Otto Energy Limited · ASX:OEL
Otto Energy — Shareholder Meeting (November 2009)
20 slides from Otto Energy's shareholder meeting presentation, Nov 18, 2009
Slide 1: Presentation to Shareholders / Otto at a Glance
For personal use only 18 November 2009 Manager of Company Announcements ASX Limited OTTO AT A GLANCE Level 6, 20 Bridge Street SYDNEY NSW 2000 • ASX‐listed oil and gas company with significant growth potential. • Production from Galoc Oil Field By E‐Lodgement provides cash flow. • Development of gas
Slide 2: Annual General Meeting November 2009
For personal use only Annual General Meeting November 2009 Paul Moore CEO
Slide 3: Disclaimer
For personal use only Disclaimer • This presentation does not constitute an offer to sell securities and is not a solicitation of an offer to buy securities. It is not to be distributed to third parties without the consent of Otto Energy Ltd (the “Company”). • This h presentation contains forward‐lo
Slide 4: Otto Goals
Otto Goals To build a track record of growth delivery by: For personal use only • Increasing reserves and production • New development projects • Material exploration success To deliver shareholder returns by: • Technical and commercial competence • Geographic G hi focus f • Cost effective business
Slide 5: Board of Directors and Company Officers
Board of Directors and Company Officers For personal use only RICK CRABB CHAIRMAN ((NON – EXECUTIVE)) RUFINO JAAP POLL IAN MACLIVER JOHN JETTER BOMASANG DIRECTOR DIRECTOR DIRECTOR (NON - EXECUTIVE) (NON - EXECUTIVE) (NON – EXECUTIVE) DIRECTOR (NON - EXECUTIVE) PAUL MOORE CEO CRAIG MARTIN MATT ALLEN
Slide 6: Capital Structure
For personal use only Capital Structure Cash Position at 30 September 2009 A$10.55 $ million Capital Structure Shares Options Conv. Perfs* On issue at 18 November 2009 1,070,184,721 118,105,350 2,504,000 Market Capitalisation at 6 6.8c 8c per share $72m * Convertible Performance Shares convert to 6.
Slide 7: Reserves, Resources and Acreage
Reserves, Resources and Acreage Developing Reserves and Resources Prospect and Lead Inventory For personal use only Asset Licence Area Prospects (Km2) /Leads Galoc SC14C 163 3 oe MMbo Exp Philippines pp SC50 1280 8 ploration SC51 3320 11 SC55 9000 16 SC69 7040 12 Turkey 481 481 13 Reserves Italy 828
Slide 8: Business Highlights: FY 2008/09
For personal use only Business Highlights: FY 2008/09 Details Galoc • First Oil ‐ October 2008 • Annualised volume 2.3 mmbbls • 3 mmbbls produced to 30 October 2009 • Current indirect interest 18.78% p • Phase 2 development p planningg Turkey • Drilled 3 exploration/appraisal wells • Flow tested 4 w
Slide 9: Galoc Phase 1: Production Performance
Galoc Phase 1: Production Performance For personal use only • Initial rate 18,000 bopd Galoc Daily Oil Production 20,000 3,500,000 • Current C t rate t ~11 ~11,500 500 bopd b d 3,000,000 • Good uptime when “on stream” Hose Replacement 15,000 2 500 000 2,500,000 uction (bopd)) • Opex US$25/bbl Cumula
Slide 10: Galoc Phase 1: Facilities Upgrade Options
Galoc Phase 1: Facilities Upgrade Options Option Comment For personal use only Existing Facility Uptime is improving, improving but not meeting design criteria criteria. Mooring Upgrade Higher uptime than existing configuration FPSO Replacement Highest uptime potentially is via permanently moored ve
Slide 11: Galoc Phase 2: Development Options
Galoc Phase 2: Development Options Target For personal use only • To increase 2P reserves by ~ 5mmbbls (100% terms) Galoc‐3ST1 Galoc‐4 Galoc‐2 Galoc North • Likely 2 new wells ~4,000 Exploration Prospect bopd each Possible Gas Cap (or undeveloped oil?) 2009/10 Planning • Seismic interpretation 30m •
Slide 12: Turkey Gas Development: 2008/09 Summary
For personal use only Turkey Gas Development: 2008/09 Summary • 35% Working Interest • TransAtlantic Operator • Drilled 3 exploration wells and flow tested 4 wells • Commenced development planning • Tendered and short listed gas bidders 18‐Nov‐09 11
Slide 13: Turkey Gas Development: Phase Status
For personal use only Turkey Gas Development: Phase 1 Status Technical • 8 successes from 8 wells • Plant construction commenced October 2009 • Plateau rate 10‐14 mmscf/d commencing Q1 2010 • 2P + 2C volumes l to be b produced d d from f 8 wells ll tied d back b k • No capital investment in gas plan
Slide 14: Turkey Gas Development: Phase Outlook
For personal use only Turkey Gas Development: Phase 2 Outlook Technical • 3D seismic acquisition in progress • Identify new leads and prospects • Phase 2 drilling starts after first gas • Production plateau prolongation Commercial • New gas into existing/new / contracts 18‐Nov‐09 13
Slide 15: Exploration & Static Resources Update: Philippines Acreage
For personal use only Exploration & Static Resources Update: Philippines Acreage Philippines Prospects & Otto A Assets O Opportunities ii I Interest SC55 Marantao Prospect, 85% Hawkeye and other leads SC51 Argao 1 Exploration 80% well SC69 Multiple leads to 70% mature to prospects SC50 Calauit Appra
Slide 16: Philippines Static Resource: SC50 – Calauit and Calauit South
For personal use only Philippines Static Resource: SC50 – Calauit and Calauit South Dynamic Appraisal Opportunity • Oil fields discovered in 1991 • Flowed ~7,000 bopd • 2C Resource 4.85 mmbbls (Range 1.5 ‐ 15 mmbbls) • Several concepts under consideration Further Exploration Upside • Several prospec
Slide 17: Philippines Exploration: SC55
Philippines Exploration: SC55 Exploration Program SW Palawan For personal use only • Highly productive geologic trend SC 55 • Numerous promising closures • Recorded and interpreted 1500 km regional 2D in previous exploration phase y DHI (“flat • Text‐book style ( spot”) p ) – Hawkeye y lead • Target
Slide 18: Philippines Exploration: SC51 and SC69 (Visayas)
Philippines Exploration: SC51 and SC69 (Visayas) SC69 For personal use only • Proven ppetroleum system y SC69 ‐ Reef Complex • Large reef structures • Numerous leads identified SC51 • 3,000 km k 2D seismic i i reprocessed d • 2D seismic acquisition in H1 2010 SC69 SC51 • 3D recorded in 2007 • Drill‐
Slide 19: Year Ahead
For personal use only Year Ahead Production P d ti in i 2010 • Galoc 0.4 MMstb • Turkey 1.3 Bcf (0.23 MMboe) Development • Galoc l production d upgrade d • Commit to Galoc Phase 2 Exploration + static resources • Turkey Phase 2 exploration • Philippines Phili i ffarm downs d • Philippines seismic 18
Slide 20: Closing Comments 2009/10
For personal use only Closing Comments 2009/10 • Improved p Year • Higher oil prices • Galoc Phase 1 upgrade • Galoc Phase 2 commitment • Turkey production startup • Geographic focus • Income from both Galoc and Edirne to fund existing business • Monetise exploration via farm‐outs Thank‐you 18‐Nov‐0