ADX Energy Ltd · ASX:ADX
ADX Energy — AuDAX Resources — Shareholder Meeting (July 2009)
55 slides from ADX Energy's shareholder meeting presentation, Jul 29, 2009
Slide 1: General Meeting Presentation ASX Release
For personal use only ASX Release 29 July 2009 General Meeting Presentation Attached is a copy of the presentation to shareholders for today’s General Meeting at 10am. A copy of this presentation will also be available on the Company’s website www.audax.com.au. Yours faithfully Gary Roper Chairman
Slide 2: AuDAX AGM 29 July 2009
AuDAX AuDAX AGM 29'H JULY 2009, 10 AM
Slide 3: Directors
For personal use only Di Directors Mr Gary Roper Chairman Mr Paul Fink Technical Director Company Secretary P t Ironside Peter I id 2
Slide 4: Proxies Received
For personal use only Proxies Received The Company has received 37 proxies representing 50 50,583,362 583 362 shares shares. 3
Slide 5: Resolution: Ratification of the issue of shares
For personal use only Resolution 1 Ratification of the issue of shares “That, for the purpose of ASX Listing Rule 7.4 and for all other purposes, the shareholders ratify the issue of 29,613,982 fully paid ordinary shares in the capital of the Company on the terms and conditions set out in the Explan
Slide 6: Resolution: Proxy details
For personal use only Resolution 1 Proxy details: For 50,554,362 Against 29,000 Abstain Nil Open Nil 5
Slide 7: Resolution: Approval of Future Issue of Shares
For personal use only Resolution 2 Approval of Future Issue of Shares “That, for the purpose of Listing Rule 7.1 andd for f allll other th purposes, the th directors di t off the Company be authorised to issue up to 30 000 000 fully paid ordinary shares in 30,000,000 the capital of the Company on th
Slide 8: Resolution: Proxy details
For personal use only Resolution 2 Proxy details: For 50,429,362 Against 154,000 Abstain Nil Open Nil 7
Slide 9: Operational Update
A RESOURCES LTD AuDAX AGM 29™ JULY 2009, 10 AM OPERATIONAL UPDATE
Slide 10: Europe & North Africa Summary
For personal use only AUSTRALIA VIENNA Romania: AMI Italy: GRPU15 Tunisia: Kerkouane & Chorbane WA Mining PEL 182 PERTH EUROPE & NORTH AFRICA SUMMARY
Slide 11: Near Term Growth
NEAR TERM GROWTH For personal use only Large Size Company Maker: Italy & Tunisia Offshore: Sambuca Prospect Mid - Large Size Company Maker: Tunisia Offshore: Dougga Gas & Condensate Development Mid Size Company Makers: Tunisia Onshore: Chorbane Exploration Romania10th Round: AMI Nexus & NZOG Low Ris
Slide 12: Strategy: Two Pronged Approach
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 13: AuDAX Philosophy
AuDAX PHILOSOPHY For personal use only AuDAX is operator of all oil and gas assets AuDAX has superior fiscal terms in all countries where active AuDAX applies state of the art technology for risk reduction and prospect generation
Slide 14: Share Price Performance
SHARE PRICE PERFORMANCE For personal use only WER SIGNS OIL PRICE JOA DECLINE WORLDWIDE MELTDOWN WER FARM IN NZOG REPLACING KIK PGS MOU SHARE PURCHASE PLAN
Slide 15: Achievements 2009
ACHIEVEMENTS 2009 Sambuca Area farmout to WEH (40% to fund100%) & MoU with PGS. For personal use only PGS Drilling team established and preparations underway for drilling Sambuca in Tunisia in 2010 Dougga gas condensate field independent resource review by Tracs: 75 mmboe net to AuDAX (mean cas
Slide 16: Highlights: Near Term Activity
HIGHLIGHTS: NEAR TERM ACTIVITY For personal use only Drilling D illi managementt team t i Tunisian in T i i & Vi Vienna office ffi prepares for f Sambuca drilling Sign drilling contract (LOI) for semi – sub rig in Q4 2009 Farm – out further 15% of Sambuca Prospect area and continue (remaining)
Slide 17: Forecast: 2009-2011 Highlights
FORECAST: 2009 – 2011 HIGHLIGHTS For personal use only 2009 2010 2011 H2 H1 H2 H1 H2 PGS FARM – IN (under negotiation) SAMBUCA DRILLING LOI 3D GEOSTREAMER ACQUISITION FARM OUT ADDITIONAL 15% OF SAMBUCA ((retain 30%)) DRILL SAMBUCA PROSPECT FARM OUT REMAINDER OF KERKOUANE (incl. Dougga) DRILL DOUGGA
Slide 18: 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 230 million shares Post farm – out Sicily Channel: reduction from currently 100% to 3
Slide 19: 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 20: Exploration & Development
For personal use only VIENNA PERTH EXPLORATION & DEVELOPMENT
Slide 21: 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 22: 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 23: Tunisia & Italy
For personal use only TUNISIA & ITALY
Slide 24: 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 25: Sicily Channel Prospects
SICILY CHANNEL PROSPECTS For personal use only Sambuca-Over thrust (17) C B Cap-Bon – Mare M (77) North Sambuca Sambuca (270) Carthage g (79) ( ) Menzel-Termine (57) Dougga – North (70) Galliano (122) Dougga (75) Sambuca Farm out Area (15 sqkm) N. Zibibbo (20) Tazerka-North (24) Under Explored: 4,50
Slide 26: Sambuca: Largest Remaining Structure in Mediterranean
Hamburc me EondoniEye, UK QAUDAX- Vienna Eiffel Tower France SaintiPeter’s| Basilica, VaticaniCily ¥ .. . BasilicajofiEliPilarsspain Ve . Lisbon, Portugal am ¢ oe. . m 62009)cnes/Spotlimage bao; Now t20°09.46.65°E) = Eye alt 4635.84km AMBUCA: LARGEST REMAINING STRUCTURE IN MEDITERRANEAN (65 SQKM CLO
Slide 27: 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 AND PREPARE FOR DRILLING THE SAMBUCA PROSPECT HAS NOT BEEN SEEN BEFO
Slide 28: 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 *75 MMBOE SECONDARY TARGET: LARGE OFFSHORE GAS CONDENSATE DEVELOPMENT
Slide 29: Preliminary Well Location in Tunisia
PRELIMINARY WELL LOCATION IN TUNISIA For personal use only northeast SEABOTTOM: 626 m TVDSS BIRSA: 1375 m TVDSS MID BIRSA: 1499 m TVDSS southwest AIN GRAB: 1874 m TVDSS ABIOD: 2383 m TVDSS GE04-1
Slide 30: Commercial Summary
COMMERCIAL SUMMARY For personal use only 18 TO 24 MMUS$ DRILLING 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) NPV(10%) BETWEEN 1 to t 5 BILLION US$ TIMELINE: FIR
Slide 31: Recent Developments
RECENT DEVELOPMENTS For personal use only 40% of Sambuca field area farmed out to WEH: WEH is a private investment company 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 access to leading
Slide 32: Drilling: Dougga & Sambuca
DRILLING: DOUGGA & SAMBUCA For personal use only SICILY (ITALY) Q1-2 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 33: Dougga & Sambuca
DOUGGA & SAMBUCA For personal use only Dougga Appraisal: Sambuca: 270 75 mmboe mmboe NEAR TOP ABIOD 3D DEPTH MAP
Slide 34: 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 35: 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 36: 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 37: 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 38: 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 39: 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 40: 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 41: 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 42: 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 43: 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 44: 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 45: Romania
For personal use only ROMANIA
Slide 46: Unique Window of Opportunity
UNIQUE WINDOW OF OPPORTUNITY For personal use only Petrom & Romgas Relinquishment announced in May 2008 Datarooms for first tranche of bidding opening soon (August 2009)\ AuDAX operated AMI (NZOG & Nexus) well prepared The creaming curves of this prolific province are still heading upwards
Slide 47: Area on Trend with Giants
AREA ON TREND WITH GIANTS For personal use only RIGHT TIME – RIGHT PLACE 983MMbbls (In Pl Place) ) 428MMbbls (In Place) 1734MMbbls (In Place) 449 BCF (In Place)
Slide 48: Australia
For personal use only AUSTRALIA
Slide 49: 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 50: Cooper Basin Value Creation
COOPER BASIN VALUE CREATION For personal use only Inherited Seismic Dataset: No closure over a AuDAX reprocessing: Closure over field proven field! Test - Reprocessing over a proven Cooper Basin discovery The conventional remaining Cooper basin prospects are generally small and need reliable risk
Slide 51: Western Australia Minerals Interests
WESTERN AUSTRALIA MINERALS INTERESTS For personal use only Spin S i off ff Western Australia: Marymia Gold Development Area 7 K5 Area 6
Slide 52: Forecast: 2009-2011 Highlights
FORECAST: 2009 – 2011 HIGHLIGHTS For personal use only 2009 2010 2011 H2 H1 H2 H1 H2 PGS FARM – IN (under negotiation) SAMBUCA DRILLING LOI 3D GEOSTREAMER ACQUISITION FARM OUT ADDITIONAL 15% OF SAMBUCA ((retain 30%)) DRILL SAMBUCA PROSPECT FARM OUT REMAINDER OF KERKOUANE (incl. Dougga) DRILL DOUGGA
Slide 53: 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 54: 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 55: 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