United Oil & Gas Plc · LSE:UOG
United Oil & Gas — Investor Presentation (June 2020)
23 slides from United Oil & Gas's investor presentation, June 2020
Slide 1: Corporate Presentation June 2020
A Full-cycle E&P Business CORPORATE PRESENTATION June 2020 www.uogplc.com AIM:UOG
Slide 2: Disclaimer
Disclaimer ▪ This presentation (“Presentation”) is being supplied to you solely for your information. The Presentation has been prepared by, and is the sole responsibility of, United Oil & Gas Plc (the “Company”, “UOG”, “United”, or “United Oil & Gas”). The directors of the Company have taken all re
Slide 3: Company Overview
UNITED OIL & GAS Company Overview
Slide 4: United Oil & Gas 2020
United Oil & Gas 2020 Asset backed, full-cycle AIM-listed oil and gas company with a track record of delivery 8 licences 3.4 mmboe 84.9 mmboe 4 countries 2P net reserves1 net unrisked contingent and prospective resources2 17 producing wells >3,000 boepd <$20 net production3 break-even oil-price4 1Ba
Slide 5: Board of Directors
Board of Directors Entrepreneurial management team with strong technical discipline and established links to industry Brian Larkin Jonathan Leather David Quirke Chief Executive Officer Chief Operating Officer Chief Financial Officer Graham Martin Alberto Cattaruzza Stewart MacDonald Non-Executive Ch
Slide 6: Strategy
Strategy Maximise value from our low-risk, cash- generative business in Grow as a full-cycle Europe and Egypt business – with an whilst also looking for emphasis on building low-cost, high-reward our production base exploration whilst actively opportunities managing our Exploration portfolio of asse
Slide 7: Asset Details
UNITED OIL & GAS Asset Details
Slide 8: Portfolio Summary
Portfolio Summary Production, development and low-risk appraisal/exploration in Egypt and Europe; Super-wildcat exploration in Jamaica P+D+A+E D+A+E A+E E EGYPT ITALY UK JAMAICA ▪ >3,000 boepd net working ▪ Selva development on ▪ CNS: 27 mmbbls net ▪ Basin-opening, super- interest production track f
Slide 9: Delivery: Transformational Acquisition in Egypt
Delivery: Transformational Acquisition in Egypt Focused on non-operated producing assets with development / near-field upside Disciplined approach: reviewed many opportunities – only moved when value identified Abu Sennan, Egypt 2019-2020 Production Uplift Deal completion 14000 Completed in February
Slide 10: Abu Sennan Licence, Onshore Egypt
Abu Sennan Licence, Onshore Egypt Robust production base with exciting infill and development potential KEY LICENCE ELEMENTS 7 Development Concessions 17 Producing Wells 644km2 Exploration Licence 20 year concession life Pay typically found in multiple One well to be drilled by Sept 2021 (2032-39 ex
Slide 11: Abu Sennan: Reserves and Production Summary
Abu Sennan: Reserves and Production Summary 2019-20 development drilling campaign has already delivered significant reserves and production additions Gross production in excess of 2019-2020 Gross Production History3 14,000boepd (3,100 boepd net) at start of June with the contribution from the ES-5 w
Slide 12: Abu Sennan: El Salmiya-5 Well Results
Abu Sennan: El Salmiya-5 Well Results Kharita (primary target) post-drill depth map • ES-5_ST1 Top Kharita 16m high to prognosis @3684m TVDSS • • ES-5 well penetrated Top kharita is 148m TVD above OWC @3832m TVDSS 66m TVDSS above top Kharita previously crest of structure encountered in ES-6 Hydrocar
Slide 13: Abu Sennan: Upside Potential
Abu Sennan: Upside Potential Significant infill potential from bypassed pay and previously untargeted reservoirs Material exploration upside KEY FIGURES >13,000boepd >3,000bopd >29mmboe 80% Gross production Jun 2020. ASH-2 production levels from Gross unrisked mean prospective Historic success rate1
Slide 14: Italy: Podere Gallina Licence
Italy: Podere Gallina Licence United hold a 20% non-operated interest in the Podere Gallina licence, operated by ASX-Listed Po Valley Energy Limited. Continuing progress towards first gas - H1 2021 target LOCATION MAP PODERE MAIAR WELL PIPELINE Short (1km) pipeline means Podere Gallina low transport
Slide 15: Italy: Podere Gallina Licence
Italy: Podere Gallina Licence Material exploration opportunities on the licence de-risked by Podere Maiar-1 well Contingent Net Gas Resources Unrisked Prospective Net Gas 1C 2C 3C Low Best High MMscm (mmboe) Resources MMscm (mmboe) CGG CPR 31 (0.2) 80 (0.5) 174 (1) CGG CPR 308 (1.8) 518 (3) 1103 (6.
Slide 16: UK North Sea: Zeta Prospect, Licence P2480
UK North Sea: Zeta Prospect, Licence P2480 Licence P2480, containing Active Licence Blocks 14/15c, 15/11c, -12a, and -13c awarded in the UK 31st Licensing Round 31 Round Offered st 31st Round Provisional UOG Award P2366 – Crown Licence LICENCE P2480 LOCATION MAP Highly-prospective acreage Field tota
Slide 17: UK Wessex Basin
UK Wessex Basin Wessex Basin portfolio comprises four licences and includes the Waddock Cross Field, the Colter South and Purbeck Anticline discoveries, and a number of exploration opportunities. Completion of the Egyptian acquisition has led to a change in strategic focus, and although the Wessex B
Slide 18: Walton-Morant Licence, Jamaica
Walton-Morant Licence, Jamaica High-risk / high-reward frontier basin offshore Jamaica offering huge re-rating potential Licence well-known to UOG team from time at Tullow LOCATION MAP 20% equity in the Tullow-operated 32,000 km2 Walton-Morant Licence 2,250km2 3D seismic acquired in May 2018 Walton
Slide 19: Summary
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Slide 20: Financial Strategy
Financial Strategy Investment and safeguarding of capital Measurement Delivery Mix of Debt & 50:50 Debt/Equity Split Egypt Acquisition Capital structure Equity Funding Financing Partner BP $20m Equity raised to date Proactively manage asset Crown Divestment $5m Portfolio base to deliver value Egypt
Slide 21: Future Outlook
Future Outlook Significant activity planned across the portfolio - aiming to unlock asset value potential Continuing to evaluate selected new ventures for delivery at an appropriate time 2020 2021 EGYPT Bring ES-5 ASH Pipeline Deferred drilling campaign onstream ITALY UK JAMAICA Jamaica Wessex Basin
Slide 22: Investment Case Summary
Investment Case Summary United is now a full-cycle E&P company with a portfolio of production, development and low–risk exploration/ appraisal assets Transformational acquisition of first producing asset via 22% interest in the Abu Sennan concession Blue chip counterparts: BP, Kuwait Energy, Rockhop
Slide 23: www.uogplc.com
UNITED OIL & GAS www.uogplc.com