13 Mars,

Transcription

1 13 Mars,

2 Financial highlights 2012 Production (barrels) Avg daily production BOPD Revenue (MSEK) Average achieved oil price (USD/barrel) EBITDA(MSEK) Result for the period (MSEK) Operating cash flow (MSEK) Operating cash flow per share (SEK) Fourth Quarter Year

3 Tethys Oil - An expanding oil & gas company Invests in areas with known oil and gas accumulations and extract upside potential through the use of modern technologies A fast growing oil company Offering considerable production and strong earnings capacity Strategic assets with long term potential Company is founded IPO on First North on 6 April 2004 Interest in Block 3 & 4 in Oman acquired Strategic investment in Lithuania agreement with Odin Energi Production record of bopd in Oman FDP Block 3 & 4 approved 3

4 Tethys assets Sweden - Gotland större - Gotland mindre Lithuania - Gargzdai - Rietavas - Raiseiniai France - Attila - Permis du Bassin D Alès Oman - Block 3 & 4 - Block 15 4

5 Asset overview Country Licence name Total area Tethy s interest Partners Production Oman Block 3 & km 2 30% CCED, Mitsui > bopd Oman Block km 2 40% Odin Energi Lithuania Rietavas km 2 14% Odin Energi, private investors, Chevron Lithuania Raiseiniai km 2 20% Odin Energi, private investors Lithuania Gargzdai 884 km 2 25% Odin Energi, Geonafta France Attila km 2 40% Galli Coz France Alès 215 km 2 37,5% Mouvoil Sweden Gotland större/mindre 581 km 2 100% > 140 bopd Production Appraisal/Exploration 5

6 Oman Tethys core area Three blocks: 3 & 4 and 15 Tethys is one of the largest license holders in Oman, measured by acreage Two main projects: Farha South Conventional oil (Block 3) Saiwan East Conventional oil (Block 4) Other projects: Saiwan East Heavy oil (Block 4) Jebel Aswad Gas/Condensate (Block 15) 6

7 Oman Block 3 & 4 The primary assets Maeen - Qarn Sahmah Flank Al Saad Qulam North Abu Zeinah Abu Deep Zeinah Deep Maeen - North Saiwan Qarn Sahmah Flank Al Saad Qulam North Huwayr Deep` North Saiwan Saih Hajmah Saih Hajmah Huwayr Deep` Farha South Farha South East Saiwan Saiwan East Tethys 30%, CCED 50% (operator) and Mitsui 20% Significant light oil resource base Net 2P reserves of 14.3 mmbo Large upside potential in exploration and increased recovery Gross production of bopd (Tethys share bopd) in Feb 2013 Reserves December 2012 Mmbo 1P 2P 3P 5,3 14,3 18,7 Leads outside of producing areas Producing areas 7

8 Lithuania High value production with unconventional upside Gargzdai 25% interest ~140 bopd production (net) 3 licences, Gargzdai, Rietavas and Raiseiniai Gargzdai in production Large potential upside in unconventional resources Shale oil and enhanced oil recovery Licenses are held through an operating subsidiary, operated by Odin Investment through associated companies Rietavas 14% interest Raiseiniai 20% interest Reserves (Audited) Mmbo 31 Dec 2011 Net Tethys 1P 2P 3P The Gargzdai license *Assuming USD 100/bo oil price 8

9 Result overview Revenues Net profit from associate MSEK 49 Operating result Administrative expenses MSEK 29 Depreciation of oil and gas properties MSEK 55 Operating expenses MSEK 96 Write off oil and gas properties MSEK 118 Net sales of oil and gas MSEK 584 Operating result MSEK 336 9

10 Oman - Drilling program uppdateras Total wells drilled 40 Type of wells Exploration wells Water injection wells Wells in previously undrilled fault block Production wells Q Q Q Q

11 Oman crude oil sales Sold volume, bbl Revenues from oil sales, tsek Q Q Q Q Q Q Q Q Q Q

12 USD per Barrel Tethys sale vs Brent and Omani blend 140 Spot Brent v Omani Blend Futures BRENT SPOT Omani Blend futures TETHYS OIL SALE PRICE 12

13 Growing sales and profitability Net sales EBITDA SEKm Q Q Q Q Q SEKm SEKm SEKm Q Q Q Q Q Net sales (lhs) Net sales LTM (rhs) EBITDA (lhs) EBITDA LTM (rhs) Strong underlying production Lifting in January 2012 originally scheduled fo december 2011 added sales of MSEK 38 in Q From underlift in Q3 to overlift in Q4 Higher oil price in Q4 13

14 Financials MSEK (unless stated) 4Q2011 1Q2012 2Q2012 3Q2012 4Q Net sales of oil and gas Operating result EBITDA Result for the period Earnings per share, SEK 1,36 3,31 0,46 1,35 4,07 9,11 Cash and cash equivalents Investments

15 Share price (2012/2013) SEK/Share Turnover January March 2013

16 Block 3&4 Total daily production vs Tethys share of daily production bopd * Before government take

17 Reserves Reserves Blocks 3 and 4, Oman Net Tethys Mmbo 1P 2P 3P Farha South 4,2 12,5 15,7 Saiwan East 0,9 1,4 2,5 B4EW3 0,2 0,4 0,5 As per 31 Dec, ,3 14,3 18,7 17

18 Lithuanian oil production 15 mmbo produced to date Current gross production of ~570 bopd 42 API oil Oil sold at USD ~1 discount to Brent Produced volume, bbl* Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Cumulated production (Tethys share) Bbl per day (Tethys share) 0 *bbl = barrel (1barrel =159 litres) 18

19 Lithuania Gargzdai license Tethys Oil 25% (Odin Energi, Geonafta) 7 producing fields One exploration well indicates large potential in shale sections Vast amount of shale core and other data collected in shale section for analysis 2 undrilled prospects Reserves as per 31 December 2011 Reserves (Audited) Mmbo 1P 2P 3P The Gargzdai license

20 Lithuania - Rietavas & Raiseniai licenses Rietavas km2 Tethys interest 14% Partners: Odin Energi, Chevron, private investors Work programme fully funded by Chevron Conventional exploration Gargzdai look alike. Shale gas/oil. Raisenai km 2 Tethys interest: 25% Partners: Odin Energi, private investors Exploration for conventional oil in Silurian Reefs. Shale potential

21 EIA map of world shale gas basins (insert: Baltic Region) SHALE GAS

22 Basement structure in Western Lithuania

23 Lithuania - Geological setting and petroleum system 23

24 Short facts about shale and fracking Production of shale gas and fracking common in the US (25% of natural gas production) No production of shale gas/oil in Europe yet Exploration mainly in Eastern Europe Drilling done in Poland Currently no EU-regulation regarding exploration of shale Discussions all over Europe about the environmental impact of fracking. Banned in France and Bulgaria. 24

25 Other exploration assets France Interests in two licences: Attila and Alès Known accumulations of gas and oil Data and logs from 17 wells Currently no work on-going Sweden (Gotland) Proven oil region 40+ prospects identified Drilling depth required is less than 500 metres Favourable fiscal terms 25

26 Tethys Oil Onshore Oman Blocks 3, 4 and 15 Three Blocks Total Area: 34,500 km Five separate projects: Farha South Conventional oil Farha South - Lower Al Bashir Saiwan East Conventional oil Asiwan East Heavy oil Jebel Aswad Gas/Condensate Numerous unappraised oilfinds

27 Block 15 Block 43B MOL Block 44 PTTEP Block 31 RAKP Block 9 OXY Block 47 RAKP Block 15 Tethys Oil Block 5 Daleel Block 27 OXY Block 30 RAKP

28 Oman Block 15 Jebel Aswad wells

29 Logistical overview FARHA SAIWAN 29

30 Block 3 & Block 3 Farha trend Block 6 BLOCK 4 Exploration Well # 4 Saiwan Field BLOCK 4 Exploration Well # 3 Block 4 BLOCK 4 Exploration Well # km 30 1:

31 Oman - B3 - Fahra South - Conventional Oil Farha South Appraisal well Drilled in Q TD 2723 m, TVD 1827 m 800 m deviated/horizontal section Encountered oil in 2 layers, Barik and Lower Al Bashair Fm Barik (sandstone): Tested 1,010 BOPD, 42 API Lower Al Bashair (sandstone): Tested 754 BOPD, 40 API 31

32 Farha Fault Block B Water Injector Pilot N FS-48 FS-29 FS-37

33 Farha Trend Growth 33

34 2013 Seismic program 34

35 Saiwan East Structural map Top Amin TWT Grid (Equipoise) Saiwan - 1 FAULT?? Saiwan East - 2 Saiwan East - 1 Three structural highs Three way dip closure Bounding fault in the E, throwing to the SE More oil potential in the three culminations along the southeasterly fault and relatively shallow. Saiwan East 1 well drilled slightly down-dip of the structure crest Nearby potential for lighter gravity oil updip (Amin Fm pinch out and Vendian graben trap) 5 km Bounding fault

36 Saiwan East 2 Stratigraphy Heavy Oil Light Oil

37 Block 4 Exploration well # 3 well location

38 Block 3 & 4 resource Al Saad Qulam North Huwayr Deep` Abu Zeinah Deep North Saiwan Farha South Contingent Resource (i.e. tested or w/ good shows) Maeen - Qarn Sahmah Flank Saih Hajmah East Saiwan Potential Resource (i.e. prospect)

39 2013 Contingent seismic program

40 Outlook Field Development Plan approved allows long term development and investment plans (30 years) Capex for Block 3 & 4 estimated MSEK 300 in 2013, fully funded by cash flow Continued drilling with 2 rigs: focus on increasing reserves with exploration also on Block 4 Using knowledge and experiences gained from existing projects in continued exploration Q1 Oman production estimated to bopd (before government take and taxes) Comprehensive work program in Lithuania to begin shortly - fully funded by Chevron 40