Fitzroy River Corp. Ltd. · ASX:FZR
Fitzroy River — Investor Presentation (January 2013)
27 slides from Fitzroy River's investor presentation, Jan 14, 2013
Slide 1: Company Presentation
For personal use only Company Presentation 14 January 2013
Slide 2: Disclaimer
Disclaimer For personal use only This presentation has been prepared by Fitzroy River Corporation Ltd (‘FZR’). By accepting or reviewing this presentation, or attending any associated presentation or briefing, each reviewer (the ‘Recipient’) agrees to be bound by the following conditions. The presen
Slide 3: Overview of the Company
Overview of the Company For personal use only Fitzroy River Corporation (ASX:FZR) is an Australian based, ASX listed Oil and Gas investment holding company: • Focus on non-operational assets such as royalties, free-carried interests, minority equity positions (share positions or asset JVs), mis-pric
Slide 4: Directors
Directors For personal use only Malcolm McComas – Chairman Experienced company director and former investment banker. Chairman of Pharmaxis Limited (ASX:PXS), director of BC Iron Limited (ASX:BCI), Consolidated Minerals Limited and Saunders International Limited (ASX:SND). Sebastian Hempel – Executi
Slide 5: FZR Shareholders
FZR Shareholders • 1,147 registered shareholders at 31 Dec 2012 (including 215 with less than For personal use only marketable parcel) • 75.6m shares - Market cap: A$28m (at A$0.37) • No options or other convertible securities • Top 10 shareholders - 41.8m shares (55%) Name Shares (m) % Banque Prive
Slide 6: The 2012 de-merger
The 2012 de-merger For personal use only Before the de-merger After the de-merger ASX listed entity ASX listed entity Other EGL UK 297m shares on issue 76m shares on issue shareholders 25.5% 74.5% 100% of Buru 100% of Buru European Gas Ltd (EGL UK) 100% of European Gas – European parent company roya
Slide 7: Company Balance Sheet (A$)
Company Balance Sheet (A$) For personal use only As at Buy-back Adjustment As at 1 July 2012 1 (26 July 2012) 30 November 2012 2 Current Assets - Cash at Bank 764,126 482,132 Other Assets - Shares in EGL UK 1 (0.75) 0.25 - Other share investment 3 63,995 64,318 Total Assets 828,121 546,450 Current L
Slide 8: Tax treatment of disposal of EGL UK shares - July 2012
Tax treatment of disposal of EGL UK shares - July 2012 For personal use only For the Company: • Capital losses carried forward as at 30 June 2012 - $29.3M • 221.6m shares transferred 26 July 2012 - at 20.1 cents each (mkt value) • Potential capital gain - $44.6m (due to tiny cost base), reduced by A
Slide 9: The Royalty Deeds
The 2 Royalty Deeds For personal use only • Lennard Shelf Royalty Deed - covers 3 permits • Canning Basin Royalty Deed - covers 9 permits • Both Deeds entered into in 2006 during an Australian asset sale process • Deeds each registered against all relevant permits • Counterparties: Buru for 12 permi
Slide 10: Buru's Permits
Buru’s Permits For personal use only Source: Buru presentation Nov 2012 ASX Code: FZR www.fitzroyriver.net.au
Slide 11: The Lennard Shelf Royalty Deed
The Lennard Shelf Royalty Deed For personal use only • Royalty Deed - dated 5 September 2006 • Royalty Area - area covered by Licences EP129, L6 and L8 • Royalty paid by Buru Energy - on all ‘Petroleum’ recovered • Duration - continues and enures for the benefit of FZR until Buru Energy and its succ
Slide 12: The Lennard Shelf Licences covered by this Royalty
The 3 Lennard Shelf Licences covered by this Royalty For personal use only • EP129 (R5) (9 blocks, expiry 31.1.14) • L6 (R1) (expires May 2027) – Blina Oil Field – Boundary Oil Field • L8 (R1) (expires May 2027) – Sundown Oil Field – West Terrace Oil Field – Lloyd Oil Field (depleted) • Buru Energy
Slide 13: Oil Production on L6 and L8
Oil Production on L6 and L8 (Buru Energy is Operator) For personal use only Field Oil Production Cumulative 2011 (kL) Oil Production (kL) Blina (L6) 978 297,795 Boundary (L6 (or EP129)) 220 20,963 Sundown (L8) 1,241 73,508 West Terrace (L8) 394 39,522 Source: PWA Sept 2012 (Table 1); production figu
Slide 14: 'Blina' Royalty Receipts
‘Blina’ Royalty Receipts For personal use only • Lennard Shelf Royalty Deed - dated 5 Sept 2006 • Royalty receipts for FY12: $20,363 • Royalty receipts for 5 mths to 30 Nov 2012: $9,808 • Buru Energy is the payer of these royalties ASX Code: FZR www.fitzroyriver.net.au
Slide 15: The Canning Basin Royalty Deed
The Canning Basin Royalty Deed • Royalty Deed - dated 26 August 2006 - relates to 9 Permits For personal use only • Royalty Area - area covered by Permits EP371, EP390, EP391, EP428, EP431, EP436, EP104 (8% participating interest only), R1 (8% participating interest only) and L15 (12% participating
Slide 16: The Buru - Mitsubishi JV Permits (1)
The Buru - Mitsubishi JV Permits (1) For personal use only • Now 50% owned by Mitsubishi Corp subsidiary Diamond Resources (Canning) Pty Ltd (‘DRC’) • EP371, EP390, and EP428 • Joint Operating Agreement (Buru as operator) dated 13 April 2011 • Deed of Assignment and Assumption dated 7 Sept 2012 was
Slide 17: The Buru - Mitsubishi JV Permits (2)
The Buru - Mitsubishi JV Permits (2) • Now 50% owned by For personal use only Mitsubishi Corp subsidiary Diamond Resources (Fitzroy) Pty Ltd (‘DRF’) • EP391, EP431, and EP436 • Joint Operating Agreement (Buru as operator) dated 13 April 2011 • Deed of Assignment and Assumption dated 7 Sept 2012 was
Slide 18: Ungani Discovery and EPT
Ungani Discovery and EPT For personal use only • Ungani Oil Field - Extended Production Test (EPT) commenced 31 May 2012 • Ungani 1 and Ungani 2 wells are on royalty permit EP391 • Production performance of the Ungani Field encouraging • Buru’s planned EPT flow rate is 400 bopd (Buru’s expected rate
Slide 19: The other JV Permits covered
The other JV Permits covered For personal use only • EP 104 (R5) – royalty on 8% participating interest - Operator: Buru - Holders: Buru + 5 others - Blocks: 9 - Term: expires 31 Jan 2013 - Discoveries: Point Torment Gas Field • R1 (R1) – royalty on 8% participating interest - Operator: Buru - Holde
Slide 20: Investment in EGL UK
Investment in EGL UK • European Gas Limited – an unlisted private limited company For personal use only incorporated in England & Wales (Reg no: 05321791) • Shares on issue - 297,272,505 • FZR shareholding - 75,656,848 (25.5%) • Director nomination right - >10% under EGL UK’s AoA • Balance date - 30
Slide 21: EGL UK's Shareholders
EGL UK’s Shareholders For personal use only • Shares on issue - 297.3m • Largest shareholder – FZR - 75.6m shares (25.5%) • Transcor Astra Luxembourg SA - 27.82m shares (9.4%)* • ~160 registered shareholders - resulting from de-merger & buy-back by FZR in July 2012 • Other shareholders - Maoming Fun
Slide 22: EGL UK Consolidated Balance Sheet
EGL UK Consolidated Balance Sheet (as at 30 June 2012 – audited) For personal use only €’000 Fixed Assets - Intangible Assets (exploration expenditure) 14,722 - Tangible Assets 80 14,803 Current Assets - Debtors 304 - Cash at bank 4,720 5,024 Less: Creditors (current liabilities) 736 Net Current Ass
Slide 23: EGL UK Permits - France
EGL UK Permits - France For personal use only • EGL UK’s main projects are 2 Nord Pas de exploration permits in the Calais Lorraine Basin (in north-east Lorraine France) and rights in respect of permits in the Nord Pas de Calais region (in northern Jura France). • EGL UK is the largest coal bed meth
Slide 24: EGL UK Permits - Lorraine
EGL UK Permits - Lorraine For personal use only EGL UK holds a 100% interest in two permits, covering 788km2 of the Lorraine Basin. In May 2010, EGL UK received notification of renewal of the Bleue Lorraine exploration permit which covers an area of 262km2 and is valid up to 30 November 2013. The Bl
Slide 25: EGL UK Permits – Nord-pas de Calais
EGL UK Permits – Nord-pas de Calais For personal use only Gazonor SA holds the gas exploitation rights over the Poissonnière and Désirée production permits situated in the district of Nord-Pas de Calais in northern France, comprising a total area of 767 km2. In addition two permits were granted for
Slide 26: EGL UK Permits - Other
EGL UK Permits - Other For personal use only Lons le Saunier permit- Central Eastern France • EGL UK holds a 100% interest in the “Lons le Saunier” permit in the Jura Basin, originally granted in mid-2007. EGL UK previously completed a review of the conventional hydrocarbons potential of the permit
Slide 27: FZR - Contact Information
FZR - Contact Information For personal use only Telephone 1300 003 686 (local call charge) Fax 02 6738 9999 Postal address PO Box 1117, Armidale NSW 2350 Email enquiries@fitzroyriver.net.au www www.fitzroyriver.net.au Share Registry Computershare: 1300 557 010 or (08) 9323 2000 ASX Code: FZR www.fit