Celtic Exploration Ltd. Oil & Gas Exploration and Production Operations
and Cost Analysis – Q4, 2011
Reference Code: GDGE43417OAR Publication Date: APR 2012
Company Snapshot Company Overview
Key Information Celtic Exploration Ltd. (Celtic) is a Calgary based oil and gas
company. The company is engaged in the exploration,
Celtic Exploration Ltd., Key Facts development and production of oil and natural gas. Celtic
Web Address www.celticex.com carries out its operations in Alberta, where it further divided
Financial year-end December into four operating areas: Southern Alberta, East Central
Number of Employees 60 Alberta, Northern Alberta and West Central Alberta. In
Southern Alberta, it has operating assets in the Princess,
TSE CLT
Bantry, Michichi, Richdale and Drumheller areas.
Source: GlobalData
Key Ratios
Celtic Exploration Ltd., Key Ratios Celtic Exploration Ltd., Reserves and Production,
P/E NA 2007-2011
EV/EBITDA 14.80
Return on Equity (%) -4.10
Debt/Equity 18.80
Operating profit margin -18.80
(%)
Dividend Yield 0.0
Note: Above ratios are based on share price as of 12-Apr-2012
Source: GlobalData
Source: GlobalData
Celtic Exploration Ltd., Share Price Performance, Celtic Exploration Ltd., Key Valuation Metrics,
CAD/Share, Q4, 2010-Q4, 2011 EV/Production ($/boed), EV/Proved Reserve ($/boe),
Q4, 2010-Q4, 2011
Source: GlobalData
Source: GlobalData
Celtic Exploration Ltd., Key Costs Per boe, $/boe, Celtic Exploration Ltd., Costs Incurred By Type, $m,
2011 2007-2011
Parameter 2011
Oil & Gas Finding & 12.72
Development Cost/boe, Annual
Oil & Gas Finding Cost per boe, 0.88
Annual
Proved Reserves Acquisition 10.44
Cost per boe, Annual
Reserve Replacement Cost per 12.44
boe, Annual
Source: GlobalData
Source: GlobalData
Celtic Exploration Ltd. Operations & Cost Analysis Reference Code: GDGE43417OAR
For Data Definitions Refer to the Appendix
Source: www.energyetrack.com Page 1
© GlobalData. This report is a licensed product and is not to be copied, reproduced, shared or resold in any form
Table of Contents
Table of Contents ............................................................................................................................................................................... 2
List of Tables .................................................................................................................................................................................. 5
List of Figures ................................................................................................................................................................................. 6
Celtic Exploration Ltd., Valuation and Financial Data ......................................................................................................................... 8
Celtic Exploration Ltd., Share Price Performance ........................................................................................................................... 8
Share Price Performance, Q4, 2010-Q4, 2011 ........................................................................................................................... 8
Celtic Exploration Ltd., Key Valuation Metrics ................................................................................................................................ 9
Key Valuation Metrics, Q4, 2010-Q4, 2011 ................................................................................................................................. 9
Celtic Exploration Ltd., Quarterly Results of Oil & Gas Operations Per boe Produced ................................................................. 10
Results of Oil & Gas Operations Per boe Produced, Q4, 2010-Q4, 2011 ................................................................................. 10
Results of Oil & Gas Operations Per boe Growth Rates, Q4, 2010-Q4, 2011........................................................................... 11
Celtic Exploration Ltd., Quarterly E&P Costs Trends .................................................................................................................... 12
Upstream Capital Expenditure, Q4, 2010-Q4, 2011 .................................................................................................................. 12
Celtic Exploration Ltd., Quarterly Production Trends........................................................................................................................ 13
Celtic Exploration Ltd., Total Oil and Gas Production ................................................................................................................... 13
Total Crude Oil and Natural Gas Production Trend, Q4, 2010-Q4, 2011 .................................................................................. 13
Total Crude Oil & Natural Gas Production, By Country/Region, Q4, 2010-Q4, 2011 ................................................................ 14
Celtic Exploration Ltd., Crude Oil Production ................................................................................................................................ 15
Total Crude Oil Production Trend, Q4, 2010-Q4, 2011 ............................................................................................................. 15
Crude Oil Production, By Country/Region, Q4, 2010-Q4, 2011 ................................................................................................ 16
Celtic Exploration Ltd., Natural Gas Production ............................................................................................................................ 17
Total Natural Gas Production Trend, Q4, 2010-Q4, 2011 ......................................................................................................... 17
Natural Gas Production, By Country/Region, Q4, 2010-Q4, 2011 ............................................................................................ 18
Celtic Exploration Ltd., Valuation and Financial Data, 2007-2011 .................................................................................................... 19
Celtic Exploration Ltd., Share Price Performance, 2007-2011 ...................................................................................................... 19
Share Price Performance, 2007-2011 ....................................................................................................................................... 19
Key Valuation Metrics, 2007-2011 ............................................................................................................................................ 20
Celtic Exploration Ltd., Production and Reserves Trends ................................................................................................................ 21
Total Oil and Gas, Reserves and Production ................................................................................................................................ 21
Total Crude Oil and Natural Gas Production and Reserves Trend, 2007-2011......................................................................... 21
Total Crude Oil & Natural Gas Production and Reserves By Country/Region, 2007-2011........................................................ 23
Total Crude Oil and Natural Gas Reserve Changes, 2007-2011 .............................................................................................. 25
Crude Oil/Liquids Production and Reserve ................................................................................................................................... 26
Crude Oil/Liquids Production and Reserve Trend, 2007-2011 .................................................................................................. 26
Crude Oil Production and Reserves By Country/Region, 2007-2011 ........................................................................................ 27
Crude Oil/Liquids Reserve Changes, 2007-2011 ...................................................................................................................... 29
Natural Gas Production and Reserve ........................................................................................................................................... 30
Natural Gas Production and Reserve Trend, 2007-2011 .......................................................................................................... 30
Natural Gas Production and Reserves, By Country/Region, 2007-2011 ................................................................................... 31
Natural Gas Reserve Changes, 2007-2011 .............................................................................................................................. 33
Total Crude Oil and Natural Gas Reserves Life Index .................................................................................................................. 34
Total Crude Oil and Natural Gas Reserves Life Index, 2007-2011 ........................................................................................... 34
Total Crude Oil and Natural Gas Reserves Life Index, By Country/Region, 2007-2011 ........................................................... 35
Celtic Exploration Ltd., E&P Costs Trends ....................................................................................................................................... 37
Allocation of the Upstream Capital Expenditure............................................................................................................................ 37
Upstream Capital Expenditure, 2007-2011 ............................................................................................................................... 37
Celtic Exploration Ltd. Operations & Cost Analysis Reference Code: GDGE43417OAR
For Data Definitions Refer to the Appendix
Source: www.energyetrack.com Page 2
© GlobalData. This report is a licensed product and is not to be copied, reproduced, shared or resold in any form
Acquisition Costs By Country/Region, 2007-2011..................................................................................................................... 38
Exploration and Development Costs, By Country/Region, 2007-2011 ...................................................................................... 40
Oil and Gas Cost Per boe, $/boe .................................................................................................................................................. 42
Oil and Gas Cost Per boe, $/boe, 2007-2011 ........................................................................................................................... 42
Oil and Gas Cost Per boe, $/boe, By Country/Region, 2007-2011 ........................................................................................... 44
Celtic Exploration Ltd., Reserve Replacement Ratio ........................................................................................................................ 47
Oil and Gas Production Replacement Ratio ................................................................................................................................. 47
Oil and Gas Production Replacement Ratio, 2007-2011 ........................................................................................................... 47
Oil and Gas Production Replacement Ratio, By Country/Region, 2007-2011 ........................................................................... 49
Celtic Exploration Ltd., Results of Oil & Gas Operations Trend........................................................................................................ 53
Oil and Gas Revenue and Expenses ............................................................................................................................................ 53
Oil and Gas Revenue and Expenses, 2007-2011 ..................................................................................................................... 53
Oil and Gas Revenue and Expenses, By Country/Region, 2007-2011 ..................................................................................... 54
Oil and Gas Revenue and Expenses, Per boe ............................................................................................................................. 59
Oil and Gas Revenue and Expenses, By boe, 2007-2011 ........................................................................................................ 59
Oil and Gas Revenue and Expenses Per boe, By Country/Region, 2007-2011 ........................................................................ 60
Oil and Gas Performance Metrics ................................................................................................................................................. 64
Celtic Exploration Ltd., Land Holdings and Well Data ...................................................................................................................... 65
Developed and Un