Capital Markets Presentation, November 2015
Capital Markets Presentation, November 2015 DISCLAIMER THIS - - PowerPoint PPT Presentation
Capital Markets Presentation, November 2015 DISCLAIMER THIS - - PowerPoint PPT Presentation
Capital Markets Presentation, November 2015 DISCLAIMER THIS DOCUMENT IS CONFIDENTIAL This document has been prepared and issued by and is the sole responsibility of Ophir Energy plc (the Company ) and its subsidiaries for selected
DISCLAIMER
Capital Markets Presentation - Fortuna FLNG Slide 2
THIS DOCUMENT IS CONFIDENTIAL This document has been prepared and issued by and is the sole responsibility of Ophir Energy plc (the “Company”) and its subsidiaries for selected recipients. It comprises the written materials for a presentation to investors and/or industry professionals concerning the Company’s business activities. By attending this presentation and/or accepting a copy of this document, you agree to be bound by the following conditions and will be taken to have represented, warranted and undertaken that you have agreed to the following conditions. This presentation is strictly confidential and may not be copied, published, distributed or transmitted. If you do not accept these conditions, you should immediately destroy, delete or return this document. The document is being supplied to you solely for your information and for use at the Company’s presentation to investors and/or industry professionals concerning the Company’s business activities. It is not an offer or invitation to subscribe for or purchase any securities and nothing contained herein shall form the basis of any contract or commitment
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AGENDA
Capital Markets Presentation - Fortuna FLNG Slide 3
TOPIC PRESENTER
I. Introduction and Welcome Nick Cooper II. Overview of Fortuna Project Bill Higgs III. Subsurface Simon Smith IV. Development Philip Dobson V. Midstream Solution – Golar LNG Gary Smith VI. Commercial and Marketing Andy Arnold VII. Project Financials Tony Rouse VIII. Closing comments Bill Higgs IX. Q&A Panel
Fortuna LNG team - Depth and breadth of knowledge and experience
SPEAKERS BIOGRAPHIES
Capital Markets Presentation - Fortuna FLNG Slide 4
Bill Higgs, Chief Operating Officer
- Bill has over 25 years of global exploration, development and operations experience, the majority with Chevron Corporation
- His roles at Chevron included Senior Vice President of Operations for Saudi Arabia Chevron, Reservoir Manager for Tengizchevroil in
Kazakhstan, Asset Manager for the BBLT development in Block 14 Angola and General Manager for Strategy for Chevron Corporation
- CEO of Mediterranean Oil & Gas plc prior to being acquired
Simon Smith, Equatorial Guinea Asset Manager
- An oil and gas professional with 14 years of worldwide experience from working with companies including Engie, Total and BP in the UKCS
in addition to roles covering Equatorial Guinea, Libya, Indonesia, Mauritania and Malaysia
- A proven track record of delivery in areas such as: Operated and non-operated Asset Management, Commercial negotiation, Reserves and
Production Reporting, Strategy, Economic Evaluation, Internal and External Stakeholder management, Asset redevelopment
- African experience includes Mauritania (Blocks 1 & 7) and onshore Libya; and LNG experience through the Eni Operated Jangkrik project
Philip Dobson, Project Manager
- 35 years oil & gas experience covering all aspects of Oil & Gas developments through appraisal, concept select define and execute
- Managed Projects, including Offshore Fixed platform, FPSO, Onshore compression, Onshore LNG
- Worked internationally for Oil Majors including Marathon Talisman Hess BP & Shell
- Countries worked include Sudan, Gabon and Equatorial Guinea (Marathon EGLNG train 1)
Andy Arnold, Director - Commercial
- Andy has 30 years’ upstream technical, commercial, business development and asset management experience gained with Exxon,
PowerGen, BHP Billiton and most recently with BG Group
- His roles at BG included UKCS Asset Management (both operated and non-operated), Group Commercial Assurance Manager for all BG’s
material commercial arrangements (commodity term deals, LNG projects, M&A and New Country entry) and Senior Business Development Manager for the E&P business, managing entries into the Caribbean and Myanmar
Depth and breadth of knowledge and experience
SPEAKERS BIOGRAPHIES
Capital Markets Presentation - Fortuna FLNG Slide 5
Tony Rouse, Chief Financial Officer
- Tony Rouse joined Ophir in October 2014. Tony has over 30 years’ experience in the Upstream Oil and Gas industry including 13 years of
assignments in Europe, Africa, Asia and South America
- Tony started his career with BP, before moving to LASMO plc, Premier Oil and most recently Salamander Energy where he was Group
Financial Controller for 9 years
Nick Cooper, Chief Executive Officer
- Dr Nick Cooper was appointed as an executive director and Chief Executive in June 2011
- Prior to joining Ophir, Nick Cooper was Chief Financial Officer and co-founder of Salamander Energy plc
- He began his career as a geophysicist with BG and Amoco before working as a consultant to the Dolphin gas export project
(Qatar/UAE). From 1999-2005 he was a member of the oil and gas team at Goldman Sachs
Gary Smith, Chief Executive Officer Golar LNG
- Gary ’s career in oil and gas spans 35 years including 20 years with Shell in various roles including General Manager of LNG shipping and
most recently 5 years with Caltex Australia (a Chevron affiliate) as General Manager Refining, Supply and Distribution
- Between 2002 and 2005 Gary served as President and Director of SIGTTO (Society of International Gas Tanker and Terminal Operators)
- Gary was CEO of Golar in the period 2006 to 2009 and during this time oversaw the Company’s entry into the then non-existent FSRU
business and made the first preparations for the company’s subsequent pursuit of floating liquefaction
- Gary re-joined Golar as CEO in February 2015
INTRODUCTION
Nick Cooper
CEO
Slide 6
Positioned to thrive in uncertain times
STRATEGY
Slide 7 Capital Markets Presentation - Fortuna FLNG
VALUE CREATION THROUGH EXPLORATION FOCUS ON ROCE THROUGH CAPITAL ALLOCATION AND COST MANAGEMENT ACTIVE PORTFOLIO AND RISK MANAGEMENT
Focus: Commercialising our gas resources
LARGE RESERVES AND RESOURCE BASE
Slide 8
Significant 2P reserves base from Thai and Indonesian assets
- 60 MMboe 2P – over 10 years of production at current levels
- Underpins strong production and cash flow in the medium term
- Over 55% is high margin gas, which is sold on long-term contracts
Large 2C resources base from Thai, Indonesian and African LNG assets
- Strong economics from Thai and Indonesian 2C by leveraging on existing
infrastructure at Bualuang, Sinphuhorm and Kerendan
- High value African LNG to drive longer term production and growth
LARGE 2P + 2C BASE SKEWED TOWARD HIGH MARGIN GAS IN THE LONG TERM
Reserves (MMboe) 1P 2P 3P Bualuang 17.6 24.9 31.1 Sinphuhorm 5.1 17.9 17.9 Kerendan 16.5 16.8 16.8 Total Reserves (MMboe) 39.2 59.6 65.8 Resources (MMboe) 1C 2C 3C Bualuang 6.7 15.5 31.3 Sinphuhorm & Dong Mun 5.0 18.0 126.8 Kerendan 3.6 62.3 144.3 Equatorial Guinea 337.8 400.7 481.7 Tanzania 366.7 501.0 483.3 Total Resources (MMboe) 719.8 997.5 1267.4 Total Reserves and Resources (MMboe) 759.0 1057.1 1333.2
2P + 2C BY GEOGRAPHY 2P + 2C BY PRODUCT
Thailand 7% Indonesia 8% Equatorial Guinea 38% Tanzania 47% Oil 4% Gas 96% Capital Markets Presentation - Fortuna FLNG
Many other developments are not reaching FID
Many options available – back fill, terrestrial LNG, floating LNG… World class asset delivering attractive economics
- World class resource – high quality clean gas, simple to liquefy
- Simple upstream development; low cost midstream solution, proven technology
- Robust, attractive IRR’s
- Stable, supportive political environment
- Substantial upside
Ophir has the expertise to deliver a successful project
- In-house expertise
- World-Class partners
- Playing to everyone's strengths
Development can be financed
- Several funding options are well advanced
- Midstream FEED and costs well understood
- Upstream FEED well advanced and costs coming down
WHY PROGRESS WITH FORTUNA FLNG?
Slide 9 Capital Markets Presentation - Fortuna FLNG
INVESTMENT HIGHLIGHTS
Capital Markets Presentation - Fortuna FLNG Slide 10
World-Class Resource Biogenic Dry Gas, 99.7% Methane Simple Upstream Development Low Cost Midstream Solution, Proven Technology Robust Economics Stable, Supportive Political Environment Substantial Upside 1 2 3 4 5 6 7
OVERVIEW OF FORTUNA FLNG
Bill Higgs
COO
FORTUNA FLNG PROJECT – HIGHLIGHTS
Capital Markets Presentation - Fortuna FLNG Slide 12
Globally Competitive Project
Source: Wood Mackenzie, Ophir Energy
0.00 2.00 4.00 6.00 8.00 10.00 12.00 14.00 NPV 10% Break Even DES Japan FOB Cost (Breakeven) ($/mmBtu) Shipping Cost ($/mmBtu)
World class resource
- 3.7 Tcf, shallow, high quality reservoirs
Clean, dry gas
- Minimal processing required
Simple upstream development in FLNG project Midstream solution utilising proven technology Economically robust Stable, supportive political environment Substantial upside
Low risk Low cost Quick to first gas
KEY PROJECT DATAPOINTS
Capital Markets Presentation - Fortuna FLNG Slide 13
Recoverable Resources Base Case 3.7 Tcf Wellhead Gas Production 720 mmcf/d plateau
(120 mboe/d plateau)
882 mmcf/d peak
(147 mboe/d peak)
LNG Production 4.4 mmtpa plateau Timing FEED Completed Q1 2016 Project FID Mid-2016 First Gas Mid-2019 Second Vessel FID Mid-2022 Second Vessel Onstream Mid-2025
Low risk Low cost Quick to first gas
Punta Europa LNG Terminal
WHY FLOATING LNG?
Capital Markets Presentation - Fortuna FLNG Slide 14
Biogenic Gas Resource
- 99.7% methane – simple gas-to-LNG processing requirements
- Negligible water to handle
Benign Metocean Conditions
- Side-by-side offloading
- High uptime
Water depth
- Block R is located in water depths of 1,000m to 1,900m
Distance from land
- 100km off the southwest coast of Bioko Island and 150km from Punta Europa
PROVIDES THE HIGHEST RETURN
Low risk Low cost Quick to first gas
No two FLNG projects are the same
COST COMPARATORS
Capital Markets Presentation - Fortuna FLNG Slide 15
Shallow reservoir Hydrocarbon composition Benign sea state Low cost vessel solution Proximity to 2+ markets
Fortuna FLNG
Nearshore solutions Low risk Low cost Quick to first gas
Low cost, quick delivery, value enhancing
ADVANTAGES OF A CONVERSION
Capital Markets Presentation - Fortuna FLNG Slide 16
Low Capex to First Gas for Upstream Participants
- $0.8bn of Upstream capex to first gas
- c.$1.5bn of Midstream capex payable by Golar
Speed of delivery
- 3 years after FID, first gas expected
Proven Technology and World-Class Partners
- Golar LNG: Midstream FLNG supplier
- Keppel Shipyard: Vessel construction
- Black & Veatch: Liquefaction process supplier
- Worley Parsons: Owner’s engineer
Low risk Low cost Quick to first gas
SIMPLE CONTRACTING STRATEGY
EPCIC
WBS Assets / Activity Owner’s Engineer in support of PMT FEED Detailed Design Procure Fabrication / Construction Installation Hook-up & pre- commission Start Up Operations Inspection, Maintenance & Repair (IMR)
Drilling Upstream
Wellhead & Xmas Trees Control System Umbilicals Manifolds incl. Foundations Mooring Piles (Optional) Risers & Flowlines
- incl. FTAs &
Jumpers
FLNG Vessel
- r
Wells to be executed by Ophir drilling team in London
Slide 17 Capital Markets Presentation - Fortuna FLNG PM/Engineering contractor with subsea and FLNG experience SURF / SPS partnership – FEED followed by LS EPCIC BOO contractor to provide facility on leaseback, plus operating fee Subsea facility operation on instruction from Ophir
Low risk Low cost Quick to first gas
Proven expertise as upstream operator
OPHIR DRILLING
Slide 18 Capital Markets Presentation - Fortuna FLNG
- Operated 22 deepwater wells
- Best in basin on both sides of the
continent
- Leading African deepwater explorer
Gabon 2008, 2014 5 wells 630m – 1,430m WD Ghana 2013 1 well 1,520m WD Senegal 2011 1 well 2,650m WD Tanzania 2010, 2013, 2014 6 wells 700 – 2,640m WD Equatorial Guinea 2008 , 2012, 2014 9 wells 1,450m – 1,815m WD Mkuki Well Best in Basin 1,650m WD 3,230m TD Lykos Best in Basin 1,530m WD 2,300m TD
Fortuna development:
- Minimal wells and easy to drill
- Drill, complete and tie-back to
FLNG vessel
- Manage reservoir performance
- ver time
Low risk Low cost Quick to first gas
Project delivering to schedule
MILESTONES
Slide 19
2014 2015 2016 2017 2019 2020
Commercial milestones achieved
May 2015
Charter Term Sheet agreed with Golar for provision of leased FLNG vessel
Jun 2015
Launched offtake process
Jul 2015
Awarded Competitive FEED contracts to McDermott / GE and Aker / Subsea 7
Nov 2014
Renegotiation of PSC for gas development
Capital Markets Presentation - Fortuna FLNG
Low risk Low cost Quick to first gas
Nov 2015
Heads of Agreement signed for gas offtake
Q1 2016
FEED completed
Mid-2016
Project FID
Mid-2019
First gas
Milestones to first gas
Oct 2014
Flow tested gas Surpassed threshold volumes
Exploration and appraisal milestones achieved
SUBSURFACE
Simon Smith
Equatorial Guinea Asset Manager
Block R in Equatorial Guinea is located in the south-eastern part of the Niger Delta complex
- Close to numerous significant oil and gas
discoveries in the Nigerian sector, including Akpo, Usan/Ukot and Zafiro
- 100km off the southwest coast of Bioko Island,
Equatorial Guinea and 150km from Punta Europa
- Water depths up to 1,900m
Block R qualities contribute to low cost development
- Excellent reservoir petrophysical characteristics
- Ideal gas quality
- Ideal reservoir depth
Ophir 80% operated interest, GEPetrol 20% interest
BLOCK R
Capital Markets Presentation - Fortuna FLNG Slide 21 Resources Upstream Midstream Financials Marketing
- Entered into Block R PSC in 2006
- Currently covers 2,051km2
REGIONAL GEOLOGICAL SETTING
- Block R lies at the
frontal toe-thrust zone and frontal deformation zone between the main Niger Delta and NW- SW trending Cameroon volcanic line
Slide 22 Capital Markets Presentation - Fortuna FLNG Resources Upstream Midstream Financials Marketing
BLOCK R; SCHEMATIC CROSS SECTION
Capital Markets Presentation - Fortuna FLNG Slide 23 Resources Upstream Midstream Financials Marketing
1km below mudline
DRILLING HISTORY AND DISCOVERIES
Capital Markets Presentation - Fortuna FLNG Slide 24
Well Name Operator Year TMD (mRT) WD (m) Result Oreja Marina-1 ExxonMobil 2001 3,535 1,417 Gas Estrella de Mar-1 ExxonMobil 2002 3,202 1,433 Gas Fortuna-1 (R1) Ophir 2008 3,400 1,692 Gas Bythos-1 (R2) Ophir 2008 4,222 1,716 Dry Lykos-1 (R3) Ophir 2008 2,297 1,536 Gas Tonel-1 (R4) Ophir 2012 3,097 1,599 Gas Fortuna East-1 (R5) Ophir 2012 3,465 1,828 Gas Fortuna West-1ST1 (R6) Ophir 2012 3,178 1,758 Gas Tonel North-1 (R7) Ophir 2014 2,844 1,648 Gas Silenus East-1 (R8) Ophir 2014 3,562 1,453 Gas Fortuna-2 (R9) Ophir 2014 2,581 1,815 Gas
Reservoirs included in development scenarios
Development includes 6 commercial discoveries
Resources Upstream Midstream Financials Marketing
Discovered in 2008, appraised in 2012 & 2014
FORTUNA
Capital Markets Presentation - Fortuna FLNG Slide 25
- 4 well penetrations
- 58m of core
- 1 DST (Fortuna-2, 2014)
- 60 mmcf/d achieved on fixed 2” choke with a
steady WHFP of c.2,100 psi (tubing and surface facility constrained)
- Preferred depositional model: laterally coalescing
multiple channel levee systems
- Water Depth: 1680-1850m
- Reservoir Depth: 800m
- Area: 40.2km2
- Column Height: >115m
- Porosity and Permeability: 35-40%, 1000-1300mD
- Hydrocarbon quality: 99.7% Methane
- Contingent Resources: P50 1.5 TCF
- 3 wells planned in Phase 1 development
GWC: 2561.7mTVD
Fortuna Top Reservoir Depth Map
Resources Upstream Midstream Financials Marketing
Discovered in 2008/2012
VISCATA
Capital Markets Presentation - Fortuna FLNG Slide 26
- 3 well penetrations
- Preferred depositional model: channel levee
system
- Water Depth: 1710-1840m
- Reservoir Depth: 1000m
- Area: 70km2 (P50)
- Column Height: 90m
- Contingent Resources: P50 0.4TCF
- One early development well in phase 1
development
- Three wells planned in Phase 3
GWC: 2748mTVD
Viscata Top Reservoir Depth Map
Resources Upstream Midstream Financials Marketing
Discovered in 2012
TONEL
Capital Markets Presentation - Fortuna FLNG Slide 27
- One well penetration
- 18m of core
- Preferred depositional model: Confined, erosional,
Low Sinuosity Channel-fill and spill
- Water Depth: 1520-1630m
- Reservoir Depth: 1000m
- Area: 4.7km2
- Column Height: >190m
- Contingent Resources: P50 0.5 TCF
- One well planned in Phase 2 development
Tonel Top Reservoir Depth Map
Resources Upstream Midstream Financials Marketing
Thrust Belt Accumulations
SILENUS HUB
Capital Markets Presentation - Fortuna FLNG Slide 28
- Three drilled discoveries:
- Estrella de Mar-1 (2002)
- Lykos-1 (2008)
- Silenus East-1 (2014)
- Preferred depositional model: semi-confined
laterally coalescing multiple channel levee systems
- Water Depth: 1400-1600m
- Contingent Resources: P50 0.49 TCF
- 5 Undrilled low risk prospects:
- Mejillon, Rhodes, Euthenia, Helios
- The CoS for all undrilled accumulations in the
Silenus Hub is 80%
Silenus Hub Amplitude Map
Resources Upstream Midstream Financials Marketing
ERCE certified numbers
SUBSURFACE SUMMARY – ERCE CERTIFIED
Capital Markets Presentation - Fortuna FLNG Slide 29
Tcf (100% Basis)
BASE CASE Fortuna 1.52 Viscata 0.42 Tonel 0.50 Silenus Hub(1) 0.49 Total Contingent Resources(2) 3.01 Silenus Hub Low Risk Prospects(1) 0.65 Total Recoverable Resources(1+2) 3.66
Low cost and simple:
- High permeability and porosity
- Fewer wells and standard drilling techniques
- High quality gas – clean and dry
- Minimal processing required
- Location has benign ocean conditions
- Suitable for FLNG vessel
- Shallow reservoir
- Low cost wells
(1) Deterministic summation (2) Probabilistic summation
Shallow reservoir Hydrocarbon composition Benign sea state Low cost vessel solution Proximity to 2+ markets
Fortuna FLNG
Resources Upstream Midstream Financials Marketing
20 years at 2.2mmtpa = 2.6 Tcf Additional volumes for 2nd vessel = 1.4 Tcf
4.0 Tcf (including compression)
DEVELOPMENT
Philip Dobson
Project Manager
Playing to Ophirs strength
SIMPLE CONTRACTING STRATEGY
Capital Markets Presentation - Fortuna FLNG Slide 31
EPCIC
WBS Assets / Activity Owner’s Engineer in support of PMT FEED Detailed Design Procure Fabrication / Construction Installation Hook-up & pre- commission Start Up Operations Inspection, Maintenance & Repair (IMR)
Drilling Upstream
Wellhead & Xmas Trees Control System Umbilicals Manifolds incl. Foundations Mooring Piles (Optional) Risers & Flowlines
- incl. FTAs &
Jumpers
FLNG Vessel
- r
Wells to be executed by Ophir drilling team in London
PM/Engineering contractor with subsea and FLNG experience SURF / SPS partnership – FEED followed by LS EPCIC BOO contractor to provide facility on leaseback, plus operating fee Subsea facility operation on instruction from Ophir Resources Upstream Midstream Financials Marketing
UPSTREAM
- Worley Parsons
contracted April 2015
- Upstream FEED
commenced July 2015
MIDSTREAM
- Golar HoT signed
May 2015
- Midstream FEED
commenced August 2015
Leveraging expertise of industry leading partners and contractors
OVERALL DEFINE PHASE STRUCTURE
Capital Markets Presentation - Fortuna FLNG Slide 32 Liquefaction & Pre-treatment Naval Architecture & Utilities Inlet Facilities Turret & Mooring FLNG EPC Owners’ Engineer FEED Contractor 2 Marine Simulations FLNG FEED Upstream Operator Drilling & Completions FEED Contractor 1 Safety, Class Resources Upstream Midstream Financials Marketing
DEVELOPMENT OVERVIEW
Midstream Development
- Leased FLNG vessel
- Day rate-based charter agreement
- 2.2mmtpa LNG capacity per vessel
- One vessel at start-up 2019
- Second vessel on site by 2025
- Black & Veatch liquefaction process
- Proven, simple process
Capital Markets Presentation - Fortuna FLNG Slide 33
Upstream Development
- JUST 4 development wells for first gas
- Includes contingency of 1 Well
- Standard subsea infrastructure
- Manifold, Flowlines, Risers
- Four phase development with a total of
17 wells
Resources Upstream Midstream Financials Marketing
Later phase tie in example Phase 1 4 Wells
4 phases of development
KEY PARAMETERS
Capital Markets Presentation - Fortuna FLNG Slide 34
- Subsea gathering system to dual risers
- 440 mmscfd design flowrate to match FLNG
nameplate of c2.6-2.8 mmtpa
- 360 mmscfd annualised daily average gives
2.2 mmtpa LNG
- 200 mmscfd design flowrate per well
- 25yrs design life
- Water depth = ~1800m
- Reservoir depth =~800-1000m
- 2 FLNG vessels
Daily Production, mmcf/d (100% Basis)
Legend
Flexible Flowline Flexible Riser Gas Production Flowline FLNG Vessel Location
Resources Upstream Midstream Financials Marketing
- 100
200 300 400 500 600 700 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 2040 2041 2042 Vessel 1 Vessel 2
WELLS PHILOSOPHY
Slide 35
Governance
- Wells planned and executed according to Ophir's Drilling Management System (DMS) & Engineering Process
- Wells designed in accordance with Ophir's Well Integrity Standard
- Use of an experienced and proven Well Construction Team
Reliability
- Simple well design
- Application of proven practices for high rate gas and deepwater – Gravel Pack Completions
- Robust sand and erosion management strategy to minimise future well intervention
- Emphasis on utilising field proven technology and equipment
- 5” Horizontal XT has a good track record, deployed successfully in high rate gas and deepwater
- Redundancy in well count
- Engineering phase 1 to run on a minimum of two wells to meet plateau production
Cost
- Well designs which enable standardisation of equipment
- Short duration wells (<35 days per well to Drill, Complete & Clean-up)
- Minimal technical and operational risk
Capital Markets Presentation - Fortuna FLNG Resources Upstream Midstream Financials Marketing
WELL DESIGN
Capital Markets Presentation - Fortuna FLNG Slide 36
5" HXT
WD: 1,815 m
All depths are mTVD BML 20" x 13-5/8" Swage
36" Conductor @ 100 mBML Control Lines:
BlackTRSV 1 TRSV 2 DHPG 9-5/8" Production Tubing Tubing Retrievable Safety Valve @ 400 mBML Downhole Pressure & Temperature Gauge 13-5/8" Upper Completion Packer 13-5/8" Gravel Pack System 13-5/8" Casing @ 645 mBML Fluid Loss Control Valve Primary Target @ 680 mBML 7" Production Sand Screens 12-1/4” OH Well TD @ 710 mBML
DHPG
Equatorial Guinea Block R Development Fortuna Conceptual Well Schematic
TRSV
2 String Fortuna Well Design
Drilling Strategy
- 2 and 3 string well designs proposed
- 2 String: 36” Conductor x 13-5/8” Surface Casing
- 3 String: 36” Conductor x 13-5/8” Surface Casing x 10-3/4”
Production Casing
- 12-1/4” reservoir hole size to optimised for sand face completion
Completion Strategy
- Excellent connectivity and highly productive reservoir allowing well
count to be minimised – leveraged through open hole completion
- Gravel pack selected to provide robust sand control in high rate gas
environment
- SIMPLE upper completion components (Packer, Gauge, Safety Valve)
- Risk of well failure minimised through simple completion design and
effective sand management through gravel pack
Resources Upstream Midstream Financials Marketing
Simple technology, proven technology
SUBSEA INFRASTRUCTURE
Capital Markets Presentation - Fortuna FLNG Slide 37
Subsea specifications subject to FEED outcomes
Xmas Trees
- 5-inch Horizontal Xmas Tree (“HXT”)
- Pressure rating 5,000 – 15,000psi
SPS
- Simple concept
- Manifold to individual Wells via jumpers
- Meg injection via cores within the umbilical
SURF
- Steel tube umbilicals,
- Dual 12” Flowlines and Risers
- Riser specification (full flex or Steel)subject to FEED.
Flow Assurance
- System capable of 440mmscfd with 70 bar arrival pressure (30 bar in later field life)
- Production fluids downstream of the choke are expected to be within the hydrate formation region
- Continuous MEG injection via the main umbilical selected to manage hydrate formation
Resources Upstream Midstream Financials Marketing
External turret production to maximise offloading availability
FROM TREE TO TURRET
Capital Markets Presentation - Fortuna FLNG Slide 38 Resources Upstream Midstream Financials Marketing
UPSTREAM/MIDSTREAM INTERFACE
Capital Markets Presentation - Fortuna FLNG Slide 39
Minimum project specific inlet facilities ETP, External Turret Production
Resources Upstream Midstream Financials Marketing
Base Case
PROJECT PHASING
Capital Markets Presentation - Fortuna FLNG Slide 40
3 1 3 1 1 3 1 4 17 2 4 6 8 10 12 14 16 18 20 Fortuna Viscata Silenus East EDM Tonel Viscata Lykos Silenus Hub Prospective Resources Total Number of Wells Phase 1
2018 (pre-first gas)
Phase 2
2024
Phase 3
2027
Phase 4
2030
FLNG 2 FLNG 1
- Four wells to be drilled pre-first gas for Phase 1
- Only two expected to be required to achieve
2.2mmtpa plateau
- Five wells to be drilled in 2024 to elevate plateau to
4.4mmtpa utilising a second FLNG vessel
- Eight further wells in 2027 and 2030 drilling phases
Early development well – full development in Phase 3
Resources Upstream Midstream Financials Marketing
Simple development Using proven technology Minimum interfaces Front end loading in accordance with AACE and industry standards Delivered by world class contracting companies Bench-marked – cost and schedule
UPSTREAM DEVELOPMENT SUMMARY
Capital Markets Presentation - Fortuna FLNG Slide 41
Shallow reservoir Hydrocarbon composition Benign sea state Low cost vessel solution Proximity to 2+ markets
Fortuna FLNG
Resources Upstream Midstream Financials Marketing
MIDSTREAM - GOLAR
Gary Smith
CEO, Golar LNG
43
Ophir Capital Markets Day
Midstream Solution GoFLNG Gandria
Our strategy and investment proposition from 2015 and beyond
Transitioning to Integrated LNG Mid-Stream Player
Golar’s strategic intent: integrated LNG mid-stream services provider: floating liquefaction, LNG shipping and FSRU services. Intent emanates from success in shipping & regas. Golar owns one of the largest & most modern fleets. Dominant market share of FSRU market. Ambition: LNG liquefaction game changer. Developed GoFLNG floating liquefaction concept. GoFLNG:
- substantially lower unit cost liquefaction.
- shorter lead-times.
- significantly lower execution risk profile.
Advantages most pronounced in remote locations & developing economies with stranded gas reserves.
Overview of the LNG Value Chain
Exploration & Drilling Production & Liquefaction Shipping Regasification Power generation FLNG LNG Carriers FSRU
LNG Midstream
Slide 44
Golar’s Portfolio
Slide 45
Four Successful FSRU Conversions
Golar Spirit Golar Winter Golar Freeze
Operational Operational Operational
Nusantara Regas Satu
Operational
- 1981 Built / 129,000 m3
- Moss Containment
- 2.5 bcm / year
- Near Shore (Existing Pier)
- Over jetty LNG transfer
- HP arms on pier
- Closed Loop
- 2004 Built / 138,000 m3
- Membrane Containment
- 5.1 bcm / year
- Near Shore (New Pier)
- Over jetty LNG transfer
- HP arms on pier
- Open / Closed Loop
- 1976 Built / 125,000 m3
- Moss Containment
- 4.9 bcm / year
- Near Shore (New Pier)
- Side by side LNG transfer
- HP arms on pier
- Open Loop
- 1977 Built / 125,000 m3
- Moss Containment
- 5.0 bcm / year
- Offshore
- Side by Side LNG transfer
- Gas manifold
- Open Loop
Slide 46
Perenco’s FLNG project in Cameroon
Sanaga gas fields:
- 500 bcf of natural gas reserved for export.
- Benign, shallow water, offshore Kribi.
- Lean associated feedgas.
- Potential for extension of feedgas volumes and
project life. Project:
- 8 year project life at production of 1.2mtpa.
- SNH, Perenco and Golar have executed an effective
and binding gas convention.
- Binding tolling agreement between Perenco, Golar
and SNH also executed.
- EBITDA based on 2 trains will be between $170-
$300m.
- If 3 trains are utilised EBITDA will be between $240-
$430m.
- Financing in place, Q2 2017 start-up.
FLNG Hilli:
- Construction on-going with target delivery in early
2017. Sanaga field
Slide 47
GoFLNG Concept & Key Philosophies
- Conversion of Moss type LNG carrier.
- Sponson structures added to the sides as integral structural
sections providing space and deck area for process and utility systems.
- Extensive refurbishing and life-extension scope for hull, marine
and cargo systems.
- Proven technologies and equipment.
- Low cost solution.
- Basis of Design covers a wide envelope of operating and
environmental conditions.
- Leveraging Golar’s successful operations experiences to develop
FLNG specific Operations & Maintenance plans.
- 4 train liquefaction concept selected for high availability and
maximum proven equipment with generic pre-treatment including CO2 removal, dehydration, Hg and HHC removal.
- Side-by-side offloading using industry standard marinised
equipment and operating procedures.
- Generic floating liquefaction concept with field-specific inlet or
wellstream production facilities as an option.
- Adaptable to various mooring concepts including jetty, spread-
mooring or SPM type systems.
- Offshore Classed production facility w/o need for dry-docking
during project life.
Slide 48
Process Overview
Slide 49
- Prico Technology is based on a Single Mixed
Refrigerant liquefaction technology.
- Proven at 25 plants world wide and a further 18 in
engineering/construction stage.
- Simple and robust with good efficiency.
- Refrigerant compressor mechanically driven by single
gas turbine (LM2500+G4 DLE).
- GE BCL centrifugal compressor.
- Train turn-down capability to 50% of max capacity.
- Nameplate liquefaction capacity from 0.5-0.7 mtpa
(depending mainly on inlet pressure, feedgas composition and ambient air temperature).
- GE LM2500+G4 is well proven offshore and for
mechanical drive configurations (>110).
- Chart Industries selected for BAHX cold box (6 cores).
- Heat Recovery Steam Generation HRSG for process
heat and steam turbine power generation.
Liquefaction Technology
Slide 50
Four Train FLNG Vessel – Starboard View
Amine absorption for acid gas removal Refrigerant make-up, boil-off compression, endflash Dehydration and mercury removal Marine Loading Arms
Slide 51
Four Train FLNG Vessel – Port View
4 Prico SMR trains with waste heat steam generator Alternative mooring concepts, e.g. submerged yoke Accommodation for max 118 POB Transverse pipebridges
Slide 52
Sponson Structures
Design and functionality:
- Fully welded and integral part of the hull. Structural
alignment with existing hull applied where possible (i.e. flush and continuations).
- Providing footprint area for process systems, but
contribute as well to strength, displacement, stability, utility space/area.
- Two deck levels provide the necessary deck area for
the process systems (red markings).
- Lower sponson spaces used for utilities and tanks.
- Strong focus on the design of the lower sponson
deck for:
- Material handling.
- Maintenance.
- Access.
- Safety.
- Escape.
- Constructability.
Slide 53
FLNG Hilli Sponson Integration Ongoing
Sponson Block P4 in Dry Dock Sponson block P4 & S4 integration Sponson Block S4 arriving to DryDock Sponson block P4 integration to hull
Slide 54
Project / Field specific modifications
Main topics for modification of project specific verification:
- Mooring.
- Riser system.
- Metocean conditions.
- Feedgas compositions.
- Inlet systems and conditions (pressure, temperature, dynamics).
- Wellstream production (flow assurance, well control, inlet facilities (separation, PW
treatment)) by lengthening of the bow.
- Emissions and effluents (local/shelf state requirements).
- Pre-treatment criteria (higher CO2, H2S, mercaptans, etc..).
- HHC separation, stabilisation, storage and offloading (condensate, LPG).
Option for bow modification to provide additional deck space for wellstream production.
Slide 55
LNG Offloading
LNG Offloading
- Max rate: 10,000 m3/h
- Vapour return handled by FLNG vessel
- 4 Marine Loading Arms
(2 x liquid, 1 x vapour, 1 x dual/spare)
- Side-by-side mooring
- Yokohama fenders and QRHs on FLNG vessel
- Berthing assisted by 2-3 tugs
- Offloading feasible with Carriers up to 180,000 m3
Mooring Simulations
- Statistical evaluation of site-specific metocean data
- High availability for side-by-side offloading
- 15 years of continuous metocean time series data
procured comprising:
- Wind seas with direction;
- Two separate swell seas with directions;
- Wind speed and direction;
- Current and direction; and
- Three hour timestep
- Non-linear hydrodynamic simulations and
availability assessment performed as part of midstream FEED Ship-to-ship LNG transfer at Golar FRSU projects
Slide 56
Hilli Peer Review October 2015
Terms of Reference:
- evaluate the design, layout, interconnections with existing ship systems, documentation, and governance of the project
with particular reference to the operability, maintainability and reliability of the facility, with the following objectives:
- safe, practical and timely start up
- safe and reliable operation
- efficient maintenance of the plant
Review led by Geoffrey Ellison:
- 27 years with Shell (LNG, GTL, Refining)
- GM Malaysia LNG (2000-2004) - production capacity 24 mtpa.
Overall Assessment:
- in terms of process design, operability and maintainability the plant is of a superior standard to many LNG projects
- the vast majority of peer best practice and lessons learnt is incorporated into the design
Slide 57
BREAK
Slide 58
COMMERCIAL & MARKETING
Andy Arnold
Director - Commercial
Scope for new capacity to be absorbed
GLOBAL LNG SUPPLY – DEMAND
Capital Markets Presentation - Fortuna FLNG Slide 60
Source: Wood Mackenzie, Ophir Energy
- Unsanctioned projects suggest a potential
- versupply – this is always the case
- Global LNG market runs at around 85%
capacity
- A number of these projects won’t get
sanctioned or will be delayed
- Demand from new markets offers higher value
pricing but requires greater flexibility
- Cost-advantaged projects that are mature are
able to find buyers and FID at present
- Demand always underestimated because
doesn’t include latent demand from substitution
100 200 300 400 500 600 700
00 03 06 09 12 15 18 21 24
Supply - operational projects Supply - projects under construction Supply - possible projects not sanctioned LNG Demand Total possible supply
Estimated LNG Supply v Demand 2000-2024
mmtpa
Resources Upstream Midstream Financials Marketing
Scale, sponsorship and commercial simplicity
Larger projects planning to take FID in 2015 are delayed, struggling to find buyers or reengineering to smaller scale
GLOBAL LNG SUPPLY RESPONSE IN 2015
Slide 61
FID in 2015 FID timing uncertain FID Delayed / Cancelled Tangguh Train 3 delayed ($12bn cost, no Buyers) Moz LNG – 21 mmtpa – no clear indication of FID in 2015 Pacific North West – 12mmtpa – Land access delaying full FID Cameroon FLNG – 1.2mmtpa – FID Sept 2015
- Excelerate FLNG – 8mmtpa
cancelled
- Lake Charles 10mmtpa – postponed
- Sabine T6 (4.5) and Corpus T3 (4.5)
requires more customers to FID Expansion Trains at Freeport (4.4) & Sabine Pass (4.5) Coral FLNG – 2.5 mmtpa announces BP as Buyer Browse FLNG (4.0mmtpa) uncertain Douglas Channel 0.6 mmtpa FID in 2015
Capital Markets Presentation - Fortuna FLNG Resources Upstream Midstream Financials Marketing
Commodity price slump creates challenging conditions for LNG projects
- Sharp decline in global oil prices and LNG prices
- Reduction in Asian growth coupled with corresponding price uncertainty
- Market sentiment of oversupply drawn from Australian and US start ups and unsanctioned possible
projects
Fortuna FLNG has sought to take advantage of LNG market hiatus
- Reengineered project
- Lower cost upstream development
- Moved to FLNG conversion solution
- Innovative marketing approach to attract wider market interest
FORTUNA FLNG - OPHIR RESPONSE TO THE MARKET
Capital Markets Presentation - Fortuna FLNG Slide 62 Resources Upstream Midstream Financials Marketing
DES
ROBUST COMMERCIAL STRUCTURE
Slide 63
FOB NETBACK $ CASHFLOW GAS / LNG FLOW
LEASE AND OPERATE EUROPE/ASIA TOLLING MODEL
UPSTREAM PSC MIDSTREAM LNG BUYERS
Capital Markets Presentation - Fortuna FLNG Resources Upstream Midstream Financials Marketing
STRAIGHTFORWARD AGREEMENTS FRAMEWORK
Long Term Buyer 1 Long Term Buyer 2
Golar SPC
“Umbrella Agreement” PSC State JOA Ophir GEPetrol
Golar OPCO Existing agreements:
- PSC – gas terms agreed
- JOA
New agreements:
- Umbrella Agreement
- Fiscal treatment and legal structure for
the FLNG Vessel
- Chartering Agreement
- Terms under which Golar will provide
the FLNG vessel to Ophir
- O&M Agreement
- Terms under which Golar will operate
and maintain the FLNG vessel
- LNG SPAs
- Entered into with LNG purchasers for
the sale of LNG volumes
Slide 64
LNG Sale & Purchase Agreements
Upstream EPCIC Contractor
Capital Markets Presentation - Fortuna FLNG
Chartering Agreement O & M Agreement
EPCIC Agreement
Resources Upstream Midstream Financials Marketing
Conventional oil indexation
FOCUSED MARKETING STRATEGY
End Users Aggregators Traders Hold European capacity Secure investment floor Access to New Markets Incentivised to divert Trading experience Indexation value Value driven
- oil indexation
Core LNG markets European Market (NBP/TTF) with diversion profit sharing
Slide 65 Capital Markets Presentation - Fortuna FLNG Resources Upstream Midstream Financials Marketing
“EUROPEAN SINK” CONTRACTING STRATEGY (INDICATIVE PRICES)
LNG BUYERS SHIPPING MIDSTREAM EUROPE HIGHER VALUE MARKET (FOB)
PRICE: $11.4/mmBtu Incremental COST: $1/mmBtu
NETBACK: $3.1/mmBtu
UPSTREAM PSC
PRICE: $7/mmBtu COST: $1.9/mmBtu
NETBACK $2.3/mmBtu
REGAS & SHIPPING LIQUEFACTION NETBACK
COST: $2.8/mmBtu
BASE CASE
DIVERSION (50% of Volumes) BASE CASE PRICE
COST: $7.0/mmBtu NET INCREMENTAL FOB VALUE $0.85/mmBtu COST: $2.9/mmBtu
Slide 66 Capital Markets Presentation - Fortuna FLNG Resources Upstream Midstream Financials Marketing
COST COMPARISON: US V EG
Capital Markets Presentation - Fortuna FLNG Slide 67
Fortuna will be a low cost supplier into European market
- Liquefaction costs are comparable
- Fortuna is cheaper at the well-head v Henry Hub
- European buyers do not need to take Henry Hub
price risk
1 2 3 4 5 6 7 8 US LNG Fortuna $ per mmbtu
FOB Breakeven into Europe (NPV10)
Liquefaction Upstream
Resources Upstream Midstream Financials Marketing
$4.40
LNG SPAs (Mar 2016)
TARGETED MARKETING PROCESS
Market Scoping From June 2015 Selected Negotiation Sept 2015 Finalising Heads of Agreement Traders 10 End Users 6 Aggregators 3 Traders - 3 End Users - 3 Aggregators - 1 Final SPA Negotiations Full draft discussion Jan 2016 3 Buyers Engagement with over 30 Buyers 1 - 2 Buyers
Slide 68 Resources Upstream Midstream Financials Marketing Capital Markets Presentation - Fortuna FLNG
Ophir choice to shortlist competing offers
Fortuna FLNG attractive to LNG buyers
MARKETING SUMMARY
FORTUNA FLNG Speed of execution Right project partners means marketing can break the mould Cost competitiveness Low upfront costs combined with phased development Commercial flexibility to respond to market Flexibility for foundation customers on volume, term, structure Line of sight to FID Not reliant on other buyers or project financiers to underpin FID Tailored commodity exposure Offer alternative commodity indexation to meet Buyer needs
Slide 69 Capital Markets Presentation - Fortuna FLNG
Shallow reservoir Hydrocarbon composition Benign sea state Low cost vessel solution Proximity to 2+ markets Fortuna FLNG
Resources Upstream Midstream Financials Marketing
PROJECT FINANCIALS
Tony Rouse
CFO
Gross upstream capex to 1st gas $800 million Life of field opex (upstream) $476 million / $0.14 per mcf / $0.80 per boe Plateau production rate (2 vessels) 720 mmscfd; 120,000 boepd Peak (gross) cash flow $1bn per annum FOB Breakeven Price (NPV 10) $5.30 per mmbtu (Pacific basin) $4.40 per mmbtu (European sink) Project payback period 3 years from first gas 6 years from FID Minimum economic field size for tie-ins 40 Bcf
KEY FIGURES
Capital Markets Presentation - Fortuna FLNG Slide 71 Resources Upstream Midstream Financials Marketing
Robust at current commodity prices; highly levered to upside in commodity prices
CAPEX
Capital Markets Presentation - Fortuna FLNG Slide 72
- 2016–18 Subsea capex relates to the EPCIC contract to be awarded to the successful FEED partnership
- Drilling CAPEX assumptions reflect conservative estimates based on forecasted 2017-18 rig rates
- Ophir expects final drilling costs to be lower than illustrated as well plans are optimised
- Full upstream capex of $3 bn over four development phases; unit capex of $0.80 per mmbtu
Second vessel
Resources Upstream Midstream Financials Marketing
First vessel 1 250 500 750
Gross Capital Expenditure ($ million, 2015 Real)
UPSTREAM OPEX
Slide 73
$ million (100% Basis, 2015 real, phases 1 – 4) BASE CASE
Well replacement(s) 132.2 Well workover(s) 162.3 Planned inspections 83.9 Planned maintenance and contingent repairs 98.0 Total Life of Field Opex 476.4 Total Opex per Annum 22.7 Total Opex per mmBtu 0.14
Opex of $0.14/mmBtu ($0.80/boe)
- Inspection, maintenance and repair scope based on reliability performance data for Conceptual SURF layout and
critical well sub-systems
- Probability of well failure requiring re-drill estimated at 1 in 9 based on completion complexity, geological setting
and production conditions
Capital Markets Presentation - Fortuna FLNG Resources Upstream Midstream Financials Marketing
Highly cash generative, fast payback
- Payback within 3 years of first gas
- Gross project cash flow (unlevered) approaching $12 billion
CASH FLOW PROFILE
Slide 74 Capital Markets Presentation - Fortuna FLNG (8,000) (4,000)
- 4,000
8,000 12,000 (800) (400)
- 400
800 1,200 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 2040 2041 Cumulative Free Cash Flow ($mm) Free Cash Flow ($mm) Free Cash Flow Cumulative Free Cash Flow
Annual Free Cash Flow (Base Case, Gross)
Economics shown at 55p/therm NBP, $85/bbl Brent
Resources Upstream Midstream Financials Marketing
Low level of commitment spend, robust production base
Strong cash position
- Guidance of $650 million of cash on balance sheet at YE 15
Reducing capex to maintain balance sheet strength
- 2016 capex guidance of $175 million - $225 million
Underlying operating cash flow
- Guidance of $100 million of operating cash flow from production
High degree of financial flexibility
- Total E&A commitment spending of $75 MM through end 2017
FINANCIAL FLEXIBILITY
Capital Markets Presentation - Fortuna FLNG Slide 75 Resources Upstream Midstream Financials Marketing
Multiple options, not reliant on any one source
FUNDING FORTUNA FLNG
Capital Markets Presentation - Fortuna FLNG Slide 76
LENDING BALANCE SHEET
$640 MM net cost to first gas
Variety of potential sources to cover up to 60% of capex to first gas:
- Pre FID – lending banks, value
chain partners
- Post FID – project financing,
lending banks, debt markets
Cash
- $700MM cash (mid ‘15)
- $400MM net cash (mid ’15)
- Asset Divestment
Up to 40% W.I. farm-out:
- reduces capex by $320 million
- contribution against past costs of $600 million
Resources Upstream Midstream Financials Marketing
PROJECT EQUITY
(expect to reduce in FEED)
Balance sheet strength
- Drive to reduce capex and cost across the business
- Financial flexibility in a low oil price environment
- Incremental debt finance
Fortuna offers robust project economics
- Low capex to first gas
- Low unit operating costs
- Flexible tolling arrangement
Options to reduce Ophirs capex to first gas
- Farm out
- Competitive upstream FEED
FUNDING SUMMARY
Capital Markets Presentation - Fortuna FLNG Slide 77 Resources Upstream Midstream Financials Marketing
ROBUST PROJECT IN LOW PRICE ENVIRONMENT WITH MATERIAL CASH FLOW FROM 2019
SUMMARY
Bill Higgs
COO
SELF FUND
- Not all barrels are equal
- We explore for high quality barrels that generate cash in a low price environment
- Project equity is a source of capital
No fresh capital deployed to development
SELF FUNDING DEVELOPMENT ASSETS
Slide 79
PRODUCTION
TOTAL VOLUME 2C: 998 MMboe
TANZANIA
W.I. 20%
KERENDAN
W.I. 70%
BUALUANG
W.I. 100%
EQUATORIAL GUINEA
W.I. 80% CASH FOR E&A
First gas 2019 First gas 2022 First gas 2016
2nd phase of dev.
On production
3rd phase of dev.
2P RESERVES
SELF FUND
Capital Markets Presentation - Fortuna FLNG
Low risk Low cost Quick to first gas
Making the Fortuna FLNG project attractive to buyers
FLNG – DELIVERING SUCCESS
Capital Markets Presentation - Fortuna FLNG Slide 80
- Finalise chartering
agreement
- Ophir & GEPetrol
- Agreed
- 3.7 TCF
- 2.2 Mtpa project
Resources Fiscal Terms JV Partner Alignment Midstream
- Well delineated resource
- Fortuna well test flowed at 60
mmscf/d (equipment constrained), implied unconstrained rate of 180mmscf/d
- PSC Fiscal terms have
been agreed in accordance with an LNG project
- Provides robust returns
- Government support
- GEPetrol is the state entity
created to participate in all licences in EG
- Supportive of Ophir
exploration and development activity to date
- Will fund equity
percentage in development
- Golar LNG appointed as
a midstream partner to provide an FLNG vessel
- n a tolling basis
- Key commercial terms
agreed for Golar to build, operate and maintain an FLNG vessel
- Full charter agreement
to be negotiated by Q2 2016
1 2 3 4
Low risk Low cost Quick to first gas
Project delivering to schedule
MILESTONES
Slide 81
2014 2015 2016 2017 2019 2020
Commercial milestones achieved
May 2015
Charter Term Sheet agreed with Golar for provision of leased FLNG vessel
Jun 2015
Launched offtake process
Jul 2015
Awarded Competitive FEED contracts to McDermott / GE and Aker / Subsea 7
Nov 2014
Renegotiation of PSC for gas development
Capital Markets Presentation - Fortuna FLNG
Low risk Low cost Quick to first gas
Nov 2015
Heads of Agreement signed for gas offtake
Q1 2016
FEED completed
Mid-2016
Project FID
Mid-2019
First gas
Milestones to first gas
Oct 2014
Flow tested gas Surpassed threshold volumes
Exploration and appraisal milestones achieved
INVESTMENT HIGHLIGHTS
Capital Markets Presentation - Fortuna FLNG Slide 82
World-Class Resource Biogenic Dry Gas, 99.7% Methane Simple Upstream Development Low Cost Midstream Solution, Proven Technology Robust Economics Stable, Supportive Political Environment Substantial Upside 1 2 3 4 5 6 7
Low risk Low cost Quick to first gas
Q&A
For further information contact: Head of IR and Corporate Communications Investor.relations@ophir-energy.com
Geoff Callow
Level 4 123 Victoria Street London SW1E 6DE UNITED KINGDOM Tel: +44 (0)29 7811 2400 Fax: +44 (0)20 7811 2421
Capital Markets Presentation - Fortuna FLNG Slide 84