Dana Gas PJSC · ADX:DANA
Dana Gas PJSC — EFG-Hermes Conference March 2023
26 slides from Dana Gas PJSC's conference presentation, March 2023
Slide 1: Corporate Presentation: Clean Energy For the Future
Corporate Presentation Clean Energy For the Future EFG-HERMES March 2023 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 ——
Slide 4: Snapshot – FY 2022
Snapshot – FY 2022 Operations Financials ▪ Group existing operations continued uninterrupted ▪ FY Net Profit $182mm vs $317mm 2021 ▪ FY Group production at 60,200 boepd ▪ FY adjusted Net Profit (excluding one-off items) • 3% down vs FY 2021 $196mm vs $128mm, up 53%, which reflects • KRI production 1
Slide 5: Dana Gas Overview
Dana Gas Overview Dana Gas Summary Group Structure Dana Gas Historic Financials Overview Dana Gas PJSC 2019 2020 2021 2022 Average Brent Price ($/bbl) 64 42 71 101 Gross Revenue ($mm) 459 349 452 529 UGTC UAE SAJGAS UAE Pearl Dana Gas EBITDA ($mm) 341 146 269 332 Petroleum Egypt (100%) (100%) Compan
Slide 6: Environmental, Social, and Corporate Governance (ESG)
Environmental, Social, and Corporate Governance (ESG) 2021 Highlights ▪ 20% reduction in flaring ▪ Zero significant hydrocarbon spills over past 7yrs ▪ 8.3 kg CO2 eq. per BOE produced ▪ Displacement of diesel fuel for gas-powered generation, enabling emission savings of more than 5 million tons of C
Slide 7: Group Operations
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Slide 8: KRI: World Class Assets, low Cost Asset Base
KRI: World Class Assets, low Cost Asset Base Ambitious programme to increase daily production to 950 MMscf of gas and 30,000 bbl of NGL Pearl Petroleum Company Ltd ▪ Holding (%): Dana Gas 35%, Crescent 35%, OMW, MOL, RWE 10% ▪ 2 major fields – Chemchemal and Khor Mor: 75 Tcf GIIP, 7 bln bbls STOIIP
Slide 9: KRI: Energising the country
KRI: Energising the country Operations ▪ Operations continued as normal ▪ Produced 34,300 boepd in FY 2022 (148 MMscf of gas; 5,100 bbl/d of condensate and 375 MTPD of LPG) ▪ Completed a plant debottlenecking project that increased current plant capacity by 50 MMscf/d ▪ Khor Mor plant produced recor
Slide 10: Khor Mor Existing Plant & Facilities
Khor Mor Existing Plant & Facilities Kor Mor Processing Plant and Pipeline Modern Infrastructure ▪ Low production costs given onshore operations. ▪ 175 km 24” gas transmission pipeline to connect Khor Mor gas field to Chemchemal and Erbil power stations (pipeline wholly owned by Pearl Petroleum) ▪ T
Slide 11: CREDAN operate two of the largest gas fields in MENA
CREDAN* operate two of the largest gas fields in MENA Large Gas Developments in MENA Kurdistan MENA 120 (Source: Company Disclosure) 100 80 GIIP (tcf) 60 40 20 0 Khor Mor Bina Bawi Khazzan** Zohr Leviathan Shah Tuna Tamar Calypso Glaucus + Chemchemal + Miran Notes: *Dana Gas and Crescent Petroleum *
Slide 12: Sept 2017: KRG & Pearl Reach Final Settlement
Sept 2017: KRG & Pearl Reach Final Settlement “The Parties have mutually agreed to fully and finally settle all their differences amicably by terminating the Arbitration and related court proceedings… implementing a mechanism for settlement of $2,239 million…” Settlement Highlights: ▪ Pearl Petroleu
Slide 13: KRI: Expansion plans
KRI: Expansion plans Gas Sales Agreements (GSA) between Pearl Petroleum and KRG ▪ Signed a GSA in January 2018 to sell 100 MMscf/d of additional gas from debottlenecking project that came online in October 2018 ▪ Signed a second 20-Year GSA in February 2019 to sell an additional 250 MMscf/day (KM 25
Slide 14: KM250 Expansion project
KM250 Expansion project Description, economics and long-term development scope Project Objective and Description Layout of KM250 Development ▪ The scope of KM-250 project is to satisfy the installed capacity of the existing power stations, namely Chemchemal, Erbil and Bazian, by expanding production
Slide 15: Egypt Operations
Egypt Operations ▪ Since first entered Egypt in 2007 Dana Gas has considerably grown the portfolio, which currently consists of 14 development leases in El-Manzala(2), West-Elmanzala(9), West el-Qantara(2) and North El-Salhiya(1) and 1 exploration concession ▪ 2021 Reserves stand at 44 mmboe (2P) Op
Slide 16: Reserves & Peer Comparison
Reserves & Peer Comparison Peer Comparison EV ($m) 2P Reserves (mmboe) 14,000 1,400 12,000 1,200 2P Reserves (mmboe) 10,000 1,000 EV ($m) 8,000 800 6,000 600 4,000 400 2,000 200 0 0 2P Reserves (MMboe) 80 70 EV / Prod ($ / kboed) 60 50 Egypt Total 1,131 MMboe 40 4 KRI 1,087 30 20 10 0 Total 1,131 Eg
Slide 17: Production (boepd) & Realized Prices (USD/boe)
Production (boepd) & Realized Prices ( USD/boe) Average production FY 2021 vs FY 2022 Average production Q4 2021 vs Q4 2022 FY 2021 Q4 2021 62,100 59,000 58,600 60,200 FY 2022 Q4 2022 33,300 34,000 33,800 34,300 28,300 25,700 24,600 25,900 Group Egypt KRI Group Egypt KRI FY15 VS FY 16 Average Realiz
Slide 18: Financial Performance
Financial Performance
Slide 19: Financial Highlights
Financial Highlights Gross Revenue ($mm) Gross Profit and EBITDA ($mm) 600 529 2021 2022 2021 2022 400 500 452 332 400 300 269 249 300 195 200 200 118 114 90 91 100 100 49 47 0 0 FY Q4 FY EBITDA FY Gross Profit Q4 EBITDA Q4 Gross Profit Adjusted Net Profit ($mm) Net Profit ($mm) Item FY 2021 FY 2022
Slide 20: CAPEX & OPEX
CAPEX & OPEX G&A / OPEX ($mm) CAPEX ($mm) G&A OPEX G&A/boe ($/boe) Opex/boe ($/boe) 2.6 2.6 2.4 2.3 2.4 2.3 2.1 2.1 56 54 55 234 52 55 60 57 52 1.0 139 122 127 126 0.7 0.6 106 0.6 0.5 0.5 0.5 0.5 23 56 13 15 16 15 47 12 11 12 2015 2016 2017 2018 2019 2020 2021 2022 2015 2016 2017 2018 2019 2020 2021
Slide 21: Cash Flow, Liquidity & Receivables
Cash Flow, Liquidity & Receivables ▪ Year-end 2022 cash of $151mm vs. $185mm FY Debt and Cash Balance ($mm) 2021; • $172mm dividend payment in 2022 1000 871 897 930 920 861 815 • $88mm of cash currently held at Pearl Petroleum 800 748 803 723 600 456 151 414 Group’s total borrowings stands at $216mm
Slide 22: Corporate Debt & Dividend to Shareholders
Corporate Debt & Dividend to Shareholders 1,000 916 904 920 871 887 856 815 800 748 5 fils 729 690 700 600 $m 5.5 fils 5.5 fils 404 397 400 9 fils 8 fils 200 5.5 fils 153 172 95 105 104 90 105 76 57 - 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 Dividend per share
Slide 23: Arbitration Update
Arbitration Update UAE Gas Project ▪ The UAE Gas Project involves the purchase of 600 MMscf/d imported gas sourced from the National Iranian Oil Company (NIOC) for transportation, processing, and sale in the UAE. ▪ Dana Gas owns project infrastructure (Gas transmission and Processing) and 35% of the
Slide 24: Group Focus
Group Focus
Slide 25: Why invest in Dana Gas - Growth strategy through to 2025
Why invest in Dana Gas - Growth strategy through to 2025 Significant growth in the KRI with plans to increase production to 1 billion scf/d ▪ Settlement Agreement with KRG signed in August 2017 with favorable terms ▪ Clears the way for development of world-class fields: over 1 billion boe of 2P rese
Slide 26: 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