Dana Gas PJSC · ADX:DANA
Dana Gas PJSC — Investor Presentation (April 2022)
26 slides from Dana Gas PJSC's investor presentation, Apr 12, 2022
Slide 1: Corporate Presentation: Clean Energy For the Future
Corporate Presentation Clean Energy For the Future April 2022 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 ———a
Slide 4: Latest Highlights: Developments
Latest Highlights Developments NIOC arbitration: $608 million damages award due in favor of Dana Gas following first arbitration against NIOC Record dividend payments in 2021 of $172 million or 9 fils per share ( 5.5 fils for FY 2020 paid in May 2021 and 3.5 fils for the first Latest half of 202
Slide 5: Dana Gas Overview
Dana Gas Overview Dana Gas Summary Group Structure Dana Gas Historic Financials Overview Dana Gas PJSC 2019 2020 2021 Average Brent Price ($/bbl) 64 42 71 Gross Revenue ($mm) 459 349 452 UGTC UAE SAJGAS UAE Pearl Dana Gas EBITDA ($mm) 341 146 269 Petroleum Egypt (100%) (100%) Company Limited Gross P
Slide 6: Environmental Social Governance (ESG)
Environmental Social Governance (ESG) 2021 Highlights Zero recordable incidents LTI-free milestones Zora gas plant (5 yrs), Khor Mor gas plant (4 yrs) 4.6 MM kms driven without major accident Zero significant spills for past 6 yrs Pearl Petroleum became carbon neutral in KRI for the first
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 update Operations continued as normal despite COVID 5% increase in FY 2021 net production averaging 33,800 boepd (DG share) Produced 420 MMscf of gas; 14,850 bbl/d of condensate and 1000 MTPD of LPG in 2021 ( gross) Reached record Gas and LPG production
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 Kor Mor gas field to Chemchemal and Erbil power stations (pipeline wholly owned by Pearl Petroleum) Tw
Slide 11: Operate two of the largest gas fields in MENA
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: * Recoverable volume expected to be 10-15%
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 $2,239 million…” Settlement Highlights: Pearl Petroleu
Slide 13: KRI: Expansion plans
KRI: Expansion plans Gas Sales Agreements (GSA) between Pearl Petroleum and KRG Signed a GSA in January 2018 to sell 100 MMscf/d of additional gas from debottlenecking project that came online in October 2018. Signed a second 20-Year GSA in February 2019 to sell an additional 250 MMscf/day (KM 2
Slide 14: KM250 Expansion project
KM250 Expansion project Description, economics and long-term development scope Project Objective and Description Layout of KM250 Development The scope of KM-250 project is to satisfy the installed capacity of the existing power stations, namely Chemchemal, Erbil and Bazian, by expanding production
Slide 15: Egypt Operations
Egypt Operations Since first entered Egypt in 2007 Dana Gas has considerably grown the portfolio, which currently consists of 14 development leases in El- Manzala(2), West-Elmanzala(9), West el-Qantara(2) and North El- Salhiya(1) and 1 exploration concession 2021 Reserves stand at 44 mmboe (2P)
Slide 16: Reserves & Peer Comparison
Reserves & Peer Comparison Peer Comparison EV ($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 40 44 KRI 1,087 30 20 10 0 Total 1,131 16
Slide 17: Market leading dividend yields on the ADX
Dana Gas (and other E&Ps) supported by strong cashflows and higher commodity prices has delivered market leading yields(1) on the ADX Total Dividend Yield for ADX Listed Companies & International E&Ps in 2021 Capricorn in 2021 includes special dividend from sale of Senegalese assets for $250m in 202
Slide 18: Production (boepd) & Realized Prices (USD/boe)
Production (boepd) & Realized Prices ( USD/boe) Average production FY 2020 vs FY 2021 Average production Q4 2020 vs Q4 2021 FY 2020 63,600 Q4 2020 63,200 62,100 59,000 FY 2021 Q4 20202 33,250 33,300 32,250 33,800 29,700 30,300 28,300 25,700 650 0 650 0 Group Egypt KRI EBGDCO Group Egypt KRI EBGDCO F
Slide 19: Financial Performance
Financial Performance
Slide 20: Financial Highlights
Financial Highlights Gross Revenue ($mm) Gross Profit and EBITDA ($mm) 500 452 2020 2021 2020 2021 300 269 400 349 195 300 200 146 200 86 90 118 100 87 49 100 35 32 0 0 FY Q4 FY EBITDA FY Gross Profit Q4 EBITDA Q4 Gross Profit Adjusted Net Profit ($mm) Net Profit ($mm) Item $mm 317 300 2020 2021 200
Slide 21: CAPEX & OPEX
CAPEX & OPEX G&A / OPEX ($mm) CAPEX ($m) G&A OPEX G&A/boe ($/boe) Opex/boe ($/boe) 2.6 2.4 2.3 2.4 2.3 2.1 2.1 56 54 55 234 52 55 60 52 1.0 122 127 126 0.7 0.6 106 0.6 0.5 0.5 0.5 23 56 13 15 16 15 47 12 11 2015 2016 2017 2018 2019 2020 2021 2015 2016 2017 2018 2019 2020 2021 G&A / OPEX CAPEX Comp
Slide 22: Cash Flow, Liquidity & Receivables
Cash Flow, Liquidity & Receivables Year-end 2021 cash of $185 vs. $109m FY 2020; Debt and Cash Balance (mm$) • $172mm dividend payment in 2021 • $67mm of cash held at Pearl Petroleum 1000 871 897 930 920 861 856 815 803 748 723 800 Group’s total borrowings stands at $199m 600 414 456 185 consist
Slide 23: Arbitration Update
Arbitration Update Sale of Egypt onshore assets Dana Gas exercised its right to terminate SPA to sell its Egypt onshore assets after the expiration of the long stop date Since the signing of the SPA to sell its Egypt onshore assets, the completion of conditions precedent in the SPA were not real
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 950 MMscf/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 reserves
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