Dana Gas Pjsc · ADX:DANA
Dana Gas Pjsc — Investor Presentation (March 2018)
22 slides from Dana Gas Pjsc's investor presentation, March 2018
Slide 1: Corporate Presentation: Clean Energy For the Future
Corporate Presentation Clean Energy For the Future March 2018
Slide 2: Disclaimer
Disclaimer This presentation contains forward-looking statements which may be identified by their use of words like “plans,” “expects,” “will,” “anticipates,” “believes,” “intends,” “projects,” “estimates” or other words of similar meaning. All statements that address expectations or projections abo
Slide 3: Company update – FY 2017
Company update – FY 2017 Operations Financials KRG arbitration settlement; plans underway to increase total FY17 gross revenue $450m vs FY16 $392m due to improved production by 20% in 2018 and 170% by 2020 realized prices and higher production Group production increased 1% in 2017 (67,600 boep
Slide 4: Where are we today
Where are we today Kurdistan Region of Iraq 25,750 boepd (FY 2017) MENA’s largest independently listed, Two world class fields – largest gas reserves in KRI natural gas-focused E&P company 10 years of historical production Supplies two major power-stations $83m $3.7bn FY 2017 net profit Tota
Slide 5: KRI: World Class Asset
KRI: World Class Asset Pearl Petroleum Company Ltd DG holding 35% (Dec 2015) Crescent (35%), OMW, MOL, RWE (10%) 2 major fields: 75 Tcf GIIP, 7 bln bbls STOIIP Khor Mor and Chemchemal fields DG share of production averaged 25,750 boepd during 2017. Largest gas reserves in KRI $1.3bn inve
Slide 6: Two of the largest gas fields in MENA
Two of the largest gas fields in MENA Large Gas Developments in MENA Kurdistan MENA 120 (Source: Company Disclosure) Gas Initially in place resources (TCF) 80 40 0 Khor Mor & Miran Bina Bawi Khazzan Leviathan & Zohr (Egypt) Al Hosn (UAE) Atoll (Egypt) Chemchemal ** (Oman) * Tamer (E. Med) Notes: Vol
Slide 7: Sept 2017: KRG & Pearl Reach Final Settlement
Sept 2017: KRG & Pearl Reach Final Settlement “The Parties have mutually agreed to fully and finally settle all their differences amicably by terminating the Arbitration and related court proceedings… implementing a mechanism for settlement of $2,239 million…” Settlement Highlights: Settlement – in
Slide 8: KRI: Initiated expansion plans
KRI: Initiated expansion plans Targeted production increase by 20% in 2018 and 170% within two to three years 2018 Development Plans Developed a detailed Field Development Plan (FDP) for Khor Mor field; appraisal programme for Chemchemal, debottlenecking facility and expansion scheme • Fast-trac
Slide 9: Egypt: Identifying Upside
Egypt: Identifying Upside First entered Egypt in 2007 Nile Delta acreage – 14 leases; 100% ownership; 2 processing plants Onshore and offshore blocks Production near maximum plant output (40,000 boepd) Reserves stand at 117 mmboe (2P) Aug 2014 – Gas Production Enhancement Agreement with go
Slide 10: Egypt: Growth potential
Egypt: Growth potential North El Salhiya (Block 1 – 100% WI) Up to 4 well drilling programme Drilling Commenced in Q4 2017 with Bahy-2 and ESAEN spudded North El Arish (Block 6 - 100% WI) Substantial and material prospect inventory Seeking permit to drill deep-water well in 2019 Block 3 (50%
Slide 11: Egypt: Gas Market Fundamentals are Intact
Egypt: Gas Market Fundamentals are Intact 11
Slide 12: UAE: Zora Gas Field
UAE: Zora Gas Field Producing gas since February 2016 Production rate of Sharjah-2 well has declined from 2,700 boepd FY16 to 1,500 boepd FY17 Detailed modelling of future performance conclude not all reservoir is productive with today’s technology Re-classify a portion of 2P reserve to cont
Slide 13: Reserves
Reserves 2P Reserves Reserves Comparison 14 1.2 1.14 12 1.0 Total 1,132 10 0.8 2P Reserves (mmboe) mmboe EV ( Billion USD) 0.73 8 KRI 0.6 990 mmboe 6 Egypt 0.4 117 mmboe 0.37 UAE 4 25 mmboe 0.29 0.30 0.2 2 0.16 0.16 0.05 12.2 8.5 3.4 1.7 1.5 1.3 0.8 0.5 0 0.0 Lundin Tullow Premier Oil Dana Gas DNO M
Slide 14: Production & Realized Prices (boepd)
Production & Realized Prices (boepd) FY 2017 vs FY 2016 Q4 2017 vs. Q4 2016 67,050 67,600 69,450 67,350 Q4 2016 FY 2016 FY 2017 Q4 2017 37,600 39,500 40,500 39,050 26,000 25,750 26,200 26,100 2,700 1,650 750 700 2,100 1,500 650 700 Group Egypt KRI UAE EBGDCO Group Egypt KRI UAE EBGDCO Average Realiz
Slide 15: Financial Highlights
Financial Highlights Gross Revenue (million USD) EBITDA (million USD) 350 334 2016 2017 2016 2017 500 450 300 392 400 250 207 200 300 150 200 112 120 100 64 59 100 50 0 0 Q4 FY Q4 FY Gross Profit (million USD) Net Profit (million USD) 150 2016 2017 83 2016 2017 80 118 103 100 30 -20 Q4 FY 50 40 32 -
Slide 16: CAPEX & OPEX
CAPEX & OPEX G&A / OPEX (million USD) CAPEX (million USD) G&A OPEX 55 56 52 52 234 122 122 28 23 13 15 47 2014 2015 2016 2017 2014 2015 2016 2017 G&A / OPEX CAPEX After significant reduction in costs in 2016, maintained G&A Capital requirement for 2018 drilling and expansion not and OPEX year-on-yea
Slide 17: Cash Flow, Liquidity & Receivables
Cash Flow, Liquidity & Receivables Free Cash Flow (million USD) 543 $608 million cash – highest in ten years 492 450 Positive FCF – principally due to KRI Settlement payment; industry payment in Egypt; regular monthly payments in KRG 203 181 200 and low CAPEX 112 82 51 Kurdistan receivables re
Slide 18: Arbitration & Sukuk Update
Arbitration & Sukuk Update UAE Gas Project (NIOC) 2014 Arbitration Award was found in favor of Crescent Petroleum (Dana Gas partner) on all issues 18 July 2016, English High Court dismissed remaining grounds of appeal by National Iranian Oil Company (NIOC) Hearing to determine damage claims to
Slide 19: Sukuk
Sukuk History - Sukuk ($/million) $1bn, 5-yr Ordinary Sukuk Sukuk issued @ 7.5% (millions) Converted $73m $1,000 Bought back $27m Pursuing $920 $920 $920 $920 litigation in UAE/UK $850 $850 courts Bought back $80m $777 $750 Refinancing - redeemed $70m; $700 $700 $700 Issued $850m; dual tranche 5-yr
Slide 20: Key Focus / Strategy: 2018
Key Focus / Strategy: 2018 1. 2. 1 2 Delivering full asset value through Development of world-class assets in continued operational efficiencies and Kurdistan to more than double focus on costs production of gas and condensate 3. 3 4. 4 Improving collections and reducing Cash conservation – balancin
Slide 21: Reach Us: Dana Gas PJSC
Reach Us: Dana Gas PJSC P. O. Box 2011, Sharjah, UAE www.danagas.com E-mail : mohammed.mubaideen@danagas.com Direct : +971 6 519 4401
Slide 22: Group Production
Group Production Group Egypt KRG* UAE EBEDCO 2016 2017 2016 2017 2016 2017 2016 2017 2016 2017 Gas (MMSCF/D) 299 301 177 187 307 299 15 9 - - Condensate (BBLs/D) 10,899 11,326 5,306 6,018 13,269 12,885 199 98 750 700 LPG ( MT/D) 534 516 245 196 826 914 - - - - Net Production ( boed) 67,050 67,600 37