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1 CORPORATE PRESENTATION - SDX Energy Plc ... CORPORATE PRESENTATION January 2020 Creating a better world for all our stakeholders SDX ENERGY 2 SDX overview: • Company overview 3

Jul 03, 2020

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    CORPORATE PRESENTATION J anuar y 2020

    Creating a better world for all our stakeholders

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    SDX overview:

    • Company overview 3

    • 2019 highlights and 2020 guidance 4

    • Portfolio - asset overviews 5

    • Valuation & share price performance 18

    • Upcoming activity and catalysts 20

    • Exco profiles 23

    • Board of Directors profiles 24

    Appendix:

    • YTD Financial results 26

    • Listing of significant shareholders 27

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    3 SDX ENERGY

    COMPANY OVERVIEW • AIM-listed E&P with nine concessions in Egypt and Morocco providing high margin production and high impact exploration in

    stable locations with improving macro-economic outlooks and attractive fiscal terms.

    • Independent CPR 2P reserves valuation (NPV[10] at 31/12/18)1 of US$94 million. Market capitalisation of $69 million as at 17/01/2020.

    • 13.1 MMboe net 2P reserves at 31/12/181 c.50/50 oil/gas. Currently c.25/75 oil/gas with South Disouq coming on stream during Q4’19. Gas businesses are underpinned by fixed-price, long-term sales contracts.

    • Delivering on other operational milestones across the portfolio, with high impact exploration drilling underway in Morocco and planned to commence in Egypt during Q1’20. Eight wells in total expected to complete in H1’20.

    • Will continue to actively manage portfolio to optimise returns for shareholders and recycle capital into growth projects. SDX continues to evaluate inorganic growth opportunities through M&A.

    Egypt: Four concessions Morocco: Five concessions

    1: 2018 independent CPR available on SDX Energy website.

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    4 SDX ENERGY

    2019 Highlights and 2020 Guidance • 2019 annual production of 4,020 boe/d (net), 2020 guidance set at 6,750 – 7,000 boe/d (net):

    • Full year 2019 capex of US$40.7m (unaudited) and 2020 capex guidance set at US$25.5m.

    • All planned future activities fully funded from cash flows, US$11m cash (unaudited) and US$7.5m undrawn credit facility as at 31/12/19. 9 months to 30/09/19 EBITDAX of US$23m and operating cash flow of US$18m.

    • Low cost existing production base with opex at c.$11/boe2, expected to reduce materially with addition of South Disouq production.

    • CEO of Waha Capital, SDX’s largest shareholder, appointed to Board on 19 November 2019.

    1: The Company may exit the NW Gemsa concession during the year if sufficient cost savings cannot be achieved by the operator. 2: $11/boe based on reported production for the nine months to 30/9/19, reflecting entitlement volumes for Meseda & Rabul. When reflecting operations and working interest volumes for Meseda & Rabul, opex/boe drops to $8/boe.

    Asset 2019 Actual production

    (boe/d)

    2020 Production guidance (boe/d)

    2019 Actual capex (US$)

    2020 Capex guidance

    (US$)

    Core assets

    South Disouq – WI 55% & operator

    630 4,300 – 4,460 20.2 million 6.5 million

    Meseda – WI 50% 790 610 – 630 1.5 million 2.0 million

    Morocco – WI 75% & operator 800 840 – 860 16.1 million 15.0 million

    Non-core assets

    NW Gemsa – WI 50% 1,800 1,000 – 1,0501 1.3 million 2.0 million

    South Ramadan – WI 12.75% - - 1.6 million -

    Total 4,020 6,750 – 7,000 40.7 million 25.5 million

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    PORTFOLIO

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    EGYPT

    FOUR CONCESSIONS

    CORE ASSETS: • South Disouq • West Gharib

    Maximising value across the exploration & production life cycle

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    7ASSET OVERVIEW SOUTH DISOUQ (1/4)

    Current status • First gas milestone was achieved in Q4’19, on time and on budget. • Production ramp up exceeded expectations with plateau production

    of 50 MMcfe/d (8,333 boe/d) achieved mid-December 2019, three months earlier than anticipated.

    • 89 bcfe gross of 2P reserves (49 bcfe net to SDX) as per 30/09/19 independent CPR1.

    • Gas price US$2.85/mcf, Opex estimated at < US$0.30/mcf, Government take c.51%.

    • Exploration campaign planned to commence Q1’20.

    Key near-term activity • Two well exploration campaign planned to commence Q1’20. Total

    P50 unrisked prospective resources estimated at gross 103 bcfe (17 MMboe), (57 bcfe (9 MMboe) net to SDX).

    • Depending on partnering discussions, a third South Disouq well targeting deeper prospectivity in a potential new play fairway may be drilled later in 2020.

    2020 guidance • Production: Guidance production rate of 47 – 49 MMscfe/d

    reflects a continuation of the 50 MMcfe/d current production rate adjusted for CPF expected uptime/availability during the year

    • Capex: US$12.0 million gross (US$6.5 million net) predominantly related to two exploration wells, with minor sustaining facilities capex.

    South Disouq licence interests

    SDX working interest 55%, Operator

    Partner IPR (45%)

    2P Reserves1 49.0 bcfe W.I.

    South Disouq licence map

    1: 30/09/19 South Disouq independent CPR available on SDX Energy website

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    8ASSET OVERVIEW SOUTH DISOUQ DEVELOPMENT PROJECT (2/4)

    • First gas achieved in Q4’19, with all four discovery wells hooked up and producing at their expected rates of between 8 MMscf/d and 15 MMscf/d.

    • Production ramp up exceeded expectations with plateau production of 50 MMcfe/d achieved by mid-December, three months earlier than anticipated, and on budget.

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    9ASSET OVERVIEW SOUTH DISOUQ DEVELOPMENT PROJECT (3/4)

    South Disouq development map and schematic

    Simple process: • Gather the produced gas to the inlet manifold; • Separate condensate and water from gas and truck away condensate for sale and water for treatment; • Compress gas to export line pressure and flow gas to metering station and export to the Grid via a 10km 12” pipeline.

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    10 ASSET OVERVIEW

    SIGNIFICANT EXPLORATION POTENTIAL (4/4)

    • c.300 bcfe of unrisked prospective resources in four prospects.

    • Kafr el Sheikh prospects are stratigraphic traps and Cretaceous prospects are four-way dip closures.

    • Drilling campaign to commence Q1’20 with Salah, followed by Sobhi. If successful, low-cost tie in to existing CPF will generate attractive returns.

    • Warda is located within the existing South Disouq development lease and will be drilled at a later date to maintain the plateau production rate.

    • Young prospect may be drilled later in 2020 subject to successful partnering discussions.

    • Table shows revised Prospect Volumes following updated 3D seismic interpretation across the block.

    Prospect EUR bcfe(unrisked) P501

    GCos

    Salah2 70.6 35%

    Sobhi 32.7 35%

    Warda 14.4 35%

    Young3 185.0 17%

    Total (unrisked) 302.7

    1: SDX Management estimates 2: Salah reflects the P50 EUR for three horizons and the CoS of one 3: Young reflects the P50 EUR for four horizons and the CoS of one

    South Disouq licence map

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    11ASSET OVERVIEW WEST GHARIB (MESEDA AND RABUL FIELDS)

    Current status • Regular appraisal/development wells to generate stable production

    from a well-understood asset. • 2019 production: 4,180 bbl/d (gross)/790 bbl/d (net).

    2020 guidance • Production: 3,200 - 3,300 bbl/d average (gross). • Capex: US$4.0 million (gross) (US$2.0 million net) for up to three

    appraisal/development wells, workovers and reservoir studies.

    Meseda & Rabul licence interests

    SDX working interest 50% (19.06% entitlement)

    Partner/Operator Dublin International (50%)

    2P Reserves1 4.56 MMbbl W.I./1.74 MMbbl N.E.

    Meseda & Rabul licence map

    Meseda & Rabul sales history

    1: 2018 independent CPR available on SEDAR.

    Rabul-4 &

    Rabul-5

    MSD-16 MSD-15 Rabul-7Rabul-2 MSD-19

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    EGYPT

    FOUR CONCESSIONS

    NON-CORE ASSETS: • North West Gemsa • South Ramadan

    Maximising value across the exploration & production life cycle

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    NW Gemsa licence interests

    SDX working interest 50%

    Partner NPIC (50%, Operator)

    2P Reserves1 1.64 MMboe W.I.

    ASSET OVERVIEW NORTH WEST GEMSA

    Current status • Late-life asset with increasing water cut and declining

    production. • The Company may exit during 2020 if sufficient cost

    savings cannot be achieved by the operator. Egyptian State liable for any decommissioning.

    • 2019 production: 3,600 boe/d (gross)/1,800 boe/d (net).

    2020 guidance • Production: 2,000 - 2,100 boe/d (gross). • Capex: US$4.0 million (gross) (US$2.0 million net) for

    ten workovers.

    NW Gemsa licence map

    NW Gemsa sales history

    1: 2018 independent CPR available on SEDAR.

    AASE-25 Ola-4AASE-27

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    Current status • Drilled SRM-3 as a deviated well from the existing SRM-

    2 pl