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Gulf Keystone Petroleum
Investor Presentation February 2009
2
Contents
• Company overview and strategy
• Algeria assets
• Kurdistan assets
• Activity schedule
• Key investment considerations
3
Company overview and strategy
4
Company overview
Gulf Keystone is an independent oil & gas company listed on the AiM market of the London Stock Exchange focused on the exploration development and production of oil and gas in the Republic of Algeria and the Kurdistan Region of Northern Iraq
Production• Block 126 GKN/ GKS development plan
approved by ALNAFT (effective from the 10 October 2007)
• Production from GKN-1 of 323,150 bblsduring October 07 to June 08 (133,378 bblsentitlement basis)
Development• Successful 3 well appraisal on Hassi Ba
Hamou (HBH) in 2008 following completion of the 2D and 3D seismic programmes
Exploration• 3 well HBH area exploration in 2008 – 1 well
RM-1 a discovery, RM-2 follow up to RM-1 discovery spudded February 2009
• Two Production Sharing Contracts (PSC’s) signed in the Kurdistan Region of Northern Iraq – Shaikan (GKP Operator) and Akri-Bijeel (MOL Operator), seismic completed, interpreted, ready to drill in 2009
5
Company overview - history
Offices currently in Bermuda, London, Algiers, Bir el Ater and Erbil2001• Founded by UAE, Kuwaiti and US private equity• Incorporated in Bermuda• Awarded PSC Ferkane Perimeter Block 126 Northern Algeria2004• Listed on the AiM Market of the London Stock Exchange in 2004 (GKP.L) raising $107mm2005• Awarded 3 PSC’s in 2005 for Hassi Ba Hamou (HBH) Central Algeria and Bottena Perimeter Block
129 and Benguecha Block 108/ 128b both in Northern Algeria. 2006• British Gas farmed-in as Operator and strategic partner to HBH in 2006 for $55mm cash and a
$30mm carry• Placing to raise $21mm2007• Offer for the Company by RAK Petroleum PCL subsequently terminated • HBH 2D & 3D seismic completed• Development Plan for GKN/ GKS fields in Ferkane Perimeter Block 126 approved• Award of 2 PSC’s, Shaikan and Akri-Bijeel in Kurdistan region of Northern Iraq2008• Successful completion and test of HBH-4, HBH-5 & HBH-6 appraisal wells • RM-1 announced as a discovery well• Seismic acquired on Shaikan and Akri-Bijeel• Placing to raise $50mm• American Depositary Receipt’s traded in the US over-the-counter securities market 2009• Commenced drilling of RM-2
6
Todd Kozel (1)
Executive Chairman &Chief Executive Officer
Ewen Ainsworth Finance Director
Ibrahim Alkhaldi (1)
V.P MENA Region
Mohamed MessaoudiCountry Manager Algeria/
Adnan SamarriCountry Manager Kurdistan
Ali Al Qabandi (1)
E.V.P Business
Development
(1) Founder
Chris Garrett V.P
Operations & MD UK
John GerstenlauerChief Operating
Officer
Company overview - Management team
7
Company overview - shareholder structure
Shareholder structure
AIM Symbol: GKP
368,008,215 common shares of $0.01 each outstanding.Further estimated 8,073,028 for options/ bonus on a fully diluted basis.
Current Market Capitalisation: £52 million1
Top institutional shareholders:Capital Research & Management Company Oppenheimer Funds Blakeney ManagementGartmore Investment ManagersRAB Capital Fidelity International Henderson Global Investors Standard Life InvestmentsArtemis Investment ManagementMacquarie BankHSBC Investments Market Street BankWilliams de Broe
26%
50%
21%
3%
Management &FoundersTop Institutions
Other Institutions
Private Individuals
Note: (1) As at 02.02.09
8
Company overview - strategy & business plan
Strategy
• Short term focus on maturing/ commercialising current asset portfolio
• Identify hydrocarbon provinces/ countries with the potential for major reserve additions without direct competition from major oil companies
• Build material portfolio in 3 core areas – MENA and FSU
• Replicate transactions in a province/ country to build critical mass
• Leverage relationships and utilise intrinsic technical skills of indigenous employees to access these opportunities
• Realise value by bringing in partners to fund exploration/ appraisal/ development minimising call on equity and focusing investment on production
9
Algeria assets
10
Algeria assets - overview
Hassi Ba Hamou Perimeter• 4 blocks
• Part 317b1, part 347b, 348, 349b• GKP 38.25%; BG 36.75%, operator; Sonatrach 25%• Large acreage position of 12,825 km2
GKN and GKS Field• Block 126a• Field Development Plan approval given in Jan 2008• GKP 60% WI
Ben Guecha Permit• 2 blocks
• 108, 128b• GKP 75% WI
• Infrastructure• Excellent proximity to existing and proposed gas
pipelines for HBH• Pipelines in place and proposed to supply the
increasing demand of mainland Europe
11
Algeria assets - Hassi Ba Hamou
History:• Awarded in 6th Bid Round May 2005. In August 2006, Gulf Keystone signed an agreement with BG Group
which completed in December 2006. Under the agreement, BG acquired 49% of Gulf Keystone’s interest in Hassi Ba Hamou and assumed the role of operator
• GKP negotiated a $30 MM carry, a cash consideration of $55 MM and an additional deferred consideration contingent upon commercial reserves
• GKP’s carry was used to fund GKP’s share of the 2D and 3D seismic programmes in 2007
Success to Date:• 2047 km 2D seismic have been acquired across large parts of the block and 533 sq km of 3D seismic
across the HBH field / discovery
• A 6 well program (Phase 1) commenced on 16th December 2007 and completed in January 2009
HBH-4, HBH-5 and HBH-6 field appraisal wells completed and flowed gas successfully at between 9.5 mmscfd and 12.9 mmscfd
RM-1 discovery well tested gas at a rate of 8.7 mmscfd
• The partners have elected to go into Phase 2 which requires 1 exploration well, 2 appraisal wells and 500 sq km of seismic in addition to the current Phase 1 work and 30% of original area relinquished
RM-2 spudded on the 2 February 2009
12
50km
• 3 appraisal wells on the HBH field • HBH-4, -5 & -6
• 3 exploration wells drilled• HBHN-1• RM-1 (Success)• FEG-1
* GKP estimate
Algeria assets - Hassi Ba Hamou exploration/ appraisal
50km
BASE STRU
NIAN
TRU
NC
ATION
Area now relinquished
A
HBH Field
0.7 Tcf *
Carboniferous (FEG)
RM-1 well
RM-2 well
RM North
HBH-1
HBH-4
41
5
HBH-2
2
36
HBH-6
HBH-3
HBHN-1
N1
HBH-5
13
HBHN-1
HBH-1
HBH-2
HBH-3
HBH-4 10km
HBH-5
HBH-6
• P50 resources of 700 bcf(GKP estimate)
• 2009/ 2010 Front End Engineering Design
• Project Sanction 2010
• Estimated plateau rate of 200 mmscfd
• First production expected in 2012/ 2013
Algeria assets - Hassi Ba Hamou field
14
Ordovician Leads
Intra-Lower Devonian Leads
Lower Devonian Prospects/Leads
Tournasian/Strunian Leads
Visean Prospects/Leads
RM
FEG(Lower Unit)
HBH North
Phase 1 Exploration Targets
Phase 2 Prospects/Leads
RBT • HBH field look-alike.• Tournasian/Strunian Truncation Trap
FEG Upper Unit/Unit 3/Unit 4
RM North• Lower Devonian Truncation• Northern extension of RM GOB/GOB West
• Ordovician 4-way dip traps• Separate closures to Hassi Allal-1
RM Deep East• Intra-Lower Devonian HUC Truncation trap
RM Deep South• Intra-Lower Devonian-HUC 4-way dip trap
HBH West• Tournasian sands sitting above Strunian reservoir
Area now relinquished
FEZ Discovery/FEZ Deep• Lower Devonian discovery• Deeper Untested Ordovician Potential
Algeria assets - Hassi Ba Hamou, Prospects & Leads
15
Algeria assets - GKN and GKS field & Northern blocks
GKN and GKS Field
• GKN/GKS oil fields development (60% GKP)
• Gross reserves of 3 mmbbls estimated from existing wells GKN-1, GKS-2*
• GKN-1 produced 323,150 bbls (133,378 bbls entitlement) from 10.10.07 to 02.06.08. Oil sales agreement signed with Sonatrach
• GKS-2 to be brought into production
• GKN-1 currently shut-in to be worked over with GKS-2, along with facilities upgrades and repair
• Production estimated by GKP at 3,000 bopd gross, 882 bopd entitlement basis after both wells worked over and brought on stream
Northern Block
• Remaining commitment on Northern block:
• Benguecha Block 108/ 128b - 60 sq km 3D & 600 km 2D seismic, 1 exploration well and 1 appraisal well by January 2010
*GKP Estimate from 10.10.07
GKN-1
GKS-2
16
Kurdistan assets
17
Kurdistan assets - Kurdistan region of Iraq
• The Kurdistan Region of Iraq is located in the North eastern part of Iraq
• Region is approx 400 km x 120 km in size
• Limited oil & gas activity in last 30 years
• Significant discontinuity – sanctions, wars
• Many un-drilled surface structures
• In the Kurdish Region of Iraq there have been less than 30 wells drilled up until (until the recent entry of DNO / TTOC)
• Multiple surface structures are evident from mapping in the Kurdistan Region of Iraq 300 km
Map Source: Middle East Reference Map U.S. Central Intelligence Agency, 2004
18
Kurdistan assets – Kurdistan track record
Tawke
TaqTaq
Shaikan
Approx location of other companies assets (not to scale)
Akri-Bijeel
100 km
Tawke Field (DNO*)• PSA signed 2004 • Operating in Northern Kurdistan for 3
years • Acquired 2D & 3D seismic• Newly discovered Tawke field, number of
different reservoirs, 10 wells drilled to date
• Tawke-1 well aggregate test rate of 23,000 bopd
• 42 km 12” pipeline to Turkey & Central Processing facility completed
• Commenced early production and field development
• Published gross recoverable oil reserves range from 150-370 million barrels (current expected value 230 mmbo) (Source: DNO web site)
Taq Taq Field (TTOC*)• New activity started in late 2005 • Acquired 2D seismic • Drilled 6/7 wells, at least 3 different
reservoir zones • Aggregate flow rates from the Taq Taq-4
& Taq Taq-7 wells were 29,790 & 37,560 bopd respectively Map Source: Iraq: Country Profile, 2003 * DNO and TTOC web sites
19
ShaikanGulf Keystone – (Operator - 75%)MOL (Kalegran) (20%) Texas Keystone (5%)Committed work program• 3 year initial exploration period
• 2 to 4 year optional exploration period
• 170 km 2D seismic – Complete
• 1 exploration well – Q1 2009
• 20 to 25 year production period
Kurdistan assets – GKP blocks
Dohuk
50 km
GKP Shaikan Block
MOLAkri Bijeel Block
Akri-BijeelMOL (Kalegran) – (Operator - 80%)Gulf Keystone (20%) Committed work program• 3 year initial exploration period
• 2 to 4 year optional exploration period
• 400 km 2D seismic – Complete
• 1 optional exploration well – 2009
• 20 to 25 year production period
20
Kurdistan assets – GKP blocks
Shaikan Akri-Bijeel
21
Kurdistan assets - location of GKP blocks
Shaikan Block
Hunt
DNO
Sterling
Western Zagros
Addax
Herritage
Reliance
Aspect
Hillwood
Perenco
Dana
Dana
OMV
DNO
ATT
Petprime
Akri BijeelBlock
22
Kurdistan assets - geochemical sampling
• Maturity increases towards the NW
• Lowest maturity samples seem to occur in isolated area (Aqra type section)
• Biodegradation pattern less clear
– Is it related to sample type/location?
– Surface vs. subsurface sample?
– Solid vs. liquid sample?
• Degree of biodegradation may increase moving southwards?
• All samples indicate a Marine Carbonate source type
• Source predicted to be Jurassic
Mild biodegradationHigher maturity Mild biodegradation
Higher maturity
Mild biodegradationModerate maturity
Mild biodegradationModerate maturity
Heavy biodegradationModerate maturity
Heavy biodegradationLower maturity
Heavy biodegradationLower maturity
UndegradedModerate maturity
Mild biodegradationModerate maturity
Heavy biodegradationModerate maturity
Heavy biodegradationModerate maturity
Mild biodegradationModerate maturity
Surface seep (oil pool)Well production sample
Surface seep (bitumen)
Surface seep (bitumen)
Surface seep (bitumen) Surface seep (bitumen)
Surface seep (bitumen) Surface seep (bitumen)
Surface seep (bitumen)
Surface seep (bitumen) Surface seep (bitumen)
Surface seep (sat matrix)
Well production sample
NondegradedHigher maturity
Shaikan
Akri-Bijeel
23
Kurdistan assets - Shaikan seismic programme
2km
S N
• Shot 171 km of 2D seismic to date
• Processing completed
• Interpretation ongoing
SN-
08-2
SN-
08-4
SN-
08-6
SN-
08-8
SN-
08-1
0
SN-
08-1
2
SN-08-1
SN-08-3
SN-08-5
SN-
08-1
4
24R So SeReservoir Source Seal
TD: 3300m
Formation(Prognosed
Thickness m)Epoch / StagePeriod Lithology Petroleum
SystemDepth
(m)
Garagu / Chia Gara(200)
Surface
Aqra (400+)
Qamchuqa (250)
Sargelu (100)
Alan / Mus / Adaiyah(Sehkaniyan)
(250)
Butmah (450)
Kurre Chine (500)
Geli Khana(500)
Mirga Mir (150)
Chia Zaira with Satina
MAASTRICH-TIAN
ALBIAN
VALANGINIAN
MID
Early
LATE
MIDDLE
EARLY
LATE
CR
ETA
CE
OU
SJU
RA
SS
ICTR
IAS
SIC
PERMIAN
400
650
950
1050
1300
1750
2250
2750
2980
2830
Bituminous LimestoneMarly limestone
Limestone and Dolomite
Oolitic Limestone
Black Lst and shale
Anhydrite / oolitic lst
Massive Lst, w/ thinShale beds
Dolomite and Anhydritestreaks
Shaly limestone
Dolomite and Anhydrite
Lst and dolomite
R
R
R
Se
Se
Se
So
So
Beduh (80)
Gotina/Najmah (100)850
Late
R
Oolitic Limestone
R
Nb. Some reservoirs contain intraformational seals
Shaikan Reservoirs
Note: • Resource numbers are based on preliminary
seismic time maps and projections made from these.
• Assumptions made about the reservoir parameters used in the calculations are based on either published data from analogous fields in Kurdistan and Northern Iraq or the Company’s best estimates at this time.
• The above totals assume exploration success and that all potential reservoirs listed are full to spill.
• These are GKP estimates and subject to change / refinement as ongoing work progresses.
P90 P50
Qamchuqa 294 737C. Gara / Garagu / Gotina / Najmah 46 119
Sehkaniyan 438 968
Kurre Chine 161 488
Chia Zaira 121 358
Total 1061 2670
Reservoir Barrels in Place (MMBBL)Reservoir Fm
Large surface anticline (80 Sq. Km)Reservoirs : Jurassic, Triassic
Well defined inverted dip/fault closure (21 Sq. Km)Reservoirs : Cretaceous, Jurassic, Triassic)
Sub-thrust Lead (>20 Sq. Km)Reservoirs : Cretaceous, Jurassic, Triassic
Large surface anticline (>80 Sq. Km) Reservoirs : Jurassic, Triassic
Geological and Prospect Map of the Akri-Bijeel Block, Kurdistan Region, Iraq
0 10km
1:50,000Coordinates measured in UTM projection 38ON zone and decimal degrees in lat-long projectionWGS84 reference ellipsoid
Populated AreaRiver
Akri-Bijeel BlockSeismic line
Prospects
Akri-Bijeel Prospects & Leads
GKP preliminary view from it’s interpretation of the seismic
26
Kurdistan Milestones
• Shaikan• Acquired 171 km of 2D Seismic, interpreted and well location determined• Rig contract signed and in transit to Kurdistan
• Drilling site for Shaikan-1 complete. Pipe yard established with long lead items in stock
• Akri-Bijeel• Acquired 442 km of 2D Seismic• Well to follow completion of Shaikan -1 well
27
Activity schedule
28
Schedule of activity
ProvisionalActual
Akri Bijeel-1
Shaikan-1
Kurdistan
HBH Development
HBH Phase 2 Seismic
RM-2HBH-6HBH Phase 2 Wells
Algeria
DecNovOctSepAugJulJunMayAprMarFebJan
2009
Akri Bijeel Seismic
Shaikan Seismic
Kurdistan
HBH-6
HBH-5
FEG-1
RM-1
HBHN-1
HBH-4
Algeria
DecNovOctSepAugJulJunMayAprMarFebJan
2008
29
Key investment considerations
30
Key investment considerations
• High impact assets located in 2 world class hydrocarbon provinces
• Full cycle portfolio• Production - targeting 800
bopd net
• Development – HBH gas field targeting first gas in 2012/ 2013 with gross resources of 0.7 tcf *
• Exploration -Algeria• RM-1 discovery
Kurdistan• Shaikan and Akri-Bijeel
PSCs located in a potential prolific hydrocarbon basin
Attractive Asset Base Material Near-Term Upside PotentialStrategic Advantage
Algeria• RM-1 discovery in HBH could
significantly increase current resource size
• Active drilling schedule through to Q1 2009
Kurdistan• Shaikan exploration well currently
planned to be drilled in H1/09 targeting a billion reservoir bbls or more*
• Akri-Bijeel exploration well currently planned to be drilled in H2/09
• Proven management and board relationships provide access to business development
• Algerian and Kurdistan subsidiaries operated by local management with local knowledge
• Success on current asset base will enable portfolio growth to third core area
World class acreage and reserves position with significant upside potential
* GKP estimate
31
Disclaimer
• The content of this presentation has not been approved by an authorised person within the meaning of the Financial Services and Markets Act 2000 (“FSMA”). Reliance on this presentation for the purpose of engaging in any investment activity may expose an individual to a significant risk of losing all of the property or other assets invested. Any person who is in any doubt about the investment to which this presentation relates should consult a person duly authorised for the purposes of FSMA who specialisesin the acquisition of shares and other securities.
• These presentation materials and accompanying verbal presentation (“Presentation Materials”) do not comprise an admission document, listing particulars or a prospectus relating to Gulf Keystone Petroleum Limited (“Company”) or any of its subsidiary or associated companies (together, the “Group”) nor do they constitute or form part of any invitation, offer for sale or subscription or any solicitation for any offer to buy or subscribe for any securities in the Group nor shall they or any part of them form the basis of or be relied upon in connection therewith or act as any inducement to enter into, any contract or commitment with respect to such securities.
• These Presentation Materials do not constitute a recommendation regarding any decision to sell or purchase securities in the Company (“Company Securities”).• These Presentation Materials are for informational purposes only and must not be used or relied upon for the purpose of making any investment decision or engaging in any investment
activity. Neither the Company, nor any other member of the Group, nor any of their respective directors, employees, agents or advisers makes any representation or warranty in respect of the contents of the Presentation Materials or otherwise in relation to the Group or any of its businesses. In particular, no representation or warranty, express or implied, is made as to the fairness, accuracy or completeness of the information or opinions contained herein, which have not been independently verified. The information contained in these Presentation Materials is provided as at the date of this presentation and is subject to amendment, revision and updating in any way without notice or liability to any party.
• These Presentation Materials contain forward-looking statements, including in relation to the Group’s proposed strategy, plans and objectives. Such statements are generally identifiable by the terminology used, such as “may”, “will”, “could”, “should”, “would”, “anticipate'', “believe'', “intend”, “expect”, “plan”, “estimate”, “budget'', “outlook'' or other similar wording. Forward-looking information includes, but is not limited to, reference to business strategy and goals, future capital and other expenditures, reserves and resources estimates, drilling plans, construction and repair activities, the submission of development plans, seismic activity, production levels and the sources of growth thereof, project development schedules and results, results of exploration activities and dates by which certain areas may be developed or may come on-stream, royalties payable, financing and capital activities, contingent liabilities, environmental matters, government approvals and completion of current negotiations. By its very nature, such forward-looking information requires the Company to make assumptions that may not materialize or that may not be accurate. Such forward-looking statements involve known and unknown risks, uncertainties and other important factors beyond the control of the Group that could cause the actual performance or achievements of the Group to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors include, but are not limited to: imprecision of reserves and resources estimates, ultimate recovery of reserves, prices of oil and natural gas, general economic, market and business conditions; industry capacity; competitive action by other companies; fluctuations in oil prices; refining and marketing margins; the ability to produce and transport crude oil and natural gas to markets; the ability to market and sell natural gas under its production sharing contracts; the effects of weather and climate conditions; the results of exploration and development drilling and related activities; fluctuations in interest rates and foreign currency exchange rates; the ability of suppliers to meet commitments; actions by governmental authorities, including increases in taxes; decisions or approvals of administrative tribunals; changes in environmental and other regulations; risks attendant with oil and gas operations, both domestic and international; international political events; expected rates of return; and other factors, many of which are beyond the control of the Group. More specifically, production may be affected by such factors as exploration success, production start-up timing and success, facility reliability, reservoir performance and natural decline rates, water handling, and drilling progress. Capital expenditures may be affected by cost pressures associated with new capital projects, including labour and material supply, project management, drilling rig rates and availability, and seismic costs. Readers are cautioned that the foregoing list of important factors affecting forward-looking information is not exhaustive. Furthermore, the forward-looking information contained in the Presentation Materials is made as of the date of the Presentation Materials and accordingly, you should not rely on any forward-looking statements and the Group accepts no obligation to disseminate any updates or revisions to such forward-looking statements. The forward-looking information contained in this presentation is expressly qualified by this cautionary statement.
• The Presentation Materials are confidential and being supplied to you for your own information and may not be reproduced, further distributed, passed on, or the contents otherwise divulged, directly or indirectly, to any other person or published, in whole or in part, for any purpose whatsoever. In particular, they do not constitute an offer of securities for sale in the United States, Australia, Japan, the Republic of South Africa, or the Republic of Ireland nor must they be distributed to persons with addresses in the United States, Australia, Japan, the Republic of South Africa or the Republic of Ireland, or to any national or resident of the United States, Australia, Japan, the Republic of South Africa, the Republic of Ireland or to any corporation, partnership, or other entity created or authorised under the laws thereof. Any such distribution could result in a violation of American, Australian, Japanese, South African or Irish law. It is the responsibility of each recipient outside the UK to ensure compliance with the laws of and regulations of any relevant jurisdiction.
• The Presentation Materials are exempt from the general restriction set out in section 21 of the FSMA on the communication of invitations or inducements to engage in investment activity on the grounds that it is made only to Investment Professionals and High Net Worth Companies as such terms are defined in the UK Financial Services and Markets Act 2000 (Financial Promotion) Order 2005.
• The Presentation Materials and their contents are directed only at persons who fall within the exemptions contained in Articles 19 or 49 of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 and who are qualified investors within the meaning of s.86(1)(a) of the Prospectus Regulations 2005, or persons to whom distribution of the Presentation Materials may otherwise lawfully be made. Any investment, investment activity or controlled activity to which the Presentation Materials relate is available only to such persons and will be engaged in only with such persons (and all such persons referred to as “relevant persons”). The Company Securities are available only to, and any invitation, offer or agreement to subscribe, purchase or otherwise acquire the Company Securities will be engaged in only with, relevant persons. The contents of the Presentation Materials must not be copied or distributed by any attendees and its contents are confidential. By receiving the Presentation Materials you represent and warrant that you are a person who falls within the above description of persons entitled to so receive the Presentation Materials and that you agree to be bound by the provisions of this Disclaimer. Any person who is not a relevant person or who does not have professional experience in matters relating to investors should not act or rely on this document or any of its contents.
• The figures and projections included in these Presentation Materials are based on internal assumptions made by the directors of the Company and have not been reviewed or verified as to their accuracy by a third party or independent accountant. The information contained within is subject to updating, completion, revision, verification and further amendment. While the information contained herein has been prepared in good faith, the directors can not give any representations, or warranties (express or implied) as to, or in relation to, the accuracy, reliability or completeness of the information in this presentation, or any revision thereof, or of any other written or oral information made available to any interested party or its advisersand liability therefore is expressly disclaimed. Accordingly, neither the Company nor any of its shareholders, directors, officers, agents, employees or advisers take any responsibility for, or will accept any liability whether direct or indirect, express or implied, contractual, tortuous, statutory or otherwise, in respect of the accuracy or completeness of the information or forany of the opinions contained herein or for any errors, omissions or misstatements or for any loss, howsoever arising from the use of these Presentation Materials. In furnishing these Presentation Materials, the Company does not undertake or agree to any obligation to provide the recipient with access to any additional information or to update these Presentation Materials or to correct any inaccuracies in, or omissions from these Presentation Materials which may become apparent.