Pharos Energy Plc · LSE:PHAR
Pharos Energy — SOCO International — H1 2011 Earnings Presentation
20 slides from Pharos Energy's earnings presentation, Aug 24, 2011
Slide 1: Half Year Results
24 August 2011—Half Year Results
Slide 2: Preface
Preface This presentation, which is confidential and is being supplied in the United Kingdom only to persons with professional experience in matters relating to investments for the purposes of the Financial Services and Markets Act 2000, does not constitute or form part of any offer or invitation to
Slide 3: Overview
Overview Financial Cash and equivalents balance of $213 million Operational TGT commenced production on 22 August Rigs secured for all of 2011 drilling programme Extension of TGD appraisal area Outlook Expect TGT to ramp up to test FPSO capacity by YE 2011. Drilling to commence in September on Phase
Slide 4: 1H11 Financial Summary
1H10 Financial Summary (half year unaudited, US$ million) 1H11 1H10 2010 Cash 213.1 258.1 260.4 Profit (from cont ops) 6.8 3.73 12.33 Operating Cash Flow1 13.2 24.5 36.7 Capex2 65.0 51.6 151.9 1 Production avg’d 2,339 BOEPD in 1H11 vs 5,191 BOEPD in 1H10 and 4, 648 BOEPD in 2010 net to WI 2 US$170 C
Slide 5: SOCO - Areas of Activity
SOCO - Areas of Activity VIETNAM CONGO DRCONGO ANGOLA OPERATED NON-OPERATED 5
Slide 6: Cuu Long Basin Production, Development and Appraisal Areas
Cuu Long Basin Production, Development and Appraisal Areas 30.5% WI 25% WI 58.5% WI 6
Slide 7: Full Field TGT Drilling and Development Scheme
Full Field TGT Drilling and Development Scheme H1/H2-WHP 4 x 10” Multiphase pipelines 1 x 10” WI pipeline 1 x 8” Gas-lift supply pipeline TGT FPSO SSIV 1.8 km PLEM 8 km (PV G Ex s Scope 24 km ipeline ) port a H3/H4-WHP 1 x 16” / 20” Pipe-in-Pipe Multiphase pipeline 1 x 8” WI pipeline P f Work Gas 1
Slide 8: TGT FPSO flare from first oil
TGT FPSO flare from first oil 8
Slide 9: Central Africa: SOCO's Portfolio
Central Africa: SOCO’s Portfolio 9
Slide 10: North Congo Basin Structural Elements
North Congo Basin Structural Elements 10
Slide 11: Congo: Marine XI and XIV Blocks
Congo: Marine XI and XIV Blocks 11
Slide 12: Ensco 5003 under tow
Ensco 5003 under tow SUCU,.-. INTERNATIONAL 12
Slide 13: Offshore Congo Drilling Programme
Offshore Congo Drilling Programme Joint Programme on Marine XI and Marine XIV with pre-drill recoverable resource ests 250mmbbl Two firm wells MIM-1 to test Toca/Djeno on Marine XI MKM-1 to test Sendji on Marine XIV One contingent well KBM-1 to test Toca/Vandji on Marine XIV if MIM-1 successful LDKE
Slide 14: Nganzi Block: Proposed 2011 Infill Seismic
Nganzi Block: Proposed 2011 Infill Seismic Evaluation of well results completed Chela leads identified and mapped Seismic programme planned for 3Q2011 14
Slide 15: Albertine Graben Petroleum Activity
Albertine Graben Petroleum Activity Block V EIA approved in July Aeromag/gravity survey 4Q11 Lake seismic programme planned for 1Q12 15
Slide 16: Block V: area of planned activity
Block V: area of planned activity SOCO Area of Activity, the Virunga National Park and the Mountain Gorilla Habitat Data Source: Mountain Gorilla Distribution from WWF 2010 Census Lake Edward Block V Exploration Area (Below 1,200m) Seismic Programme 2011 Potential area of future seismic activity (co
Slide 17: 2011/2012 Drilling Schedule
2011/2012 Drilling Schedule 17
Slide 18: Revenue/Cash profile
Revenue/Cash profile ( CNV + Phase I TGT only, $100mm Capex, no future exploration success) 1200 1000 800 600 $MM 400 200 0 2010 2011 2012 2013 2014 2015 Revenue ($90/bbl) Y/E cash balance ($90/bbl) Revenue ($70/bbl, -20% prodn) Y/E cash balance ($70/bbl, -20% prodn) 18
Slide 19: Summary
Summary Exponential increase in net production and cash flow in 4Q11 Phase II TGT development drilling commences in weeks Exploration drilling programme in offshore Congo offers substantial upside New ventures being pursued in SE Asia and Africa Significant amount of near term news flow 19
Slide 20: SOCO International plc
SOCO International plc St James’s House 23 King Street London SW1Y 6QY United Kingdom Tel: 020 7747 2000 Fax: 020 7747 2001 Registered No: 3300821 www.socointernational.co.uk 20