This presentation may include certain forward looking statements. All statements other than statements of historical fact, included herein, including, without limitation, statements regarding future plans and objectives of Canacol Energy Ltd. (“Canacol” or the “Corporation”), are forward-looking statements that involve various risks, assumptions, estimates, and uncertainties. These statements reflect the current internal projections, expectations or beliefs of Canacol and are based on information currently available to the Corporation. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. All of the forward looking statements contained in this presentation are qualified by these cautionary statements and the risk factors described above. Furthermore, all such statements are made as of the date this presentation is given and Canacol assumes no obligation to update or revise these statements. An investment in Canacol is speculative due to the nature of the Corporation's business. The ability of the Corporation to carry out its growth initiatives as described in this confidential presentation is dependent on Canacol obtaining additional capital. There is no assurance that the Corporation will be able to successfully raise the capital required or to complete each of the growth initiatives described. Investors must rely upon the ability, expertise, judgment, discretion, integrity, and good faith of the Management of the Corporation. Barrels of Oil Equivalent Barrels of oil equivalent (boe) is calculated using the conversion factor of 5.7 Mcf (thousand cubic feet) of natural gas being equivalent to one barrel of oil. Boes may be misleading, particularly if used in isolation. A boe conversion ratio of 5.7 Mcf:1 bbl (barrel) is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead. 2 Diversified production Portfolio 5 basins / 8 fields Enterprise value US $ 790 million(1) 2P reserves + DV 41 MMboe / US $ 842 million(2) Long reserve life ~9 years Exploration upside Portfolio 23 contracts / 1.8 million net acres Prospective resources >200 MMboe(3) World-class partners ConocoPhillips, ExxonMobil, Shell (1) Pro forma for the May ‘14 capital raise and the June ‘14 LLA 23 acquisition (2) Pre-royalty 2P reserves + deemed volumes and pre-tax NPV-10 as of Jun ‘13 and Dec ‘13 (D&M reserve reports). These figures do not reflect production volumes since the date of D&M’s reserve reports (3) Management’s estimate for net risked recoverable prospective resources 3 2P reserves + DV 41 MMboe / US $ 842 million Nearly triple production from existing 2P reserves over the next 3 years 50,000 Pre-royalty avg net production (boepd) Prospective resources >200 MMboe / US $2.3 billion Exploration upside 40,000 30,000 $81 Historical exploration commercial success 47% 20,000 $708 $190 $1,546 $261 10,000 $790 $581 0 '13a '14e '15e '16e '17e '18e Calendar year average production positioned on x-axis labels '19e '20e Proven Probable Possible EV Upside Pre-royalty 2P reserves + deemed volumes and pre-tax NPV-10 as of Jun ’13 and Dec ‘13 (D&M reserve reports). These figures do not reflect production volumes since the date of D&M’s reserve reports. Management’s estimate for net risked recoverable prospective resources 4 ‘14e guidance 13,000 to 14,000 boepd Oil (18MMbls or 44%) $45 12,000 $40 $35 10,000 Gas (23 MMboe or 56%) Reserves exclude: LLA 23: Leono, Pantro, and increased WI Ecuador 12-15% decline/yr $30 8,000 $25 6,000 $20 Llanos 30-40% decline/yr $15 4,000 $10 2,000 $5 10-15% decline/yr $- - Pre-royalty avg net production (boepd) Capella ~9 yr. Esperanza RLI 10-15% decline/yr Rancho Hermoso tariff oil Gas Corp avg netback (/boe) 5 3D 3 4 Leono Pantro 1 ‘08 Rancho Hermoso Field LLA 23 13 for 13 ~15,000 net bopd at peak 2 ‘12 Labrador Field 5 for 5 3 ‘13 Leono Field 3 for 3 4 ‘14 Pantro Field 1 for 1 (1) Tigro-1 5 MMbls(1) Adding to our winners Increased WI from 80 90% ~50 MMbls pursuit(1) 3D Paid $40 million: $31 per 2P barrel $62 per barrel netback Received: 1.3 mmbo 775 bopd 5MMbls free upside(1) 10 wells left in ‘14 7 development 3 exploration (Tigro-1, Pointer-1, Maltes-1) Management’s estimate of remaining net unrisked recoverable prospective resources Labrador 2 1 Fault Oil fields Leads Maltes-1 2 MMbls(1) Pointer-1 2 MMbls(1) Rancho Hermoso 6 LLA 23 90% WI Lab 5 confirmed reservoirs Maltes-2c 5-for-5 at Labrador C7, M, B, G, U 2 displayed: C7 and G Maltes-1 2 MMbls(1) Agueda pad Tests 1,800 bopd M-1 A Stacked pay mitigates risk Lab-2 G,U Lab-3 A C7,G,U Lab-5 L-2 C7,G Lab-6c L-3 L-5 A-1ST C7,G,U Lab-4 L-6c C7,M,B,G,U Maltes next A-1ST L-4 $62/bbl netback Pointer-2c P Pointer pad Pointer-2c P Pointer-1 2 MMbls(1) P-1 2km (1) Management’s estimate 7 Leono Pantro Tigro 90% WI OWC @ 9,446 ft OWC @ 10,346 ft Leono-3 Lanceros pad L Leono-2 5 confirmed reservoirs L-2 L Leono-1 C7, M, B, G, U 2 displayed: B, G L-1 5 solid results Pantro-1 Pantro-2 6 month payback/well L-3 Leono-1 (B) Leono-2(B) Pantro-1(G) Pantro-1(M) Leono-3(M) Test rate 1,490 net bopd 2,406 2,344 830 956 P-1 P-2 P-3 Pantro-3 Tigro pad T T T-2c Tigro-2c Tigro-1 5 MMbls(1) Tigro-3c T-1 2km (1) Management’s estimate Leono Pantro LLA 23 T-3c 8 Las Maracas 115k gross acres One of the largest E&P contracts Cravo S Cravo E Macarenas In Jul ‘14, shoot 400 sq km of 3D seismic to firm up ‘15 and ‘16 drilling locations LLA 23 Mateguaia ~50 MMbls of remaining resources(1) Heredia Saimiri (1) Management’s estimate of net unrisked remaining recoverable prospective resources Fault Oil fields Leads Zopilote 9 Esperanza Esperanza 100% WI Solid LT gas contracts + strong pricing / netback + minimal development capital pipeline Cana Flecha Arianna Asset ranks in the top 5% in Colombian reserve life 2P reserves 22.6 mmboe(1) Current production ~3,000 boepd Reserve life 20-yrs Existing contract ‘14 ’21e Katana Jobo station 2 Corozo 3 Cañandonga 2,800 boepd @ ~$4/mmbtu 2 new contracts will triple production in Dec ‘15e ’15e ’20e 6,140 boepd @ $5.40/mmbtu Nispero Palmer 1 Nelson >8,900 boepd in Dec ‘15e Prospects Leads Producing fields Pipeline to mine Exploration upside Jul ‘14e activities Commence 3 exploration wells 20.3 / 10.4 mmboe prospective resources(2) (1) Reserve report effective Dec ‘13 (2) Management’s estimate for net unrisked/risked recoverable prospective resources 10 Santa Isabel The motivation is crystal clear ‘93 ‘12, Colombia’s oil reserve life has decreased from 19 VMM 2 1 3 2 7 years VMM 3 N Shale solution to Colombia’s reserves Canacol has the 2nd largest shale land position in Colombia S COR 39 4 COR 62 $263/acre 5 COR 4 N 6 7 COR 11 COR 12 S 11 Rosablanca Buturama 1-4 Produced 500k+ bbls Catalina-1 Tested 7,820 bopd La Luna Olivo-1 Tested 6,400 bopd Santa Isabel OP-1 Sweet spot defined shale oil area(1) La Luna Totumal 1-5 Produced 800k bbls VMM 2 ‘14e: 11 wells 5 fracs $240 mm capex ’16e >25,000 bopd El Cejudo-1 Pico Plata-1 Mono Araña-1 LT test VMM 3 Multiple shale zones Proposed wells (1) ~1.5 mm acres of prospective La Luna shale oil in the Middle Magdalena Basins, EIA Jun ‘13 12 Q 3 ‘14e Q 4 ‘14e LIGHT LLA 23: Pointer, Maltes, Tigro Exploration upside CLT: Guepardo Ecuador: Secoya Oeste SHALE VMM 3: Picoplata 3 8.3/4.7 MMbls 1 1.3/0.7 1 1.0/0.4 1 54.8/13.7 1 3.3/0.8 3 10 20.3/10.4 89/31 MMboe VMM 2 HEAVY Capella: Chipo GAS Esperanza: Palmer, Corozo, Canandonga Development Advantage ‘14e Total Prospective Resources(1) Wells LLA 23 (Labrador, Leono, Pantro) VMM 2 Ecuador Capella Rancho Hermoso (1) Management’s estimate of net unrisked/risked recoverable prospective resources (2) Represents net average production before royalties ‘14e guidance 13,000 – 14,000 boepd(2) 13 TSX (CNE), BVC (CNEC), OTCQX (CNNEF) In mm Shares outstanding Dilutive securities 106.0 8.9 (1) 114.9 USD in mm Market capitalization Net debt Enterprise value $752.0 (2) 38.4 (3) $790.4 Investment summary Team with > 50-yr combined operating history in Colombia Calendar ‘14e 13,000 - 14,000 boepd Targeting 89 MMboe / 31 MMboe(4) Diverse platform 5 basins / 8 fields 2P reserves + DV 41 MMboe(5) Prospective resources >200 MMboe(6) Diversified ownership World class partners ConocoPhillips, Exxon, Shell 32% 28% 22% 18% (1) Excludes anti-dilutive securities based on current market price CDN $6.99/share (2) Converted using CDN USD exchange rate (0.93) as of 7/7/14 (3) As of March 31, 2014 (4) Management’s estimate for net unrisked/risked recoverable prospective resources (5) Reserve reports effective Jun ‘13 and Dec ‘14 (6) Management’s estimate of net risked recoverable prospective resources 14
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