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ZIMI LIMITED — Investor Presentation 2012
Sep 12, 2012
66122_rns_2012-09-12_c14770ca-418c-4cdc-a73d-c7e9bfc59f79.pdf
Investor Presentation
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WHL Energy Ltd ABN: 25 113 326 524 Level 2, 22 Delhi Street West Perth, WA 6005 P.O. Box 1042, West Perth Western Australia 6872 T: +61 8 6500 0271 F: +61 8 9321 5212 www.whlenergy.com
MEDIA RELEASE 12[th] September 2012
MARKET UPDATE PRESENTATION
Australian energy company WHL Energy Limited ( ASX: WHN ) (“ WHL Energy ” or “ the Company ”) is pleased to announce the Market Update Presentation being delivered as part of a UK Road Show commencing later today local time.
End.
FURTHER INFORMATION Shareholders/Investors: Media contact: Steve Noske Colin Hay WHL Energy Ltd Professional Public Relations T: +61 8 6500 0271 T: +61 8 9388 0944 E: [email protected] E: [email protected]
The summary information on the oil and gas projects in this report has been prepared by WHL Energy Limited full time Exploration Manager Mr Matt Fittall. He is a Geologist [BSc(hons) Geology] of more than 28 years, practising in Petroleum Geology. Mr Fittall has consented in writing to the inclusion of the information in the form and context in which it appears.
About WHL Energy Limited
ASX-listed WHL Energy Ltd (ASX: WHN) is an oil and gas exploration company focussed on East Africa.
The Company’s “flagship” project is its 21,426 km[2] exploration area offshore Seychelles, owned 100% by WHL Energy. A highly material exploration portfolio and new exploration concepts are being matured in the acreage based on new seismic data and an exploration drilling program is expected in the second half of 2013.
WHL Energy holds 100% equity in Exploration Permit VIC/P67 in the offshore Otway Basin, approximately 200 km WSW of Melbourne off the Victorian coastline. VIC/P67 contains the undeveloped La Bella gas field in proximity to the Victorian gas market, and several nearby exploration prospects.
The Company also holds 33.33% equity in exploration permit WA-460-P, in the offshore Southern Carnarvon Basin, which contains an extension of the very large Palta Prospect. A Shell led Joint Venture is expected to drill Palta-1 in the adjacent block, during the second half of 2012.
The Company is also actively investigating growth opportunities in the wider East African region.
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Market Update
September 2012
ASX:WHN
WHL Energy - snapshot
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WHL Energy is Operator of two major assets
Vic/P67 La Bella undeveloped gas field 2,885 sq km exploration block in offshore Otway Basin, Victoria Australia 160 PJ 2C contingent resource, ~0.5 tcf exploration upside WHL, 100% Operator
Seychelles Areas
21,426 sq km of exploration areas in the southern and eastern flank of the Seychelles platform , 21,426 km 2, 5.5 bill bbl mean prospective resource WHL 100%, Operator
WA-460-P
90 sq. km. block, southern Carnarvon Basin, Western Australia, contains Palta Prospect, drilling in late 2012 by Shell – 2.5 tcf WHL 33.33%, non-operated
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Seychelles 100%
La Bella 100%
Perth Head Office
WA – 460-P 33%
2
Company focus
WHL Energy is an oil and gas exploration company focussed on the African and Australian regions.
The company's immediate priorities are to:
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Ensure the Company's capital position is robust linking to our business objectives.
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Realise the value of our acreage position for our shareholders through farm-out
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Build on our Seychelles capability to grow our portfolio in the region and wider into Africa
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Our Priorities
Australia Seychelles Secure partner(s) Secure partner(s) positioning the joint whilst keeping venture to capture a watch on further wider regional footprint acreage release via the Open Acreage opportunities Bid Process
New Venture, M&A, Africa Positioning to company to be ready to capture an additional significant growth opportunity
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Mozambique
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West Africa production
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Play to our strengths in the Australian arena
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Carefully review opportunities to materially transform the company
3
Ensuring our capital position is robust
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The Company has recently completed a strategic review of our portfolio, forward work programs, resourcing and capital to deliver the Business Strategy .
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The Company has strong confidence in its geological merit of its portfolio and its ability to deliver to its shareholders partners in our current acreage
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The recently announced 1 for 4 option programme provides sufficient additional funds to support the Company’s business objectives into second half 2013
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Success at WA-460-P near field drilling provides additional options to the company to realise unbudgeted funding
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With partners identified, the Company’s resources will focus on our wider regional strategy and capturing a transformational asset
4
Capital Management - snapshot
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| Project finance to underpin a development in Vic/P67 |
Project finance to underpin a development in Vic/P67 |
|---|---|
| Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2012 2013 2014 2015 |
Q1 Q2 Q3 Q4 2016 |
| Seismic Fast track first gas Interpretation 3D Seismic Drilling & Development planning Project development 1 for 4 option program Seychelles forward work program funded through JV Seychelles forward work program funded through JV Position Company to expand in Seychelles Capture expanded regional footprint with JV partner Work program and development timing subject to JV agreement and exploration success Farm-out campaign Interpretation Farm-out campaign Vic/P67 Vic/P67 forward work program funded through JV Drilling window With the announced 1 for 4 option programme the Company is fully funded until end June 2013. |
WHL budget includes A$2.9 million contingency expenditure in the Seychelles
WA-460-P near WA-460-P forward work program requires minimal funding over field drilling 2013/14 with circa A$350K due 3Q 2014 (Palta) by Shell Drilling success at Palta will open up divestment opportunities
Organic portfolio growth
Transformational M&A opportunity captured
5
Realising the value of our Seychelles portfolio
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Recent activities in East Africa coupled with geological merit of our acreage provides confidence in realising a preferred partnership in the region.
The Company remains in discussions with multiple parties and will re-launch its farm-out campaign in October
Access to this data may impact on bidding strategies and will be valuable to winners of deep water blocks -> farm-out to potential bidders/winners
WHL’s well data expected to be valuable to the deep water
The expected Seychelles Open Acreage Bid Round will focus Industry attention on the Seychelles & on WHL Energy’s intellectual property linked to our acreage
Considerable level of regional knowledge and intellectual property has been built-up within the Company
WHL Energy has undertaken substantial original work to develop the exploration potential of the Seychelles
6
Seychelles Areas
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Offshore Seychelles 21,426 sq km of exploration areas in the southern and eastern flank of the Seychelles platform. WHL 100% Operator
7
Seychelles farm-out campaign
Action taken
Current status
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Strong unsolicited approaches over early 2011 by industry majors to view the new Seychelles seismic encouraged WHL Energy to undertake an “early” farm-out campaign starting in Oct 2011
- Full geological interpretation, test seismic re-processing and “technical overhaul” undertaken and near completion (Jul 2011 to Sept 2012) -
Company’s initial early farm out campaign unsuccessful due to:
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Work program renegotiation with PetroSeychelles nearing completion yielding a forward
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Technical maturity of the work program aligned with the
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opportunity at the time was insufficient to support the industry expectations level of expenditure required Ongoing discussions with by the forward work potential partners are programme continuing Technical issues being With the above completed, addressed new partnering initiatives have
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Work program been planned obligations being targeting “like-minded” renegotiated partners To coincide with Africa Oil Week conference Cape Town – Oct 2012
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Technical maturity of the opportunity at the time was insufficient to support the level of expenditure required by the forward work programme
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Objective
- Deliver a partnership that funds the forward work programme and looks to lever off the WHL Energy regional knowledge to grow its acreage position in the Seychelles
8
The Seychelles Opportunity
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Lead C
Strong Leads Leads Blue Sky Concepts Central Junon O
Block
Beau
Vallon
Junon
South
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Basin opener opportunity
- **Junon South “sweet spot” key test**
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New basin opportunity developed from grass roots geological interpretation & exploration
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New SY10 seismic data a game-changer
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Substantial exploration portfolio
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Very attractive value metrics
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Junon South will test/open eastern basin
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Beau Vallon largest feature in portfolio
- Billion barrel potential
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Range of additional leads and play concepts
- Potentially very large, immature and provide further follow-on potential
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Favourable fiscal regime
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Relatively low cost environment
9
Delivering high value opportunities to our shareholders – VIC/P67
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WHL Energy has strong corporate knowledge in SE Australian gas opportunities
In 2H 2011 the Vic/P67 acreage was identified and having strong industry awareness, prospectivity and value
Our bidding strategy reflected our knowledge of the opportunity and our competitors.
Our growth in the equity markets coupled with our creditability as Operator in the Seychelles demonstrated financial and technical competence to the Australian Regulator
Planning for Q2 3D Seismic initiated. Tendering complete bids received and under review. Environmental and stakeholder processes commenced
Strong Industry attention supports advanced work program
Ongoing geological review and South East Australian gas price forecasts support WHL Energy’s view of value
WHL Energy formally awarded Vic/P67 in May 2012
WHL Energy formally commences farm-out process in September 2012
Our forward planning assumes the immediate 2013 work program to be fully carried (at a minimum)
10
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Realising the value - VIC/P67 - La Bella
“Line of sight to production and a positive cash flow opportunity”
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La Bella gas condensate asset growing in value of uncontracted east coast Australia gas grows
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WHL Energy closed a tender for the acquisition of 811 sq. km of 3D seismic over key targets in VIC/P67 in late August 2012
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We plan to bring forward the work program by 12 months to support strong gas demand
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A number of low cost development opportunities identified via multiple paths to commercialisation via local production and pipeline infrastructure
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Initial NPV studies demonstrate a robust project with IRR exceeding 20% and strong NPV
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External consultants engaged to review development concepts
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WHL Energy recently opened formal farm-out discussions over the VIC/P67 permit following strong industry interest
11
WHL Energy – “An eye to production” La Bella Gas Field, WHL Energy 100%
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Highlander
Mussel Updip
Lowlander B
La Bella
Gas Field
West La Bella
Lowlander A
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enry iner a
Casino
km
ipeline i ensions
Casino to W S ” km
iner a to iner a lant ” km
a ella
hylacine to tway lant ” km
hylacine
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| Gas(PJ) 2C Contingent Resource Condensate(MMstb) |
Gas(PJ) 2C Contingent Resource Condensate(MMstb) |
|
|---|---|---|
| Gas(PJ) | ||
| La Bella | 158 | 1.2 |
| Exploration Leads | ||
| Highlander(V11-2) | 78 | 0.8 1.2 0.1 1.3 0.3 |
| Lowlander A | 145 | |
| Mussel Updip (V11-2) | 21 | |
| Lowlander B | 215 | |
| West La Bella | 51 | |
| Unrisked Exploration | 510 | 3.7 |
| Gas(PJ) | ||
| Unrisked Total | 668 | 4.9 |
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158 PJ (~bcf) gas in proximity of 3 producing projects
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Multiple commercialisation pathways
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Dynamic SE Australia gas market
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Production targeted for 2017
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Provides a line of sight to production and plays to WHL Energy’s strengths in Australia
12
Eastern Australia Gas Opportunities
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8% growth per year
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Increasing prices
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Multiple contract opportunities
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Gas prices trending to $6 to $9 per gigajoule
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Source: Australian Financial Review 29 March 2012
13
WA-460-P exposure to high risk/reward drilling by Shell
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Year 1 (2012) Geotechnical Studies
Year 2 (2013) 92 km 2D Reprocessing
Year 3 (2014) 81 sq. km. of 3D seismic and 9.2 km 2D seismic
WA-
460-P
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o
Exposure to Shell Palta-1
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2.5 Tcf of 13.5 Tcf Palta gas prospect lies in WA460-P (~20%) (WHL Energy interpretation)
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Palta-1 expected to be drilled in Oct/Nov 2012 by Shell
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WA-460-P offers exposure to a high impact well
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WA-460-P
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Palta structure
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Palta test looming in Q4 2012 - WHL 33.33%
14
Near term objectives and news flow
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“WHL Energy’s focus - sustainable growth”
| ~~15~~ 2012 2013 2014 2015 / 2016 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 1H 2H 1H 2H Seychelles Partnering Seismic Studies Drill exploration well(Junon region) Australia Vic/P67 Farm-out 3Dseismic Drill Development First gas WA-460P Drill Palta prospect (Shell) Portfolio Development M&A East and West Africa Seychelles Partnering/farm-out Partnering/farm-out ~~Near term drilling~~ Seismic Company transformational drilling ~~Portfolio growth~~ ~~Over 2012 and~~ ~~2013 the~~ Company plans ~~significant growth~~ |
~~15~~ 2012 2013 2014 2015 / 2016 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 1H 2H 1H 2H Seychelles Partnering Seismic Studies Drill exploration well(Junon region) Australia Vic/P67 Farm-out 3Dseismic Drill Development First gas WA-460P Drill Palta prospect (Shell) Portfolio Development M&A East and West Africa Seychelles Partnering/farm-out Partnering/farm-out ~~Near term drilling~~ Seismic Company transformational drilling ~~Portfolio growth~~ ~~Over 2012 and~~ ~~2013 the~~ Company plans ~~significant growth~~ |
~~15~~ 2012 2013 2014 2015 / 2016 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 1H 2H 1H 2H Seychelles Partnering Seismic Studies Drill exploration well(Junon region) Australia Vic/P67 Farm-out 3Dseismic Drill Development First gas WA-460P Drill Palta prospect (Shell) Portfolio Development M&A East and West Africa Seychelles Partnering/farm-out Partnering/farm-out ~~Near term drilling~~ Seismic Company transformational drilling ~~Portfolio growth~~ ~~Over 2012 and~~ ~~2013 the~~ Company plans ~~significant growth~~ |
~~15~~ 2012 2013 2014 2015 / 2016 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 1H 2H 1H 2H Seychelles Partnering Seismic Studies Drill exploration well(Junon region) Australia Vic/P67 Farm-out 3Dseismic Drill Development First gas WA-460P Drill Palta prospect (Shell) Portfolio Development M&A East and West Africa Seychelles Partnering/farm-out Partnering/farm-out ~~Near term drilling~~ Seismic Company transformational drilling ~~Portfolio growth~~ ~~Over 2012 and~~ ~~2013 the~~ Company plans ~~significant growth~~ |
~~15~~ 2012 2013 2014 2015 / 2016 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 1H 2H 1H 2H Seychelles Partnering Seismic Studies Drill exploration well(Junon region) Australia Vic/P67 Farm-out 3Dseismic Drill Development First gas WA-460P Drill Palta prospect (Shell) Portfolio Development M&A East and West Africa Seychelles Partnering/farm-out Partnering/farm-out ~~Near term drilling~~ Seismic Company transformational drilling ~~Portfolio growth~~ ~~Over 2012 and~~ ~~2013 the~~ Company plans ~~significant growth~~ |
~~15~~ 2012 2013 2014 2015 / 2016 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 1H 2H 1H 2H Seychelles Partnering Seismic Studies Drill exploration well(Junon region) Australia Vic/P67 Farm-out 3Dseismic Drill Development First gas WA-460P Drill Palta prospect (Shell) Portfolio Development M&A East and West Africa Seychelles Partnering/farm-out Partnering/farm-out ~~Near term drilling~~ Seismic Company transformational drilling ~~Portfolio growth~~ ~~Over 2012 and~~ ~~2013 the~~ Company plans ~~significant growth~~ |
~~15~~ 2012 2013 2014 2015 / 2016 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 1H 2H 1H 2H Seychelles Partnering Seismic Studies Drill exploration well(Junon region) Australia Vic/P67 Farm-out 3Dseismic Drill Development First gas WA-460P Drill Palta prospect (Shell) Portfolio Development M&A East and West Africa Seychelles Partnering/farm-out Partnering/farm-out ~~Near term drilling~~ Seismic Company transformational drilling ~~Portfolio growth~~ ~~Over 2012 and~~ ~~2013 the~~ Company plans ~~significant growth~~ |
~~15~~ 2012 2013 2014 2015 / 2016 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 1H 2H 1H 2H Seychelles Partnering Seismic Studies Drill exploration well(Junon region) Australia Vic/P67 Farm-out 3Dseismic Drill Development First gas WA-460P Drill Palta prospect (Shell) Portfolio Development M&A East and West Africa Seychelles Partnering/farm-out Partnering/farm-out ~~Near term drilling~~ Seismic Company transformational drilling ~~Portfolio growth~~ ~~Over 2012 and~~ ~~2013 the~~ Company plans ~~significant growth~~ |
~~15~~ 2012 2013 2014 2015 / 2016 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 1H 2H 1H 2H Seychelles Partnering Seismic Studies Drill exploration well(Junon region) Australia Vic/P67 Farm-out 3Dseismic Drill Development First gas WA-460P Drill Palta prospect (Shell) Portfolio Development M&A East and West Africa Seychelles Partnering/farm-out Partnering/farm-out ~~Near term drilling~~ Seismic Company transformational drilling ~~Portfolio growth~~ ~~Over 2012 and~~ ~~2013 the~~ Company plans ~~significant growth~~ |
~~15~~ 2012 2013 2014 2015 / 2016 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 1H 2H 1H 2H Seychelles Partnering Seismic Studies Drill exploration well(Junon region) Australia Vic/P67 Farm-out 3Dseismic Drill Development First gas WA-460P Drill Palta prospect (Shell) Portfolio Development M&A East and West Africa Seychelles Partnering/farm-out Partnering/farm-out ~~Near term drilling~~ Seismic Company transformational drilling ~~Portfolio growth~~ ~~Over 2012 and~~ ~~2013 the~~ Company plans ~~significant growth~~ |
~~15~~ 2012 2013 2014 2015 / 2016 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 1H 2H 1H 2H Seychelles Partnering Seismic Studies Drill exploration well(Junon region) Australia Vic/P67 Farm-out 3Dseismic Drill Development First gas WA-460P Drill Palta prospect (Shell) Portfolio Development M&A East and West Africa Seychelles Partnering/farm-out Partnering/farm-out ~~Near term drilling~~ Seismic Company transformational drilling ~~Portfolio growth~~ ~~Over 2012 and~~ ~~2013 the~~ Company plans ~~significant growth~~ |
~~15~~ 2012 2013 2014 2015 / 2016 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 1H 2H 1H 2H Seychelles Partnering Seismic Studies Drill exploration well(Junon region) Australia Vic/P67 Farm-out 3Dseismic Drill Development First gas WA-460P Drill Palta prospect (Shell) Portfolio Development M&A East and West Africa Seychelles Partnering/farm-out Partnering/farm-out ~~Near term drilling~~ Seismic Company transformational drilling ~~Portfolio growth~~ ~~Over 2012 and~~ ~~2013 the~~ Company plans ~~significant growth~~ |
~~15~~ 2012 2013 2014 2015 / 2016 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 1H 2H 1H 2H Seychelles Partnering Seismic Studies Drill exploration well(Junon region) Australia Vic/P67 Farm-out 3Dseismic Drill Development First gas WA-460P Drill Palta prospect (Shell) Portfolio Development M&A East and West Africa Seychelles Partnering/farm-out Partnering/farm-out ~~Near term drilling~~ Seismic Company transformational drilling ~~Portfolio growth~~ ~~Over 2012 and~~ ~~2013 the~~ Company plans ~~significant growth~~ |
~~15~~ 2012 2013 2014 2015 / 2016 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 1H 2H 1H 2H Seychelles Partnering Seismic Studies Drill exploration well(Junon region) Australia Vic/P67 Farm-out 3Dseismic Drill Development First gas WA-460P Drill Palta prospect (Shell) Portfolio Development M&A East and West Africa Seychelles Partnering/farm-out Partnering/farm-out ~~Near term drilling~~ Seismic Company transformational drilling ~~Portfolio growth~~ ~~Over 2012 and~~ ~~2013 the~~ Company plans ~~significant growth~~ |
~~15~~ 2012 2013 2014 2015 / 2016 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 1H 2H 1H 2H Seychelles Partnering Seismic Studies Drill exploration well(Junon region) Australia Vic/P67 Farm-out 3Dseismic Drill Development First gas WA-460P Drill Palta prospect (Shell) Portfolio Development M&A East and West Africa Seychelles Partnering/farm-out Partnering/farm-out ~~Near term drilling~~ Seismic Company transformational drilling ~~Portfolio growth~~ ~~Over 2012 and~~ ~~2013 the~~ Company plans ~~significant growth~~ |
~~15~~ 2012 2013 2014 2015 / 2016 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 1H 2H 1H 2H Seychelles Partnering Seismic Studies Drill exploration well(Junon region) Australia Vic/P67 Farm-out 3Dseismic Drill Development First gas WA-460P Drill Palta prospect (Shell) Portfolio Development M&A East and West Africa Seychelles Partnering/farm-out Partnering/farm-out ~~Near term drilling~~ Seismic Company transformational drilling ~~Portfolio growth~~ ~~Over 2012 and~~ ~~2013 the~~ Company plans ~~significant growth~~ |
~~15~~ 2012 2013 2014 2015 / 2016 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 1H 2H 1H 2H Seychelles Partnering Seismic Studies Drill exploration well(Junon region) Australia Vic/P67 Farm-out 3Dseismic Drill Development First gas WA-460P Drill Palta prospect (Shell) Portfolio Development M&A East and West Africa Seychelles Partnering/farm-out Partnering/farm-out ~~Near term drilling~~ Seismic Company transformational drilling ~~Portfolio growth~~ ~~Over 2012 and~~ ~~2013 the~~ Company plans ~~significant growth~~ |
~~15~~ 2012 2013 2014 2015 / 2016 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 1H 2H 1H 2H Seychelles Partnering Seismic Studies Drill exploration well(Junon region) Australia Vic/P67 Farm-out 3Dseismic Drill Development First gas WA-460P Drill Palta prospect (Shell) Portfolio Development M&A East and West Africa Seychelles Partnering/farm-out Partnering/farm-out ~~Near term drilling~~ Seismic Company transformational drilling ~~Portfolio growth~~ ~~Over 2012 and~~ ~~2013 the~~ Company plans ~~significant growth~~ |
~~15~~ 2012 2013 2014 2015 / 2016 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 1H 2H 1H 2H Seychelles Partnering Seismic Studies Drill exploration well(Junon region) Australia Vic/P67 Farm-out 3Dseismic Drill Development First gas WA-460P Drill Palta prospect (Shell) Portfolio Development M&A East and West Africa Seychelles Partnering/farm-out Partnering/farm-out ~~Near term drilling~~ Seismic Company transformational drilling ~~Portfolio growth~~ ~~Over 2012 and~~ ~~2013 the~~ Company plans ~~significant growth~~ |
~~15~~ 2012 2013 2014 2015 / 2016 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 1H 2H 1H 2H Seychelles Partnering Seismic Studies Drill exploration well(Junon region) Australia Vic/P67 Farm-out 3Dseismic Drill Development First gas WA-460P Drill Palta prospect (Shell) Portfolio Development M&A East and West Africa Seychelles Partnering/farm-out Partnering/farm-out ~~Near term drilling~~ Seismic Company transformational drilling ~~Portfolio growth~~ ~~Over 2012 and~~ ~~2013 the~~ Company plans ~~significant growth~~ |
~~15~~ 2012 2013 2014 2015 / 2016 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 1H 2H 1H 2H Seychelles Partnering Seismic Studies Drill exploration well(Junon region) Australia Vic/P67 Farm-out 3Dseismic Drill Development First gas WA-460P Drill Palta prospect (Shell) Portfolio Development M&A East and West Africa Seychelles Partnering/farm-out Partnering/farm-out ~~Near term drilling~~ Seismic Company transformational drilling ~~Portfolio growth~~ ~~Over 2012 and~~ ~~2013 the~~ Company plans ~~significant growth~~ |
~~15~~ 2012 2013 2014 2015 / 2016 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 1H 2H 1H 2H Seychelles Partnering Seismic Studies Drill exploration well(Junon region) Australia Vic/P67 Farm-out 3Dseismic Drill Development First gas WA-460P Drill Palta prospect (Shell) Portfolio Development M&A East and West Africa Seychelles Partnering/farm-out Partnering/farm-out ~~Near term drilling~~ Seismic Company transformational drilling ~~Portfolio growth~~ ~~Over 2012 and~~ ~~2013 the~~ Company plans ~~significant growth~~ |
~~15~~ 2012 2013 2014 2015 / 2016 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 1H 2H 1H 2H Seychelles Partnering Seismic Studies Drill exploration well(Junon region) Australia Vic/P67 Farm-out 3Dseismic Drill Development First gas WA-460P Drill Palta prospect (Shell) Portfolio Development M&A East and West Africa Seychelles Partnering/farm-out Partnering/farm-out ~~Near term drilling~~ Seismic Company transformational drilling ~~Portfolio growth~~ ~~Over 2012 and~~ ~~2013 the~~ Company plans ~~significant growth~~ |
~~15~~ 2012 2013 2014 2015 / 2016 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 1H 2H 1H 2H Seychelles Partnering Seismic Studies Drill exploration well(Junon region) Australia Vic/P67 Farm-out 3Dseismic Drill Development First gas WA-460P Drill Palta prospect (Shell) Portfolio Development M&A East and West Africa Seychelles Partnering/farm-out Partnering/farm-out ~~Near term drilling~~ Seismic Company transformational drilling ~~Portfolio growth~~ ~~Over 2012 and~~ ~~2013 the~~ Company plans ~~significant growth~~ |
~~15~~ 2012 2013 2014 2015 / 2016 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 1H 2H 1H 2H Seychelles Partnering Seismic Studies Drill exploration well(Junon region) Australia Vic/P67 Farm-out 3Dseismic Drill Development First gas WA-460P Drill Palta prospect (Shell) Portfolio Development M&A East and West Africa Seychelles Partnering/farm-out Partnering/farm-out ~~Near term drilling~~ Seismic Company transformational drilling ~~Portfolio growth~~ ~~Over 2012 and~~ ~~2013 the~~ Company plans ~~significant growth~~ |
~~15~~ 2012 2013 2014 2015 / 2016 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 1H 2H 1H 2H Seychelles Partnering Seismic Studies Drill exploration well(Junon region) Australia Vic/P67 Farm-out 3Dseismic Drill Development First gas WA-460P Drill Palta prospect (Shell) Portfolio Development M&A East and West Africa Seychelles Partnering/farm-out Partnering/farm-out ~~Near term drilling~~ Seismic Company transformational drilling ~~Portfolio growth~~ ~~Over 2012 and~~ ~~2013 the~~ Company plans ~~significant growth~~ |
~~15~~ 2012 2013 2014 2015 / 2016 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 1H 2H 1H 2H Seychelles Partnering Seismic Studies Drill exploration well(Junon region) Australia Vic/P67 Farm-out 3Dseismic Drill Development First gas WA-460P Drill Palta prospect (Shell) Portfolio Development M&A East and West Africa Seychelles Partnering/farm-out Partnering/farm-out ~~Near term drilling~~ Seismic Company transformational drilling ~~Portfolio growth~~ ~~Over 2012 and~~ ~~2013 the~~ Company plans ~~significant growth~~ |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Q2 | Q3 | Q4 | Q1 | Q2 | Q3 | Q4 | Q1 | Q2 | Q3 | Q4 | 1H | 2H | 1H | 2H | ||||||||||||
| Seychelles | Partn | ering/ | **farm-o ** | ut | ||||||||||||||||||||||
| Partnering | ||||||||||||||||||||||||||
| Seismic | Seis | mic | ||||||||||||||||||||||||
| Studies | ||||||||||||||||||||||||||
| Drill exploration well(Junon region) |
Com | pany t | ransfo | rmatio | nal drill | ing | ||||||||||||||||||||
| Australia | Partne | ring/far | m-out | |||||||||||||||||||||||
| Vic/P67 Farm-out | ||||||||||||||||||||||||||
| 3Dseismic | ||||||||||||||||||||||||||
| Drill | ~~O~~ | ~~er~~ | ~~20~~ | ~~2~~ | ~~nd~~ | |||||||||||||||||||||
| Development | ||||||||||||||||||||||||||
| First gas | ~~20~~ | ~~13~~ | ~~the~~ | |||||||||||||||||||||||
| **WA-460P ** | ~~N~~ | ~~t~~ | ~~illi~~ | |||||||||||||||||||||||
| Drill Palta prospect (Shell) |
~~ea~~ | ~~ea~~ | ~~erm~~ | ~~rng~~ | Co | m | an | y p | lan | s | ||||||||||||||||
| ~~si~~ | ~~ni~~ | ~~ica~~ | ~~nt~~ | ~~ro~~ | ~~wt~~ | |||||||||||||||||||||
| Portfolio Development |
||||||||||||||||||||||||||
| M&A | ~~Po~~ | ~~rtfolio~~ | ~~growth~~ | |||||||||||||||||||||||
| East and West Africa | ||||||||||||||||||||||||||
| Seychelles | ~~15~~ | |||||||||||||||||||||||||
Board of Directors & Advisors
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Non-Executive
Chairman
Trevor Benson
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Executive Director
Finance
David Rowbottam
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Managing Director
Steve Noske
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Non-Executive Director
Open
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Non-Executive Director
Keiran Wulff
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Advisory Panel
Gary King
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Trevor Benson (Non-Executive Chairman)
Trevor Benson has a strong background in corporate advisory and investment banking. He has over 25 years experience in Corporate Advisory and cross-border experience including advising companies on M&A, restructuring and listing on AIM in London.
Steve Noske (Managing Director)
Steven Noske Holds and honours degree in Mechanical Engineering for Melbourne University and has 28 years of upstream oil and gas experience with majors including Woodside, Shell, BHP Billiton. He has worked internationally in Brunei, Indonesia and Malaysia. His most recent role involved 7 years in gas business management and general business development with Mitsui.
David Rowbottam (Executive Director Finance)
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David Rowbottam was previously the founding Managing Director of Exoma Energy Limited, an ASX listed, US focused oil and gas exploration company. Mr Rowbottam had worked as a senior financial executive with international and Australian experience
Keiran Wulff (Non-Executive Director)
Dr Keiran Wulff has a strong background with technical and managerial experience in the oil and gas industry spanning 28 years. He is currently the Executive Chairman of Aligned Energy Limited. His previous experience has involved a number of senior roles in the oil and gas industry.
Gary King (Advisory Panel) – Not Pictured
Gary King’s experience comprises a 30 year international career in energy, commodities and asset management. Founded and implemented unique regional and emerging market private equity initiatives focused on energy and natural resources. Founding CEO of the Dubai Mercantile Exchange (DME) and CEO of Sovereign Wealth Fund “Dubai 16 Natural Resources World Based in Dubai
Looking Forward Strategic Themes
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East Africa
West Africa
Australia
Playing to our strengths Diversifyng the Portfolio, Line of sight to production Promotable Projects
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-
Africa Country Review
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Initial East Africa focus
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Strong West Africa deal flow
-
Initial country review completed
-
Commenced screening deals
-
Playing to our strengths in Australia
-
VIC/P67
-
WA-460-P
-
New gazettal opportunities
-
Forward Plan
-
Current market downturn provides M&A opportunity
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Pursue selected African opportunities
-
Work the West Africa deal flow
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Selected Australia opportunities
-
Work corporate opportunities
17
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Appendix
ASX:WHN
Corporate Overview
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Capital Structure
| ASX Code | WHN |
|---|---|
| Shareprice at 10 September 2012 | 0.03 |
| Market Capitalisation | 45m |
| Shares on Issue | 1,407b |
| Options on Issue | 304,5m |
| Cash(as at 7 September 2012 | 7.9m |
| Debt | Nil |
Major Shareholders
Se chelles Petroleum Com an Limited y p y
JP Mor an as nominee for a UK investment institution g The Com an ’s former Chairman p y Australia’s lar est rivate share investor g p
19
Top 20 Shareholders
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20
Cretaceous Petroleum System on SE margin – Junon “Sweet Spot”
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70 Ma
Somali rifting India rifting
(EJ) (K)
Mascarene
Top Cretaceous Unc.
rifting (EK)
to Top Karoo Isopach Source kitchen
Junon South trend
TWT (s) SW 3000+m Tertiary burial NE
1.0
Nr Top Cretaceous
2.0 Top oil window
Expanded Cretaceous section mapped on south-
Base oil window
Mid Cretaceous eastern flank of Seychelles platform.
Interpreted to be Mascarene syn-rift section
4.0 Thick marine shale potential source
Mapped to extend to deep waters on SE margin
Nr Top Karoo
Oil and gas expulsion Best quality source rocks in Owen Bank-1 were
through Tertiary from Cretaceous shales
10 km
Cretaceous source
6.0
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21 21
Junon South – Lead Q
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Top Karoo Depth Junon South “sweet spot”
Junon Q Junon X
Junon South focus for migration,
high-graded
Junon Q Lead 212 MMstb
Additional seismic to
mature for drilling
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22
Beau Vallon
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Lead C Top Karoo Depth
Beau Vallon
SW
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Beau Vallon
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- Beau Vallon large regional structure in west of acreage
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NE
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Eocene Unc
Mid Cretaceous Unc
Top Karoo Fm
Lower Karoo play ?
5km
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250 sq. km, 600m relief
-
Numerous follow-up features to east and north
-
Jurassic charge from south and east
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Diversity in the Portfolio Deep water leads, Lower Karoo plays
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TWT SW NE
(s)
1.0
2.0 Cretaceous amplitudes
3.0
4.0
5.0
6.0
5 km
Junon O Lead
Top Paleocene
1.0
Top Karoo
2.0
3.0
Intra-Karoo or
Basement
potential
5 km 4.0
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-
Additional new play concepts developing in the area
-
Deep water plays
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Lower Karoo play on large regional highs
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High potential
-
Ongoing long term exploration potential in the block
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Strategy and Forward Work Program
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-
Geological interpretation complete and opportunity ready to be tested in the Industry
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Capture partner(s) to mature Junon South/Junon Q to drillable status
-
2D infill and/or 3D seismic
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With our partner(s), mature Beau Vallon to drill or 3D decision
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Initial 2D infill acquisition to confirm structural interpretation
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Then 3D or drill decision
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Building on WHL Energy’s intellectual property, participate in the planned Open Bid round to capture a wider regional footprint
- Evaluate open acreage growth opportunities
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Mature secondary leads to drill or 3D decision
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Infill 2D seismic acquisition
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Alternative/additional drilling candidates to Junon Q and Beau Vallon
-
-
Continue to develop new concepts
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SE deep water leads, intra-Karoo/basement play
-
Infill 2D seismic, geological studies
-
-
Alternative/additional drilling candidate to Junon Q
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Lead C
Central Junon O
Block
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Beau
Vallon
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Junon
South/Q
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VIC/P67 WHL Energy Operator
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Highlander
Mussel Updip
Lowlander B
Vic/P67
La Bella
Gas Field
West La Bella
Source: DRET Acreage Release
WHL Energy’s operating capability
Lowlander A proven by VIC/P67 project
Challenging operating environment
Confirmation of WHL Energy’s
operating credentials by Australian
government
WHL Energy has tendered for 811 sq
km La Bella 3D seismic survey
La Bella 3D
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- Challenging operating environment Confirmation of WHL Energy’s
operating credentials by Australian government
WHL Energy has tendered for 811 sq km La Bella 3D seismic survey
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WHL Energy Team
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Managing Director
Steve Noske
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The WHL Energy team brings substantial experience with major operators
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Investor Relations
Manager
Amy Lodge
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Commercial Manager &
General Counsel
Jay Laurie
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Exploration Manager
Matt Fittall
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New Ventures/Business
Development
(open)
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Finance Director
David Rowbottam
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Geological Advisor
Paul Robinson
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Chief Geophysicist
Mike Wilson
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Exploration Advisor
Joe Scibiorski
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Financial Controller
Bev Scully
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Bookkeeper
Lisa Pilling
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Interpreter
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Technical Team is World Class
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Managing Director
Steve Noske
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Exploration Manager
Matt Fittall
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Exploration Advisor
Joe Scibiorski
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Matt Fittall (Exploration Manager) is a Geologist of 27 years standing with a wide range of technical, commercial and management experience in oil and gas exploration, field development and production with major operators, mostly with BHP Billiton Petroleum, but also Delhi Petroleum, Mitsui and Total.
Michael Wilson (Chief Geophysicist) with over 30 years of exploration experience, largely with Esso/Exxon, but also with Woodside Petroleum, and most recently in Vietnam with Premier Oil. His experience covers all aspects of seismic acquisition, processing and interpretation and he also has extensive international experience in Australia, Gulf of Mexico, the Vietnamese offshore basins and Libya.
Dr Paul Robinson (Geological Advisor) has over 25 years industry experience. Paul has worked on exploration programmes throughout the world including Australia, India, Africa, Central Europe, SE Asia and New Zealand. At Conoco Phillips he was instrumental in the discovery of the Giant Bayu-Undan field. Paul has world class expertise in fully integrated geological and seismic interpretation, specialising in sequence stratigraphy, regional studies, resource assessments and new venture evaluations.
Joe Scibiorski (Exploration Advisor) is a highly experienced oil and gas professional with a diverse background in senior technical and management roles in exploration, new ventures and business development in companies including Mobil, BHP Billiton, WMC Resources and Tap Oil. Joe has worked throughout Australia as well as Southeast Asia, West Africa, Colombia and several other countries. 28
Disclaimer
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This presentation has been prepared by WHL Energy Limited (“WHL Energy” or the “Company”). It should not be considered as an offer or invitation to subscribe for, or purchase any, securities in the Company or as an inducement to make an offer or invitation with respect to those securities. No agreement to subscribe for securities in the Company will be entered into on the basis of this presentation.
This presentation contains forecasts, projections and forward looking information. Such forecasts, projections and information are not a guarantee of future performance and involve unknown risks and uncertainties, many of which are out of WHL Energy’s control. Actual results and developments will almost certainly differ materially from those expressed or implied. WHL Energy has not audited or investigated the accuracy or completeness of the information, statements and opinions contained in this presentation. To the maximum extent permitted by applicable laws, WHL Energy makes no representation and can give no assurance, guarantee or warranty, express or implied, as to, and takes no responsibility and assumes no liability for (1) the authenticity, validity, accuracy, suitability or completeness of, or any errors in or omission from, any information, statement or opinion contained in this presentation and (2) without prejudice to the generality of the foregoing, the achievement or accuracy of any forecasts, projections or other forward looking information contained or referred to in this presentation.
[Throughout this presentation all figures are quoted in A$ dollars unless otherwise stated. You ] should not act in reliance on this presentation material. This overview of the Company does not purport to be all inclusive or to contain all information which its recipients may require in order to make an informed assessment of WHL Energy’s prospects. You should conduct your own investigation and perform your own analysis in order to satisfy yourself as to the accuracy and completeness of the information, statements and opinions contained in this presentation before making any investment decision
Competent erson’s Statement
The information in this report has been prepared by their full time employee Matt Fittall (Exploration Manager); a person qualified to prepare information relating to reserves and/or resources in accordance with the Australian Securities Exchange Listing Rules.
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29
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Level 2, 22 Delhi Street, West Perth, Western Australia 6005 PO Box 1042, West Perth, Western Australia 6872
Tel: +61 (0) 8 6500 0275 | Fax: +61 (0) 8 9321 5212 | www.whlenergy.com