Adx Energy Ltd · ASX:ADX
Adx Energy — Good Oil Conference 2017
24 slides from Adx Energy's conference presentation, Sep 14, 2017
Slide 1: Good Oil Conference Presentation: ADX Asset and Corporate Update
GOOD OIL CONFERENCE PRESENTATION For personal use only ADX ASSET AND CORPORATE UPDATE A European focused appraisal and development company By Ian Tchacos 14 September 2017 www.adxenergy.com 1
Slide 2: Disclaimer
DISCLAIMER This document has been prepared by ADX Energy Ltd for the purpose of providing an activity update to interested For personal use only analysts/investors and shareholders. Any statements, opinions, projections, forecasts or other material contained in this document do not constitute any co
Slide 3: Corporate Overview
CORPORATE OVERVIEW A EUROPEAN FOCUSED APPRAISAL AND DEVELOPMENT COMPANY For personal use only Multiple assets across Mediterranean and central Europe Corporate Summary Large Operated Equity Interests ASX listed international energy exploration and appraisal Company Material Contingent Resource
Slide 4: Extensive Mediterranean Position
EXTENSIVE MEDITERRANEAN POSITION ALL PERMITS AT 100% EQUITY For personal use only Nilde Oil Field 33 MMBBL (2C) Contingent Resource Dougga Gas Condensate 173 MMBOE (2C) Contingent Resource 4 Note. Resource reporting dates: Nilde 14/2/2017, Dougga 26/9/2012.
Slide 5: Strategy
For personal use only APPRAISAL AND DEVELOPMENT STRATEGY • ADX has large existing Contingent Resource base at Nilde and Dougga. The Parta permit in Convert Large Romania provides an early cash flow Resource Base to opportunity. Reserves Nilde is a low risk appraisal project with proven production pe
Slide 6: Recent Asset Progress
RECENT ASSET PROGRESS Nilde Oil Redevelopment Project • Geo technical studies completed incorporating all historical data For personal use only • Production simulation forecasts based on history matched models • Ongoing development feasibility studies in collaboration with equity investor and facili
Slide 7: Funding Strategy
FUNDING STRATEGY Corporate For personal use only Recent Rights Issue and Placement provides run time and resources to complete studies and source funding at asset level Nilde and Dougga Appraisal and Development Operatorship and large equity interest enables a number of funding opportunities and
Slide 8: Nilde Oil Offshore Sicily
For personal use only NILDE OIL APPRAISAL AND DEVELOPMENT OFF SHORE SICILY 8
Slide 9: Nilde Oil: D363CR.AX Licence, Sicily Channel
NILDE OIL APPRAISAL AND DEVELOPMENT D363CR.AX LICENCE, SICILY CHANNEL, OFFSHORE ITALY 100% Operated working interest • Previously produced 20 MMBBL from For personal use only the upper zone in 1980s from Estimated original oil in place up to 300MMBBL • 33 MMBBL 2C recoverable oil Zone A remaining in
Slide 10: Nilde Oil: Integrated Modelling & History Match
NILDE OIL APPRAISAL AND DEVELOPMENT INTEGRATED MODELLING & HISTORY MATCH Key subsurface attributes: For personal use only 1. Highly productive wells Connected fracture system supported by core and DST interpretation delivers highly productive wells. Nilde-2 produced at more than 9000 BOPD for 5 year
Slide 11: Nilde Appraisal & Development Concept
NILDE APPRAISAL & DEVELOPMENT CONCEPT Appraisal objective is to validate the viability of the project by: For personal use only (Appraisal) 1. Test the productivity of the lower “C” zone at the crest 2. Confirm substantive present-day oil column and recharge by imbibition of the fracture system 3. D
Slide 12: Nilde Redevelopment Economics (1)
NILDE REDEVELOPMENT ECONOMICS (1) Basis for Indicative Economics Economic Summary For personal use only ADX has progressed project definition Resource Classification 1C 2C 3C work on the (100% owned) potential redevelopment of the Nilde field. Recoverable Resource 21.7 32.8 49.8 (MMBBLS) Key sources
Slide 13: Nilde Redevelopment Economics (2)
NILDE REDEVELOPMENT ECONOMICS (2) Comments on Economic Results Post Tax NPV 10 vs’s Oil Price For personal use only Post Tax NPV10 Range at sub US$45 oil price between US$200 – 650 million Concession terms are excellent with after tax cashflow 44% of total revenue to asset owners High well pro
Slide 14: Dougga Gas Offshore Tunisia
For personal use only DOUGGA GAS APPRAISAL AND DEVELOPMENT OFFSHORE TUNISIA 14
Slide 15: Dougga Gas: Kerkouane PSC, Offshore Tunisia
DOUGGA GAS APPRAISAL AND DEVELOPMENT KERKOUANE PSC, SICILY CHANNEL, OFFSHORE TUNISIA 100% Operated working interest For personal use only • Dougga Sud (South) Appraisal Well planned to drill top Abiod Limestone reservoir 300m updip of Dougga 1, intersecting a 600m gas column • Successful appraisal e
Slide 16: New Integrated Subsurface Analysis
NEW INTEGRATED SUBSURFACE ANALYSIS Summary of Dougga work: For personal use only • 3D seismic identifying updip potential as well as highlighting reservoir sweet-spots • New petrophysics and regional analogues support important 3 layer subdivision of Abiod Petrophysics limestone reservoir 3D Seismic
Slide 17: Dougga Sud Appraisal & Development
DOUGGA SUD APPRAISAL & DEVELOPMENT Integrated subsurface modelling indicates: For personal use only 1. ~600m gas column; 300m drilled at Dougga-1 and further 300m mapped to the crest of structure 2. Connected fracture network supports high well deliverability 3. Long-lived revenue streams from both
Slide 18: Kerkouane Permit Additional Upside
KERKOUANE PERMIT ADDITIONAL UPSIDE Shallow Gas Discovery with Deeper Target For personal use only • Kerkouane-1 Gas Discovery • Shallow water depth ~100m • Gas shows over 600m; RFT confirmed gas in Nilde and Ain Grab Formations • 90MMBOE (Best Estimate) prospective resource in deeper target Explorat
Slide 19: Parta Onshore Romania
For personal use only PARTA APPRAISAL AND DEVELOPMENT ONSHORE ROMANIA 19
Slide 20: Parta Onshore Licence, Western Romania
PARTA APPRAISAL AND DEVELOPMENT PARTA ONSHORE LICENCE, WESTERN ROMANIA Joint Venture is : For personal use only ADX: 50% (Operator) RAG: 50% • The 1221km2 license is situated in the prolific Pannonian Basin and is surrounded by many producing oil and gas fields. • Acquisition of 20 km2 of 3D seismic
Slide 21: Parta: Low Risk Appraisal Re-drills
PARTA - LOW RISK APPRAISAL RE-DRILLS • The 2 appraisal opportunities have multiple targets in each well: 1. IM-35 Redrill (Structural Trap) For personal use only • Upper target tested 1 MMCFD, middle target indicates gas on logs • Lower zone targets a gas blowout in original well 2. Carp-55 Redrill
Slide 22: Appraisal Early Path to Cashflow
APPRAISAL EARLY PATH TO CASHFLOW Economics of initial 2 well campaign Calacea Oil and Gas Facility US$5 million drilling investment could For personal use only generate a Post tax NPV10 of ~ US$80 million. If only one zone is successful in each well, ~US$13 million of NPV10(A.T.) is still realis
Slide 23: Corporate Status & Ambition
CORPORATE STATUS & AMBITION Our Current position Where to next?? For personal use only Have matured 3 appraisal and Progress with funding and a firm development assets both technically appraisal drilling program for Parta and commercially with coherent value onshore Romania propositions to secur
Slide 24: For personal use only
For personal use only Ian Tchacos Executive Chairman Paul Fink Chief Executive Head Office: Level 2, Suite 14 210 Bagot Road, Subiaco, WA, 6008 AUSTRALIA Tel: 61 8 9381 4266 Fax: 61 8 9381 4766 Website: www.adxenergy.com.au Email: [email protected] ASX Code: ADX 24