Melbana Energy Limited · ASX:MAY
Melbana Energy — MEO Australia — Good Oil Conference 2013
23 slides from Melbana Energy's conference presentation, Sep 3, 2013
Slide 1: Good Oil Conference
Good Oil Conference 3rd September 2013
Slide 2: Disclaimers
Disclaimers Forward-looking Statements and Resources Forward-looking Statements This presentation includes certain forward-looking statements that have been based on current expectations about future acts, events and circumstances. These forward-looking statements are, however, subject to risks, unc
Slide 3: Corporate summary
Corporate summary Australia & SE Asia focus General • Australian / SE Asian portfolio • Australian HQ, Melbourne − 8 Australian permits, 6 operated • Indonesian regional office, Jakarta − 2 Indonesian PSC’s both operated • 1 Gulf of Thailand concession • Malaysian Country Representative ASX / OTCQX
Slide 4: Contingent & Prospective Resources
Contingent & Prospective Resources Building a material resource base to underpin future development MEO Net Resources 1,800 • Diverse portfolio 1,667 − Multiple projects 1,600 AC/P51 − Geographically diverse 1,400 WA-488-P − Prospective for Oil and WA-454-P 1,200 gas NT/P68 • 1,667 MMboe (best estim
Slide 5: MEO Strategy
MEO Strategy Create options with multiple opportunities to added crystallise value Aiming for early capital Monetisation Opportunities recovery Farm- Partial Partial Cash Out Sale Sale Flow Identify & Secure Enhance Test Appraise Develop Screen Acreage Prospectivity Prospectivity Resource Use: Via:
Slide 6: MEO Strategy in Action
MEO Strategy in Action Recent and near term events WA-488-P WA-454-P NT/P68 AC/P51 WA-360-P ? (Blackwood) Seruway G2/48 WA-488-P WA-454-P Farm- Partial Partial Cash Out Sale Sale Flow Identify & Secure Enhance Test Appraise Develop Screen Acreage Prospectivity Prospectivity Resource Use: Via: By: By
Slide 7: Northern Australia Permits & Projects
Northern Australia Permits & Projects Adjacent to developed oil and discovered gas resources ABADI GREATER SUNRISE BAROSSA EVANS SHOAL Joint BLACKWOOD CALDITA Petroleum NT/P68 (MEO 50%) Prelude (Shell) Abadi (INPEX) , Development HERON Area BAYU-UNDAN Bayu-Undan (ConocoPhillips) Production 2004 Bayu
Slide 8: NT/P68: Eni commits to drill Blackwood-2
NT/P68: Eni commits to drill Blackwood-2 MEO 50% interest is fully carried, including production testing if warranted Blackwood gas discovery • Blackwood-1 (2008) encountered 42m gas column • Blackwood-2 appraisal in Q4’2013 Indonesia Australia • Approx. US$45m well cost fully funded by Eni Heron ga
Slide 9: Blackwood Gas Discovery
Blackwood Gas Discovery Appraising 500 Bcf contingent resource (2C) in Q4 2013 Blackwood-1 Blackwood-2 w Contingent (2008) (agreed location) E Prospective Deep Prospective East Blackwood East Prospect Blackwood Discovery 3,190m Ss 3,220m Ss 3,225m Ss Blackwood Deep Prospect Contingent Resources (100
Slide 10: WA-454-P (MEO 50%)
WA-454-P (MEO 50%) Gas discovery and exploration targets in shallow water, close to NT gas market • 2011: Identified by MEO and awarded 100% • 2012: Identified leads, acquired 3D seismic • 2013: Farmed out 50% to Origin for − $5.6m cash reimbursement PLUS − 80% of Breakwater-1 (untested, A$35m cap)
Slide 11: WA-454-P Farm-out
WA-454-P Farm-out Implied A$16.1 million value of MEO 50% interest • 50% interest farmed-out to Origin Energy • Origin Energy to assume operatorship of WA-488-P • Origin reimbursing A$5.6m (80% of historical costs) • Origin to fund 80% of Breakwater-1 to cap of A$35m① − Represents up to A$10.5m of M
Slide 12: WA-454-P: Breakwater Prospect
WA-454-P: Breakwater Prospect Identified and matured substantial gas prospect - Breakwater • Large prospect with potential for gas and oil A B • Defined on high quality 3D seismic data • Multiple objectives from 1,800m to 3,200m Breakwater West • Targeting same objectives that are productive in near
Slide 13: WA-454-P Marina gas and probable oil discovery
WA-454-P Marina gas and probable oil discovery Potential overlooked resource with additional potential Lower Permian Sands GR RES D/N DT PHI SW K GAS • Marina-1 drilled in 2007 by ExxonMobil. ZONE 1 − Hydrocarbons in 5 zones, gas shows at TD. ZONE 2 • MEO identified overlooked oil & deeper potential
Slide 14: WA-488-P (MEO 100%)
WA-488-P (MEO 100%) Identified giant Beehive prospect – follow up to Ungani-1 discovery • MEO recognised 2001 Ungani-1 oil discovery in Canning basin as potential game changer for Palaeozoic Carbonates in Australia • Identified giant Beehive prospect in Petrel sub- basin − new play type with global
Slide 15: WA-488-P: Beehive Prospect
WA-488-P: Beehive Prospect Two stacked objectives each with significant potential • Located in shallow water (40m) • Identified on high quality, tightly spaced 2D seismic grid • Primary Objective ~140 km2 Carboniferous Isolated Carbonate Platform WA-488-P Beehive − Oil prone follow up to Ungani disc
Slide 16: Ashmore Cartier (MEO 100%)
Ashmore Cartier (MEO 100%) Multiple prospects and leads identified on new seismic PENGANA JABIRU • Located within the Vulcan sub-basin CASH − proven commercial gas and oil MAPLE DELAMERE province CHALLIS • 2010: MEO acquired 100% for $270k CASSINI SWAN ECLIPSE • 2011/12: Developed geologic PUFFIN AC
Slide 17: AC/P51: Ramble On prospect
AC/P51: Ramble On prospect Oil prospect with significant follow up potential Seismic Cross-section • Large, robust structure Leewin-1 • Targeting proven Plover & Montara reservoirs • Accessing proven source area Ramble On • First test of a low-side fault prospect (a play type that works in Carnarvon
Slide 18: South East Asian Projects
South East Asian Projects Targeting proven basins or analogues to proven basins Bangkok • MEO regional office in G2/48 Jakarta − Operator of 2 Indonesian PSC’s Manora (Mubadala) − Non-operator of Gulf of Oil development underway - 15 KBD Thailand concession Jasmine (Mubadala) Oil field – 40 MMstb cu
Slide 19: Gulf of Thailand: G2/48 (MEO 50%)
Gulf of Thailand: G2/48 (MEO 50%) Targeting oil in a low cost environment Bangkok • Located in Northern Gulf of Thailand • Shallow water, low cost exploration / THAILAND development environment Hua Hin • Covers Rayong Basin, one of many Tertiary Basin basins, most of which have proven oil potential
Slide 20: G2/48: Exploration Potential
G2/48: Exploration Potential Focus on Oil Potential of Rayong Tertiary Graben • Sainampeung-1 (2012) did not reach target depth Krissana Deep but indicates a thicker and more extensive Legend prospective section than previously thought Krissana West Tertiary • Oligo-Miocene fairway with 4 leads defi
Slide 21: Seruway PSC (MEO 100%): Juaro Prospect
Seruway PSC (MEO 100%): Juaro Prospect 200+ MMstb oil prospect 701 km2 Ibu Horst • Proven basin, numerous oil and gas recoveries on 3D Seismic Survey PSC • Juaro prospect identified on Ibu Horst 3D seismic Seruway PSC • Follow-up to 1969 ONS B-1 oil and gas discovery (MEO 100%) GURAME • Prospect def
Slide 22: MEO potential near term value drivers
MEO potential near term value drivers 2H 2013 2014 2015 2H 2016 MEO Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Activity Equity Remarks J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J Own Drilling Target Blackwood-2 50% 897 Bscf (“Best” estimate)① Breakwater-1 50% 708 Bscf (“Best” es
Slide 23: MEO Summary
MEO Summary Seeking to build shareholder value by finding overlooked hydrocarbons • Cash reserves @ 30 June 2013: $16.6m, Market Cap ~$45m • 110 MMboe 2C contingent resources & 1,667 MMboe (best estimate) un-risked Prospective Resources • Enterprise value (~$30m) easily covered by the value of Black