ADX Energy Ltd · ASX:ADX
ADX Energy — AuDAX Resources — Corporate Update (May 2009)
52 slides from ADX Energy's corporate update, Jun 4, 2009
Slide 1: Corporate Update May 2009
FuDAX AuDAX CORPORATE UPDATE MAY 2009
Slide 2: Introduction
For personal use only VIENNA PERTH INTRODUCTION
Slide 3: Company Structure
COMPANY STRUCTURE For personal use only F ll P Fully Paid id O Ordinary di Sh Shares 218,796,167 218 796 167 Unlisted Options 16 000 000 16,000,000
Slide 4: Share Price Performance
SHARE PRICE PERFORMANCE For personal use only WER SIGNS JOA WER FARM IN WORLDWIDE MELTDOWN KAIRIKI OUT NZOG REPLACING KIK CAPITAL RAISING SHARE PGS MOU PURCHASE PLAN
Slide 5: Strategy
STRATEGY For personal use only TWO PRONGED APPROACH Grow the European and North African oil and gas business in order to expose shareholders to the lucrative European energy market Promote existing Australian energy, gold and base metal portfolio f to capitalize on the high commodity price envir
Slide 6: Key Experienced Industry Professionals
For personal use only Key Experienced Industry Professionals Personnel 30 years experience in the international Oil & Gas Industry. Industry First 11 years in Europe and the USA with Dr. Wolfgang Mobil Oil. Joined OMV, the Austrian Oil Company in 1991. VP Exploration until 1998. Established OMV’s E&
Slide 7: AuDAX Indicative Value
AuDAX Indicative Value For personal use only Value add per share Sambuca 365 Sicily Channel cents/share Tunisia onshore 51 Australia cents/share 416 Total cents/share Assumptions: NPV10 $13/bbl @ $50 oil share base 220 million shares Post farm – out Sicily Channel: reduction from currently 100% to 3
Slide 8: AuDAX Resources
AuDAX Resources For personal use only International Oil & Gas exploration company with HQ in Perth Experienced E i d managementt team t and d proven oilil finders fi d Focus on proven oil basins Focus on optimal fiscal terms High impact portfolio - exploration and development opportunities
Slide 9: AuDAX Targets and Plans
AuDAX TARGETS AND PLANS For personal use only AuDAX is operator of all oil and gas assets t AuDAX has superior fiscal terms in all countries where active Near term • sign g drilling g management g contract • complete (further) Sicily channel farm out • sign drilling contract for semi submersib
Slide 10: Recent Achievements
RECENT ACHIEVEMENTS TUNISIA: For personal use only ¾ AuDAX approved as Tunisian operator by authorities (DGE, ETAP & CCH) ¾ Agreed bank guarantee with Tunisian government ¾ Executed agreements to unwind sale of 30% interest in Sicily Channel Permits ¾ Farmed out 40% to WEH for 100% drilling cost
Slide 11: Recent Fund Raising
RECENT FUND RAISING For personal use only SHARE PURCHASE PLAN for existing shareholders 25th February 2009 att 3.24 3 24 cts t raised i d 204 204,500 500 A$ ffor 7 7,391,973 391 973 shares h SHARES FOR SALARIES at 4.98 cts raised 100,296 , A$ for 2,013,982 , , shares CAPITAL RAISING 17,600 17
Slide 12: Resource Base Highlights
RESOURCE BASE HIGHLIGHTS For personal use only Sicily channel 700 million barrels resource* Onshore Tunisia 100 million illi b barrels l resource** * Unrisked most likely recoverable resources, net to AuDAX at current equity levels (i.e. 70% in Sicily Channel, 50% in Chorbane).
Slide 13: Near Term Growth
NEAR TERM GROWTH For personal use only Large Sized Company Maker: Italyy & Tunisia Offshore: Sambuca Prospect Mid - Large Sized Company Maker: Tunisia Offshore: Dougga Gas & C d Condensatet DDevelopment l t Mid Sized Company Makers: Tunisia Onshore: Chorbane Exploration Romania 9th & 10th Round: AMI
Slide 14: Exploration & Development
For personal use only VIENNA PERTH EXPLORATION & DEVELOPMENT
Slide 15: Key Projects Europe & North Africa
KEY PROJECTS EUROPE & NORTH AFRICA For personal use only OFFSHORE ITALY & TUNISIA ROMANIA AMI SAMBUCA PROSPECT VIENNA Bidding in 2010 COMPLETE FARMOUT Target 2 – 3 licenses DRILL IN 2010 Drill by 2011 SUCCESS: FIND 270 MMBOE IMPACT PER SHARE: IMPACT PER SHARE: +365 cents future growth ONSHORE TUNISI
Slide 16: Key Projects Australia
KEY PROJECTS AUSTRALIA For personal use only COOPER BASIN VANESSA DISCOVERY MONETIZIATION New Resource Estimates SUCCESS: DEVELOP 22 BCF (Vanessa + satellites) IMPACT PER SHARE: early cash flow PERTH WA MINERAL TENEMENTS Gold Price Increase shifts economic limits SUCCESS: farmout or spin out IMPACT
Slide 17: Tunisia & Italy
For personal use only TUNISIA & ITALY
Slide 18: Tunisia & Italy Assets
TUNISIA & ITALY ASSETS For personal use only y Sicily Tunisia & Italy: y Channel Blocks ITALY CHORBANE BLOCK 100% AuDAX ALGERIA LIBYA
Slide 19: Sicily Channel: Kerkouane & Pantelleria
SICILY CHANNEL: KERKOUANE & PANTELLERIA For personal use only Under Explored: 4,500 km2 surrounded by oil & gas fields. Only 2 wells on both permits. Oil Field Gas Condensate SICILY (ITALY) Nilde Kerkouane-1 CASSIOPEA Zibibbo Dougga Tazerka Birsa Yasmin Oudna TUNISIA Cosmos
Slide 20: Sicily Channel Prospects
SICILY CHANNEL PROSPECTS For personal use only Mean Prospective Resources Sambuca-Over thrust (17) Most Likely Reserves HC ‐ Gas Oil & Condensate Oil Equivalent PROSPECTS [bcf] [mmbls] [mmboe] Sambuca (Birsa, Ain Grab, Abiod) 216 234 270 North Sambuca Sambuca Sa buca Overthrust O e t ust (Ain ( G Gr
Slide 21: Drilling: Dougga & Sambuca
DRILLING: DOUGGA & SAMBUCA For personal use only SICILY (ITALY) Q1 2010: DRILL SAMBUCA OIL PROSPECT 270 mboe resource potential (P50) 640 mboe resource potential (P10) 2010 - 2011: APPRAISE DOUGGA DISCOVERY 29 mmbbls condensate, 420 bcf sales gas TUNISIA
Slide 22: Dougga & Sambuca
DOUGGA & SAMBUCA For personal use only Dougga Appraisal: Sambuca: 270 100 mmboe (P50) mmboe (P50) NEAR TOP ABIOD 3D DEPTH MAP
Slide 23: Dougga & Sambuca Seismic Line
DOUGGA & SAMBUCA SEISMIC LINE For personal use only Dougga- Sambuca Discovery Prospect : (100 MMBOE) 270 MMBOE Birsa Oil Reservoir Ain Grab G Oil O Proven Abiod Abiod Gas Gas Condensate Condensate IN COMBINATION WITH NEARBY DOUGGA (10 KM) THE MEAN GAS CONDENSATE RESOURCE FOR THE ABIOD ALONE IS: 70 M
Slide 24: Dougga-2 Appraisal Well
DOUGGA-2 APPRAISAL WELL For personal use only Appraisal: Discovery: Dougga-2 Dougga-1 southwest BIRSA Ain grab ABIOD Note clear up-dip section at Abiod level west of Dougga-1: Large upside potential: more than 500 meters of gas condensate column.
Slide 25: Possible Birsa Oil Rim in Dougga
POSSIBLE BIRSA OIL RIM IN DOUGGA For personal use only Birsa Gas - Cap Birsa OIL RIM? SAMBUCA Ain Grab – DEPTH
Slide 26: Dougga Development
DOUGGA DEVELOPMENT For personal use only Conceptual Study: FPSO development . Dry raw gas stream to onshore separation and CO2 removal plant, approx. 40 km (BG - Miskar: 130 km offshore!) 4 well development with total off take rate of approx. 100 mmscf/d 12,000 barrels condensate per day + LPG
Slide 27: Dougga Gas Condensate Field: Satellite Structures
Dougga Gas Condensate Field: Large & Attractive Satellite Structures For personal use only H H1 Tunisia Italy Pantelleria Graben DOUGGA - NORTH Composite Dougga-1 line H H4 H3 10 km
Slide 28: Dougga North: Nilde Oil Field Analogy
DOUGGA NORTH: NILDE OIL FIELD ANALOGY For personal use only E SE Dougga-1 Seismic Line from Kerkouane Block Geologic Section through Nilde field Nilde Oilfield in Italy, approx. 60 km further North
Slide 29: For personal use only
EondoniEye, UK QAUDAX- Vienna Eiffel Tower France SaintiPeter's Basilica, VaticaniCily i. . , slic alofie! Gitar ‘Spain . « ‘ a % ean Palace,itaq Lisbon, Portugal 2009)Cnes/Spotlimage ws NOAAYU SANavy NGA" GEBCO bia0-\NN20°09.46 65° E ~ Eye alt 463564km
Slide 30: Sambuca Project Summary
SAMBUCA PROJECT SUMMARY For personal use only UNIQUE OPPORTUNITY IN POLTICALLY VERY STABLE PRODUCING OFFSHORE OIL & GAS AREAS OF TUNISIA AND ITALY: NEVER BEFORE DID ONE COMPANY HOLD BOTH LICENSES COVERING THE SAMBUCA PROSPECT THE SAMBUCA PROSPECT HAS NOT BEEN DISCOVERED BEFORE BECAUSE OF A LAC
Slide 31: Secondary but Proven Gas Condensate Target
SECONDARY BUT PROVEN GAS CONDENSATE TARGET For personal use only COMBINED ABIOD RESERVOIR P50 RECOVERABLE RESOURCES: RESOURCES 70 MMBLS CONDENSATE , 50 MMBLS LPG 910 BCF SALES GAS Sambuca: Dougga Discovery : *270 MMBOE *100 MMBOE * Total P50 RECOVERABLE SECONDARY TARGET: LARGE OFFSHORE GAS CONDENSAT
Slide 32: Commercial Summary
COMMERCIAL SUMMARY For personal use only 18 TO 24 MMUS$ DISCOVERY WELL COST PEAK PRODUCTION RATE OF 60,000 60 000 TO 100,000 100 000 BARRELS OF OIL PER DAY IN P50 SUCCESS CASE GROSS REVENUE OF 4 MILLION US$ PER DAY (40 US$ oil price, peak rate) NET PRESENT VALUE (10%) OF 1 to t 5 BILLION US$
Slide 33: Recent Developments
RECENT DEVELOPMENTS For personal use only 40% of Sambuca field area farmed out to WEH: WEH is a private investment company and secures funds 15% off Si Sicily il Channel Ch l acreage to t be b farmed f d outt to t PGS (currently MoU) status PGS is world leader in offshore 3D seismic: Direct
Slide 34: Onshore Tunisia: Chorbane
ONSHORE TUNISIA: CHORBANE For personal use only Chorbane Sidi Behara Sidi El Itayem Sfax ITALY Chaal Mahares CHORBANE BLOCK ALGERIA LIBYA
Slide 35: Onshore Tunisia: Chorbane
ONSHORE TUNISIA: CHORBANE For personal use only To T Date: D t 6 Structural St t l prospects t identified id tifi d Medium to low risk, large upside, low drilling costs (4 to 6 Million USD) Multiple Objectives from Jurassic through Eocene Analogue Fields on Trend for All Reservoirs Unexplore
Slide 36: Chorbane: Sidi Daher Prospect
CHORBANE: SIDI DAHER PROSPECT For personal use only 20-80 20 80 km k 2 Closure, Cl 20 – 80 mbbls bbl recoverable bl oil resource range, Tcf range deeper gas potential Objectives: Eocene Nummulitic Reservoirs Abiod Limestone 140m thick at REF-1. Potential for southwards strat trap on crest of horst B
Slide 37: Chorbane: Sidi Daher Prospect
CHORBANE: SIDI DAHER PROSPECT For personal use only NEAR TOP ABIOD 25 sqkm closure SMS-1 CHAKER-1 Gore Sober DHI HKS-1 25 sqkm closure Chaal Field
Slide 38: Chorbane: Sidi Daher Prospect
CHORBANE: SIDI DAHER PROSPECT For personal use only SIDI DAHER NARA PROSPECT 60 SQKM ‐ 350 BCF MEAN REC. RESOURCES CHAKER‐1 CHAKER‐1 HKS 1 HKS‐1 HKS‐1 SIDI DAHER ABIOD PROSPECT, CHAAL FIELD 25 SQKM – 40 MMBLS MEAN RESERVES G Gore Sober S b DHI
Slide 39: Tunisia & Italy Summary
TUNISIA & ITALY SUMMARY For personal use only Three Th C Company M Maker k P Projects j iin proven petroleum l province i ready to drill Large number of follow up prospects (1 billion bbls most likely unrisked total resources) close to facilities New Development: Strong encouragement from Tuni
Slide 40: Romania
For personal use only ROMANIA
Slide 41: Unique Window of Opportunity
UNIQUE WINDOW OF OPPORTUNITY For personal use only The mostt prolific Th lifi onshore h European E hydrocarbon h d b province i is i for f the th first fi t time opening up to competition, new technology and the European Community political & legal regime. Therefore ADX has formed a study and biddin
Slide 42: Area on Trend with Giants
AREA ON TREND WITH GIANTS For personal use only RIGHT TIME – RIGHT PLACE Magurele Field ~ 983MMbbls ((In Place) Urlati Field ~ 428MMbbls (In Place) Piscuri Field ~ 1734MMbbls (In Place) Gura Sutii Field ~ 449 BCF (In Place)
Slide 43: Australia
For personal use only AUSTRALIA
Slide 44: Cooper Basin (South Australia)
COOPER BASIN (South Australia) For personal use only Vanessa gas field & satellite structures • AuDAX operated • Gas discovery – Vanessa V 1 – Flowed gas from 2 zones at combined rate of 9mmscf/d; condensate shows! – Undamaged rates significantly higher! • Oil recovery on test t t – Emily 1 – Potent
Slide 45: Western Australia Minerals Interests
WESTERN AUSTRALIA MINERALS INTERESTS For personal use only S i off Spin ff Western Australia: Marymia Gold Development Area 7 K5 Area 6
Slide 46: Conclusions
For personal use only VIENNA PERTH CONCLUSIONS
Slide 47: Summary & Conclusions
SUMMARY & CONCLUSIONS For personal use only AuDAX has a balanced portfolio of exploration and appraisal opportunities. With its existing assets AuDAX could be transformed from a promising junior to a large E&P player within a relatively short time. This exponential growth could be achieved in
Slide 48: Activity Summary
ACTIVITY SUMMARY For personal use only Area/ Permit Q2/09 Q Q3/09 Q Q4 /09 Q Q1/10 Q Q2/10 Q Sambuca Farm out Rig tendering annel SAMBUCA completed Sicily Cha Pantelleria Seismic Acquisition & Reprocessing & PSDM Kerkouane (70%) Onshore Tunisia Chorbane (50%) Seismic Reprocessing & PSDM omania nshor
Slide 49: Near Term Growth
NEAR TERM GROWTH For personal use only Large Sized Company Maker: Italyy & Tunisia Offshore: Sambuca Prospect Mid - Large Sized Company Maker: Tunisia Offshore: Dougga Gas & C d Condensatet DDevelopment l t Mid Sized Company Makers: Tunisia Onshore: Chorbane Exploration Romania 9th & 10th Round: AMI
Slide 50: AuDAX Indicative Value
AuDAX Indicative Value For personal use only OFFSHORE ITALY & TUNISIA ROMANIA AMI SAMBUCA PROSPECT VIENNA Bidding in 2010 COMPLETE FARMOUT Target 2 – 3 licenses DRILL IN 2010 V l add Value dd per share h SUCCESS: FIND 270 MMBOE IMPACT PER SHARE: +365 cents Drill by 2011 IMPACT PER SHARE: future grow
Slide 51: Contact
CONTACT For personal use only Wolfgang Zimmer: Managing Director Paul Fink: Technical Director Gary Roper: Chairman Offi Office: 610 Murray M Street, St t Perth P th Australia WA 6000 Ph: +61 8 9226 2822 Fax: +61 8 9226 5333 Website: www.audax.com Email: [email protected] wolfgang
Slide 52: Disclaimer
DISCLAIMER For personal use only This presentation contains forward looking statements that are subject to risk factors associated with the oil and gas industry. It is believed that the expectations reflected in these statements are reasonable, but they may be effected by a variety of variables whic