Project 7 » Jurassic oil discovery under appraisal. » Atrush-1 tested over 6000 bopd (from three Jurassic horizons, equipment constrained). » Potential for flow rates >10,000 bopd* (PI > 200 bpd/psi). » 3D seismic acquisition 53% completed (winter break). » Atrush-2 appraisal well location un
Slide 8: Atrush 3D Seismic Acquisition
Atrush 3D Seismic Acquisition 8 Vibroseis Acquisition in front of the Atrush feature Drilling seismic shot holes on the slopes
Slide 9: Atrush EPF / Long Term Testing
Atrush EPF / Long Term Testing 9 » Plans for EPF / Long Term Testing being implemented. » EPF capacity of 15,000 bopd to be commissioned by Q4 2012. » Tie-in of two wells AT-1 & AT-2. » Additional wells to be tied in to the EPF as soon as they are drilled and completed. » Potential production of aro
Slide 10: Atrush Resource Base
Atrush Resource Base 10 » Significant increase in the Atrush resource base (Gross): » YE 2011* (Mean MMBOE): 513 Contingent + 146 Gross Prospective. » YE 2012: Significant proportion of Contingent Resources likely to be converted to Reserves. » Prospective Resources (Butmah) likely to be added to Co
Slide 11: Atrush-1 Jurassic Oil Discovery
Atrush-1 Jurassic Oil Discovery 11 » 2011 YE Competent Persons Report completed * Gross Contingent Low Best Mean High Resources* (Barsarin, (1C) (2C) (3C) Sargelu, Alan-Mus, Adaiyah) Total (MMBOE) 275 465 513 813 Gross Prospective Low Best Mean High Resources* (Cretaceous & Jurassic Butmah) Total (M
Slide 12: Taza Prospectivity
Taza Prospectivity 12 » Option agreement converted into a PSC in July 2011. » Significant 4-way dip-closed prospect on trend to Jambur (1.2 BBO) and Sarqala (WZR). » Surface oil seeps and proven oil on trend increases chance for oil rather than gas. » Plans to drill an exploration well in Q2/Q3 2012
Slide 13: Taza Prospect
Taza Prospect 13 » Six regional staked reservoir targets: Upper Fars clastics, Jeribe, Euphrates/Serikagni, Kirkuk Group, Jaddala and Shiranish. » Regional trends (Jambur-Sarqala) suggest prospect should be oil bearing in the Tertiary. » 2011 YE Competent Persons Report completed.* » Operator mean e
Slide 14: Corporate Resources Post Relinquishment (January 2012)
Corporate Resources Post Relinquishment (January 2012) 14 Company Gross Contingent Low Best Mean High Resources* (Atrush) (1C) (2C) (3C) Total (MMBOE) 73.6 124.8 137.4 217.9 Company Unrisked Gross Low Best Mean High Prospective Resources* (Atrush + Taza) Total (MMBOE) 43.0 87.9 104.1 183.7 * YE 2011
Slide 15: Building Value
Building Value 15 Valuations are difficult due to lack of pure or publicised transactions. Internal estimated value of Contingent Resources / 2P reserves in the range of $3-$8 per barrel.
Slide 16: Revised Forward Plan
Revised Forward Plan 16 Subject to partner and Government approval
Slide 17: Lundin Group Track Record for Shareholder Return
Lundin Group Track Record for Shareholder Return 17 Company 2002 Present Notes Tanganyika $0.55/share $31.50/share Sold to Sinopec 2008 $13.5 million MC $1.9 billion MC Valkyries $0.45/share $16.00/share Sold to Lundin $4 million MC $750 million MC Petroleum 2006 Red Back $1.35/share (2000) $30.50/s
Slide 18: Profile & Contacts
Profile & Contacts 18 » Symbol TSX V: SNM www.shamaranpetroleum.com » Share Capital Issued and outstanding 807,983,860 shares Fully diluted 811,217,194 shares » Directors and Management » Keith Hill, Chairman of the Board » J. Cameron Bailey, Director » Pradeep Kabra, Director, President and CEO » A
Slide 19: Cautionary Statements
Cautionary Statements 19 This document contains statements about expected or anticipated future events and financial results that are forward-looking in nature and, as a result, are subject to certain risks and uncertainties, such as legal and political risk, civil unrest, general economic, market a
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