WENTWORTH RESOURCES PLC - INVESTOR PRESENTATION - February 2019
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February 2019 WENTWORTH RESOURCES PLC INVESTOR PRESENTATION
2
Disclaimer
The information set out in this presentation (the “Presentation”) has been produced by Wentworth Resources Limited (the “Company” or “Wentworth”) as at 14 Feb-19, and is being made available to recipients for information purposes only.
It does not constitute, nor is it intended to be an offer to sell, or an invitation to subscribe for, or purchase any securities in the Company. The information set out in this Presentation has not been independently verified and may be subject to
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The Presentation and its contents are strictly confidential and may not be reproduced or redistributed, in whole or in part, to any other person. By receiving this Presentation you acknowledge that you will be solely responsible for your own
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forecasts which are subject to risks, uncertainties and other factors that may cause actual events to differ materially from any anticipated development. The forward-looking statements in this Presentation are based on certain assumptions
including but not limited to expectations and assumptions concerning prevailing and future commodity prices and exchange rates, applicable royalty and tax rates, future well production rates, the performance of existing and future wells,
the sufficiency of budgeted capital expenditures, the availability and cost of labor, services and equipment, adequate weather and environmental conditions and ability to successfully construct or expand facilities. None of the Company or
any of its subsidiaries or any directors, officers or employees thereof provide any assurance that the assumptions underlying such forward-looking statements are free from errors, nor do any of them accept any responsibility for the future
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The securities mentioned herein have not been, and will not be, registered under the Securities Act or under any U.S. state securities laws, and may not be offered or sold in the United States unless they are registered under the Securities
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subject to English law, and any dispute arising in respect of this Presentation is subject to the exclusive jurisdiction of the English courts.
If you have received this Presentation from anyone other than the Company, your receipt is unauthorised. Please return this document to the Company immediately.
2
The Team
De e p a nd b roa d va lue d e live ry tra c k re c ord , g lob a lly from Ma jors to s m a ll Ind e p e nd e nts
Eskil Jersing Chie f Exe c utive Offic e r Katherine Roe Chie f Fina nc ia l Offic e r
• 34 ye a rs e xp e rie n c e a c ros s E&P in Afric a , UK North Se a , Gulf • Pre vio u s ly VP Corp ora te De ve lop m e nt & IR s inc e 20 14.
o f Me xic o , DW Bra zil, SE As ia a nd Aus tra la s ia , Up s tre a m a nd • Exte ns ive O&G a d vis ory a nd tra ns a c tio na l e xp e rie nc e for a
Ne w Bus ine s s foc us . ra ng e o f inte rna tio na l c om p a nie s . Mo s t re c e ntly no n-e xe c u tive
• Te c h nic a l / Se nio r Ma na g e m e nt role s with Ente rp ris e Oil, Dire c tor o f Fa ro e Pe tro le u m p lc . 14 ye a rs ’ e xp e rie nc e in th e City
She ll Inte rna tio na l, Ma ra thon Oil & Ap a c he Corp ora tio n. He a d o f Lo nd o n inc lud ing with Mo rg a n Sta nle y a nd form e r Dire c to r o f
o f Ne w Ve ntu re s a nd Co -He a d of M&A a t Pe tro b ra s Oil & Ga s Inve s tm e nt Ba nking a t Pa nm u re Go rd o n, he a d ing u p the Na tu ra l
BV. CEO of AIM lis te d Ste rling Ene rg y p lc from 20 15-18 . Re s o u rc e s fra nc his e .
• BSc in Ge o p hys ic s fro m Ca rd iff Unive rs ity, MSc in Pe trole um • B.Sc . Ec o no m ic s & Politic s Unive rs ity o f Bris tol, Eng la nd .
Ge o log y fro m Im p e ria l Co lle g e , Lond on.
Ta nza nia & Moza m b iq ue Country Ma na g e r He a d o f Bu sine ss De ve lo p m e nt/ Sub surfa c e
Richard Tainton Country Ma na g e r Ta nza nia & Moza m b iq ue Cameron Snow
• 26 ye a rs of d ive rs e e xp e rie nc e with e ng ine e ring p roje c ts • Exte ns ive e xp e rie nc e a c ro s s E&P in b o th c o nve ntio na l a nd
a ro u nd the w o rld inc lu d ing g a s a nd p owe r d e ve lop m e nt Cha irm uanc
n o nve ntio na l a s s e ts .
p ro je c ts . • Ons ho re USA, Gu lf o f Me xic o , Ca na d a , So u th Am e ric a & Afric a
• Pro ve n e xp e rie nc e in the d e ve lop m e nt a nd m a na g e m e nt of e xp e rie nc e thro ug h ro le s with Ap a c he , SDX Ene rg y, a nd Firs t
inte g ra te d g a s -to -p o we r p roje c ts in Afric a a nd Ce ntra l As ia , Alp ha Ene rg y.
inc lud ing wo rking with Gove rnm e nt Ag e nc ie s a nd Re g ula tory • BSc in Ge o lo g y fro m NC Sta te Unive rs ity, MSc in Ge o lo g y fro m
Au tho ritie s . Skille d ne g o tia tor a nd e ne rg y a s s e t m a na g e r. Uta h Sta te Unive rs ity, PhD in Ge o lo g y fro m Sta nfo rd Unive rs ity,
• MSc Mining Eng ine e rin g De g re e fro m Unive rs ity of the a nd MBA fro m Im p e ria l Co lle g e Lo nd o n.
W itwa te rs ra nd , J o ha nne s b urg .
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African focused, Domestic gas led E&P Company
At a g la nc e
Producing Tanzanian gas asset, c. 4,425 boepd net
W.I. Key supplier in surging demand led landscape 1
Sustainable revenues (2019e US$ 17-20mm),
US$11.8 mm cash. Deleveraging balance sheet (zero
debt Q1 2020)2
Mnazi Bay 2P 100Bcf4 (GSA/PSA to 2031 & 1.5Tcf unrisked upside 2)
Robust fundamentals: 2019e P/FCF of c.1.9, c.47% discount to core &
contingent NAV 3
Compelling entry point (Market cap US $45mm vs 2P NPV15 US$106mm) 4
Simpler UK (transactional) platform 5
Strong and supportive shareholder roster (Vitol, AXA, Sustainable Capital,
Invesco, Fidelity)
Focus on growth, control, diversification and capital returns - supported by
core producing gas asset (long lived plateau & running room) 1 Avg. daily production 2018
2 Management estimates 31Dec- 2018
3 Stifel Jan-19
4 RPSCanada CPR31Dec-18 (E.I.)
5 Post Oslo Bors delisting
4
2019 Guidance: Simpler platform, robust fundamentals
Re fre s he d fo r g ro wth & c a p ita l re tu rns
Avg. Net Production (boepd)* G&A (US$ mm)* Debt (US$ mm)*
5,000 10 30.00
25.00
4,000 8
20.00
3,000 6
15.00
2,000 4
10.00
1,000 2 5.00
0 0 -
2014 2015 2016 2017 2018 2019 2014 2015 2016 2017 2018 2019 2014 2015 2016 2017 2018 2019
2019 Guidance 75-85 mmscfd (gross) 2018 Transition & Redomicile “exceptionals” Debt free 2020
Opex (US$ / mcf) Revenues (US$ mm) Cash (US$ mm)
14.00 12.81 15.00
12.00 20.00
10.00 10.00
15.00
8.00
6.00 10.00
5.00
4.00
2.28 5.00
2.00 0.92 0.84
0.33
- -
-
2014 2015 2016 2017 2018 2014 2015 2016 2017 2018 2014 2015 2016 2017 2018
2019 Completion of Ziwani “carry” repayments 2019 Debt pay down
High margins (@$3.18/mcf)
*Management estimates for YE 2019 5
Compelling value: 2019e 48% Free cash flow yield1
Ma rke t c a p US$ 45 m m a s a t 31 J a n-19
Share price /2019e Free Cashflow Share price /Core + Contingent NAV
37%
0.9 38%
1.2 39%
1.7 47%
1.9 47%
1.9 49%
2.1 55%
2.3 56%
2.4 69%
2.6 70%
2.6 71%
2.7 76%
3.7 78%
4.8 81%
5.5 83%
10.1 85%
18.9 134%
1Source Stifel 30-Jan-19. Companies: JSE, PMO, SQZ, NOG, OPHR, GENL, SDX, SEPL, SIA, TLW, DGOC, CNE, AMER, HUR, ENOG, RKH 6
Mnazi bay gas producing asset
Stra te g ic a lly lo c a te d in a ra p id ly d e ve lop ing world c la s s g a s re g ion
• Q4 2018 Avg. net 4,650 boepd production
• NPV15 2P US$106 MM (after tax)1
• 2P 100 Bscf, 16.6 Mmboe1
• 3P gross sales gas of ca.761 Bcf1
• Pro d u c tio n Sha ring Ag re e m e nt (PSA) with Ta nza nia n Pe trole um De ve lop m e nt Corp o ra tio n (TPDC) Lo ng -te rm
GSA (to 20 312) with ne t b a c k p ric e of US$ 3 / m s c f p lus 2% p .a . p lus a nnua l CPI e s c a la tio n. Cu rre ntly US$ 3.18
for Ma d im b a (TPDC) a nd US$ 5.36 for Mtwa ra (TANESCO)
• Contra c te d to s up p ly 80 m m s c fd & 2.5 m m s c fd to Mtwa ra (GSA op tion to inc re a s e to 130 m m s c fd )
Mnazi Bay Maurel & Prom (Op.) Wentworth TPDC
Prod uc tion 48.0 6 % 31.94% 20 %
Exp lora tion 6 0 .0 75% 39.925%
1 Source: RPSEnergy Canada Ltd . – ReservesAssessment as at Dec 31, 2018 (Life of field basis) net to Wentworth
2 Provisions in Tanzanian Petroleum law for 10-year licence extension
893 MW from Na tura l Ga s Dom e s tic g a s ha s s a ve d
Ke y Mtwa ra -Da r (490 km Na tura l g a s c ontrib ute s c .57%
573 MW from Hyd rop owe r Ta nza nia c .US$ 4 Bn
785m m s c fd c a p a c ity) p ip e line of p owe r (1,56 5 MW ) to
89 MW from He a vy Oil b e twe e n 20 15-17
in p la c e Ta nza nia n g rid
10 MW from Biom a s s 7
Mnazi bay gas production
Ave ra g e q u a rte rly g a s p rod uc tion (m m s c fd )
Jan-19 decline primarily due K-II
temporary generator downtime
86.97 87.34
83.10 2019 Guidance range
82.02
76.20
Gas Production in MMscf/day
62.16
59.97
50.88
47.90
43.26
39.53
34.28
30.86
Q1 2016 Q2 2016 Q3 2016 Q4 2016 Q1 2017 Q2 2017 Q3 2017 Q4 2017 Q1 2018 Q2 2018 Q3 2018 Q4 2018 Q1 2019 Q2 2019 Q3 2019 Q4 2019
1 As at 31Jan-19 (Management estimate)
80 m m s c fd p lus 2.5 m m s c fd Da ily Com m itte d Quotie nt (DCQ) 8
Tanzanian surging gas demand & GSA production uplift potential
Mna zi Ba y (MNB) 20 18 -20 22 d e m a nd fore c a s t
Max: All p ro je c ts o n tim e & 10 0 % e xe c ute d p roje c tion
Mid: 6 m o nth p ro je c t d e la y & 70 % d e m a nd & 90 % up tim e
Low: 12 m onth p roje c t d e la y & 50 % d e m a nd & 85% up tim e
Impending demand cliff from H2 2019, potentially consuming up
to and beyond the 130mmscfd GSA agreed production quota
Mnazi Bay sufficient running room to address through additional
capex subject commercial triggers
130 m m s c fd GSA
MNB “as is” no capex
(85mmscfd forward)
9
Mnazi bay
Va lue c a ta lys ts to a 130 m m s c fd GSA p la te a u
Securing full GSA w/TPDC
• Com m e rc ia l Op e ra tions Da te (COD) d e c la ra tion (Se c urity, s ta b ility &
c re d ib ility) Ong oing ne g otia tions
Pipeline pressure reduction impact on Reserves AND Value
• Pla te a u e xte ns ion b y c a .18 m onths on s ta nd a lone b a s is a nd up to 7
ye a rs with s lic kline / c hoke up g ra d e s
• Inc re a s e s volum e s a va ila b le p re g a s c om p re s s ion c a p e x
• Im m e d ia te ly a c c re tive to c ore NAV (1P & 2P)
Volumes and Productivity potential
• Unloc king c onne c te d volum e from e xis ting we ll s toc k p rior g a s
c om p re s s ion CAPEX a nd / or a d d itiona l we lls
• 6 non-p rod uc ing zone s c urre ntly c los e d (s m a rt c om p le tions a nd s lid ing
s le e ve s a llow for low c os t p rod uc tion up lift via s lic kline p e rfora tions a nd
inc lusion) p a rtic ula rly for lowe r MB re s e rvoir
Development licence extension (2031)
• Fie ld m a na g e m e nt s tra te g y & inc re a s ing p rod uc tion
• Pros p e c tive running room
• Ong oing d is c us sions with PURA (Re g ula tor) & JV p a rtne rs
In-hous e d yna m ic fie ld m od e l Foc us on c onne c te d in p la c e
20 19 Op e x c a . $ 12.5 MM (g ros s ) Minim a l ne a r-te rm Ca p e x (g a s
for life of fie ld s c e na rios & volum e s & zona l p rod uc tivityMnazi bay running room
Co m p os ite 2D-3D re g io na l s e is m ic d ip line – m ultip le p la y s e g m e nts a nd up s id e p ote ntia l
• Exp lora tion c os ts fully
re c ove ra b le und e r PSA
• Drilling s we e t-s p ot in 20 20 +
• Pros p e c tive re s ourc e
a s s e s sm e nt c a . 80 + le a d s a nd
p ros p e c ts . (1.5Tc f unris ke d )1
1 Source: RPSEnergy Canada Ltd. – ReservesAssessment as at May 31, 2018, based on 20 leads/prospects
11Refreshed (WEN) platform
Foc u s o n Gro wth, Control, Dive rs ific a tion & Divid e nd s
Strategic Priorities Focus countries M&A Opportunity funnel
Materiality, control & risk
diversification
Low risk, low cost producing
assets with 2C -2P conversion Screen Evaluate / Due diligence Execute
options & Scope
• C.1 kb o p d (ne t) o ns ho re
Tanzanian growth options
• C.6 0 m m s c fd o ns ho re g a s
Near term Capital returns • 10 -15 kb o p d o ns ho re Bro wnfie ld • Corp ora te m e rg e r/ RTO op tions
aspiration • 20 0 m m s c fd g a s fla ring - GTP • Ta nza nia n (va rio u s )
• 50 m m b oe SW offs hore fie ld
• OECD Ons ho re c o nve ntio na l
Declined
• c.20 Exploration assets
• 20+ producing assets
• 10 Corporate options
Strong s ha re hold e r re g is te r & Ra p id ly d e le ve ra g ing b a la nc e Re fre s he d a nd a lig ne d Boa rd Sus ta ina b le c a s h s ourc e
s up p ort s he e t for M&A le d Growth inte nt
12African focused, Domestic gas led E&P Company
Ma rke t s na p s ho t, W EN (AIM)
Market Cap 1
US$ 45 MM
Share price 1
£0 .19
Shares in issue1
184.2 m m b a s ic , 194,1 m m d ilute d
Reserves (E.I.)2 Mnazi Bay
Ne t 2P 10 0 Bs c f, 16 .6 Mm b oe ,
Mnazi Bay W.I. Reserves (Mmboe)2
2P NPV15 US$ 10 6 MM (a fte r ta x)
Significant shareholders 1
40.50
AXA Fra m ling ton 9.5%
Vitol 9.0 % 25.70
Sus ta ina b le Ca p ita l 8.1%
Inve s c o 5.2% 15.40
R P Mc Be a n 3 5.2%
Fid e lity 3.9% 1P 2P 3P 1 As at31Jan-19
2 RPSEnergy Canada Ltd. as at Dec 31, 2018
3 Chairman
4 Management estimates
Ma te ria l Prod uc tion & US$ 15-20 MM p .a .4 re ve nue s Sim p le r UK Corp ora te p la tform M&A le d g rowth m a nd a te
s urg ing d e m a nd De b t fre e Q1 20 20 Mid c a p E&P a s p ira tion
13WENTWORTH
RESOURCES PLC
Ap p e nd ic e s
14Wentworth PLC Non Executive Board (NED) Members
As of 1 J a nu a ry 20 19
Robert McBean John Bentley Tim Bushell Iain McLaren Cam Barton*
Se nio r
Cha irm a n Cha
Indirm a ne nt Dire c to r
e p e nd
De p u ty Cha irm a n Au d it Cha ir Cha irm aNED
n
Chie f Fina nc ia l Offic e r
Mr.Mc Be a n is a m e c ha nic a l Mr. Be ntle y ha s o ve r 40 ye a rs of Mr. Bus he ll is a q ua lifie d g e olog is t Mr. Mc La re n ha s s ig nific a nt Mr. Ba rton ha s ove r 35 ye a rs of
e ng ine e r w ith o ve r 40 ye a rs e xp e rie nc e in inte rna tiona l na tura l w ith m ore tha n 30 ye a rs ' e xp e rie nc e in the oil a nd g a s s e c tor fina nc e a nd a c c ounting e xp e rie nc e
e xp e rie nc e in the u p s tre a m , re s o u rc e c orp ora tions a t b oth the e xp e rie nc e in the oil a nd g a s w ith deep e xp e rie nc e as Au d it a nd ha s he ld s e nior fina nc ia l
m id s tre a m a nd d ow ns tre a m oil e xe c u tive m a na g e m e nt a nd b oa rd ind us try. He ha s w orke d a t Britis h c o m m itte e c ha ir. He is c u rre ntly a e xe c u tive p o s itio ns for
a nd gas ind us trie s . He is an le ve l. He ha s a d e g re e in Me ta llurg y Ga s , Ultra m a r, LASMO, a nd Pa la d in Non-Exe c utive Dire c to r of m u ltina tio na l c orp ora tions w ithin
a c c om p lis he d e n e rg y p roje c t from Brune l Unive rs ity. Mr. Be ntle y Re s ourc e s . Mos t re c e ntly Tim w a s Ja d e s tone Ene rg y Inc . a nd until Ma y the e ne rg y ind u s try; inc lu d ing CFO
d e ve lop e r a nd b oth a p riva te a nd ha s ha d a s p e c ific foc us in the Chie f Exe c u tive Offic e r a t Fa lkla nd 20 18 was Se nio r Ind e p e nd e nt of Sa nje l Corp ora tion, Pre s id e nt,
p ub lic c o m p a ny s e nior e xe c u tive u p s tre a m o il a nd g a s ind us try in Oil a nd Ga s Lim ite d a nd Dire c to r a nd Cha ir of the Aud it CEO a nd CFO of Artum a s Group
a nd d ire c tor. His past Afric a ha ving b e e n ins tru m e nta l in Dire c tor/ c o -found e r of Core Com m itte e for Ca irn Ene rg y p lc . He Lim ite d (now W e ntw orth), Vic e
a c c om p lis hm e nts inc lud e : the fo rm a tion of Ene rg y Afric a Ltd Ene rg y AS. He is c urre ntly s e rving is c u rre ntly Cha irm a n of F&C UK Pre s id e nt a nd Ge ne ra l Ma na g e r for
s e rving a s the firs t Ma na g ing w he re h e w a s CEO d uring the p e riod a s a Non-Exe c u tive Dire c to r on the Hig h Inc om e Tru s t p lc a s w e ll a s the Dire c t Ene rg y Ma rke ting Lim ite d
Dire c tor o f Qa ta r Fu e l Ad d itive s 1996 throu g h 20 0 0 . Prior to this , he Boa rd of Roc kho p p e r Exp lora tion d ire c to r of four inve s tm e nt tru s t (ow ne d b y Ce ntric a p lc in the UK),
Com p a ny, s e rving a s the firs t he ld a nu m b e r of s e nior p os itions in PLC, Ge ne l Ene rg y p lc a nd Pe tro Co m p a nie s . He is a p a s t Pre s id e nt of Vic e Pre s id e nt Bus ine s s
Ma na g ing Dire c tor of Du b a i the Gle nc o re Group . He is c urre ntly Ma ta d Lim ite d a nd a s a Dire c to r of the Ins titute of Cha rte re d De ve lop m e nt for Alta Lin k L.P
Na tura l Ga s Co m p a ny (“DUGAS”) non-e xe c utive d ire c to r of Afric a Point Re s ourc e s AS a nd Re d roc k Ac c ounta nts of Sc otla nd a nd w a s a (ow ne d b y Be rks hire Ha tha w a y
a nd c o-fo u nd ing Sc a rb o ro Ene rg y Co rp a nd Pho e nix Glo b a l Ene rg y Lim ite d . p a rtne r of KPMG for 28 ye a rs until Ene rg y in the USA). Mr Ba rton is a
Re s ourc e s w ith inte re s ts a nd Re s o u rc e s p lc . More re c e ntly he ha s 20 0 8 . Cha rte re d Profe s s iona l Ac c ounta nt
op e ra tions in Ita ly, Lib ya , Ab u s e rve d as Cha irm a n of Fa roe (CPA, CMA).
Dha b i, Ind o ne s ia , Fra nc e , Pa kis ta n Pe tro le u m p lc a nd a s a n NED a t
a nd Ca na d a . Ca ra c a l Ene rg y Co rp .
* Resigning from the Board effective 30 Mar-19
15Mnazi Bay production 2015-18 & mid stream domgas infrastructure
Two d o m e s tic g a s s up p lie rs
16Tanzania Reserves summary
Mna zi Ba y Co m p e te nt Pe rs ons Re p o rt 31 De c -18
So u rc e : RPS Ene rg y Ca na d a Ltd . – Mna zi Ba y Fie ld Re s e rve s As s e s s m e nt a s a t De c 31, 20 18
17Wentworth: a leading AIM small-cap producer
9,000
8,000 Production
7,000 (boepd)
6,000
5,000
4,000
Me d ia n = 3,6 40 b oe p d
3,000
2,000
1,000
-
Volga Gas
Market Cap
($mm) 358 26 9 50 191 42 10 2 197 126 75 73 127 151
Debt
($mm) 25 - 3 2 11 - - 21 3 26 28 2
Cash
($mm) 30 38 15 97 12* 19 40 2 9 10 19 -
EV
($mm) 213 1 231 38 97 55 84 157 145 70 8 51 136 148 1
2P Reserves
(mmboe ) 27 2 25 26 29 17 14 51 27 23 23 3 14 31
EV/2P
($/ boe) 7.8 9.1 1.4 3.4 3.2 6.2 3.1 5.4 3.0 3.8 10.0 4.8
EV/
Production 26,598 43,128 7,363 20,316 12,269 21,508 46,265 44,023 24,216 35,448 60,340 92,944
($/ boepd)
Source: Company Filings, Capital IQ. Data as at 30 January 2019. * Note management estimates as at 31 Dec -18 used for Wentworth AIM listed companies under $400mm
1. Indicates minority interest in the firm. 2. Note net entitlement numbers are used for Eland’s reserves and production. 3. 2P + 2C number 18For more information:
Eskil Jersing Wentworth Resources
Chie f Exe c u tive Offic e r c / o Fo ra (2 nd Flo o r)
Tha m e s To we r
Sta tio n Ro a d
Re a d ing
RG1 1LX
Katherine Roe Unite d King d o m
Chie f Fina nc ia l Offic e r
Mo re info rm a tio n a va ila b le
o nline a t:
www.we ntp lc .c o m
Contact
o r: +44 0 18 8 20 6 5429
info @we ntp lc .c o m
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