Aminex Plc · LSE:AEX
Aminex — Shareholder Meeting (June 2009)
26 slides from Aminex's shareholder meeting presentation, Jun 10, 2009
Slide 1: AGM Presentation 10 June 2009
aminex plc AGM PRESENTATION 10 June 2009 www.aminex-plc.com
Slide 2: Corporate Summary
1. CORPORATE SUMMARY OIL & GAS EXPLORATION – DEVELOPMENT - PRODUCTION • PRODUCTION OF OIL & GAS IN TEXAS & LOUISIANA • DEVELOPMENT & APPRAISAL PROGRAMMES IN TANZANIA & USA • HIGH IMPACT EXPLORATION IN AFRICA WITH EARLY DRILLING PLANNED IN TANZANIA & EGYPT Lower risk production in the USA balanced
Slide 3: Recent History
RECENT HISTORY Aminex has participated in 6 new wells over the last two years, of which 3 were commercial discoveries. • Kiliwani North-1 (Nyuni PSA, Tanzania, 40% interest, operated by Aminex) tested gas at 40 mmscfd gas (6,700 bbls oil equivalent). • Sunny Ernst-2 (Galveston County, Texas, 37.5% i
Slide 4: Upcoming Activity
UPCOMING ACTIVITY SIGNIFICANT NEW WELL IN THE RUVUMA BASIN, TANZANIA Aminex will spud Mikindani-1, its first well in the Tanzanian sector of the prospective Ruvuma Basin, in Q3 2009. Aminex is in 50-50 partnership with Tullow Oil. APPRAISING & DEVELOPING THE KILIWANI NORTH-1 DISCOVERY, TANZANIA Appr
Slide 5: Aminex's Operations in the USA
2. AMINEX’S OPERATIONS IN THE USA AGM Presentation 10 June 2009 5
Slide 6: USA Independently Appraised Reserves at Dec. 2008
USA INDEPENDENTLY APPRAISED RESERVES AT 31 DEC. 2008 Net Oil Working Net Net NPV¹º Reserves & Gas Asset Interest Oil Gas (net) Category mmboe WI mmb bcf (mm$) (6:1) 1P 0.35 8.7 1.8 39.9 Alta Loma, Texas 37.5% 2P 0.35 8.7 1.8 39.9 1P 0.02 0.2 0.05 0.9 Shoats Creek (op), Louisiana 100% 2P 1.74 16.7 4.
Slide 7: USA Alta Loma, Galveston County, Texas
USA ALTA LOMA, GALVESTON COUNTY, TEXAS SUNNY ERNST-2 DISCOVERY • Operated by El Paso Corporation. Aminex has 37.5% interest. • Drilled to 14,900’ and encountered multiple sands. • 2 of 5 zones tested. Upper Andrau now on production at 4.5 mmscfd and 250 bopd. • Careful planning in progress for a dua
Slide 8: USA Shoats Creek Oil & Gas Field, Louisiana
USA SHOATS CREEK OIL & GAS FIELD, LOUISIANA • Mature oil & gas field which was first drilled in the 1920s. • 20 well bores of which 2 currently produce around 40 bopd. • High potential for redevelopment. • At end 2008, Shoats Creek was valued at $95 million on 2P basis. • New 3D seismic indicates de
Slide 9: USA Somerset Field & South Weslaco, Texas
USA SOMERSET FIELD & SOUTH WESLACO, TEXAS SOMERSET FIELD, SAN ANTONIO • The Somerset leases are south of San Antonio, Texas. • Multiple shallow stripper wells. • Somerset provides reliable income flows. • Deeper exploration leads near existing production now being evaluated. SOUTH WESLACO, HIDALGO C
Slide 10: East Africa Coastal Margin and Onshore Gulf of Suez
3. EAST AFRICA COASTAL MARGIN AND ONSHORE GULF OF SUEZ AGM Presentation 10 June 2009 10
Slide 11: Aminex African Licences & Joint Ventures
AMINEX AFRICAN LICENCES & JOINT VENTURES 1. Nyuni PSA Aminex 40% (operator) Kiliwani N appraisal RAK Gas 25% 1,400 km² Key 20% EAX 10% Bounty 5% Tanzania 2. West Songo-Songo Aminex 50% 500 km² Key 50% (operator) 3. Ruvuma Basin Aminex 50% (Lindi & Mtwara) Tullow 50% (operator) 12,000 km² Blocks L17
Slide 12: Tanzania: Nyuni Appraisal & Development Licence
TANZANIA 1. NYUNI APPRAISAL & DEVELOPMENT LICENCE • Kiliwani North-1 on the Nyuni PSA was drilled to a total depth of 2,032 metres in 1H 2008. • It encountered a 60 metre gross gas column and flowed pipeline quality gas with no impurities under production test conditions at the rate of 40 mmscfd. (6
Slide 13: Tanzania: Nyuni Exploration Licence
TANZANIA 1. NYUNI EXPLORATION LICENCE • There are a number of other prospects in the Nyuni PSA area defined by seismic. AGM Presentation 10 June 2009 13
Slide 14: Tanzania: Summary of Nyuni Prospect Sizes
TANZANIA 1. SUMMARY OF NYUNI PROSPECT SIZES Nyuni Structural Leads P50 mean, unrisked, GIIP Neocomian Structural Structural Leads at all levels Lead Name (Neocomian, Aptian-Albian, Leads only Top Cretaceous, Base Eocene) Gas Bcf Total Gas Total Oil Oil MMboe (GIIP) Bcf (GIIP) MMboe Songo Songo South
Slide 15: Tanzania: West Songo-Songo Exploration
TANZANIA 2. WEST SONGO-SONGO EXPLORATION • New acreage awarded in Tanzania in 2008. • Adjacent to Songo-Songo producing gas field and to the Aminex Nyuni Licence. • PSA is 504 km² and has recent seismic coverage. • 50-50 JV with Key Petroleum Ltd. • Excellent further potential in Lower Cretaceous pl
Slide 16: Tanzania: Ruvuma Basin Exploration
TANZANIA 3. RUVUMA BASIN EXPLORATION • Aminex and Tullow Oil are 50-50 partners in a 12,000 km² PSA in the Ruvuma Basin. • The combined licences are 80% onshore and 20% offshore. New seismic, onshore and marine, has been acquired and interpreted. • The Ruvuma River is the border between Tanzania and
Slide 17: Tanzania: Ruvuma Drilling Programme
TANZANIA 3. RUVUMA DRILLING PROGRAMME • Tanzania is well known for gas but Aminex’s Ruvuma play is aiming for oil. • Having completed seismic, the Aminex and Tullow JV is preparing to drill its first Ruvuma exploration well, Mikindani-1. • Tullow Oil, one of the most successful exploration companies
Slide 18: Kenya Near Shore Blocks, L17 & L18 PSA
KENYA NEAR SHORE BLOCKS, L17 & L18 PSA • The L17 & L18 licences cover 5,000 km² along the onshore and near shore coastal margin of southern Kenya. • Aminex is operator (25%), with partners East African Exploration Ltd (40%), and SomKen Ltd (35%). • 700km of 2D seismic has already been acquired and f
Slide 19: Egypt Onshore Gulf of Suez
EGYPT ONSHORE GULF OF SUEZ • Aminex Petroleum Egypt Ltd. holds the West Esh El Mellaha-2 concession in the Eastern Desert of Egypt. • Aminex is free-carried for 10% through to commercial production. • One or more exploration wells will be drilled in 2009 (timing not yet firm) post a current re-evalu
Slide 20: Forward Activity Chart
FORWARD ACTIVITY CHART NEW Q2 09 Q3 09 Q4 09 2010 2011 WELLS NYUNI (Tanzania) Seismic to define KN discovery Seismic to firm up exploration well locations Exploration/development drilling 2 2 RUVUMA (Tanzania) Partial farm-out of interest Firm exploration well 1 1 Conditional exploration well 1 1 W
Slide 21: Further Information
Further information: Brian Hall, Executive Chairman Mike Rego, Exploration Director Simon Butterfield, Finance Director 7 Gower Street, London WC1E 6HA Tel: +44 207 291 3100 www.aminex-plc.com AGM Presentation 10 June 2009 21
Slide 22: Appendix
APPENDIX 1. CORPORATE DATA 2. SUNNY ERNST-2 WELL 3. AMOSSCO 4. KOREAN PENINSULA AGM Presentation 10 June 2009 22
Slide 23: Corporate Data
1. CORPORATE DATA SHARES • London Stock Exchange Full-List oil & gas company since 1995 • 242 million issued shares • One class of share and all shares freely tradable FINANCES • Debt free balance sheet • Revenues to fund day-to-day operations AGM Presentation 10 June 2009 23
Slide 24: USA - Sunny Ernst-2 Schematic
2. USA - SUNNY ERNST-2 SCHEMATIC WEITING SAND Possible 1 bcf will be left behind pipe “S” SAND 60’ gas sand logged. Not yet completed & tested UPPER ANDRAU 30’ gas sand completed & tested at 1,300 boe/day LOWER ANDRAU Water wet sand MASSIVE SANDS 4’ already perforated. Tested 320 boe/day and suspend
Slide 25: AMOSSCO
3. AMOSSCO Aminex Oilfield Service & Supply Company Ltd (“AMOSSCO”) is trading briskly in the international market with new projects under review. AMOSSCO also provides valuable logistics and procurement support to Aminex’s operations. AGM Presentation 10 June 2009 25
Slide 26: Korean Peninsula
4. KOREAN PENINSULA • Highly prospective for oil and gas • Unique Petroleum Agreement • Progress slow and politics difficult but agreement intact AGM Presentation 10 June 2009 26