Greenfire Resources Ltd. · TSX:GFR
Greenfire Resources — Investor Presentation (October 2024)
21 slides from Greenfire Resources's investor presentation, Oct 8, 2024
Slide 1: Redefining Oil Sands Expectations: Future Growth Plans
Internal NYSE & TSX: GFR Redefining Oil Sands Expectations Future Growth Plans October 7, 2024
Slide 2: Shareholder Value Creation Strategy: Development Plan Targeting 58,800 bbl/d Capacity
Internal GREENFIRE RESOURCES: SHAREHOLDER VALUE CREATION STRATEGY DEVELOPMENT PLAN TARGETING 58,800 BBL/D W.I. OIL PRODUCTION CAPACITY 2 Greenfire is pleased to advance its shareholder value creation strategy, including capital efficient plans to grow the production capacity of its Hangingstone Faci
Slide 3: Future Growth Plan to Further Leverage Technology & Infrastructure
Internal 3.5 9.8 2.5 11.3 11.3 20.5 33.8 58.8 0.0 10.0 20.0 30.0 40.0 50.0 60.0 Current Production Un-utilized Demo Capacity Un-utilized Expansion Capacity Current GFR Capacity Demo Plant 1 Restart Expansion Brownfield Additional Capacity McKay Plant Relocation to Expansion Combined Future Capacity
Slide 4: Extended Reach SAGD Wells – Increased Productivity & Cost Advantages
Internal - 500 1,000 1,500 2,000 2,500 0 30 60 90 120 150 180 210 240 270 300 Daily Bitumen Rate (bbl/d) Days on Production Average Refill Production (Barrels / Stream Day) x Faster x Cost Effective x Repeatable 4 1 Prior Strategy | 20 Infills x 700m Laterals GREENFIRE’S MODERNIZED DRILLING STRATEGY
Slide 5: Curved Well Analog | Cenovus Foster Creek
Internal Curved Well Analog | Cenovus Foster Creek • The SAGD reservoirs are ancient river channels that meander in the same way that existing rivers meander today • Drilling curved wells expected to enable Greenfire to better follow reservoir channel meanders, reducing the required future well pair
Slide 6: Super Pad – Consolidation of Smaller Pads Reduces Surface Impact & Cost
Internal 6 The Super Pad plans to consolidate multiple well pads into a single concentrated pad design, including centralized infrastructure, and utilize extended reach wells which is expected to increase production at a reduced cost GREENFIRE’S MODERNIZED DRILLING STRATEGY SUPER PAD – CONSOLIDATION
Slide 7: Expansion Asset Installed Plant Capacity of 35,000 bbl/d
Internal 7 Utilize existing plant capacity by drilling Refill wells and commissioning the nearby Super Pad of sustaining wells • Existing plant is capable of producing 35,000 bbl/d 1 of bitumen and has produced as high as ~32,000 bbl/d 1 under prior operator • No additional steam generation associat
Slide 8: Expansion Asset Potential: Brownfield Expansion to 50,000 bbl/d
Internal • Brownfield expansion potential to add 15,000 bbl/d 1 of additional production capacity • Expansion asset designed for addition of one processing train and two steam generators to increase production capacity to 50,000 bbl/d 1 and steam generation capacity to 115,000 bbl/d 1 at low capital
Slide 9: McKay SAGD Facility Relocation
Internal 9 Cost effective relocation of an underutilized SAGD facility to Tier - 1 reservoir • The McKay facility was designed with a high degree of modularization, including the ability to relocate the facility, which was initially fabricated and assembled in Edmonton • Relocating the McKay facilit
Slide 10: McKay Facility Relocation to Greenfire's Thickest Tier-1 Pay
Internal 10 Expected Location of McKay CPF 15,000 bbl/d capacity once relocated Up to 40 meters of pay vs. 25 meters at Expansion 1 vs. 20 meters at Demo • Relocated McKay facility would be expected to be deployed at thickest Tier - 1 resource at the Expansion Asset • Relocated McKay facility antici
Slide 11: Demo Asset Restart: Plant 1 to Increase Capacity to 10,000 bbl/d
Internal 11 Potential to recommission processing train at existing Plant 1 facility to add 2,500 bbl/d 1 of production capacity • Plans to increase production capacity at the Demo asset by 2,500 bbl/d 1 to 10,000 bbl/d 1 by re - starting Plant 1 processing train • Incremental production capacity exp
Slide 12: Potential Inclusions in YE 2024 Reserves Report
Internal Potential Inclusions in YE 2024 Reserves Report 1,2 Inclusions in YE 2023 Reserves Report 1 Exploitation of materially all of Project Area (incl. McMurray Upper Zone) with 10m pay reservoir where sufficient delineation exists Partial exploitation of Project Area within 10m pay reservoir Dev
Slide 13: Anticipated Scope of YE 2024 Reserves Report: Increasing Acreage Evaluated
Internal • Expanding the evaluation area up to 11,300 acres from 4,600 acres, highlighted in red on the adjacent map • Evaluation to be expanded to include the McMurray Upper Zone to align with the Company development program 13 YE 2023 Reserves 2 2P 1P 238 183 Gross Reserves (MMbbl) $2,041 $1,732 A
Slide 14: Expected Development Through Modernized Drilling Strategy
Internal 14 ANTICIPATED SCOPE OF YE 2024 RESERVES REPORT EXPECTED DEVELOPMENT THROUGH MODERNIZED DRILLING STRATEGY Under the new development plan, which utilizes longer wells and exploits more reservoir, Greenfire anticipates a material reduction in the number of wells and new required surface pads
Slide 15: Trading at Significant Discount to Peers on Price / NAV
Internal 15 Market not appropriately recognizing intrinsic value of GFR shares • The table above includes relevant price / after tax NAV multiples of Greenfire vs. the other 2 pure play oil sands peer compa nie s o Greenfire trades at significant discount to peers (furthermore, the potential growth
Slide 16: Appendix
Appendix @\ GREENFIRE
Slide 17: Greenfire Resources Capital Spending Analysis
Internal 17 Greenfire has been severely capital constrained in recent years relative to its Mid Cap Oil Sands Peers Source: Company Filings Note: 2024 Guidance production and capex taken as the mid - point where applicable 1) Athabasca excludes the Light Oil division 2) Inclusive of Athabasca's rece
Slide 18: Forward-Looking Statements Advisory
Internal 18 FORWARD - LOOKING STATEMENTS ADVISORY This presentation (" Presentation ") dated October 7 , 2024 by Greenfire Resources Ltd . (" Greenfire ") contains certain forward - looking statements or forward - looking information within the meaning of the United States federal securities laws an
Slide 19: Reserves, Future Development Plan & Oil and Gas Metrics Information
Internal 19 RESERVES, FUTURE DEVELOPMENT PLAN & OIL AND GAS METRICS INFORMATION 2023 RESERVES INFORMATION The 2023 Reserves Report was prepared using the assumptions and methodology guidelines outlined in the Canadian Oil and Gas Evaluation Handbook ("COGE Handbook") and in accordance with National
Slide 20: Specified Financial and Non-GAAP Measures
Internal 20 SPECIFIED FINANCIAL AND NON - GAAP MEASURES Greenfire refers to certain financial measures and ratios in this Presentation that do not have a standardized meaning prescribed by International Financial Report Standards ("IFRS") and, therefore, are considered specified financial measures a
Slide 21: Initial Production Rates Advisory and Analogous Information
Internal 21 SPECIFIED FINANCIAL AND NON - GAAP MEASURES INITIAL PRODUCTION RATES ADVISORY References in this Presentation to initial production rates, other short - term production rates or initial performance measures relating to new wells are useful in confirming the presence of hydrocarbons ; how
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