Empyrean Energy Plc · LSE:EME
Empyrean Energy — Shareholder Meeting (September 2020)
21 slides from Empyrean Energy's shareholder meeting presentation, Sep 22, 2020
Slide 1: Annual General Meeting, 22 September 2020
Sacramento Basin Project California Block 29/11 China ANNUAL GENERAL MEETING, 22 SEPTEMBER 2020 Duyung PSC Indonesia
Slide 2: Forward Looking Statements
Forward Looking Statements This presentation may contain forward-looking statements and information that both represents management's current expectations concerning future events and are subject to known and unknown risks and uncertainties. A number of factors could cause actual results, performanc
Slide 3: Introduction and Milestones
Introduction and Milestones EMPYREAN ENERGY PLC | AGM 2020 3
Slide 4: Company Overview
Company Overview ▪ AIM quoted company focused on building a low cost, high value company ▪ Diversified asset portfolio in China, Indonesia and United States ▪ Executive management has a proven track-record of discovering hydrocarbons and returning capital to the shareholders ▪ Extensive experience i
Slide 5: Why invest in Empyrean?
Why invest in Empyrean? ▪ Empyrean team has a proven track-record with several hydrocarbon discoveries ▪ A proven track-record of returning capital to shareholders ▪ A balanced portfolio including an existing gas discovery and highly leveraged oil exploration ▪ China- ▪ World-class conventional oil
Slide 6: The Past Year - Delivering on Our Objectives
The PAST YEAR- DELIVERING ON OUR OBJECTIVES ▪ Issue-focussed technical work completed including Post Stack Seismic Block 29/11, China Inversion Project ▪ As a result, quantitatively confirmed a world-class carbonate reservoir Transformational both at Jade as well as Topaz prospects Potential Matured
Slide 7: Portfolio Overview
Portfolio Overview EMPYREAN ENERGY PLC | AGM 2020 7
Slide 8: Block 29/11, China - Transformational value proposition
Block 29/11, China Transformational value proposition Jade Prospect, Block 29/11 EMPYREAN ENERGY PLC | AGM 2020 8
Slide 9: Block 29/11 China - Key Milestone achieved
Block 29/11 China (100%WI in exploration- 49% WI post commercial discovery): Key Milestone achieved ▪ Proactively acted on account of Covid-19 pandemic, and secured 12-months extension to the first phase of exploration ▪ As a result, significant flexibility in timing of drilling the first commitment
Slide 10: Block 29/11 - World class conventional oil targets
Block 29/11- World class conventional oil targets ▪ Gaffney, Cline & Associates (GCA) audit in 2018 confirmed close to a 1-in-3 chance of geological chance of success (GCoS) with over 1.28 billion barrels of potential oil in-place, combined, on a P10 basis un-risked ▪ Empyrean has subsequently compl
Slide 11: Block 29/11 - Excellent Carbonate Reservoir quality confirmed from seismic Inversion
Block 29/11 - Excellent Carbonate Reservoir quality confirmed from seismic Inversion ▪ Integration of log data of key wells with 2017 3D seismic data resulted in a successful Post Stack Seismic Inversion Project ▪ CNOOC provided crucial well log data of an oil discovery from their area (outside Bloc
Slide 12: Block 29/11 - Forward Plan
Block 29/11 Forward Plan Block 29/11 - Operational Planning Activities Timeline 2019 2020 2021 2022 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Petroleum Contract (PSC)- First Phase PSC Commenced Reservoir studies Covid-19 Pandemic Extension Well Site Survey (option1) Well Site Survey (option2) Dri
Slide 13: Mako Gas field - Largest Undeveloped Gas Field
Mako Gas field Largest Undeveloped Gas Field West Natuna basin, Indonesia EMPYREAN ENERGY PLC | AGM 2020 13
Slide 14: Mako Gas field - Key Milestones achieved
Mako Gas field (8.5% WI) Key Milestones achieved ▪ Highly successful appraisal program designed and executed with complete safety and in a timely manner ▪ Post appraisal drilling program, Gaffney Cline & Associates ("GCA") independently upgraded the prospective resource since discovery of the field
Slide 15: Mako Gas Field - Largest Undeveloped Gas field in West Natuna Basin
Mako Gas Field- Largest Undeveloped Gas field in West Natuna Basin Large Mako structure ~ 47 km long and 16 km wide Approximately 350 sq. km. closure above Gas Water Contact (GWC) ▪ Biogenic gas accumulation ▪ Meticulously appraised the field- six Discovery well wells have penetration ▪ Shallow, Pli
Slide 16: Highly successful Appraisal program
Highly successful Appraisal program ▪ Appraisal drilling campaign conducted between September 2019 - January 2020 ▪ It confirmed ▪ Mako Gas Field as a large, single gas tank ▪ Extensive High Quality Reservoir distributed over large areal extent ▪ Extensive Log & Core data and testing data confirmed
Slide 17: Mako Gas Field - Forward Plan
Mako Gas Field -Forward Plan ▪ Closely work with the JV to ▪ Submit revised POD with updated contingent resource to Indonesian government ▪ Execute gas sale agreement (GSA) as soon as feasible in light of Covid-19 pandemic ▪ Crystalize monetisation plan EMPYREAN ENERGY PLC | AGM 2020 17
Slide 18: Borba Prospect, Sacramento Basin, California
Sacramento Basin, California Borba Prospect Ideal location for Potentially improved reservoir EMPYREAN ENERGY PLC | AGM 2020 18
Slide 19: Sacramento Basin, California: Key Milestone achieved
Sacramento Basin, California: Key Milestone achieved ▪ Activities were severely impacted by Covid-19 pandemic ▪ Operator’s focussed on low-cost work- over program which resulted in modest increases in gas flows from two existing natural gas wells ▪ Other workovers are being assessed ▪ Timing for Bor
Slide 20: Well positioned for the future
Well position for the future China: 12-months extension provides significant flexibility for drilling a safe well Indonesia: Successful appraisal program confirmed a world-class gas project Excellent relationship with host governments and JV partners Proactively managed business outcome in response
Slide 21: Contact
Contact Empyrean Energy plc Cenkos Securities plc Tom Kelly Neil McDonald, Peter Lynch +61 (0)8 9380 9920 +44 (0)131 220 9778 Level 3, 22 Railway Rd, 66 Hanover St, Subiaco WA 6008 Australia Edinburgh EH2 1EL EMPYREAN ENERGY PLC | AGM 2020 21
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