Valeura Energy Inc. · TSX:VLE

Valeura Energy — Investor Presentation (April 2017)

60 slides from Valeura Energy's investor presentation, April 2017

1. Slide 1: Corporate Presentation April 2017

   A GLOBAL ENERGY COMPANY FOCUSED ON EXCEPTIONAL VALUE CREATION TRANSFORMING THE BUSINESS THROUGH CONSOLIDATION OF THE SHALLOW GAS BUSINESS & DEEP HIGH IMPACT EXPLORATION CORPORATE PRESENTATION APRIL 2017

2. Slide 2: Valeura Corporate Profile

   Valeura Corporate Profile  Valeura Energy Inc. (“Valeura” or “VLE”) (TSX: VLE) is a Canada-based oil & gas company producing high netback natural gas in the Thrace Basin of northwest Turkey  Turkey is a highly attractive international jurisdiction for oil & gas business: − Flat 12.5% government ro

3. Slide 3: TBNG Acquisition, West Thrace Deep Rights Sale & Equity Raise - Summary

   TBNG Acquisition, West Thrace Deep Rights Sale & Equity Raise - Summary  Definitive agreements executed for three concurrent transactions as announced on October 13/14, 2016  Acquisition of TBNG (“TBNG Acquisition”) for US$22 MM effective March 31, 2016 pursuant to a share purchase agreement (“TBN

4. Slide 4: Thrace Basin Transactions & Land Position

   Thrace Basin Transactions & Land Position (1) 2010 Otto asset Bulgaria purchase (Edirne) Black Sea (Valeura 35% WI) E17-b4-1 E17-c1-1 E17-c2-1 VLE license application F18 -b3, 2016/2017 Greece F19-a4 November 2015 2013 Banarli licence 1 Statoil Banarli award Farm-in (Valeura 100% WI) F18-b3 F19-a4 T

5. Slide 5: Capital Structure April 1, 2017

   Capital Structure April 1, 2017 Basic shares outstanding at February 24, 2017 58,519,321 Common shares issued pursuant to subscription receipts offering 14,629,000 Basic shares outstanding April 1, 2017 post TBNG Acquisition 73,148,321 Common shares purchasable pursuant to outstanding Options ($0.73

6. Slide 6: Q4 2016 Financial & Operating Highlights

   Q4 2016 Financial & Operating Highlights 3 MONTHS 3 MONTHS 3 MONTHS RESULTS ENDED ENDED ENDED DEC 31, 2016 SEPT 30, 2016 DEC 31, 2015 Production Crude oil & NGLs (bbl/d) 12 10 8 Natural gas (Mcf/d) 4,699 4,020 4,805 boe/d 795 680 809 Financial (Canadian $ M, except per boe amounts) P & NG revenues (

7. Slide 7: Turkey Pro Forma Reserves Post TBNG Acquisition

   Turkey Pro Forma Reserves Post TBNG Acquisition (Company Gross) (1)(2)(3) PRO FORMA RESERVES AND NET PRESENT VALUE AT 10% BEFORE TAX CHANGE YEAR ENDED DECEMBER 31, 2016 % VALEURA(4) TBNG(5) PRO FORMA Reserves Volumes (Mboe) Proved Reserves 1,567 1,318 2,885 84 Proved plus Probable Reserves 4,704 4,1

8. Slide 8: Land Position In Turkey Post Closing of Transactions

   Land Position In Turkey Post Closing of Transactions  GDPA awarded TBNG JV two production leases F19-d3-1 & F19-c3-1 on February 2, 2017  TBNG JV relinquished two non-producing exploration licences at Gaziantep in southeast Turkey N39-a1,a4 & N39-d1,d2 on January 17, 2017 LEASES & VALEURA NET AREA

9. Slide 9: TBNG JV – The Proving Ground

   TBNG JV – “The Proving Ground” I-8 Rig Drilling at TDR-9 9

10. Slide 10: TBNG JV Operations

    TBNG JV Operations  Interests in 16 leases & licences in Thrace Basin (0.34 MM gross acres)  Well established shallow gas production and marketing business: - ~85 producing wells (gross) (shallow gas & tight gas) in 15 gas fields in onshore lands - Owned compression facilities & distribution lines

11. Slide 11: Key Benefits of TBNG Acquisition

    Key Benefits of TBNG Acquisition  Highly accretive pro forma acquisition metrics: Pro Forma Accretion Measure Absolute Per Share (1) Cash Flow (2) 78% 43% Production (3) 54% 23% 2P Reserves (4) 89% 51%  Transformational transaction for VLE: - Captures operatorship allowing VLE to control the pace

12. Slide 12: TBNG JV Shallow Gas & Tight Gas Plays

    TBNG JV Shallow Gas & Tight Gas Plays SHALLOW GAS Akcahalil-1 Inecik- Aydede-1 YAGCI-8 ND-1 TDR-2 TS-18 DTD-1 KAYI-7 BATI GAZI-1 BATI  Danismen & Osmancik 2 KARAEVLI-1 SOUTHWEST NORTHEAST  5 re-entry fracs since mid-2011 (Osmancik)  67 workovers & 18 new DANISMEN 500 m OSMANCIK drills in 2012-201

13. Slide 13: Shallow Gas Exploration Prospect Inventory

    Shallow Gas Exploration Prospect Inventory Potential Pressure Seal Area 1,500 km2 @~2,500 m Drill Ready Other Prospects Statoil Deep Test 5 km Sariyer-1 Banarli Karanfiltepe-7 Dogu Atakoy-3 Karaca Yamalik-1 Aydinkoy-1 3D Seismic Extension Guney Bati Yayli-1 300 – 400 km2 Karababa-2 Dogu Osmanli-2 Ki

14. Slide 14: Potential Tight Gas Development - Tekirdag Field

    Potential Tight Gas Development - Tekirdag Field (1) KAYI-14 Guney Kayi-1 Kayi Derin-1 KAYI-7 5.0 MMcf/d 1.8 MMcf/d 0.7 MMcf/d 3.4 MMcf/d KAYI-12 KAYI-14 1.6 MMcf/d 5.4 MMcf/d TDR-2 TDR-5H KAYI-6 KAYI-16 0.6 MMcf/d 2.0 MMcf/d 0.9 MMcf/d 0.9 MMcf/d DTD-6 TDR-14 2.1 MMcf/d 0.75 MMcf/d DTD-19H TDR-9 TD

15. Slide 15: Banarli – Provides Material Exploration Upside in Shallow & Deep Formations

    Banarli – Provides Material Exploration Upside in Shallow & Deep Formations 3D Seismic Acquisition on Banarli – May 2015 15

16. Slide 16: Banarli Exploration Strategy

    Banarli Exploration Strategy  Banarli licence awarded to Valeura (100% WI) in April 2013 (541 km2; 209 square miles)  Converted to two licences under New Petroleum Law, extending initial 5-year term to June 27, 2020: – US$9.2 MM commitment: 2,000 m well year 1; 2,000 m well year 2; 3,800 m well ye

17. Slide 17: Potential Basin-Centered Gas Play Fairway (Play Type 5)

    Potential Basin-Centered Gas Play Fairway (Play Type 5) 10 km Mezardere Potential Depth Pressure Structure Seal Area 1,500 km2 CI 100 m Alacaoglu-1 @ ~2,500 m 0.73 psi/ft Hayrabolu-10 Ergene-1 0.75 psi/ft 0.68 psi/ft Kazanci-5 0.77 psi/ft Banarli Banarli F18-c1,c2,c3,c4 F19-d1,d4 Kandamis-1 0.77 psi

18. Slide 18: Statoil Banarli Farm-in

    Statoil Banarli Farm-in  Definitive agreements executed on August 19, 2016 whereby Statoil would need to invest at least US$36 MM (US$6 MM received to date) in three phases to earn 50% interest below 2,500 m in Banarli licences (“Banarli Farm-in”), while Valeura retains 100% interest above 2,500 m,

19. Slide 19: Osmancik/Danismen Prospect Map (< 2,500 m Depth)

    Osmancik/Danismen Prospect Map (< 2,500 m Depth) Mid Danismen PSTM Time Structure Osmancik/Danismen Prospects Discoveries Muratli Prospects (< 2500 m) (1) Yamalik-1 Planned Deep Test Aydinkoy Yayli-1 Teslimkoy Fraced Osmancik Completion Temporarily Suspended Bati Gurgen-2 Osmancik Bati Gurgen-1 IP30

20. Slide 20: Formations & Depositional Environments Within Potential Pressure Seal Area

    Formations & Depositional Environments Within Potential Pressure Seal Area Yayli-1 Ergene-1 Banarli Licenses Boundary Unconformity Top Potential Pressure Seal TD 2,914 m TD 2,967 m Osmancik Shorelines Map View Depth Slice @ 2,500 m Mezardere Ergene-1 Slope Channels Teslimkoy Member Basin Floor Fans

21. Slide 21: Robust Netbacks & Competitive Costs Drive Attractive Natural Gas Economics in Turkey

    Robust Netbacks & Competitive Costs Drive Attractive Natural Gas Economics in Turkey Operating Netbacks – $/boe (1) Current Cost Structure – US$MM (gross) 80 TBNG JV BANARLI Netback Opex Royalty CONVENTIONAL GAS VERTICAL WELL (1,200 m) (2) 70 Sales Price Drill & Case (1,200 m TVD) 0.6 NA 62.00 59.92

22. Slide 22: Turkey Natural Gas Indicative Well Economics

    Turkey Natural Gas Indicative Well Economics (1) PHYSICAL PARAMETERS PER WELL ECONOMICS PER WELL – BEFORE TAX (5) PROGRAM RESERVES (2) IP30 (3) CAPEX (4) IRR PAYOUT NPV10 RECYCLE (Bcf) (MMcf/d) (US$MM) (%) (MONTHS) (US$MM) RATIO (6) Thrace Basin - Gas Shallow Gas Drilling (1,200 m) with Tie-in to 0.

23. Slide 23: Summary

    Summary  VLE provides exposure to a high operating netback, natural gas pure play in Turkey  Statoil farm-in on deep formations at Banarli has validated potential of a basin- centered gas play in over-pressured tight gas sands below approximately 2,500 m  Sale of 50% of VLE’s deep rights on the W

24. Slide 24: Reader Advisories

    Reader Advisories Forward-Looking Statements: This presentation contains certain forward-looking statements and forward-looking information (collectively, "forward-looking statements") as defined by applicable securities legislation including, but not limited to: the outlook for 2017 exit rate sales

25. Slide 25: Reader Advisories (Cont’d)

    Reader Advisories (Cont’d) Forward-Looking Statements (Cont’d): The forward-looking statements included herein are made as of the date hereof and Valeura assumes no obligation to update or revise any forward-looking statements to reflect new events or circumstances, except as required by law. See Va

26. Slide 26: Reader Advisories (Cont’d)

    Reader Advisories (Cont’d) Other Advisories (Cont’d): NON-IFRS MEASURES: This presentation contains the terms "operating netback" (petroleum and natural gas sales less royalties, production expenses and transportation costs) and "funds flow from operations" (net loss for the period adjusted for non‐

27. Slide 27: Reader Advisories (Cont’d)

    Reader Advisories (Cont’d) Reserves Definitions: "reserves" are estimated remaining quantities of oil and natural gas and related substances anticipated to be recoverable from known accumulations, from a given date forward, based on: (a) analysis of drilling, geological, geophysical, and engineering

28. Slide 28: Supplementary Information

    A GLOBAL ENERGY COMPANY FOCUSED ON EXCEPTIONAL VALUE CREATION SUPPLEMENTARY INFORMATION

29. Slide 29: Our Heritage

    Our Heritage Senior Management Board of Directors 29

30. Slide 30: Past Successes of Management & Board

    Past Successes of Management & Board Sold 2009 $360 mm Market Cap 3x ROI (’04-’09) ~$5,918 mm CAGR 22% Market Cap at Trust Conversion Sold in 2004 $916 mm $228 mm 35x ROI (‘94-’03) 5x ROI (’99-’04) CAGR 51% CAGR 43% Sold in 2006 Sold in 2014 $306 mm $1,800 mm 1.4x ROI (’03-’06) 2x ROI (’11-’14) CAGR

31. Slide 31: Why Turkey?

    Why Turkey? Prospective  Proven petroleum systems TBNG-PTI  Under-explored & under-exploited conventional & TBNG-PTI acquisition Acquisition (natural gas & light/medium oil) unconventional plays opportunity  Opportunity to deploy modern technology  Thrace Basin main gas producing region  Anatol

32. Slide 32: Organization Chart Post TBNG Acquisition

    Organization Chart Post TBNG Acquisition BOARD OF DIRECTORS Bill Fanagan Jim McFarland Claudio Ghersinich Ron Royal Tim Marchant Stephanie Stimpson, Corporate Secretary PRESIDENT & CEO Jim McFarland VP VP VP VP CFO BUSINESS ENGINEERING OPERATIONS EXPLORATION DEVELOPMENT Steve Bjornson Don Shepherd L

33. Slide 33: Officers

    Officers President & CEO: Jim McFarland, P. Eng. 44 years oil & gas experience  Former President & CEO, director and co-founder, Verenex Energy (Libya light oil)  Former Managing Director, Southern Pacific Petroleum (Australian shale oil)  Former President & COO, Husky Oil (heavy oil, upgrading)

34. Slide 34: Officers (Cont’d)

    Officers (Cont’d) VP Engineering: Don Shepherd, P. Eng. 43 years oil & gas experience  Former General Manager, Verenex Energy Area 47 Libya based in Tripoli  13 years with Saudi Aramco as Asset Management Team Leader and Senior Engineering Specialist (Saudi Arabia)  12 years in executive manageme

35. Slide 35: Other Vice Presidents

    Other Vice Presidents VP Business Development: Barry Wihak, P. Geol. 33 years oil & gas experience  Former President & CEO, director and co-founder, Cangea Energy (private, Colombia focus)  5 years with Vermilion Energy Trust as Business Development Advisor on acquisitions in France, Netherlands a

36. Slide 36: Managers

    Managers Country Representative (Ankara, Turkey): Mehmet Ekinalan 9 years oil & gas experience  Former Resident Representative of Thrace Basin Natural Gas Turkiye Corporation 21 years telecommunications experience (Turkey and USA)  Former CEO and Board member of Turkish Telecom  Former CEO of AYC

37. Slide 37: Board of Directors

    Board of Directors Bill Fanagan, CA (Chair) Former Chairman, Verenex Energy Inc. Former President & CEO, Gulf Indonesia Resources Limited Financial background (Audit Chair) Claudio Ghersinich, P. Eng. Co-founder & former EVP Business Development, Vermilion Energy Trust Former Director, Verenex Energ

38. Slide 38: Turkey YE 2016 Reserves (Company Gross)

    Turkey YE 2016 Reserves (Company Gross) (1) LIGHT & MEDIUM TOTAL OIL NATURAL GAS NPV10 BEFORE TAX NPV10 AFTER TAX CATEGORY OIL EQUIVALENT (Bcf) ($MM) ($MM) (Mbbl) (Mboe) PROVED DEVELOPED 6 2.8 470 9.3 9.3 PRODUCING PROVED DEVELOPED NON- - 2.4 405 6.9 6.2 PRODUCING PROVED - 4.2 692 4.7 3.1 UNDEVELOPE

39. Slide 39: Thrace Basin Tight Gas Learning Curve 2011 – 2016

    Thrace Basin Tight Gas Learning Curve 2011 – 2016 THRACE BASIN Exploration 3 OSMANLI 2 BANARLI DISCOVERIES DISCOVERIES Program Horizontal Drills 6 Hz MEZ/TES/KESAN DRILL & FRACS & Fracs Cumulative Develop Vertical Drills & capex (1) Fracs 12 VERTICAL TESLIMKOY/KESAN DRILL & FRACS ≈ $90MM (net) 232KM

40. Slide 40: Mezardere Slope Fan Model

    Mezardere Slope Fan Model  Mezardere consists of a north-easterly pro- grading slope fan complex, deposited within delta front and pro-delta setting  Potential reservoirs include: − Porous channel and basin floor sands − Interlaminated sands and shales from channel abandonment, overbank, distal ap

41. Slide 41: Mezardere Slope Fan Play Fairway

    Mezardere Slope Fan Play Fairway Mezardere Prospective Depth Structure Mezardere play fairway Banarli Tekirdag Tekirdag area Mezardere exploitation program 10 km  Slope fan play in Mezardere Formation showing encouraging results  Seismic imaging clearly shows channel trends with both Koseilyas-1 s

42. Slide 42: Recent Osmancik & Mezardere Results & Potential Extension of Play Types into Banarli

    Recent Osmancik & Mezardere Results & Potential Extension of Play Types into Banarli Potential Pressure Seal Hayrabolu-10 Banarli Bati Gurgen-1 Osmancik 2015 3D: IP30 3.4 MMcf/d 152 km2 Gurgen-1 IP30: 3.3 MMcf/d (Osm) Yayli-1 Bati Gurgen-2 Gurgen-2 Teslimkoy fraced Osmancik IP30: 3.3 MMcf/d (Osm) Os

43. Slide 43: TBNG JV Producing Fields & Banarli Conventional Exploration Prospects

    TBNG JV Producing Fields & Banarli Conventional Exploration Prospects Banarli Banarli F18-c1,c2,c3,c4 F19-d1,d4 Muratli Banarli licences Bati Gurgen-1 Producing fields (1) Aydinkoy Osmancik Banarli prospects (2) IP30: 3.4 MMcf/d Merged Banarli, Tekirdag EUR: 4.9 Bcf & Osmanli 3D seismic (~550km2) Ba

44. Slide 44: Formations Present At Top Of Potential Pressure Seal (2,500 m Depth)

    Formations Present At Top Of Potential Pressure Seal (2,500 m Depth) Potential Pressure Seal Lower Danismen Coastal Plain Osmancik Mezardere Shorelines Slope Channels Yayli-1 Bati Gurgen-1 Bati Gurgen-2 Teslimkoy Basin Floor Fans 44

45. Slide 45: Time Horizon Slice - Similarity Seismic Image

    Time Horizon Slice - Similarity Seismic Image Yayli-1 5 km Bati Gurgen-1 Bati Gurgen-2 45

46. Slide 46: Basin Floor Fan - Spectral Decomposition Seismic Image

    Basin Floor Fan - Spectral Decomposition Seismic Image 5 km Upper Teslimkoy Basin Floor Fan Complex Yayli-1 Bati Gurgen-1 Bati Gurgen-2 Mezardere Slope Channel Osmancik Shorelines 46

47. Slide 47: TBNG JV Shallow Gas Business

    TBNG JV Shallow Gas Business  2013 shallow gas program: − Spudded 1 new drill (evaluating) − Completed 14 workovers (11.0 MMcf/d aggregate initial 7-day rate); 3 well re-entry fracs − Acquired 232 km2 of new 3D seismic in Osmanli area  2014 shallow gas program: − Spudded 1 sidetrack & 5 new drills

48. Slide 48: TBNG JV Tight Gas Proof-Of-Concept Program Phases

    TBNG JV Tight Gas Proof-Of-Concept Program Phases 1. Recompletion fracs (750-2,000 m depth) − Identify gas bearing zones in Mezardere, Teslimkoy & Kesan formations that require fracs to achieve commercial rates focusing initially on areas within structural closure − Initiated new Mezardere laminated

49. Slide 49: Teslimkoy/Kesan Multi Frac Type Curve (Vertical Wells)

    Teslimkoy/Kesan Multi Frac Type Curve (Vertical Wells) (1) 2P Type Curve - Multi Frac Vertical Wells 1600 0.8 1400 0.7 CUMMLATIVE PRODUCTION (RAW) - Bcf 1200 0.6 RAW GAS RATE - MMscf/d Vertical Well, 2P - 0.8 Bcf, Rate vs. Time 1000 0.5 Vertical Well, 2P - 0.8 Bcf, Cum. Production vs. Time 800 0.4 6

50. Slide 50: Shallow Gas (2,000m) Type Curve (Vertical Wells)

    Shallow Gas (2,000m) Type Curve (Vertical Wells) (1) 2P Type Curve - 2,000m MD Vertical Wells 3000 1.5 2500 CUMMLATIVE PRODUCTION (RAW) - Bcf RAW GAS RATE - MMscf/d 2000 1.0 Vertical Well, 2P - 1.35 Bcf, Rate vs. Time 1500 Vertical Well, 2P - 1.35 Bcf, Cum. Production vs. Time 1000 0.5 500 0 0.0 0 1

51. Slide 51: Shallow Gas (1,200m) Type Curve (Vertical Wells)

    Shallow Gas (1,200m) Type Curve (Vertical Wells) (1) 2P Type Curve - 1,200m MD Vertical Wells 1000 1.0 900 0.9 Vertical Well, 2P - 0.517 Bcf, Rate vs. Time 800 Vertical Well, 2P - 0.517 Bcf, Cum. Production vs. Time 0.8 CUMMLATIVE PRODUCTION (RAW) - Bcf 700 0.7 RAW GAS RATE - Mscf/d 600 0.6 500 0.5

52. Slide 52: Tekirdag Area Horizontal Drilling

    Tekirdag Area Horizontal Drilling 2nd HZ well BTD-4H 1st HZ well DTD-19H Teslimkoy U. Kesan 655 m lateral 425 m lateral 10-stage frac 7-stage frac IP30 rate 3.0 MMcf/d IP30 rate 0.4 MMcf/d 5th HZ well TDR-11H Mezardere TDR-14 678 m lateral DTD-6 10-stage frac Baglik-1 BTD-5 IP30 rate 1.3 MMcf/d DTD-

53. Slide 53: TBNG JV New Drill Spuds In 2012 – 2017 YTD

    TBNG JV New Drill Spuds In 2012 – 2017 YTD Hayrabolu Hayrabolu-10 Deep 2926 Kazanci-5 Exploration Area Kuzey Atakoy-1 3659 Guney Atakoy-2 F18-c1, c2, c3, c4 F19-d1, d4 5122 Karanfiltepe-5, 6 Guney Karababa-1 Atakoy-8 Biyikali-2ST Dogu Atakoy-3 Tavanli-1 Gurgen-1,2,3 F17-c2, c3 F18-d1, d2, d4 Guney O

54. Slide 54: TBNG JV New Drill Spuds In 2012

    TBNG JV New Drill Spuds In 2012 SPUD RIG RELEASE TD STATUS WELL LICENCE WELL TYPE (d/m/y) (d/m/y) (m) APRIL 1, 2017 Baglik-1 3931 10/03/2012 06/05/2012 Unconventional 3,594 Producing Dogu Karya-1 3934 04/04/2012 23/04/2012 Unconventional 2,022 Evaluating TSK-1 3931 05/04/2012 10/04/2012 Conventional

55. Slide 55: TBNG JV New Drill Spuds 2013 – 2017 YTD

    TBNG JV New Drill Spuds 2013 – 2017 YTD SPUD RIG RELEASE TD STATUS WELL LICENCE WELL TYPE (d/m/y) (d/m/y) (m) APRIL 1, 2017 TDR-14 3931 29/01/2013 22/02/2013 Unconventional 1,749 Producing Hayrabolu-10 2926 08/02/2013 10/04/2013 Unconventional 4,054 Evaluating Unconventional - 1,626 MD DTD-19H 3931

56. Slide 56: Thrace Basin Seismic

    Thrace Basin Seismic 2926 F18-c1, c2, c3, c4 F19-d1, d4 365 5122 9 F17-c2, c3 F18-d1, d2, d4 F18-c4-2 F18-c3-1 F19-d4-1 F19- F19-d3-1 F19-c3-1 F18- d4-2 d3 3860 3861 3860 G19-a1-1 G18-b1 G18-b2 10 km 2015 Banarli 3D (152 km2)  Drilling on 2D seismic only prior to 2012 2013 Osmanli 3D (232 km2)  20

57. Slide 57: Turkey Natural Gas Infrastructure

    Turkey Natural Gas Infrastructure 57

58. Slide 58: Turkey Oil Infrastructure

    Turkey Oil Infrastructure 58

59. Slide 59: Thrace Basin Turkey – Stratigraphic Column

    Thrace Basin Turkey – Stratigraphic Column  Tertiary basin  9,000 m of tertiary age sediments  Depositional environment − Deltaic sands − Turbidite sands − Reef development on Paleozoic highs  Key reservoirs − Danismen - gas − Osmancik – gas − Mezardere - gas − Ceylan – gas − Sogucak – oil − Ham

60. Slide 60: SE Turkey – Stratigraphic Column

    SE Turkey – Stratigraphic Column Reservoirs  Sinan/Garzan reefs (Tertiary/Upper Cretaceous)  Karabogaz & Mardin (Mid Cretaceous)  Bedinan (Ordovician) Source Rocks  Karabogaz (Cretaceous)  Dadas (Silurian) Seals  Germav (Upper Cretaceous)  Dadas (Silurian) Play Types  Structural - Reverse an

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