Melbana Energy Limited · ASX:MAY
Melbana Energy — MEO Australia — Shareholder Meeting (November 2015)
26 slides from Melbana Energy's shareholder meeting presentation, November 2015
Slide 1: Annual General Meeting: Managing Director's Presentation
Annual General Meeting: Managing Director’s Presentation November 2015
Slide 2: Corporate Overview
Corporate Overview 2 MEOAustralia
Slide 3: Company Overview
Company Overview Historical Share Price (12 months) MEO Australia Limited (ASX: MEO) 2.5 Volume 15 Millions Closing Share Price (cents) 13 Share Price (cents) Share Price (as at 23 November 2015) $0.016 2 11 1.5 9 Shares On Issue 750.5m 7 1 5 Options On Issue (exercise price $0.50) 4.2m 3 0.5 Market
Slide 4: Action Taken in past 12 months
Action Taken in past 12 months Reshaped and refocused MEO Australia Key actions High grade exploration portfolio as part of financial discipline Varied permit commitments to provide greater flexibility Secured Block 9 PSC, onshore Cuba Reduced overheads by 60% compared to 2014 Financial Year Success
Slide 5: Board & Management
Board & Management New leadership under MD Peter Stickland and new Board Board of Directors Peter Stickland Andrew Purcell Michael Sandy Greg Short Stephen Hopley Managing Director Non-Executive Non-Executive Non-Executive Non-Executive & CEO Chairman-elect – Director – Chairman – retiring Director
Slide 6: Investment Highlights: Onshore Assets
Investment Highlights Diverse, high impact portfolio Cuba (MEO 100%)* • Early mover advantage in Cuba - Secured “Block 9” covering 2,380km2 onshore • Cuba boasts exceptional oil and gas prospectivity • Limited use of modern day exploration technologies Onshore Assets • Natural oil seeps and several
Slide 7: Investment Highlights: Key Offshore Assets
Investment Highlights Diverse, high impact portfolio Australia Darwin Beehive Prospect (MEO 100%) PETREL • One of Australia’s largest offshore oil prospects FRIGATE TERN Multi billion barrel potential Beehive Key Offshore Assets • Prospect BLACKTIP • Shallow water, suitable for lower cost jack-up dr
Slide 8: Cuba
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Slide 9: Why Cuba?
Why Cuba? MEO has early mover advantage into this significantly under explored region • Cuba has excellent oil & gas prospectivity - Currently producing ~80,000 boe per day North Cuba Basin - Significant undiscovered potential - Varadero field: >11 billion barrels OOIP • US embargo of Cuba in place
Slide 10: Cuba Block 9: Positioning and Prospectivity
Cuba Block 9: Positioning and Prospectivity Oil rich area with very significant potential Positioning • Awarded Block 9 PSC (MEO 100%*) in September 2015 • Onshore, 2,380 km2, close to infrastructure • Block 9 lightly explored but contains natural oil seeps and has several small oil discoveries Pros
Slide 11: Cuba Block 9: MEO Strategy and Value Drivers
Cuba Block 9: MEO Strategy and Value Drivers Flexible work commitment allows MEO to pursue multiple oil objectives MEO Strategy • Low initial work commitment - Initial 18 month period requires only studies & reprocessing • MEO undertaking block-wide prospectivity assessment • Targeting early drillin
Slide 12: New Zealand
New Zealand n MEOAustralia
Slide 13: New Zealand: Onshore Production & Exploration
New Zealand: Onshore Production & Exploration PEP51153 (MEO 30%) • Puka oil accumulation Puka PEP 51153 - Shallow oil accumulations produced from 2 wells. Waihapa - Discovered in 2013 Shannon Prospect - Produced at 110-115 barrels/day under long term test before shut-in January 2015 due to mechanica
Slide 14: New Zealand: Targeting Shannon Prospect for drilling in 2016
New Zealand: Targeting Shannon Prospect for drilling in 2016 PEP51153 (MEO 30%) • Shannon Prospect - Analogous to nearby Waihapa oil field (23+ MMstb produced) with highly productive wells - Moderate objective depth (2,700m), drillable from existing Puka location - Large structural trap with crest o
Slide 15: Australian Portfolio
Australian Portfolio 5 MEOAustralia
Slide 16: Northern Australia Acreage
Northern Australia Acreage Discrete upstream projects adjacent to proven hydrocarbons ABADI GREATER SUNRISE BAROSSA EVANS SHOAL Joint Petroleum BLACKWOOD CALDITA Development HERON Area BAYU-UNDAN Tassie Shoal Projects TSMP2 TSMP1 TSLNG A C/P 5 3 (MEO 100%) A C/P 5 0 (MEO 100%) MONTARA A C/P 5 1 (MEO
Slide 17: WA-488-P (MEO 100%): Beehive Prospect
WA-488-P (MEO 100%): Beehive Prospect Giant Beehive dual objective oil prospect Darwin • Significant, multi billion barrel oil prospect • Recognised by many as the largest undrilled oil prospect offshore PETREL Australia FRIGATE • Shallow water, suitable for lower cost jack-up drilling rig TERN • De
Slide 18: WA-454-P (MEO 50%): Breakwater Prospect
WA-454-P (MEO 50%): Breakwater Prospect MEO mostly carried. Considering to farm down or other alternatives to cover well cost • Farmed out 50% to Origin in 2013 for: Gulf of Mexico style Salt Darwin dome Plays - $5.6m cash PLUS PETREL - 80% of Breakwater-1 drilling cost (~A$35m well cost cap) FRIGAT
Slide 19: Breakwater Prospect - Impact of North East Gas Interconnector
Breakwater Prospect - Impact of North East Gas Interconnector Proposed gas pipeline potentially offers Breakwater access to East coast gas & LNG markets Breakwater • NT Gov’t seeking private sector to develop a pipeline Prospect connecting the Northern and Eastern Gas Markets – the North East Gas In
Slide 20: Tassie Shoal Projects (MEO 100%)
Tassie Shoal Projects (MEO 100%) Shallow water site, innovative low cost development paths for regional stranded gas • Region has substantial undeveloped high CO2 gas that needs a low cost development solution • Methanol manufacturing uses gas with high CO2 (up to 30%) as feedstock for value added p
Slide 21: Summary
2 MEOAustralia
Slide 22: MEO Activity Pipeline
MEO Activity Pipeline Actively managing program to optimise value 2015 2016 2017 Permit Activity Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 New Zealand (PEP 51153) • Evaluate restart of Puka oil production • Potential Puka oil production • Prospect Evaluation Well Timing Uncertain • Drill 1 well (Shannon) Cuba (
Slide 23: Summary
Summary • Revitalised business and refocused strategy targeting projects with appropriate risk-reward profile • Diverse, high impact exploration asset portfolio with material near-term value drivers • Quality Shannon prospect in NZ, anticipated drilling in Q2 2016 • Unique Cuban leverage with early
Slide 24: Disclaimer
Disclaimer Forward-looking Statements and Resources Summary of information: This presentation contains general and background information about MEO’s activities current as at the date of the presentation and should not be considered to be comprehensive or to comprise all the information that an inve
Slide 25: Appendices
ra MEOAustralia
Slide 26: Appendix – MEO Group Assets
Appendix – MEO Group Assets Country Asset MEO % 2016 Work Program Value Driver Cuba Onshore Block 9 PSC 100%* 200km 2D reprocessing Quality, low-cost technical work to add value Studies ahead of potential farm-out and drilling New Onshore Taranaki 30% 1 exploration well (~$2 Potential for Puka o