RockRose Energy Plc October 2018
Disclaimer This presentation and its enclosures and appendices (the “presentation”) have been prepared by RockRose Energy plc (the “Comp any ”) exclusively for information purposes. This presentation has not been reviewed or registered with any public authority. This presentation is confidential and may not be reproduced, further distributed to any other person or published, in whole or in part, for any purpose. By viewing this presentation, you agree to be bound by the foregoing restrictions and the other terms of this disclaimer. This presentation does not constitute an offer to sell or a solicitation of an offer to buy any securities. The distribution of this presentation and any offering, subscription, purchase or sale of securities issued by the Company in certain jurisdictions is restricted by law. Persons into whose possession this presentation may come are required by the Company to inform themselves about and to comply with all applicable laws and regulations in force in any jurisdiction in or from which it invests or receives or possesses this presentation and must obtain any consent, approval or permission required under the laws and regulations in force in such jurisdiction, and the Company shall not have any responsibility or liability for these obligations. The contents of this presentation are not to be construed as legal, business, investment or tax advice. Each recipient should consult with its own legal, business, investment and tax adviser as to legal, business, investment and tax advice. In making an investment decision, investors must rely on their own examination of the Company and the terms of any investment in the Company, including the merits and risks involved. Although reasonable care has been taken to ensure that the facts stated in this presentation are accurate and that the opinions expressed are fair and reasonable, the contents of this presentation have not been verified by the Company or any other person. Accordingly, no representation or warranty, express or implied, is made as to the fairness, accuracy, completeness or correctness of the information and opinions contained in this presentation, and no reliance should be placed on such information or opinions 2
RockRose Energy – Introduction ▪ Non-operated North Sea production oriented oil and gas independent founded in July 2015 UK asset portfolio ▪ Listed on the London Stock Exchange (Main Market) Production Galley, B-Block, ▪ Company built to date through the acquisition, predominantly of Idemitsu Petroleum UK and Dyas B.V. Nelson & Howe Ross, during 2017-18 Blake & Tain ▪ Strategy of creating value through: ▪ Acquiring producing assets that are ‘non core’ to the vendors ▪ Maximising economic recovery in current asset portfolio ▪ Focused on discovered assets and maximising recovery Grove ▪ Diversified portfolio of low risk producing assets ▪ 2018 pro forma production of 11,300 boepd which can be sustained through to 2025 based on existing asset base alone ▪ YE 2017 reserves; ▪ 1P PDP + 1P PUD 26.6 mmboe, Tors, Seven Seas, Galahad & ▪ 2P + 2C of 55.9 mmboe reserves & resources 1 Mordred ▪ Netherlands asset portfolio Attractive cost level with group 2018 lifting cost of circa $26/boe (inc G&A) Reserves & Resources as at ▪ Oil - $30/boe Gas - $20/boe 01.01.18 ▪ Recently announced the acquisitions: ▪ Acquisition of 100% of Dyas B.V. ▪ €106m purchase price with an effective date 1 January 2018 ▪ Transaction adds 6,000 boepd, 13 mmboe 1P reserves ▪ 7.2 mmboe potential upside in reserves and resources ▪ Funded from existing resources ▪ Acquisition of 30.4% of Arran Development ▪ Nominal consideration ▪ Development asset with Shell and Dyas ▪ Adds 2C resources (which become reserves on sanction) of 8.7 mmboe ▪ CAPEX funded from existing cash flow ▪ FDP & FID will be sanctioned in October 3 1 companies estimates
Experienced Management Team and Organisation Management and Board with Solid Track Record Supported by an Experienced Organisation • Andrew Austin | Executive Chairman 15 employees tailored to RockRose’s non-operated business based in company HQ in London ▪ Founder of RockRose Energy ▪ Previous experience as co-founder and CEO of IGas Energy (2004-15) ▪ Technical and Operational capabilities ▪ Prior to founding IGas, Andrew spent 17 years working at Merrill ▪ Commercial, Business Development, Asset Management, Engineering, Lynch, Nomura, Citibank and Barclays Geophysicist, Petroleum Engineer, Finance and Accounts ▪ Peter Mann | Managing Director Strong partner relationships & asset stewardship, FPSO & Platform operations, Field Development, Capital Investment projects ▪ Joined RockRose in 2017 after having spent five years with IGas ▪ ▪ Principles have previously helped develop assets for Nexen, Glencore, Shell, BP, While at IGas, Peter was responsible for business development and Tullow, IGas, Mobil, PanCandian implementing restructuring strategy in the difficult oil price environment ▪ Modular approach to external skills when required through individual contractors who management have worked with before and ERC Equipoise, Petrenel and Stephen Pawson | Finance Director Crondal ▪ More than 35 years of experience from the oil and gas industry • Management team ▪ Experience from, inter alia, Philips Petroleum, ARCO and Star Energy ▪ Directors and Management have worked together since 2009 ▪ Stephen has extensive experience of fund raisings, refinancing ▪ Team has completed 20 acquisitions and debt/equity financing in the last 10 years. projects, acquisitions, restructurings and IPO • Management and staff financially aligned with shareholders Richard Benmore | Non Executive Director: ▪ ▪ More than 30 years experience from the oil and gas industry from Management, have to date, acquired 26.3% of the company companies including Conoco, Oryx Energy, Nimir Petroleum, Nexen and IGas. John Morrow | Non Executive Director: ▪ More than 30 years experience in the oil and gas industry, Currently head of E&P at Glencore plc. Source 4
Share Price Performance and Share Register Share Price Performance Major Shareholders Trading halted Trading halted Rebased to RockRose share price Director’s and Senior Management Shareholding 5
Strategy Demonstrated Company History £5m capital raise at £50p £8m capital raise at £150p per share per share Agreed to acquire Agreed to acquire of Dyas Company established Sojitz Energy for £2.5m B.V. for € 107m Feb 2018 Jul. 2015 May 2018 Aug 2018 July 2017 Aug. 2017 Jan. 2016 Mar. 2017 Oct. 2017 Feb 2018 £23m capital distribution, returning all invested capital to shareholders Agreed to acquire Egerton Agreed to acquire Idemitsu Energy Ventures for £1.0m UK for £29.7m Agreed to acquire Dana’s 30.4% interest in Arran development 6
Diversified Asset Portfolio Across the UK and Netherlands UK asset portfolio Production Galley, B-Block, Nelson & Howe Ross, Blake & ▪ 3,000 boepd Avg 2018 production Blake Tain ▪ (WI: 30.8%) 15.8 mmboe 2P reserves and 2C resources ▪ High value development with 6.7 mmboe 2C Tain Picture Grove ▪ Links into existing Blake & Ross infrastructure (WI: 50%) Key assets Tors, Seven ▪ 3,000 boepd Avg 2018 production A/B Blocks Seas, Galahad & Mordred ▪ 11.3 mmboe 2P reserves (WI:14.6% 1 ) Netherlands asset portfolio Reserves & Resources as at 01.01.18 ▪ 1,400 boepd Avg 2018 production K Blocks ▪ 4.6 mmboe 1P reserves (WI: 11.7%) ▪ 5,300 boepd forecasted production 2021 Arran ▪ 8.7 mmboe reserves upon sanction (WI: 30.4%) Other In addition RockRose has interests in further producing fields which add 3,900 boepd of production from a reserve base of 9.5 mmboe 7
Summary • Diversified portfolio with balance of oil & gas • Cash generative with significant debt capacity • No legacy issues • Positioned to continue to deliver an organic and acquisition based strategy Delivering discovered hydrocarbons 8 Source
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