Dana Gas Pjsc · ADX:DANA
Dana Gas Pjsc — Investor Presentation (May 2019)
24 slides from Dana Gas Pjsc's investor presentation, May 2019
Slide 1: Corporate Presentation: Clean Energy For the Future
Corporate Presentation Clean Energy For the Future May 2019 1
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: Recent Highlights
Recent Highlights i ———a
Slide 4: Q1 2019: Highlights
Q1 2019: Highlights Operations Financials Group production avg. 68,700 boepd – up 6% $35mm in net profit – up 150% principally due to: Increase primarily result of KRI expansion Increase in KRI production (added $14mm) and KRI up 24% to 32,750 boepd Financing savings ($10mm) due to lower
Slide 5: Group Operations
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Slide 6: KRI: World Class Assets
KRI: World Class Assets 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 Daily production of 400 MMscf of gas ,15,000 bbl/d of Condensate and 1000 MTPD of LPG Khor Mor and Chemchemal fields DG share of
Slide 7: Large Gas Developments in MENA
Operate 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) No
Slide 8: KRI: Expansion plans underway
KRI: Expansion plans underway Ambitious programme to increase daily production to 900 MMscf and 35,000 bbl by 2023 Gas Sales Agreements (GSA) between Pearl and KRG Signed a GSA in January 2018 to sell additional gas from debottlenecking project that came online in October Signed another 20-Year
Slide 9: Egypt: Identifying Upside
Egypt: Identifying Upside First entered Egypt in 2007 Production 34,300 boepd (Q119) 2018 Reserves stand at 89 mmboe (2P) 14 development leases under 3 concessions in Nile Delta region • El-Manzala (3 Development leases) • West El-Manzala (9 Development leases) • West El-Qantara (2 Developme
Slide 10: Egypt: Programme Overview
Egypt: Programme Overview Block 6 (North El Arish Exploration Block) Company’s first offshore exploration block Contains 3 prospects of multi TCF of gas each Merak Spud of Merak exploration well in 20 May 2019 70-days to drill, results expected in Q3 2019 Block 3 (El Matariya Exploration Blo
Slide 11: Egypt: Gas Market Fundamentals are Intact
Egypt: Gas Market Fundamentals are Intact 11
Slide 12: Reserves
Reserves 2P Reserves (MMboe)* Reserves Comparison EV vs 2P reserves 16 1.20 14 Total 1.00 1,079 12 0.80 2P Reserves (mmboe) 10 EV ( million USD)* KRI 990 8 0.60 Egypt 89 6 0.40 4 0.20 2 0 0.00 Lundin Tullow Premier Dana Gas DNO Maurel & Genel Ophir Oil Prom Energy Energy EV 2P reserves *As of 31 Dec
Slide 13: Production & Realized Prices (Q1 2019)
Production & Realized Prices ( Q1 2019) Average production (boepd) 1Q 19 Vs 1Q 18 Average production (boepd) 1Q 19 Vs 4Q 18 5% 6% 68,700 Q1 2018 65,450 68,700 Q4 2018 65,000 Q1 2019 1% 12% 7% 36,800 24% 34,450 34,300 34,300 32,750 32,750 29,200 26,300 1% 25% 1,100 1,050 700 600 1,400 1,050 500 600 G
Slide 14: Production & Realized Prices (FY 18)
Production & Realized Prices (FY 18) Production (boepd) FY 2018 Vs FY 2017 Production (boepd) 4Q 18 Vs 3Q 18 & 4Q 17 67,350 65,450 67,600 63,050 Q4 2017 FY 2017 59,350 Q3 2018 32,250 FY 2018 39,050 Q4 2018 25,100 39,500 34,450 34,500 29,200 26,100 25,750 26,650 1,200 800 1,500 1,100 700 700 1,650 1,
Slide 15: Financial Performance
Financial Performance
Slide 16: Financial Highlights (Q1 2019)
Financial Highlights (Q1 2019) Gross Revenue ($mm) EBITDA ($mm) 130 100 120 119 71 120 75 68 50 110 25 100 0 Q1 2018 Q1 2019 Q1 2018 Q1 2019 Gross Profit ($mm) Net Profit ($mm) 60 40 35 45 40 30 40 20 14 20 10 0 0 Q1 2018 Q1 2019 Q1 2018 Q1 2019 16
Slide 17: Financial Highlights (FY 2018)
Financial Highlights (FY 2018) Gross Revenue ($mm) Like for like profit ($mm) 500 450 470 400 2018 2017 Profit before impairment and 300 64 5 reversals 2017 200 Impairment (250) (36) 2018 100 Reversals - 114 Net (Loss)/Profit (186) 83 0 Gross Profit & EBITDA ($mm) Net Profit ($mm) 250 230 100 83 220
Slide 18: CAPEX & OPEX
CAPEX & OPEX G&A / OPEX ($mm) CAPEX ($mm) G&A OPEX 12 13 14 13 12 10 43 32 26 5 4 4 4 3 3 8 7 Q1 2015 Q1 2016 Q1 2017 Q1 2018 Q4 2018 Q1 2019 Q1 2016 Q1 2017 Q1 2018 Q4 2018 Q1 2019 CAPEX G&A / OPEX $6mm in Egypt and $20 mm in KRI Company continues to optimise costs $20-30mm annual maintenance
Slide 19: Cash Flow, Liquidity & Receivables
Cash Flow, Liquidity & Receivables $442mm cash Free Cash Flow ($mm) Company’s 2nd Cash Dividend of $104.5mm – paid in May 465 450 413 Positive FCF - $21mm 245 315 $133mm of Sukuk buyback at nominal value 22 203 ($7mm in Q1 19) – reducing the outstanding 200 181 -30 Sukuk to $397mm 82 112 70
Slide 20: New Sukuk: favourable terms and enhanced structure
New Sukuk: favourable terms and enhanced structure New Sukuk Successful deleveraging New Sukuk Issued and Listed on the Irish Stock Exchange Issuance size $530.6mm Debt and Cash Balance (mm $) Profit Rate 4.0% 1,000 930 920 871 897 856 861 Matures in October 2020 815 803 748 723 Paid $235m
Slide 21: Arbitration & Sukuk Update
Arbitration & Sukuk Update MOL (Pearl Petroleum shareholder) MOL expressed dissatisfaction with the outcome of the settlement agreement with the KRG MOL unreasonably sought to link its endorsement of the settlement to renegotiating the payment terms for its entry into Pearl back in May 2009 (nam
Slide 22: Group Focus
Group Focus
Slide 23: Why invest in Dana Gas
Why invest in Dana Gas Growth strategy through to 2023 4-year plan to take production to 900 MMscf/d in KRI; significant growth ahead • Settlement Agreement signed in August 2017 with favorable terms • Clears the way for development of world-class fields: 1 billion boe of 2P reserves (DG share) • Co
Slide 24: 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