Corporate Presentation September Coastal Energy Company 2013 All Rights Reserved
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1 Corporate Presentation September 2013 Coastal Energy Company 2013 All Rights Reserved
2 Forward Looking Statements This presentation contains forward-looking statements as defined by the applicable securities legislation. Statements relating to current and future drilling results, existence and recoverability of potential hydrocarbon reserves, production amounts or revenues, forward capital expenditures, operation costs, oil and gas price forecasts and similar matters are based on current data and information and should be viewed as forward-looking statements. Such statements are NOT guarantees of future results and are subject to risks and uncertainties beyond Coastal Energy s control. Actual results may differ substantially from the forward-looking statements. This presentation does not contain all of the information contained in the preliminary prospectus of Coastal Energy Company, which should reviewed for complete information. 2
3 Investment Highlights Solid Reserve Base with Substantial Exploration Upside 2P Reserves of mmboe; 3P Reserves of mmboe Additional 10.0 mmboe of Contingent Resources >30 identified prospects comprising 477 Mmbbls offshore prospective resources Substantial 2013 Drilling Program Two rigs running for entire year First oil expected in Malaysia in 2H2013 Growing Production & Cash Flow YTD Production (through August 31) ~23,300 boepd, 5-Year CAGR of 56% 2012 Cash Flow from Operations of $382MM, 102% YoY growth Strong Offshore Netbacks 1H 2013 Offshore pre-tax cash flow per bbl of $ H 2013 Offshore post-cash tax netback of $41.36 / bbl offshore* Strong Financial Position with Low Net Debt $85MM cash balance at August 31 st $100MM drawn on revolving credit facility Note: 2012 reserve figures per RPS Energy Ltd. report as of December 31, 2012; prospective resource volumes are undiscovered and represent internal estimates *1H 2013 post-tax figures include accrual for taxes to be paid in 2H 2013 & 1H
4 Company Overview Operational Overview Asset Overview Production Current Production (boepd) 23,000 Offshore Production (oil) 20,500 12/31/2012 RPS Reserves 1 2P (Mmboe) % Oil 84% Increase vs. YE P 40% After-Tax 2P PV-10 ($MM) $2,713.1 Prospective Resources (Recoverable - Mmboe) (1) Per RPS Energy, Ltd. Reserve evaluation as of 12/31/2012 (2) Internal estimate - offshore only Financial Overview ($US in millions, except shares / share price) Share Price (at 9/12/13) C$17.75 Shares Outstanding Shares Outstanding, Fully Diluted Equity Value / Market Cap. $2,156.2 Debt (at 8/31/13) $100.0 Cash (at 8/31/13) $85.0 Enterprise Value $2,
5 Thailand Asset Overview Offshore Thailand Bua Ban North Booked 68 Mmbbl 2P in 2011; added 40 Mmbbl 2P at 3/31/2012 Bua Ban South Pilot fracking program was successful and two frac wells are onstream 56 mmbbl of prospective resources at Bua Ban South Bua Ban Main 34 mmbbl Miocene and 22 mmbbl Eocene tight sands 5 well Eocene frac program underway Songkhla A Onshore New fault block to the northeast of Songkhla A discovered in 2013 Will require new facilities to develop Sinphuhorm gas field current production ~2,500 boepd 8 years remaining on Gas Sales Agreement with Nam Phong power plant; 10 year extension option Dong Mun discovery being evaluated for development 10 Mmboe contingent resources 5
6 Malaysia RSC Contract Coastal is developing the Kapal, Banang and Meranti fields (KBM) offshore Malaysia for Petronas Coastal is a 70% partner and a local Malaysian contractor (Petra) is a 30% partner First oil from Kapal is expected in Q313, while first oil at Benang and Meranti is expected in Q114 and Q219, respectively There are existing discoveries at each field. Coastal estimates recoverable oil could be anywhere from 15 to 35 Mmbbl The Capital Expenditure of KBM Cluster is estimated to be USD320 million over the life of the project Contractors are subjected to the Corporate Income Tax Act (CITA) and not the Petroleum Income Tax Act (PITA). Corporate tax payable by the Contractor Group under CITA is at the prevailing rate of 25% 6
7 Substantial Organic Reserve Growth Mmboe 2P reserves at 12/31/2012 (84% oil/offshore, 53% 1P)* Near-term drilling program could result in significant additional uplift (Mmboe) Opportunity to de-risk ~660 Mmbbls of unrisked oil-in-place through year-end 2013 *Per RPS Energy, Ltd. Reserve evaluation as of December 31, 2012 Note: Offshore prospective resources reflect internal estimates P YE P YE P Bua Ban North Addition 2P Bua Ban South Addition Other 2P YE2012 3P YE2012 Contingent Prospective 7
8 Growth Remains on Upward Trajectory Production Growth EBITDA Growth 30, ,000 21,838 25, $575.0 $ , (Boepd) 15,000 10,000 5, ,666 7,362 9,670 11, Est. Onshore Offshore Malaysia ($US MM) $5.9 $37.9 $114.3 $ Est. 8
9 Shares at Discount to 2P NAV as per RPS $30.00 $25.00 $2.10 $20.00 $0.00 $15.00 $10.00 $21.81 $17.75 $5.00 $0.00 Net Asset Value per RPS Share Price at Sep 12 Offshore 2P Onshore 2P 9
10 2013 EBITDAX Sensitivity Note: Assumes 2013 guidance of 33,000 boepd, $19/boe OpEx and $315 MM capital program 10
11 Drilling Sequence Thailand & Malaysia Mar 2013 Apr 2013 May 2013 Jun 2013 Jul 2013 Aug 2013 Sep 2013 Oct 2013 Nov 2013 Dec 2013 Vicksburg SKL A G5/43 KW01 Expl SKL C side tracks G5/50 KK02 Expl Bua Ban Main Side tracks and fracs SKL A side track G5/43 Expl Manta Bua Ban North Development Kapal Appraisal Wells Exploration Appraisal Development 11
12 Industry Leading F&D Costs F&D Cost ($/boe) F&D Cost ($/boe) (Including Facilities CapEx) $7.00 $6.81 $6.80 $6.60 $6.40 $6.33 $6.20 $6.00 $ Yr. F&D 5 Yr. F&D F&D Cost ($/boe) F&D Cost ($/boe) (Excluding Facilities CapEx) $5.00 $4.90 $4.80 $4.66 $4.70 $4.60 $4.50 $4.40 $4.34 $4.30 $4.20 $4.10 $ Yr. F&D 5 Yr. F&D <$600 MM total CapEx (excluding facilities) between Jan 08 - Dec 12 ~104 Mmboe added between Jan 08 - Dec 12, net of production Note: F&D cost calculated as cumulative period CapEx divided by period ending 2P reserves less period beginning 2P reserves plus cumulative period production Ending period for all calculations reflects 3/31/
13 Robust 2013 Drilling Program ($US MM) 2013 Drilling & Completions Offshore Thailand 208 Onshore Thailand 8 Malaysia 42 Facilities 80 Seismic 7 Other 10 Total FCF of $150 MM post CapEx and taxes at $100 realized oil price 2013 CapEx budget of $356 MM Revised upward for 5 additional frac wells at $7MM each and ~$15MM for facilities damaged in transit Two MOPUs 1 for Thailand and 1 for Malaysia Onshore CapEx focused on early development stages of Dong Mun discovery 13
14 Exploration Overview Offshore Exploration Prospective resource inventory of mmbbl Additional exploration upside at producing fields Bua Ban North mmbbl of prospective resources (recoverable) Bua Ban South 55.9 mmbbl of prospective resources (recoverable) Songkhla Basin has significant upside Acquired $50MM 3D seismic program in 2012 Survey covers entire Songkhla basin as well as the G5/50 exploration block Data quality is excellent Final processed volumes delivered in September Fast track volumes have already produced new leads Onshore Exploration Dong Mun gas discovery (10 mmboe net to Coastal) Commerciality study has been approved Expected to begin production in
15 Highly Prospective Songkhla Basin Bua Ban Terrace Bua Ban North Songkhla J (Buried Hill II) Songkhla H Songkhla L Songkhla A Extensions Prospects Eocene Lower Oligocene Lower Miocene/ Up Oligocene Pre-Tertiary Buried Hill Fields Eocene Lower Oligocene Lower Miocene Bua Ban South Songkhla M Benjarong South (Songkhla N) Note: Prospective resource volumes are undiscovered resources and represent internal estimates 15
16 Bua Ban Pilot Fracturing Program Bua Ban South A-01 and A-03 were successfully fracked in Q113 A five well drilling program is underway in Bua Ban Main The primary objective of the wells is the Eocene Two wells have been drilled which encountered thick sections of oil filled Eocene sands Multi-stage fracs have been successfully carried out on both wells and they will be on production in the next few weeks With further optimization in a multi-well program, results can improve while bringing fracturing costs down Substantial resources to be exploited in tight sands in Songkhla basin Recoverable Oil Assuming 10% Recovery Factor Songkhla Bua Ban North Bua Ban Main & South Total: 3.3 MMBO 3.5 MMBO MMBO MMBO 16
17 Songkhla Basin Miocene Trend A A 17
18 Songkhla N (Benjarong) Prospects M200 A Multiple stacked structural targets in: Lower Miocene Upper Oligocene Lower Oligocene Eocene M200 B M200 C Lower Miocene M200 Time Structure 20 ms contour interval 18
19 Songkhla N (Benjarong) Prospects Dip Line west M200 A east M050 M075 Time (sec) Bua Ban North Field M200 U Olig marker colored inversion 1000 m 19
20 Future Exploration Well Locations Bua Ban North Production Area EIA applications have been submitted for 10 exploration wells All well locations are covered by new 3D seismic Application for Bua Ban Production area underway 20
21 Sinphuhorm East Sinphuhorm East SPHE-A Indo I Resource Volumetrics Min 3.1 BCF Mid 24.1 BCF Max 1069 BCF 21
22 Sinphuhorm East New 3D Seismic SW L15/43 Border SPHE-1 NE 22
23 Sinphuhorm East Psuedo Porosity Display SW L15/43 Border Recommended West Well Track SPHE-1 NE 15 Pseudo Porosity % Potential Reservoir Rock 23
24 Malaysia Development plan Well count : 4 producers/2 injectors Wells spaced roughly equidistant to maximize reservoir coverage Well location to balance water coning/gas coning (upon breakout) Wells completed (perforated across entire sand interval) Water injectors located close to OWC to maximize pressure support/sweep (1 injector per 2 producers) 24
25 New 3D Seismic West Central Basin Horst East Bua Ban North Style Structure Terrace Play Potential Strat Play LO LST Three Way Upthrown Traps 25
26 New 3D Seismic North Fault Block Lead Miocene Ramp Play South Miocene Graben Play Upper Oligocene Strat Play LO LST Four Way Closure Traps UO LST Three Way Upthrown Traps Three Way Upthrown Traps 26
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