Aminex Plc · LSE:AEX
Aminex — Investor Presentation (February 2010)
23 slides from Aminex's investor presentation, February 2010
Slide 1: Aminex PLC Investor Presentation February 2010
AMINEX PLC Investor Presentation February 2010 www.aminex-plc.com
Slide 2: Basic Company Facts
Basic Company Facts London Full List oil and gas company – symbol AEX.L 412 million shares in issue Debt-free balance sheet Market cap around $80 million Placing and open offer in 2009 raised $17 million Funded for upcoming drilling obligations 2P reserves 6.75 mmboe at end 2008 2
Slide 3: African Licences & Joint Ventures
Aminex African Licences & Joint Ventures Nyuni PSA Aminex 50% (operator) Kiliwani N appraisal RAK Gas 25% 1,400 km² Key 20% Bounty 5% Tanzania West Songo-Songo Aminex 50% 500 km² Key 50% (operator) Ruvuma Basin Aminex 50% (Lindi & Mtwara) Tullow 50% (operator) 12,000 km² WEEM Block 2 Aminex Pet. (Eg
Slide 4: Areas of Activity
Areas of Activity EGYPT Interesting exploration opportunity in a mature producing country NORTH KOREA Unique entry position USA Cash generative producing operations with drilling upside TANZANIA Frontier exploration, appraisal, development 4
Slide 5: African activity 2008-2010
African activity 2008-2010 Tested the Kiliwani North discovery in Tanzania at 40 mmcfd Increased stake in Nyuni and Kiliwani North Drilled two wells in Egypt Exited Madagascar and Kenya Activity now focused on Tanzania with three significant PSAs 5
Slide 6: American activity 2008-2010
American activity 2008-2010 Made commercial discovery of oil and gas at Alta Loma in 2008 (Sunny Ernst-2) Drilled South Weslaco-39 as development well Completed 3D seismic interpretation at Shoats Creek with excellent results Preparing to spud well at Shoats Creek 6
Slide 7: USA Reserves Table at end 2008
USA Reserves Table at end 2008 Net Oil Working Net Net Reserves & Gas Asset Interest Oil Gas Category mmboe WI mmb bcf (6:1) 1P 0.35 8.70 1.80 Alta Loma, Texas 37.5% 2P 0.35 8.70 1.80 1P 0.02 0.30 0.05 Shoats Creek (op), Louisiana 100% 2P 1.74 16.73 4.53 1P 0.00 2.20 0.37 S. Weslaco, Texas 25% 2P 0.
Slide 8: USA - Shoats Creek
USA SHOATS CREEK north Interpretation of 3D seismic has transformed understanding of Shoats Creek Can clearly see well defined Pinchout 2 reservoir sand targets in the deep Wilcox formation which is L Wilcox I the regional star L Wilcox II L Wilcox IV There is now a clearer L Wilcox III unders
Slide 9: USA - Shoats Creek
USA SHOATS CREEK 55% of the potential is in the Wilcox formation Planning to farm out the deep rights for the Wilcox Additionally Aminex is drilling two shallow oil prospects to turn PUDs into PDPs and take advantage of improved oil price First spud in February 2010 Aminex’s preliminary ma
Slide 10: USA - Alta Loma
USA ALTA LOMA Proposed Location SE-3 SE-2 - Aminex’s best ever discovery in USA 2.5 Bcf cum Declining production from Upper Andrau to be reversed with installation of SE-2 Well Location production tubing 8.0 Bcf cum 1.2 Bcf cum SE-3 – well planned for 2010 7-10 (P50) BCF potential reserves in
Slide 11: Egypt - WEEM PSC
Egypt WEEM 2 PSC South Malak-1 TD’d at 11,200 ft Oil shows encountered with high gas readings Well stimulation in progress PSA likely to be extended into second period 11
Slide 12: Frontier exploration: Focus on Tanzania
Frontier exploration FOCUS ON TANZANIA Increased interest in Nyuni & KN discovery to 50% via Kenya acreage swap Now have 3 significant Tanzanian PSAs - Nyuni, Ruvuma, West Songo-Songo Along with Maurel & Prom Aminex is the most active driller in Tanzania Kiliwani North is the best discovery
Slide 13: Tanzania - Anadarko's Ruvuma Basin Slide
Tanzania ANADARKO’S RUVUMA BASIN SLIDE 13
Slide 14: Tanzania - Ruvuma Basin
Tanzania RUVUMA BASIN Aminex and Tullow Oil (operator) are 50-50 partners in the 12,000 km² Ruvuma PSA, in southern Tanzania Anadarko has an ongoing drilling programme in the region across the Ruvuma River in Mozambique Ophir rumoured to be mobilising a drill ship for a well in deep water Tanz
Slide 15: Tanzania - Ruvuma Basin
Tanzania RUVUMA BASIN Reprocessing of seismic by Tullow has completely changed the prospectivity of Ruvuma Likonde-1 is a robust oil prospect now being drilled Oil in place potential 500 mmboe with 151 mmboe as P10 case (Tullow) Ruvuma well is fully- funded Chance of success – 1 in 4 (Amin
Slide 16: Tanzania - Kiliwani North Discovery
Tanzania KILIWANI NORTH DISCOVERY Example of New 2009 Transition Zone Seismic Profile Through Kiliwani North Structure Tested discovery well at 40 KN is at the end of a major pipeline and at mmcfd gas in June 2008 the other end are customers for KN gas Completed infill seismic over Developme
Slide 17: Tanzania - Nyuni Exploration Prospects
Tanzania NYUNI EXPLORATION PROSPECTS Currently reprocessing all relevant seismic Reprocessing should be complete by year end Existing mapping by ISIS includes potential for in excess of 1 tcf of gas in place Reprocessing exercise expected to upgrade potential of this PSA Seismic reprocessing
Slide 18: Tanzania - Nyuni Exploration Prospects
Tanzania NYUNI EXPLORATION PROSPECTS But there is a new and encouraging play concept emerging at Nyuni Two wells to drill Licence expiry in mid 2011 focuses attention on need to move forward rapidly Farm-in partners will be sought for new drilling 18
Slide 19: Tanzania - West Songo-Songo
Tanzania WEST SONGO-SONGO Well to drill in the next couple of years Limited activity at present Key Petroleum says potential Chocha Lead reserves are1.3 tcf gas SE NW Line ECE05-16 Afisi Lead WSS-6 Afisi Lead Chocha Lead 19
Slide 20: North Korea
North Korea At last making some progress again Recent management visit to Pyongyang A potential partner in the region which will reinforce efforts and provide financial muscle Novations of existing agreements are essential to move forward positively and being negotiated Large industry part
Slide 21: Drilling Programme 2010
Drilling Programme 2010 (subject to change) Well Q1 Q2 Q3 Q4 Count FRONTIER EGYPT – S. Malak conclusion 1 1 EGYPT – Exploration well 1 1 TANZANIA – Likonde-1 1 1 TANZANIA – Likonde follow-up 1 1 TANZANIA – Nyuni follow-up 1 1 USA Shoats Creek Cockfield 1 1 Shoats Creek Frio 1 1 Shoats Creek Wilcox 1
Slide 22: Key Points
Key Points Shoats Creek greatly increased potential revealed by 3D seismic First new drilling at Shoats Creek about to commence Egypt – Oil shows at South Malak-1 provide encouragement Africa – focus on Tanzania Likonde-1 at Ruvuma currently drilling New and emerging play concept at Nyun
Slide 23: Thank you for listening
Thank you for listening Aminex PLC 7 Gower Street London WC1E 6HA Tel: 020 7291 3100 Fax: 020 7636 9667 [email protected] www.aminex-plc.com 23