Xstate Resources Limited · ASX:XST
Xstate Resources — Good Oil Conference 2012
19 slides from Xstate Resources's conference presentation, Sep 4, 2012
Slide 1: Good Oil Conference Presentation
ABN 96 009 217 154 For personal use only 4 September 2012 ASX Limited Electronic lodgement Good Oil Conference Presentation Please find attached the Good Oil Conference Presentation by Xstate Resources Limited. For and on behalf of the Board. 208 Ba go t Ro a d, S ubi a co WA 6 008 Tel + 61 8 9381 4
Slide 2: Xstate Resources Limited - Good Oil Conference September 2012
For personal use only XST Xstate Resources Limited Good Oil Conference September 2012
Slide 3: Industry Challenges
Industry Challenges: For personal use only • High Costs - People and Services • Poor delivery of Contracted Services • Lack of personal discipline, and the indiscriminate application of a sense of entitlement • Insufficient Skills, Equipment and Support Infrastructure (rigs and crews) to deliver out
Slide 4: Moving On
Moving On For personal use only • Sidi Dhaher post-mortem - well test results • Intrinsic Value - Xstate’s net oil and gas resource estimates • A New Strategic Direction with an Attractive Listed ‘Shell’ • Search for new projects and enhancing value
Slide 5: Sidi Dhaher Well – Post-Mortem
Sidi Dhaher Well – Post-Mortem For personal use only Geologic, Petrophysical and Pressure Gradient information: justified the sample testing of the prospective limestone reservoirs Sidi Dhaher 1 well recovered oil on wireline test. This information provided a range of in-place oil resource outcome
Slide 6: Perplexing XST Share Price
Perplexing XST Share Price For personal use only ‘Remaining Portfolio Value’ when Sidi Dhaher incorrectly reported as Dry ‘Remaining Portfolio Value’ when Sidi Dhaher confirmed as Dry
Slide 7: XST & Energy Index
XST & Energy 200 Index For personal use only
Slide 8: Valuable Existing Assets
Valuable Existing Assets For personal use only Prospective acreage is difficult to acquire and hence the existing Xstate acreage has potential to provide significant value to many explorers. Chorbane Permit has been renewed for 3 years, and includes the mapped extension of Chaal Gas Discovery, and s
Slide 9: Chorbane – Value from Exploration Prospects and Chaal Ext
Chorbane – Value from Exploration Prospects and Chaal Ext For personal use only KEY FACTS: • Xstate interest: 10% • Participants: ADX Energy (40%, Operator), Gulfsands (40%), Verus Investments (10%) • Area: 2428 sq km before Partial Relinquishment • Onshore, covered by 2D seismic, 3 year renewal gra
Slide 10: Kerkouane and Pantelleria Permit Discoveries and Prospects
Kerkouane and Pantelleria Permit Discoveries and Prospects For personal use only KEY FACTS: • Xstate interest: 10%(1) • Participants: ADX Energy (Operator) 60%, Gulfsands 30% • Area: 3,725 sq km • Offshore: 50-1,000m water depth, covered by 2D and 3D seismic Three gas-condensate discoveries Recovera
Slide 11: Dougga… 2C Resource - mmboe
Dougga… 2C Resource - 173 mmboe For personal use only • KEY FACTS: • Xstate interest: 10% 173 mmboe mean recoverable contingent ‘2C’ resource • Participants: ADX Energy (60%, Operator), (includes 91 mmbbl condensate and LPG) Gulfsands (30%) • Location: Offshore, Kerkouane acreage • Description: Gas-
Slide 12: Nearby 'TCF' gas potential on 3D Seismic
Nearby ‘TCF’ gas potential on 3D Seismic For personal use only
Slide 13: Dougga West Prospect - Nilde Oil Field Analogue
Dougga West Prospect -Nilde Oil Field Analogue For personal use only
Slide 14: Offshore Exploration Potential Summary
Offshore Exploration Potential Summary For personal use only • High Probability of Success for additional discoveries of gas/condensate and oil in multi-reservoir prospects • Dougga West (anticline) Prospect: 226 MMBLS (Birsa only) on 3D • Elissa Prospect: 615 mmboe recoverable (Birsa only) • Lambou
Slide 15: Value in Xstate's Net Resources Assets
Value in Xstate’s Net Resources Assets For personal use only Net Discovered (Recoverable) Resources (SPE ‘Contingent Resources’) • Net to Xstate 34 million barrels of oil equivalent in 3 Discoveries offshore • Option to increase this to 50 million barrels of oil equivalent by next well via fixed 1.5
Slide 16: A new strategic direction
A new strategic direction For personal use only Shareholders have indicated that the current assets are not seen to have net value, and so Xstate need to change strategic direction Conserve remaining cash by reducing costs; Seek a buyer for the existing assets; Seek new assets as a base for rejuvena
Slide 17: XST: Attractive and ASX-Listed 'Shell'
XST..... ATTRACTIVE and ASX-LISTED ‘SHELL’ For personal use only Tight capital structure- attractive for new projects: Remaining Assets have Sale Value in an “Opportunity - Poor” World: Offshore Permits with 3 Discoveries to be appraised for development in medium term; Onshore Permit with un
Slide 18: Xstate's Forward Plan
Xstate’s Forward Plan… For personal use only Short Term (<6 months) Monetize Value of Tunisian Assets: Dougga related contract reviews, and Farmout Equity in Offshore Permit, or Sell interests in Tunisia Seek, Review, Acquire and Fund other exploration and drilling opportunities, through mergers if
Slide 19: Disclaimer, Risks, Competent Person Statement
Disclaimer, Risks, Competent Person Statement For personal use only This presentation contains forward looking statements that are subject to risk factors associated with the oil and gas industry. It is believed that the expectations reflected in these statements are reasonable, but they may be effe