First Energy 2011 Global Energy Conference Sept 19th - Sept 20th

Wednesday, Aug 31 2011 by
16

Thought Id just flag up the annual Global Energy Conference hosted by First Energy and Societe Generale.

As ever, an excellent line up of companies over the two days. From the agenda, the ones attending are:

Day 1.

Coastal Energy
Rocksource
Bahamas Petroleum Company
Sterling Resources
Nautical
Bankers
Porto Energy
Tethys Petroleum
Condor Petroleum
Greenfields Petroleum
San Leon Energy
Cove
DEO
Faroe

Day 2.

Ecopetrol
Gran Tierra Energy
Petrominerales
C&C Energia
Gold Oil
Parex Resources
Enquest
ShaMaran Petroleum
Sonoro
Transglobe Energy Corp
Rialto Energy
Wentworth Resources
Providence Resources
Canadian Overseas Petroleum

Phew - 25 mins per session - thats a lot to get through but yet again an excellent opportunitiy to blitz the globe and buttonhole a lot of execs.

I would imagine that many/most of the companies will put their presentations on their websites and possibly the video/audio of their session as happened last time.


Filed Under: Energy, Oil & Gas Producers,

Disclaimer:  

The opinions expressed by the author are those made by him personally as an individual and not in any professional capacity. 


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    San Leon Energy plc is engaged in the exploration and production of oil and gas. The Company holds a 100% participating interest in the Durresi Block, offshore Albania. The license area, which covers 4,200 square kilometers, contains the A4-1X gas/condensate discovery and several undrilled oil and gas prospects. The Company has eight offshore Ireland assets, comprising four operated licenses on the Atlantic Margin and four Celtic Sea assets. The Company has interests in the Tarfaya and Zag licence areas and two offshore licences-Foum Draa and Sidi Moussa. The Company is also developing an in-situ oil shale (In-Situ Retort) technology in Tarfaya. The Company’s subsidiaries include Island Oil & Gas Limited, San Leon Energy B.V., San Leon (USA) Limited, San Leon (Morocco) Limited, San Leon (Netherlands) Limited, San Leon Italy Srl, San Leon Services Limited and Gold Point Energy Corp. more »

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    59 Posts on this Thread show/hide all

    Fangorn 31st Aug '11 1 of 59

    Hi Djp, Is attending this by invitation only for mainly institutional investors? Might be interested in attending day one, which covers most of the companies I hold or am interested in. Ta

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    djpreston 31st Aug '11 2 of 59
    2

    Hi Fangorn

    Yep - insto and industry only Im afraid. Hopefully S'pedia will be attending again?

    As much as I like a lot fo the first day companies, it is mainly the second day that interests me. Now that the rainy reason is over we are going to see the rigs in Colombia going like the clappers in the coming weeks. GTE, Parex, and C&C all look stonking value as funded, producing companies with great explo and fiscal terms.

    D

    Fund Management: European Wealth
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    Fangorn 31st Aug '11 3 of 59

    Damn, that's a pity. (:

    Will keep my ears and eyes open for the video/audio podcasts - primarily interested in

    DEO,FPM, NPE, COV, SLE and BPC.

    And of course Bankers which I mentioned on a thread somewhere two days ago only to see it subsequently rise 20% (14% yesterday alone according to my moneyam closes.

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    Fangorn 31st Aug '11 4 of 59

    Will take a layman's look at those colombian ones you mention.(GTE, Parex and C&C)

    Cheers for the heads up.

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    djpreston 19th Sep '11 5 of 59
    6

    Conference has just started so will try and post anything that looks interesting.

    Fund Management: European Wealth
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    djpreston 19th Sep '11 6 of 59
    9

    All comments v raw and as I hear them so treat them with caution. I may miss something/mishear. There should be presentations on most company websites.

    First up - Coastal

    Offshore op costs miocene down around $5/bbl.

    Expecting mopu on bbna end Oct(?) Adding c7k bopd from 7/8 wells by end of year

    Blimey Randy's flying through the presentation...

    Testing/targetting c 180m bbls next year. Capex rising from $150 - $250m all easily funded internally and still have $200m after tax cashflow?

    Intrigued by source rock/deep potential with huge potential reserves but shale so low recovs but still massive potential (think I caught that right).

    Fund Management: European Wealth
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    djpreston 19th Sep '11 7 of 59
    5

    Oh yes, CEN is on target to meet production guidance of 13k bopd average and exit year over 20k boepd.

    Fund Management: European Wealth
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    djpreston 19th Sep '11 8 of 59
    4

    Rocksource

    Lots of political pressure to develop Barents Gas. Could be via "Russian gas" (nordstream) or a new Norwegian pipeline or even adding another train to LNG facility.

    Assuming $100 oil price, after opex, capex and tax, $10/boe after tax profits - not massive but then that's the flipside of the Norwegian. Tax structure.

    8 prospects for 2012/13.

    Rig capacity selling out rapidly next year.

    Norarg - re commerciality volumes:

    "Depends on other nearby discoveries, development options - ranges from v commercial to sub commercial". My observation - well that's a load of use.

    Total - operator on Norvarg - says a properly planned and stimulated test could see a 5 fold increase in prodn.

    Not happy with response to my query on the false positive re resistivity on Kora. Could be explained by time constraints in presentation. Will follow up in break/lunch.

    Still think they've got some v nice acreage but not convinced re the EM "advantage" yet.

    Fund Management: European Wealth
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    djpreston 19th Sep '11 9 of 59
    7

    BPC

    Does look interesting and let's face it Hardman had a great nose for finding new plays (as Tullow know) so why shouldn't this work?

    Is the mkt cap over egged? Def at peaks but now? Looks more reasonable.

    Nothing strikes me as being particularly new. Potentially vast resources/structures, location good etc etc. All v positive as a potential new province play.

    Next news will be farm outs expected to begin negotiations in Q4. Poss drilling H2 2012.

    Expensive wells but each well can test massive potential. Good farm outs needed as they have cash for seismic and a buffer so immediate programme funded.

    Worth watching the imminent programme coming up in Cuba. Hope that will encourage the Bahamian govt to get their act together (my comment/interpretation) to allow drilling to move forward. There hasn't been a well drilled in Bahamian water for 24 yrs. At least the previous wells have allowed seismic tie ins.

    Right, coffee(fag) break coming up then back to it with Sterling Resources, Nautical, Bankers and Porto before lunch.

    My thumbs are going to hurt by end of this....

    Ttfn and BRB

    Fund Management: European Wealth
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    djpreston 19th Sep '11 10 of 59
    1

    Oh, forgot, BPC wells will cost c$120m each taking 120-150 days. 12000 ft wells(?).

    Fund Management: European Wealth
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    djpreston 19th Sep '11 11 of 59
    17

    Right, oil fans. Back in the seat with Sterling....

    Why, oh why did it seem like a good idea to have dinner with my brother last night. His wine cellar is v nice but suddenly realising its 1.30am and you've got two days conference ahead of you, those several bottles suddenly doesn't seem such a good idea.

    Okay, Sterling...

    Breagh - vitol gas sales contract in place. 7 wells for jacket. First gas July 12. 20" Pipeline done. Double needs so bring on satellites and other 3rd party business.

    Vitol again..hmmm. Remember they've built a decent stake...

    35m boe net from Breagh underpins share price so rest in for free. Full field capex £630m est (rps) £187m spent todate.

    No tax till 2016 assuming no other N Sea expenditures. Big cashflows 2014/15 with 2nd phase.

    Cladhan. V sweet reservoir. Wells capable of 10k bopd in Northern core. Confirmed the minimum STOOIP.

    Overpressure in central v diff to North so v sep plays.

    RPS working on figs so can't disclose but figs won't be lower.

    RPS waiting on finalisation of seismic reinterpretation/reporocessing. More prospective resources to west in North block. Prospectivity in fan so plan wells next year.

    6producers 3 injectors dev plan for North. Well to west area and E for fan.

    Southern channel well in Q2.

    Blakeney, hub dev prob with fyne and dandy, pilot and hub (antrim, premier and enquest) so makes sense for everyone.

    Romania.

    Ana Doina project sancion 2012 110MM scf plateau. First gas 2014. Plan to over develop infrastructure like breagh to be key infrastructure.

    Politics - v confused construction permit laws in place but who administers. Exxon ready to go. As soon as they get their permit SLG submit. all ready to go with A&D just need the politics/law sorted. "When not if".

    Financials okay. Lots of assets to trade - breagh/cladhan etc.

    Romania a&d gas 98% methane no impurities etc. Pricing - pressure from EU to normalise the gas sales price. Currently set by govt as basket - change to market based. Resolved by 2014 first gas so no problem.

    Fund Management: European Wealth
    | Link | Share | 1 reply
    repobear 19th Sep '11 12 of 59
    1

    In reply to djpreston, post #11

    HI Darron,

    That all sounds pretty encouraging for SLG holders.

    It's a pity Mark isn't there to help you out a bit;-)

    I'm very grateful for the reports to date.

    repo

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    sg31 19th Sep '11 13 of 59
    1

    Hi Darron, Interesting reading, much appreciated.

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    djpreston 19th Sep '11 14 of 59
    6

    Phew, sLG had a lot to say in little time so apols for inevitable confusion/lack of clarity.

    Nautical....

    "Depsite osborne & alexander, still v robust economics on projects"

    Shame no news on Kraken test but still...

    Catcher.

    Still feel signif upsude in block to come. Burgman looks potentially much bigger cougar/rapide and Carnaby. Drilling programme starts again Q2 2012. Good material adds to hub development.

    Kraken.

    "V large structure indeed"

    83m bbls net from GCA "before 5 well". Hmmm, can we surmise a big increase I wonder??

    5 pilot has shown v thick, high porosity sands. V good info for interpretation. "Results any time soon".

    Horizontal shows 90% oil saturation and sands continuous.

    First stage dev - 7 producers and 6 injectors from 2 centres. FDP 2012. First oil 2015.

    Looks to be good potential upside on blocks.

    Mariner back on track now after concessions on taxes after stall earlier.

    Tudor Rose. 10m net contingent 17m net upside.. With Buffalo to South.

    Catcher drills again in Q2 (have I said that?).

    Kraken $90 oil worth $6/bbl npv 7 disc off Brent (?)

    Fund Management: European Wealth
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    thegreatgeraldo 19th Sep '11 15 of 59

    Re CEO.....

    Capex rising from $150 - $250m all easily funded internally and still have $200m after tax cashflow?

    Using 20k bopd for next year (& $80 oil), that would generate gross revenues north of $500 mill without the onshore gas. That level of capex would also provide some shelter against tax. Add in Songkhla H production around mid-2012? Plus a fully drilled Songkhla main? IF Bua Ban South were to find oil, that could also be producing in 2012.

    Any mention of the explo/dev split for 2012 capex?

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    Fangorn 19th Sep '11 16 of 59

    Interesting summaries so far DJP - appreciate your manic tapping away on the keyboard as the conference progresses to keep up all informed :)

    Looking forward to later today with Deo and FPM...and then tomorrow those Colombian ones(which,Incidentally I am still looking into.) Has been a hectic week or so, with plenty of garden orientate work....

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    djpreston 19th Sep '11 17 of 59
    5

    Bankers

    Now, will there be any more slippages I wonder? V frustrating of late re progress. Getting there but slower than I'd have hoped.

    Blcok F drilling (gas) by end of year. This is for the steam generation fuel and helps economics.
    Kucova is mainly for use as dilutent (in blending P-M oil) which was bought in - again improves economics.

    $100 - $110m cashflow expected for 2nd half putting co in balance vs capex.

    Reactivations payout 7 months. Horizontals 8 months. Cost/well $225k and $1.25m respectively.

    40 wells to be drilled in H2. 1000 well locations and 100-120 wells pa planned. Declines on horizontals 25%. Again v gd payouts, IRRs and NPVs

    Very interesting chart on P-M reserves and recov factors. Can't really summarise adequately.suffice to say easy scope to double reserves.

    Thermal program. Initial results end of year from pilot. Nov first steam cycle. 1.2 bn potential resources so good news is potentially massive. At Rallye 2 cycles gives confidence in data.

    Kucova water flood in Ferme pool has begun. Results middle next year.

    High demand for heavy oil in Med with 15 refinaries. Supply tight so v good demand for Bankers's output hence lots of takers and the good net backs, aided by the fiscal terms and cost reclaims etc.

    Fund Management: European Wealth
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    djpreston 19th Sep '11 18 of 59
    2

    Porto - a new one on me. Can anything positive come from Portugal??

    V large acreage over 5 licences lusitania basin. Imminent news due from 2nd reef well on Torres Vedras expected this month (hopefully this Torres won't miss open goals!! - sorry).

    80% on shore - seeling partner for offshore. Own 100% of 4 licences and 97.5% of the fifth. Already have a tight gas and oil dicov with est gross continent best est resources of 60 mmboe.

    Some pre salt plays. Lower jurassic gas plays (shale). Reef plays (oil). Focussing on 3 of 7+ play types.

    V fast presentation so can't keep up but looks v interesting. Aljubarrota gas discovery v close to pipelines (1km) with significant spare capacity. The horizontal well target zones look tempting - v fractured, tight but good perm good resistivity and gas logs.

    One to have a closer look at I'd say.

    So lunch beckons. No break there...

    "Which game plan from policy makers? A multi asset investment perspective. " From the head of global asset alloacation at Soc Gen.
    Then its back to:

    Tethys. Condor, Greenfields and San Leon, break then Cove, Africa Oil and Faroe.

    Sorry if I haven't replied to any questions. Its hard enough keeping up and typing on a BBerry...


    Fund Management: European Wealth
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    peterg 19th Sep '11 19 of 59
    1

    In reply to djpreston, post #14

    Hi Darron,

    Many thanks for your reports form this - I'm very impressed with your online note taking abilities. (Particularly after a few bottles last night). I hope your thumbs hold out!


    Peter

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