Hibiscus Petroleum Bhd. · MYX:HIBISCS
Hibiscus Petroleum Bhd — Investor Presentation (January 2013)
44 slides from Hibiscus Petroleum Bhd's investor presentation, January 2013
Slide 1: Hibiscus Petroleum Berhad: Building Greater Value
Hibiscus Petroleum Berhad Building Greater Value CRPS Investor Pack: January 2013 IMPORTANT NOTICE This presentation document is NOT a prospectus and is STRICTLY CONFIDENTIAL. The contents of this document are intended for general information purposes only for sophisticated investors (namely, person
Slide 2: Agenda
Agenda A. GENERAL PRESENTATION ON HIBISCUS PETROLEUM GROUP - CURRENT 1. Introduction to Hibiscus Petroleum Berhad 2. Lime Investment 3. 3D Oil Investment B. COMPANY GROWTH AND STRATEGY GOING FORWARD 1. Business Approach C. PROPOSED FUNDING STRUCTURE 1. CRPS (Convertible Redeemable Preference Shares)
Slide 3: Market Data Summary
Market Data Summary Market: Main Market of Bursa Malaysia Securities Sector Category: Industrial Products Stock Code: 5199 HIBISCS Market Capitalization (10 January 2013) Shares: 440 339 722 units x RM 1.55 = RM 682.5 mil Warrants – A (Traded) : 312 144 722 units x RM 1.04 = RM 324.6 mil Warrants
Slide 4: Presentation Content
Presentation Content A. GENERAL PRESENTATION ON HIBISCUS PETROLEUM GROUP - CURRENT 1. Introduction to Hibiscus Petroleum Berhad 2. Lime Investment 3. 3D Oil Investment B. COMPANY GROWTH AND STRATEGY GOING FORWARD 1. Business Approach C. PROPOSED FUNDING STRUCTURE 1. CRPS (Convertible Redeemable Pref
Slide 5: Hibiscus Petroleum: Our Milestones
Hibiscus Petroleum: Our Milestones 1st SPAC IPO Signed Lime Additional Petroleum Onshore RAK Agreements as Concession QA 25 July 2011 12 April 2012 24 October 2011 Completed Lime 4 Additional Increase in QA - 1st Listed Norwegian Masirah % (Block E&P Company Concessions 50 Oman concession) 18 April
Slide 6: Capital Structure & Shareholder Profile
Capital Structure & Shareholder Profile Capital Structure : 10 January 2013 Shareholding Structure: 31 Dec 2012 Total number of shares in issue 440,339,722 No of Shares % of Shares Shareholder Profile (in million) Total Funds From The Number of Exercise of IPO Current Current Warrants Warrants 83.61
Slide 7: Board Members 1
Board Members …. 1 Zainul Rahim bin Mohd Zain (Malaysian) Chairman Qualifications: B.Sc. in Engineering (Mechanical), University of Western Australia. (Non-Executive) Experience: More than 30 years experience in the oil and gas exploration and production industry. Currently: Board member of Petronas
Slide 8: Board Members 2
Board Members …. 2 Roushan Arumugam (Malaysian) Independent Qualifications: M.A. in English Language and Literature, St. Catherine’s College, Oxford University, Masters in Business (Non-Executive) Administration from Imperial College Business School and M.A. in Legal Studies, University of Bristol,
Slide 9: Board Members 3
Board Members …. 3 Tay Chin Kwang (Singaporean) Qualifications: Bachelor of Accountancy from the National University of Singapore. Certified Public Accountant and fellow Independent member of the Institute of Certified Public Accountants of Singapore. (Non-Executive) Experience: Over 22 years of exp
Slide 10: Key Management 1
Key Management …. 1 Stephen Dechant (American) Qualifications: B.Sc in Civil Engineering, Kansas State University, Manhattan, Kansas. Chief Experience: More than 30 years experience in the oil and gas industry in a career dedicated to managing large offshore Development projects globally including B
Slide 11: Key Management 2
Key Management …. 2 David Richards (Malaysian) Qualifications: B.Sc. (Hons) in Earth Science (UKM, Malaysia). Head Geoscientist Experience: 22 years of subsurface E & P experience. Previously: Geologist with Sun Oil, ExxonMobil, Carigali-Hess Operating Company and Newfield Malaysia. Expertise: Explo
Slide 12: Key Management 3
Key Management …. 3 Azleen Rosemy Ahmad (Malaysian) Qualifications: B.Sc. in Actuarial Science and Finance (Wharton Business School, University of Pennsylvania, USA) and Masters General Manager, in Business Administration (University of Nottingham, United Kingdom). Corporate Finance Experience: 20 y
Slide 13: Key Management 4
Key Management …. 4 Jason Tan (Malaysian) Qualifications: : B. Commerce (University of Western Australia) and Certified Practising Accountant (Australia). General Manager, E&P Finance Experience: 15 years experience in the oil & gas industry. Previously : Price WaterhouseCoopers, Talisman Malaysia L
Slide 14: Presentation Content
Presentation Content A. GENERAL PRESENTATION ON HIBISCUS PETROLEUM GROUP - CURRENT 1. Introduction to Hibiscus Petroleum Berhad 2. Lime Investment 3. 3D Oil Investment B. COMPANY GROWTH AND STRATEGY GOING FORWARD 1. Business Approach C. PROPOSED FUNDING STRUCTURE 1. CRPS (Convertible Redeemable Pref
Slide 15: Lime Investment
Lime Investment Lime QA Securities Shareholders Deal Transaction Commission EGM Closing Announcement Approval Approval 16 February 21 March 18 April 25 October 2011 2012 2012 2012 Signing Deal Package Approvals & Completion • Investment in a 35% equity stake in Lime Conditions Precedent Deal Package
Slide 16: Lime Structure After Deal Completion
Lime Structure After Deal Completion Exposure to 8 concessions in the Middle East and Europe Hibiscus Petroleum 100.0 % Berhad RAK Offshore Dahan 59 % Schroder Gulf Petroleum Ltd & Co Rex Oil & Hibiscus Banque Gas Ltd Ltd Sharjah S.A. Offshore Zubara 100 % 8.60 % 56.40 % 35.0 % 100.0 % Petroleum Ltd
Slide 17: Lime: Middle East Concessions
Lime: Middle East Concessions The Most Prolific Petroleum Basin In The World RAK OFFSHORE RAK ONSHORE SHARJAH OFFSHORE OMAN BLOCK - 50 RAK OFFSHORE RAK ONSHORE Dahan Petroleum Baqal Petroleum Right Ally – 16 % Lime – 100 % Schroder – 25 % Lime – 59 % OMAN BLOCK 50 SHARJAH OFFSHORE Masirah Oil Zubara
Slide 18: Lime: Norwegian Assets
Lime: Norwegian Assets PL 518 PL 526 Zapffe Vågar/Karl PL 530 PL 503 PL 518 Lotos EP – 25% (OP) Dong – 40% (OP) Heilo Edison -25% North Energy – 15% North Energy – 12% Sagex – 10% PL 503 Skagen – 25% Discover -20 % Valberget Lime – 13 % Lime – 15 % PL 526 PL 530 North Energy – 33.3% (OP) GDF – 40% (
Slide 19: Lime Group: Estimated Resources
Lime Group: Estimated Resources Net Unrisked Best Estimate Net Risked Best Estimate Middle East Recoverable Resources Recoverable Resources (mmboe) (mmboe) RAK North Concession 60.9 13.4 Sharjah Concession 426.0 55.0 Block 50 Concession 1,420.0 248.0 RAK Onshore Concession TBA TBA Total (Excludes RA
Slide 20: Rex Proprietary Technologies
Rex Proprietary Technologies Rex Oil & Gas, major shareholders of Lime Petroleum PLC, has developed three new unique technologies which seeks to reduce the: early risks associated with discovery of oil and gas (and its commercial impact) time to commercialize viable fields The technologies are:
Slide 21: Technology License: Geographical Coverage
Technology License: Geographical Coverage • 15 countries covering the most prolific petroleum basins which contain more than half of global proven oil reserves for approximately 5 years: + Bahrain + Egypt + Iran + Iraq + Jordan + Kuwait + Lebanon + Oman + Palestine (Gaza Strip and West Bank) + Qatar
Slide 22: Benefits of Rex Technologies
Benefits of Rex Technologies Conventional Work Program Rex / Lime Work Program Relative Activity Time Relative Activity Time Rex Cost (mths) Cost (mths) Technology Low Secure Concession 12 – 18 Low Secure Concession 9-12 • Gravity • Seepage Exploration 36 – 60 Commitment Exploration 12-24 • Virtual
Slide 23: Lime Group: Fully Funded Work Program
Lime Group: Fully Funded Work Program 2012 2013 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Seismic Acquisition Oman Block 50 Reprocessing of existing data Processing, Interpretation & VD Drilling Well Engineering Drilling & Testing 2 wells Well We
Slide 24: Presentation Content
Presentation Content A. GENERAL PRESENTATION ON HIBISCUS PETROLEUM GROUP - CURRENT 1. Introduction to Hibiscus Petroleum Berhad 2. Lime Investment 3. 3D Oil Investment B. COMPANY GROWTH AND STRATEGY GOING FORWARD 1. Business Approach C. PROPOSED FUNDING STRUCTURE 1. CRPS (Convertible Redeemable Pref
Slide 25: Australia: Summary of 3D Oil Investment
Australia : Summary of 3D Oil Investment Hibiscus Petroleum Berhad • As part of its portfolio balancing (Hibiscus) strategy, Hibiscus Petroleum, 100% through Oceania Hibiscus and Oceania Hibiscus Sdn Bhd (OHSB) Carnarvon Hibiscus : AUD 2 MM – Subscription of new Malaysia shares in PLC o Subscribed 1
Slide 26: Australia: Gippsland Basin Background
Australia : Gippsland Basin Background • Australia’s most prolific oil & gas basin, close to major existing infrastructure, including established oil & gas refineries • Operations are made up of 18 platforms and several subsea tiebacks VIC/P57 • Over 30 fields including 3D Oil’s West VIC/P57 Seahors
Slide 27: Australia: Background Information on VIC/P57
Australia : Background Information on VIC/P57 • The VIC/P57 Exploration License is located in the northwest of the Gippsland Basin with the northern boundary some 10 kms offshore of the south-east Victorian coast and infrastructure. • The key assets within the permit are the (proven) West Seahorse F
Slide 28: Australia: Exploration Potential
Australia : Exploration Potential Sea Lion West Seahorse Wirrah Moonfish Felix Prospect Seahorse Prospect Creating Value Through Our Knowledge And Experience 28
Slide 29: Australia: Summary of Resources of Exploration Prospects
Australia : Summary of Resources of Exploration Prospects Source: RISC Field: Sea Lion POS (%) Low Estimate Best Estimate High Estimate (MMBBLS) (MMBBLS) (MMBBLS) Formation • Gunnard 37 0.4 0.9 2.0 • N1 42 2.6 4.5 7.5 • N2.6 42 3.2 5.2 8.2 10.6 Field: Felix POS (%) Low Estimate Best Estimate High Es
Slide 30: Australia: Merits of the 3D Oil Investment
Australia : Merits of the 3D Oil Investment …1 P50 Resources of 7.3 MMbbls (P50 Contingent 5.5 MMbbls) with significant exploration upside especially for the Sea Lion Prospect Acquisition of a controlling interest in the VIC/P57 (50.1%) with role of Operator Access to subsurface staff with exp
Slide 31: Risk Profile: Merits of the 3D Oil Investment
Australia : Merits of the 3D Oil Investment.… 2 In line with the portfolio balancing strategy of Hibiscus Petroleum Group of investing in development and / or producing assets High Strategy fit RISK PROFILE Qualifying Acquisition • High Impact Advanced Lime Assets VIC/P57 Exploration to Build Value
Slide 32: Presentation Content
Presentation Content A. GENERAL PRESENTATION ON HIBISCUS PETROLEUM GROUP - CURRENT 1. Introduction to Hibiscus Petroleum Berhad 2. Lime Investment 3. 3D Oil Investment B. COMPANY GROWTH AND STRATEGY GOING FORWARD 1. Business Approach C. PROPOSED FUNDING STRUCTURE 1. CRPS (Convertible Redeemable Pref
Slide 33: Business Approach & Investment Focus Going Forward
Business Approach & Investment Focus Going Forward $/boe, risked Prospective $/ boe, Risked Prospective Contingent Contingent Reserves Reserves Resources resources resources Resources Increased recovery? Increased recovery High Cost Cost Overstated Overstated overrun reserves? Discovery overrun dela
Slide 34: Mid Term Funding Plan
Mid Term Funding Plan Warrants RM165m Proceeds + High Free Cash Flows from Earlier Projects RM245m IPO Proceeds RM18m IPO Proceeds + RM75m Early CRPS Tranches Qualifying Acquisition RISK PROFILE • High Impact Advanced Future Exploration to Build Later CRPS Exploration Value Tranches Projects RM93m R
Slide 35: Presentation Content
Presentation Content A. GENERAL PRESENTATION ON HIBISCUS PETROLEUM GROUP - CURRENT 1. Introduction to Hibiscus Petroleum Berhad 2. Qualifying Acquisition Transaction B. COMPANY GROWTH AND STRATEGY GOING FORWARD 1. Business Approach 2. Information on New Opportunities C. PROPOSED FUNDING STRUCTURE 1.
Slide 36: CRPS Fund Raising Initiative
CRPS Fund Raising Initiative Additional Mkt Cap: Concessions in Norway 3D Oil and 400% As part of a continuous effort to maintain value US$ 224 mil and RAK VIC/P57 Transaction creation momentum, Hibiscus Petroleum is 350% 10 Jan 2013 Completion of Subscription raising up to RM 210 mil (circa US$ 7
Slide 37: CRPS: Overview
CRPS : Overview Price Fixed at conversion premium ≤10% over the 5- Payment of Funds Independent day VWAMP share or 3 BD after signing Custodian RM1.60, whichever is higher subscription agreement <RM15m 10% RM15m to <RM30m 7.5% RM30m to <RM45m 5.0% RM45m to <RM60m 2.5% Funds invested in ≥RM60m 0% Iss
Slide 38: Key Advantages Of Participating In The CRPS Exercise
Key Advantages Of Participating In The CRPS Exercise CRPS block purchase allow for an investor to secure a significant equity stake at a fixed price. Invested funds are maintained with a Trustee and utilized on projects which provide the desired returns and strategic objectives. The utilizatio
Slide 39: Appendix: Detailed terms of the CRPS
Appendix Detailed terms of the CRPS Creating Value Through Our Knowledge And Experience 39
Slide 40: CRPS terms 1
CRPS terms….1 No of CRPS Up to 210,000,000 CRPS raising up to RM210,000,000 Par value RM0.01 (i.e. the par value of HP shares) Issue Price RM1.00 Mode of Issue Private placement without prospectus. The CRPS are to be placed out in multiple tranches within 6 months from the date of receipt of Bursa M
Slide 41: CRPS terms 2
CRPS terms….2 Independent Expert An independent expert shall verify the compliance of the actual utilisation of proceeds with the “Permitted Utilisation of Proceeds” clause. Conversion Price The Conversion Price will be fixed at a premium of up to 10% over the 5-day VWAMP of HP Shares immediately be
Slide 42: CRPS terms 3
CRPS terms….3 Redemption In the event less than 80% of the proceeds raised (excluding interest earned) are utilised Option as permitted under the terms of the CRPS, as at 1 month prior to the Maturity Date, holders have a one-time option to redeem, on a pro-rata basis, up to a maximum aggregate rede
Slide 43: CRPS terms 4
CRPS terms….4 Condition of The redemption of the CRPS shall be subject to, and in accordance with, Section Redemption 61 of the Companies Act, 1965 Redemption Price Redemption Price (in RM) will be determined based on the formula below: 𝑈 𝑅 = [ 1 + 5% × ] 365 Where, R = Redemption Price per…
Slide 44: Thank You
THANK YOU For further clarifications, please contact Joyce Vasudevan at:- Mobile : + 6013 3657835 Office : + 603 2092 1300 Email : [email protected] 4 Creating Value Through Our Knowledge And Experience 44
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