Lakes Blue Energy Nl · ASX:LKO
Lakes Blue Energy Nl — Lakes Oil NL — Shareholder Meeting (November 2018)
36 slides from Lakes Blue Energy Nl's shareholder meeting presentation, Nov 13, 2018
Slide 1: The Next Chapter - Annual General Meeting
For personal use only Lakes Oil NL The Next Chapter Annual General Meeting 13th November 2018
Slide 2: Disclaimer
Disclaimer This Presentation has been prepared by Lakes Oil N.L ('Lakes Oil' or 'Company'). It does not constitute or form part of, and should not be considered to For personal use only constitute or form part of, an offer for sale, or a solicitation of an offer to purchase or subscribe for, any sec
Slide 3: Highlights
For personal use only Lakes Oil NL Highlights
Slide 4: At a Glance
At a Glance ASX Code LKO Major Assets1 For personal use only Shares on Issue 30,295,475,141 Victoria 608 MMBOE Share Price ≈0.15 cent South Australia 10 MMBOE Market Australia’s Cap. oldest $45m @ 0.15c Queensland 14 MMBOE Shareholders operating Geological ≈12,000and PNG 500 MMBOE petroleum geopolit
Slide 5: Timeline
Timeline For personal use only Active exploration program - Certified Contingent Resources 2012 Victorian exploration ban 2016 Legal proceedings 1985 Lakes Oil relisted 2017 Navgas acquisition 1959 Petroleum Act amended Lakes Oil taken over 2018 1955 Court decision, Appeal lodged Lakes Oil listed Di
Slide 6: Victorian Legal Proceedings Update
For personal use only Victorian Legal Proceedings Update
Slide 7: Legal Proceedings - Background
Legal Proceedings - Background For personal use only • Legal proceedings against Victorian Government commenced in 2016. • Fracking Ban Act passed by Government in March 2017 to: Empower Government to ban exploration; and Avoid liability for damages caused by the Government’s actions. • Fracking
Slide 8: Legal Proceedings - Update
Legal Proceedings - Update For personal use only • Judgement of Justice Macauley handed down on 21 September 2018: Partially favourable; but Did not accept Lakes Oil’s argument. • Judgement has been reviewed by Lakes Oil’s Counsel. • There are serious flaws with the Judgement: Key aspects of L
Slide 9: Takeover of Rawson Oil & Gas
For personal use only Takeover of Rawson Oil & Gas Delivering Diversity & Opportunity
Slide 10: Rawson Takeover
Rawson Takeover For personal use only • Friendly off-market takeover announced 31 July 2018. • Offer period opened 6 August 2018. • Scrip-based offer: 15 LKO shares for each RAW share. • Offer Unconditional on 15 August 2018 (>50% acceptances). • Offer closed 24 September 2018 with 89.82% acceptance
Slide 11: Diversification Strategy Implemented
Diversification Strategy Implemented For personal use only Regulatory risks mitigated via diversification strategy that has delivered opportunities for immediate investment
Slide 12: Diversified Portfolio
Diversified Portfolio • Drill-ready South Australian prospect For personal use only Nangwarry-1 well • Drill-ready Queensland prospect Wellesley-2 well • Drill-ready Victorian prospects (subject to approval) Wombat Gas Field Otway-1 well • Portland Energy Project 3 Tcf conventional3 • Papu
Slide 13: Near Term Exploration
For personal use only Near Term Exploration Transformational Opportunities
Slide 14: Nangwarry Prospect, South Australia
Nangwarry Prospect, South Australia For personal use only • 57 Bcf potential recoverable gas (Rawson estimate4) • Joint venture with Vintage Energy • Nangwarry-1 well: Drilling proposed for early 2019. Lakes Oil is Operator. ≈50% of well costs funded through $4.95m SA Government PACE grant.
Slide 15: Highly Prospective, Highly Synergistic
Highly Prospective, Highly Synergistic For personal use only Nangwarry-1 Well (approx. location) Portland Energy Project (proposed wells) Otway-1 Well (proposed) Astral-1 petroleum system, published by Geoscience Victoria, with areas of peak hydrocarbon generation shaded green.
Slide 16: Wellesley Dome, ATP1183, Queensland
Wellesley Dome, ATP1183, Queensland For personal use only • Fault-bound 3-way dip closure, 4.4 km2 • 41 Bcf Prospective Gas5 • South of productive field - easily monetised • Drilled by BHP in 1979 - good gas and porosity but not tested. • 1,650 metre well proposed at location southwest of original w
Slide 17: Future Exploration - Multi Tcf Upside
For personal use only Future Exploration Multi Tcf Upside
Slide 18: Future Exploration - Victoria
For personal use only Future Exploration Victoria
Slide 19: Victorian Permits
For personal use only Victorian Permits
Slide 20: Victorian Potential
Victorian Potential For personal use only Potential Prospect Annual Total Wombat (PRL 2)2 329 Bcf (2C) 20 Bcf Trifon-Gangell (PRL 2)2 390 Bcf (2C) PEP 175 Focus Area3 ~150 Bcf >11 Tcf (P50) Otway-1 (PEP 169) 3-5 Bcf TBD TBD PRL 2 potential alone is 5 to 10% of Victorian gas demand.
Slide 21: Wombat Gas Field
Wombat Gas Field • Significant gas resource demonstrated. For personal use only • Wombat-5 well ready for drilling. Lateral well targeting conventional potential of Strzelecki Formation. 10 TJ/day gas flow rate independently predicted5A Government approval sought prior to ban Well can be bro
Slide 22: Proposed Wombat-5 Well
Proposed Wombat-5 Well For personal use only
Slide 23: Otway-1 Gas Well
Otway-1 Gas Well • Conventional well ready to be For personal use only drilled • Well targets Waarre Sandstone and Eumeralla Formation • Waarre Sandstone is basis for adjacent, historic gas production • Eumeralla Formation is known to contain and has flowed gas • Drilling approval was sought prior t
Slide 24: Portland Energy Project
Portland Energy Project For personal use only • Massive potential – scale comparable to the Bass Strait. • All historic wells intersecting Eumeralla Formation showed gas. • Focus area identified for conventional pursuit. • Sites selected for 2 proof of concept wells.
Slide 25: Future Exploration - Queensland
For personal use only Future Exploration Queensland
Slide 26: ATP1183, Queensland
ATP1183, Queensland • Highly prospective acreage 100% owned. For personal use only • High exploration success for wells drilled on structural closure. • Prospects identified for expedited pursuit: Wellesley Dome - 41 Bcf5. Emu Apple North - 3.4 million barrels6. Bendee Prospect - 1 million bar
Slide 27: ATP1183, Queensland - Wellesley Dome
ATP1183, Queensland For personal use only WELLESLEY DOME ATP
Slide 28: Future Exploration - South Australia
For personal use only Future Exploration South Australia
Slide 29: South Australia
South Australia • Pirie-Torrens Oil & Gas Project: For personal use only 6 x PELAs wholly owned. Native Title yet to be addressed. Overlapping, granted mineral tenements also held. Modern exploration techniques yet to be applied. • Wilkatana Oilfield: Oil seepage first explored by Santos 6
Slide 30: Future Exploration - Papua New Guinea
For personal use only Future Exploration Papua New Guinea
Slide 31: Papua New Guinea
Papua New Guinea For personal use only • Multiple Permits and Applications covering proven hydrocarbon producing areas • Immediate focus: Resolve dispute regarding PPL 560 tenure Formulate and implement exploration strategy, for example, by farmout.
Slide 32: Papua New Guinea - PPL
Papua New Guinea – PPL 560 For personal use only • Multi Tcf Potential9 • P50 recoverable resource of 3.3 Tcf9 • Scaleable development options • Flat spots on seismic are possible hydrocarbon indicators
Slide 33: Sources of Estimates
Sources of Estimates For personal use only Notes 1. The tabulated figures are calculated as follows: Victoria: sum of conventional component of Contingent Recoverable Gas Resource for PRL2 (see Note 2) and Estimated Recoverable Gas Resource for Portland Energy Project (see Note 3), converted to MMBO
Slide 34: Sources of Estimates - Notes, continued
Sources of Estimates Notes, continued For personal use only 2. The Contingent Recoverable Gas Resource of the Wombat and Trifon-Gangell gas fields is estimated to be 329 PJ and 390 PJ, respectively, at 50% probability. Source: Gafney, Cline and Associates, as reproduced on pages 24-25 of “Independen
Slide 35: Sources of Estimates - Notes, continued
Sources of Estimates Notes, continued For personal use only 5. Best estimate prepared on a deterministic basis. Source: page 17 of “Independent Specialist Report on the petroleum assets of Navgas Pty Ltd and Lakes Oil NL”, SRK Consulting (Australasia) Pty Ltd, December 2016. 6. Best estimate prepare
Slide 36: Sources of Estimates - Notes, continued
Sources of Estimates Notes, continued For personal use only The Company is not aware of any new information or data that materially affects the information included in the relevant market announcements noted above and confirms that all the material assumptions and technical parameters underpinning t