Corporate Presentation March 2 0 1 9 w w w .condorpetroleum .com TSX:CPI March 2019 www.condorpetroleum.com 1
Condor Executive Sum m ary Ortakoy Licences in Turkey’s Thrace Basin A TSX-listed oil and gas developer with diverse and strategically positioned assets 100% interest in two licences in northwest Turkey and three properties in Kazakhstan Huge Turkish gas demand --- 99% is imported Kazakhstan properties are in the country’s most oil- prone basin with multi-billion bbl fields operating Robust operating netbacks + # $27.99/ boe netback or $8.9 MM Strong sales price of $41.74/ boe Zharkamys West 1 in Kazakhstan’s Pre-Caspian Basin Low operating costs of $7.45/ boe Near term production growth with ongoing infill drilling and workover programs Significant upside from a prolific exploration portfolio in both countries 79 Kazakhstan prospects mapped and assessed Multiple thrust-fault leads in Turkey near existing producing fields and infrastructure Presentation amounts are in Canadian dollars unless otherwise stated + For the nine months ended September 30, 2018 # Operating netback is a non-GAAP measure. See Non-GAAP Financial Measures March 2019 www.condorpetroleum.com 2
Condor Snapshot Capital Markets Near Term Focus Grow production and cash flows TSX Sym bol CPI 2018 production thru Sep 30 th = 1,187 boepd Cash from operating activities = $6.1 MM Com m on Shares 44.2 million $0.14 per share (basic and diluted) Complete 2018 infill drilling and $10 million workover programs Market Capitalization ($0.23 per share) Rigging up to spud next horizontal well in Kazakhstan 1P = $0.90 Reserves: CA$ per share* Finalize extension of the Zharkamys 2P = $2.05 ( NPV 1 0 after tax) exploration license duration # 3P = $2.91 630 day extension period Pursue multi-well program farm-in opportunities Sidetrack Yak-1 in Turkey to test up- dip primary targets and deeper plays Strong gas shows in original well Field is only 2 km north of the Poyraz Ridge processing facility and can be readily tied-in * As of December 31, 2017--- See Reserves Advisory # See Zharkamys West 1 Advisory March 2019 www.condorpetroleum.com 3
Northw est Turkey: Ortakoy Licenses Turkey is one of Europe’s Hubs for Natural Gas Supply 100% WI in two production licenses covering 110 km 2 Includes Poyraz Ridge and Destan fields Extensive seismic coverage 472 km of regional 2D & full 3D over Poyraz Ridge Discovered gas on 6 of 8 structures drilled to date 18.3 BCF of 2P reserves * at Poyraz Ridge Poyraz Ridge commercial production commenced in December 2017 Extensive Prospect and Lead Inventory ITGI 36” Pipeline Sales pipeline connected into the main Turkish ITGI pipeline system Strong gas prices Huge demand and 99% reliant on imports Gas price increased 92% in 2018 (in Turkish Lira), more than offsetting the recent Lira devaluation Gas price increased 42% in 2018 (in CA$) to $9.37/ mcf as of mid-November 2018 * As of December 31, 2017 --- See Reserves Advisory March 2019 www.condorpetroleum.com 4
Poyraz Ridge Com m ercial Developm ent Central Processing Facility (“CPF”) Multiple stacked-pay productive intervals at depths between 500 to 2000 meters Conventional thrust-fold play 93% methane gas with no CO 2 or H 2 S Owned and operated 15 MMscf/ d CPF performing at > 98% uptime Outstanding economics + # Operating netback of $29.48/ boe Favorable fiscal regime Poyraz Ridge Gas Field 12.5% royalty 22% corporate income tax Additional infill drilling locations have been identified to grow production levels PW-6 Near field exploration potential with Poyraz West-6 similar looking structures Yakamoz 1 discovery is 2 km north of the CPF Other onshore and offshore targets + For the nine months ended September 30, 2018 # Operating netback is a non-GAAP measure. See Non-GAAP Financial Measures March 2019 www.condorpetroleum.com 5
Re-Targeting Yakam oz 1 Yak 1 Gas Log Drilled in 2017, Yakamoz-1 (“Yak-1”) Reprocessed Yakamoz Seismic Data confirmed hydrocarbon source, migration and seal are working in the Eocene Yak-1 was slightly off the closure area of the structure Sidetrack location is greatly de-risked given Strong hydrocarbon shows in Base Miocene & Mid Eocene Yakamoz-1A Proposed Well path strong gas shows while drilling Yak-1 Reprocessed seismic data has also enhanced imaging Contingent Resources* Miocene: P50 = 7 BCF Up-dip Miocene Structure Target Eocene: P50 = 25 BCF ~ 200 meters Yakamoz Structure TD 2250m Yak-1 S/T (up dip) location Yak-1 location Deep Target 1 M. to L. Eocene Deep Target 2 E. Eocene & Fractured Basement C 1 to C 5 (*) Internal estimate --- See Reserves Advisory March 2019 www.condorpetroleum.com 6
Expanding Beyond Yak-1 Yak 1 Kor 1 Poyraz Field Recent Yakamoz 1 well validates Ortakoy NW SE License petroleum system Confirmed basement thrust and detachment faults can be mapped below the over-thrust Strong hydrocarbon shows suggest hydrocarbon kitchen (source rocks) lie to the NW Multiple Thrust-Fold & Sub-Thrust Leads Exist On License Identified from existing 2D seismic SE verging thrusts have a ~ 2 km wavelength Structural plays similar to Poyraz Ridge and Yakamoz Several Leads Are Being Matured are mapped en-echelon with and adjacent to existing discoveries Untested deeper (Eocene & older) plays in the central and NW portions of license Further upside potential in the near- offshore region Accessible from land-based locations Geoschematic Line of Section above March 2019 www.condorpetroleum.com 7
Kazakhstan: Zharkam ys W est 1 Pre-Caspian Basin Located in the Pre-Caspian Basin 46 Billion boe discovered including Super-giant fields* Kashagan 13B bbls; Tengiz 9B bbls; Zhanazhol 1B bbls Pursuing multiple proven play-types Seven play-types identified at depths ranging from 650 to 7000 meters 3777 km 2 block (933,000 acres) 100% working interest 2532 km 2 of high resolution 3D successfully images Post-Salt, Zharkamys West 1 and Surrounding Fields Intra-Salt (Primary Basin) and Pre-Salt targets Company is in the process of extending the exploration license by 630 days # 3 oil discoveries to date Shoba and Taskuduk under separate Production Contracts Exploration license extension application does not affect the Shoba and Taskuduk oilfields KN-E is under appraisal * Readers are cautioned that regional oil and gas resource and reserve volumes are sourced from industry and company websites and may not be NI 51-101 compliant # See Zharkamys West 1 Advisory March 2019 www.condorpetroleum.com 8
Monetizing Shallow Oil Discoveries Commercial production at Shoba and Taskuduk 34 to 39 0 API oil at reservoir depths of 750 to 1100 meters Q3 2018 operating netback # = $26.11 per barrel Successfully drilled and produced first Pre-Caspian basin shallow horizontal wells Also the first wells in Kazakhstan to utilize inflow control devices for minimizing water and gas coning I nfill horizontal drilling program is underway which is expected to increase production to over 800 barrels per day * Estimating $1.5 MM per well to drill and complete with a 6 to 7 month payout * Additional infill wells in 2019 to increase oil production to > 1000 bopd Shoba Field with 4 New Horizontal Infill Well Locations Shoba Gauging Station Sh-12 and Sh-15 recently drilled Operations underway at Sh-13 Lateral section of the horizontal wells Deviated section of the horizontal wells # Operating netback is a non-GAAP measure. See Non-GAAP Financial Measures * Internal Company estimate --- See Reserves Advisory March 2019 www.condorpetroleum.com 9
Large ‘Target Rich’ Portfolio Zharkamys West 1 Prospect Map 15 salt domes provide numerous and material opportunities 7 play-types organized into 3 prospect portfolios 79 Prospects mapped and volumetrics assessed Active hydrocarbon system confirmed by existing discoveries, surface oil accumulations and gas chimneys Post-Salt and Primary Basin portfolios have been validated by oil discoveries 35 Post-Salt prospects Top 12 prospects each with a range of 5 to 13 MM boe of Prospective Resources (internal estimate)* Well costs range from $0.8 to $2.5 MM per well 30 Primary Basin prospects Top 3 prospects each with a range of 36 to 41 MM boe and 114 MM boe in total of Prospective Resources # Per independent resource assessment Well costs range from $6.5 to $7.0 MM * Per internal estimate of Company Working Interest, Mean Recoverable , Prospective Resources, Unrisked – See Reserves Advisory # Per independent third party resource assessment of Company Working Interest, Mean Recoverable, Prospective Resources, Unrisked - See Reserves Advisory March 2019 www.condorpetroleum.com 10
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