Xstate Resources Limited · ASX:XST
Xstate Resources — oilbarrel Investor Conference, London 2010
23 slides from Xstate Resources's conference presentation, Nov 18, 2010
Slide 1: ASX Electronic Lodgement - Investor Presentation
ABN N 96 009 217 154 For personal use only 18 Noveember 2010 ASX Lim mited Eleectronic lod dgement Invest or Presen ntation Please fiind attached d a copy of presentation made to investors at the e oilbarrels cconference in n London on 18 No ovember 2010 d on behalf of the Board. For and mber 414 S
Slide 2: XState Resources Limited Investor Presentation
For personal use only XState Resources Limited Investor Presentation oilbarrel Investor Conference London 18 November 2010
Slide 3: Xstate - An Emerging Oil and Gas Company
Xstate- An Emerging Oil and Gas Company For personal use only • Active: Drilling Big Prospects in Tunisia and Italy: ▫ Onshore 300+ Million Barrel Prospect to spud in late 2010 / early 2011 • Strategic: Seeking to Monetize Existing and New Discoveries ▫ Pre-FEED evaluation of offshore Dougga and Lam
Slide 4: Experienced, Successful Oil and Gas Team lead XState
Experienced, Successful Oil and Gas Team lead XState For personal use only BOARD AND MANAGMENT John Begg Non Executive Chairman- John Begg 30 years Oil and Gas Experience (BSc) Founder of Voyager Energy 37 years Oil and Gas, Energy, and Mineral Resources experience Managing Director – Gary Jeffery (
Slide 5: XST (ASX) Snap Shot
XST (ASX) Snap Shot For personal use only Atwood Oceanic Southern Cross Rig Capital Structure Shares on issue 67.5 million (undiluted) Options on Issue: $0.24 Listed Options 48.4 million exp 30 June 2013 Market A$10 million Capitalization Share Ownership 4
Slide 6: XState Underlying Value
XState Underlying Value Net mean un-risked oil and gas resources from only Dougga and Lambouka discoveries For personal use only and upcoming Sidi Daher Prospect Dougga1 41 Bcf gas 100 (Net Tested Contingent 2.8 million barrels condensate Resources) 90 80 Lambouka 31 Bcf gas Net XST (mmboe) (Net Unt
Slide 7: XState's Permits in Tunisia and Italy
XState’s Permits in Tunisia and Italy: Excellent Oil & Gas For personal use only Infrastructure; Gas Pipelines to European Gas Market Tunisia to Europe gas pipelines Oil and gas pipelines and gas plant and power station within Chorbane area 6
Slide 8: Chorbane Permit - Surrounded by Oil and Gas
Chorbane Permit- Surrounded by Oil and Gas (XST – 10%) For personal use only Map Legend Prospects and Leads Gas Field Sidi Daher Prospect Chorbane Permit Sidi Behara Oil Field Sidi El Itayem Drilled Well Location BG Gas Processing Plant Chaal Gas Field Chorbane Permit Chaal Mahares Sfax Oil and gas
Slide 9: Seismic line across Sidi Daher Prospect showing flat spot anomaly
Portion of dip-oriented seismic line across Sidi Daher For personal use only Prospect showing “flat spot” anomaly Sidi Daher Prospect at Top Metlaouie ~ 10 km Sidi Daher Prospect Flat Event- possible Interpreted Direct Hydrocarbon higher porosity Indicator (DHI) reservoir trend (yellow) 8
Slide 10: Map of Sidi Daher with Prospectivity Indicators
Map of Sidi Daher with “Prospectivity Indicators” For personal use only Sidi Daher prospect (structural Closure over 70 km2 on a regional high with encouraging coincident prospectivity indicators; and 6 potential stacked reservoirs Most likely closure at HCI level Flat spot (HCI) on seismic Surface
Slide 11: Sidi Daher Prospect ready to Spud
Sidi Daher Prospect ready to Spud For personal use only • Sidi Daher Prospect (XST 10%): Progressing for spud in late 2010 / early 2011 Two Primary Targets - Eocene Limestones and Abiod Formation Proposed Sidi Daher well Multiple (4) Secondary Targets surface location Probability of Success (POS
Slide 12: Offshore Permits - Kerkouane and Pantelleria
Offshore Permits - Kerkouane and Pantelleria: - Three (3) discovery wells (no dry holes); For personal use only - Strategic Acreage sandwiched between Super-Majors; and Oil and Gas fields Gas pipelines to Europe Shell Acreage-acquired 2010 (after XState's entry to area) 11
Slide 13: 3D Seismic line across key discovery wells in Kerkouane Permit
3D Seismic line across key discovery wells in the For personal use only Kerkouane Permit 12
Slide 14: Seismic Cross Section - Lambouka Discovery Well
Seismic Cross Section - Lambouka Discovery Well For personal use only (XST 10%) Discovery well plugged and suspended to allow re-entry for side-track and further testing as hole conditions precluded sampling, pressure data gathering and flow testing; -Upside from up-dip potential and attractive Ital
Slide 15: Lambouka Discovery - Top Abiod Reservoir Structure Map
Lambouka Discovery- Top Abiod Reservoir Structure Map For personal use only Over 30 km2 structural closure Lambouka 1 discovery well Location of seismic Mean Recoverable line in previous slide Contingent Resources: • 309 Bcf Gas, and • 24 Million Bbl condensate (75 mmboe) 5 Km 14
Slide 16: Dougga Discovery - Ready to be appraised
Dougga Discovery- Ready to be appraised For personal use only • 1981 Dougga Gas and Condensate (light oil) discovery ready for appraisal in higher oil and gas price environment following 3D Seismic (XST 10%): Up-dip Appraisal Target (200m + higher) in Abiod Formation Probability of Success (POS):
Slide 17: Dougga Top Reservoir Structure Map
Dougga Top Reservoir Structure Map For personal use only ‘Gas plume’ on 3D Seismic near leak point of structure Dougga 1 3D defined 36 km2 structural closure Dougga appraisal well to be drilled on crest of structure ~6 km 16
Slide 18: Upside Potential from Pliocene Gas anomalies
Upside Potential from Pliocene Gas anomalies For personal use only analogous to reservoirs with multi-TCF dry gas discoveries in the Mediterranean 17 Note: Varying Scales
Slide 19: Upcoming Value Changing Activity
Upcoming Value Changing Activity For personal use only Drill Sidi Daher Prospect (310 Sidi Daher Prospect Surface Location million barrels oil and 42 Bcf gas) Pre FEED studies and follow-up drilling on Dougga and Lambouka Discoveries with mean recoverable Contingent Resources of over 50 million
Slide 20: Highly Leveraged Exposure to Increased Value
XState Resources (ASX:XST) For personal use only Highly Leveraged Exposure to Increased Value: 300+ million barrel prospect at Sidi Daher-well to spud soon; Pre-FEED on new untested Lambouka Gas / Condensate Discovery in conjunction with tested Dougga discovery; 3D Seismic and early wells (201
Slide 21: Disclaimer, Risks, Competent Person Statement
For personal use only Disclaimer, Risks, Competent Person Statement • 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 An
Slide 22: Supplementary Information: Onshore Permit - Chorbane (Tunisia)
Supplementary Information: For personal use only Onshore Permit - Chorbane (Tunisia) • Equity Interests after Farm-in to the Chorbane Permit : XState 10% ADX 50% (operator) Gulfsands (AIM listed) 40% Sidi Dhaer El Jem Tunis 21
Slide 23: Supplementary Information: Offshore Permits Kerkouane and Pantelleria
Supplementary Information: For personal use only Offshore Permits: Kerkouane (Tunisia) and Pantelleria (Italy) • Equity Interests in the “Lambouka Prospect PGS Atlantic Explorer 3D Seismic Acquisition Vessel • Area” (~150 Km2) within the Kerkouane (Tunisia) and • Pantelleria (Italy) permits: XState
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