Talisman Energy Talisman PNG Exploration Update

Transcription

1 Talisman Energy Talisman PNG Exploration Update Rob Grenier Manager, PNG Exploration December 2014

2 Advisories This presentation contains information that constitutes forward-looking information or forward-looking statements (collectively forward-looking information ) within the meaning of applicable securities legislation. The forward looking information includes, among others, statements regarding: business strategy, priorities and plans; expected exploration and development steps and timeline, including the drilling of foothills wells and a foreland appraisal well in 2015; acquisition of seismic and gravity gradiometry surveys, and other expectations, beliefs, plans, goals, objectives, assumptions, information and statements about possible future events, conditions, results of operations or performance.the company priorities and goals disclosed in this presentation are objectives only and their achievement cannot be guaranteed. The factors or assumptions on which the forward-looking information is based include: assumptions inherent in current guidance; projected capital investment levels; the flexibility of capital spending plans and the associated sources of funding; the successful and timely implementation of capital projects; the continuation of tax, royalty and regulatory regimes; ability to obtain regulatory and partner approval; commodity price and cost assumptions; and other risks and uncertainties described in the filings made by the Company with securities regulatory authorities. The Company believes the material factors, expectations and assumptions reflected in the forward-looking information are reasonable but no assurance can be given that these factors, expectations and assumptions will prove to be correct. Forward-looking information for periods past 2014 assumes escalating commodity prices. Undue reliance should not be placed on forward-looking information. Forward-looking information is based on current expectations, estimates and projections that involve a number of risks which could cause actual results to vary and in some instances to differ materially from those anticipated by Talisman and described in the forward-looking information contained in this presentation. The material risk factors include, but are not limited to: the risks of the oil and gas industry, such as operational risks in exploring for, developing and producing crude oil and natural gas; risks and uncertainties involving geology of oil and gas deposits; risks associated with project management, project delays and/or cost overruns; uncertainty related to securing sufficient egress and access to markets; the uncertainty of reserves and resources estimates, reserves life and underlying reservoir risk; the uncertainty of estimates and projections relating to production, costs and expenses, including decommissioning liabilities; risks related to strategic and capital allocation decisions, including potential delays or changes in plans with respect to exploration or development projects or capital expenditures; fluctuations in oil and gas prices, foreign currency exchange rates, interest rates and tax or royalty rates; the outcome and effects of any future acquisitions and dispositions; health, safety, security and environmental risks, including risks related to the possibility of major accidents; environmental regulatory and compliance risks, including with respect to greenhouse gases and hydraulic fracturing; uncertainties as to access to capital, including the availability and cost of credit and other financing, and changes in capital markets; risks in conducting foreign operations (for example, civil, political and fiscal instability and corruption); risks related to the attraction, retention and development of personnel; changes in general economic and business conditions; the possibility that government policies, regulations or laws may change or governmental approvals may be delayed or withheld; and results of the Company's risk mitigation strategies, including insurance and any hedging activities. The foregoing list of risk factors is not exhaustive. Additional information on these and other factors which could affect the Company s operations or financial results or strategy are included in Talisman s most recent Annual Information Form. In addition, information is available in the Company s other reports on file with Canadian securities regulatory authorities and the United States Securities and Exchange Commission.Forward-looking information is based on the estimates and opinions of the Company s management at the time the information is presented. The Company assumes no obligation to update forward-looking information should circumstances or management s estimates or opinions change, except as required by law. Unless the context indicates otherwise, references to Talisman or the Company include the direct or indirect subsidiaries of Talisman Energy Inc. Such use of Talisman or the Company to refer to these other legal entities, partnership interests and equity interests does not constitute a waiver by Talisman Energy Inc. or such entities or partnerships of their separate legal status, for any purpose. 2

3 Talisman has a three phase strategy in place to extract and monetise resources in PNG Large Footprint Phased strategic approach Short 1 Term Stanley Liquids & Domestic Gas 2 Mid Term Liquid Development Opportunities Long Term Western Province Gas to LNG Project

4 Since entering PNG in 2009, Talisman s Exploration Activities have had a Regional Focus Participated in 14 Exploration and Appraisal wells 70% Success Rate (Aiema, Awapa, Elevala-2, NW Koko, Ketu-2, Kupio, Manta, Puk Puk-2, Siphon, Stanley 2 and 4, Tingu, Ubuntu, Wei Mang,); 2 Development wells Over 1700 km of 2D seismic Operated: 2 Exploration wells (Manta -1 and NW Koko -1) 2 Development wells (Stanley and Stanley 5) Acquired: 7,600 km2 of Airborne Gravity Magnetic data 12,467 km2 of Lidar in the last 2 years. Currently acquiring: 179 km of 2D seismic in the foothills of PPL 269 5,100 km2 of gradiometry data PPL 287 and 426 Complete current seismic program (179km) in PPL 269 and complete a second phase seismic program (~80 km) in PPL 269 by Q2. Potential to drill up to foothills wells and 1 foreland appraisal well starting in Q Complete gradiometry studies in PPL 287 and PPL 426 and use data to plan seismic campaign (~200 km) starting in Q, Ongoing regional studies Regional deposition models for all zones from Triassic to Miocene Regional Basin model Regional Structural models 4

5 With current activity building on all phases of the strategy in the Western Province Stanley Field Development Condensate production and near term Dom Gas. The final two development wells were drilled in Medium Term Liquids Elevala / Tingu / Ketu Evaluation (Horizon Operated) (Condensate production and Gas or more likely tied to GAP) Acquisition of a 102km 2D appraisal program has just been completed by Horizon. 1 2 Realizing value through GAP Foothills Seismic Acquisition (179km) is ongoing in preparation for Q exploration drilling program. Two exploration wells drilled in 2014 (Manta-1 and NW Koko -1). 4 Regional Prospectivity Evaluation Gravity gradiometry surveys being acquired to Assist with seismic program planning and optimization Follow up the gas discoveries made in 2014 Program planning along fold & thrust belt trend in PPL 287. Talisman Operated licences Non-Operated licences 5

6 Reference Map - PNG Play Structural Domains Foothills Licences Sparse Seismic, Huge Potential Expect to find 8+ Fold and Thrust Belt Prospects Inversion (PRL 8) Basement Drape Extension 6 6

7 Foothills Play Fairway Linkage PPL SW/NNE 50 km Traverse Inversion Trend to the Fold & Thrust Belt SW NE Inversion Structures Pre-existing Basement Topographic Highs Late Thick Skin Basement involved Structures Dips from surface geology represents subsurface dip Tainia Darai Limestone Yangtau Dumutu Tengkim Toro Sst Reservoir Basement 7

8 PPL 269 Seismic Program operation in progress 8

9 LiDAR Light Detection and Ranging 9

10 Talisman s Lidar Coverage in the Western Province, PNG 10

11 Using LiDAR for Seismic Planning 11

12 Depositional Studies Foreland vs Foothills comparison - Reservoir 12

13 Reservoir Overview (ToroC) PPL25c Foothils ToroC ToroC Paleogeographic Map ToroC Isopach 1

14 Structural Modeling Cecilia 14

15 Talisman s Exploration Program for 2015/16 Complete the current seismic program (179km) in PPL 269 and complete a second phase (~80 km) of seismic in PPL 269 by end of Q2. Potential to drill up to foothills wells and 1 foreland appraisal well starting in Q, Complete the gradiometry studies in PPL 287 and PPL 426 and use this data to plan a seismic campaign (~200 km) in those areas starting in Q,