Rich Glory Coin

A Security Debt Tokenization

About StormHarbour

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StormHarbour is a client-focused investment banking partnership,
founded on the bases of Integrity, Trust and Global Expertise

Since 2010, StormHarbour’s Asian franchise has been focusing in private placement financing solutions, providing expertise in pricing and structuring with extensive distribution capabilities in Greater China, Japan, Korea, Australia and SE Asia, covering a wide spectrum of investors.

As an independent, client relationship driven business, we are transparent at every level of our business, from communication to pricing. We have experienced and knowledgeable teams completely focused on our clients’ needs.

StormHarbour is honored with the award of the 2012 Banker Magazine Innovative Boutique of the Year.

Key Strengths

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Global Market Connectivity

Seven offices worldwide, covering thousands of institutional counterparties, across all major global liquidity pools

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Experienced Team

160 hands-on industry and product veterans who have held leadership positions at some of the world’s largest financial institutions

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Worldwide Client Base

Trusted advisor to clients ranging from project & development sponsors to Fortune 500 corporations

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Client-Focused Business Model

Balance sheet light, conflict-free business model that places our clients’ interests first

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Broad Execution Capabilities

Actively pursue complex advisory and financing assignments that leverage our global platform

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Bespoke Approach

Customized analysis combined with real-time market insights drives our recommendations

Notable Transaction

Energy & Natural Resources
Hong Kong

USD 115 Million

Debt Restructuring Advisory

Sole Arranger & Joint Book Runner

France

Undisclosed Private Placement

Exclusive Placement Agent

Colombia

Sale of LUKOIL Overseas Colombia

Exclusive Financial Advisor

United States

USD 50 Million

Private Equity Placement

Co-Lead Placement Agent

Global Office Location

Global Investment Opportunity
New York London Lisbon Madrid Dubai Hong Kong Tokyo

* StormHarbour is the brand under which the member firms of StormHarbour operate and provide financial advisory services. StormHarbour Hong Kong, together these firms, located in New York, London, Lisbon, Tokyo and Dubai form the StormHarbour network.

Business Structure

Client-focused Investment Banking
Our Advisors
water1
The Senior Partner and CEO, StormHabour, Asia Pacific
antonio1
The Managing Principal, StormHarbour, London
fredrick1
The Managing Principal, StormHarbour, New York
paulwang3
Ex-bulge bracket investment banker with 10-year experience in the PRC oil and gas industry
paulwang3
Sam Lee
Lead Consultant & Coordinator, Coinstreet
paulwang3
Kevin Ng
Lead Consultant & Facilitator, Fundergo
paulwang3
Letitia Yip
Consultant, Coinstreet
paulwang3
Jakob Hesse
Consultant, Coinstreet
Our Tokens
What is Rich Glory Coin?

A Security Debt Tokenization

To fund operations necessary to expand the Dagang Oil Field in the Kongnan Block to increase the oil production capacity and for other general corporate purposes.

 

Rich Glory Coin, a tokenised secured debt, with size up to a maximum of USD25 million  (through single or multiple tranches) due on the third anniversary; bearing an interest of 4.5% per annum, payable semi-annually, plus an additional upside return calculated based on 10% of the positive percentage difference between the 90-day VWAP Brent Price on Maturity Date over the 90-day VWAP Brent Price on First Closing Date. Payable at Maturity. Furthermore, this secured debt will be subject to a put option exercisable by holders thereof before the first anniversary of closing.

      Winner of TADS Awards 2021 – Best of Class TADS, Rising Stars Award
Successful applicant of Hong Kong The Financial Services and the Treasury Bureau (FSTB) – Fintech Proof-of-Concept Subsidy Scheme
MicrosoftTeams-image1
Lead Consultant & Global Coordinator
coinstreet@4x
Project Facilitator
Fundergo logo

Background of Pan-China Resources Ltd

  • In 1997, Pan-China Resources Ltd (PCR) entered into a production sharing contract with one of the largest oil companies in the world with a maximum term of 30 years, expiring in 2027.
  • PCR was designated as the contractor and operator to develop the Dagang Kongnan Block area.
  • Kongnan Block is in southern part of Bohai Bay Basin and is approximately 100 km south of Tianjin metropolis.
  • The product sharing contract is currently covering 3 areas and the Kongnan Block currently includes three sub block areas, which are Xixiepo (15.5 km2), Xiaoji (1.04  km 2)  and  Duannan  (14.75  km2)  with  a  combined  total  area  of  31.29 km2.
  • With the steady production, Kongnan Block is less risky than oil fields in exploration stage. Hence with investments, growth of production is expected.

Oil Reserves Summary

  • Summary of PCR’s Oil Reserves in Kongnan Block as at December 31, 2021:
Oil Reserves Proven Proven + Probable Proven + Probable + Possible
Gross Oil Reserves (MMBbl) 3.07 4.74 6.30
PCR’s Net Entitlement (MMBbl) 2.21 3.27 4.13
Source: Competent Person’s Report dated March 2022 by UNIWE International Energy Limited.

Production Summary

  • Since commencement of trial production in September 1999 and up to December 31, 2021, cumulative oil production for Kongnan Block is 11.41 MMbbl. The depth of reservoirs are between 2,300 meters and 3,600 meters.
  • During December 2021, 57 wells in Kongnan Block were producing oil and 3 wells were injecting water.
  • For the 12 months in 2021, the cumulative oil production for Kongnan is 485,177 bbls.
2018 2019 2020 2021
Gross Field Production (BOPD) 1,414 1,626 1,293 1,329
PCR’s Net Entitlement (BOPD)1 953 1,315 798 1,058
The estimated oil reserves, on a gross basis:
Proved Proved Reserves (1P): 3.07MMbbl
Proved Proved +Probable Reserves (2P): 4.74MMbbl
Gross Gross Possible Reserves are 6.30MMbbl
Key Production Highlights:
Average daily production > 1,200bopd
Low cash cost of ~US$17 per barrel 100% sell through to PetroChina

UNIWE UNIWE has estimated the Market Value of PCR's oil assets is around 

US$45.3 million based on 2P reserve as at Dec 31, 2021.

Oil Sales

2017
2018
2019
2020
2021
Annual sales price (US/bbl) 54.17 71.34 64.26 44.97 60.00

Produced oil from Kongnan is being gathered in oil tanks placed at each oil producer well site, and each well has one or a pair of oil gathering tanks.

At that point, oil is passed through a flow meter and enters Dagang Oil Field joint gathering station.

The central processing facility of the Dagang Oil Field which is operated by one of the largest oil companies in the world.

Kongnan Annual oil Sales Production Forecast (Gross Basis)

Year
Kongnan Annual Oil Sales Production Forecast (Gross Basis) (Bbl)
Proved
Probable
Possible
Proved + Probable
2022 577,757 21,246 13,717 599,003
2023 682,611 236,062 326,082 918,672
2024 602,495 405,251 381,227 1,007,746
2025 503,395 406,584 340,307 909,979
2026 405,411 339,773 279,208 745,184
2027 300,060 262,548 214,033 562,607

Source: Competent Person’s Report in March 2022 by UNIWE International Energy Limited.

Oil Price Forecasts as of December 31, 2021

The international benchmark Brent crude oil price averaged US$71/bbl in 2021

  • Price continues to surge past US$100 since 2022 and shall maintain at a high price environment
  • High oil price to continue in 2022 due to geopolitical situation but has yet to be reflected by third party professionals
Year Brent Oil Price by management (US$/bbl) Oil sales Price Forecast for Kongnan Block (US$/bbl) Expected Avg. Brent Crude Price by Reuters’s Survey (US$/bbl)
2022 80.00 75.00 82.00
2023 79.00 74.00 83.00
2024 77.00 72.00 83.00
2025 78.54 73.54 82.00
2026 80.11 75.11 80.00
2022 80.00 75.00 82.00
Source: Competent Person’s Report in March 2022 by UNIWE International Energy Limited.

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