Extracting Value
Before proceeding to read further, please refer to the Disclaimer on pages 41-42 of this presentation.
October 20141
R2
Table of Contents
1.
2.
3.
4.
Resources and Reserves
Hibiscus Strategy
Planning for Success
Value Creation
a) Exploration
b) Development
c) Production
5.
Conclusion
2
Introduction to HPB
Market Capitalisation:
Ordinary Shares:
12 month Trading Range:
Average Daily Volume:
Free Float:
Debt:
Listing:
MYR 1.37 bil (USD 433 mil)
891.6 million
MYR 1.37 – MYR 2.68
897, 146
30% of shareholder base
Nil
Main Board, Bursa Malaysia
3
Resources and Reserves
2P + 2C Oil Reserves (MMbbls)*
Prospective Resources (MMbbls)*
6.9
43.0
64.8
4.3
246.4
8.0
Australia - West Seahorse : 100%**
(Concession Operator)
JPDA - Kitan: 25%***
1,135.0
Australia - Sea Lion: 63% (Concession Operator)
RAK - Dahan: 21% (Concession Operator)
Norway: 2-8%
Sharjah - Zubara: 35% (Concession Operator)
Oman - Masirah Block 50: 22% (Concession Operator)
*All figures represent resource net to Hibiscus
**Assumes HPB exercises option to buyout 3D oil's share in VIC L31 and 5% of VIC P57 and HiRex acquires 20% of VICP57
***Assumes completion of the acquisition of 100% of Talisman Resources (JPDA 06 105) Pty Limited
4
Resources and Reserves
2P+ 2C Oil Reserves
JPDA - Kitan
Australia - West Seahorse
MMbbls
4.31
8.02
Prospective Resources
Australia – Sea Lion
RAK - Dahan
Norway
Sharjah – Zubara
Oman – Masirah Block 50
MMbbls3
6.9
43.0
64.8
246.4
1135.0
All figures represent resource net to Hibiscus
1. Based on Wood Mackenzie estimates 2P + 2C
2. Based on Gaffney Cline estimates 2P + 2C
3. Net resources based on Aker Geo and internal estimates
5
Achieving Scale
2016 Mission
To be a Respected Independent
E&P Company
Forecast Average Daily Production (2014 – 2016)
Barrels/day
100 MMbbls 2P/2C Reserves
15,000
West Seahorse
Block 50 Oman
Kitan
12,000
9,000
10,000 bbls/day production
6,000
3,000
Oct-17
Jul-17
Apr-17
Jan-17
Oct-16
Jul-16
Apr-16
Jan-16
Oct-15
Jul-15
Apr-15
Jan-15
Oct-14
Jul-14
Apr-14
0
Jan-14
Advancing assets from
Exploration to Production
6
Management Team
Dr Kenneth Pereira (Managing Director)
•
•
Former Managing Director of Interlink Petroleum Ltd, a Mumbai-listed E&P company
Chief Operating Officer of SapuraCrest Petroleum Berhad (1997 – 2008)
Joyce Vasudevan (Chief Financial Officer)
200
•
•
Former Head of Strategic & Operations Planning Unit at SapuraCrest Petroleum Berhad
Former Head of Business Analysis & Planning Department at Carlsberg Brewery Malaysia
Mark Paton (Chief Business Development Officer)
•
•
150
Former CEO of ASX-listed Cue Energy Resources Ltd
Founder of Upstream Petroleum which was sold to Norway’s AGR Group in 2007
Stephen Dechant (Chief Development Officer)
•
•
Over 30 years experience with Texaco, Chevron and Murphy Oil
Senior project management role on Kikeh project, Malaysia’s first deepwater project.
Ainul Azhar Ainul Jamal (Executive Director HiRex)
100
•
•
Current Chairman of Schlumberger Group of Companies, Asia Pacific
Former Managing Director of Schlumberger Oilfield Services, South East Asia
Uday Jayaram (Head of Corporate Planning and Investor Relations)
•
•
50
Former Global Head of Securities Markets, Bursa Securities
Former Head of Equity and Division Director of Macquarie Capital Securities
Dr Pascal Hos (COO of HiRex)
•
•
Schlumberger, Shell International (Netherlands) and Sarawak Shell Berhad
PhD Researcher with NASA Johnson Space Center, USA
David Richards (Head Geoscientist)
0
Years of Experience
•
•
Former Senior Geologist, Newfield Sarawak Malaysia
Formerly with Sun Oil, ExxonMobil and Carigali-Hess
7
Hibiscus Strategy
PROSPECTIVE
RESOURCES
CONTINGENT
RESOURCES
RESERVES
$/boe, risked
DECREASING RISK
Highest value creation
takes place in the
exploration phase
when discoveries are
made
Cash-flow generated from production funds
dividends, equity for development and high
impact exploration which in turn drives capital
appreciation.
By 2016, HPB expects to generate
US$ 30 million free cash flow to participate
with at least 30% equity in the drilling of at
least 3 exploration prospects.
1
2
3
4
5
Exploration
LICENSE
AWARD
EXPLORE
DISCOVER
6
7
8
9
Development
DEVELOP
10
11
12
13
14
Year
Production
FIRST OIL
PRODUCE
8
Competitive Advantage
Virtual Drilling
overlay on
conventional
methodology
EXPLORATION
Cost effective and
accelerated
development
solution – ‘Plan for
Success’
DEVELOPMENT
&
PRODUCTION
9
Plan for Success
•
Planning for Success offers a compelling RISK / REWARD ratio:
–
–
Planning for Success requires a very SMALL INVESTMENT
The REWARD is potentially 12 – 18 months earlier First Oil
•
Large Operators have internal processes that prevent such an approach
•
Small Operators have the ability to control their own destiny but it requires management commitment
and a proactive but disciplined approach
Conventional Development Plan
Prior to
Discovery
PreAppraisal
Appraisal
Phase
Early
Monetisation
Small Preinvestment
Project
Execution
12 to 18 months
acceleration
Plan for Success
10
Exploration De-risking
Identification of
prospects
Defining Virtual
Drilling
Conventional
G&G
While the bulk of G&G takes place
after new seismic is acquired, the
process commences even before the
concession is leased and is carried
out until the right prospects are
identified.
Shoot new
seismic
(if necessary)
Choosing well
location
Purchasing of
long lead items
& logistics
readiness
Drill Site Survey
Concession
Lease + Legacy
Seismic
Drilling contract
award
De-risking Exploration
Subsurface Evaluation
Preliminary
Virtual Drilling
Well-Engineering
Drill
11
Work Programmes
NORWAY
2-9%
13 Licenses
Stake
Exploration
1H 2015 – Drilling
one well (PL 591)
Exploration
2H 2015 – Drilling
two wells
(PL 708 & PL 616)
MIDDLE EAST
Oman Block 50
22%
Development
Stake
Q3 2015 –
Extended Well Test
Exploration
Q1 2015 – Seismic
Programme
Sharjah Offshore 35%
Exploration
Stake
Q3 2015 - Drilling
JPDA
Kitan Oil Field
Production
10,000 bbls/day
average in 2014
25%
Stake
*Once completed
AUSTRALIA
West Seahorse 100%
Development Stake
Q4 2015 - First Oil
VIC/P57
63%
Exploration
Stake
Q2 2015 - Drilling
12
PRODUCTION
13
Kitan Oil Field
Asset Name:
Kitan Oil Field
(JPDA 06–105)*
Asset Type:
Production
Country:
Joint Petroleum
Development
Authority (Australia –
Timor Leste)
Acquisition Date:
June 2014
Water Depth/ Size:
Up to 330m/ 85 km2
Work Completed:
•
•
Upcoming Programme:
Field developed
with FPSO and
three subsea
wells
Approval
obtained for
sidetrack of
Kitan-3 well to
accelerate
production
Drilling of Kitan-3 sidetrack well
*Pending completion of 100% of
Talisman Resources JPDA (06 105)
Pty Ltd
14
Production Value
KITAN OIL FIELD
DRILLING in Q3 2014
Kitan-3
Sidetrack
Cost Control
measures
implemented
4.3 mmbbl 2P + 2C Reserves
USD 40m*
Value
USD 36 m*
Initial
Acquisition
USD 18 m
GLAS DOWR FPSO
1
2
3
* HPB estimates
15
DEVELOPMENT
16
West Seahorse Field
Asset Name:
West Seahorse (VIC/L31)
Asset Type:
Development
Country:
Australia
Acquisition Date:
January 2013
Water Depth/ Size:
Up to 150m/ 40km2
Participating Interest:
100%* (Concession operator)
Discovery Date:
September 1981
Timing for FID:
October 2014
Work Completed:
•
•
Upcoming Programme:
Obtained approval for
Field Development
Plan
Obtained Production
License
Drilling of two development
wells in Q4 2015
17
Development Value
WEST SEAHORSE FIELD
DRILLING in Q4 2015
8.0 mmbbl 2P + 2C Reserves,
Value
First Oil
Initial
Acquisition
Production
License and
Field
Development
Plan approval
USD 82m*
MOPU
USD 40m*
USD 36 m
WEST SEAHORSE DEVELOPMENT PLAN
1
2
3
* HPB estimates
18
Oman Story
Asset Name:
Oman Block 50
Asset Type:
Development
Country:
Oman
Effective Date:
August 2011
Water Depth/ Size:
Up to 150m/ 16,900km2
Participating Interest:
22% (through Lime)
Discovery Date:
March 2014 (1st
offshore discovery off
east of Oman)
Work Completed:
•
•
Upcoming Programme:
Drilling of two
exploration wells
48-hour flow test
Extended Well Test
19
Drilling Review
During a 48-hour test,
hydrocarbons were flowed to
the surface and the well
achieved light oil
flow rate of up to 3000
stock tank barrels per day
with no water production
20
Oman Development
Completed within 3 years as opposed to normal cycle of 3 to 5 years
Early
2014
2011
License
Acquired Farm-out
Seismic
Acquisition
campaign
Rig
secured
Funding
secured
Drill two
exploration
wells
Q2
2014
Successful
oil discovery
& flow test
Seismic
acquisition/
processing
and
interpretation
Review of
technical
solutions
Approval obtained
for second phase of
EPSA
2015
Appraisal
Plan
submitted
2016
Multi-well
campaign
Targeted Extended
Well Testing/ Early
Production
21
EXPLORATION
22
Sharjah Offshore
Asset Name:
Sharjah Offshore
Asset Type:
Exploration
Country:
United Arab Emirates
Acquisition Date:
June 2011
Water Depth/ Size:
Up to 350 m/ 1600km2
Work Completed:
•
•
•
Seismic Acquisition
Mapped drill-ready
prospects
Awarded Well
Management contract
Upcoming Programme: Drilling of one exploration well
in Q3 2015
23
Exploration Value Creation
SHARJAH OFFSHORE
DRILLING in Q3 2015
Discovery
Made
Discovery
increases
GCOS and
valuations of
other prospects
USD 40m**
Value
Exploration Trap
Post- Seismic
Acquisition
Discovery
Made
USD 10m**
Initial
Acquisition
11%
11%
11%
20%
30%
11%
11%
20
17
194
156
155
49
113
704*
*Net resource to Hibiscus Petroleum: 246 mmbbls
** HPB estimates
USD 1m**
1
Miocene-Pliocene Flower
Structures
Miocene Channels and clinoform
Miocene turbidite Channels -lobe
Oligocene onlap
Oligocene amplitude anomaly
Oligocene reef
Eocene toe thrust
TOTAL
GCOS
Unrisked
Recoverable
Prospective
Resources (mmbbl)
2
3
24
Sea Lion
Asset Name:
Sea Lion
Asset Type:
Exploration
Country:
Australia
Acquisition Date:
January 2013
Water Depth/ Size:
Up to 150m/ 460km2
Work Completed:
•
Mapped drill-ready
prospects
Upcoming Programme: Drilling of one exploration well
in Q3 2015
25
HiRex
•
•
•
Formed in March 2013
A 41% owned joint venture between Hibiscus Petroleum
and Rex International Holdings
Primarily focused on high-impact exploration and
marginal field development in Asia-Pacific and Oceania
Source: U.S. Geology Survey Report 2010
Undiscovered Resources
No
Basin
Oil (MMBO)
Gas
(BCFG)
1,808
12,672
1
Central Burma
2
IrrawaddyAndaman
397
35,928
3
Cenozoic
95
31,010
4
Sarawak
643
38,083
5
Malay
664
12,088
6
Baritto
146
2,873
7
East Java
2,066
31,489
8
Kutei
3,205
46,101
9
Papua New Guinea
Fold Belt
1,215
50,107
10
Irian Jaya
932
12,230
11
Arafura
534
19,262
12
Bintuni
184
41,845
13
Bonaparte
930
55,325
14
Browse
633
38,490
15
Northwest Shelf
3,001
130,642
16
Gippsland
137
2,549
17
Taranaki
487
9,797
26
Hirex Exploration
Hirex Petroleum is
currently
evaluating high
potential assets in
Cambodia and
Malaysia. The
company aims to
acquire an equity
position in at least
2 assets by the end
of the year.
27
Drilling Success
Hibiscus
Petroleum
Traditional
Players
Exploration success
rate of finding oil
> 50%
10% – 15%
Pre-drilling costs per
well
Under $2 million
> $4 million
4 – 6 months
1 – 3 years
Time required to
identify prospects
Involvement
Project Manager
and Equity
Participation
28
Forward Strategy
Demonstrate good
execution of
upcoming projects
including West
Seahorse and
Sharjah
Unearth full value of
petroleum system
discovered in Oman
A Respected
Independent
E&P
company
Delivering
on Promises
HiRex: To deliver
on objectives of
acquiring at least
two or three assets
Capital raising
for funding of
future projects
29
Forward Strategy
2014
Stage
Block
A
S
O
2015
N
D
J
F M A M
J
J
A
S
O
N
D
Sharjah
Exploration
Sea Lion
Norway
Oman Block 50
Development
Production
West Seahorse
Kitan
30
Project funding options
Stage
Block
Equity
Financing
Debt
Financing
Sharjah
√
VIC/P57
√
Lime
Norway
√
Oman EWT
√
Extended Well
Testing (EWT)
√
√
Proposed drilling of
two development
wells and
installation of
MOPU and FSO
√
Kitan acquisition
consideration
Drilling five
exploration wells in
2015: Sharjah
(50% farm out) , 3 in
Norway (PL 591,
PL 708 & PL 616)
and Australia
Exploration
Development
VIC/L31
Production
Kitan
Description
Funding options:
Equity
US$ 25m - >100m
Debt
US$ 25m - >100m
31
New Opportunities
Examples of project types being explored
Opportunity 1
•
•
Development of proven resources
25% interest in field located in Malaysia
Opportunity 2
•
•
Acquisition of producing asset
Field located in Malaysia
*May result in a funding exercise being implemented in 2015
32
Closing Comments
Work Programme
Experience
Aggressive schedule with 3 to 5
exploration wells in 2015. A success
in any one would be transformational.
Geopolitical
All current activities are in
geopolitically stable countries. New
opportunities domestic centric
Track Record
Established record of finding
hydrocarbons with minimal
resources. Made first discovery
offshore east of Oman in 30 years.
Experienced and
knowledgeable management.
Why
invest in
Hibiscus?
Growth
On the cusp of revenue generation.
Market cap has tripled since IPO
three years ago
Technology & Risk
Management
Access to game-changing
technology to mitigate risk
33
Appendix
34
Capital Structure
Capital Structure : 30 September 2014
Price
(RM)
Total Number
Mkt Cap
RM’000
1.45
891,642,254
1,292,881
Total Number of
Shares
• Non-Independent Directors and Management hold largest block (18.8%)
• Diversified shareholder base
• Most large shareholders are involved in or familiar with the oil and gas
industry
• Several substantial IPO shareholders have increased equity position
Shareholding Structure: 30 September 2014
No of Shares
(in million)
% of Shares
Shareholder Profile
IPO
Current
Current
83.61
167.22
18.75%
Management Team
0.00
99.01
11.10%
Shareholder in private oilfield services provider
27.00
72.84
8.17%
Shareholder in private oilfield services provider
17.25
53.42
5.99%
Investor in technology companies
26.67
53.34
5.98%
Shareholder in public listed oilfield services
provider
40.00
45.12
5.06%
Shareholder in public listed oilfield services
provider
20.00
40.00
4.49%
Shareholder in private oilfield services provider
13.33
32.10
3.60%
Shareholder in private oilfield services provider
0.00
20.55
2.30%
Shareholder in private oilfield services provider
35
Rex Technology Coverage
36
Rex Virtual Drilling
Conventional Seismic Interpretation
Risk
Category
P Trap
P Reservoir
Rex Virtual Drilling Interpretation
Risk Factor
Conventional
Rex VD Risking
P Trap Geometry
0.60
0.95
P Seal
0.80
0.99
P Reservoir
Presence
0.70
0.99
•
P Reservoir Quality
0.80
0.80
•
P Charge
0.60
0.99
0.16
0.74
P Source
GCOS
Principle
•
An advanced seismic resonance evaluation
scheme
Able to pinpoint exact location and
formation of oil reservoirs
Based on increased amplitude and delayed
travel time at low frequencies
37
Petroleum Economics
Increasing Commerciality
Low
Range of Certainty
High
High
Undiscovered Prospective
Resources
Discovered Contingent
Resources
Discovered Reserves
High Estimate
3C
3P
Best Estimate
2C
2P
Low Estimate
1C
1P
Low
Source: Society of Petroleum Engineers and World Petroleum Council
38
Hibiscus - Asian peer Comparison
200
351
229
127
400
104
569
600
307
800
461
1,000
661
1,200
Medco
Medco
Energi Mega Persada
Kris Energy
11.9
RH Petrogas
32.3
263.0
Kris Energy
Rex International
RH Petrogas
10.8
9.2
Lloyz
Hibiscus
5.7
-Sona
Rex International
--
70.0
300.0
60.0
250.0
50.0
200.0
40.0
30.0
20.0
10.0
--
220.0
2P reserves (mmboe)
Energi Mega Persada
Hibiscus
Sona
Cliq
Lloyz
--
Cliq
– Hibiscus is well positioned compared
to Asian mid-cap oil and gas peers
– Balanced portfolio and an inventory
of 10.8mmboe of 2P reserves across
multiple assets
– Qualifying acquisition completed in
2012
– Established production base at Kitan
– Near term development
opportunities at West Seahorse and
Block 50 (Oman)
– Broad exploration portfolio with
access to Rex technology enhancing
Hibiscus' ability to identify attractive
prospects
1,018
Market capitalisation (US$m)—as at 17 July 2014
Notes:
1.
Includes SGX, Bursa Malaysia and Indonesian listed mid-cap peers
2.
Sona recently announced HoU to for transaction with Salamander to acquire
assets with net 2P of 13.1mmboe
39
THANK YOU
40
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