ATP Oil & Gas Corporation - library.corporate-ir.netATP Oil & Gas Corporation - NASDAQ: ATPG. Title:...
Transcript of ATP Oil & Gas Corporation - library.corporate-ir.netATP Oil & Gas Corporation - NASDAQ: ATPG. Title:...
![Page 1: ATP Oil & Gas Corporation - library.corporate-ir.netATP Oil & Gas Corporation - NASDAQ: ATPG. Title: Microsoft PowerPoint - DeloitteNorth Sea_ATPG Author: tmaguire Created Date: 6/24/2005](https://reader031.fdocuments.in/reader031/viewer/2022022504/5ab756767f8b9ac60e8b8168/html5/thumbnails/1.jpg)
ATP Oil & Gas Corporation
Deloitte Dutch North SeaOil & Gas Conference
22 June 2005
G. Ross Frazer, P.E.Vice President-Engineering &
Director, U.K. Projects
Ing. Rob HappéGeneral Manager, ATP NL
![Page 2: ATP Oil & Gas Corporation - library.corporate-ir.netATP Oil & Gas Corporation - NASDAQ: ATPG. Title: Microsoft PowerPoint - DeloitteNorth Sea_ATPG Author: tmaguire Created Date: 6/24/2005](https://reader031.fdocuments.in/reader031/viewer/2022022504/5ab756767f8b9ac60e8b8168/html5/thumbnails/2.jpg)
2
This presentation contains projections and other forward lookingstatements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These projections and statements reflect the Company’s current view with respect to future events and financial performance. No assurances can be given, however, that these events will occur or that these projections will be achieved, and actual results could differ materially from those projected as a result of certain factors. A discussion of these factors is included in the Company documents filed with the Securities and Exchange Commission.
This presentation does not constitute an offer to sell, or a solicitation of an offer to buy, any securities, or the solicitation of a proxy or an attempt to influence any voting of securities, by any person.
Forward Looking Statement
![Page 3: ATP Oil & Gas Corporation - library.corporate-ir.netATP Oil & Gas Corporation - NASDAQ: ATPG. Title: Microsoft PowerPoint - DeloitteNorth Sea_ATPG Author: tmaguire Created Date: 6/24/2005](https://reader031.fdocuments.in/reader031/viewer/2022022504/5ab756767f8b9ac60e8b8168/html5/thumbnails/3.jpg)
3
ATP’s Goals
2004 Offshore Energy Achievement
Innovation/Technology Award
Acquiring
Developing
Operating
Producing
Since 1991 ATP has focused its strategy on:
Low risk strategy with focused development operations
![Page 4: ATP Oil & Gas Corporation - library.corporate-ir.netATP Oil & Gas Corporation - NASDAQ: ATPG. Title: Microsoft PowerPoint - DeloitteNorth Sea_ATPG Author: tmaguire Created Date: 6/24/2005](https://reader031.fdocuments.in/reader031/viewer/2022022504/5ab756767f8b9ac60e8b8168/html5/thumbnails/4.jpg)
4
Diversified Areas of Operation
Gulf of Mexico
Gulf of Mexico• 1991 – Shelf
• 2000 – Off the Shelf to 1,500’
• 2003 – Deeper water to 3,000’
North Sea 2000 – United Kingdom Sector
• 2003 – Dutch Sector
North Sea
The same strategy has been proven in all areas
![Page 5: ATP Oil & Gas Corporation - library.corporate-ir.netATP Oil & Gas Corporation - NASDAQ: ATPG. Title: Microsoft PowerPoint - DeloitteNorth Sea_ATPG Author: tmaguire Created Date: 6/24/2005](https://reader031.fdocuments.in/reader031/viewer/2022022504/5ab756767f8b9ac60e8b8168/html5/thumbnails/5.jpg)
5
Exclusively Offshore
Gulf of MexicoGulf of Mexico202 Bcfe 202 Bcfe
North SeaNorth Sea101 Bcfe101 Bcfe
Gulf of MexicoGulf of Mexico202 Bcfe 202 Bcfe
North SeaNorth Sea101 Bcfe101 Bcfe
Proved Reserves By RegionDecember 31, 2003
Gulf of Mexico
181 Bcfe (P1)
256 Bcfe (P1+P2)
302 Bcfe (P1+P2+P3)
North Sea(1)
95 Bcfe (P1)
166 Bcfe (P1+P2)
307 Bcfe (P1+P2+P3)
(1) Cheviot not yet includedNote: Reserves prepared by Ryder Scott (U.S. and Netherlands) and Troy-Ikoda (U.K.)
![Page 6: ATP Oil & Gas Corporation - library.corporate-ir.netATP Oil & Gas Corporation - NASDAQ: ATPG. Title: Microsoft PowerPoint - DeloitteNorth Sea_ATPG Author: tmaguire Created Date: 6/24/2005](https://reader031.fdocuments.in/reader031/viewer/2022022504/5ab756767f8b9ac60e8b8168/html5/thumbnails/6.jpg)
6
Superb Execution
37 of 38 non-producing properties with proved but as yet undeveloped reserves (PUD’s) converted to commercial production
495 Bcfe of P1+P2+P3 scheduled for development• Gulf of Mexico 238 Bcfe• North Sea 257 Bcfe
97% Success Rate
![Page 7: ATP Oil & Gas Corporation - library.corporate-ir.netATP Oil & Gas Corporation - NASDAQ: ATPG. Title: Microsoft PowerPoint - DeloitteNorth Sea_ATPG Author: tmaguire Created Date: 6/24/2005](https://reader031.fdocuments.in/reader031/viewer/2022022504/5ab756767f8b9ac60e8b8168/html5/thumbnails/7.jpg)
7
ATP’s Strategy
Advanced 3-D seismic interpretationIntegrated reservoir analysisExtended reach drillingSubseaSpecifically designed platforms
ATP is an innovator and implementer of
technology, including:
![Page 8: ATP Oil & Gas Corporation - library.corporate-ir.netATP Oil & Gas Corporation - NASDAQ: ATPG. Title: Microsoft PowerPoint - DeloitteNorth Sea_ATPG Author: tmaguire Created Date: 6/24/2005](https://reader031.fdocuments.in/reader031/viewer/2022022504/5ab756767f8b9ac60e8b8168/html5/thumbnails/8.jpg)
8
Repeatable Strategy
Gulf of Mexico37 of 38 Developments to Production 97%
North Sea1 for 1 Development to Production 100%
Focus is the same, which is to acquire properties for development with previous drilling into known reservoirs.
![Page 9: ATP Oil & Gas Corporation - library.corporate-ir.netATP Oil & Gas Corporation - NASDAQ: ATPG. Title: Microsoft PowerPoint - DeloitteNorth Sea_ATPG Author: tmaguire Created Date: 6/24/2005](https://reader031.fdocuments.in/reader031/viewer/2022022504/5ab756767f8b9ac60e8b8168/html5/thumbnails/9.jpg)
9
Representative Gulf of Mexico Projects
WorkingProspect InterestRegion
Ladybug (GB 409) – Subsea tieback; on
production since 2001
Gomez (MC 711) – Well test 134 MMcfe/d,
Initial production fourth quarter 2005
Matia/Cabrito (GB 142/186) – Award
winning plinth design (leg extensions)
![Page 10: ATP Oil & Gas Corporation - library.corporate-ir.netATP Oil & Gas Corporation - NASDAQ: ATPG. Title: Microsoft PowerPoint - DeloitteNorth Sea_ATPG Author: tmaguire Created Date: 6/24/2005](https://reader031.fdocuments.in/reader031/viewer/2022022504/5ab756767f8b9ac60e8b8168/html5/thumbnails/10.jpg)
10
Garden Banks 409 – “Ladybug”
1340’ (410m) Water depth
ATP innovation
• Longest oil subsea tieback (17.4 miles)
• Exceeding original reserve estimates
• First Production 2001
![Page 11: ATP Oil & Gas Corporation - library.corporate-ir.netATP Oil & Gas Corporation - NASDAQ: ATPG. Title: Microsoft PowerPoint - DeloitteNorth Sea_ATPG Author: tmaguire Created Date: 6/24/2005](https://reader031.fdocuments.in/reader031/viewer/2022022504/5ab756767f8b9ac60e8b8168/html5/thumbnails/11.jpg)
11
Mississippi Canyon 711 – “Gomez”
ATP operates with a 100% WIWell test 134 MMcfe/dApproximately 3,000’ (~1,000m) water depthFive wells encountered hydrocarbons; four wells re-enterableGross proved reserves @ 12/31/03 > 100 Bcfe
![Page 12: ATP Oil & Gas Corporation - library.corporate-ir.netATP Oil & Gas Corporation - NASDAQ: ATPG. Title: Microsoft PowerPoint - DeloitteNorth Sea_ATPG Author: tmaguire Created Date: 6/24/2005](https://reader031.fdocuments.in/reader031/viewer/2022022504/5ab756767f8b9ac60e8b8168/html5/thumbnails/12.jpg)
12
ATP’s Commitment to the North Sea
Opened U.K. office in 2000 and
Netherlands office in 2003
$50+ million invested to date
With 307 Bcfe, ATP is a
significant owner of reserves in
the North Sea
North Sea
$500 million to $1.0 billion in planned future investment
![Page 13: ATP Oil & Gas Corporation - library.corporate-ir.netATP Oil & Gas Corporation - NASDAQ: ATPG. Title: Microsoft PowerPoint - DeloitteNorth Sea_ATPG Author: tmaguire Created Date: 6/24/2005](https://reader031.fdocuments.in/reader031/viewer/2022022504/5ab756767f8b9ac60e8b8168/html5/thumbnails/13.jpg)
13
Growth Through Acquisitions
57
1112
2000 2001 2002 2003 2004
Open U.K.Office
Cumulative North Sea Blocks Acquired
Open NL Office
![Page 14: ATP Oil & Gas Corporation - library.corporate-ir.netATP Oil & Gas Corporation - NASDAQ: ATPG. Title: Microsoft PowerPoint - DeloitteNorth Sea_ATPG Author: tmaguire Created Date: 6/24/2005](https://reader031.fdocuments.in/reader031/viewer/2022022504/5ab756767f8b9ac60e8b8168/html5/thumbnails/14.jpg)
14
Helvellyn
Acquired in 2001
Began production February 2004
One-well, subsea development
ATP operates with a 50% working
interest
Rotliegend/Carboniferous
Water depth less than 120 ft
(37 m)
First North Sea development
![Page 15: ATP Oil & Gas Corporation - library.corporate-ir.netATP Oil & Gas Corporation - NASDAQ: ATPG. Title: Microsoft PowerPoint - DeloitteNorth Sea_ATPG Author: tmaguire Created Date: 6/24/2005](https://reader031.fdocuments.in/reader031/viewer/2022022504/5ab756767f8b9ac60e8b8168/html5/thumbnails/15.jpg)
15
Venture
ATP Operator 50% W.I.
One-well, sub-sea tieback
Two prior wells drilled and tested at 47 mmscfd
First gas 2006
Rotliegend/Carboniferous
![Page 16: ATP Oil & Gas Corporation - library.corporate-ir.netATP Oil & Gas Corporation - NASDAQ: ATPG. Title: Microsoft PowerPoint - DeloitteNorth Sea_ATPG Author: tmaguire Created Date: 6/24/2005](https://reader031.fdocuments.in/reader031/viewer/2022022504/5ab756767f8b9ac60e8b8168/html5/thumbnails/16.jpg)
16
The Tors
ATP operates with a 100% working
interest
The Tors Reservoirs
• Garrow tested – two wells at 18
and 19 mmscfd
• Kilmar tested – one well in each
structure at 12 and 33 mmscfd
• Two platforms projected
Located in 170 (52m) feet of water
First production currently scheduled
in 2006
Possible development acceleration
Acquired 2001 and 2002
![Page 17: ATP Oil & Gas Corporation - library.corporate-ir.netATP Oil & Gas Corporation - NASDAQ: ATPG. Title: Microsoft PowerPoint - DeloitteNorth Sea_ATPG Author: tmaguire Created Date: 6/24/2005](https://reader031.fdocuments.in/reader031/viewer/2022022504/5ab756767f8b9ac60e8b8168/html5/thumbnails/17.jpg)
17
Cheviot
Originally drilled and developed on 2D seismic
ATP operates with a 100%
working interest
Acquired in 21st Licensing Round
Original in place hydrocarbonsOil 232 MMbblsGas 59 Bcf
Produced 1992-1996 and
recovered less than 8% of
original oil in place
3-D Seismic Area
![Page 18: ATP Oil & Gas Corporation - library.corporate-ir.netATP Oil & Gas Corporation - NASDAQ: ATPG. Title: Microsoft PowerPoint - DeloitteNorth Sea_ATPG Author: tmaguire Created Date: 6/24/2005](https://reader031.fdocuments.in/reader031/viewer/2022022504/5ab756767f8b9ac60e8b8168/html5/thumbnails/18.jpg)
18
•
Cheviot
Complete new 3-D seismic interpretation
Complete detailed G&G reservoir studies
Formulate redevelopment plan Keys to booking proved reserves at year end 2005• Innovative
development• Exploration
opportunities
2005 Program
Cheviot, potentially the Company’s largest field,
not yet included in ATP’s reserve report
![Page 19: ATP Oil & Gas Corporation - library.corporate-ir.netATP Oil & Gas Corporation - NASDAQ: ATPG. Title: Microsoft PowerPoint - DeloitteNorth Sea_ATPG Author: tmaguire Created Date: 6/24/2005](https://reader031.fdocuments.in/reader031/viewer/2022022504/5ab756767f8b9ac60e8b8168/html5/thumbnails/19.jpg)
19
L-06d
ATP operator 50% W.I.
Well tested at 40 MMcf/d with a 17psi drawdown
Single well subsea development
Jurassic Sand
First gas late 2005
Top of reservoir
![Page 20: ATP Oil & Gas Corporation - library.corporate-ir.netATP Oil & Gas Corporation - NASDAQ: ATPG. Title: Microsoft PowerPoint - DeloitteNorth Sea_ATPG Author: tmaguire Created Date: 6/24/2005](https://reader031.fdocuments.in/reader031/viewer/2022022504/5ab756767f8b9ac60e8b8168/html5/thumbnails/20.jpg)
20
Area Map of Location
![Page 21: ATP Oil & Gas Corporation - library.corporate-ir.netATP Oil & Gas Corporation - NASDAQ: ATPG. Title: Microsoft PowerPoint - DeloitteNorth Sea_ATPG Author: tmaguire Created Date: 6/24/2005](https://reader031.fdocuments.in/reader031/viewer/2022022504/5ab756767f8b9ac60e8b8168/html5/thumbnails/21.jpg)
21
L-06d Project Overview
![Page 22: ATP Oil & Gas Corporation - library.corporate-ir.netATP Oil & Gas Corporation - NASDAQ: ATPG. Title: Microsoft PowerPoint - DeloitteNorth Sea_ATPG Author: tmaguire Created Date: 6/24/2005](https://reader031.fdocuments.in/reader031/viewer/2022022504/5ab756767f8b9ac60e8b8168/html5/thumbnails/22.jpg)
22
Overview Tree Safety Valves
![Page 23: ATP Oil & Gas Corporation - library.corporate-ir.netATP Oil & Gas Corporation - NASDAQ: ATPG. Title: Microsoft PowerPoint - DeloitteNorth Sea_ATPG Author: tmaguire Created Date: 6/24/2005](https://reader031.fdocuments.in/reader031/viewer/2022022504/5ab756767f8b9ac60e8b8168/html5/thumbnails/23.jpg)
23
Well Head Control System L6-S1
![Page 24: ATP Oil & Gas Corporation - library.corporate-ir.netATP Oil & Gas Corporation - NASDAQ: ATPG. Title: Microsoft PowerPoint - DeloitteNorth Sea_ATPG Author: tmaguire Created Date: 6/24/2005](https://reader031.fdocuments.in/reader031/viewer/2022022504/5ab756767f8b9ac60e8b8168/html5/thumbnails/24.jpg)
24
Capital Deployment
Since 2001 the CAGR of investment in the North Sea is 245%, more than double that in the U.S.
1991-2001 2002 2003 2004 Gulf of Mexico 209,548$ 315,675$ 412,455$ 490,155$
North Sea -$ 3,831$ 47,240$ 56,040$
Total Capital Deployed ('000)
![Page 25: ATP Oil & Gas Corporation - library.corporate-ir.netATP Oil & Gas Corporation - NASDAQ: ATPG. Title: Microsoft PowerPoint - DeloitteNorth Sea_ATPG Author: tmaguire Created Date: 6/24/2005](https://reader031.fdocuments.in/reader031/viewer/2022022504/5ab756767f8b9ac60e8b8168/html5/thumbnails/25.jpg)
25
Investment into the North Sea
Planned North Sea Capital Investment
($ Millions)Helvellyn, Venture, The Tors, L-06d $225 - $325
Cheviot $275 - $675Total $500 - $1000
![Page 26: ATP Oil & Gas Corporation - library.corporate-ir.netATP Oil & Gas Corporation - NASDAQ: ATPG. Title: Microsoft PowerPoint - DeloitteNorth Sea_ATPG Author: tmaguire Created Date: 6/24/2005](https://reader031.fdocuments.in/reader031/viewer/2022022504/5ab756767f8b9ac60e8b8168/html5/thumbnails/26.jpg)
26
Gulf of Mexico to the North Sea
Similarities in the growth and development of ATP U.S. and the North Sea
Repeatable strategy
Execution of project plan
Capital deployed
Public ownership
![Page 27: ATP Oil & Gas Corporation - library.corporate-ir.netATP Oil & Gas Corporation - NASDAQ: ATPG. Title: Microsoft PowerPoint - DeloitteNorth Sea_ATPG Author: tmaguire Created Date: 6/24/2005](https://reader031.fdocuments.in/reader031/viewer/2022022504/5ab756767f8b9ac60e8b8168/html5/thumbnails/27.jpg)
27
ATP Oil & Gas Corporation4600 Post Oak Place,
Suite 200Houston, TX 77027-9726
713-622-3311
ATP Oil & Gas (UK) LimitedVictoria House, London Square, Cross Lanes
Guildford, Surrey GU1 1UJ United Kingdom
44 (0) 1483 307200
ATP Oil & Gas (Netherlands) B.V.Water-Staete Gebouw
Dokweg 31 (B)1976 CA IJmuidenThe Netherlands
31 (0) 255 523377
www.atpog.com
ATP Oil & Gas Corporation -NASDAQ: ATPG