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Trinidad Energy Chamber

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Presentation on theme: "Trinidad Energy Chamber"— Presentation transcript:

1 Trinidad Energy Chamber
Neil Ritson 19 November 2014 London (AIM): LGO

2 Company Profile London Stock Exchange - listed on AiM, 2007 Producing Oilfields - Trinidad and Spain Staff (All local) Net Production Capacity approx bopd 2P Reserves mmbbls Market Cap ~£120 million London HQ Spain Trinidad

3 Management and Board of Directors
Chairman Steve Horton Holds a BSc in Mining Engineering and an MBA. He has 35 years experience working in the energy industry including 27 years with BP plc where he held executive roles including worldwide Director of Drilling.  He co-founded Silverstone Energy Limited in 2005. Chief Executive Officer Neil Ritson Has a BSc in Geophysics.  He has worked in the energy sector for over 35 years, initially with BP plc for 23 years before managing the international operations of Burlington Resources Inc. before founding the Vanguard Energy Group where he was Chairman and CEO.  Chief Operating Officer Fergus Jenkins Is a Chartered Engineer with a BEng in Mining Engineering and a MEng in Petroleum Engineering. He has over 20 years of experience working in industry, initially in mining before moving to petroleum, where he has worked for Enterprise Oil, LASMO, OMV (UK) Ltd and Afren plc. Finance Director James Thadchanamoorthy Has a degree in Chemistry and is a qualified accountant.  He has 18 years’ experience, including over 10 years spent at BP where he held a number of commercial and finance leadership positions. Non-Executive Director Iain Patrick Is a lawyer with over 30 years’ experience in the international oil and gas industry. He joined Monument Oil and Gas plc in 1988 where he was Commercial director until its sale in Subsequently Mr. Patrick was Commercial Director of Gulf Keystone Petroleum (UK) Limited. Michael Douglas Mr. Douglas has worked in the business consultancy sector for 40 years. He was a Managing Partner for PA Consulting and in 1993 Mr. Douglas founded the Quo Group, a consultancy specializing in behavioral change, performance and talent management, and executive coaching.

4 Share Price KEY % Change Share price has:
Goudron drilling underway Well GY-664 on production Completion of GY-665 KEY Heritage LGO Share Price Nov 2013 March 2014 July 2014 Jan 2014 Sept 2014 May 2014 % Change 100% 200% 400% 300% 500% 600% Nov 2014 AIM Total Return Goudron drilling plans announced Fall in oil price, bear market Share price has: Increased by over 10 fold since acquiring the Goudron Field Outperformed the AIM Total Return in 2014 by > 350% in the last year

5 SPAIN Ayoluengo Field, Cantabrian National Park, Spain

6 Spanish Assets ASSETS: Ayoluengo Oilfield (Discovered 1964)
OVERVIEW: Only producing oil filed in Spain discovered in 1960’s, produced 18 mmbbls Current production bopd Where LGO leant how to operate ASSETS: Ayoluengo Oilfield (Discovered 1964) Oil in place 104 mmbbls Production concession renewal in 2017 Deepen to the proven Liassic reservoirs Hontomin Oilfield (Discovered 1968) Test production only to date Development as a satellite to Ayoluengo Awaiting a production concession Tozo Gas Field (Discovered 1965) Test production only Development as either a micro-Compressed Natural Gas or a Gas-to-Wire project AYOLUENGO OIL FIELD TOZO GAS FIELD HONTOMIN OIL FIELD

7 TRINIDAD

8 Trinidad Management Team
Country Manager Alex Almandoz Highly experienced drilling and workover operator. Managing Director od Altech Services since 1994, operating 5 workover rigs with capability to 8,000 feet. Perviously Operations Manager for Terra Mar. Worked with Halliburton on coiled tubing operations from 1987 to 1991. HSE Manager Zameer Rahaman Experienced HSE professional with over 25 years working in the HSE sector of the energy industry previously worked with Primera, The Offshore Drilling Company and Bechtel on land and marine operations in Trinidad.  Senior Petroleum Engineer Rabindra Harricharan Has a BSC in Petroleum Engineering from UWI and has worked for over 24 years in the oil sector with Primera, Barbados National Oil Company and Petrotrin. Extensive experience with artificial lift, stimulation, coiled tubing and EOR technologies. Drilling Engineer Vishan Beharry Holds a MSc in Petroleum Engineering and a BSc in Physics from UWI. More than 15 years experience in the drilling sector working with Sadhna Petroleum, CoPetrol, Baker Hughes Inteq and WASA Non-Executive Director Winston Boodoo A geologist with more than 37 years of varied international experience gained working for Total, Elf, Occidental Petroleum and Petrotrin. Holds a BSc and MSc in geology from the University of Wyoming Senior Consultant Tim Gabriel Has over 40 years of hydrocarbon geoscience experience working for a wide range of Trinidad focused companies including Primera, Petrotrin, Trinyopex (where he was Chief Geologist) and Texaco. In recent years has worked as a consultant for clients including Niko Resources

9 LGO’s Trinidad Assets Three asset areas in the prime hydrocarbon play zone: Goudron IPSC (100%) with 2P reserves of mmbbls and over 60 mmbbls of contingent resources associated with a future water flood. Active production growth from a 30 well infill development drilling programme now drilling well seven Icacos Field in the Cedros Peninsula (50%, non- operator), producing ~35 bopd from three wells. Future opportunities for infill and redevelopment Over 7,500 acres of largely unexplored 100% owned private oil leases in the Cedros and in rights held in partnership with Beach Oilfield Limited HOA signed for acquisition (100%) of Trinity- Inniss Field. Existing production of bopd from 25 active wells with immediate new and infill wells upside CEDROS LEASES GOUDRON IPSC TRINITY- INNISS AQUISITION

10 Goudron Field Overview
Goudron is located in Guayaguayare and produces light oil (averaging at least 38 oAPI) Discovered in 1927 the field has a long history, but only limited production with less than 5 mmbbls produced 154 wells were drilled before 1981, last previous well GOU-1/2 in 1991/2; LGO started drilling in April 2014 LGO acquired the IPSC in October 2012 and has since then: Conducted over 70 well reactivations Carried out several recompletions Drilled 7 new wells in a 30 well redevelopment Placed 5 wells on stream end Oct 2014) Production has already increased from 30 bopd to over 900 bopd and is set to exceed 1,000 bopd in late 2014 Goudron well GY-257 Reactivated 2012

11 Goudron Phase 1: Infrastructure
Located in the remote primary forests of the Trinity Hills Wildlife Sanctuary Limited work undertaken over last 30 years LGO has: Increased sales tank capacity 5-fold Refurbished previous tank facilities Repaired bridges and roads Installed a new communications Extended and restored electrical power Constructed new water treatment facilities Created a platform for future growth SITE ROADS Workshops Sales Tank Battery #34 Commissioned facilities with: offices workshops stores hot-work area crew rest area accommodation All key infrastructure is now in place for the 30 well drilling campaign now underway and capacity for oil production up to ~ 2,000 bopd

12 Phase 2: Infill Development Drilling
Existing Wells New Infill Wells Well 64 Production at C-sand level Well 188 Well 664 Infill locations selected to have low risk of finding oil pay based on offset wells Where upswept oil is predicted to be present by comparison with nearby wells

13 PRODUCTION LIMITED by 8/32” CHOKE
Goudron Drilling Status 19th Nov 2014) Drilling to date: 7 of the 30 new wells have been drilled, #8 is drilling 5 new wells are currently producing, GY-664 to 668 GY-667 is to be recompleted in the Gros Morne (approved) GY-669 and GY-670 are awaiting completion (late 2014) Well GY-671 is currently drilling from the third drill site 10km Gy-664 Gy-665 Gy-666 Gy-667 Gy-668 Gy-670 Gy-671 Gy-672 Gy-669 GY-664 Well results to date: PRODUCTION LIMITED by 8/32” CHOKE Well Name Spud TD (MD) FT TD Goudron Net ft pay C-Sand Net ft pay Completion Formation Openhole Flowrate bopd 1 GY-664 28/04/2014 4,212 13/05/2014 192 300 30/05/2014 Gros Morne 490 2 GY-665 27/05/2014 2,750 08/06/2014 195 256 15/09/2014 700 3 GY-666 16/06/2014 3,357 03/07/2014 185 237  18/9/2014 4 GY-667 10/07/2014 4,006 187 247  27/9/2014 Lower Cruse 220 5 GY-668 09/08/2014 3,026   27/8/2014  191  254  23/9/2014 330 6 GY-669 05/10/2014 3,505 24/10/2014 227 248 7 GY-670 28/10/2014 4,300 9/11/2014  206 242 2360 ~ 750 bopd Constrained Flow Rate

14 Goudron Phase 3: Water Flood
Local analogue at Beach-Marcelle Field recovered approximately 30 mmbbls Wealth of local experience in Trinidad Over 60 mmbbls of 3C (contingent) resources Existing study for > 4,000 bopd capacity. New scoping studies starting now Collection of critical data during current drilling phase LR Senergy have been engaged to lead the technical work

15 Goudron Production Forecast
Continue with Phase 2 primary recovery drilling programme; wells 9 to 30 Initiate a field-wide water-flood to boost production and ultimate recovery bopd

16 Expectations to end 2015 Complete first 8 wells by end 2014
Build two more drilling pads Install a Lease Area Custody Transfer (LACT) meter Drill wells #9 through #16 and place them on production Complete the ongoing LR Senergy development studies Prepare a new reserves report to reflect the results obtained in Phase 1 and 2 Continue drilling wells #17 onwards

17 Cedros Peninsula

18 Plans for the Cedros LGO holds rights to over 10,500 acres of largely underexplored leases Evaluate all existing data and wells. Only deep well found oil En echelon trend with the Soldado offshore fields complex Acquired a micro-seepage survey in 2014 Flying a high resolution gravity and magnetics survey in late 2014 Installing new well tanks Block of oil impregnated Herrera Sandstone from Galpha Point

19 Why use airborne gravity?
Long regional 2D lines of moderate quality Marked lack of success with the 3D method Extensive global success in combining FTG and 2D seismic 3D Inline 290 2D Line 90120

20 Airborne FTG Survey Survey to be flown in late 2014 by ARKeX Limited (www.arkex.co.uk) First use of Full Tensor Gravity Gradiometry in Trinidad Multi-client survey: current participants are Petrotrin and LGO Energy Installing new well tanks

21 Future

22 Trinidad is an ideal place for LGO to do business
Where does this lead… Installing new well tanks Trinidad is an ideal place for LGO to do business

23 Delivering Growth through the Acquisition of Proven Reserves & Enhancement of Producing Assets


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