Europa Oil & Gas (holdings) Plc · LSE:EOG
Europa Oil & Gas (holdings) — Investor Presentation (November 2011)
31 slides from Europa Oil & Gas (holdings)'s investor presentation, November 2011
Slide 1: Producing and exploring: Company Presentation November 2011
Producing and exploring Company Presentation November 2011
Slide 2: Disclaimer
Disclaimer The information contained in these slides and this presentation is being supplied to you by Europa Oil & Gas plc on behalf of itself and its subsidiaries (together “the Company”) solely for your information and may not be reproduced or redistributed in whole or in part to any other person
Slide 3: Europa Oil & Gas plc is an AIM listed oil and gas company
Europa Oil & Gas plc is an AIM listed oil and gas exploration and production company with a significant portfolio of multi-stage hydrocarbon assets focussed on the UK, France, Romania and the Irish Atlantic Margin 3 | EUROPA OIL AND GAS PLC | NOVEMBER 2011
Slide 4: Overview
Overview AIM listed oil and gas exploration and production company Focussed on the UK, France, Romania and the Irish Atlantic Margin Balanced portfolio of multi stage assets including production Producing assets in UK generating approximately £4m in annual sales Highly prospective explorat
Slide 5: Board of Directors
Board of Directors Hugh Mackay Hugh Mackay, a geologist, joined Europa in 2011. He has a wealth of experience in the oil and gas sector, including eight years at BP in a variety of roles in the UK, the Oman and Egypt, then at Enterprise Oil in leadership roles, culminating as head of the SE CEO Asia
Slide 6: Key Data
Key Data Share Price 6.875p Market AIM Ticker EOG Market 9.34 million Capitalisation Ordinary 137,855,504 Shares in Issue 5,000,000 ordinary shares @13p (share options vest in 5 equal New CEO Options Package tranches at/above 25p, 35p, 45p, 50p & 60p) 6 | EUROPA OIL AND GAS PLC | NOVEMBER 2011
Slide 7: Strategy
Strategy Actively manage the portfolio to create a balanced combination of producing, development and exploration projects aimed at delivering consistent value Progress existing exploration portfolio through the development cycle using robust technical analysis to de-risk projects Implement dr
Slide 8: Portfolio
Portfolio “Broad spread of prospects in recognised hydrocarbon systems” The Irish Atlantic Margin East Midlands Oilfields and Exploration Weald Basin Exploration Romanian Carpathian Aquitaine Exploration Basin Appraisal and Exploration 8 | EUROPA OIL AND GAS PLC | NOVEMBER 2011
Slide 9: Portfolio of Assets
Portfolio of Assets Asset Country Working Interest Stage West Firsby UK 100% Production Crosby Warren UK 100% Production Whisby UK 65% Production Berenx, Bearn des Gaves Licence France 100% Appraisal Jacques, Tarbes Val d’Adour Licence France 100% Appraisal Osmets, Tarbes Val d’Adour Licence France
Slide 10: Production Onshore UK
Production Onshore UK Focussed on UK - East Midlands: Crosby Warren, West Firsby, Whisby Producing approximately 200 boepd – expected to remain stable at current levels Revenues cover corporate overheads Current estimate of 1.7mmbo P50 reserves Ongoing reservoir engineering study to define
Slide 11: Exploration – Berenx, France: The Company Maker?
Exploration – Berenx, France: The Company Maker? 100% interest in Berenx gas field, France located in proven play Fractured carbonate reservoir, hot and sour, similar to nearby Lacq (9TCF) and Meillon (5TCF) fields Low geological risk although potentially technically challenging Close to inf
Slide 12: Berenx: Reserves A Deep Gas Prospect
occurredProject: in the equivalent limestone to the Lacq Field (9TCF, 20km East). The ensuing well test only tested the matrix Berenx Prospect and flowed Location: Bearnsub- des Gaves Licence, France commercial gas. The forward programme is to test the fracture system, which will require a new well,
Slide 13: Berenx: Future Development
Berenx: Future Development Technical review in progress - farm- out package to be prepared by Q4 2011 Seismic permitting in progress for 60 sq km 3-D survey - scheduled for Q1 2012 Identify drillable prospect by Q3 2012 for drilling in 2013, targeting fractures Licence being renewed for 3 ye
Slide 14: UK Exploration – Wressle Prospect
UK Exploration – Wressle Prospect PEDL 180/182 HUMBER BASIN Wressle prospect located in the East Midlands Petroleum Province Gross recoverable resources 3.9mmbo 33.3% Europa Working Interest (Egdon Resources 33.3% & Celtique 33.3%) 52 sq km 3D seismic acquisition Jan 2012 (£800K) Drilling
Slide 15: UK Exploration – Holmwood Prospect
UK Exploration – Holmwood Prospect PEDL 143 WEALD BASIN 5 sq km Holmwood Prospect in the Weald Basin, Surrey Jurassic carbonate and sandstone project Gross recoverable resources up to 22mmbo Low geological risk 40% Europa Working Interest (Egdon Resources 38.4%, Altwood Petroleum 1.6%, War
Slide 16: Romanian Exploration
Romanian Exploration Proven producing region Romanian Carpathians – c.5 billion barrels produced from the Oligocene sourced play to date Multiple play types in both the allochthon and autochthon Primary reservoirs of Oligocene to Miocene age, others in Mesozoic Source from Olig-Cret alloch
Slide 17: Romanian Exploration Assets
Romanian Exploration Assets Core asset base – 260,000 net acres Brodina (28.75% WI) Result of Horodnic-1 well on Voitinel/Solca trend being assessed to mature prospect for a H2 2012 well Cuejdiu (17.5% WI) 2-D seismic acquisition in progress to mature prospect for H2 2012 well Brates (100%WI) Barchi
Slide 18: Exploration: The Irish Atlantic Margin
Exploration: The Irish Atlantic Margin Viable petroleum system - previous discoveries of Connemara, Spanish Point, Burren Two exploration Licencing Options covering two four-block parcels on the margins of the Porcupine Basin - total area approximately 2,000 sq km Quads 43 and 54, are situated
Slide 19: The Irish Atlantic Margin
The Irish Atlantic Margin 19 | EUROPA OIL AND GAS PLC | NOVEMBER 2011
Slide 20: The Irish Atlantic Margin
The Irish Atlantic Margin 20 | EUROPA OIL AND GAS PLC | NOVEMBER 2011
Slide 21: Risk vs Value
Risk vs Value 21 | EUROPA OIL AND GAS PLC | NOVEMBER 2011
Slide 22: Risked Value Growth
Risked Value Growth Source: Broker Valuation Nov 2011 22 | EUROPA OIL AND GAS PLC | NOVEMBER 2011
Slide 23: NAV p/share
NAV p/share 23 | EUROPA OIL AND GAS PLC | NOVEMBER 2011 Source: Broker Valuation Nov 2011
Slide 24: 2012 Highly Active
2012 Highly Active Acquire and interpret 3-D seismic on Berenx prospect, France - launch farm-out for 2013 well Drill Wressle exploration well in UK and potential wells in Brates, Bacau, Brodina and Cuejdiu licences in Romania Purchase seismic data on Irish Atlantic Margin blocks, build prospe
Slide 25: Timeline
Timeline 2011 2012 2013 Licence Prospect Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec PEDL 143 Holmwood PEDL 180/182 Wressle IAM 11/7, 11/8 lead Bearn des Gaves Berenx Cuejdiu Cuejdiu Brodina Solca Bacau Valea Mare Brates Barchiz well Farm o
Slide 26: The Value Case
The Value Case UK producing assets with estimated P50 reserves of 1.7mmbo In situ value estimated to be £6 per barrel Estimated value of UK production assets £10 million Current market cap £10 million Exploration portfolio not included in value 26 | EUROPA OIL AND GAS PLC | NOVEMBER 2011
Slide 27: Investment Summary
Investment Summary Combination of stable production and highly prospective exploration portfolio Defined development strategy including potential to drill up to 5 wells in 2012 High impact news flow expected Value of producing assets supports current share price Exploration portfolio not r
Slide 28: Appendix
Appendix 28 | EUROPA OIL AND GAS PLC | NOVEMBER 2011
Slide 29: Crosby Warren – UK Production
Crosby Warren – UK Production Note: Reservoir pressure has declined very rapidly initially until gas breakout in the reservoir as expected. Since 1995 there has been a slight element of re-pressuring, mainly due to reduced fluid off- take between 1995-2001 and aquifer influx. Differentials in pressu
Slide 30: Profitable in 3 of the last 4 years
Profitable in 3 of the last 4 years £,000 Year to 31 July 11 Year to 31 July 10 Year to 31 July 09 Year to 31 July 08 Production, bopd 167 178 213 243 Revenue 3,766 3,091 2,936 4,418 Cost of Sales (2,216) (1,836) (1,694) (1,548) Exploration Write offs - (1,008) (297) (1) Impairment (425) (1,012) - -
Slide 31: For further information contact
For further information contact: Europa Oil & Gas PLC 11, The Chambers Vineyard Abingdon OX14 3PX UK Telephone +44 1235 553 266 mail@europaoil.com www.europaoil.com Frank Buhagiar/Lottie Brocklehurst/Hugo de Salis St Brides Media & Finance Ltd Telephone +44 20 7236 1177 31 | EUROPA OIL AND GAS PLC |
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