Coro Energy Plc · LSE:CORO
Coro Energy — Investor Presentation (2019)
22 slides from Coro Energy's investor presentation, 2019
Slide 1: Investor Presentation Q3
Q3 2019 CORO ENERGY PLC CORO ENERGY PLC INVESTOR PRESENTATION Q3 INVESTOR PRESENTATION Q3
Slide 2: Disclaimer
DISCLAIMER The information contained in this document (“Presentation”) has been prepared by Coro Energy plc (the “Company”). While the information contained herein has been prepared in good faith, neither the Company nor any of its shareholders, directors, officers, agents, employees or advisers giv
Slide 3: The Journey So Far
THE JOURNEY SO FAR... A FULL CYCLE SOUTH EAST ASIAN FOCUSSED E&P COMPANY INITIATED SOUTH EAST ASIA INTERNATIONAL GROWTH STRATEGY Regional gas & oil strategy backed by: Supply/demand imbalance CORO ENERGY PLC INVESTOR PRESENTATION Q3 Strong local gas markets SHAREHOLDERS MAIDEN DEAL IN REGION, Scarci
Slide 4: Board of Directors
BOARD OF DIRECTORS James Parsons James Menzies Andrew Dennan Non-Executive Chairman Chief Executive Officer Chief Financial Officer CEO Sound Energy and Chairman at Echo Energy Founder & CEO of Salamander Energy plc Over 10 years’ experience in capital markets CORO ENERGY PLC INVESTOR PRESENTATION Q
Slide 5: Why South East Asia?
30,000 25,000 TOTAL SE ASIA 20,000 GAS DEMAND WHY SOUTH EAST ASIA? SUPPLY - DEMAND 15,000 SUPPLY - DEMAND MMCFD GAP 10,000 TOTAL CONTRACTED SUPPLY 5,000 EAST JAVA SINGAPORE AVERAGE MARKET AVERAGE MARKET 0 PRICE ARE IN RANGE PRICE ARE IN RANGE 2012 Indonesia 2015 2018 Singapore 2021 2024 Malaysia Tha
Slide 6: Independent E&P Strategy in SE Asia: Tried & Tested Model
INDEPENDENT E&P STRATEGY IN SE ASIA TRIED & TESTED MODEL HUB STRATEGY WELL SUITED TO SE ASIA LARGE OPERATED EQUITY PARTICIPATION CORO ENERGY PLC INVESTOR PRESENTATION Q3 ENHANCED TECHNICAL INSIGHT INCREASED ACCESS TO OPPORTUNITIES OPERATIONAL FLEXIBILITY CONTROL TIMING/SPEND FINANCIAL SYNERGIES PART
Slide 7: Fallow Discoveries Have Been a Source of Great Value for Independents
FALLOW DISCOVERIES HAVE BEEN A SOURCE OF GREAT VALUE FOR INDEPENDENTS WEST DESARU, HESS 40MMbo MALAYSIA PETROFAC CORO ENERGY PLC INVESTOR PRESENTATION Q3 CENDOR, HESS 85MMbo MALAYSIA PETROFAC DISCOVERY JASMINE, 55MMbo PRODUCTION HARRODS ENERGY THAILAND PEARL ENERGY START UP BUALAUNG, 85MMbo LONG FAL
Slide 8: Coro in East Java: The Lengo Gas Field, Bulu PSC
CORO IN EAST JAVA THE LENGO GAS FIELD, BULU PSC WELL DEFINED ON 3D SEISMIC, APPRAISED, CORED & TESTED CORO ENERGY PLC INVESTOR PRESENTATION Q3 Located in a proven petroleum province close to industrial markets Significant gas resources, independently certified Well developed reservoir, over 80 meter
Slide 9: Bulu PSC Improved Deal Terms
BULU PSC IMPROVED DEAL TERMS ORIGINALLY ANNOUNCED TRI-PARTITE AGREEMENT TO ACQUIRE 152 BCF OF 2C RESOURCES AT A COST OF $0.7/MSCF WITH MITSUI & HYOIL CORO ENERGY PLC INVESTOR PRESENTATION Q3 HYOIL ARE TO RECEIVE A TOTAL MITSUI WERE TO RECEIVE TOTAL CASH CONSIDERATION OF UP TO $4MM PAYMENT OF $8MM ($
Slide 10: Mako Gas Field, Duyung PSC
MAKO GAS FIELD, DUYUNG PSC HIDING IN PLAIN SIGHT Biogenic gas accumulation located in the prolific West Natuna basin CORO ENERGY PLC INVESTOR PRESENTATION Q3 Shallow, Pliocene-age Intra-Muda sandstone reservoir, with gas water contact at c. 391m TVDss Four wells have penetrated the field to date Res
Slide 11: Lower Gabus Low Risk Step Out Exploration Potential
LOWER GABUS AMPLITUDE EXTRACTION TAMBAK DRILLING LOW RISK STEP OUT EXPLORATION POTENTIAL CORO ENERGY PLC INVESTOR PRESENTATION Q3 Closure of circa 15 square km beneath the north of the Mako gas field Lower Gabus structure this is the classic ‘play’ in the West Natuna basin TAMBAK PROSPECT Previous w
Slide 12: Malaysia Block 2A: Multi TCF Potential
MALAYSIA BLOCK 2A — MULTI TCF POTENTIAL Joint Study agreement with Situated in Eastern Malaysia – High quality 3D seismic data and National Oil company (Petronas) block covers an area of regional well data to be used by 2,400km2 Coro to assess petroleum potential CORO ENERGY PLC INVESTOR PRESENTATIO
Slide 13: Coro Energy's Portfolio
CORO ENERGY’S PORTFOLIO GROWING MID TIER FUTURE PROSPECT PRODUCTION GAS PROXIMAL TO MARKETS INVENTORY PLATEAU WEST NATUNA - SINGAPORE EAST JAVA - EAST JAVA INDUSTRIAL HUB SARAWAK - BINTULU LNG CORO ENERGY PLC INVESTOR PRESENTATION Q3 ITALIAN POST-BULU POST-BULU & PLATFORM ACQUISITION DUYUNG ACQUISIT
Slide 14: Upcoming Newsflow
UPCOMING NEWSFLOW 2019 FOCUS Q1 Q2 Q3 Q4... DUYUNG RIG SELECTION MAKO DRILLING POD APPROVAL ORDER LONG LEAD ITEMS RIG MOB TAMBAK-1 RESULT RESULT SERVICES CONTRACTING SOUTH-2 CAMPAIGN CORO ENERGY PLC INVESTOR PRESENTATION Q3 YEARLY 2019 2020 2021... Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 DUYUNG PSC DRILLIN
Slide 15: Appendix
CORO ENERGY PLC INVESTOR PRESENTATION Q3 APPENDIX APPENDIX 15
Slide 16: The Lengo Gas Field, Bulu PSC
THE LENGO GAS FIELD, BULU PSC WELL DEFINED ON 3D SEISMIC, APPRAISED, CORED & TESTED CORO ENERGY PLC INVESTOR PRESENTATION Q3 Located in a proven petroleum province close to industrial markets Significant gas resources, independently certified Well developed reservoir, over 80 meter column height EAS
Slide 17: Duyung PSC Highlights
DUYUNG PSC HIGHLIGHTS MAKO GAS FIELD – A SHALLOW GAS ACCUMULATION COVERING A HUGE AREAL EXTENT Giant anticline, c. 350 square km 276 Bcf of certified gross 2C CORO ENERGY PLC INVESTOR PRESENTATION Q3 of closure above the GWC recoverable dry gas resource, 97% methane, with 392 Bcf Shallow depth of re
Slide 18: Mako Gas Field, Duyung PSC
MAKO GAS FIELD, DUYUNG PSC HIDING IN PLAIN SIGHT Biogenic gas accumulation located in the prolific West Natuna basin CORO ENERGY PLC INVESTOR PRESENTATION Q3 Shallow, Pliocene-age Intra-Muda sandstone reservoir, with gas water contact at c. 391m TVDss Four wells have penetrated the field to date Res
Slide 19: Low Risk Step Out Exploration Potential (1)
LOWER GABUS AMPLITUDE EXTRACTION LOW RISK STEP OUT EXPLORATION POTENTIAL (1) Closure of circa 15 square km beneath the north of the Mako gas field Lower Gabus structure this is the classic CORO ENERGY PLC INVESTOR PRESENTATION Q3 ‘play’ in the West Natuna basin Previous wells testing the Lower Gabus
Slide 20: Low Risk Step Out Exploration Potential (2)
INTRA-MUDA STRUCTURE MAP LOW RISK STEP OUT EXPLORATION POTENTIAL (2) Mako Shallow prospect comprises SEISMIC LINE ACROSS THE SOUTHERN END OF MAKO FIELD & MAKO SHALLOW PROSPECT two shallow reservoirs above the A crestal ‘horst’ in southern end of CORO ENERGY PLC INVESTOR PRESENTATION Q3 APPROXIMATE m
Slide 21: Portfolio Valuation
PORTFOLIO VALUATION 190.0 16.0P UPSIDE SUCCESS CASE CORO ENERGY PLC INVESTOR PRESENTATION Q3 150.0 $176MM 13.0P NET TO CORO D E PENCE PER SHARE S K RI UN US$ (MM) UPSIDE VALUE 110.0 OUT-TURN 10.0P E D 70.0 RISK RISKED VALUE OUT-TURN 7.0P PORTFOLIO 30.0 3.0P VALUATION CORE BASE CASE UPSIDE CASE ASSUM
Slide 22: CORO ENERGY PLC INVESTOR PRESENTATION Q3
CORO ENERGY PLC INVESTOR PRESENTATION Q3 22