Pareto Oil & Offshore Conference 2013 KrisEnergy’s IPO was sponsored by CLSA Singapore Pte Ltd and Merrill Lynch
(Singapore) Pte. Ltd. (the “Joint Issue Managers, Global Coordinators,
Bookrunners and Underwriters”) as joint issue managers, global coordinators,
bookrunners and underwriters of the Offering. The Joint Issue Managers, Global
Coordinators, Bookrunners and Underwriters assume no responsibility for the
contents of this presentation.
DISCLAIMER
The information in this document is in summary form and should not be relied upon as a complete and accurate representation of any
matters that a potential investor should consider in evaluating KrisEnergy Ltd (the “Company”). While management has taken every effort
to ensure the accuracy of the material in the presentation, neither the Company nor its advisers has verified the accuracy or
completeness of the information, or any statements and opinions contained in this presentation. This presentation is provided for
information purposes only, and to the maximum extent permitted by law, the Company, its officers and management exclude and disclaim
any liability in respect of the authenticity, validity, accuracy, suitability or completeness of, or any errors in or omission from, any
information, statement or opinion contained in this presentation or anything done in reliance on the presentation.
This presentation may contain forward looking statements. The words 'anticipate', 'believe', 'expect', 'project', 'forecast', 'estimate', 'likely',
'intend', 'should', 'could', 'may', 'target', 'plan‘ and other similar expressions are intended to identify forward-looking statements. Indications
of, and guidance on, future earnings and financial position and performance are also forward-looking statements. Forward-looking
statements are subject to risk factors associated with the Company’s business, many of which are beyond the control of the Company. It
is believed that the expectations reflected in these statements are reasonable but they may be affected by a variety of variables and
changes in underlying assumptions which could cause actual results or trends to differ materially from those expressed or implied in such
statements. There can be no assurance that actual outcomes will not differ materially from these statements. You should not place undue
reliance on forward-looking statements and neither KrisEnergy Ltd. nor any of its directors, employees, servants, advisers or agents
assume any obligation to update such information.
The Company is an exploration and development company and must continue to fund its exploration, feasibility and possibly development
programs through its cash reserves, equity capital or debt. Therefore the viability of the Company is dependent upon the Company’s
access to further capital through debt, equity or otherwise. There can be no guarantee that the Company will be able to successfully raise
such finance.
This presentation should not be considered as an offer or invitation to subscribe or purchase any securities in the Company or as an
inducement to make an offer or invitation with respect to those securities. No agreement to subscribe for securities in the Company will be
entered into on the basis of this presentation. You should not act and refrain from acting in reliance on this presentation material. Nothing
contained in this presentation constitutes investment, legal, tax or other advice. This overview of KrisEnergy Ltd. does not purport to be
all inclusive or to contain all information which its recipients may require in order to make an informed assessment of the Company’s
prospects. Before making an investment decision, you should conduct, with the assistance of your broker or other financial or
professional adviser, your own investigation in light of your particular investment needs, objectives and financial circumstances and
perform your own analysis in order to satisfy yourself as to the accuracy and completeness of the information, statements and opinions
contained in this presentation and making any investment decision.
2
© 2013 KrisEnergy Limited
KrisEnergy – a snapshot
© 2013 KrisEnergy Limited
3
• Upstream oil & gas company
focused in Southeast Asia
• 16 assets in five countries1,
operator of 8 areas
• Balanced portfolio:
• Cash flow from production
• Pipeline of oil & gas
development projects to
ramp up production from
2015
• High impact exploration
• Experienced (20+ years)
management and technical team
• Above average exploration
success
• Listed on Singapore Exchange
Mainboard in July 2013
1 Transactions for G6/48 and Block 9 are awaiting approvals of the host governments
Experienced team with track record of success
4
The majority of our management and senior technical team have worked together for over 15
years and have established a reputation for value creation
• Co-founder
• >35 years of O&G experience, > 25 in SEA
• Former co-founder and CEO of Pearl
Keith Cameron
CEO
Chris Gibson-
Robinson
Director E&P
Richard Lorentz
Director Business
Development
• Co-founder
• >30 years of upstream O&G experience, >25
in SEA
• Former co-founder and Chief TO of Pearl
• Co-founder • >30 years of upstream O&G experience, >25
in SEA • Former co-founder and Chief BDO of Pearl
Kiran Raj
Chief Financial
Officer
• >19 years corporate finance experience
• Qualified Chartered Accountant with ICAA
• Former Director of IB CLSA and CEO of BCA
Stephen Clifford
Chief Strategy
Officer / VP Treasury
• >20 years O&G experience
• Former Financial Controller for Pearl
• Chartered Certified Accountant and Certified
Compliance Officer
• >13 years legal experience
• Former GC for Aabar and Pearl
• Member of Association of International
Petroleum Negotiators
Kelvin Tang
VP Legal
James Parkin
VP Exploration
Tim Kelly
VP Engineering
• >30 years of O&G experience, >25 in SEA
• Former Regional VP SEA for Pearl and Senior
Geologist and Team Leader East Java at Gulf
Indonesia/ Conoco/ ConocoPhilips
• >30 years O&G experience, >23 in SEA
• Former Corp. Petroleum Eng. Manager, Pearl
and DST Specialist with ExxonMobil
Chris Wilson
VP Business
Development
Michael Whibley
VP Technical
John Bujnoch
VP Drilling
Brian Helyer
VP Operations
Tanya Pang
General Manager
Investor Relations
• >19 years corporate finance & business
development experience in Asia
• Former financial advisor with Pearl Energy
• Member of AIPN
• >30 years of E&P technical and business
development experience, >20 in SEA
• Technical roles in Pearl, Aabar, Amerada
• >40 years offshore O&G experience
• >30 years drilling and operations in UK, US,
Middle East, SEA
• >30 years offshore O&G experience
• Prior roles with Petrofac in SEA, UK and
Tunisia
• 20 years media/IR in energy sector
• IR Manager for Pearl Energy
• Senior management with Reuters
2002 2005 2006 2008 Track Record of Value
Creation Since Pearl
Energy Pearl Energy
Established
Pearl Energy Listed
on SGX-ST with
US$240m market cap
Aabar Petroleum
acquired Pearl Energy
for >US$500m
Mubadala acquired
Pearl Energy for
US$833m
Portfolio building across the E&P life cycle
© 2013 KrisEnergy Limited
5
Balanced portfolio with stable cash flow from production, and upside development and
exploration potential
PROSPECTIVE RESOURCES (PROSPECTS & LEADS)
DEVELOPMENT UNCLARIFIED DEVELOPMENT PENDING RESERVES DEVELOPED
& UNDEVELOPED
Oil Gas *Oil & Gas
B9A
B8/32
Glagah-Kambuna2
G11/48 (Nong Yao) East Muriah
(East Lengo)
Bulu (Lengo)
Block A (Platform A)
G10/48 (Niramai)
G11/48 (Angun)
Block A (Platforms B&C)
G11/48 (Mantana)
East Muriah
Tanjung Aru
Kutai
Block 120
Block A
G10/48 Kutai
Block 105
Tanjung Aru East Seruway
Udan Emas
JSAs
G11/48
G10/48 (Mayura)
G10/48 (Wassana)
G6/481
(Rossukon)
Bulu
LEAST MATURE ASSETS
*Drop size is not indicative of reserve/resource potential 1 Transactions for G6/48 and Block 9 are pending the approvals of the host governments 2 The Kambuna gas-condensate field ceased production on 11 July 2013
MOST MATURE ASSETS
Block 91
(Bangora)
Block 91
(Lalmai)
G6/481
Block 91
Reserves & resources pipeline
Net 2P reserves & 2C resources (mmboe) per asset class
Producing & near-producing
Development pending
Development unclarified
76.4
Producing & near-producing: Net 2P reserves (mmboe) as at 31 December 2012
B8/32 & B9A
Bangora, Block 9
Nong Yao, G11/48
Glagah-Kambuna TAC
1
2 31.7
Development pending: Net 2C resources (mmboe) as at 31 December 2012
G10/48
Block A
Kutai
Bulu
East Muriah
G6/48
33.8
6
© 2013 KrisEnergy Limited
Development unclarified: Net 2C resources (mmboe) as at 31 December 2012
G10/48
G11/48
Block A
Tanjung Aru
Block 91
10.8
Assets under various fiscal, regulatory and legal regimes and in various stages of
E&P life cycle to maintain a balance between cash-flow generating production and
growth through development, appraisal and exploration
1
1 Transactions for G6/48 and Block 9 are awaiting approvals of the host governments 2 Production ceased at the Kambuna gas-condensate field on 11 July 2013
2P reserves and 2C resources have been reviewed by Netherland, Sewell & Associates, Inc. (“NSAI”) as at 31 December 2012
Changes since 2012 Pareto conference
© 2013 KrisEnergy Limited
7
Portfolio growth1:
• 30% farm-in and operatorship of G6/48
in Thailand with Rossukon oil discovery
• Acquisition of Tullow Bangladesh Ltd
holding 30% WI in Block 9 with onshore
Bangora gas producing field
Production:
• 1H2013 WI production 2,737 boepd,
excluding Bangora
• 1H2013 WI production from Bangora
field 4,268 boepd1
• Kambuna gas field ceased production
on 11 July 2013, mothballing facilities
Prospective resources2,3:
• Estimated 1.48 billion boe WI unrisked
prospective resources in exploration
portfolio
1 Transactions for G6/48 and Block 9 are awaiting approvals of the host governments 2 Includes reserves and resources from Block 9 and G6/48 3 Reviewed by NSAI as at 31 December 2012 and 2011
0
5
10
15
20
25
30
35
40
45
50
2011 2012
mm
bo
e
2P
2C
KrisEnergy WI 2P reserves & 2C resources2,3
2P+2C 43.6 mmboe
2P+2C 76.4 mmboe
Changes since 2012 Pareto conference/2
© 2013 KrisEnergy Limited
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Operations:
• FID approved for Nong Yao oil field
development in G11/48, Gulf of Thailand
Drilling:
• Successful Lengo-2 appraisal well in
Bulu PSC, Indonesia. Drafting plan of
development
• Tayum-1 exploration well in Kutai PSC,
Indonesia, encountered gas. Moving into
development planning
• Commenced drilling of Cua Lo-1 high-
impact exploration well offshore Vietnam
Exploration:
• Completed 948 km 2D seismic program
in East Seruway PSC
• Completed 270 sq km 3D seismic
program in G6/48
IPO:
• Listed on SGX Mainboard on 19 July 2013
• Total offering 246,154,000 new shares,
23.5% enlarged share capital
• Issue price S$1.10/share
• Institutional demand >6x subscribed; retail
offer 22.9x
• Net proceeds US$203 million
• First Reserve holds 45.2%, Keppel Corp
holds 31.6%
Financial:
• Successful US$35 million tap of 2016
Senior Guaranteed Secured Bond to
US$120 million
• Increased revolving credit facility by
US$12.5 million to US$42.5 million
• Unused sources of liquidity at 30 June 2013
were US$167.6 million
Bangladesh: Production with exploration growth potential
© 2013 KrisEnergy Limited
9
• Tertiary basin geology similar to existing
portfolio in Southeast Asia
• Acquisition of Tullow Bangladesh Ltd
pending government approval
• Transaction marks new country entry:
• Onshore Bangora gas field
producing approx. 100 mmcfd gross
providing additional cash flow
• Certified reserves and resources
with exploration upside
• High-calibre team in Dhaka and on
field location
• Good potential for future portfolio
growth in Bangladesh
• NSAI estimates remaining gross 2P
reserves at 286.5 bcf of gas and 726,300
barrels of condensate
Oil Gas
Gulf of Thailand: Stable production & developments
© 2013 KrisEnergy Limited
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• Gulf of Thailand is a core area for growth:
• 5 licences1 in Thai waters, 1 in
Cambodia
• Low cost shallow water development
concepts
• KrisEnergy team experienced in Gulf of
Thailand development
• Assets provide stable cash flow from
production and upside from development:
• B8/32 & B9A has produced 380.5
mmboe and has gross 2P reserves of
288 mmboe remaining2
• G11/48, G10/48 and Block A to be
developed using known concepts
• G6/481 farm-in provides first
operatorship in Gulf of Thailand
1 G6/48 transaction pending approval of the host government 2 NSAI estimate as at 31 December 2012
Oil Gas
Development: G11/48 & G10/48, Thailand
© 2013 KrisEnergy Limited
11
• G10/48 and G11/48 are shallow water
blocks with equivalent development
concept as producing fields to the north
• G11/48: Nong Yao oil development
added 3.78 mmboe to WI 2P reserves1
• FID approved August 2013
• 2-platform development plan with
first oil scheduled in 1H 2015
• Production capacity up to 15,000
bopd
• 2 exploration wells in 2014
• G10/48: Initial Wassana development
plan 1 platform with first oil in 1H 2015;
additional 2 platforms to follow
• Production Area Application to be
submitted in 2013
• Up to 4 exploration wells in 2014
Oil Gas
1 NSAI estimate as at 31 December 2012
Development/Appraisal: Block A, Cambodia & G6/48, Thailand
© 2013 KrisEnergy Limited
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Block A
• 1st phase development of Apsara area targeting
single platform with peak production 10,000 bopd
• Final fiscal term negotiations underway
• Detailed engineering completed
• First oil anticipated 34 months after FID
• Two additional future development phases in
Apsara area may have up to 9 platforms
G6/48
• Transfer of 30% WI and operatorship awaiting
Thai government approval
• Contains Rossukon oil discovery with WI 2C
resources of 2.51 mmboe1
• 270 sq km 3D seismic acquisition program
completed 25 Aug 2013
• 2 appraisal wells anticipated in 2014 prior to
submitting development plan
Oil Gas 1 NSAI estimate as at 31 December 2012
Development: Indonesia gas appraisal & development
© 2013 KrisEnergy Limited
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Bulu/East Muriah PSCs
• Lengo-2 appraisal well drilled in 1H 2013, tested
at 21 mmcfd
• Lengo production targeted 2H2016 with gas
export to market via 65-km pipeline to shore
• Estimated gross recovery 227 bcf1
• East Lengo appraisal well n 2014, plan single
well tie-back to Lengo location
• Combined WI 2C resources 17.7 mmboe1
Kutai PSC
• Tayum-1 exploration well drilled in 1H2013
encountered gas, volumetric analysis underway
• Gas development concept 3 wells with
individual support structures and pipeline to
existing adjacent facility 15 km away
• First production envisaged late 2015
• Estimated gross recovery 75.7 bcf1
• WI 2C resources 6.94 mmboe1
1 NSAI as at 31 December 2012
Oil Gas
Exploration: Indonesia high-impact potential
© 2013 KrisEnergy Limited
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Oil Gas
• Indonesia high impact exploration:
• East Seruway: 948 km 2D seismic in 1H
2013; 1 well in 2014
• Udan Emas: 2D seismic acquisition end-
2013; one well in 2016
• Tanjung Aru 3D seismic planned end-2013,
WI 2C resources 7.92 mmboe1
• Kambuna gas field ceased production 11 July
2013, facilities mothballing underway
1 NSAI as at 31 December 2012
Exploration: Vietnam high-impact drilling in 2013
© 2013 KrisEnergy Limited
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Oil Gas
Block 105 & Block 120
• Eni farm-in transaction and transfer of
operatorship approved by Vietnamese
authorities in Jan 2013
• Multiple drillable prospects in each
block
• Block 105: Cua Lo-1 exploration well
began drilling 11 Aug 2013, drilling
expected to last 45 days
• Block 120: Mercur Songa semi-
submersible to drill Ca Ngu prospect in
Sept 2013
WI best estimate unrisked prospective
resources (mmboe)1:
Low Best High
Block 105 197.4 331.1 643.9
Block 120 562.2 885.1 1,437.6
1 NSAI as at 31 December 2012
Financial snapshot
© 2013 KrisEnergy Limited
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Sales Volume / Average Sales Price
EBITDAX
• Revenue & EBITDAX underpinned by production
from B8/32 & B9A and Kambuna gas field (ceased
production 11 July 2013)
• Block 9 in Bangladesh to be revenue, EBITDAX,
earnings and reserves accretive
• Post-IPO, KrisEnergy holds a strong funding
position which fully finances forward exploration,
appraisal and development expenditure programs
Balance Sheet
Bonds: US$120.0m, 10.5% Senior Guaranteed Secured Bonds due
2016
• In July 2011, KEHCL issued US$85.0m 10.5% Senior Guaranteed
Secured Bonds due July 21, 2016 at an issue price of 92.3%
• In May 2013, KEHCL increased the principal amount of the 2016
Notes through the issuance of an additional US$35.0m in notes under
the same terms) at an issue price of 105.0%
Revolving Credit Facility: US$42.5m credit facility obtained from
Standard Bank PLC, Sumitomo Mitsui Banking Corporation and HSBC.
Original US$30m facility secured in July 2011 and upsized to US$42.5m
in May 2013 - Remains undrawn
Net Cash: At 30 June 2013, unused sources of liquidity US$165.6m
(includes US$133.1m cash & RCF, excluding restricted cash);
US$369.2m pro forma including US$203.6m net IPO proceeds
Anticipated work program 2013/2014
© 2013 KrisEnergy Limited
17
2D seismic acquisition
3D seismic acquisition
Exploration wells1
Appraisal drillingDevelopment drilling/operations
1 Exploration well count is for existing assets and does not include new blocks
BANGLADESH Block 9 (Bangora) Well workover
CAMBODIA Block A (Apsara) Development activities
INDONESIA Glagah-Kambuna TAC Relinquish
Kutai PSC 1 well Development planning Development activities
Bulu PSC 1 well Development planning Development activities
East Muriah PSC 1 well Development planning
East Seruway PSC 1 well
Tanjung Aru PSC
Udan Emas PSC
THAILAND G10/48 4 wells
Wassana Development planning Development activities
G11/48 2 wells
Nong Yao Development activities 20 development wells
B8/32 & B9A Up to 60 development wells 60-80 development wells
1 well
G6/48 (Rossukon) 2 wells Development activities
VIETNAM Block 105 1 well 4 wells
Block 120 1 well
20142013Q1 Q3 Q4 Q1 Q2 Q3 Q4Q2
4 Exploration wells in 2013 9 Exploration wells in 20141
Capex US$108 million Capex US$152 million
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