Upland Resources Ltd · LSE:UPL
Upland Resources — Investor Presentation (October 2016)
19 slides from Upland Resources's investor presentation, October 2016
Slide 1: Upland Resources Limited Investor Presentation October 2016
Upland Resources Limited Investor Presentation October 2016
Slide 2: Important notice and disclaimer
This document is confiden6al and is being supplied to you solely for your informa6on and may not be reproduced, redistributed or passed on, directly or indirectly, to any other person or published in whole or in part, for any purpose. In par6cular, neither this document nor any copy of it (or any par
Slide 3: Independent oil & gas exploration start-up
} An independent oil & gas explora6on start-up run by a highly experienced, well-connected management team with a proven track record of genera6ng value for shareholders – including Cove Energy & 88 Energy. } Established to take advantage of the team’s knowledge & experience and the buying opportuni
Slide 4: Upland Resources Ltd LSE Main Market, Standard Listing
Upland Resources Ltd LSE Main Market, Standard Related party shareholders % of shares issued Listing. Ticker: UPL Upland Directors 38.5 Shares in issue 213,437,861 Optiva (corporate brokers) 7.0 Market capitalisation £2.9 million Portmann Capital 3.0 Management (Optiva Owner) Cash £900,000 Debt Zero
Slide 5: Onshore UK, Malaysia and Morocco
} Onshore UK, Malaysia and Morocco 5
Slide 6: PEDL 299 and Hardstoft Field with partners
} Upland remapped the field, developed the technical concept, brought in bid partners & won a 14th Round bid for PEDL 299 including Block SK46c & Hardsto1 Field. Ini6al 5 year permit: • Excellent partners: Upland Resources Ltd – unique local knowledge, contacts & explora6on concept 25% Ineos Upst
Slide 7: 14th onshore licensing round blocks map
PLYMOUTH Official 200000.000000 300000.000000 14th onshore oil and gas licensing round 200000.000000 300000.000000 400000.000000 500000.000000 600000.000000 NEWCASTLE UPON TYNE STRANRAER CARLISLE SUNDERLAND MIDDLESBROUGH Legend 500000.000000 500000.000000 SCARBOROUGH BARROW-IN-FURNESS MORECAMBE BRID
Slide 8: Reservoir plays and field rejuvenation
3 – Namurian/Westphalian sandstones – gas prone Limestone of same age at outcrop in Derbyshire Peak District 2 – Shale gas. Organic-rich 3 Bowland Shale: 3 both reservoir & primary 1 source rock 3 2 3 1 – Naturally fractured, 1 dolomitised Dinantian Upland & Europa focus limestones – oil in Hardstof
Slide 9: Hardstoft Field and SK46c depth map
Approximate area accessed by existing wells: estimated only 150 m radius BP-84-158B • First significant oil discovery in UK, in 1919 • Hardstoft-1 produced oil with no water cut for 5 years - simple, Hardstoft vertical well. Field SK46c • Matrix & fracture porosity • Robust, high-relief faulted anti
Slide 10: Hardstoft Anticline seismic section
North South Hardstoft Anticline Top Dinantian New 2D seismic needed prior to likely 2-well drilling programme Source: Interpretation by Blackwatch Petroleum Services in CPR 10
Slide 11: Contingent and prospective resources
Contingent resources (mmbbls) 1C 2C 3C Hardstoft field 0.49 3.10 18.46 Net to Upland (mmbbls) 0.12 0.78 4.62 Prospective resources (mmbbls) Low Best High Hardstoft East prospect 0.58 3.65 26.06 Net to Upland (mmbbls) 0.15 0.91 6.52 Total resource estimate 1.07 6.75 44.52 Estimated chances of success
Slide 12: Value per share sensitivity to oil price
Contingent resources 2C Upland interest 25.00% Hardstoft field 3.10 Net to Upland (mmbbls) 0.78 • Value accretive at below $30/bbl Risk factor 80% • Recent strength of $ v £ has also increased value Risked resources 0.62 Prospective resources Best • Valuation excludes current cash in company Hardsto
Slide 13: Malaysia opportunities and Petronas relationship
} Rela6onship with Petronas } Excellent local contacts è unique opportuni6es now being assessed } Poli6cal stability 13
Slide 14: Morocco opportunities and licensing terms
} Long experience, good contacts è now assessing several a`rac6ve opportuni6es } Good hydrocarbon licensing terms, high gas prices } Poli6cal stability, welcoming commercial environment 14
Slide 15: Summary: balanced portfolio and near-term news flow
} Raised £1.11 million net in Standard Lis6ng IPO, Oct 2015 } Low corporate overheads } Our goal is to build a balanced porholio of carefully selected assets with a programme to de-risk, add value and then either farm-down or drill } Further near term produc6on opportuni6es being considered } Posi6v
Slide 16: Dr Stephen Staley - CEO, Director
} Dr Stephen Staley - CEO, Director • Non-Execu6ve Director of, & consultant to, $3 million start-up Cove Energy PLC un6l its acquisi6on by PTTP for $1.9 billion. • Non-exec Director of, & consultant to, 88 Energy Ltd (Alaskan unconven6onals) • Co-founder and former CEO of Fastnet Oil & Gas PLC. • O
Slide 17: Dato' Norza Zakaria - Chairman
} Dato’ Norza Zakaria – Chairman ◦ Highly experienced businessman and financier ◦ Directorships include Bintulu Port Holdings Bhd ◦ From 2004 to 2008 was Poli6cal Secretary to the Malaysian Minister of Finance ◦ Held senior posi6ons with Petronas, Bank Negara and Malaysian sovereign wealth funds ◦ Ch
Slide 18: Jeremy King - Director
} Jeremy King - Director ◦ Senior corporate finance execu6ve with over 14 years experience ◦ Has advised clients on IPOs, fundraising, takeovers, mergers and acquisi6ons and con6nuing obliga6ons. ◦ Jeremy is a director and head of corporate finance for Op6va Securi6es ◦ Previously he was a Director of
Slide 19: Registered Office, Managing Office and Website
Ø Registered Office Ø Managing Office Ri`er House, The Green Man, 10 St John Street, Wickhams Cay II, Road Town, Ashbourne, Tortola, Derbyshire, VG110, DE6 1GH, Bri6sh Virgin Islands. UK. T: +44 (0)1335 300337 F: +44 (0)870 130 1571 Ø Website www.uplandres.com 19
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