rose petroleum plc tpi investor...
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Rose Petroleum plc TPI Investor Presentation (AIM: ROSE)
OIL & GAS EXPLORATION
www.rosepetroleum.comwww.rosepetroleum.com www.rosepetroleum.com
December2017 StrictlyPrivateandConfidential
Disclaimer Theinformationcontainedinthispresentation(the"Presentation")hasbeenpreparedbyandisthesoleresponsibilityofthedirectorsofRosePetroleumPLC(the"Company").
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AllenbyCapitalLimited(“AllenbyCapital”)isactingintheprovisionofcorporatefinancebusinesstotheCompany,withinthemeaningoftheFinancialConductAuthority’sConductofBusinessSourcebook(“COBS”),andno-oneelseinconnectionwiththeproposalscontainedinthisPresentation.Accordingly,recipientsshouldnotethatAllenbyCapitalisneitheradvisingnortreatingasaclientanyotherpersonandwillnotberesponsibletoanyoneotherthantheCompanyforprovidingtheprotectionsaffordedtoclientsofAllenbyCapitalundertheCOBSnorforprovidingadviceinrelationtotheproposalscontainedinthisPresentation.
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Executive Summary
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• Disposingofhistoricminingassets:closedUS$1.5msaleofSDAMill,MexicoandearlystagediscussionsunderwayonUraniumassets
• Earning75%WorkingInterest(“WI”)inover92,000grossacresinoneofthemostprolificUnconventionalResourceOil&GasplaysintheU.S.A.
• US$5.5m(includingonewell)carryforRockiesStandardOilCompanyLLC(“RSOC”)retaining25%WI• GunnisonValleyUnit(Paradoxbasin)3Dseismic40sqmileacquisitionCOMPLETED
• 3DSeismicprovidesessentialdataforunlockingtheParadox-fracturedrivenbasin• identifydrilltargetsandpermit5drillinglocationsinParadoxBasin
• RyderScottResourceReportestimateTotal“Mean-Case”CertifiedGrossUnriskedProspectiveRecoverableResourcestoRoseof:
• 1.1Billionbarrelsofoiland2.2Trillioncubicfeetofgas• CaneCreekisanestablished&provenproductivedrilledsince1962–newtechnologyiskey• Extensiveexistinginfrastructurealreadyinplaceacrosstheregion• Earlydrillingsuccesswillconverttherelevantprospectiveresourcesintoreserves• InitialWellplannedtobespuddedinH22018• AssessingtheLithiumpotentialwithintheGunnisonValleyUnit
Highlights
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Low risk • Proven hydrocarbon play surrounded by highly productive basins • Extensive existing infrastructure across the region • Cane Creek is a proven productive interval with high COS (“chance of success”) • 3D survey de-risks play significantly and will highlight drilling locations • 3D Seismic has led to very high drilling success rates in Paradox Basin
• Excellent quality 3D acquired at the Rose lease holding • Basin specific experienced technical team High reward • Exposure to over 1.1 billion barrels of oil and 2.2 TCF of gas on Rose's acreage • Early drilling success will convert the relevant prospective resources into reserves • Robust production economics and capability of significant production ramp up • A fully costed 288 well programme is valued at US$218m-$365m (NPV 10)
Board of Directors
Non-ExecChairman–PhillipJeffcocko FounderandManagingPartnerofCewCapitalLLPo PreviouslyPhillipworkedatBarclaysCapitalandglobalheadof
commercialrealestateforBarclaysWealth.HealsoheldseniorpositionsatGoldmanSachsandRoyalBankofScotlandPlc
o MemberoftheRoyalInstitutionofCharteredSurveyorsandholdsaBSc(Hons)fromtheCassBusinessSchool,London
FinanceDirector-ChrisEadieo QualifiedCharteredAccountant(PWC)o 17yearsexperienceincapitalmarketso PreviouslyFDofAIMquotedAurumMining
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CEO–MatthewIdienso Co-founderofRose/VANEo +20yearsexperienceinthenaturalresourcessectoro Co-founderandNonExecDirectorofHummingbirdResourcesplco Co-founderandDirectorofSeamwellInternationalLtd
Director(O&G)–KellyScott◦ 40+yearsofexperienceinonshoreandoffshorerigoperationsacrosstheglobe
◦ Previouslyworkedwith3LegsResources,Encana,Esso,Reading&Batesamongothers
◦ Drilledandfrac’dthefirsttwohorizontalshalewellsinEurope
Ops Team Backgrounds
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TyWatson-PresidentofRoseO&G• Operationsengineerwithover32yearsofexperience,BSinPetroleumEngineeringfromMariettaCollege
• MorerecentlywasCOOwithGreatWesternO&GwhereheledeffortstoconvertteamfromverticalplayertoHZoperatortoexploitGWOG45,000acandbuildproductionfrom1000Boepdtoover3000Boepdunder2years
DavidList-ConsultingGeophysicist• Geophysicist with over 32 years of experience with MS in Geophysical Engineering fromColoradoSchoolofMines
• MostrecentlywasSeniorGeophysicistforFidelityleadingtheexploration&developmentintheParadoxBasinfor9years
• Designed,shotandinterpretedFidelity’s3DprogrammesintheParadoxBasin• PlannedandsteeredallFidelity’sHorizontalWellsintheParadoxBasin• Extensiveexperiencewithfracturedreservoirs(SouthAmerica,Mexico,US,MiddleEast)• Adept in interpreting and integrating geophysical, petrophysical, and engineering data intogeomodelsfordevelopmentplans
ToddFockler-ConsultingFieldGeophysicist• Geophysicistwithover35yearsofexperiencewithBSinGeophysicsfromColoradoSchoolofMines
• StartedcareerinMiddleEastandAfricaandlaterworkedbasinsallacrosstheUSinover40locations
• In2004,wasawardedpatentonnewseismicrecorderandformedAscendGeocompany• Has Consulted seismic programs since 2009 and managed permitting, surveying, andacquisitioninbasinsacrosstheUS
• LedthefieldseismicworkforalltheFidelityParadoxshoots
GregorMaxwell-TechnicalAdvisortotheBoard• Geologistwith25yearsexperience,PhDinreservoirgeologyfromtheUniversityofAberdeen
• BroadexperiencefromChevronandApachewithsuccessfulrolesinfielddevelopment,explorationandbusinessdevelopment
• SmallcapE&PexperiencedevelopingRocksourceASAexplorationportfolioandonshoreUSfielddevelopment
Paradox Basin, Utah, USA • The Paradox Basin is a major emerging unconventionalresourceplay.
• FidelityE&PCo.,aformersubsidiaryofMDUResourcesGroup(NYSE: MDU),wastheleadoperatordevelopingtheCaneCreekFieldandadjoiningholdings,nowownedbyKirkwoodResources.
• Rose’s leases are located 12 miles north of Kirkwood’s(formerlyFidelity)CaneCreekUnit.
• In 2013, Fidelity produced nearly 1.0MMBO from the CaneCreekField from14wells. Cumulatively, throughJanuary2017,thefieldhasproduced7.9MMBOand5.7BCFGfrom36wells*
• Kirkwood have restarted development and have recentlydrilledonesuccessfulwellintheCaneCreek,secondunderway
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Paradox Basin Roseacreage
ProlificRockyMountainBasin
• Explorationandproductionfrom1961
• Majorfields–Aneth,Lisbonhaveproducedover550mmboand1.2TCF
Relevant History & Current Operations in Paradox Basin, Utah
HistoricalOperations • 1962:SouthernNaturaldrilledLongCanyon1-9(FirstCaneCreekClasticProducer,cum1.2MMBO)• 1990-1993:ColumbiaGasdrilled6wells(4producedfromtheCaneCreekClastic)• 1993-2004:4wellsdrilled(2CaneCreekClastic,1Clastic19)• 2007-2012:Fidelitydrilled5wells.Thiswasprimarilyaverticalprogramwithmixedresults.Stonedrills3HZwellsinCaneCreekClasticwells
insouthernplayarea• 2012-2014:FidelitypushedforwardHZdrillingwithseismicprogramdrivingproductionfrom100BOPDtoover3000BOPDin19months• 2016-2017:KirkwoodacquiretheFidelitypositionandrestartinfilldrilling(2wellsin2017)
CurrentOperations• 36wellsdrilledtodate• 5OperatorsinBasin–PacificEnergy,KirkwoodResources(Fidelity),CCI,Resolute,Stronex• TotalCumulativeProductionfromCaneCreekField–7.9MMBOand5.7BCFG• 288wellinventory(2wells/section)Rose• TargetEUR–617MBO(6WellaverageonmostsimilarGeologicalfeaturesdrilledbyFidelity)• LightCrudeOil40-50°API• TypicalWellCost-US$8mtoUS$10m(targetUS$6minDevelopment)
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• The Paradox Cane Creek Clastic productivefairway is orientated in a northwest-southwestdirection
• The productive fairway is characterized bythicknessgreaterthan2,000feet
• In this position, water depths were deepenough to preserve organicmaterial (up to20% TOC) and allow thick salt depositionformingthetopandbasesealtotheclastics.
• Similarburial historiesbetweenCaneCreekareaandtheGunnisonValleyarea
Paradox Formation: Productive Fairway
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NW
SE
NE
SW
ParadoxIsopachfeet
Rose3DSeismicshootlocation
Structuralcrosssectionshowingthemainstructuralelementsandprospectiveareasforcommercialhydrocarbonaccumulations.OpennaturalfracturesintheCaneCreekClasticprovidetheprimarytarget.ThebestCaneCreekwellsareassociatedwithfracturesfoundalongreactivatedbasementfaults(1),onbroadstructuralflexures(2),andassociatedwithsalttectonics(3).AdditionalprospectiveintervalsincludetheotherclasticintervalswithintheParadoxFormationthatmayalsobefractured.
SW NE
saltwall
+14,000’
loading
saltweld
saltpillow
syndepositionalfaultsreactivatedasleftlateral
depositionalthinning
Tilting(basinformation)
buttress
SaltValley
ParadoxFm.
HonakerTrailFm.
CutlerFm.
NavajoSs.
DakotaSs.
LeadvilleLs.Devonian
CaneCreekClastic
GunnisonValley3D
1
1
23
MancosFm.
Paradox Structural Cross Section
CourtesyofWesco.
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• Clasticlayersarelaterallycontinuousacrosstheproductivefairway(greenshading)
• Clastic21(CaneCreekClastic)hasbeenthemostprolificproducerhistorically
• TheCaneCreekClasticiseasilycorrelatedfromCaneCreekUnitintoGunnisonValleyUnit
• Clastics18&19havealsodemonstratedeconomicproduction
• Otherclasticshavehadgoodshowsbuthavenotyetbeeneconomicallyexploited
Paradox Basin Fracture Networks
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• Thecreationoffracturesafteroilgenerationhasstartediscriticaltothepreservationofopenfractures
• Fracturescreatedpriortooilgenerationaretypicallycementedwithsaltorcalcite.Fractureformationtimingisthereforanimportantaspecttounderstand
• BasementfaultsareinterpretedtohavebeenreactivatedduringtheLateCretaceous(Laramideorogeny).East-westcompressionresultedinleftlateralstrike-slipfaults.Alongrestrainingbendspopupandflowerstructureswereproduced
• Seismicisabletodirectlyimagethebasementfaultsandresultingstructuresandthusinferwhereopenfracturesexist
• Openfractureshavealsobeenidentifiedinareasofgentlesalttectonicswhichseismicalsoimages
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Open fractures are often partially healed with halite or calcite
Well: CCU 26-3
Can
e C
reek
Cla
stic
Cyc
le (#
21)
3D Seismic Summary
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3DSeismiciscriticaltothesuccessoftheplayasFidelitydemonstrated.
Seismicwillbeusedto:
• Targetareasthatarelikelytohaveopennaturalfractures
• Avoidstructurallycomplexandnon-fracturedareas
• PlanandsteerhorizontalwellsinParadoxclastics
GunnisonValley3D:
• Optimised40squaremilespositionedoverhighlyprospectiveCaneCreekClasticacreageposition
• SurveydesignedtotieState16-42well(modernlogsforseismictie),Federal28-11(CaneCreekproducer)andtheSaltWashUnit22-24(Leadvillepenetration)
• Operationnowcompletedsuccessfully
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WestFertilizer3D2010
Fertilizer3D2001
GunnisonValley3D2017
CaneCreekProductiveFairway
3D Seismic Summary: Acquisition
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• Surveylaidoutusinghelicopter
• DrillrigsflownintoareasinaccessibleforVibroseistrucks
• Chargeslaid~40’deepanddetonatedinco-ordinationwithcentralcontrolandteamontheground
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Receivers VibroseisDynamite
3D Seismic Summary: Acquisition
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• Vibroseistrucksworkinginteamof3,overmanageableground
• Shotpointtimingpreciselycoordinatedbetweentrucksandcentralcontrol
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Receivers VibraseisDynamite
3D Seismic Summary: Acquisition
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• 6geophonesperrecordingstation
• Recordingdataatalllocationsduringtheentireshoot
• Multiplegeophonestoreducerandomnoise.E.g.wind&traffic
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Receivers VibroseisDynamite
QuickLookEvaluation
§ Fasttrackdata–dataprocessingstillongoing
§ Exceptionalqualitysub-saltimaging
§ Highfolddatadeliveringexcellentresolutionattheclastictargetintervals
§ Example:latestagefluvialchannelabandonedasthebasinisfloodedpriortotheParadoxFormationdeposition
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Gunnison Valley 3D – Data Quality
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Mudfilledfluvialchannel
ProductivestructuralgeometriespresentatCaneCreek
§ ConstrictionFolding§ Salttectonicfeaturesrelatedtolargerscaleoverallsaltmovement
§ Largescalestructuralflexures§ Compressionaltectonicfeatures
§ BasementFaults§ Likelyre-activatedbasementfaultsthatextendupfromDevonian/BasementsectionintothebasalParadoxFm.
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Gunnison Valley 3D – Target Geometries
Senanyake2013
VanGent2010
Fracturesalignedparalleltofoldaxialplane
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Preliminarydatareview
§ BasementfaultgeometriesanalogoustoCaneCreekfeaturesevidentontheGVU3D
§ Positiveearlyindications
14/02/18
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Gunnison Valley 3D – Quick Look
InterpretedSectionAmplitudeextraction@CaneCreeklevel
BasementFaults
BasementFaults
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Preliminarydatareview
§ ConstrictionfoldssimilartoCaneCreekevidentonGVU3D
§ Positiveearlyindications
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Gunnison Valley 3D – Quick Look
InterpretedSectionAmplitudeextraction@CaneCreeklevel
CaneCreek
CaneCreek
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ConstrictionFolds
ThrustFault
Acquisition
§ Safe,efficient3Dacquisitiondeliveredunderbudgetandaheadofschedule§ Initialdataqualityappearstobeexcellent–abilitytomaptheCaneCreekinternalandalsoshallower,prospectiveclasticintervals(e.g.–Clastic18)
§ Processingnearcompletionalsoaheadofschedule
TargetIdentification
§ ConstrictionFolding§ Presentacrossmuchofthe3Darea
§ BasementFaulting§ GVU3DislessstructurallycomplexwhencomparedtotheCaneCreekareabutsomebasementstructuresareclearlypresent
§ StructuralFlexures§ Notsoevidentonthisveryearlyquicklook
§ LeadvilleLimestonePlay§ Nostructuraltrapswithinthe3Darea–notprospectivewithinthe3Darea
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Gunnison Valley 3D – Summary
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Ryder Scott’s Paradox Resources
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15,876 19,139 23,008 19,320 26,005 32,999 41,300 33,395
EUR Oil/Condensate - MMBO EUR Gas – BCF
COSLow Best High MEAN Low Best High MEAN Range
RyderScott’sOriginalHydrocarboninPlaceVolumesintheParadoxFormationLeaseholdInterestsofRoseasof30thApril,2014:
RyderScott’sUnriskedProspective(Recoverable)HydrocarbonResourcesintheParadoxFormationLeaseholdInterestsofRoseasof30thApril,2014:
OOIP - MMBO OGIP – BCF
P90 P50 P10 MEAN P90 P50 P10 MEAN
452.27 966.37 1,994.50 1,115.29 874.43 1,888.46 3,913.55 2,187.46 .21 - .56
Ryder Scott Grand Main (incl. GVU) Estimated Resources – 15 Formations with Paradox
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Field Development
RegionalOilServicesHub• GrandJunction(1.5hoursdrivealongInterstate70)
OilGathering:Road&Rail• 100%volumestruckedtorefinery–Western’sGallupRefinery
• FourCornersareainNewMexico
• RailspurpotentialclosetoKirkwood’sDeadHorsePointoperations
GasGathering:• MultipleMajorcommercialpipelinesrunningclosetoRoseacreage
• Fidelity (now Kirkwood) has existing gathering and plantinfrastructuretoRoseacreage
• Kirkwoodgasplanthasplentyofexcesscapacity
• PotentialforRosetosellvolumesthroughKirkwoodsystem
• FieldtapintoWilliamsNorthwestcommercialpipeline
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Paradox Economics Price Sensitivity Price:US$Currentpricedeck&US$10m
NPV10:US$218mm
ROR:20%
Price:US$Currentpricedeck&$8mmwellcost
NPV10:US$365mm
ROR:32%
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• 617,000BOEUR• 288wellinventory• 75%WI• Productionprofile,CapexandOpex,basedonexistingParadoxproducingwellsinthearea.
• Initialandsubsequentwellcostakeyfocus.LeverageCaneCreekUnitspendingandlearnings.• UnderstandandoptimisetheuseofManagedPressureDrilling(MPD)intheParadoxFm.• Highquality3Dmaygreatlyimpactwelldesignandfinalcosts.
Key Event Work Programme
WORKCOMPLETED• Begin3DseismicshootSept2017–COMPLETED
• BeginseismicprocessingJan2018–STARTEDNOVEMBER2017
• StartSeismicinterpretationFeb2018–INPROGRESS
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Rose Petroleum (US) LLC GVU SEISMIC & DRILLING PROJECTED ACTIVITY TIMELINE - August 2017 to September 2018Paradox Basin - Southern Gunnison Valley Unit
Aug 2017 Sep 2017 Oct 2017 Nov 2017 Dec 2017 Jan 2018 Feb 2018 Mar 2018 Apr 2018 May 2018 Jun 2018 Jul 2018 Aug 2018 Sep 20181 2 3 4 5 1 2 3 4 1 2 3 4 5 1 2 3 4 1 2 3 4 1 2 3 4 5 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 5 1 2 3 4 1 2 3 4 5 1 2 3 4 1 2 3 4
Permit Approvalcrew notice
SURVEY Shot hole drilling
Crew Prep - sweep test Recording & pick upPotential reclamation
Data ProcessingInterpretation
Submit Drill APDsApproved State APD to drillApproved Fed APD to drill
S o urc e L ine s R e c v rL ine s
Heli drill
NEXTSTEPS• Seek financing options for drill programme (Industry partner/Industry
funding)Q12018
• Submit firstAPDs forwell locations toBLMandStateofUT lateQ1–Q22018
• 10initiallocations–5StateAPDs&5FedAPDs• PotentialtospudfirstwellinQ22018(StateLands)orQ32018(BLMlands)
6weeksaheadofschedule
Forward Plan • GVUCaneCreekrepresentsahighvaluepotentialplay
• ContinuetoprogressGVUareaevaluationandplanfordrillingandpermitting
• Portfoliodevelopmentnowthenextstepinoverallcorporatedevelopment• Identifylowactivity,non-coreandunfashionableassetswithupside
• Acquireandre-developassetseitherforre-saleorholdaspositivecashflowasset
• Lower48onshoreUSactsasprimaryfocusbutwilltakeadvantageofourabilitytobefastactingandentrepreneurialinapproachtootheropportunities
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