ADX ENERGY - Boerse Express

Report
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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