Sintana Energy Inc. · TSXV:SEI
Sintana Energy — BPC — Investor Presentation (August 2010)
39 slides from Sintana Energy's investor presentation, August 2010
Slide 1: The Bahamas: A Giant Oil Province in the Making
BPC Plc Incorporated in the Isle of Man (AIM: BPC) THE BAHAMAS: A GIANT OIL PROVINCE IN THE MAKING Investor Presentation August 2010 Isle of Man Head Office: IOMA House Hope Street Douglas Tel: +44 1624 647883 Email: info@bpcplc.com Website: www.bpcplc.com
Slide 2: Important Notice
Important Notice Certain information regarding the Company and the Company's properties constitutes forward-looking information. Such forward-looking information, including but not limited to statements with respect to anticipated rates of production, the estimated costs and timing of the Company's
Slide 3: Awarded and Applied BPC Licences
Awarded and Applied BPC Licences 3
Slide 4: BPC's Technical Data Set – A Competitive Advantage
BPC’s Technical Data Set – A Competitive Advantage BPC has the Only Comprehensive Data Set of Bahamas Geology and Geophysics BPC undertook a successful global search for data which at today’s dollars would be > US$500M to acquire Search and acquisition of original seismic data, well logs and cha
Slide 5: Overview
Overview The Bahamas are a sparsely explored region with previous activity by major oil companies spanning 1947-1987 BPC plc is the first oil company to conduct new work in the prime areas since 1987 BPC was formed in 2005 and listed on AIM UK through a reverse takeover in Sept 2008 − Current
Slide 6: Why The Bahamas?
Why The Bahamas? BPC and previous work indicates presence of Region has recently attracted possible supergiant Middle East style fields world class operators Bahamas project is regionally adjacent to active oil producing provinces in Gulf of Mexico (GoM), Yucatan, Cuba & Trinidad − Attracting si
Slide 7: Adjacent to Active Oil Systems
Adjacent to Active Oil Systems Gulf of Mexico The Bahamas Cuba Mexico Cantarell Venezuela Columbia Trinidad 7
Slide 8: The Bahamas Compelling Fiscal Terms
The Bahamas Compelling Fiscal Terms Royalty Rates, Leases terms: Production Level Royalty Rate Oil Production, up to 75,000 bopd 12.5% Government Take of Project Pre-Tax NPV (%) Oil Production, up to 75,000 to 150,000 bopd 15.0% Oil Production, up to 150,000 to 250,000 bopd 17.5% 100% Oil Production
Slide 9: BPC Limited – Board & Senior Management
BPC Limited – Board & Senior Management Attending Alan Burns: Chairman & Chief Executive Officer – Isle of Man − Alan Burns is founder of the BPC Group and has a successful 37 year career in the oil business including founding Hardman Resources, which was sold to Tullow Oil in 2006 for A$1.6bn − I
Slide 10: BPC Fundamentals
BPC Fundamentals BPC is dedicated to exploration in The Bahamas petroleum province BPC targets high returns by exploring under a tax efficient regime in shallow to moderate water depths Management & Board have significant international E&P expertise and track record of success coupled with tec
Slide 11: BPC & BPC / Statoil JV Exploration Licenses
BPC & BPC / Statoil JV Exploration Licenses/BPC Areas in Red/ Statoil JV in Blue Asset* Holder License Area The Bahamas – Bain 775,468 acres 2 License (offshore) BPC 3,138 km The Bahamas – Cooper 777,934 acres 2 License (offshore) BPC 3,148 km The Bahamas – 778,855 acres 2 Donaldson License BPC 3,15
Slide 12: BPC Technical Achievements (2006-2010)
BPC Technical Achievements (2006-2010) Retrieved and described original core and cutting samples Completed modern computer workstation analysis: seismic, well logs, gravity and magnetics Petrophysics well log analysis on original digital and scanned logs Seismic and borehole structural geolo
Slide 13: Corporate History – First Mover Advantage
Corporate History – First Mover Advantage BPC is founded by Alan Burns Board expands to Five licences BPC applies for Announces include Michael approved by additional licences commencement of Proffitt as Financial Governor General Seismic and Director BPC submits BPC completes RTO onto environmental
Slide 14: BPC Capitalisation Chart
BPC Capitalisation Chart BPC plc Capitalisation US$m 160 140 Open offer $1m @ Exercise of options $0.47 / share 10 for 1 share totalling 5,710,000 exchange; shares 120 share dilution to $0.047 Issue of 70 Reverse Takeover million shares @ 100 and AIM admission $0.053 / share @ $0.073 / share RAB $2m
Slide 15: Technical Team, Consultants & Capabilities
Technical Team, Consultants & Capabilities Dr Paul Crevello has over thirty years experience in US domestic and international exploration in more than 40 countries − University of Miami (Master of Science in Marine Geology and Geophysics) and Colorado School of Mines (Doctor of Philosophy in Geolo
Slide 16: Historical Bahamas Activity
Historical Bahamas Activity WELL YEAR OPERATOR TOTAL AGE AT TOTAL DEPTH DEPTH Andros Island – 1 1947 Superior 4.446m Early Cretaceous Cay Sal – 1 1959 Bahamas 5.763m Jurassic or Early California Cretaceous Long Island – 1 1970 Bahamas 5.351m Jurassic or Early Gulf Cretaceous Great Isaac – 1 1971 Bah
Slide 17: BPC's Compelling Technical Evaluation
BPC’s Compelling Technical Evaluation Previous Wells Drilled – Core Interpretation Play Types & Potential Oil Field Styles Identified 1. Jurassic Paleo Highs, Clastics & Subsalt 2. Upper 3. Lower 4. Middle – Late 5. Foreland Cretaceous Cretaceous & Jurassic Rift & Folds & Platforms, Jurassic Sag Bas
Slide 18: BPC PLC Leads & 2010 Seismic Survey
BPC PLC Leads & 2010 Seismic Survey 10 nm 18
Slide 19: BPC's 2010 2D Seismic Survey June 2010
BPC’s BH 2010 - 1 2D Seismic Survey June 2010 N C4 S 2 km 1 sec 2 sec 3 sec N C4 S 2 km 1 sec 2 sec 3 sec 19
Slide 20: Identified Giant & Super-Giant Leads
Identified Giant & Super-Giant Leads Tenneco Max Case 100% Structural Fill Most Likely Case 50% Structural Fill Minimum Case 33% Structural Fill Resource est bn bbl bn bbl bn bbl Manta Ray 1.447 0.543 0.049 Sand Shark 1.386 0.244 0.071 Blue Fin 3.469 0.406 0.069 Lion Fish 1.322 0.268 0.16 Blue Marli
Slide 21: Farm out objectives
Farm out objectives [assumes Statoil leases granted] BPC Statoil Joint Venture covers three blocks over 942,391 hectares (2,328,700 acres) − BPC is fully carried up to drilling stage while retaining a significant interest − Anticipated little to no capital exposure through next 2 to 3 years Near
Slide 22: Corporate Overview
Corporate Overview GBP USD Price 3.50 5.60 BPC PLC Isle Of Man 52 Week High 5.25 8.41 52 Week Low 1.63 2.61 100% Shares Outstanding 859.5 - BPC Ltd. Bahamas Market Cap (mm) 30.1 48.2 Cash and Cash Equivalents (mm) 2.10 3.4 Debt (mm) - 100% 100% 100% Enterprise Value (mm) 28.0 44.8 Bahamas Offshore P
Slide 23: BPC Share Price Chart
BPC Share Price Chart 6.0 100 BPC raises £2.4 million BPC begins to attracts a number other of BPC applies for 2 From institutional shareholders well known institutional investors and further new licences in at a price of 3.5 pence 90 broadens shareholder base the Bahamas 5.0 BPC and StatoilHydro BP
Slide 24: BPC Limited Shareholders List June 2010
BPC Limited Shareholders List June 2010 RAB Capital 128,461,650 14.95% Legal & General Investment Mgmt 65,278,572 7.60% Burns Family Investments Ltd * 44,820,000 5.21% BlackRock Investment Management (UK) 37,535,714 4.37% TD Waterhouse Investor Services 37,405,616 4.35% JM Finn & Co 33,591,583 3.91%
Slide 25: Key Conclusions
Key Conclusions First mover advantage in assembling acreage in The Bahamas Oil province with World-class exploration potential Strategy to use farm outs and also retain 100% owned acreage Size and scale of the opportunity attractive to Majors and NOCs Statoil Hydro farm-in signed mid 2009
Slide 26: Industry in the Bahamas
Industry in the Bahamas Freeport is the major industrial center of The Bahamas, including container facilities, oil off-loading terminals, dry dockage and oil storage terminal. Borco is the largest storage terminal in the Caribbean, and Statoil recently acquired South Riding Point Terminal for $263
Slide 27: Cuba Ramps up Exploration Activity
Cuba Ramps up Exploration Activity Region has recently attracted world class operators have been attracted to Cuba and The Bahamas In 2005 Repsol with partners Statoil and India ONGC drilled a well 60 miles west of Cay Sal bank. The group plans to drill another one of two wells this year in the same
Slide 28: Appendices
Appendices *BPC 28
Slide 29: Industrial Port, Grand Bahamas
Industrial Port, Grand Bahamas Borco Oil storage terminal at Freeport Industrial Tanker off-loading at Freeport Industrial Port Port is the largest oil storage facility in the Caribbean 29
Slide 30: Muertos Cay, north central Cay Sal Bank
Muertos Cay, north central Cay Sal Bank Water and Dead Mans Cays, north central Cay Sal Bank 30
Slide 31: Great Isaac Lighthouse, NW Great Bahama Bank
Great Isaac Lighthouse, NW Great Bahama Bank Great Isaac Cay and Lighthouse, north of Bimini, Great Isaac Lighthouse Miami Licence 31
Slide 32: Islands of Cay Sal Bank
Islands of Cay Sal Bank Elbow Cay, northwest tip of Cay Sal Bank Elbow Cay abandoned lighthouse, Cay Sal Bank 32
Slide 33: Islands of Cay Sal Bank – Land Bases
Islands of Cay Sal Bank – Land Bases Cay Sal Island, west side of Cay Sal Bank Anguilla Cay, southeast tip of Cay Sal Bank 33
Slide 34: Freeport, Grand Bahamas
Freeport, Grand Bahamas Tanker off-loading at Freeport Industrial Harbour, Grand Bahama 34
Slide 35: IHS Licence Map of Cuba & BPC Licences
IHS Licence Map of Cuba & BPC Licences 35
Slide 36: Recent Cuba Exploration News
Recent Cuba Exploration News • Russia`s Zarubezhneft to drill Cuba oil shelf in 2011 – CEO – Source: RIA Novosti, Moscow + Cubastandard.com 14 July 2010 • Russian Oil Company JSC Zarubezhneft Opens Office in Cuba – Source: Latin America Herald Tribune + Cubastandard.com 25 June 2010 • Cuban offshore
Slide 37: Great Isaac - 1 Possible Gas Zone
Great Isaac - 1 Possible Gas Zone Key Intervals Support Presence of Hydrocarbons 17,200 TOTAL GAS OVER- PRESSURE ZONE 17,400 CALCULATED GAS IN DOLOMITE 17,600 BLEEDING OIL GAS & CONDENSATE IN FRACTURES CORE # 5 Over pressure kick from 17,495’; TG increases from 17,225 FT, measured 2x hydrostatic 37
Slide 38: Reservoir-Seal Pairs Doubloon Saxon #1
Porosity Reservoir-Seal Pairs Doubloon Saxon # 1 Moved Hydrocarbons Hydrcarbons Shale Shale Matrix Unmoved Oil S = Sandstone Oil L = Limestone Porosity & Hydrocarbon Saturation Profile – 100 ft of 18% Porosity Moved Oil Gas D = Dolomite A = Anhydrite 17350 17350 Gas SL D A S AL D 17400 17400 17,400
Slide 39: Great Isaac Oolite – Anhydrite Reservoir – Seal Pairs
Great Isaac Oolite – Anhydrite Reservoir – Seal Pairs G r e a t Is a a c 1 0 ,3 1 3 ’ cm 1 mm 10343’ OOID GRAINSTONE - PRESERVED INTERGRANULAR ANHYDRITE – SEAL ROCK POROSITY & LEACHED OOID MOLDS EXCELLENT RESERVOIR POROSITY & PERMEABILITY 39