Lucent Oil and Gas (Cyprus) Ltd February 2017 February 2017 Contact: dmd@visoil.com Investment Opportunity Proven Oil (6-12mmbbls) with Proven Oil (6 12mmbbls) with Heritage wells & Large Exploration Target 1000m Deeper.
Disclaimer This presentation (“the Proposal”) has been prepared by Lucent Petroleum LLP. (“the Company”) and is being distributed for information purposes only, to those parties who have an interest in making an investment in the Company (“you” or “the Recipient”) and may not be relied upon for the purposes of any transaction. The Proposal is not intended to form the basis of any decision to make such an offer, or the basis or part of any contract, and does not constitute an offer or invitation for the sale or purchase of all or any part of the capital or assets of the Company. The information relating to the Company and its business and assets contained in the Proposal is the management’s view of the state of affairs of the Company, performance of its assets, and the future outlook. However, the Proposal does not purport to provide a complete and fully accurate description of the matters to f f it t d th f t tl k H th P l d t t t id l t d f ll t d i ti f th tt t which it relates. 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The Presentation is directed solely at investment professionals (as defined in Article 19(5) of the Financial Markets and Services Act 2000 (Financial The Presentation is directed solely at investment professionals (as defined in Article 19(5) of the Financial Markets and Services Act 2000 (Financial Promotion)Order 2005 (“FPO”)) and persons of a kind specified in Article 49(2) a-d of the FPO (high net worth entities, unincorporated associations, etc). Neither the receipt by any person of the Presentation nor any information supplied in connection with the proposed investment in the Company is, or is to be taken as, constituting the giving of investment, financial, taxation or legal advice by the Company. The Recipients of the Presentation should inform themselves about and observe any applicable legal requirements in relation to the receipt of this Presentation. Any Recipient is recommended to seek their own financial and legal advice and must make their own independent assessment of the Company. You hereby acknowledge that you are aware of the risks of investing generally and in particular (without limitation) that in emerging markets, such as Kazakhstan, business risks are far greater than in more developed markets (including significant legal, economic, and political risks). You acknowledge the high , g p ( g g g , , p ) g g number of expenses and difficulties frequently encountered by companies, such as the Company, in the early stages of development, particularly companies operating in emerging markets and you should be aware that these and/or other factors, or a combination thereof, may lead to the loss of your entire investment
Lucent Summary • Privately owned company • 100% of mature Sub-soil User Contract in west Kazakhstan covering 1341 km 2 west Kazakhstan covering 1341 km • 2 oil & gas fields at appraisal stage • Contingent Resources of 155 mmboe • Lebyazhye 27mmboe • Munaibai 128 mmboe • Munaibai appraisal drilling 2017 • Expansion of contract area to follow Expansion of contract area to follow successful appraisal • Seeking investment for Early Production project on Lebyazhye field
Early Production Opportunity Lebyazhye Field (ca. 6-12mmbbls) • Requires appraisal for horizontal development • Stage 1 Stage 1 Pilot production of 300-500bopd from re-entry of existing wells - $7.7m • Stage 2 Horizontal appraisal +300-500bopd - $11 4 $11.4m • Underlying Carboniferous potential 35-180 mmbbls - $6m Farm-in Proposal The company is currently seeking staged investment for Lebyazhye Field Appraisal and Development up to 50% stake in Lebyazhye is available Development, up to 50% stake in Lebyazhye is available. Stage 1 - $8m re-entry programme for 4 wells with production facilities in 2017 Stage 2 - $11.4m for two horizontal side-tracks in 2018 Stage 3 - $6m well deepening to test large Bashkirian Reef prospect in 2019
Lebyazhye Appraisal Programme Stage 1 Top F15 Depth A total of five abandoned “heritage” wells have been drilled on Lebyazhye. A sixth well, L-14x (photo below) is suspended.. Lucent plans to re-enter three old wells, to establish early oil production from Triassic F15 reservoir sands. Target production from the g p re-entry programme is y p g 300-500 bopd. Stage 2 Latest mapping indicates potential fracture compartmentalisation of the reservoir. Well J-13 (aka L-13) is planned for sidetracking in 2018. depending of the outcome another well will be sidetracked. Target field production from Stages 1 & 2 is 700-1000bopd “Trial/Test Industrial Production” allows for two years of production and sales to the domestic market. Recent increase in the domestic prices have made the appraisal of Lebyazhye more attractive and documentation is in place to start end 2017 L-14X Testing 2015
Lebyazhye Bashkirian Reef Prospect Stage 3 L-14X Deepening Top Bashkirian Depth Prospective Volumes North Reef system ~ 35mmbbls • Can be tested by deepening Lebyazhye wells • Cost of deepening L-14X = $5-6m L-14X South Reef system ~ 115mmbbls Key Geological risk • b breaching of Moscovian Seal hi f M i S l Chance of Success ~ 33% • Highly positive EMV if tested by deepening L-14x Major regional exploration target Poorly tested in 1980’s • wells are down-dip, off structure • massive mud losses while drilling • short 40-60 minute tests • recovered gas and large volumes of mud • • potentially excellent permeability potentially excellent permeability • Interpreted as associated gas Shallow Well Deep Well Oblast Boundary
Munaibai Appraisal 2017 East Munaibai • Discovered in 2009 - 500m hydrocarbon column • 3D seismic reprocessed 2012 • Contingent Resources • Reserves re-determination expected after current well. • Well LP-3 spuds April 2017 • Extension of Contract Area Q4 2017 • 2 appraisal wells in planning for 2018 • Pilot Production 2019 • Deeper Carboniferous and Devonian potential Rigging up ZJ70 (Feb 2017) Rigging up ZJ70 (Feb 2017) LP-3 Cellar and Conductor Pipe (Jan 2017)
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