Hibiscus Petroleum Bhd. · MYX:HIBISCS
Hibiscus Petroleum Bhd — Investor Presentation (March 2013)
42 slides from Hibiscus Petroleum Bhd's investor presentation, March 2013
Slide 1: Hibiscus Petroleum Berhad: Building Greater Value
Hibiscus Petroleum Berhad Building Greater Value CRPS Investor Pack: March 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, persons
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: 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 4: Market Data Summary
Market Data Summary Market: Main Market of Bursa Malaysia Securities Sector Category: Industrial Products Stock Code: 5199 HIBISCS Market Capitalization (1 March 2013) Shares: 440 394 722 units x RM 1.48 = RM 651.8 mil Warrants – A (Traded) : 312 089 722 units x RM 0.98 = RM 305.8 mil Warrants –
Slide 5: Current Structure
Current Structure HIBISCUS PETROLEUM BERHAD 35% 13% Lime 3D Oil 49.9% Middle East Norway 50.1% VIC/ P57 PL 503 RAK Offshore 59% 13% Valberget Hibiscus Oilfield Services RAK Onshore 100% PL 518 Zapffe* 15% manages projects under Sharjah both Lime and 3D Oil. PL 526 Vagar/ Offshore 100% Karl 33.3% * N
Slide 6: Hibiscus Petroleum: Our Milestones
Hibiscus Petroleum: Our Milestones 1st SPAC IPO Signed Lime Additional Petroleum Onshore RAK Agreements as Concession QA 25 July 2011 24 October 2011 12 April 2012 Completed Lime 4 Additional Increase in QA - 1st Listed Norwegian Masirah % (Block E&P Company Concessions 50 Oman concession) 18 April
Slide 7: Capital Structure & Shareholder Profile
Capital Structure & Shareholder Profile Capital Structure : 1 March 2013 Shareholding Structure: 26 Feb 2013 Total number of shares in issue 440,394,722 No of Shares % of Shares Shareholder Profile (in million) Total Funds From The Number of Exercise of IPO Current Current Warrants Warrants 83.61 83
Slide 8: 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 & gas exploration & production industry. Currently serves as Board member of Pet
Slide 9: 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 10: 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 11: Key Management 1
Key Management …. 1 Mark Paton (Australian) Qualifications: B.Sc in Chemical Engineering , Leeds University, United Kingdom. Chief Business Development Experience: Over 30 years experience in oil & gas operations and projects (both offshore and onshore). Previously CEO of Cue Energy Resources Ltd, M
Slide 12: Key Management 2
Key Management …. 2 Dr. Pascal Hos (Dutch) Qualifications: Ph.D. in Mechanical Engineering and B.Sc. in Mechanical Engineering (both from Rice University, Houston, Head of Petroleum USA). Engineering Experience: 13 years experience in the oil & gas industry. Previously worked at at Schlumberger (USA
Slide 13: Key Management 3
Key Management …. 3 Elike Mawuli (Australian) Drilling Qualifications: B.Eng. and Masters in Engineering Management (both from Queensland University of Technology, Australia). Operations Manager Experience: 10 years oil & gas well drilling field experience with Santos Oil, Interoil Corporation, Oil
Slide 14: Key Management 4
Key Management …. 4 Thomas Jay Stensgaard (American) Project Manager, Qualifications: B.Sc. in Mechanical Engineering (South Dakota School of Mines, USA), and Masters in Business Administration West Seahorse (Rice University, Houston, USA) Development, Experience: 17 years experience in the oil & ga
Slide 15: 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 16: 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 17: 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 18: 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 19: 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 20: 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 21: 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 22: 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 23: 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 24: 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 25: 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 26: 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 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: Merits of the 3D Oil Investment
Australia : Merits of the 3D Oil Investment 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 expert
Slide 30: 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 31: Business Approach & Investment Focus Going Forward
Business Approach & Investment Focus Going Forward $/boe, risked Prospective $/ boe, Risked Prospective Contingent Contingent Reserves Reserves Resources resources resources Resources Increased recovery? Increased recovery High Cost Cost Overstated Overstated overrun reserves? Discovery overrun dela
Slide 32: Mid Term Funding Plan
Mid Term Funding Plan Warrants RM165m Proceeds + High Free Cash Flows from Earlier Projects RM245m IPO Proceeds RM3m IPO Proceeds + RM90m Early CRPS Tranches Qualifying Acquisition RISK PROFILE • High Impact Advanced Future Exploration to Build Later CRPS Exploration Value Tranches Projects RM93m RM
Slide 33: Presentation Content
Presentation Content A. GENERAL PRESENTATION ON HIBISCUS PETROLEUM GROUP - CURRENT 1. Introduction to Hibiscus Petroleum Berhad 2. Lime Investment 3. 3D Oil Investment B. COMPANY GROWTH AND STRATEGY GOING FORWARD 1. Business Approach C. PROPOSED FUNDING STRUCTURE 1. CRPS (Convertible Redeemable Pref
Slide 34: CRPS Fund Raising Initiative
CRPS Fund Raising Initiative Additional Mkt Cap: Concessions As part of a continuous effort to maintain value US$ 211 mil in Norway 3D Oil and 400% and RAK creation momentum, Hibiscus Petroleum is 1 March 2013 VIC/P57 Transaction Completion of raising up to RM 210 mil (circa US$ 70 mil) in 350% Su
Slide 35: 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 36: 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 37: Appendix: Detailed terms of the CRPS
Appendix Detailed terms of the CRPS Creating Value Through Our Knowledge And Experience 37
Slide 38: 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 39: 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 40: 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 41: 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 42: 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 42
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