Karoon Energy Ltd · ASX:KAR
Karoon Energy — Karoon Gas Australia — Investor Presentation (October 2009)
25 slides from Karoon Energy's investor presentation, October 2009
Slide 1: Karoon Review October 2009
~ October 2009 -KAROON REVIEW. :
Slide 2: Karoon Gas snapshot
2 KAROON GAS AUSTRALIA LIMITED OCTOBER 2009 REVIEW Karoon Gas snapshot n Approximately 177 million shares and 8.4 million options n Market capitalisation approximately A$1.3 billion @A$7.50 n Cash in bank A$240 million n Company in S&P/ASX 200 Index n Browse Basin drilling program underway n Poseido
Slide 3: Karoon Gas Australia's key personnel
3 KAROON GAS AUSTRALIA LIMITED OCTOBER 2009 REVIEW Karoon Gas Australia’s key personnel Board Technical ROBERT HOSKING Executive Chairman LINO BARRO Engineering Manager Founding Director of Karoon Gas with 30 years of 28 years’ experience in reservoir and development commercial experience. Involved
Slide 4: Australian Assets
4 KAROON GAS AUSTRALIA LIMITED OCTOBER 2009 REVIEW Australian Assets TIMOR Karoon Permit AC/P8 Kontiki-1 exploration well BAYU-UNDAN INDONESIA DARWIN Karoon Permit WA-314-P AUSTRALIA Karoon Permit WA-315-P LNG PLANT Poseidon-1 gas discovery ICHTHYS NORTHERN T E R R I TO RY TOROSA Karoon Permit Map D
Slide 5: Browse Basin
5 KAROON GAS AUSTRALIA LIMITED OCTOBER 2009 REVIEW Browse Basin GRACE P50 5.7tcf BHP Billiton Argus Gas/condensate WA-314-P & WA-315-P field 2tcf ? (Karoon estimate) Abalone 1 Karoon 49% ConocoPhillips 51% Phrixus 1 ARGUS Lead-E WA-314-P P50 5 tcf Buffon-1 Kontiki-1 Avail 16 Inpex plans to spend Map
Slide 6: Browse Basin - Kontiki-1 exploration well
6 KAROON GAS AUSTRALIA LIMITED OCTOBER 2009 REVIEW Browse Basin - Kontiki-1 exploration well n Kontiki-1 spudded – 22 July 2009 n Target- Middle and Upper Jurassic sandstones n Prospective Resource 7TCF (P50) (Karoon mapping and volumetric calculations) n Planned Total Depth 4610mrt. n Intersected 4
Slide 7: Browse Basin - Poseidon-1 Gas Discovery
7 KAROON GAS AUSTRALIA LIMITED OCTOBER 2009 REVIEW Browse Basin - Poseidon-1 Gas Discovery Poseidon-1 well location and seismic section n The well has penetrated a 317m gross gas bearing Plover Formation. over the interval 4795 to 5112 mRT with three gross gas bearing sands totaling 228m. n Wireline
Slide 8: Comparisons
8 KAROON GAS AUSTRALIA LIMITED OCTOBER 2009 REVIEW Darwin Comparisons Map area WA Fields Reserves v. Karoon’s Exploration and Appraisal Opportunities. Perth WOODSIDE’S NORTHWEST SHELF PROJECT n Allowing for some exploration and appraisal success, there is potential in the Karoon permits for the disc
Slide 9: Browse Basin acreage position
9 KAROON GAS AUSTRALIA LIMITED OCTOBER 2009 REVIEW Browse Basin acreage position WA‑314‑P and WA‑315‑P Karoon Gas Australia Ltd has entered into agreements to farm out up to a 60% interest in its Browse Basin permits to ConocoPhillips. Acquisition of 51% Interest Option to Increase Interest to 60% C
Slide 10: Indicative project concept
10 KAROON GAS AUSTRALIA LIMITED OCTOBER 2009 REVIEW Indicative project concept Karoon LNG/condensate indicative development model economics (assuming a discovery of 7 TCF and based on independent third party design concepts). Field development, pipeline and LNG facilities schematic (onshore LNG opti
Slide 11: Combined net cash flow
11 KAROON GAS AUSTRALIA LIMITED OCTOBER 2009 REVIEW Combined net cash flow Karoon LNG/condensate indicative development model economics. Net cash flow for combined offshore liquids removal and onshore LNG – 100% Share. 4000 Resource tax begins 3000 2000 Field appraisal & feasibility studies Net cash
Slide 12: Capex profile
12 KAROON GAS AUSTRALIA LIMITED OCTOBER 2009 REVIEW Capex profile Karoon indicative development model economics. – 2009 US dollars 4500 4000 CAPEX (US$million – 2009) Karoon share 3500 Total project Capex US$10.4 billion 3000 assumes 3rd party provides LNG storage and offloading facility. Additional
Slide 13: Product revenues
13 KAROON GAS AUSTRALIA LIMITED OCTOBER 2009 REVIEW Product revenues Karoon indicative development model economics. Product revenues for combined offshore liquids removal and onshore LNG – 100% Share. 7000 6000 Product Revenues (US$million) 5000 4000 3000 2000 1000 0 2009 2010 2011 2012 2013 2014 20
Slide 14: Economic sensitivity analysis
14 KAROON GAS AUSTRALIA LIMITED OCTOBER 2009 REVIEW Economic sensitivity analysis Karoon indicative development model economics. 12000 30 10000 25 NPV-10% (US$million) 8000 20 IRR (%) 6000 15 4000 10 2000 5 0 0 Base case Product prices Product prices Capex Opex Product prices Condensate 30% lower 30
Slide 15: Market Update
15 KAROON GAS AUSTRALIA LIMITED OCTOBER 2009 REVIEW Market Update LNG SALES AGREEMENTS 2007, Woodside signed a Key Sales Terms Agreements with the Chinese for approximately 2TCF at a price of approximately A$9-10 billion per TCF for delivery over the next 20 years ex. Browse Basin. LNG SPOT SALES AG
Slide 16: AC/P8
16 KAROON GAS AUSTRALIA LIMITED OCTOBER 2009 REVIEW AC/P8 Location: Close to the Laminaria/ Corallina production facility with production tie in potential. Claudia NW JPDA 06-105 Claudia-1 Vidalia-1 Potential: Main prospect ‘Jania’ with up to 20mmbl potential prospective Kuda Tasi Field Pandorina-1
Slide 17: Brasil Santos Basin
17 KAROON GAS AUSTRALIA LIMITED OCTOBER 2009 REVIEW Brasil Santos Basin Location: Santos Basin shallow water SAO PAULO 300-400m, on trend with Caravela, OGX listed in Brazil Repsol new gas Piracuca, Newton and Merluza fields. with a market cap of condensate discovery Atlanta Panoramix. Late Tambaú P
Slide 18: Brasil Santos Basin - Recent activity
18 KAROON GAS AUSTRALIA LIMITED OCTOBER 2009 REVIEW Brasil Santos Basin - Recent activity Repsol new gas condensate discovery Panoramix(2009). Late Cretaceous aged Note: OGX, a Brazil listed company with a market cap of reservoirs tested gas with high condensate Corcovado US$20 billion raised US$3 b
Slide 19: Karoon Santos permits
19 KAROON GAS AUSTRALIA LIMITED OCTOBER 2009 REVIEW Karoon Santos permits Santonian Play Summary Eocene Play Level n The salt related structural style in the Santos Basin creates large scale structures in Karoon’s acreage where high quality Santonian reservoirs are interpreted to be present. Santoni
Slide 20: Peru Tumbes Basin Z38
20 KAROON GAS AUSTRALIA LIMITED OCTOBER 2009 REVIEW Peru Tumbes Basin Z38 Location: Offshore Peru close to BPZ 10,200 bopd test in producing fields and discoveries. new pool discovery in Corvina Field Mach Potential: 2 main leads with 100 Armistad to 200mmbl oil or multi Tcf gas prospective resource
Slide 21: Peru Tumbes Basin Z38
21 KAROON GAS AUSTRALIA LIMITED OCTOBER 2009 REVIEW Peru Tumbes Basin Z38 Seismic line example. n Clear gas DHI’s with amplitude ratio updip to down dip around 5 to 10 times.
Slide 22: Peru Maranon Basin Block 144
22 KAROON GAS AUSTRALIA LIMITED OCTOBER 2009 REVIEW Peru Maranon Basin Block 144 Location: Onshore Peru close to existing infrastructure and producing Buena Vista fields. Carmen Nor Este Bartra Jibarito Potential: Leads with 50 to 250mmbls Situche SitucheCentral Central prospective resource potentia
Slide 23: DeGolyer & MacNaughton Assessment
23 KAROON GAS AUSTRALIA LIMITED OCTOBER 2009 REVIEW DeGolyer & MacNaughton Assessment Karoon (August 2008) engaged the services of international The PRMS reporting system provides uniform guidelines consulting company DeGolyer and McNaughton to provide for the evaluation and reporting of petroleum r
Slide 24: Disclaimer
24 KAROON GAS AUSTRALIA LIMITED OCTOBER 2009 REVIEW Disclaimer This presentation has been prepared by Karoon Gas Before making an investment decision, you should consider, Australia Limited for professional and sophisticated with or without the assistance of a financial adviser, whether investors. T
Slide 25: Index of terms
25 KAROON GAS AUSTRALIA LIMITED OCTOBER 2009 REVIEW Index of terms TCF: trillion standard cubic feet (1,000,000,000,000 cubic feet) Mmbls: Millions of barrels (1,000,000 barrels) Bbls: Barrels BOE: A means of expressing gas volumes in barrels of oil equivalent. (1BOE equals approx. 5500 standard cub
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