Synergia Energy Ltd · LSE:SYN
Synergia Energy — Oilex — Investor Presentation (June 2011)
17 slides from Synergia Energy's investor presentation, June 2011
Slide 1: Investor Presentation – India Focus
Investor Presentation June 2011 India Focus
Slide 2: Disclaimer
2 Disclaimer The presentation in this projected form and as verbally presented (Presentation) is provided on the basis that none of the Company nor its respective officers, shareholders, related bodies corporate, partners, affiliates, employees, representatives and advisers make any representation o
Slide 3: Oilex Snapshot - Capital Structure
3 Oilex Snapshot - Capital Structure • Raised £6 million with UK • ASX and AIM-listed codes: OEX institutions December 2010 • 253 million shares issued • Cash at 31 March A$22.4 million, no debt • 42.9 million unlisted options/rights • ~35% held on AIM Market Cap ~ £55 million @ 22p ~ A$76 million @
Slide 4: Strategy
4 Strategy • Portfolio rationalized • Cambay tight reservoirs focus • Oilex core strength is India CAMBAY Perth Gujarat – “Growth Engine of India” *
Slide 5: Cambay – Overview
5 Cambay – Overview • Acreage – Cambay Basin large producing province – Substantial dataset – Proven reserves – Large resource potential – Accessible flat delta plain • Environment – High sustainable gas prices – Large unsatisfied gas demand – Accessible infrastructure with spare capacity – Good fis
Slide 6: Cambay Tight Reservoir Project Work Program
6 Cambay Tight Reservoir Project Work Program • Tested Cambay-73 Q1 2011 – fluid composition confirmed • Cambay 76H well – in progress • NSAI Independent Reserves Certification - in progress • Cambay-76H Early Production System (with success)* • Planning for next drilling campaign (with success)* Ca
Slide 7: Cambay-76H drilling under way
7 Cambay-76H drilling under way • Evaluating commerciality of extensive Eocene tight reservoirs • Horizontal well • Multi-stage fracture stimulation • Extended production testing for decline rate • Results to be used for ongoing Independent Reserves Certification • Potential to sell liquids and gas
Slide 8: Tight Gas Technology in India
8 Tight Gas Technology in India Surface Drill vertical well Fluid + proppant pumped into well bore at high pressure Kick‐off US frac stimulation ~1,100m MD example. Build angle Extensive artificial Drill ~600m fractures increase the horizontal well rock surface area Y ZONE exposed and permeability 9
Slide 9: Unaudited Reserve & Resource Base – Cambay Eocene
9 Unaudited Reserve & Resource Base – Cambay Eocene Reserves - Justified for Development Probability P90 P50 P10 Natural gas (BCF) 248 384 591 Condensate (MMbbls) 11 17 27 Contingent Resources - Development Pending Natural Gas (BCF) 186 324 568 Condensate (MMbbls) 8 14 26 • proprietary tight reservo
Slide 10: Gujarat – “Growth engine of India”
10 Gujarat – “Growth engine of India” One of India’s fastest growing and most industrialised states • GDP growth rate 10.4% p.a. (av. 02-07) • Largest producer of petroleum products, chemicals and others • Major gateway for international trade • Delhi-Mumbai Industrial Corridor - US$90bn infrastruct
Slide 11: Gas Market
11 Gas Market Gas contribution to total Estimate of gas demand power generation by industry ‐ India India • India gas demand is rising fast with increasing gas fired power generation capacity • Indian gas consumption growing from 1.7 TCF (2009) to 3.1 TCF (2014) (source: BMI O&G Report). • Gas impor
Slide 12: PSC and Fiscal Terms
12 PSC and Fiscal Terms • OEX 45% and Operator Cambay 73: • Joint Venture with Gujarat State Petroleum Conventional vertical gas Corporation (GSPC) condensate • Good commercial terms well - shutin • 9 yrs remaining + 10 yr extension for gas project available • Government profit share 0-35% (based on
Slide 13: North West Shelf Gas Province WA‐388‐P
13 North West Shelf Gas Province WA‐388‐P Oilex 8.4% • Farmout to Apache – Operator • OEX fully funded for La Rocca-1 well La Rocca‐1 • No gas, excellent reservoir, 4,875m TD approx location • Work program under review • Seven prospects 0.3 to 2.8 TCF prospective resource (100% basis) Ocean Patriot
Slide 14: Timor Sea - JPDA JPDA 06‐103
14 Timor Sea - JPDA JPDA 06‐103 Oilex 10%, Operator • Significant potential in Northern part of contract area – higher risk • Tutuala primary lead • Infill 3D seismic survey acquisition completed May • Processing and interpretation in progress • Exploration well planned *
Slide 15: In Summary: Success at Cambay Will Transform Oilex
15 IN SUMMARY….. SUCCESS AT CAMBAY WILL TRANSFORM OILEX • Oilex core strength is India • Cambay Field reserves & resources are significant • Cambay 76H well to de-risk project • Independent certification ongoing • Indian market fundamentals very attractive • Gas demand/supply gap widening • Cambay c
Slide 16: Personnel
16 Personnel Board & Executive Management MAX COZIJN (Non-Executive Chairman) - 31 years in listed resource companies. Director of Carbon Energy, Magma Metals, Malagasy Minerals and Energia Minerals Ltd. BRUCE McCARTHY (Managing Director) - Ex-Cairn India manager. 32 years oil & gas experience with
Slide 17: Thick “tight” pay zones proven
17 Thick “tight” pay zones proven • 140 - 400m gross interval across contract area • Proven reserves in X+Y pay zones CAMBAY 76H • Contingent Resources in Z pay zone WELLBORE PATH PROJECTED • Further possible pay zones below Z zone X Zone Y Zone Z Zone