ADX Energy Ltd · ASX:ADX
ADX Energy — AuDAX Energy — Shareholder Meeting (October 2009)
47 slides from ADX Energy's shareholder meeting presentation, Oct 20, 2009
Slide 1: ASX Release: Annual General Meeting Presentation
For personal use only ASX Release 20 October 2009 Annual General Meeting Presentation Attached is a copy of the presentation to shareholders for today’s Annual General Meeting at 10am. A copy of this presentation will also be available on the Company’s website www.audax.com.au. Yours faithfully Gary
Slide 2: AuDAX Annual General Meeting 20 October 2009
FuDAX AuDAX ANNUAL GENERAL MEETING 20" OCTOBER 2009 PERTH, WESTERN AUSTRALIA
Slide 3: Europe & North Africa project map
For personal use only AUSTRALIA VIENNA Romania: AMI Italy: GRPU15 Tunisia: Kerkouane & Chorbane WA Mining PEL 182 PERTH EUROPE & NORTH AFRICA
Slide 4: Europe & North Africa project map
For personal use only AUSTRALIA VIENNA Romania: AMI Italy: GRPU15 Tunisia: Kerkouane & Chorbane WA Mining PEL 182 PERTH EUROPE & NORTH AFRICA
Slide 5: Chairman's Session: Directors
CHAIRMAN’S SESSION For personal use only Directors Gary Roper Chairman Wolfgang Zimmer Managing Director P l Fi Paul Fink k T h i l Di Technical Director t Company Secretary Peter Ironside 4
Slide 6: Chairman's Session: Proxies
CHAIRMAN’S SESSION For personal use only Proxies Received 51 proxies representing 39 39,791,220 791 220 shares shares. 5
Slide 7: Resolution: Adoption of Remuneration Report
CHAIRMAN’S SESSION For personal use only R Resolution l i 1 Adoption of Remuneration Report “Thatt for “Th f the th purposes off Section S ti 250R(2) off the Corporations Act 2001 and for all other purposes, theth R Remuneration ti R Report t contained in the 2009 Annual Report which hi h accompanie
Slide 8: Resolution: Proxy details
CHAIRMAN’S SESSION For personal use only R Resolution l ti 1 Proxy details: For F 39,560,387 39 560 387 Against 130,833 Abstain Nil Open Nil 7
Slide 9: Resolution: Re-election of Mr Paul Fink
CHAIRMAN’S SESSION For personal use only R Resolution l i 2 Re election of Mr Paul Fink as a Director Re-election “That Mr Paul Fink who retires by rotation in accordance with Clause 9.8 of the Company’s Constitution, and being eligible offers himself for re-election, is hereby re-appointed a direct
Slide 10: Resolution: Proxy details
CHAIRMAN’S SESSION For personal use only R Resolution l i 2 Proxy details: For F 39,786,220 39 786 220 Against 5,000 Abstain 1,900,000 Open Nil 9
Slide 11: Europe & North Africa project map
For personal use only AUSTRALIA VIENNA Romania: AMI Italy: GRPU15 Tunisia: Kerkouane & Chorbane WA Mining PEL 182 PERTH EUROPE & NORTH AFRICA
Slide 12: Resource Base Highlights
RESOURCE BASE HIGHLIGHTS For personal use only Sicily channel 700 million barrels resource* Onshore Tunisia 100 million illi b barrels l resource**
Slide 13: Europe & North Africa project map
For personal use only AUSTRALIA VIENNA Romania: AMI Italy: GRPU15 Tunisia: Kerkouane & Chorbane WA Mining PEL 182 PERTH EUROPE & NORTH AFRICA
Slide 14: Our Vision
OUR VISION For personal use only All projects in countries with excellent fiscal terms. All assets kept despite global downturn! Large Size Company Maker: Italy & Tunisia Offshore: Sambuca Prospect Mid - Large Size Company Maker: Tunisia Offshore: Dougga Gas & Condensate Development Mid Size Company
Slide 15: Achievement Overview 2009
ACHIEVEMENT OVERVIEW 2009 For personal use only SAMBUCA PROSPECT Sicily Channel: 3D seismic will further reduce the risk of this company maker project, p j DRILL IN 2010 p preparations p well underway, reduction in rig rates DOUGGA FIELD (Kerkouane, offshore Tunisia) 75 mmboe net to AuDAX with 117 m
Slide 16: Tunisia & Italy
For personal use only TUNISIA & ITALY
Slide 17: Tunisia & Italy Assets
TUNISIA & ITALY ASSETS For personal use only Tunisia & Italy: Sicily Channel Blocks ITALY CHORBANE BLOCK 100% AuDAX ALGERIA LIBYA
Slide 18: Sambuca Drilling in 2010: Targets
SAMBUCA DRILLING in 2010: 3 TARGETS For personal use only southwest northeast SAMBUCA -1 SEABOTTOM: 620 m TVDSS Birsa Oil Reservoir *127 - 595 MMBBLS 1500 meters TVDSS Ain Grab Oil *42 – 248* MBBLS Abiod Gas Condensate *91 – 244 MMBOE 2380 meters TVDSS * FIGURES ARE P50 TO P10 UNRISKED RECOVERABLE R
Slide 19: Drilling Project on Track
DRILLING PROJECT ON TRACK For personal use only Project Management Drilling Manager relocated to Tunis from early September Upgrade of AuDAX (Alpine) office facilities to better support planned drilling operations Well Design and Engineering Completed and Approved Drilling Rig Contracting Te
Slide 20: Dougga Appraisal
DOUGGA APPRAISAL For personal use only COMBINED ABIOD RESERVOIR P50 RECOVERABLE RESOURCES: 70 MMBLS CONDENSATE + 50 MMBLS LPG + 910 BCF SALES GAS (EQUIVALENT TO 271 MMBOE) SAMBUCA- DOUGGA - NORTH NORTH Sambuca: Dougga Discovery : *270 MMBOE *75 MMBOE * FIGURES ARE UNRISKED RECOVERABLE RESOURCES, DOU
Slide 21: Dougga Development Concept
DOUGGA DEVELOPMENT CONCEPT For personal use only Conceptual Study Tracs - genesis: FPSO development . Dry raw gas stream to onshore separation and CO2 removal plant, approx. 40 km (Miskar: 130 km offshore!) 4 well development with total off take rate of approx. 100 mmscf/d 12,000 barrels conde
Slide 22: Emerging Hydrocarbon Province
EMERGING HYDROCARBON PROVINCE For personal use only ENI Nilde Nild oil il field fi ld (20 – 30 mmbls) bl ) Recent ENI and Edison gas discoveries in Pliocene stratigraphic traps with multi Tcf potential (Panda, (Panda Cassiopea, Argo) Shell & Northern Petroleum 2D and 3D seismic AuDAX maps new
Slide 23: Pliocene Stratigraphic Leads
PLIOCENE STRATIGRAPHIC LEADS For personal use only Sambuca Sambuca Pliocene Gas Dougga Pliocene Gas 130 sqkm Pliocene fan area as defined by seismic amplitude anomaly l & character h t
Slide 24: 3D Seismic Acquisition
3D SEISMIC ACQUISITION: 620 sqkm For personal use only RISK REDUCTION Drill Sambuca in an optimum location Drill D ill D Dougga-2 2 iin an optimum ti llocation ti Fast track development decision INCREASE PERMIT VALUE Firm up additional prospects such as Sambuca and Dougga North (Nilde analog
Slide 25: Summary Sicily Channel
SUMMARY SICILY CHANNEL For personal use only SAMBUCA PROSPECT DRILLING ON TRACK FOR 2010 DOUGGA TRACS REVIEW: NOW A SIGNIFICANT ASSET IN OUR PORTFOLIO SEVERAL LARGE PROSPECTS CLOSE TO SAMBUCA AND DOUGGA NEW “HOT” PROVINCE FOR ENI, SHELL AND OTHER PLAYERS 3D SEISMIC ADDS VALUE AND FAST TRAC
Slide 26: Onshore Tunisia: Chorbane
ONSHORE TUNISIA: CHORBANE For personal use only Chorbane Sidi Behara Sidi El Itayem Sfax ITALY Chaal Mahares CHORBANE BLOCK ALGERIA LIBYA
Slide 27: Detailed Past Well Analysis
DETAILED PAST WELL ANALYSIS For personal use only REF-1 REF-1 Abiod •Abiod & Zebbag tight but shows •El Gueria absent •Significant Paleocene & Cretaceous thinning Abiod Sidi Daher: NO THINNING up to Oligocene onlap!!
Slide 28: Chorbane: Sidi Daher Prospect
CHORBANE: SIDI DAHER PROSPECT For personal use only SIDI DAHER NARA PROSPECT 60 SQKM ‐ 350 BCF MEAN REC. RESOURCES CHAKER‐1 CHAKER‐1 HKS 1 HKS‐1 HKS‐1 SIDI DAHER ABIOD PROSPECT, CHAAL FIELD 25 SQKM – 40 MMBLS MEAN RESERVES G Gore Sober S b DHI
Slide 29: Chorbane: East Chaal Prospect
CHORBANE: East Chaal Prospect For personal use only 30-80 km2 80% in Chorbane Primary Objective:Middle-Lower Nara Formation is gas-bearing at Chaal Mechertate SE-1 Volumetrics Estimates 200-300 bcf. Reservoir deliverability is the critical NW Lead BTO-1 risk factor. POS 20-30% REF-1 Struct
Slide 30: SW Prospect
SW PROSPECT For personal use only 30 80 km2 80% in Chorbane 30-80 Primary Objectives: Lower Nara Formation is gas-bearing along strike ABK & Chaal wells Ahead of Volumetrics Estimates are of 100 100- 200 bcf. Good shallower oil potential Closure to south is the critical risk factor. HIGHLY P
Slide 31: Prospects & Leads
PROSPECTS & LEADS For personal use only E East – CH L Lead d reserves 10-25 Mmbbl range NW Lead ~20% POS Mean reserves 20-100 Hmid Prospect Mmbbl range <20% POS reserves 10-20 Mmbbl range Sidi Daher Prospect ~20-30% POS Mean reserves 40-200 Knani Prospect Mmbbl range ~20-30% POS reserves 10-30 Mmbbl
Slide 32: Summary Chorbane
SUMMARY CHORBANE For personal use only “COMPANY MAKER” OPTION POST SAMBUCA RIGOROUS PAST WELL ANALYSIS CONFIRMS EXCELLENT POTENTIAL SEISMIC MAPPING CONFIRMS SEVERAKL VALID PROSPECTS WITH OUTSTANDING UPSIDE POTENTIAL LOI WITH DNO: DELIVER FARM – OUT Chorbane Sidi Behara DRILL LATE 2010 – EA
Slide 33: Romania
For personal use only ROMANIA
Slide 34: Unique Window of Opportunity
UNIQUE WINDOW OF OPPORTUNITY For personal use only Petrom & Romgas Relinquishment announced in May 2008 Bid Round X announced : approximately 30, 000 sqkm (!) AuDAX operated AMI (NZOG & Nexus) well prepared The creaming curves of this prolific province are still heading upwards
Slide 35: The Largest Ever Bidding in Romania
THE LARGETS EVER BIDDING IN ROMANIA For personal use only SOURCE: NAMR, National Agency for Mineral Resources, Romania A TOTAL OF 30 BLOCKS, APPROXIMATELY 30,0000 SQKM Announced September 2009
Slide 36: AuDAX Database Example
AuDAX DATABASE EXAMPLE For personal use only Untested Amplitude Anomalies Primary Mesozoic Section
Slide 37: Australia
For personal use only AUSTRALIA
Slide 38: PEL182 South Australia Oil Prospects & Leads
PEL182 SOUTH AUSTRALIA For personal use only OIL PROSPECTS & LEADS U – OIL LEAD 0.7 to 1.8 mmbls unrisked resources Vanessa & Satellite Fields Most likely unrisked resources: 20 BCf sales gas 1 mmbls condensate SUTA UPDIP 1.5 mmbls unrisked resources
Slide 39: PEL Value Creation
PEL 182 VALUE CREATION For personal use only Inherited Seismic Dataset: No closure over a AuDAX reprocessing: Closure over field proven field! Test - Reprocessing over a proven Cooper Basin discovery The conventional remaining Cooper basin prospects are generally small and need reliable risk reduc
Slide 40: PEL Vanessa Discovery Area
PEL 182 VANESSA DISCOVERY AREA For personal use only SANTOS PENNIE FIELD ADX PROSPECT ADX VANESSA Vanessa & Satellite Fields Area Most likely unrisked resources: 20 BCf sales gas 1 mmbls condensate
Slide 41: PEL Emily Updip Oil Prospect
PEL 182 EMILY UPDIP OIL PROSPECT For personal use only
Slide 42: Europe & North Africa project map
For personal use only AUSTRALIA VIENNA Romania: AMI Italy: GRPU15 Tunisia: Kerkouane & Chorbane WA Mining PEL 182 PERTH EUROPE & NORTH AFRICA
Slide 43: Western Australia Minerals Interests
WESTERN AUSTRALIA MINERALS INTERESTS For personal use only S i off Spin ff Western Australia: Marymia Gold Development Area 7 K5 Area 6
Slide 44: ADX Mount Webb Sweet Spots
ADX MOUNT WEBB SWEET SPOTS For personal use only ADX Mount Webb ADX Mount Webb ADX Mount Webb Encouraging drilling results by Ashburton!
Slide 45: Australia Summary
AUSTRALIA SUMMARY For personal use only PEL 182 value increase through technical work Cooper Basin oil & gas is small but economically attractive if risk can be reduced ADX operatorship Seismic reprocessing and subsequent 2D seismic acquisition will ill result l in i a number b off attractive
Slide 46: Contact
CONTACT For personal use only Wolfgang Zimmer: Managing Director Paul Fink: Technical Director Gary Roper: Chairman Offi Office: 610 Murray M Street, St t Perth P th Australia WA 6000 Ph: +61 8 9226 2822 Fax: +61 8 9226 5333 Website: www.audax.com.au Email: wolfgang.zimmer@audax-resources.com wolfga
Slide 47: Disclaimer
DISCLAIMER 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 effected by a variety of variables whic