ATP Oil & Gas Corporation

Transcription

1 ATP Oil & Gas Corporation Deloitte Dutch North Sea Oil & Gas Conference 22 June 2005 G. Ross Frazer, P.E. Vice President-Engineering & Director, U.K. Projects Ing. Rob Happé General Manager, ATP NL

2 Forward Looking Statement This presentation contains projections and other forward looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of These projections and statements reflect the Company s current view with respect to future events and financial performance. No assurances ca be given, however, that these events will occur or that these projectio will be achieved, and actual results could differ materially from those projected as a result of certain factors. A discussion of these factors i included in the Company documents filed with the Securities and Exchange Commission. This presentation does not constitute an offer to sell, or a solicitation o an offer to buy, any securities, or the solicitation of a proxy or an attempt to influence any voting of securities, by any person.

3 ATP s Goals Since 1991 ATP has focused its strategy on: Acquiring Developing Operating Producing 2004 Offshore Energy Achievement Innovation/Technology Award

4 Diversified Areas of Operation Gulf of Mexico 1991 Shelf 2000 Off the Shelf to 1, Deeper water to 3,000 North Sea 2000 United Kingdom Sector 2003 Dutch Sector Gulf of Mexico North Sea

5 Exclusively Offshore Proved Reserves By Region December 31, 2003 North Sea 101 Bcfe Gulf of Mexico 202 Bcfe Gulf of Mexico 181 Bcfe (P1) 256 Bcfe (P1+P2) 302 Bcfe (P1+P2+P3) North Sea (1) 95 Bcfe (P1) 166 Bcfe (P1+P2) 307 Bcfe (P1+P2+P3) (1) Cheviot not yet included

6 Superb Execution 97% Success Rate 37 of 38 non-producing properties with proved but as yet undeveloped reserves (PUD s) converted to commercial production 495 Bcfe of P1+P2+P3 scheduled for development Gulf of Mexico 238 Bcfe North Sea 257 Bcfe

7 ATP s Strategy ATP is an innovator and implementer of technology, including: Advanced 3-D seismic interpretation Integrated reservoir analysis Extended reach drilling Subsea Specifically designed platforms

8 Repeatable Strategy Gulf of Mexico 37 of 38 Developments to Production 97% North Sea 1 for 1 Development to Production 100% Focus is the same, which is to acquire properties for development with previous drilling into known reservoirs.

9 Representative Gulf of Mexico Projects Prospect InterestRegion Working Ladybug (GB 409) Subsea tieback; on production since 2001 Gomez (MC 711) Well test 134 MMcfe/d, Initial production fourth quarter 2005 Matia/Cabrito (GB 142/186) Award winning plinth design (leg extensions)

10 Garden Banks 409 Ladybug 1340 (410m) Water depth ATP innovation Longest oil subsea tieback (17.4 miles) Exceeding original reserve estimates First Production 2001

11 Mississippi Canyon 711 Gomez ATP operates with a 100% WI Well test 134 MMcfe/d Approximately 3,000 (~1,000m) water depth Five wells encountered hydrocarbons; four wells re-enterable Gross proved 12/31/03 > 100 Bcfe

12 ATP s Commitment to the North Sea Opened U.K. office in 2000 and Netherlands office in 2003 $50+ million invested to date With 307 Bcfe, ATP is a significant owner of reserves in the North Sea North Sea $500 million to $1.0 billion in planned future investment

13 Growth Through Acquisitions Open NL Office Open U.K. Office Cumulative North Sea Blocks Acquired

14 Helvellyn Acquired in 2001 Began production February 2004 One-well, subsea development ATP operates with a 50% working interest Rotliegend/Carboniferous Water depth less than 120 ft (37 m) First North Sea development

15 Venture ATP Operator 50% W.I. One-well, sub-sea tieback Two prior wells drilled and tested at 47 mmscfd First gas 2006 Rotliegend/Carboniferous

16 The Tors ATP operates with a 100% working interest The Tors Reservoirs Garrow tested two wells at 18 and 19 mmscfd Kilmar tested one well in each structure at 12 and 33 mmscfd Two platforms projected Located in 170 (52m) feet of water First production currently scheduled in 2006 Possible development acceleration

17 Cheviot ATP operates with a 100% working interest Acquired in 21 st Licensing Round Original in place hydrocarbons Oil 232 MMbbls Gas 59 Bcf 3-D Seismic Area Produced and recovered less than 8% of original oil in place Originally drilled and developed on 2D seismic

18 Cheviot not yet included in ATP s reserve report 2005 Program Complete new 3-D seismic interpretation Complete detailed G&G reservoir studies Formulate redevelopment plan Keys to booking proved reserves at year end 200 Innovative development Exploration opportunities Cheviot, potentially the Company s largest field,

19 L-06d ATP operator 50% W.I. Well tested at 40 MMcf/d with a 17psi drawdown Single well subsea development Top of reservoir Jurassic Sand First gas late 2005

20 Area Map of Location

21 L-06d Project Overview

22 Overview Tree Safety Valves

23 Well Head Control System L6-S1

24 Capital Deployment Total Capital Deployed ('000) Gulf of Mexico $ 209,548 $ 315,675 $ 412,455 $ 490,155 North Sea $ - $ 3,831 $ 47,240 $ 56,040 Since 2001 the CAGR of investment in the North Sea is 245%, more than double that in the U.S.

25 Investment into the North Sea Planned North Sea Capital Investment ($ Millions) Helvellyn, Venture, The Tors, L-06d $225 - $325 Cheviot $275 - $675 Total $500 - $1000

26 Gulf of Mexico to the North Sea Similarities in the growth and development of ATP U.S. and the North Sea Repeatable strategy Execution of project plan Capital deployed Public ownership

27 ATP Oil & Gas Corporation - NASDAQ: ATPG ATP Oil & Gas Corporation 4600 Post Oak Place, Suite 200 Houston, TX ATP Oil & Gas (UK) Limited Victoria House, London Square, Cross Lanes Guildford, Surrey GU1 1UJ United Kingdom 44 (0) ATP Oil & Gas (Netherlands) B.V. Water-Staete Gebouw Dokweg 31 (B) 1976 CA IJmuiden The Netherlands 31 (0)