Empyrean Energy Plc · LSE:EME
Empyrean Energy — Shareholder Meeting (September 2019)
27 slides from Empyrean Energy's shareholder meeting presentation, Sep 10, 2019
Slide 1: Annual General Meeting, 10 September 2019
Sacramento Basin Project California Block 29/11 China ANNUAL GENERAL MEETING, 10 SEPTEMBER 2019 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 2019 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 extensive experience in Asian region ▪ Comprehensive technical capabilities ▪ Extensive relationship with upstream p
Slide 5: The Past Year - Delivering on Our Objectives
The PAST YEAR- DELIVERING ON OUR OBJECTIVES ▪ Plan of Development (POD) approval Duyung PSC, Indonesia ▪ Additional exploration potential identified ▪ Appraisal and exploration drilling campaign imminent Creating a stable base ▪ Partial monetisation through sale of interest for appraisal drilling se
Slide 6: Mako Gas Field - Second rung of strategy
Mako Gas Field- Second rung of strategy EMPYREAN ENERGY PLC | AGM 2019 6
Slide 7: Portfolio Overview
Portfolio Overview EMPYREAN ENERGY PLC | AGM 2019 7
Slide 8: Creating a Stable Base
Duyung, Indonesia Creating a Stable Base Mako Gas Field , Indonesia EMPYREAN ENERGY PLC | AGM 2019 8
Slide 9: Mako Gas Field: Key Milestones achieved
Mako Gas field (8.5% WI) Key Milestones achieved ▪ Plan of Development (POD) approval ▪ Independent resource audit by Gaffney Cline & Associates ("GCA") ▪ Heads Of Agreement with gas buyer signed ▪ JV secured US$10.5m of funding for US$17m- US$19m appraisal drilling program ▪ Drilling campaign to co
Slide 10: Tambak - Low Risk Exploration Prospect
Tambak 1 – Low Risk Exploration Prospect TAMBAK PROSPECT ▪ Tambak 1 is located beneath Mako gas accumulation ▪ Large trap with approximately 15 square kilometre closure mapped at Lower Gabus reservoir ▪ Lower Gabus clastic are the main reservoir in the West Natuna basin Main Reservoir (Lower Gabus)
Slide 11: Tambak-2 Mako Gas field appraisal Well
Tambak -2 Mako Gas field appraisal Well ▪ Approximately 12.5 KM SW of Mako South -1 ▪ Main objectives ▪ Coring and testing of Mako reservoir: ▪ Determine reservoir continuity and connectivity ▪ Establish productivity of the reservoir ▪ Populate static and dynamic models Tambak-2 ▪ Underpin exploitat
Slide 12: Duyung Block - Forward Plan
Duyung Block – Forward Plan ▪ Actively monitor drilling campaign with focus on achieving technical objectives and safe completion of program ▪ Closely work with the JV to ▪ Update static and dynamic model ▪ Certify resources of the field by incorporating appraisal well results ▪ Execute gas sale agr
Slide 13: Block 29/11, China - Transformational Potential
Block 29/11, China Transformational Potential Jade Prospect, Block 29/11 EMPYREAN ENERGY PLC | AGM 2019 13
Slide 14: Block 29/11 China: Key Milestone achieved
Block 29/11 China (100%WI in exploration- 49% WI post commercial discovery): Key Milestone achieved ▪ Work program and budget commitment of Geophysical Service Agreement (GSA) phase systematically completed Oil in Place ( MMbbl) audited by GCA ▪ Independent audit of STOIIP and an assessment of the g
Slide 15: Extensive geological work - Comprehensively de-risked prospects
Extensive geological work – Comprehensively de-risked prospects ▪ Jade and Topaz prospects has passed robust and comprehensive technical scrutiny by Gaffney Cline and Associates- an independent third party ▪ Extensive geological work has been completed with CNOOC Limited technical team that allowed
Slide 16: Jade and Topaz Prospects - Transformational Potential
Jade and Topaz Prospects- Transformational Potential Key Elements: 3D Seismic, Proven Oil Kitchen, World Class Carbonate Reservoir ▪ Several oil discoveries around Block 29/11 have demonstrated a proven presence of world class oil source Well-defined oil migration pathway to Jade and Topaz rock in t
Slide 17: Jade and Topaz Prospects - Well Defined Gas Clouds
Jade and Topaz Prospects – Well Defined Gas Clouds Exploration risk has been mitigated significantly Well Defined Gas Could No Cloud LH18-2-1 Jade and Topaz Prospects in Block 29/11 Covered by 3D seismic data Two dry wells in Block 29/11 Well defined gas cloud in overburden mitigate Covered by 3D se
Slide 18: Jade Prospect - First well to be drilled
Jade Prospect – First well to be drilled ▪ 4-way dip closed structure Structure Map : Reservoir Top ▪ Carbonate build-up encased in marine shale ▪ Step out exploration opportunity from nearby discovery well LH23-1-1d ▪ Located updip from CNOOC Limited oil discoveries – favourable migration pathways
Slide 19: Topaz Prospect - Second well to be drilled
Topaz Prospect – Second well to be drilled ▪ Large 3W Dip Closed Trap - close analogue for nearby LH16-2 oil discovery ▪ Carbonate build-up encased in marine shale ▪ Prospect is interpreted as a focal point for oil migration Structure Map :Reservoir Top ▪ Gross mean OOIP 508 mmboe*, P10 OOIP 891 mmb
Slide 20: Block 29/11 - Forward Plan
Block 29/11 Forward Plan Block 29/11 - Operational Planning Activities Timeline 2019 2020 2021 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Petroleum Contract (PSC)- First Phase PSC Commenced Jade well location approval Well Site Survey Drilling Preparation Drilling Evaluate well results ▪ Secure approval from
Slide 21: Sacramento Basin, California - Borba Prospect
Sacramento Basin, California Borba Prospect Ideal location for Potentially improved reservoir EMPYREAN ENERGY PLC | AGM 2019 21
Slide 22: Sacramento Basin, California: Key Milestone achieved
Sacramento Basin, California: Key Milestone achieved ▪ Crucial data collected in Dempsey 1-15 well has been comprehensively analysed ▪ 3D seismic data over ‘Dempsey trend” re-analysed using well data of Dempsey 1-15 ▪ Areas with potentially better quality reservoir development identified ▪ Borba Pro
Slide 23: Borba Prospect - Potentially better reservoir development
Borba Prospect– Potentially better reservoir development ▪ Borba prospect is in an optimal location to test potential for channel fill sand reservoirs ▪ The vertically stacked conformance of seismic anomalies is much greater than at the Dempsey 1-15 well ▪ Located less than 2 miles from existing sal
Slide 24: Alvares - Appraisal Opportunity
Alvares 1 – Appraisal Opportunity ▪ Regulatory approval to re- enter Alvares 1 well, and sequentially evaluate its casing integrity ▪ Operations are likely to be scheduled in conjunction with a program of other drilling and workover activity for optimising the cost Source: Sacgasco: GOOD OIL CONFERE
Slide 25: High-impact drilling campaigns over next year
Next 12 Months HIGH-IMPACT DRILIING CAMPAIGNS OVER NEXT YEAR EMPYREAN ENERGY PLC | AGM 2019 25
Slide 26: Well position for the future
Well position for the future Indonesia: Appraisal and exploration drilling campaign imminent China: 1 in 3 chance of discovering 1 billion barrels of oil (in Place) on a P10 basis Excellent relationship with host governments and JV partners Focus on creation of shareholder value EMPYREAN ENERGY PLC
Slide 27: Contact
Contact St Brides Partners Empyrean Energy plc Cenkos Securities plc Priit Piip, Frank Buhagiar Tom Kelly Neil McDonald, Peter Lynch +44 (0)20 7 236 1177 +61 (0)8 9380 9920 +44 (0)131 220 9778 3 St Michael’s Alley, Level 3, 22 Railway Rd, 66 Hanover St, London EC3V9DS Subiaco WA 6008 Australia Edinb
Empyrean Energy — Shareholder Meeting (September 2019) on 6ix