ADX ENERGY - Boerse Express
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ADX ENERGY ACIVITY SNAPSHOT APRIL 2012 Paul Fink, Technical Director
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 effected 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.
ADX ENERGY: Started in late 2007 ASX ticker: ADX Shares on Issue Maket Capitalisation @ 10 cents
411 million $
41.1 million
Options * * exercise price between 25 to 40 cents
Geographic focus Energy exploration focused on North Africa, Mediterranean and Central Europe Gold & Base Metals (via Riedel Resources) in Australia
31 million
EUROPEAN – NORTH AFRICAN ASSETS SICILY CHANNEL – OFFSHORE: ITALY & TUNISIA (5,000 sqkm)
Vienna
ONSHORE TUNISIA
ONSHORE ROMANIA
MILESTONES SINCE START IN LATE 2007 3D Seismic, 2010 ADX operated, PGS boat
ADX executed a +$60 million exploration program with only $12 million of shareholder funds.
Acquire high quality assets in countries with excellent & stable fiscal regimes First Geostreamer 3D seismic acquired First ever Tunisian deepwater well drilled incident free gas discovery Onshore Romania (ADX license, Petrom facilty) Offshore 2D seismic Onshore well drilled oil discovery
Offshore Sicily ADX rig
Offshore Sicily ADX rig
Onshore Tunisia ADX rig
HOW DID WE DO - AND FUND IT? PART1/2 Directors Ian Tchacos Wolfgang Zimmer Paul Fink Andrew Childs
Non executive Chairman Managing Director Executive Director Non executive Director
Company Secretary Peter Ironside
………EXPERIENCED & PROVEN MANAGEMENT TEAM
HOW DID WE DO - AND FUND IT? PART2/2 70 Gross JV Operated Cost
60
50
58 MM
ADX Value ADX Contributed
40 32 MM
30
20 12 MM
10
0 Q1 10
Q2 10
Q3 10
Q4 10
Q1 11
Q2 11
Q3 11
Q4 11
……ADX COMPETENT OPERATOR – GOOD ASSETS – GOOD JV PARTNERS (E&P companies)
ADX ENERGY – NEAR TERM ACTIVITY MAP SICILY CHANNEL – OFFSHORE: DOUGGA RESOURCE UPGRADE FARM OUT EFFORTS TO START SOON TO: FUND LAMBOUKA RE-ENTRY & DEEP POTENTIAL FUND DOUGGA APPRAISAL FUND EXPLORATION ACTIVITY
TUNISIA – ONSHORE CHORBANE: •TEST SIDI DHAHER OIL DISCOVERY •START APPRAISAL & DEVELOPMENT
ROMANIA- ONSHORE: FARM OUT PARTA TO FUND SEISMIC & WELLS, START 3D AND 2D SEISMIC IN Q2 – Q4 2012 GROW ASSET BASE
ENERGY ASSET SELECTED EXAMPLES Paul Fink, Technical Director www.adxenergy.com.au
TOP EIGHT EXPLORATION & APPRAISAL PROJECTS Gas condensate Oil 3D
Gas
Dougga –West
Medium risk
3D
Lambouka Deep
Kerkouane-1 Appraisal
CHS 3D
Lambouka Appraisal
3D ..to be acquired
Sidi Dhaher Test
3D
Dougga Appraisal
Low risk
Saint M
Mean Resources Size
SIDI DHAHER DRILLING SUCCESSFUL DRILLING OPERATION
Tunisia “Jasmine” revolution and uprising in neighboring Libya caused several weeks of delay. Completed a safe and timely drilling operation during a time of partial power vacuum. Developed a relationship of mutual trust with the local population. ADX was the only company drilling in a populated area at the time. Other operators declared force majeure. Sidi Dhaher TD’ ed at 2,011 meters in the 3rd week of September.
SIDI DHAHER DRILLING SIDI DHAHER-1
SIDI DHAHER OIL RESOURCE POTENTIAL
Pressure (PSIA)
1400 1100
1500
1600
1700
Oil gradient
MDT Oil sample
Depth
1150
1200
Formation Water gradient 1250
Risk Category STOIIP [mmbbls]
P90 13
P50 37
Mean 51
P10 111
Three Cretaceous reservoirs pre drill (Abiod, Douleb, Bireno)
Oil found in Bireno reservoir, others Oil in place resource estimates, recovery factor to be determined post well test absent
OFFSHORE ITALY & TUNISIA Combined most likely contingent and prospective resources:
1.15 billion barrels of oil equivalent.
Kerkouane-1 Lambouka Elissa
Dougga - West
Total ADX permit areas approx. 5,000 sqkm (1,23 MM acres)
15
VISION : THE DOUGGA HUB A LARGE GAS CONDENSATE RESOURCE CLOSE TO MARKETS
15 km Dougga West Satellite Exploration
Dougga Appraisal
Lambouka Appraisal & Drill Deeper
Condensate-rich resource Possibility for oil Close to shore (40kms) Close to onshore infrastructure Close to high price local and European markets Proximal tie – in opportunities covered by 3D
226 mmboe
173 mmboe
126 mmboe
525 mmboe within a radius of 15 km (mean resources) Covered with Geostreamer 3D Proven Hydrocarbons - Low to medium risk upside
DOUGGA GAS CONDENSATE FIELD RESOURCES CB run Jan 2012, GRV method
Total RECOVERABLE MMBOE Abiod RECOVERABLE MMBOE Total Sales Gas recoverable [bcf] Total Condensate Recoverable [mmbbls] Total LPG Recoverable [mmbbls]
p90 88 71 264 35 12
p50 159 133 476 63 21
MEAN 173 142 517 68 23
p10 268 225 804 106 36
PRODUCTION FORECAST (TRACS, COOL ENERGY) Sales Gas
CO2
50 MMscfpd
32 MMscfpd
Fuel Gas 4 MMscfpd Raw Gas 106 MMscfpd
Condensate 114 kmol/hr
50 mmscf/d sales gas (base case) 9,400 bopd condensate production 3,200 bopd LPG production project NPV (10) 1.6 Billion USD (ADX share currently 60%)
Dougga total daily production: 22,000 boepd (Austria’s OMV total production in Pakistan, Yemen, Kurdistan, Kazakhstan: 27,000 boepd) (source: OMV annual report 2010)
DEVELOPMENT PLAN & CASH FLOW Discounted (10%) Project Cash Flow 350.0 250.0 150.0
MM US$
50.0 -50.0 0
5
10
15
20
25
-150.0 -250.0 -350.0 -450.0
Hannibal Gas Plant, Sfax, Tunisia
Years
project NPV (10): 1.6 Billion USD (ADX share currently 60%)
Revenue at today’s oil & gas prices: 8.3 Billion USD
Sources: Offshore, Petrofilm, BG
KEY STRATEGIES Corporate Strategy Early entry to high impact exploration opportunities in proven oil and gas basins. Commercialisation of existing discoveries. Operating Strategy Maintain operatorship through the exploration - appraisal phase of the asset cycle. Use leading edge technology to reduce risk
Funding Strategy Fund drilling via farmouts, retain large interests in material prospects with potential to deliver exceptional shareholder returns.
NEAR – MID TERM NEWS FLOW Test Results of Sidi Dhaher oil discovery: fast track production Farm out parts of Offshore Sicily to fund appraisal of Dougga, Lambouka Farm out parts of Romania to fund seismic and first well Dougga Appraisal & Well Test
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