IPAA OGIS Conference New York April 18, 2005. 2 3 Triton’s Primary Areas of Activity Triton...
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Transcript of IPAA OGIS Conference New York April 18, 2005. 2 3 Triton’s Primary Areas of Activity Triton...
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IPAA OGIS ConferenceNew York
April 18, 2005
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Triton’s Primary Areas of Activity
Triton Business ModelHigh Impact International E & P
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Kosmos Business ModelReplicating Triton Success: Focus W. Africa
Key Success Factors Strategy - high-impact exploration / accelerated development Portfolio - focus in basins with significant geological potential
and multiple business opportunities Operating - cost efficient culture Financing - liquid and pre-funded Organization - effectively resourced
Results 10-fold increase in total equity value from 4Q’98 to
monetization in mid-2001 (stock appreciation from $5.19/s to $45/s cash sale)
Private equity investor tripled investment in 2.5 years
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Principal area of interest
Strategy - Why West Africa ? Our People Will Differentiate Us!
High impact - >500MMBO gross potential
By-pass plays of majors with 50-100MMBO discovery size
New and under-explored plays/ fairways in established provinces; frontier basins
High working interest/operatorship
New venture/ farm-in access
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Executive leaders and Board level players
Full value chain knowledge, skills and experience with international focus
Individual/team track records of repeated business success
Demonstrable public and private shareholder value delivery
A proven team with leading industry reputations
LeadershipManagement makes the difference
The founding partnership offers a rare opportunity to invest with a top tier Management Team in the global petroleum sector
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Time
Reserves(BBO)
Shallow water/ onshore salt basins
Deepwater & salt basins / Transform Margin
(Cretaceous)
Congo Fan and Niger Delta(Tertiary)
MatureFrontier
Exploration
Exploration Opportunities Frontier Basins in Deep
Water New plays/ fairways in
proven basins onshore/ shallow water
Strategy - Why West Africa ? Exploration Opportunity
Early In Exploration Cycle Opportunities to find
multiple large fields Large database of seismic
available – Majors legacy Prior efforts largely limited
to ultra-large, simple, low-risk four way dip closures
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Vision Build a world-class international exploration and production company
focused on West Africa
Mission Raise initial equity capital commitment of $300 MM Create enterprise value of $1 to 2 Billion Return on investment targeting mid 30% plus
Monetization Strategy Realize value in 4 to 7 years Monetize investment through:
IPO Asset or company sale
Investment PlanCreate a Highly Marketable Global Enterprise
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General & Administrative Tier Costs to assemble license/acreage portfolio General office and staff costs
Portfolio Aggregation & Exploration Tier Funds activity on company licenses
Seismic and related pre-drill evaluation Exploration drilling and evaluation Geological and other studies
Development Funding Tier As needed to realize discovery value Funds necessary appraisal & development activity
Investment StructureThree Tier Commitment
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Investment/Capital Raising ProcessKosmos Energy Experience
• Kosmos is different from typical E&P investments– All international – West Africa– Pure exploration play, no reserves– Longer exploration cycle time
• Time and effort substantially greater than anticipated– Need to educate potential investors– Investment universe smaller - outside N. America
• Capital Structure– Financial capability/scale critically important
• Higher oil prices increasing competition
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Combined Contract Area: 124,109 Km2
(Equiv.4900 GoM Blocks)
West Cape Three Points Block 4
Pending)Block 320 (pending)
Boujdour Permit
Kosmos Areas of Activity