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Delivering Growth Seven Energy Seven Energy Annual Review 2013 Annual Review 2013 Delivering growth Seven Energy is an indigenous Nigerian oil and gas exploration, development, production and distribution company with a vision to become the leading supplier of gas to the Nigerian domestic market for power generation and industrial consumption. Read more about Seven Energy Group overview p04 Go online: www.sevenenergy.com Strategic report Strategic report Highlights 02 Group overview 04 An overview of the Seven Energy Group, including Chairman’s statement 06 corporate, financial and operational highlights, Group overview, market insights, business model, Market overview 08 strategy and key performance indicators. Integrated business model 12 Chief Executive’s statement 14 Strategy in action 16 Key performance indicators 18 Operational and financial review financial and Operational Operational and Upstream 20 Midstream 24 financial review Financial review 28 An overview of Seven Energy’s upstream Risk management 30 and midstream operations, financial profile, Corporate social responsibility 34 risk management and CSR. Corporate governance Corporate Corporate governance Chairman’s overview 39 Board of Directors 40 We are committed to applying high standards Board Committees 42 of corporate governance across our business. Learn more about our Directors, Board Committees Senior management 44 and senior management team, as well as our Directors’ report 46 wider approach to corporate governance. Summary financials Summary Group income statement 49 Summary financials Summary Group cash flow statement 50 Financial performance for 2013 and extracts from Summary Group balance sheet 50 the consolidated financial statements, prepared in accordance with IFRS as adopted by the European Union. Glossary of terms 51 Seven Energy Annual Review 2013 01 Highlights Delivering growth Continued strong performance has been achieved across our operations. Increased production and reserves combined with enhanced debt facilities have significantly strengthened our business. Corporate and financial highlights Corporate Financial +238% Acquired East Horizon Gas Company 3,104,034 bbls of oil sold at an average increase in liftings sold Limited (“EHGC”), which includes the price of $111 per bbl (2012: 918,676 bbls 3,104 Mbbl 2013 vs 919 Mbbl 2012 East Horizon pipeline and a gas sales at $112 per bbl) agreement with UniCem, for up to $250 million Extension of the Project Finance Facility from a 5-year $55 million facility, to a +237% Acquired SRL 905 Holdings Ltd 7-year $225 million facility and a further increase in revenue (“SRL 905”), which holds a 40% licence $170 million 5.5-year facility to support $345.0m 2013 vs $102.4m 2012 interest in OPL 905 the EHGC acquisition Secured $255 million of new equity Expansion of the Reserve Based Secured capital from Temasek, the International Facility from $150 million to a revised $201.3 m Finance Corporation (“IFC”) and the 5.5-year $350 million facility to support 2013 EBITDAX IFC African, Latin American and continued development of OMLs 4, vs $33.9m 2012 Caribbean (“ALAC”) Fund to further 38 and 41 develop gas supply opportunities $508.4 m in Nigeria’s domestic gas market 2013 capital expenditure vs $232.0m 2012 Our evolving Group... Buy-out of a division Acquisition of Gulf of Guinea Acquisition of 62.5% interest of Weatherford Energy – holder of 40% in Universal Energy – holder International and licence interest in the of 51% licence interest in the merger with Uquo Field Stubb Creek Field Exoro Energy 2007 2008 2009 2010 Signed long-term gas sales Strategic Alliance Agreement Corporate highlights agreement to supply the entered into with NPDC for Operational highlights 190 MW Ibom Power station the development of OMLs 4, with 43.5 MMcfpd of gas 38 and 41 02 Seven Energy Annual Review 2013 Strategic report Operational highlights Upstream Midstream Strong growth in production from Commercial deliveries of gas to the Ibom +6.4% OMLs 4, 38 and 41, with a 55% Power station started in January 2014 increase in 2P reserves increase in average gross oil production 232 MMboe 2013 vs 218 MMboe 2012 to 51,600 bopd (2012: 33,350 bopd) Construction of Train 2 of the Uquo Gas Processing Facility completed Gas production at the Uquo-2 well (additional 100 MMcfpd, taking the commenced in December 2013 to total to 200 MMcfpd) +54.7% allow for testing and commissioning increase in average gross oil production at the Ibom Power station Right of way acquisition and clearing 51,600 bopd 2013 vs 33,350 bopd 2012 of the 37 km 24-inch pipeline route from Successful 35 MMcfpd well test on Uquo to Oron completed. Laying of Uquo-4, and two new gas production the pipeline commenced in Q4 2013 to wells, Uquo-7 and Uquo-8ST, drilled and enable full delivery to the Calabar NIPP 8.6m hours scheduled for completion in 2014 power station reached without a Lost Time Incident (“LTI”) by the end of 2013 Continued development of the Stubb Creek Field, with first oil production being targeted during 2014 84% of employees are based in Nigeria, of whom 93% are of Nigerian nationality Near-term objectives – Integration of EHGC and establishment Signed long-term gas Train 1 (100 MMcfpd) of of a dynamic gas distribution system sales agreement to the Uquo Gas Processing in south east Niger Delta supply the 560 MW Facility completed Calabar NIPP power station – Completion of the 37 km 24-inch with 131 MMcfpd of gas Uquo to Oron gas pipeline 2011 2012 2014 – Completion of Uquo-7 and Uquo-8ST gas producing wells at the Uquo Field and drilling Completion of 62 km Completion of the 23 km of further new appraisal and development wells 18-inch Uquo to Ikot 6-inch pipeline from the Stubb – Production and first oil from the Stubb Creek Abasi gas pipeline Creek Field to ExxonMobil’s and Uquo Fields Qua Iboe export terminal – Commencement of gas delivery to the Calabar NIPP power station – Appraisal and exploration on OPL 905 Seven Energy Annual Review 2013 03 Group overview At a glance Seven Energy is a Nigerian oil and gas company, operating along the full value chain from upstream exploration, appraisal, development and production assets; through to midstream activities comprising ownership of processing and distribution infrastructure, and marketing to end users. Upstream Read more about Upstream operations p20 Seven Energy has a diversified portfolio of onshore oil and gas interests with a substantial reserves and resources base in two focus areas of the Niger Delta and a recently acquired undeveloped asset in the Anambra Basin. The Group’s assets in north west Niger Delta and south east Niger Delta are Nigeria located in close proximity to oil and gas infrastructure, giving access to major demand centres for gas and export terminals for oil. The Anambra Basin is an underexplored basin but with substantial gas resource potential. Legend Seven Energy licence areas Seven Energy marginal field areas Licence areas NPDC Strategic Alliance Agreement areas 04 Seven Energy Annual Review 2013 Strategic report Strategic investors 2P + 2C reserves and resources Oil vs gas: 2P + 2C Seven Energy benefits from 2P 232 MMboe (1,391 Bcfe) Gas 64% a strong and supportive 2C 122 MMboe (731 Bcfe) Oil 36% investor base. Read more about Seven Energy’s investors p46 354 MMboe 2P + 2C reserves and resources Midstream Read more about Midstream operations p24 Seven Energy’s wholly-owned midstream business, Accugas, focuses on sales and marketing, processing and distribution of gas to the domestic Nigerian market. Through the development of gas infrastructure, Accugas serves to assist its upstream partners to monetise their gas resources. Accugas owns the Uquo Gas Processing Facility, which processes gas from the Uquo and Stubb Creek Fields, and a network of pipelines linking the processing facility to both the Ibom Power station and the Calabar NIPP power station. The recent acquisition of EHGC adds the 128 km East Horizon pipeline running from Ukanafun to Mfamosing, just outside Calabar, to the Group’s infrastructure assets, as well as a gas sales agreement with UniCem. The midstream business has three components: – Processing: gas processing services are provided by the 200 MMcfpd Uquo Gas Processing Facility to Seven Energy’s upstream subsidiaries and joint venture partners. Similar processing services are planned to be offered to other market participants in due course. – Distribution: gas is transported through an extensive gas pipeline infrastructure from processing facilities directly to offtakers. – Sales and marketing: gas sales agreements are entered into with offtakers. Legend Seven Energy marginal field areas Licence areas Seven Energy oil and gas fields Seven Energy gas pipeline Seven Energy oil pipeline 3rd party gas pipeline 3rd party gas pipeline (under construction) Seven Energy customer (power station) Seven Energy customer (industrial) Seven Energy customer (export terminal) Demand areas Seven Energy Annual Review 2013 05 Chairman’s statement Making strong progress The last year has been an important year in our development; reaching major project milestones, including first production of gas, entering into strategic upstream and midstream acquisitions, further increasing our production and reserves, strengthening our capital base and significantly improving our financial performance. increased by 55% to 51,600 bopd in 2013 Financial performance (2012: 33,350 bopd). I am pleased to report significantly improved financial performance in 2013, with revenue Our midstream operations
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