Forte Energy Limited · ASX:FEL
Forte Energy — Farmout Conference London 2020
15 slides from Forte Energy's conference presentation, Mar 4, 2020
Slide 1: IPB Petroleum Limited
ΙΠB IPB Petroleum Limited (ACN 137 387 350) Level 1, 181 Bay Street Brighton, Victoria 3191 Australia Ph: 613 9598 0188 Fax 613 9598 0199 4 March 2020 To ASX: Market Announcements Platform Dear Sir/Madam Presentation Farmout Conference Please find enclosed a simplified version for ASX lodgement of a
Slide 2: Farmout Industry Presentation - March 2020
IPB Petroleum Limited Farmout Industry Presentation - March 2020 Permits recently surrendered Pryderi-1 Gwydion / Idris location Core Permit Renewed Area Relinquished
Slide 3: Important Notice
Important Notice This presentation has been Except for statutory liability which achievements to differ materially from prepared by IPB Petroleum Limited cannot be excluded, each of IPB, its those expressed, implied or projected (IPB) and is provided on the directors, officers, employees and in any
Slide 4: Important Notice Resources
Important Notice Resources Resources For further information, including The resources figures quoted in assumptions, limitations and Idris Resources this document have been qualifications relating to the The subject resource estimates prepared in accordance with estimation of resources publicly rela
Slide 5: Experienced Board
Experienced Board Bruce G McKay • 50 years’ experience in exploration, operations and executive management in Australia and overseas (Esso/Exxon, AWE) BSc(Hons), FAICD, • Fellow of Australian Institute of Company Directors and Engineers Australia FIEAust • Honorary Life Member of Australian Petroleu
Slide 6: Browse Basin – Attractive Location
Browse Basin – Attractive Location Permits recently Inpex granted exploration permit surrendered WA-532-P immediately adjacent southwest of WA-424-P on trend to IPB permits along southern margin Gwydion / Idris Pryderi-1 of Browse Basin location Core Permit Primary work bid estimated at Renewed A$23
Slide 7: IPB Proposal Transaction & Project Participation
IPB Proposal Transaction & Project Participation Proposal is - New Partner / Investor to fund appraisal well and participate in Fast Track Development with IPB (Joint Venture) 1. Proposal - New Joint Venture Partner to fund 100% of Idris-1 appraisal well and backcosts ~ US$25 m total of initial fund
Slide 8: Idris Appraisal Well
Idris Appraisal Well Vertical well (m subsurface) Given well data PSDM would Gwydion -1 well Gas Oil Contact depth contour as measured in Gwydion-1 well have to be out 10m in 24m for oil to be structurally trapped, yet gas perfectly fills three consecutive structures to spill Mathonwy structure Gas
Slide 9: Gwydion-1 Original RFT Pressure Plot
Gwydion -1 Original RFT Pressure Plot RFT recovered 5.2 litres oil - 813 mRT Structural closure PSDM 783mss (RHS) Oil and gas in pressure communication with water on regional gradient – one container 8
Slide 10: Gwydion-1 well Logs WA-424-P
Gwydion-1 well Logs WA-424-P Residual oil in SWC Structural closure GOC 809.5mRT OWC 818.9mRT 5.2 litres oil recovered 813mRT • 14m gas column over ~10 m oil column in high quality sands • 28% porosity– inferred permeability multi Darcy • RFT established gas, oil, water pressure gradients and recove
Slide 11: …and what it looks like interpreted on Seismic
…and what it looks like interpreted on Seismic NW SE In Line Gwydion-1 discovery well Top reservoir beneath seal Gas Oil Contact 783 mSS Gas cap coloured in red aligns with structural closure Oil coloured in green Oil Water Contact 792 mSS Water
Slide 12: …and what it looks like interpreted on Seismic updip
…and what it looks like interpreted on Seismic updip Interpreted gas Gas caps fill chimneys structures Faulting Gwydion-1 discovery well Interpreted stratigraphic oil reservoir (coloured green) Edge of high quality sand amplitude, approximate bubble point of crude
Slide 13: Gwydion PSDM 3D Seismic
Gwydion PSDM 3D Seismic Amplitude Extraction Top Hard GQ Sand (good sand) Top High Quality Sand horizon Top Seal Further Updip seal Downside-Downside Mid Case case – Development well Secondary development Low case – & Early development wells development wells Gwydion-1 oil discovery Base Seal Idris-
Slide 14: IPB Example Decision Tree – Project Options
IPB Example Decision Tree – Project Options ~ June23 -Jan ‘24 ~ Dec 26 -Jan ‘28 Mid or High IF Successful with Low Case and Early case confirmed by Farmout stage production devlopment data Start Start Production Production Develop – Low Case- early Mid or Low Case stage development ~25 higher Early
Slide 15: IPB Proposal Transaction & Project Participation
IPB Proposal Transaction & Project Participation Proposal: New Partner / Investor to fund appraisal well and participate in Fast Track Development with IPB (Joint Venture) 1. Proposal - First Tranche : New Joint Venture Partner to fund 100% of Idris-1 appraisal well and backcosts ~ US$25 m total of