Adx Energy Ltd · ASX:ADX
Adx Energy — Shareholder Meeting (November 2011)
36 slides from Adx Energy's shareholder meeting presentation, Nov 10, 2011
Slide 1: ADX Energy Annual General Meeting
For personal use only ADX ENERGY Annual General Meeting 10 November 2011 Wolfgang Zimmer, Managing Director
Slide 2: 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
Slide 3: Directors
For personal use only Directors Ian Tchacos Non executive Chairman Wolfgang Zimmer Managing Director Paul Fink Executive Director Andrew Childs Non executive Director Company Secretary Peter Ironside
Slide 4: Geographic focus
ADX ENERGY For personal use only Geographic focus Energy exploration focused on North Africa, Mediterranean and Central Europe
Slide 5: Key Strategies
KEY STRATEGIES For personal use only Corporate Strategy Early entry to high impact exploration opportunities in proven oil and gas basins. Commercialisation of existing discoveries. Operating Strategy Maintain operatorship through the exploration - appraisal phase of the asset cycle. Funding S
Slide 6: Corporate Summary
CORPORATE SUMMARY For personal use only Share Capital Shares on Issue 411 million ASX listed international Maket Capitalisation @ 10 cents $ 41.1 million energy explorer Options * 31 million * exercise price between 25 to 40 cents Headquartered in Perth, WA Operational offices in Share Trading
Slide 7: Shareholder Percentage
SHAREHOLDER PERCENTAGE For personal use only Top 5 Shareholders 1. JP Morgan 28.6 2. A R Childs 2.9 3. HSBC 2.5 4. Runyon Pty Ltd 2.1 5. Vasse Group 2.0 Top 20 48.2 Management 14.0 Financial Institutions 34.2
Slide 8: Shareholder Percentage Breakdown
SHAREHOLDER PERCENTAGE BREAKDOWN For personal use only Geographic Locations AMERICAS EMEA ASIA 0.2% 2.47% EMEA 1.49% ASIA Singapore United Kingdom Hong Kong Austria Malaysia Switzerland Philippines Germany AUSTRALIA Taiwan & NZ UAE China 95.84% Belgium Indonesia Channel Isl Japan British Isl Papua N
Slide 9: ADX Activities 2010 to 2011
ADX ACTIVITIES 2010 TO 2011 For personal use only ADX executed a $60 million exploration program with $12 million of shareholder funds. First Geostreamer 3D seismic acquired First Tunisian deepwater well drilled incident free gas discovery Offshore 2D seismic Onshore well drilled oil dis
Slide 10: ADX Value Added by Farmins - US$MM
ADX VALUE ADDED BY FARMINS - US$MM For personal use only 70 Gross JV Operated Cost 60 ADX Value 58 MM 50 ADX Contributed 40 32 MM 30 20 12 MM 10 0 Q1 10 Q2 10 Q3 10 Q4 10 Q1 11 Q2 11 Q3 11 Q4 11 EOCENE CRETACEOUS
Slide 11: Investment Profile
INVESTMENT PROFILE For personal use only Appraisal and Exploration assets in Sicily channel onshore Tunisia and onshore Romania Sicily Channel Appraisal Projects Three existing gas condensate discoveries – Dougga (60%), Lambouka (60%) and Kerkouane (60%) totalling approx 254 mmboe of most likely r
Slide 12: Why Invest in Tunisia?
WHY INVEST IN TUNISIA? For personal use only Political situation has stabilised following revolution and election. Transparent and open legal system. Competent and well educated public service. Pro development government with strong demand for energy and excellent pricing for oil and gas.
Slide 13: Recent Highlights
RECENT HIGHLIGHTS For personal use only Sidi Dhaher Oil Discovery – mean prospective resource TBA. Dougga Resource Upgrade – increased mean contingent resource estimates of 239 bcf Sales gas and 41 mmbbls liquids based on 3D seismic. ADX most likely revised estimate is 173 mmboe. Sicily Channe
Slide 14: Energy Assets Update
For personal use only ENERGY ASSETS Update Paul Fink, Technical Director www.adxenergy.com.au
Slide 15: Presentation Contents
PRESENTATION CONTENTS For personal use only Exploration & Appraisal Portfolio Overview Selected Appraisal Assets Selected Exploration Assets and “best of” Drilling Projects
Slide 16: Exploration to Development Strategy
EXPLORATION TO DEVELOPMENT STRATEGY For personal use only
Slide 17: Top Eight Exploration & Appraisal Projects
TOP EIGHT EXPLORATION & APPRAISAL PROJECTS use only Gas condensate Oil Gas 3D Dougga –West 3D Lambouka Deep Medium risk Kerkouane-1 Appraisal For personal CHS 3D Lambouka Appraisal 3D ..to be acquired Saint M Sidi Dhaher Test 3D Dougga Appraisal Low risk Mean Resources Size
Slide 18: Offshore Italy & Tunisia
OFFSHORE ITALY & TUNISIA For personal use only Kerkouane New ADX license Elissa Dougga-West Lambouka Dougga Combined most likely contingent and prospective resources: 1.15 billion barrels of oil equivalent.
Slide 19: Dougga Gas Condensate Appraisal Project
DOUGGA GAS CONDENSATE APPRAISAL PROJECT: ADX OP 60% For personal use only ASSET HIGHLIGHTS new Italian license Discovered gas resource with high liquids content and Lambouka approximately 30% CO2 . Independently assessed volume of audited mean contingent sales gas resources of 220 bcf and 42 mbb
Slide 20: Dougga Gas Condensate Appraisal cont.
DOUGGA GAS CONDENSATE APPRAISAL cont. For personal use only COMPETENT PERSONS REPORT (Tracs UK) Increase in Volumes Gross Contingent Resources (Project) Low Estimate Best Estimate High Estimate Mean Constituent (1C) (2C) (3C) Estimate Sales gas (bcf) 148 226 341 239 Condensate (mmbbl) 19.5 29.7 44.6
Slide 21: Dougga Post CPR Detailed Depth Work
DOUGGA GAS CONDENSATE APPRAISAL cont. For personal use only DOUGGA POST CPR DETAILED DEPTH WORK CONFIRMS ROBUST UPSIDE LCC = 3600mtvdss GAS CHIMNEY ADX in house most likely recoverable contingent resources: 173mmboe (neglecting any contributions from deeper Allam potential reservoirs). maps based on
Slide 22: Large Dougga Satellite on 3D Seismic
LARGE DOUGGA “SATELLITE” ON 3D SEISMIC For personal use only DOUGGA APPRAISAL AND DOUGGA WEST NEW FIELD EXPLORATION OPPORTUNITY Lead Dougga – West Dougga Gas Messinian Condensate Field 30.6 km2 Top Birsa Ain Grab BouDabbous Abiod Sidi Kralif Dougga West prospect: Birsa Oil case recoverable prospecti
Slide 23: Lambouka Appraisal & Exploration Opportunity
LAMBOUKA APPRAISAL & EXPLORATION OPPORTUNITY For personal use only LAMBOUKA APPRAISAL & EXPLORATION OPPORTUNITY Appraisal opportunity Lambouka Discovery Deeper Exploration opportunity Risk Category P90 P50 Mean P10 Sales Gas [BCF] 145 277 309 528 contingent recoverable resources Lambouka Deep
Slide 24: The Dougga Hub Potential
THE DOUGGA HUB POTENTIAL For personal use only A LARGE GAS CONDENSATE RESOURCE CLOSE TO MARKETS Condensate-rich resource Close to shore Dougga (40kms) Close to onshore Dougga West Lambouka infrastructure Close to high price local and European markets Proximal tie – in opportunities covered
Slide 25: Kerkouane-1 Discovery: Emerging Appraisal Opportunity
KERKOUANE-1 DISCOVERY: EMERGING APPRAISAL OPPORTUNITY For personal use only SHALLOW GAS DISCOVERY WITH OIL POTENTIAL Sidetracked and then P&A in 1981 after massive gas kicks. Solvent cut oil shows. A (108m Water Depth) A’ Ain Grab / Nilde Limestones Cretaceous Abiod not reached!! TD 1352m Sh
Slide 26: Near Field Exploration on 3D
NEAR FIELD EXPLORATION ON 3D For personal use only COVERED BY DUAL SENSOR 3D SEISMIC, MOST LIKELY PROSPECTIVE RESOURCES Resource Estimate Project Name Status [mmboe] Likely Fluid Drill Deeper - Lambouka-Deep Exploration 126 gas condensate oil or gas condensate Near Field Dougga West Exploration 226
Slide 27: Near Field Exploration and Appraisal on 2D
NEAR FIELD EXPLORATION AND APPRAISAL ON 2D For personal use only MOST LIKELY PROSPECTIVE RESOURCE – 2D SEISMIC ONLY ML Resource Project Name Status [mmboe] Fluid Kerkouane Appraisal 87 gas condensate Lambouka Overthrust Exploration 17 gas condensate Tazerka - North Exploration 24 oil Galliano Explor
Slide 28: Onshore Tunisia: Chorbane
ONSHORE TUNISA: CHORBANE For personal use only NEW OIL DISCOVERY TO BE WELL FLOW TESTED SOON SIDI DHAHER-1
Slide 29: Chorbane Exploration – ADX Operated
CHORBANE EXPLORATION – ADX OPERATED For personal use only ASSET HIGHLIGHTS Large undrilled onshore structures in producing oil and gas province. High quality seismic definition available over prospects and leads. Sidi Dhaher discovered oil in the Cretaceous Bireno SIDI dolomite and will be tes
Slide 30: Sidi Dhaher Drilling
SIDI DHAHER DRILLING For personal use only SUCCESSFUL DRILLING OPERATION Tunisia “Jasmine” revolution and uprising in neighboring Libya caused several weeks of delay. Completed a safe and timely drilling operation during a time of partial power vacuum. Developed a relationship of mutual trust
Slide 31: Sidi Dhaher Oil Resource Potential
SIDI DHAHER DRILLING For personal use only SIDI DHAHER OIL RESOURCE POTENTIAL SIDI DHAHER-1 Pressure (PSIA) 1400 1500 1600 1700 1100 Oil gradient 1150 MDT Oil sample Depth 1200 Formation Water gradient 1250 Three Cretaceous reservoirs pre drill Risk Category P90 P50 Mean P10 (Abiod, Douleb, Bireno
Slide 32: Chorbane Prospects
CHORBANE PROSPECTS CLOSE TO PRODUCING FIELDS For personal use only 1: CHS Prospect CHS-PROSPECT 2 1 2: Chaker Updip Prospect 2: Chaker Updip Prospect: upgraded by SDHR-1 oil EOCENE CRETACEOUS
Slide 33: Romania Parta Block – ADX Operated 60%
ROMANIA PARTA BLOCK – ADX OPERATED 60% For personal use only ASSET HIGHLIGHTS Parta Block awarded at 10th bid round in October 2010. Concession agreement signed with NAMR in January 2011. Parta is a prolific permit in a proven and producing hydrocarbon province in Romania. 1,221 km² acreage
Slide 34: Romania Parta Block
ROMANIA PARTA BLOCK For personal use only NEW OIL PLAY ON TREND WITH PRODUCING OIL FIELD OIL REEF MC15 Algyo clinoforms Szolnok shale Endrod shale Miocene synrift Producing Oil field OIL REEF MC15 SAINT M 15 sqkm closure Sanmihaiu Well with shows missed closures
Slide 35: Forecast Activities 2012-2013
FORECAST ACTIVITIES 2012-2013 For personal use only Test Sidi Dhaher oil discovery Q4 2011 Acquire seismic onshore Romania Q4 2011/ Q1 2012 Prepare for first well in Romania Q2 2012 Dougga and Lambouka appraisal program • Drill Dougga gas field appraisal well Q4 2012 • Test Lambouka well Q4
Slide 36: Contact Us
CONTACT US For personal use only Ian Tchacos Chairman Wolfgang Zimmer Managing Director Paul Fink Technical Director Office Suite 6, Level 2, 11 Ventnor Avenue West Perth, WA, 6005 T: 61 8 9226 2822 F: 61 8 9226 5333 Website www.adxenergy.com.au Email [email protected] ASX Code ADX