axe corporate summary may 2017 - acceleware ltd.€¦ · §production levels of sagd ... rf xl vs....
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Forward Looking StatementsCertain statements in this Acceleware presentation, other than statements of historical fact, may include forward-lookinginformation that involves various risks and uncertainties. These may include, without limitation, statements based oncurrent expectations involving a number of risks and uncertainties related to all aspects of the oil and gas technologyindustry. These risks and uncertainties include, but are not restricted to, ability of the Corporation to fund its researchand development (R&D) activities, the timing of such R&D, the likelihood that the patent applications filed by theCorporation will be granted, continued increased demand for the Corporation's products, the Corporation's ability tomaintain its technological leadership in the fields of seismic imaging, radio frequency of heavy oil and electromagneticsimulations, the Corporation's ability to attract and retain key employees, defend itself against any future patentinfringement claims, and the availability of key components.
These uncertainties may cause actual results to differ from information contained herein. There can be no assurancethat such statements will prove to be accurate. Actual results and future events could differ materially from thoseanticipated in such statements. These and all subsequent written and oral forward-looking statements are based on theestimates and opinions of management on the dates they are made and expressly qualified in their entirety by thisnotice. The Corporation assumes no obligation to update forward-looking statements should circumstances ormanagement's estimates or opinions change except as required by law.
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What Does Innovation Mean?
3
Acceleware’sRFXLdeliversalowerbreak-evenpoint,
ANDsustainablyhighermargins.
What Does Innovation Mean?
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LowerGHGsNoexternalwaterNosolvents
RFXLaddressesenvironmentalchallenges
What is Radio Frequency (RF) Heating?§ Functionslikeaninside-outmicrowaveoven§ Canbedeployedhorizontallyorvertically§ ProductionlevelsofSAGD,usinglessthanhalftheenergy
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RF XL Offers simplicity
§ Nosteamplant§ No(orminimal)
watertreatment
§ Minimalon-sitelabourtooperateandmaintain
§ Lesslanduse§ Nowater
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SAGDPlant
Efficiency : Energy to Useful HeatSAGD§ Heatlossesat
steamplant§ Heatlossesfrom
planttowellpad§ Heatlosses
downtoformation
§ Heatlossesfromproducedwater
7.5-9GJ/m38
RFXL§ PowertoRFat98%-
99%efficiency§ RFtoformationat
>95%efficiency§ RFpenetratesthe
formationheatingwatervolumetrically
§ Farlesswaterisproduced
3-3.5GJ/m3
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OPEX Cost Advantage
43%Impact: OPEX ($/bbl)
$- $2.00
$4.00
$6.00
$8.00
$10.00
$12.00
$14.00
$16.00
SAGD($14.42)RFXL($8.25)
CarbonTaxOtherMaint.SupplyStaffFuelElectricity
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76%Impact: CAPEX ($000s/fbbl)
0
5
10
15
20
25
30
SAGD($30K/fbbl)RFXL($7.3K/fbbl)
$13.0
$3.0
$17.0
$4.3
Facilities
RFSystem
SteamPlant
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Impact: GHG Reductions
0102030405060708090
SAGD 2016Grid CCGT 2030Grid Renewable
C02Emissions(kg/bbl)
23% 49% 56% 100%
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Impact: Other Key Benefits
§ Scalability– viableonewellatatime§ Firstoilindays– notmonths§ Mobile– easytore-deploycapital§ Highermargin– avoidsservicecostinflation§ Broadtargetmarket
§ Bitumen&Heavyoil§ Thin-payheavyoil§ Potentialforcarbonates,shaleoil,shallow,deep
RF Heating Timeline§ 1948:UnionOilCo.- InitialpatentfiledonRFHeating§ 1969:Russia:63kWpowerat650mdepth§ 1980s:Russiantestat20-30kW,multipletests(Bridges),andtestsinUtah,ABandSK
§ 1990s:Bakersfield,20kWtest§ 2000s:Interestbuilding,patents,paperspublished§ 2010:Moreinterest– Accelewarebeginsworkingwithasupermajorandotheroilcompanies
§ 2014-2018:newfieldtests(Acceleware,others)§ 2020:Commercialsolutionsavailable…13
Our Discoveries
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RFcanwork,but:
§ Efficiencytoolow;
§ CAPEX/watttoohigh;
§ well-boredimensionslimitpower;
§ difficulttodeploy;and
§ welllengthislimited.
Our Innovation
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Re-designedfromtheground-upwith:§ GEpartnershipfor
high-efficiency,lowercostperwatt;
§ newtransmission&deliverymethodsforlowlosses,easydeployment;and
§ antennadesignthatsupportslongwells.
Addressable Market – bbls by type
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§ Over3trillionpotentialbarrelsforRFXL§ AXErevenuepotentialof~US$1/bbl
Play Resource OOIP(Bbbls)Athabasca OilSands Bitumen 1,600
Post-CHOPS(AB/SK) HeavyOil 250
SK Thin-Pay HeavyOil 25
OrinocoOilBelt ExtraHeavy 1,200
Middle East HeavyOil 500-900
RF XL Differentiators
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§ Simple, inexpensive, easy to deploy§ Partnership with GE for the latest low-cost, high-
efficiency technology from power industry
§ Can follow SAGD drilling & completions § Predominantly standard materials, components,
and processes§ Specifically developed for long horizontal wells
RFXLproducesmorebarrelsthanSAGDwithlessthanhalfoftheenergy
RF XL vs. SAGD Simulation
SAGD:1,150,000GJ726Kbarrels
RFXL475,000GJ1Mbarrels
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RF XL Commercialization Timeline
ü Laboratorytanktests2015- 2016ü 1/20scalefieldtestQ42016- Q12017§ Commercialscaletest2017-2018§ Multi-welltest(s)targetedfor2019/2020§ Commercialsystemsavailable2020
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1/20 Scale Test Objectives Achieved
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ü Deliver high power to the formation with scaled components;ü heat the formation as predicted by simulation; andü test and confirm proprietary system design.
0
20
40
60
80
100
0 2 4 6 8 10 12 14
MaxTe
mpe
rature(℃
)
Time(hrs)
FormationTemperature(East)
Why Will Acceleware Succeed?
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• 25+yearsleadershipinelectro-magneticsandantennadesign;
• extensivedesignandtestingworkwithsupermajors&IOCs;
• GEpartnershipforelectronics;and
• viableplantoexpandoilfieldskillsandcapabilities.
RF Heating Commercialization Plan
Technologydevelopment
Fieldtests,commercialization
AxHeat simS/W
2018201620152010- 2014 2017
DownholeRFdeliveryTanklabtest
Antennae
Reservoirresearch&feasibilities
2019 2020
Commercialscalefieldtest
Productionpilots
2021
Commercialsales
Transistorgenerators
1/20Scalefieldtest
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RF XL Commercial Scale Field Test
Siteselection,engineering,simulations
Q32017
Heatingtest
Drilling&completion
GEgeneratordesign,assembly,testing
Q42017 Q12018 Q22018 Q32018 Q42018 Q12019 Q22019
Analysis/reporting
Extendedheatingtest
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Acceleware Business Model
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• ModularandmobileRFheatingsystemstobesoldorleased• RFXLsystemswillbehousedincustomizedshippingcontainersto
meetoperator’srequirementsfornumberofwellsperwellpad• Purchasepricingbasedonpowercapacityplusannualmaintenance
andsupportfee• Remotemonitoringwillensurecontinuedoperationandminimal
downtime,rollingtrucksonlywhenneeded• Accelewarewillmonitorgridpricestomanagepowerlevelsbased
oneachoperatorsdefinedprice/powertolerancelevels• Applyingmachinelearningtobuildmorevalueovertime
• Resultingincontinuedgrowthinthevalueofouranalytics,givingoperatorsbetterresultsyearafteryear
RF Patent Portfolio
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Concept Status FilingType Est.GrantDate
LeakyWaveAntenna JointlywithChevrononpreviouswork US Granted2017
ShapedDipoleAntenna JointlywithChevrononpreviouswork US Granted2017
ModularRFSystem Filed:Oct7,2014;(Publ.April2016),Favourable Int.SearchReportissued
US,Canada,PCT,Europe
2017
TravellingWaveAntennaforEMHeating
Filed:Feb5,2015 US,Canada 2018
RFXLSystem1 FiledPCTApr10,2017,FiledasUSProvisionalApril13,2016
PCT,provisionalUS 2018
RFXLSystem2 FiledPCTApr10,2017,FiledasUSProvisionalOct17,2016
PCT,provisionalUS 2018
AntennaPatent1 Draftpatentinfinaledits,expecttofiledinJune2017
ProvisionalUS
AntennaPatent2 DraftpatentinfinaleditsexpecttofileinJune2017
ProvisionalUS
3morepatentsinpreparation Tobefiledin2017 ProvisionalUS
Seismic Imaging Software§ Acceleware has a portfolio of three software
products and relationships with five distributors in this space - and blue chip customers.
§ AxRTM§ AxFWI§ AxWave
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Seismic Imaging Business Unit§ $1.4Mannualrevenue§ Cash-flowpositivebusiness§ Growthpotentialasoilpricesstabilizeandrise
§ NewproductgrowthfromAxFWIasemergingproduct§ Migrationofallproductstothecloud
§ Strongchannelrelationships
Summary§ Low-cost, low-carbon innovation for heavy oil§ Lower break-even, and higher margins long-term§ Half the CAPEX & half the OPEX vs SAGD§ No water, no solvent§ Continued innovation and development of IP§ Simple deployment will facilitate adoption§ Cash flow positive software business
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Executive Team§ Geoff Clark – Chief Executive Officer
§ 8 years at AXE, 25 years business experience§ B.Sc. Electrical Engineering, MBA
§ Michal Okoniewski – Chief Scientific Officer§ AXE cofounder§ Ph.D. Electrical Engineering and IEEE Fellow
§ Mike Tourigny – VP, Commercialization RF Heating§ Joined AXE in 2013, 20 years business experience§ B.Comm., MBA
§ Dan Cyca – Chief Technology Officer§ 12 years at AXE§ B.Sc., M.Sc. Electrical Engineering
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Corporate Summary
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Sharesoutstanding 86 million
Fullydiluted 97million
Recentshareprice $0.18
Trading range(52weeks) $0.02- $0.43
Keyshareholders:
Management 25%
NVIDIA 5%
ResourceMerchant Capital 5%
Employees 25
2016Revenue $1,395,169
2016EBITDA ($1,961,543)
2016 R&D $1,247,000
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