Melbana Energy Limited · ASX:MAY
Melbana Energy — MEO Australia — Investor Presentation (January 2009)
19 slides from Melbana Energy's investor presentation, January 2009
Slide 1: Investor Update January 2009
Presentation Disclaimer This presentation contains 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, uncertainties and assumptions that could cause tho
Slide 2: Corporate Snapshot
Corporate Snapshot ASX Code MEO Founded Year 1994 IPO Year 1998 Issued Capital million 417.3 Last price (14-Jan) A$ $0.27 Market Cap A$m $113 Cash (31-Dec-08) A$m $29 Options (unlisted) million 15.7 Top 20 shareholders % 42.4% Chairman Nick Heath Appointed May'08 Managing Director (&CEO) Jürgen Hend
Slide 3: Substantially enhanced value proposition
Substantially enhanced value proposition New board of directors • Well credentialed, diversity of disciplines • Orderly succession planning Increased management depth • Broadened depth commensurate with enhanced activity & ambitions Enhanced project depth and potential • Declared 2x gas discoveries
Slide 4: Completely new board
Completely new board Position Name Appointed History Chairman Nick Heath 12th May ’08 Chemical Engineer, >30 yrs ExxonMobil, Former chairman APPEA Managing Jürgen Hendrich 25th July ’08 Petroleum Geologist (12 yrs, ExxonMobil) & Director Investment Banking (12 yrs) Non-Exec Greg Short 14th July ’08
Slide 5: Expanded management capability
Expanded management capability Position Name Appointed History CEO Jürgen Hendrich 16th June ’08 Petroleum Geologist (12 yrs, ExxonMobil) & Investment Banking (12 yrs) CFO Colin Naylor 5th Feb ‘07 FCPA >30yrs /Co. Secretary Woodside (11yrs) BHP (5yrs) Rio Tinto (7yrs) Implementation Ken Hendrick 1st
Slide 6: Targeting gas in established LNG provinces
Targeting gas in established LNG provinces Bonaparte Basin Carnarvon Basin Tassie Shoal (50%-90%) NT/P68 (90%-100%) WA-360-P (60-70%) WA-359-P (60-70%) WA-361-P (35%) Approved GTL Projects 12,070 km2 Drill/drop 31-Dec-09 Drill/drop 31-Dec-09 Environmental Approvals Heron North (90%) Zeus Prospect Ar
Slide 7: Zeus Play – a potential 'game changer'
Zeus Play – a potential ‘game changer’ Zeus (WA-361-P) Zeus-1 (MEO 35%) Potential GIP >15 TCF MEO paying 20%* * To US$31.25m cap Perseus (NWS GP) MEO Australia energy for the future MEO Australia Limited
Slide 8: Carnarvon Basin Prospects
Carnarvon Basin Prospects - Substantial identified prospectivity independent of Zeus Base Map: Top Triassic Depth WA-359-P WA-361-P Zeus-1 WA-360-P Persephone Amphion Lead o Ersa Pandia Prospect Eris Lead Hebe Scale Gas Field 20 km Lady Nora Extn Oil Field MEO Australia energy for the future MEO Aus
Slide 9: Artemis Prospect
Artemis Prospect - AVO supported seismic amplitudes conformable with structure - Additional 3D seismic planned 1H’09 Oxfordian Sst: Legendre Sst: High amplitude High amplitude soft kick soft kick MEO Australia energy for the future MEO Australia Limited
Slide 10: Bonaparte Basin – CO2 challenged gas
Bonaparte Basin – CO2 challenged gas Commercial impediments • Gas quality: Dry, Dirty (CO2) • Location: Distant, Deep, Disputed • JV issues: Dysfunctional • Single project vs regional Hub MEO’s solution • Tassie Shoal - the future hub – CO2 converted to methanol – Proximal to gas discoveries – Avoid
Slide 11: Methanol – a CO2 sink
Methanol – a CO2 sink Carbon Sequestration by Steam Methane Reforming (SMR) Methanol Process • Gas Reforming: 3 x [CH4 + H2O => CO + 3H2] + [CO2 + H2 => CO + H2O] ie 3CH4 + CO2 + 2H2O => 4CO + 8H2 • Methanol Synthesis: 4CO + 8H2 => 4CH3OH • 1 mol CO2 with 3 mols CH4 is ideal for synthesis to methano
Slide 12: Tassie Shoal
Tassie Shoal – an ideal infrastructure Hub with an integrated solution for CO2 disposal GTL Projects – with Approvals! • Integrated solution for CO2 • Substantial CAPEX savings • Environmental approvals secured (EPBC Act) until 2052 • Tassie Shoal Methanol Project – 2 x 1.75 Mtpa • Timor Sea LNG Pro
Slide 13: Tassie Shoal GTL Projects
Tassie Shoal GTL Projects An integrated solution for CO2 challenged gas Tassie Shoal 680 Tj/d 10% CO2 472 Tj/d Raw gas Field CO2 LNG 0% CO2 LNG Plant Processing Separation Pipeline 3.0 Mt/y 34 Tj/d Fuel (LNG) 10% CO2 173 Tj/d LPG & Methanol Condensate 26% CO2 Plant Methanol 1.75 Mt/y Requires ~4.7 T
Slide 14: Tassie Shoal LNG – a viable alternative
Tassie Shoal LNG – a viable alternative Estimated costs * Land-based Tassie Shoal LNG Potential (US$M) LNG (approved) Savings Plant Costs 1,549 1,070 479 Pipeline 943 288 655 LNG Tank 300 308 (8) Loadout/Jetty 200 236 (36) Project/Owners Costs (8.5%) 252 161 91 Total Project Cost 3,244 2,063 1,181 •
Slide 15: Summary
Summary • People – New board and enhanced management team • Projects – Greater portfolio depth, rigorous technical evaluation – Zeus-1 (MEO 35% interest) targeting >15 Tcf gas-in-place potential • Carnarvon Basin – New exploration concepts predicated on proven analogues – Prospects/leads with materi
Slide 16: Supplementary Information
Supplementary Information MEO Australia energy for the future MEO Australia Limited
Slide 17: LNG Projects need high quality gas
LNG Projects need high quality gas + Category Tcf % Commercial impediments Developed Dirty (high in CO2) NWS Gas Project (Liquids rich) 33 23% Dry (low in NGL's) Bayu-Undan (Liquids rich) 3 2% Total Developed 36 25% Distant (from I/S) Developing Deep water Pluto/Xena (Leverages WPL) 5 3% Dysfunction
Slide 18: TSMP – uses conventional CGS substructure
TSMP – uses conventional CGS substructure Technical specifications Capacity: 5,000 tpd, 1.75 Mtpa DPT/JM SMR process Can convert high CO2 gas (20%-35%) CGS dimensions: 35m tall, 200,000 t - Base: 170m x 93m - At top:180m x 100m (wave deflection) Installed in 14m water depth Concrete deck for process
Slide 19: TSLNGP uses standard technology
TSLNGP uses standard technology - sea water cooling substantially reduces footprint Technical specifications 3 Mtpa (EPBC approved) -APCI DMR process -Indirect seawater cooling Ace platform (ARUP Energy) -100x50x8m -15m water depth Topsides 15,000 t Single 170,000 m3 storage tank Torp HiLoad loadout