Antelopus Selan Energy Ltd · NSE:ANTELOPUS
Antelopus Selan Energy — Selan Exploration Technology — Investor Presentation (June 2019)
32 slides from Antelopus Selan Energy's investor presentation, June 2019
Slide 1: Selan Exploration Technology Limited Corporate Presentation
Selan Exploration Technology Limited Corporate Presentation June 2019 Page 1
Slide 2: Contents
Contents Company Overview Asset Overview & Field Facilities Development Plans & Upside Potential Fiscal Terms Valuation Selan Exploration Technology Limited Page 2
Slide 3: Company Overview
COMPANY OVERVIEW Selan Exploration Technology Limited Page 3
Slide 4: Company Overview
Company Overview Founded in 1985, Selan is an established hydrocarbon producing company operating 4 oil & gas fields in prolific Cambay Basin in Gujarat, India since 1995. CB-ONN-2009/8 Karjisan Publicly listed and traded on NSE & BSE. Lohar Indrora 100% Ownership of all assets ~157 MM BOE O
Slide 5: Corporate Highlights
Corporate Highlights Impressive Track Record Proven capability to maximize potential of marginal fields • Cumulative production of 3 major fields prior to Selan – 125 K BOE (in approximately 25 years) • Cumulative production from major fields under Selan – 3.24 MM BOE (in approximately 24 years) Low
Slide 6: Impressive Profit Margin
Impressive Profit Margin CUMULATIVE REVENUE, LIFTING COST, PROFIT PETROLEUM, CAPEX (US $ ,000) $ 250,000.00 REV $207 MM $ 200,000.00 $ 150,000.00 GOVT $12 MM $ 100,000.00 CAPEX $83 MM $ 50,000.00 $ 0.00 LIFT $38 MM Lifting Cost (US$, 000) Capex (US$, 000) Profit Petroleum (US$, 000) Revenue (US$, 00
Slide 7: Impressive Profit Margin (Per BOE)
Impressive Profit Margin (Per BOE) REVENUE vs LIFTING COST (Per BOE) $ 35 $ 80 $ 30 $ 70 $ 60 $ 25 $ 50 $ 20 $ 40 $ 15 $ 30 $ 10 $ 20 $5 $ 10 $0 $0 Lifting Cost (US$, 000) / BOE Cum Revenue (US$, 000) / BOE For Indrora, Bakrol, Lohar and Karjisan Fields only Selan Exploration Technology Limited Page
Slide 8: Board of Directors
Board of Directors Rohit Kapur Chairman Mr. Kapur is a graduate of Columbia College (BA) and Columbia Business School (MBA) and is a former General Manager of a Fortune 100 Company for one of its international subsidiaries. A seasoned entrepreneur with international experience, he has played a pivot
Slide 9: Asset Overview & Field Facilities
ASSET OVERVIEW & FIELD FACILITIES • Cambay Basin • Bakrol Field • Indrora Field • Lohar Field • Karjisan Field • Field Infrastructure Selan Exploration Technology Limited Page 9
Slide 10: Cambay Basin Overview
Cambay Basin Overview Basin area 59,000 sq. km Discovered resources of over 15 Bn. Barrels Balance proven reserves of over 750 MMBOE Karjisan 178 discrete fields with median size 18 sq. km Lohar Indrora Ognaj Multi-Stack Reservoirs - Several producing & Bakrol prospective layers Major Pr
Slide 11: Cambay Basin Stratigraphy
Cambay Basin Stratigraphy Kalol – Prolific Conventional Oil formation • Lohar – Producing from K-III • Karjisan - Producing from K-IV & K-III • Bakrol - Producing from K-IX & K-VIII • Indrora - Producing from K-X • Ognaj – Tested in K-IX & K-X Cambay Shale – Producing formation with significant upsi
Slide 12: Asset Summary
Asset Summary Key Facts Bakrol Lohar Indrora Karjisan Total Block Area (sq. km) 36 5 130 5 176 Reservoir Kalol Kalol YCS Kalol Major Reservoir Depth 1500 1350 1400 1350 API Gravity (-) 35-41 20 35 18 Formation Permeability (mD) 30 ~1000 0.1 to 2 ~1000 Dead oil viscosity @ 50° C (cP) 20 300 9 600 Dri
Slide 13: Asset Status and Prospects
Asset Status and Prospects Resources Unit Bakrol Indrora Lohar Karjisan Total Oil in 2P Oil In Place MMBO 60.80 33.00 2.50 2.71 99.01 Place Low geological risk Cum. Production MMBOE 2.36 0.24 0.72 0.03 3.35 • Fields extensively mapped with 3D Seismic and Cum. Recovery to date % 3.9 0.7 28.8 1.1 3.4
Slide 14: Bakrol – Location & Field Overview
Bakrol – Location & Field Overview 36 sq. Km. block. Discovered O&G 2P : 60.8 MMBO + 15.1 MMBOE of Gas ONGC discovery 1968 in BK-2 (Kalol) Selan awarded Field in 1995 under pre-NELP PSC ONGC Cum. Prodn. 35 K BOE from 7 wells. Selan Cum Prodn. 2.32 MMBOE from 29 wells Currently 23 of 29
Slide 15: Indrora – Location & Field Overview
Indrora – Location & Field Overview 130 sq km block. Discovered O&G 2P : 33.0 MMBO + 3.7 MMBOE Gas ONGC discovery in 1971 IND-1 (Younger Cambay Shale) Selan was awarded the Indrora Field on 13th March 1995 under a PSC signed with MoPNG ONGC drilled 12 wells. Cum Production 76 K BOE Selan
Slide 16: Lohar – Location & Field Overview
Lohar – Location & Field Overview 5 sq. Km Block. Discovered O&G 2P : 2.50 MMBO + 0.03 MMBOE Gas ONGC discovery in 1981 LH-1 (Kalol) Selan awarded field in 1995 under pre-NELP PSC ONGC drilled 3 wells Cum prodn. 10.8 K BOE Selan Cum Production 0.70 MMBOE from 13 wells Currently 6 out o
Slide 17: Karjisan – Location & Field Overview
Karjisan – Location & Field Overview 5 sq km block. Discovered O&G 2P : 2.711 MMBO + 0.23 MMBOE Gas ONGC discovered the Karjisan Field in 1985 by drilling the KJ- 1 well which produced gas from Kalol-III formation of Middle Eocene Age Selan was awarded the Karjisan Field on 16th Feb 2004 und
Slide 18: Typical Field Facilities
Typical Field Facilities Selan Exploration Technology Limited Page 18
Slide 19: Development Plans & Upside Potential
DEVELOPMENT PLANS & UPSIDE POTENTIAL •Bakrol •Indrora •Lohar •Karjisan Selan Exploration Technology Limited Page 19
Slide 20: Phased Production Enhancement Plan (Upto 2030)
Phased Production Enhancement Plan (Upto 2030) Resources Unit Bakrol Indrora Lohar Karjisan Total 2P Oil In Place Oil MMBO 60.8 33.0 2.5 2.7 99.01 Cum. Production (March 2019) Oil MMBO 2.36 0.24 0.72 0.03 3.35 Cum. Recovery Factor (till 2019) Oil % 3.88 0.74 28.80 1.11 3.39 Phase Development Oil MMB
Slide 21: Bakrol - Development Potential
Bakrol - Development Potential Field producing from 23 of 29 wells Range of productivities Majority of wells need artificial lift to produce The extension of PSC tenure for Bakrol Field has recently been approved by GoI and now runs through March 2030. With the renewal now in place and the
Slide 22: Indrora – Justification for Future Profile
Indrora – Justification for Future Profile Younger Cambay Shale reservoir Similar to prolific American Shale reservoirs (Eagle Ford) Various testing strategies are still in progress. Eagle Ford Indrora (YCS) Plays Reservoir Depth (m) 3500 1500 Reservoir Clay (5-45%) with Clay (5-45%) with Char
Slide 23: Lohar - Development Potential
Lohar - Development Potential The Lohar field offers significant development potential wherein proved and the probable OOIP are 2.10 MM BBLS and 0.40 BBLS Battrum East Roseray, respectively. Canada Production of Proved Oil Volumes are projected at 0.25 MM BBLS and Development of Probable Volumes
Slide 24: Karjisan Highlights
KARJISAN HIGHLIGHTS KARJISAN OIL UPDATE Lohar, Karjisan • Established Sustained production on KJ-4 Bakrol, Indrora • Oil delivery started May-2017 • Field development plan in progress Selan’s Oil Characteristics READY TO DELIVER GAS • Buyer & sales agreement in place. • Well deliverability comme
Slide 25: Fiscal Terms
Fiscal Terms Selan Exploration Technology Limited Page 25
Slide 26: Favorable Fiscal Regime
Favorable Fiscal Regime 100% Working Interest in all fields + Operatorship Stable PSC regime 25 Year Contract, 10 Year Extension Received 100% Cost Recovery Allowed Profit Petroleum 100% to Selan Up to IM of 3.5, 50% thereafter Economic Stabilization Clauses, In-Country Arbitration Cru
Slide 27: Valuation
Valuation Selan Exploration Technology Limited Page 27
Slide 28: Future – Impressive Revenue & Profit Growth
Future – Impressive Revenue & Profit Growth $350,000,000 $ 50,000,000 $ 45,000,000 $300,000,000 $ 40,000,000 $250,000,000 $ 35,000,000 $ 30,000,000 $200,000,000 $ 25,000,000 $150,000,000 $ 20,000,000 $ 15,000,000 $100,000,000 $ 10,000,000 $50,000,000 $ 5,000,000 $0 $0 FY2019 FY2020 FY2021 FY2022 FY2
Slide 29: Cash – Significant Cash Generation
Cash – Significant Cash Generation $80,000,000 $70,000,000 Upside Potential $60,000,000 Field wise Growth plan $50,000,000 $40,000,000 $30,000,000 $20,000,000 Baseline $10,000,000 $0 FY2019 FY2020 FY2021 FY2022 FY2023 FY2024 FY2025 FY2026 FY2027 FY2028 FY2029 FY2030 Please refer page 20 Selan Explor
Slide 30: Key Risks
Key Risks Long term Outlook on Oil Prices 📍 Risks " not present in Selan " ... • Lack of significant oil in place or high Recovery Factor targets • Hypothecation of reserves • High Quality Manpower availability • Pending / un-met work commitments • Debt & Lack of any funds requirement • Partners…
Slide 31: Selan Valuation – Value of Reserves
Selan Valuation – Value of Reserves Market Cap INR 288.26 crs Less: Cash on hand INR 148.51 crs Enterprises Value (EV) INR 139.75 crs EV in USD USD 19.96 mill Proved Reserves 5.32 MMBOE EV per BOE proved reserves USD 3.75 PER BOE Equivalent International Benchmark EV/BOE ~ USD 20.0 PER BOE As on 31.
Slide 32: Disclaimer
Disclaimer This material contains forward-looking statements regarding Selan Exploration Technology Ltd, its corporate and business strategies and plans, future financial condition and results of operations. All such forward- looking statements are based on the management's assumptions and beliefs i
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