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ADX ENERGY LTD — AGM Information 2014
May 7, 2014
64308_rns_2014-05-07_8b749487-a7eb-482c-b367-28053d2264c6.pdf
AGM Information
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ADX ENERGY
ANNUAL GENERAL MEETING
08 May 2014
PERTH
www.adx‐energy.com
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DISCLAIMER
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 affected by a variety of variables which could cause actual results or trends to differ materially, including but not limited to: price fluctuations, actual demand, currency fluctuations, drilling and production results, commercialization, development progress, operating results, reserve estimates, loss of market, industry competition, environmental risks, physical risks, legislative, fiscal and regulatory developments, economic and financial markets conditions in various countries, approvals and cost estimates.
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CORPORATE SUMMARY
ASX listed international energy explorer (ASX:ADX)
- Headquartered in Perth, Western Australia
Operations offices in Vienna, Austria and Tunis, Tunisia
24% interest in Riedel Resources. (ASX listed Gold and Base metal explorer, ASX:RIE)
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CORPORATE STRATEGY
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Corporate Strategy
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Early entry to high impact exploration opportunities in proven oil and gas basins where management has track record.
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Commercialisation of existing discoveries.
Operating Strategy
- Maintain operatorship through the exploration ‐ appraisal phase of the asset cycle.
Funding Strategy
- Fund drilling via farmouts, retain large interests in material prospects with potential to deliver exceptional shareholder returns.
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PORTFOLIO SNAPSHOTS
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Dougga
Dougga‐West
Kerkouane‐Deep
Dougga
Lambouka
Elissa
Zaghouan
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PORTFOLIO
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Combined most likely contingent and
resources:
prospective
1.2 billion barrels of oil equivalent.
Kerkouane‐1
Elissa Lambouka
Dougga – West
(226 mmbbls )
Dougga (173
mmboe)
Total ADX permit areas approx. 5,000 km²; ca. 700 km² 3D seismic
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DOUGGA WEST: MIOCENE SANDSTONE OIL
TARGET p90 p50 MEAN p10
TOTAL RECOVERABLE MMBOE 32 133 226 557
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A A’
~30 km² 4 way dip closure
A
A’
BACKTHRUST LEAD DOUGGA‐WEST DOUGGA Birsa Map 7
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PROVEN OIL TREND: BELLI FIELD (TUNISIA)
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Nilde oil field
Dougga West
Source: Marathon
Belli oil field
Belli‐1A Testing 5800 BOPD at
1600m (Bou Dabbous
fractured marl! High porosity
Birsa sst. absent)
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PROVEN OIL TREND: NILDE FIELD (ITALY)
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Nilde oil field Dougga West Belli oil field Remarkable regional continuity of structural belts across major recent wrench – graben systems DW does however have a very high chance of Birsa sst. Reservoir being present SOURCE: UNMIG, P. Casero Geological Cross Section from Italy
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DW ECONOMICS: NPV(10) , 90 $/bbl
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Contractor NPV 1406 MM$
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Note: for Upper Birsa reservoir only, no deeper upside included • Total CAPEX 367 MM$
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• Reserves 226 mmbbl
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• Production 2017‐ 2037
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• PSC 40% cost oil
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• Oil price: 90 US$/bbl 2014
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• Inflation 2.5% p.a.
Note: all NPV figures assume a discount rate of 10% (i.e. NPV = NPV(10)).
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Top Birsa Depth ISIS – CPR 2013
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DOUGGA APPRAISAL GAS CONDENSATE
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CB run Jan 2012, GRV method p90 p50 MEAN p10 Dougga‐West
Total RECOVERABLE MMBOE 88 159 173 268
Abiod RECOVERABLE MMBOE 71 133 142 225 Dougga
Total Sales Gas recoverable [bcf] 264 476 517 804
Total Condensate Recoverable [mmbbls] 35 63 68 106
Total LPG Recoverable [mmbbls] 12 21 23 36
Dougga Gas Condensate Appraisal – Contingent Resources
CPR by TRACS and ISIS, Development Plan with Genesis
Abiod Map
Birsa Map
DOUGGA & DOUGGA WEST: ONLY
9KM APART
600 meter gas column
mapped and supported by
RFT pressure data
Undrilled updip
potential
Dougga‐1 location 300 meters below
crest of structure
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CARBONATE RESERVOIR GEOMETRIES
Isochron map of Abiod – Near Sidi Kralif
A A’
Dougga‐1
Canyon
proj.
A
A’
Ain Grab
Canyon?
Abiod
Abiod Carbonate Reservoir:
Undrilled Reservoir Upside
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CARBONATE RESERVOIR GEOMETRIES
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Isochron map of top Abiod – near base
Cretaceous
Canyon?
Canyon?
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CARBONATE RESERVOIR GEOMETRIES
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A Dougga‐1 A’
proj.
Ain Grab
Canyon?
Abiod
Abiod Carbonate Reservoir:
Undrilled Reservoir Upside
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CARBONATE RESERVOIR GEOMETRIES
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DOUGGA PRODUCTION FORECAST
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(Tracs, Genesis)
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Sales Gas CO2
50 MMscfpd 32 MMscfpd
Fuel Gas
4 MMscfpd
Raw Gas
106 MMscfpd
Condensate
114 kmol/hr Dougga forecast: 22,000 boe/day
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50 mmscf/d sales gas (base case)
9,400 bopd condensate production
3,200 bopd LPG production
- total project NPV (10) 1.6 Billion USD
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DOUGGA SUMMARY
300 meters up dip potential
Large gas column: + 600 meters (gas kicks throughout lower section
very large skin through reservoir damage)
High liquids yield: +/‐ 90 bbls/mscf (Tracs)
Matrix porosities up to 22%, average 12%
Top reservoir approx. 2800 m TVDSS
Water depth approx. 300 meters
40 km from coast
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ROMANIA PARTA BLOCK – ADX OPERATED
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Fiscally attractive Concession agreement
signed with NAMR in January 2011.
Ratified by Government in November 2012
Prolific permit in a proven and producing
hydrocarbon province in Romania.
1,221 km² acreage with 40 identified oil &
gas leads…proven oil and gas source rocks!
Map of Romania with
ADX prospecting
licenses (red) and
Parta
concession(yellow)
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Parta seismic program
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FIRST RESULTS FROM 2D !
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FORECAST ACTIVIES
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Dougga appraisal program and Sicily Channel exploration program Dougga + exploration well farmout Q3 2014 Drill Dougga gas condensate field appraisal well 2015/2016 Drill exploration well Dougga - West 2015/2016 Complete seismic onshore Romania Q3 2014
Complete seismic onshore Romania
Prepare rig tender Romania Q3 2014
Drill onshore well in Romania Q4 2014
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Ian Tchacos Non executive Chairman
Wolfgang Zimmer Managing Director Office Suite 1, 45 Ord Street West Perth, WA, 6005 T: 61 8 9226 2822 F: 61 8 9226 5333 Website www.adxenergy.com.au Email [email protected] ASX Code ADX
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THANK YOU!
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