Prominence Energy Limited · ASX:PRM
Prominence Energy — Sun Resources NL — Investor Presentation (April 2018)
17 slides from Prominence Energy's investor presentation, April 2018
Slide 1: Investor Presentation – Bowsprit Project
INVESTOR PRESENTATION BOWSPRIT PROJECT CONVENTIONAL OIL DEVELOPMENT: OFFSHORE LOUISIANA Alex Parks Managing Director and CEO April 2018
Slide 2: Executive Summary
Executive Summary ▪ Focus on Gulf of Mexico Conventional Oil ▪ Sun has made a strategic shift to development of oil reserves in a neglected portion of Gulf of Mexico with Joint Venture “JV” participant Pinnacle Exploration Pte Ltd “Pinnacle” ▪ Sun secured a 50% working interest in 1,154 acres leased
Slide 3: Corporate Snapshot
Corporate Snapshot Capital Structure: As at 1 April 2018 Share Price History: As at a 27 March 2018 ASX code SUR Ordinary shares on issue 756m Listed options (A$0.01) exp. 19 October 2020 393.8m Listed options (A$0.06) exp. 31 May 2019 192.09m Unlisted options (A$0.0375) 2.7m Share price as at 1 Apr
Slide 4: Focus Area - Breton Sound, Louisiana
Focus Area - Breton Sound, Louisiana Prolific Hydrocarbon Province ▪ St Bernard & Plaquemines Parishes (Red Oval) have produced 1.2billion bbls of oil and 5.2Tcf of gas since 1978 ▪ Favourable sedimentary circumstances combine with a variety of structures to provide excellent conditions for accumula
Slide 5: Breton Sound – Bowsprit Project
Breton Sound – Bowsprit Project Bowsprit Lease in Gulf of Mexico ▪ Located offshore Louisiana, 70km southeast of New Orleans ▪ Prolific hydrocarbon province neglected since 1990’s Average of 75,000bopy from 1953 – 1985 ▪ In Breton Sound area which has produced over 134 MMbbls and 650BCF between 1950
Slide 6: Resource Summary
Resource Summary RISC Advisory Ltd has probabilistically estimated the following contingent and prospective resources for the Bowsprit Project as of 15 March 2018: RISC’s independent estimate of resources net to Sun’s 50% working interest within polygon of held leases at 15 March 2018. Contingent Re
Slide 7: Bowsprit Cross Section
Bowsprit Cross Section ▪ Field schematic and alternative interpretations ▪ The Bowsprit Field is covered by high quality 3D seismic, it has an area of approximately 1,000 acres (4km2) ▪ The gas in the 7,200’ sand stands out on seismic and conforms to structure. The 7,200’ sand is juxtaposed against
Slide 8: Bowsprit Top Structure Map
Bowsprit Top Structure Map ▪ Map and Area of Contingent Resources, Prospective Resources and Suns Top Structure Map ▪ Sun maps a package of sands under the 200ft thick shale that separates the 7,200’ and 7,400’ zones. ▪ RISC maps an onlap (7,400’ sand) and underlying deeper sand (7,400’ deep) ▪ Over
Slide 9: STOIIP Summary
STOIIP Summary RISC Advisory Ltd has probabilistically estimated the following STOIIP & GIIP for the Bowsprit Project as of 15 March 2018: Potential Hydrocarbons Initially in Place Sand P90 P50 P10 Units Status 7,200’ 1.47 1.89 2.37 Bscf Proven in Place Flowed 18,000bbls and 1Bscf in 1960’s 7,400’ 0
Slide 10: Bowsprit Development Plan Progress
Bowsprit Development Plan Progress ▪ Implementation Team Appointed ▪ Louisiana based FensterMaker have been appointed to survey & permit the well and facility site location. ▪ Louisiana based Brammer Engineering have been appointed to implement the project ▪ Provided Pre- AFE well cost estimates, CA
Slide 11: The Project – Field Development Plan
The Project – Field Development Plan ▪ Conceptual Field Development Plan 2.5MMbbls & 3Bscf of associated gas is produced Source ▪ 5 horizontal wells US$ 15.25 Million Brammer Engineering (pre AFE) ▪ Unmanned production facility US$ 4.5 Million installed Checked by Brammer ▪ 2.5km parallel export pip
Slide 12: Fit for Purpose, Low Cost Development Options
Fit for Purpose, Low Cost Development Options Shallow-draft barge Drilling rig Suspended well with protection cage Typical Production Facility Production Facility Typical well head with walk way to facilities Storage tanks with walk way to well head 12
Slide 13: Schedule to First Oil
Schedule to First Oil August 2017 Award of Bowsprit Lease - triggers Sun and Pinnacle JV, JOA March 2018 Award of Second Lease & Resource Certification Announcement Bowsprit April 2018 - September 2018 Development planning and farm-out of first well April 2018 - September 2018 Well permitting and ri
Slide 14: Sun’s Growth Plan
Sun’s Growth Plan Domestic US Companies are focused on capital intensive “harvest” of unconventional oil leaving a rich plethora of conventional opportunities in shallow water GOM with minimal competition Over a multi-year period of working the shallow water east of New Orleans, Sun’s coventurer Pin
Slide 15: JV Participants
JV Participants Pinnacle Exploration Pte. Ltd. ("Pinnacle") is a private, upstream oil and gas company incorporated in Singapore. Pinnacle's focus and expertise is the shallow water, oil and gas projects in the prolific Salt Dome Basin, Gulf of Mexico. The Sun and Pinnacle Boards are well known to e
Slide 16: Important Information - Disclaimer
IMPORTANT INFORMATION - DISCLAIMER This presentation has been prepared by Sun Resources NL (“Sun”) for the purpose of providing a company and technical overview to interested parties to enable recipients to review the business activities of Sun. This presentation is limited in scope and is not inten
Slide 17: For further Information
ABN 69 009 196 810 Level 2, 30 Richardson Street, West Perth WA 6005 Telephone: +61 8 9321 9886 Facsimile: +61 8 9321 8161 Email: [email protected] Website: www.sunres.com.au For further Information Media and Investor Enquiries Mr Alex Parks (Managing Director and CEO) Email: [email protected] Ad
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