Adx Energy Ltd · ASX:ADX
Adx Energy — Shareholder Meeting (June 2010)
35 slides from Adx Energy's shareholder meeting presentation, Jun 3, 2010
Slide 1: General Meeting Presentation ASX Release
For personal use only ASX Release 3 June 2010 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. Ian Tchacos Chairman +61 (8) 9226 2822
Slide 2: Corporate Update General Meeting
CORPORATE UPDATE GENERAL MEETING = 3 JUNE 2010 —BY: IAN TCHACOS (CHAIRMAN)
Slide 3: Board Members – Focus on Oil and Gas
BOARD MEMBERS – Focus on OIL and GAS Ian Tchacos For personal use only Non Executive Chairman Mr Tchacos is a mechanical engineer with over 25 years international experience in corporate development and strategy, mergers and acquisitions, exploration, development and production operations, marketing
Slide 4: Europe & North Africa Portfolio
For personal use only AUSTRALIA VIENNA Romania: AMI Italy: GR15PU Tunisia: Kerkouane & Chorbane WA Mining PERTH PEL 182 EUROPE & NORTH AFRICA PORTFOLIO
Slide 5: Investment Highlights
INVESTEMENT HIGHLIGHTS For personal use only ¾ Exposure to high impact exploration portfolio onshore Tunisia and the Sicily Channel (offshore Tunisia and Offshore Italy) – Significant hydrocarbon potential in mapped prospects – High retained equity interests – Prospective acreage surrounded by hydro
Slide 6: Investment Highlights
INVESTEMENT HIGHLIGHTS For personal use only ¾ Exposure to planned Romanian exploration acreage acquisition via the current 10th Bidding Round following a 2 year evaluation and high grading program. ¾ Potentially benefit from planned demerger or Sale of its gold and base metal assets with an expecte
Slide 7: Strategic Objectives
STRATEGIC OBJECTIVES For personal use only ¾Secure highly prospective acreage in proven basins with good access to infrastructure, with politically stable governments and attractive fiscal terms ¾Focus on areas where management has had past experience and established relationships ¾Maintain operator
Slide 8: Recent Activities
RECENT ACTIVITIES For personal use only ¾Lambouka drilling operational readiness - Management team in place - Tendering completed & contracts in place - Site survey completed - Rig tow imminent ¾3D seismic in Sicily Channel completed - fast track cube available for Lambouka drill ¾Sidi Daher Prospec
Slide 9: Corporate Summary
COPORATE SUMMARY For personal use only Shares on Issue 289,230,386 Current Market Capitalisation $ 49.2 million Based on Share Price of 17 cents per Share Shares on Issue - post Rights 337,435,450 Market Capitalisation - post Rights $ 57.4 million Based on Share Price of 17 cents per Share Options -
Slide 10: Rights Issue Summary
RICHTS ISSUE SUMMARY For personal use only ¾ Minimum Subscription = $ $7,230,760. ¾ Underwriting by Veritas Securities Limited. ¾ Closing Date: 28 May 2010 ¾ Take Up: 56% ¾ Despatch Date: 7 June 2010 (Shares & Options quoted by ASX)
Slide 11: Asset Review
For personal use only VIENNA PERTH ASSET REVIEW
Slide 12: Near Term Growth Opportunities
NEAR TERM GROWTH OPPORTUNITIES For personal use only
Slide 13: Near Term Activities 2009–2011
NEAR TERM ACTIVITIES “2009 – 2011” For personal use only 3D SEISMIC ACQUISITION RIG SECURED DRILL LAMBOUKA PROSPECT DRILL DOUGGA APPRAISAL PSC SIGNED DRILLSIDI FARM OUT 50% DAHER ADVANCED REPROCESSING MONETIZE VANESSA EXPLORATION OR DISCOVERY AREA APPRAISAL WELL IDENTIFY MOST PROSPECTIVE AREAS 1ST O
Slide 14: Tunisia & Italy Assets
TUNISIA & ITALY ASSETS For personal use only Tunisia & Italy: Sicily Channel Blocks ITALY Sambuca Sidi Daher CHORBANE BLOCK ALGERIA LIBYA
Slide 15: Sicily Channel Prospects
SICILY CHANNEL PROSPECTS For personal use only Nilde Oil Field Under Explored: 4,500 km2 surrounded by oil & gas fields. Sicily Sicily Only 2 wells (Dougga-1, Tunisia Pantelleria Lambouka North Kerkouane-1) drilled to date Tunisia since 1981. Both are technical discoveries. No activity since. Lambou
Slide 16: Emerging Hydrocarbon Province
EMERGING HYDROCARBON PROVINCE For personal use only ENI Nilde oil field (20 – 30 mmbls) Recent ENI and Edison gas discoveries in Pliocene stratigraphic traps with multi Tcf potential (Panda, Cassiopea, Argo) Shell & Northern Petroleum 2D and 3D seismic AuDAX maps new Pliocene plays North Samb
Slide 17: Lambouka Drilling in 2010: Targets
LAMBOUKA DRILLING in 2010: 3 TARGETS For personal use only southwest northeast LAMBOUKA -1 SEABOTTOM: 620 m TVDSS Birsa Oil Reservoir Depth (m MDBRT) *127 - 595 MMBBLS 30 DAY WELL 1500 meters TVDSS 0 Ain Grab Oil 500 *42 – 248* MBBLS 1,000 Abiod Gas Condensate *91 – 244 MMBOE 1,500 2380 meters TVDSS
Slide 18: Success Case Scenarios
SUCCESS CASE SCENARIOS For personal use only *P50 recoverable prospective resources, Ain Grab resources not included
Slide 19: Lambouka Timeline
LAMBOUKA TIMELINE For personal use only ¾ 3D seismic acquisition complete mid April, 3D fast track cube over Lambouka completed 1st April ¾ Drilling Rig Atwood Southern Cross & long lead items secured for June 2010 spud date in Tunisia ¾ Estimated Drilling Times to Targets: - Reach first reservoir t
Slide 20: Lambouka Billion Barrel Upside
LAMBOUKA BILLION BARREL UPSIDE For personal use only STOIIP Reservoir Probability (MMstb) Oil Reserves (MMbbls) GIIP (Bcf) Gas Reserves (Bcf) Sales Gas Reserves (Bcf) MMBOE P90 73 27 27 P50 343 126 126 Birsa Sands P10 1,597 595 595 P90 20 7 7 P50 118 42 42 Ain Grab Carbonates P10 689 248 248 Condens
Slide 21: Lambouka Strengths
LAMBOUKA STRENGTHS For personal use only Proven hydrocarbon province with majors (ENI, Shell, BG…) aggressively pursuing growth in offshore Tunisia and offshore Italy. Safe & Stable countries, excellent fiscal terms. AuDAX directors are experienced and proven operators – including several years
Slide 22: Drilling: Dougga & Lambouka
DRILLING: DOUGGA & LAMBOUKA For personal use only SICILY (ITALY) Q2 2010: DRILL LAMBOUKA OIL PROSPECT 270 mboe resource potential (P50) 640 mboe resource potential (P10) 2010 - 2011: APPRAISE DOUGGA DISCOVERY 75 mboe TUNISIA
Slide 23: Lambouka & Dougga: Gas Condensate Resource
LAMBOUKA & DOUGGA: GAS CONDENSATE RESOURCE For personal use only COMBINED ABIOD RESERVOIR P50 RECOVERABLE RESOURCES: 70 MMBLS CONDENSATE , 50 MMBLS LPG 910 BCF SALES GAS Lambouka: Dougga Discovery : *270 MMBOE *75 MMBOE * TOTAL P50 PROSPECTIVE RESOURCES, Dougga figures from TRACS are contingent reso
Slide 24: Dougga Appraisal Project
DOUGGA APPRAISAL PROJECT For personal use only Discovery Well: Shell Tunirex Dougga-1 Exploration Well •Drilled in 1981: TD 3992 m. WD 328 m. •Results: Gas/condensate discovered in the Abiod & Allam Formations. ¾ gas has high condensate & liquid petroleum gas content. •Status: Non commercial gas dis
Slide 25: Dougga-2 Appraisal Well
DOUGGA-2 APPRAISAL WELL For personal use only Appraisal: Discovery: southwest Dougga-2 Dougga-1 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 26: Dougga Pre Feasibility Studies
DOUGGA Pre Feasibility Studies 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 p
Slide 27: Dougga Appraisal Project
DOUGGA APPRAISAL PROJECT For personal use only TRACS (SEC reserves certification specialists) Evaluation of the Dougga Field Development P50 resource estimate: Sales Gas: 177 BCF; Condensate: 28.4 mmbbls; Liquid Petroleum Gases: 9.4 mmbbls. Upside Resource estimate: Sales Gas: 308 BCF; Condensate: 4
Slide 28: Dougga North
DOUGGA NORTH For personal use only KERKOUANE AuDAX SEISMIC (2D) Dougga-1 W SE THE POSSIBLY NEXT NILDE OIL FIELD IS ONLY 10 KM FROM DOUGGA! IT IS NOW COVERED WITH GEOSTREAMER 3D SEISMIC Dougga Gas Condensate Field: H Large & Attractive Satellite Structures NILDE FIELD CROSS SECTION H1 Tunisia Italy P
Slide 29: Onshore Tunisia: Chorbane
ONSHORE TUNISIA: CHORBANE For personal use only Chorbane Sidi Behara Sidi El Itayem Sfax ITALY Sidi Daher Chaal Mahares CHORBANE BLOCK ALGERIA LIBYA
Slide 30: Chorbane: Sidi Daher Prospect
CHORBANE: SIDI DAHER PROSPECT 20-80 km2 Closure, 20 – 80 mbbls recoverable oil For personal use only resource range, Tcf range deeper gas potential Multi - Objectives: Eocene Nummulitic Reservoirs: DHI Abiod Limestone 140m thick at REF-1. Potential for southwards strat trap on crest of horst, 50 mmb
Slide 31: Chorbane: DHI Sidi Daher Prospect
CHORBANE: “DHI” SIDI DAHER PROSPECT For personal use only Oil Rim Mean 54 mmbls recoverable Met la oui Gas Cap Mean 175 bcf recoverable Abio d FLATSPOT SUPPORTED PROSPECT (DIRECT HYDROCARBON INDICATOR) Nara
Slide 32: Tunisia & Italy Summary
TUNISIA & ITALY SUMMARY For personal use only At least three Company Maker Projects in proven petroleum province that are “ready to drill”! Large number of follow up prospects (1 billion bbls most likely total exploration resource) proximal to facilities New Development: strong encouragement f
Slide 33: Questions?
For personal use only QUESTIONS?
Slide 34: Contacts
CONTACTS For personal use only Wolfgang Zimmer: Managing Director Paul Fink: Technical Director Ian Tchacos: Chairman Office: Suite 6,Level 2, 11 Ventnor Ave, West Perth, Australia WA 6005 Ph: +61 8 9226 2822 Fax: +61 8 9226 5333 Website: www.audax.com.au Email: [email protected] p
Slide 35: 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