Antelopus Selan Energy Ltd · NSE:ANTELOPUS
Antelopus Selan Energy — Selan Exploration Technology — Investor Presentation (September 2017)
36 slides from Antelopus Selan Energy's investor presentation, September 2017
Slide 1: Selan Exploration Technology Limited Corporate Presentation
Selan Exploration Technology Limited Corporate Presentation
Slide 2: Company Overview
SELAN CORPORATE PRESENTATION COMPANY OVERVIEW Selan Exploration Technology Limited
Slide 3: Company Overview
Company Overview Founded in 1985, Selan is an established hydrocarbon CB-ONN-2009/8 producing company operating 5 oil & gas fields in prolific Karjisan Cambay Basin in Gujarat, India Lohar Indrora Publicly listed and traded on NSE & BSE Ognaj Bakrol 100% Ownership of all assets ~170 MM BOE O
Slide 4: Corporate Highlights
Corporate Highlights Impressive Track Record Proven capability to maximize potential of marginal fields • Cumulative production of 3 major fields prior to Selan – 125 K BOE (in approximately 25 years) • Cumulative production from 3 major fields under Selan – 2.9 MM BOE (in approximately 20 years) Lo
Slide 5: Impressive Profit Margin
Impressive Profit Margin CUMULATIVE REVENUE, CAPEX, LIFTING COST, PROFIT PETROLEUM 200 $ MILLION 180 REV. $180 MM 160 140 120 100 GOVT $11 MM 80 LIFT $19 MM 60 40 CAPEX $70 MM 20 0 Cumulative Capex Cumulative Lifting Cost Cumulative Profits Petroleum Cumulative Revenue For Indrora, Bakrol and Lohar
Slide 6: Impressive Profit Margin (Per BOE)
Impressive Profit Margin (Per BOE) CUMULATIVE REVENUE, LIFTING COST, PROFIT PETROLEUM, CAPEX $ PER BOE 70 60 50 40 30 20 10 - Capex Lifting Cost Profits Petroleum Revenue For Indrora, Bakrol and Lohar fields only Selan Exploration Technology Limited
Slide 7: Board of Directors
Board of Directors Rohit Kapur Chairman Mr. Kapur is a graduate of Columbia Business School (MBA) and is a former General Manager of American Cyanamid Inc., a Fortune 100 Company for one of its international subsidiaries. A seasoned entrepreneur with international experience, he has played a pivotal
Slide 8: Management Team & Key Advisors
Management Team & Key Advisors Deepak Neeraj Sethi President & CEO Agrawal Sr. Technical Advisor to BoD Neeraj Sethi, a graduate of IIT Mumbai, is an internationally accomplished Deepak is a post-graduate from University of California, business leader with extensive leadership experience in general
Slide 9: Asset Overview
SELAN CORPORATE PRESENTATION ASSET OVERVIEW Selan Exploration Technology Limited
Slide 10: Cambay Basin Overview
Cambay Basin Overview Basin area 59,000 sq. km Discovered resources of over 15 Bn. Barrels Karjisan Balance proven reserves of over 750 MMBOE Lohar Indrora 178 discrete fields with median size 18 sq. km Ognaj Multi-Stack Reservoirs - Several producing & Bakrol prospective layers Cambay M
Slide 11: Cambay Basin Stratigraphy
Cambay Basin Stratigraphy Kalol – Prolific Conventional Oil formation • Lohar – Producing from K-III • Karjisan - Producing from K-IV & K-III • Bakrol - Producing from K-IX & K-VIII • Indrora - Producing from K-X • Ognaj – Tested in K-IX & K-X Cambay Shale – Producing formation with significant upsi
Slide 12: Asset Summary
Asset Summary Key Facts Bakrol Lohar Indrora Karjisan Ognaj Total Block Area (sq. km) 36 5 130 5 13.65 190 Reservoir Kalol Kalol YCS Kalol Kalol Major Reservoir Depth 1500 1350 1400 1350 1500 API Gravity (-) 35-41 20 35 16 15 Formation Permeability (mD) 30 ~1000 0.1 to 2 ~1000 2 – 10 Dead oil viscos
Slide 13: Typical Field Facilities
Typical Field Facilities Selan Exploration Technology Limited
Slide 14: Bakrol – Location & Field Overview
Bakrol – Location & Field Overview 36 sq. Km. block. Discovered O&G Inplace: 79.8 MMBOil + 20.6 MMBOE Gas ONGC discovery 1968 in BK-2 (Kalol) Selan awarded Field in 1995 under pre-NELP PSC ONGC Cum. Prodn. 35 K BOE from 7 wells. Selan Cum Prodn. 2.07 MMBOE from 29 wells Currently 25 of
Slide 15: Lohar – Location & Field Overview
Lohar – Location & Field Overview 5 sq. Km Block. Discovered O&G Inplace : 3.8 MMBOil + 0.05 MMBOE Gas ONGC discovery in 1981 LH-1 (Kalol) Selan awarded field in 1995 under pre-NELP PSC ONGC drilled 3 wells Cum prodn. 10.8 K BOE Selan Cum Production 0.7 MBOE from 13 wells Currently 6 o
Slide 16: Indrora – Location & Field Overview
Indrora – Location & Field Overview 130 sq km block. Discovered O&G Inplace : 51.7 MMBOil + 5.9 MMBOE Gas ONGC discovery in 1971 IND-1 (Younger Cambay Shale) Selan was awarded the Indrora Field on 13th March 1995 under a PSC signed with MoPNG ONGC drilled 12 wells. Cum Production 76 K BOE
Slide 17: Karjisan – Location & Field Overview
Karjisan – Location & Field Overview 5 sq km block. Discovered O&G Inplace : 6.8 MMBOil + 0.5 MMBOE Gas ONGC discovered the Karjisan Field in 1985 by drilling the KJ- 1 well which produced gas from Kalol-III formation of Middle Eocene Age Selan was awarded the Karjisan Field on 16th Feb 2004
Slide 18: Ognaj – Location & Field Overview
Ognaj – Location & Field Overview The Block covers an area of 13.65 Sq Km adjacent to urbanized region of Ahmedabad city Discovered O&G Inplace : 0.8 MMB Oil + 0.02 MMBOE Gas ONGC discovered the Ognaj field in 1982 and drilled two wells (Ognaj-1 &2), Selan drilled the Ognaj-3 well in 2011 Se
Slide 19: Phased Production Enhancement Plan
Phased Production Enhancement Plan Karjisan Indrora Bakrol Ognaj Lohar Total Unit 2P Oil In Place MMBOE 60.2 2.5 20.2 3.2 0.3 86.4 Cum. Oil Production MMBOE 2.10 0.70 0.21 0.00 0.00 2.90 PHASED DEVELOPMENT Oil MMBOE 0.55 0.18 0.11 0.84 Baseline Decline Gas MMBOE 0.21 0.36 0.57 Oil MMBOE 0.79 0.27 0.
Slide 20: Asset Status and Prospects
Asset Status and Prospects Karjisan Indrora Bakrol Ognaj Lohar Total Resources Unit Oil in Place Low geological risk 2P Oil In Place MMBOE 60.2 2.5 20.2 3.2 0.3 86.4 • Fields extensively mapped with 3D Seismic and Cum. HC Production MMBOE 2.1 0.7 0.2 - - 2.9 infill drilling Cum. Recovery to date % 3
Slide 21: Bakrol – Basis of Development Plan
Bakrol – Basis of Development Plan Field producing from 23 of 29 wells Range of productivities Majority of wells need artificial lift to produce Bakrol wells need production enhancement via hydraulic fracking Results from recent stimulation campaign increase confidence in increasing produc
Slide 22: Bakrol – Strategy in Action
Bakrol – Strategy in Action Pilot hydraulic fracturing campaign resulted in multi-fold production enhancement 4 shut-in wells put on production Net gain projected ~300K BOE over baseline projection Full field implementation planned to enhance production to extract ~800K BOE above baseline pr
Slide 23: Indrora – Justification for Future Profile
Indrora – Justification for Future Profile Younger Cambay Shale reservoir Similar to prolific American Shale reservoirs (Eagle Ford) Hydraulic Fracturing & Horizontal drilling allow economic recovery 3 Well Pilot project underway to establish Frac. effectiveness Eagle Ford Indrora (YCS) Play
Slide 24: Lohar – Analogous Fields & Successful Execution
LOHAR – Analogous Fields & Successful Execution Lohar Field Performance 250 100 Oil Rate bopd %wc 90 Battrum East Roseray, Canada 200 80 oIl prodn rate, bopd 70 %water cut 150 60 50 100 40 30 50 20 10 0 0 0 2 4 7 12 20 33 45 58 73 87 100 124 140 165 196 220 248 274 316 357 404 449 499 540 570 597 Cu
Slide 25: Karjisan Highlights
KARJISAN HIGHLIGHTS KARJISAN OIL UPDATE Lohar, Ognaj, • Established Sustained production on KJ-4 Karjisan Bakrol, • Oil delivery started May-2017 Indrora • Field development plan in progress READY TO DELIVER GAS Selan’s Oil Characteristics • Well deliverability established • Buyer & sales agreem
Slide 26: Upside Potential
SELAN CORPORATE PRESENTATION UPSIDE POTENTIAL Selan Exploration Technology Limited
Slide 27: Upside Potential
Upside Potential Large area of Bakrol and Indrora fields are undeveloped Historical Chance of Success (CoS) in Bakrol is very high In addition to YCS reservoir in Indrora upside in Olpad, YCS-II & Kalol Undeveloped Undeveloped Bakrol Indrora Selan Exploration Technology Limited
Slide 28: Fiscal Terms
Fiscal Terms Selan Exploration Technology Limited
Slide 29: Favorable Fiscal Regime
Favorable Fiscal Regime 100% Working Interest in all fields + operator Stable PSC regime 25 Year Contract, 10 Year Extension Provision 100% Cost Recovery Allowed Profit Petroleum 100% to Selan Up to IM of 3.5, 50% thereafter Economic Stabilization, In-Country Arbitration Low Royalty, C
Slide 30: Valuation
Valuation Selan Exploration Technology Limited
Slide 31: Future – Low Investments, High Return
Future – Low Investments, High Return Cumulative Revenue, Capex, Lifting Cost, & Profit Petroleum $ Million (Phase - I & II Proven Development) 600 $519 m 500 400 300 200 100 - FY2017 FY2018 FY2019 FY2020 FY2021 FY2022 FY2023 FY2024 FY2025 FY2026 FY2027 FY2028 FY2029 FY2030 Cumulative Capex Cumulati
Slide 32: Future Margins – Expected to grow
Future Margins – Expected to grow Revenue, Capex, Lifting Cost, & Profits Petroleum $ BOE (Phase I & II - Developing Proven Resources) 90 80 70 60 50 40 30 20 10 - FY2017 FY2018 FY2019 FY2020 FY2021 FY2022 FY2023 FY2024 FY2025 FY2026 FY2027 FY2028 FY2029 FY2030 Capex Lifting Cost Profits Petroleum R
Slide 33: Cash – Massive Cash Generation
Cash – Massive Cash Generation Cumulative Cash (Cash Stored Until 2030) 160 140 120 100 $MILLION 80 60 40 20 0 Base Phase 1 Phase 2 Selan Exploration Technology Limited
Slide 34: Key Risks
Key Risks Long term Outlook on Oil Prices Extension of PSCs for Bakrol, Indrora and Lohar Risks " not present in Selan " ... • Lack of significant oil in place or hypothecation of reserves • Manpower availability • Pending / un-met work commitments • Debt & Lack of any funds requirement • Partne
Slide 35: Selan Valuation – Value of Reserves
Selan Valuation – Value of Reserves Market Cap INR 258 crs Less: Cash on hand INR 111 crs Enterprises Value (EV) INR 147 crs EV in USD USD 23 mill Proved Reserves 5.33 MMBOE EV per BOE proved reserves USD 4.33 PER BOE Equivalent International Benchmark EV/BOE USD 20.0 PER BOE Selan Exploration Techn
Slide 36: Disclaimer
Disclaimer This material contains forward-looking statements regarding Selan Exploration Technology Ltd, its corporate and business strategies and plans, future financial condition and results of operations. All such forward- looking statements are based on the management's assumptions and beliefs i
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