GROUP OVERVIEW 2017epmghispanic.media.clients.ellingtoncms.com/news/... · In April 2016, BGP Inc....
Transcript of GROUP OVERVIEW 2017epmghispanic.media.clients.ellingtoncms.com/news/... · In April 2016, BGP Inc....
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This presentation (“Presentation”) has been prepared for preliminary understanding of the scope of
the underlying projects in order to assist the recipient of the Presentation in making its own
independent appraisal of GPB Global Resources business opportunities.
The Presentation does not purport to be complete. It contains general information about the
activities of the GPB Global Resources Group as of the date of the Presentation. No
representation or warranty, expressed or implied, is made or will be made as to the accuracy,
reliability or completeness of any information contained in this Presentation.
All projections in this Presentation have been prepared by the representatives of GPB Global
Resources for illustrative purposes only. They do not constitute and should not be regarded as
a representation that the projected results will actually be achieved or that the underlying
assumptions are valid. The projections are subject to uncertainties and contingencies, all of
which are difficult to predict and many of which are beyond the control of GPB Global
Resources. GPB Global Resources has not independently verified these projections. All
inquiries in connection with this Presentation should be directed to GPB Global Resources
using the contact details provided herein.
The “GPB GR” abbreviation used in this Presentation may refer either to the holding company
GPB Global Resources B.V., incorporated in Amsterdam, or to the GPB Global Resources
Group, or to one of its subsidiaries.
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4 MANAGEMENT STATEMENT
5 FOOTPRINT
6 HISTORY
7 OUR BUSINESS
12 HIGHLIGHTS OF THE YEAR 2016
13 CORPORATE SOCIAL RESPONSIBILITY
14 CONTACTS
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”GPB Global Resources was established in 2011 expanding a highly
professional team of specialists in minerals and oil & gas exploration
and production, business development, M&A and finance.
Today, it is a rapidly growing E&P company, acting as an operator and a
technical expert in global oil & gas, mining, and energy industries.
We are focused on building a balanced portfolio of assets with the strategic
aim to create a high-value multi-faceted business.”
Boris Ivanov
GPB Global Resources B.V. Managing director
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Oil
Uranium
Portfolio assets
Offices
LEGEND:
Professional
Team GPB GR employees
represent a team with
unique international
expertise & profound
experience in petroleum
and mining industries
Strategic
Partnership Capitalizing on 9 years of
presence in Africa and
Latin America, GPB GR
has become a reliable
and strong partner with
knowledge and strategic
vision of growth in these
regions
International
Presence GPB GR has built an
international footprint,
including offices in
Amsterdam, Moscow, and
Maracaibo
Knowledge
base Through years of business
practice GPB GR has
accumulated a large
geological database of
multiple regions and their
detailed characteristics Amsterdam
Maracaibo
Moscow
Niger
Ethiopia
Venezuela
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Netherlands
July: GPB GR established
its headquarters in
Amsterdam
Venezuela
July: PDVSA and GPB GR
established a joint venture
Petrozamora S.A. to develop
onshore mature oilfields in
the Maracaibo lake area
Venezuela
November: GPB GR
established “La Siembra” non-
profit foundation in Zulia state
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Ethiopia
July: Ethiopian Ministry of
Mines and GPB GR signed
Petroleum Production Sharing
Agreement for the Gewane-El
Wiha license area
Venezuela
July: JV Petrozamora S.A.
obtained 4 offshore mature
oilfields in Maracaibo lake,
doubled production and tripled
remaining reserves
Niger
February: Nigerien
Ministry of Minerals and
Energy and GPB GR,
signed Mining Convention
for exploring uranium in the
Toulouk-2 and Toulouk-4
license areas
2011 2012 2014 2015 2017
Venezuela
May: GPB GR repaid all the
financial commitments
(signature bonuses) to the
Bolivarian Republic of
Venezuela for the oil producing
assets previously acquired by
JV Petrozamora S.A.
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Country / Location
Bolivarian Republic of Venezuela
Offshore blocks
Bachaquero Lago
Bloque III Bachaquero
Bloque III Centro
Bloque VII Ceuta
Acreage
1,844 km2
Location
Zulia State,
Lake
Maracaibo
Remaining
reserves
(as of
01.04.2017)
4,166 MMbbl
(offshore and
onshore)
Average
production
105 kbopd
offshore
(60 kbopd)
and onshore
(45 kbopd)
In July 2012, National Oil Company Petrоleos de Venezuela S.A. (PDVSA) and GPB GR established joint venture Petrozamora S.A. to
develop 2 onshore mature oilfields Lagunillas and Bachaquero. GPB GR entered the project being a strategic partner for
PDVSA in the area of financing and technical expertise of joint operations. GPB GR and PDVSA experts intensified
collaboration on new wells drilling, steam injection program, power supply maintenance and enhancing its reliability,
purchasing processes optimization to stabilize output and further increase fields’ production and raise its efficiency. New
sophisticated program for polymer injection is under study and represents an advanced production alternative to be
implemented in future.
In November 2013, Gazprombank (Russia), GPB GR, Petrozamora and PDVSA signed an oil prepayment facility of up to
1 billion US dollars to finance the investment program and operational activity.
In April 2015, National Assembly of Venezuela authorized Petrozamora to extend its portfolio with 4 offshore mature oilfields in Lake
Maracaibo. Following this consolidation, in July 2015, Petrozamora doubled production and tripled remaining reserves.
New assets represent a new growth prospective for Petrozamora in applying and expanding best practices in production and development
of mature oil fields as well as capitalizing on synergy effects with neighboring onshore fields of the joint venture.
Onshore blocks
Lagunillas Tierra
Bachaquero Tierra
Type
of Project
Oil production
at mature
oilfields
GPB GR
PDVSA
40% 60%
Production
phase
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In July 2014, Ethiopian Ministry of Mines and GPB GR signed Petroleum Production Sharing Agreement.
In January 2015, Bell Geospace, a world leader in Gravity Gradiometry, started Airborne FTG & Magnetic Survey in the Gewane-El Wiha
license area and completed interpretation of data in September 2015. Considering the survey results, GPB GR specialists
defined prospective areas for 2D Seismic Data Acquisition.
In April 2016, BGP Inc. (CNPC Group) completed 2D Seismic Acquisition. Petrotrace (Russia) was responsible for seismic data
interpretation works. During the assay the basin near Lake Cadabassa was determined as a potential area for further more
detailed seismic works. Correlation of the collected data with airborne gravity survey was tested and promising area defined in
the northern part of the block for expansion of the seismic studies to determine possible continuations of the Lake Cadabassa
basin and identification of potentially promising sites in the northern part of the license area. GPB GR continues to analyze the
geological data gathered.
Type
of Project
Exploration
for oil
Acreage
42,000 km2
License
Area
Gewane-
El Wiha
Expected
Resources
To be
estimated
Country / Location
Republic of Ethiopia
100%
GPB GR
Government
(call option)
15% 85%
Exploration
phase
Production
phase
GPB GR
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In February 2011, Nigerien Ministry of Minerals and Energy and GPB GR signed Mining Convention for exploring uranium in the Toulouk-
2 and Toulouk-4 license areas. The first stage of exploration works, completed in 2014 with 328 holes drilled and ore samples
examined, aimed to estimate assets structure and potential volume of reserves (uranium and concomitant minerals: copper,
silver, phosphorus and rare-earth elements).
In September 2015, Wardell Armstrong International (WAI), a well-known international independent appraisal company in mineral
resource projects and mining area, completed its audit report on the project under international (JORC) standards, stating that
inferred resources of uranium are estimated at 16.8 million lbs (or 20 million lbs in the U3O8 equivalent). In the opinion of WAI,
the Toulouk 2 & 4 licences have potentially significant uranium and possibly copper mineralization. In February 2016, WAI
issued Scoping Study, including prefeasibility analysis of the asset development.
In 2016, additional exploration works were performed to improve surface mineralization assessment. Furthermore, the in-situ leaching and
heap leaching production methods were being tested.
In 2017, the Group expects to obtain the new license type “Marginal deposit” with merger of both blocks – Toulouk-2 and Toulouk-4.
Country / Location
Republic of Niger
Type
of Project
Exploration
for uranium
Acreage
224.7 km2
231.8 km2
License
Area
Toulouk-2,
Toulouk-4
Expected
Resources
138.3 million lbs
(U3O8)
GPB GR
Government
(call option
up to 40%)
100%
60% 40%
Exploration
phase
GPB GR
Production
phase
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Net Assets ($ million) Net Profit ($ million)
Process optimization and cost saving strategies became the two underlying trends during another turbulent year in the global commodity markets.
Oil and gas project in Venezuela remained the main focus of GPB GR’s operations as we continued to sustain and improve financial performance of
JV Petrozamora S.A. We went on to further integration of offshore producing assets acquired in mid 2015. In spite of the general oil price
slump, this will enable us to secure substantional dividend cash flows in the upcoming years for the future diversification of the Group’s
business.
On the other hand, responding to the difficult economic times, we continue to reduce our costs and take tough (but balanced and prompt) decisions on
the projects we consider insufficiently competitive or affordable in present conditions. In late 2016, the Group had to reevaluate its share in the
green-field gold mining project in Mali since the prospects for further work were assessed as no longer meeting our risk profile.
Eventually, the combination of challenging investments and cost-cutting strategy along with risk avoidance and timely project exits provided stable
financial performance and a 41% net assets growth in 2016.
We will concentrate on more profitable pillars of our business to strengthen the basis for high returns to the shareholders. In the meantime, we are
constantly searching for opportunities to diversify our current portfolio with potential high-yield projects all over the globe.
2013 2014 2015 2012 2013 2014 2015
177.0 452.0 494.6 46.7 93.8 279.4 284.9
2012
47.6 199.3 697.6
2016 2016
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GPB Global Resources is committed to creating value through responsible performance, and protecting
environment and communities in the regions of operations
Nonprofit Foundation Nonprofit Foundation improves
living standards of local citizens
in Zulia state, Venezuela,
sponsoring reconstruction of Burro
Negro park, amateur children
soccer tournaments, music school
for children.
From 2015, outstanding musicians
were being awarded educational
trips to Russia and Europe
Donations GPB GR regularly donates to the
Russian charity fund “In the name of
life” supporting people with cystic
fibrosis.
Sponsorship In Monaco, the Company became
one of the leading sponsors
of the Year of Russia in Monaco.
The event encompassed numerous
art exhibitions and FIDE Women
Grand Prix 2015
Social Programs In Ethiopia, GPB GR completed
Community Development Program,
built 2 schools, irrigation canal and
provided variety of water supply
items, medical equipment and
education materials.
In Niger, GPB GR built 2 educational
centers (6 classes) for students from
local communities, purchased
equipped ambulances
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GPB Neftegaz Services B.V.
Moscow branch
Serebryanicheskaya
Naberezhnaya 29,
109028, Moscow, Russia
Telephone: +7 495 725 77 27
Fax: +7 495 725 77 47
E-mail: [email protected]
GPB Neftegaz Services B.V.
Maracaibo branch
Avenida 11 con esquina Calle 78
Dr. Portillo, Edificio Centro
Electrónico de Idiomas Piso 8.
Maracaibo, Estado Zulia
Telephone: +58 261 797 78 01
E-mail: [email protected]
GPB Global Resources B.V.
Dijsselhofplantsoen 14
1077 BL Amsterdam,
the Netherlands
Telephone: +31 20 570 32 00
Fax: +31 20 570 32 01
E-mail: [email protected]
www.gpb-gr.com