Slide 1: Coro Energy Plc Investor Presentation Q1 2020
Q1 2020 CORO ENERGY PLC INVESTOR PRESENTATION Q1 CORO ENERGY PLC INVESTOR PRESENTATION Q1
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: A Full Cycle South East Asian Focussed E&P Company
A FULL CYCLE SOUTH EAST ASIAN FOCUSSED E&P COMPANY Regional gas & oil Focussed business SHAREHOLDERS strategy backed by: development team 4% CORO ENERGY PLC INVESTOR PRESENTATION Q1 Supply/demand imbalance Positioned to benefit from rapidly changing environment Strong local gas markets in SE Asia 7%
Slide 4: Board of Directors
BOARD OF DIRECTORS James Parsons James Menzies Andrew Dennan Non-Executive Chairman Chief Executive Officer Chief Financial Officer Non- executive Chairman of Echo Energy Plc, Founder & CEO of Salamander Energy plc Over 10 years’ experience in capital markets CORO ENERGY PLC INVESTOR PRESENTATION Q1
Slide 5: Why South East Asia? Increasing Demand
WHY SOUTH EAST ASIA? INCREASING DEMAND SOUTH EAST ASIA AND EUROPE IN COMPARISON CORO ENERGY PLC INVESTOR PRESENTATION Q1 SE Asia Europe POPULATION 1.0% GROWTH -0.3% GDP 4-6% GROWTH* 1-2% ENERGY 4.0% DEMAND GROWWTH** -0.3% *AVERAGE ANNUAL GROWTH UNTIL 2025 WHY SOUTH **AVERAGE ANNUAL GROWTH UNTIL 2040
Slide 6: Why South East Asia? While Supply Is Falling
WHY SOUTH EAST ASIA? WHILE SUPPLY IS FALLING Indigenous supply in decline as demand grows; future output increasingly dominated by gas CORO ENERGY PLC INVESTOR PRESENTATION Q1 SUPPLY BY REGION SUPPLY BY HYDROCARBON 8 18 7 16 14 6 MILLION BOE/D MILLION BOE/D 12 5 10 GAS 4 8 3 6 2 4 LIQUID 1 2 0 0 WHY
Slide 7: Why South East Asia? Discovered but undeveloped resource
WHY SOUTH EAST ASIA? Asia Pacific holds 70 billion boe of discovered but undeveloped resource WATER DEPTH RESOURCE THEME OPERATOR CORO ENERGY PLC INVESTOR PRESENTATION Q1 ONSHORE SHELF CONVENTIONAL DEEPWATER NOCS MAJORS DEEPWATER ULTRA- LNG UNCONVENTIONAL LARGE & OTHERS DEEPWATER MID CAPS ACID/SOUR
Slide 8: Independent E&P Strategy in SE Asia
INDEPENDENT E&P STRATEGY IN SE ASIA TRIED AND TESTED MODEL HUB STRATEGY WELL SUITED TO SE ASIA LARGE OPERATED EQUITY PARTICIPATION CORO ENERGY PLC INVESTOR PRESENTATION Q1 ENHANCED TECHNICAL INSIGHT INCREASED ACCESS TO OPPORTUNITIES OPERATIONAL FLEXIBILITY CONTROL TIMING/SPEND FINANCIAL SYNERGIES PA
Slide 9: 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 Q1 CENDOR, HESS 85MMbo MALAYSIA PETROFAC DISCOVERY JASMINE, 55MMbo PRODUCTION HARRODS ENERGY THAILAND PEARL ENERGY START UP BUALAUNG, 85MMbo LONG FAL
Slide 10: Mako Gas Field, Duyung PSC: Hiding in Plain Sight
MAKO GAS FIELD, DUYUNG PSC HIDING IN PLAIN SIGHT TENGIRI-1 Biogenic gas accumulation located in the prolific West Natuna basin TAMBAK-1 CORO ENERGY PLC INVESTOR PRESENTATION Q1 Shallow, Pliocene-age Intra-Muda sandstone reservoir, with gas water contact at c. 391m TVDss MAKO SOUTH-1 Six wells have p
Slide 11: Appraisal Campaign Success
APPRAISAL CAMPAIGN SUCCESS CORO ENERGY PLC INVESTOR PRESENTATION Q1 Mako Field = Large, Single Gas Tank Extensive High Quality Reservoir Distributed Over Huge Areal Extent Excellent Porosity, Multidarcy Permeability Sweet, Dry Natural Gas, >97% Methane Multiple Successful DSTs 276Bcf (2C), 392Bcf (3
Slide 12: Mako: Arbitrary Line Across Well Locations
MAKO: ARBITARY LINE ACROSS WELL LOCATIONS 13.5 KM TAMBAK -1 MAKO SOUTH-1 TAMBAK -2 CORO ENERGY PLC INVESTOR PRESENTATION Q1 AMPLITUDE SHUT OFF GAS-WATER CONTACT MAKO: ARBITARY LINE ACROSS WELL LOCATIONS 12
Slide 13: Mako Appraisal Wells: Adding c.100 BCF Contingent Resources
MAKO APPRAISAL WELLS: ADDING c.100 BCF CONTINGENT RESOURCES WELL LOGS FLATTENED ON INTRA-MUDA SANDSTONE RESERVOIR CORO ENERGY PLC INVESTOR PRESENTATION Q1 MAKO APPRAISAL WELLS 13
Slide 14: Access to Singapore Gas Market via WNTS Pipeline
WNTS (WEST NATUNA TRANSPORT SYSTEM) GAS PIPELINE TO SINAGPORE ACCESS TO SINGAPORE GAS MARKET 16 km from Kerisi platform CORO ENERGY PLC INVESTOR PRESENTATION Q1 (Medco-operated) Can hook into West Natuna Transportation System (WNTS), delivers gas to MAKO FIELD LOCATION IN COMPARISON TO Singapore SIN
Slide 15: 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 16: Giant Structures with Multi TCF Resource Potential
M.Madonetal./JournalofAsianEarthSciences76(2013)312–333 NW NW NORTHERN LUCONIA PLATFORM SE SE 0 GIANT STRUCTURES 1 EARLY MIOCENE UNCONFORMITY WITH MULTI 2 TCF RESOURCE 3 POTENTIAL WITHIN 4 THE STUDY AREA SECONDS TWT 5 5 6 6 CORO ENERGY PLC INVESTOR PRESENTATION Q1 Over 2,900 sq km of modern, 7 high
Slide 17: Well Developed Gas Infrastructure & Markets Close to Block 2A
WELL DEVELOPED GAS INFRASTRUCTURE & MARKETS IN CLOSE PROXIMITY TO BLOCK 2A CORO ENERGY PLC INVESTOR PRESENTATION Q1 Bintulu LNG established in 1982 Bintulu train nine was commissioned in 2016 Other than LNG, offshore BINTULU LNG PLANT gas is needed for: fertilizer plants a middle distillates plant a
Slide 18: 2A Strategically Placed to Supply Gas into Malaysian LNG
2A STRATEGICALLY PLACED TO SUPPLY GAS INTO MALAYSIAN LNG CORO ENERGY PLC INVESTOR PRESENTATION Q1 THE SARAWAK COMMERCIAL GAS SUPPLY-DEMAND GAP SIGNIFICANT FEEDGAS 5.0 SHORTAGE INTO MLNG PLANT IN BINTULU SARAWAK, MALAYSIA 4.5 4.0 3.5 PLANT CURRENTLY WORKING AT 85% CAPACITY 3.0 BCF/D 2.5 2.0 SIGNIFICA
Slide 19: Coro Energy's Portfolio
CORO ENERGY’S PORTFOLIO GROWING MID TIER FUTURE PROSPECT PRODUCTION GAS PROXIMAL TO MARKETS INVENTORY PLATEAU WEST NATUNA - SINGAPORE SARAWAK - BINTULU LNG CORO ENERGY PLC INVESTOR PRESENTATION Q1 ITALIAN POST DUYUNG PLATFORM ACQUISITIONS GAS PROXIMAL BCF BOE BCF BOE TO MARKETS NET 2P & 2C RESERVES/
Slide 20: Great Opportunity for an Independent E&P Operator
GREAT OPPORTUNITY FOR AN SABAH 19 INDEPENDENT E&P OPERATOR MALAYSIA HOLDS OVER 170 OPEN FIELDS 50 31 CORO ENERGY PLC INVESTOR PRESENTATION Q1 SABAH PENINSULA MALAYSIA PENINSULA MALAYSIA 22 71 SARAWAK SARAWAK 14 T O TA L 52 49 55 38 173 LEGEND DISCOVERED MALAYSIA RESOURCES IN HOLDS OVER 170 GAS OPEN
Slide 21: Malaysian Discovered Resources
MALAYSIAN DISCOVERED RESOURCES GREEN AND BROWNFIELD OPPORTUNITIES LIMITED NUMBER OF OPERATORS WOULD SUIT INDEPENDENT E&P IN COUNTRY CORO ENERGY PLC INVESTOR PRESENTATION Q1 ACTIVE E&P PLAYERS CURRENTLY IN MALAYSIA We believe that there is significant resource opportunity potentially available in Mal
Slide 22: Upstream Restructuring in Malaysia & SE Asian Region
UPSTREAM RESTRUCTURING IN MALAYSIA & SE ASIAN REGION NEW ENTRANTS? CORO ENERGY PLC INVESTOR PRESENTATION Q1 SCDM ENERGY UPSTREAM RESTRUCTURE 22
Slide 23: Upcoming Newsflow
UPCOMING NEWSFLOW YEARLY 2020 2021... Q1 Q2 Q3 Q4 Q1 Q2 CORO ENERGY PLC INVESTOR PRESENTATION Q1 DUYUNG PSC INDONESIA CPR GSA FIELD DEVELOPMENT BLOCK 2A PSC NEGOTIATIONS PSC AWARD MALAYSIA MALAYSIA BUSINESS DISCOVERED RESOURCE ROUND DEVELOPMENT REGIONAL UPCOMING ASSET M&A SCREENING AND NEGOTIATION,
Slide 24: Appendix
CORO ENERGY PLC INVESTOR PRESENTATION Q1 APPENDIX APPENDIX 24
Slide 25: SE Asia Headlines: New Discoveries & Growing Acreage Position
SE ASIA HEADLINES 1 NEW DISCOVERIES & GROWING ACREAGE POSITION CORO ENERGY PLC INVESTOR PRESENTATION Q1 Conoco Phillips & Repsol granted West Ganal PSC in East Corridor PSC extension in Sumatra Kalimantan award in for 20 years Indonesia to ENI as Operator Corridor currently doing 830 mmscf/d Award c
Slide 26: SE Asia Headlines: New Discoveries & Growing Acreage Position
SE ASIA HEADLINES 2 NEW DISCOVERIES & GROWING ACREAGE POSITION MARCH 2019 JUNE 2019 JULY 2019 PTTEP ACQUIRES PTTEP, KUFPEC & PETRONAS ENI 2-3 TCF DISCOVERY MURPHY MALAYSIA 2-3 TCF DISCOVERY SARAWAK, OFFSHORE VIETNAM MALAYSIA CORO ENERGY PLC INVESTOR PRESENTATION Q1 $2.12 Bn acquisition, assets in Sa
Slide 27: Asia Pacific Top Discoveries of 2019
ASIA PACIFIC TOP DISCOVERIES OF 2019 Gas Liquid LANG LEBAH, MALAYSIA CORO ENERGY PLC INVESTOR PRESENTATION Q1 KEN BAU, VIETNAM KALI BERAU DALAM, INDONESIA YONGLE 8-3, CHINA BRATWURST AUSTRALIA TOP DISCOVERIES 0 100 200 300 400 500 600 MMBOE 27 SOURCE: WOOD MACKENZIE
Slide 28: CORO ENERGY PLC INVESTOR PRESENTATION Q1
CORO ENERGY PLC INVESTOR PRESENTATION Q1 28