Melbana Energy Limited · ASX:MAY
Melbana Energy — MEO Australia — Merger or Acquisition (March 2015)
18 slides from Melbana Energy's merger presentation, March 2015
Slide 1: MEO Investor Presentation: Recommendation to REJECT Mosman Takeover
MEO Investor Presentation: Recommendation to REJECT Mosman Takeover March 2015 1 MEO Australia Limited
Slide 2: Disclaimer I: Forward-looking Statements and Resources
Disclaimer I: Forward-looking Statements and Resources Summary of information: This presentation contains general and background information about MEO’s activities current as at the date of the presentation and should not be considered to be comprehensive or to comprise all the information that an i
Slide 3: Disclaimer II: Risks associated with an investment in MEO
Disclaimer II: Risks associated with an investment in MEO Since the Mosman Announcement Date, the MEO Share price has fluctuated between $0.025 and $0.012, and closed at $0.014 on 23 February, being the last practicable date prior to the finalisation of the MEO Target's Statement. If the Mosman Offe
Slide 4: MEO Corporate snapshot
MEO Corporate snapshot New CEO appointed December 2014 1,400 Board of Directors MEO Net Resources* • Greg Short (Non-Exec Chairman) 1,200 1,355 • Peter Stickland (MD & CEO) Million Barrels of Oil Equivalent (MMboe) AC/P51 • Stephen Hopley (Non-Exec Director) 1,000 WA-488-P Portfolio 800 WA-454-P • O
Slide 5: Mosman Unsolicited Takeover Offer
Mosman Unsolicited Takeover Offer Directors Recommendation to MEO Shareholders: REJECT Why: • Mosman has limited cash and its ability to continue as a going concern is uncertain – As at the date of the Replacement Bidder’s Statement, Mosman had a cash balance of approximately $2 million • When annou
Slide 6: MEO Strategic Objectives and Enablers
MEO Strategic Objectives and Enablers Fresh leadership, focused on managing costs & delivering value “We recommend rejecting the Mosman Strategic Objectives takeover offer in order to ensure that MEO 1. Create shareholder value through shareholders have the opportunity to fully successful oil and ga
Slide 7: MEO Investment Highlights
MEO Investment Highlights Diverse, high impact portfolio with active Business Development program High Impact Exploration Portfolio • Over 1.3 billion barrels of oil equivalent prospective resources (unrisked)* • WA-454-P (Breakwater) • WA-488-P (Beehive) • NZ (Shannon – potential 2015 drilling) Tas
Slide 8: MEO Indicative Activity Schedule
MEO Indicative Activity Schedule Actively managing program to optimize value 2015 2016 2017 Permit Activity Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 New Zealand (PEP 51153) Joint Farmout Process Potential Shannon-1 drilling Breakwater (WA-454-P) Farmout Breakwater-1 Drilling Well Timing Uncertain Beehive
Slide 9: Northern Australia acreage
Northern Australia acreage 4 discrete upstream projects adjacent to proven hydrocarbons ABADI GREATER SUNRISE BAROSSA EVANS SHOAL Joint BLACKWOOD CALDITA Petroleum N T / P 6 8 HERON Development Area BAYU-UNDAN Tassie Shoal Projects TSMP2 TSMP1 TSLNG AC/P53 (MEO 100%) AC/P50 MONTARA (MEO 100%) AC/P51
Slide 10: WA-454-P: Breakwater prospect
WA-454-P: Breakwater prospect MEO 50% partly carried. Aiming to farm down to cover well cost Farmed out 50% to Origin in 2013 for: Gulf of Mexico style Darwin − $5.6m cash PLUS Salt dome Plays − 80% of Breakwater-1 (~A$35m well cost cap) PETREL FRIGATE TERN • Multiple prospects, near existing infras
Slide 11: WA-488-P (MEO 100%, farming down to 70%)
WA-488-P (MEO 100%, farming down to 70%) Contains giant Beehive dual objective oil prospect Darwin • Suitable for lower cost jack-up drilling rig • Farmout* to international explorer defines PETREL potential path to funding FRIGATE − 30% working interest TERN − Provision to increase equity by 10% by
Slide 12: AC/P50 & AC/P51 (MEO 100%)
AC/P50 & AC/P51 (MEO 100%) Multiple oil targets in proven petroleum system BAYU-UNDAN • Suitable for lower cost jack-up drilling rig • Ramble On and Jur’maker oil prospects Producing or depleted oil identified in proven petroleum system fields defined on modern 3D seismic data AC/P53 • Option agreem
Slide 13: NT/P68: Blackwood & Heron gas accumulations
NT/P68: Blackwood & Heron gas accumulations MEO focusing on 100% retained interest in Heron field Heron gas discovery (MEO 100%) EVANS • Heron-2 (2008) flowed gas at 6 SHOAL Evans Shoal North-1 MMscfd BLACKWOOD Evans Shoal-2 Blackwood Area Evans Shoal-1 • Heron South-1 (2012) intersected 131 NT
Slide 14: Tassie Shoal Projects
Tassie Shoal Projects Shallow water, low cost development paths for regional stranded gas • Methanol: 2 of 1.75MTA plants, built in two stages (TSMP1 & TMSP2) • LNG: 3MTA LNG plant (TSLNG) Tassie Shoal Projects TSMP2 • Federal & State Government TSMP1 Environmental approvals in place TSLNG • Major P
Slide 15: Tassie Shoal Projects
Tassie Shoal Projects Commercial framework progressing to support commercialisation Methanol TSMP2 • Offtake Letters of Intent signed with three multinational buyers • Indicative purchase offers made at US$3.15MMBTU to TSMP1 purchase raw gas (including CO2) TSLNG LNG • Significant cost advantage of
Slide 16: New Zealand: Production & Exploration
New Zealand: Production & Exploration PEP51153 (MEO 30%) • Puka oil accumulation − Produced at 110-115 barrels/day under long Puka term test before shut-in January 2015 due to PEP 51153 Waihapa mechanical problem and low oil price Shannon • Exploration potential Prospect − Shannon prospect identifie
Slide 17: Cuba: Block 9 PSC
Cuba: Block 9 PSC Oil rich area with low cost, initial 18 month commitment • MEO has agreed terms for entry to an onshore exploration PSC in the Republic of Cuba Bacuranao Boca de Jaruco Canasi- Yumuri- P. EscondidoSeboruco Varadero Majaguillar " • Award of Block 9 PSC (MEO 100%) is subject La Haban
Slide 18: Summary and Way Forward
Summary and Way Forward New leadership & diverse paths to growth • High Impact Exploration Portfolio − >1.3 billion barrels of oil equivalent (best estimate) Prospective Resources (un-risked)* − 38 MMboe 2C contingent resources − Potentially drill Shannon-1 later in 2015, Breakwater-1 late 2015 to m