Cadogan, a new company delivering on its new strategy. Presentation to Oil Capital Conference London September 5 th, 2017

Similar documents
License Management: an enabler to foreign investment

CLEAR PATH TO SUSTAINABLE GROWTH

Overview presentation. Tullow Oil plc OVERVIEW PRESENTATION January 2018

Investor Presentation

CREATING STAKEHOLDER VALUE THROUGH THE ENERGY TRANSITION

Fixed Income Investor Presentation August 2016

ANNUAL FINANCIAL REPORT 2017

DNO International Corporate Presentation. September 2012

TRANSFORMATIONAL FARM-OUT TO OCCIDENTAL ANDINA TRAN FARM-OUT PRESENTATION 23 NOVEMBER 2018 JOHN WARDLE NICK HARRISON

23rd Africa Oil Week October 2016

Equator Exploration Limited

Corporate Presentation

CADOGAN PETROLEUM PLC Half Yearly Report for the Six Months ended 30 June 2018 (Unaudited and unreviewed) Highlights

Atlantic Petroleum. - Stærk fokus på nye muligheder. Dansk Aktiemesse 9. oktober 2012

Results for the six months ending 30 June 2018

RIU Good Oil Conference

Investor Presentation January 2013

For personal use only

Wood Group Investor Briefing Q1 2015

2011 Full-Year Results. 21 February 2012

Positioned for Growth APPEA 2016 Conference and Exhibition June 2016

CORPORATE PRESENTATION January 2019

ASX Small to Mid Caps Conference

Investor Presentation. October March AiM: SOLO

CASH GENERATION BALANCE SHEET EXPLORATION UPSIDE

Corporate Presentation Building Value in the North Sea

July 26, 2017 LafargeHolcim Ltd 2015

Atlantic Petroleum An E&P Company in Growth. November 2012

Working together to create value in the world of real estate. Investor Presentation. 58,000 employees, 230 offices, 80 countries, 1 global brand

HIGHLIGHTS. Profitable producer. Zero debt, no material commitments. High impact exploration portfolio. Cash of US$24M at end March 16

Pareto E&P Conference January 16, 2019

Investor Presentation

FACT BOOK 2017 HALF YEAR RESULTS TULLOW OIL PLC

Upstream overview. Roland Perdacher Director Domestic Assets Business Unit

IGas Energy plc. Full year results for the year ended 31 December 2017

Investor Presentation. A New Direction- Cooper Basin. September 2009

CEFC INTERNATIONAL LIMITED (SGX: Y35) CORPORATE PRESENTATION. October 2015

STRATEGY UPDATE

I n v e s t o r P r e s e n t a t i o n February 2017

AGM Presentation December Your attention is drawn to the disclaimer and footnotes at the end of this presentation

Medserv. Pieces fitting into place H118. On track to deliver growth. Valuation: Backlog underpins uplift. H118 results. Industrial support services

FACT BOOK 2018 HALF YEAR RESULTS TULLOW OIL PLC

Acquisition of Altamira Creating the undisputed leader in NPL and REO servicing in Southern Europe. January 8, 2019

Serica Energy plc Annual General Meeting

KION Q3 UPDATE CALL Gordon Riske, CEO Thomas Toepfer, CFO Wiesbaden, 14 November 2013

FY2018 Half Year Results Investor Presentation

For personal use only

PACC Offshore Services Holdings Ltd. Corporate Overview SGX-Goldman Marine Oil & Gas Corporate Day 3 March 2017

Temenos delivers good results across all metrics and reaffirms full year guidance

Please find attached the latest copy of Otto Energy Limited (ASX: OEL) investor presentation.

Recommendation. We maintain the Buy rating with a price target of 50p.

Investor Presentation

Execution of PKN ORLEN Strategy in the upstream segment

H Interim Results 4 September 2018

The information in this presentation: Qualified petroleum reserves and resources evaluator. Rounding

Safe Harbor Pages. Forward Looking Statements

H Interim Results 31 August 2017

Pentair KeyBanc Capital Markets Industrial, Automotive & Transportation Conference

Oil Capital Conference. Building Value in the North Sea

Louisiana Energy Conference June 27 28, 2012

Corporate Presentation September 2010

MART RESOURCES: A Nigeria Marginal Field Case Study Mr. Wade Cherwayko (Chairman & CEO) Asia O&G Assembly, Hong Kong, 25 April 2013

COMPANY OVERVIEW AUGUST, 2018

Santos rejects Harbour proposal and terminates discussions

Ecolab Acquisition of Champion

Eni Presentation to the Financial Community. London, March 1 st, 2005

Faroe Petroleum plc. Norwegian Asset Swap with Equinor 5 December Slide 1

Santander Consumer Finance. October 2015

Savills plc. Results for the six months ended 30 June August 2018

2018 Interim Results 30 August 2018

Murat Ozgul, CEO, Genel Energy plc 6 th Kurdistan-Iraq Oil & Gas Conference. London, 5 th December 2016

LAREDO PETROLEUM ANNOUNCES RECORD PRODUCTION AND YEAR-END PROVED RESERVES IN 2012

Recommended offer for Fidessa. David Arnott, CEO Max Chuard, CFO, COO 21 February 2018

CADOGAN PETROLEUM PLC ANNUAL FINANCIAL REPORT 2015

In contrast to developed and highly competitive markets like the US and Europe, where private capital is often

Business Update. USPP Conference Miami. Luis Damasceno Group CFO Michael Williams Group Finance Director & Treasurer January 2019

Exane BNP Paribas European Seminar

Proactive Investors. 21 st August Lewino-1G2 Results. Lewino-1G2 Frac

Savills plc. Preliminary results for the year ended. 31 December 2010

Investor Presentation. 53,000 employees, 200 offices, 75 countries, 1 global platform

Investor Presentation. Firm Overview. Investment in Victory Park Capital Advisors, LLC

RPC GROUP PLC CAPITAL MARKETS DAY 2017

FY16 Half Year Results. 26 February 2016

Asiakastieto announces the price range for its planned initial public offering

Production led growth, high impact upside

Investor Presentation. 53,000 employees, 200 offices, 75 countries, 1 global platform

Cromwell European REIT s Inaugural Results Exceed IPO Forecast

Cleaning Up August 2007

Expanding Scale and Opportunities

Highlights. 14 May Riverstone Energy Limited Interim Management Statement

Macquarie Oil and Gas Explorers Conference. 13 th January 2014 Joel Price, COO

Overview presentation

Portucel S.A. Assembleia Geral 21 de Maio de Results Presentation

INVESTOR MEETINGS. March 2015

MANAGING DIRECTOR S ADDRESS

2015 ANNUAL RESULTS. March 10, 2016

TULIP OIL NETHERLANDS OFFSHORE B.V.

April 29, Results First quarter 2016

Please find attached the presentation that will be delivered on this road show.

Investor Presentation. March 2017

Transcription:

Cadogan, a new company delivering on its new strategy Presentation to Oil Capital Conference London September 5 th, 2017 Oil Capital Conference, 2017

Important notice This presentation material does not constitute or form part of any offer for sale or subscription or any solicitation for any offer to buy or subscribe for any securities nor shall they or any part of them form the basis of or be relied upon in connection with any contract or commitment whatsoever. No responsibility or liability whatsoever is accepted by any person for any loss howsoever arising from any use of, or in connection with, these presentation materials or their contents or otherwise arising in connection therewith. This presentation material may contain forward-looking statements relating to the future prospects, developments and strategies of Cadogan Petroleum plc (the "Company"), which are based on directors' current expectations and assumptions and involve known and unknown risks and uncertainties that could cause actual results, performance or events to differ materially from those expressed or implied in such statements. Each forward-looking statement speaks only as of the date of the particular statement and, except as required by law or regulations to which the Company is subject, the Company disclaims any obligation to update any such forward-looking statement to reflect future events or developments. 1 Oil Capital Conference, 2017

Why invest in Cadogan Cadogan has: A clear strategy to pursue shareholder value A strong platform to deliver on its strategy A track record of delivering against its strategy The intrinsic upside of an undervalued stock Cadogan s goal is to offer its shareholders exposure to material upside combined with strict financial discipline and effective risk management via asset diversification 2 Oil Capital Conference, 2017

Cadogan: a snapshot A strong platform to create opportunity and growth Strong financial position $ 40 million net cash 1 Established revenue streams Producing fields and exploration assets in Ukraine (far from the conflict zone) and Italy Proven track record as lowcost operator World class board and management 1 At June 2017 3 Oil Capital Conference, 2017

Cadogan: its strategy Make select asset acquisition leveraging on Cadogan s strengths Pursue mature exploration/appraisal assets with material upside Target on-shore assets Focus on geography with strong and first-hand knowledge (Europe, Africa, Middle-East, Central Asia) or which offer potential synergies with Ukrainian operations (former East Europe) Diversify risk via asset type and geography Maintain the strength of existing platform Grow production in Ukraine with minimum capital deployment via re-entry of old wells Further increase net e&p revenues by improving operation efficiency Supplement e&p revenues with gas trading and oil services Prepare oil service for spin-off at the right price 4 Oil Capital Conference, 2017

Financial strength Cash, preserved through effective cost cutting and management of working capital Promoted locals to replace expatriates Executive Directors down from 3 to 1 Kiev staff down from 34 to 26 2 New, smaller offices Right-sized the scope of security contract Renegotiated contracts with advisors and service providers 8 6 4 2 0 G&A (MUSD) - 40% 2014 2015 2016 2017 (for) 2 June 2014 vs June 2017 5 Oil Capital Conference, 2017

Management strengths Board of Directors Very experienced and high profile non-executive Directors Variety of back-grounds and experience across energy (including renewables), finance and international politics CEO 35 years of international industry experience > 10 years at Senior Executive level with eni in a variety of roles and responsibilities, spanning assets across four continents Delivered ROS and finding costs which have remained an internal bench-mark for many years while Head of worldwide exploration for eni Network of contacts with key decision makers in IOC s, NOC s and governments Former COO (and current Advisor to the CEO) Former country manager for eni in Gabon, Angola and Tunisia Former CEO of the largest European gas storage company Management (and back-office staff) Kiev based Young, determined and skilled personnel at a fraction of the UK cost 6 Oil Capital Conference, 2017

Current assets 4 operated, on-shore licenses covering 562 Km2 in the Carpathian basin 15 % interest in an eni-operated shale gas license All licenses located in West Ukraine, far away from conflict zone Oil and gas production Gas trading Provider of services to oil companies Bought 90 % of ExploEnergy shares Applications filed for two licenses in Po Valley 60 BCF of un-risked prospective resources Abandoned gas field with tail production upside for low-cost operator No upfront payment; nominal payment upon award of each licenses & carry to first gas Award process on-going 7

Current assets Monastyretska Appraisal through early production Full development to follow (upon securing licence conversion) Bitlyanska Deb & Cher Pursue value upside associated with returning royalties back to normal rate Secure licence by drilling shallow oil prospect Actively pursue farm-out of high-risk high reward, play 8 Oil Capital Conference, 2017

Delivering on our strategy Reduced costs and taken e&p operations to break-even e&p margin and oil price From 74 to 40 operating staff in the fields From two to one operating districts From two to one warehouses From one to three oil producing wells 80 60 40 20 0-20 -40 2013 2014 2015 2016 2017 (for) 8 6 4 2 0-2 -4 price, $/boe margin, M$ 9 Oil Capital Conference, 2017

Delivering on our strategy Growing production without deploying capital 2.5 250 2 200 1.5 150 1 100 0.5 50 0 0 2014 2015 CAPEX, M$ 10 2016 2017 (for) production, boepd Oil Capital Conference, 2017

Delivering on our strategy Maintained a healthy pipeline: nearly 50 potential opportunities screened * Proposals received and/or solicited High level screening Non binding LoI or equivalent Finalized 47 23 9 1 * As of June 15, 2017 11 Oil Capital Conference, 2017

Listed position Ticker CAD -LN Five main shareholders 5 No. (M) % Outst. Listing type LSE Standard Main Market Domicile UK Shares in issue 231,091,734 Share Price 3 GBp 8.13 Market Capitalisation 3 18.78 million Net Cash 4 $ 40.3 million SPQR Capital Holdings SA 67,298,498 29.12% Mr Pierre Salik 40,550,000 17.55% Mr Michel Meeus 26,000,000 11.25% CA Indosuez (Switzerland) SA 18,683,000 8.08% Kellet Overseas Inc. 14,002,696 6.06% Total 72.06% Current share price GBp 35 30 25 20 15 10 5 0-5 firm Judgemental? upside? but still value 3 At August 24 th, 2017 4 At June 30 th, 2017 5 At April 27 th, 2017 12 Oil Capital Conference, 2017

Summary and conclusions Cadogan Petroleum is: A proven, low-cost, efficient operator with a base of production and reserves on which to build growth A well funded company, with $ 40 million of net cash and no debt 6 A company with a stream of e&p revenues supplemented by subsidiary operations in gas trading and oil services Cadogan has: A clear strategy of pursuing value through reloading and geographically diversifying our e&p portfolio A management team which is already delivering on this strategy A high profile Board with international experience and contacts across oil & gas and finance 6 Cash and net debt at June 30 th, 2017 13 Oil Capital Conference, 2017