Melbana Energy Limited · ASX:MAY
Melbana Energy — MEO Australia — Shareholder Meeting (October 2013)
17 slides from Melbana Energy's shareholder meeting presentation, Oct 31, 2013
Slide 1: 19th Annual General Meeting: Uncovering hidden potential
19th Annual General Meeting “Uncovering hidden potential ” October 31st 2013 1 MEO Australia Limited
Slide 2: Disclaimers
Disclaimers Forward-looking Statements and Resources Forward-looking Statements This presentation 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, unc
Slide 3: 2012-13 business summary
2012-13 business summary Consolidation, high-grading, maturing, harvesting People • Consolidated core team • New Chairman post AGM • New Exploration Manager • Appointed Malaysian Representative 2012 drilling results Test • Disappointing People Commercial • 3 production tests in 2 wells – Unable to a
Slide 4: 2012 drilling results
2012 drilling results Production tested 3 zones in 2 wells, no commercial flow rates obtained Gurame SE-1XST (100%, paid 100%) • Intersected gas in two objectives – Production tested upper zone - did not achieve gas flow to surface Heron South -1 (50%, paid 0%) • Production tested two gas zones (120
Slide 5: People – our core assets
People – our core assets Consolidated board & core team, seamless succession Nick Heath Greg Short Retires from board after AGM Chairman elect 31st October 2013 Post-AGM Board member since May 2008 st 31 October 2013 Chairman since November Board member since October 2008 2008 Dave Maughan Peter Sti
Slide 6: Evolved exploration portfolio
Evolved exploration portfolio Continued to high-grade and mature portfolio for harvesting Gulf of Thailand G2/48 • Drilled Anchan-1 (no cost) – Prior year commitment well • Drilled Sainampueng-1 (50%) Seruway PSC – Increased permit prospectivity, – Currently farming out to fund 2014 drilling Seruway
Slide 7: Booked Contingent & Prospective resources
Booked Contingent & Prospective resources Material resource base to underpin future development 1,800 Resources net to MEO • Result of 2012 seismic investment 1,667 • Contingent resources in 3 projects 1,600 AC/P51 • Growing prospect/lead inventory WA-488-P Northern 1,400 Australia • Diversity: geog
Slide 8: NT/P68: JV with Eni Australia
NT/P68: JV with Eni Australia Heron South tested, Blackwood-2 appraisal in progress 1st Heron well (MEO est.) US$ 75m Blackwood 3D Seismic (est.) US$ 10m Blackwood well (MEO est.) US$ 45m Committed funding US $130m 2nd Heron well (MEO est.) US$ 75m Funding to earn 50% equity US $205m Consideration f
Slide 9: NT/P68: Blackwood-2 gas appraisal
NT/P68: Blackwood-2 gas appraisal Addressing gas-water-contact uncertainty, resource size & quality Blackwood-1 Blackwood-2 W (2008) (agreed location) E Contingent (Discovery) Prospective Deep Prospective East Blackwood East Prospect Blackwood Discovery 3,190m Ss 3,220m Ss 3,225m Ss Blackwood Deep P
Slide 10: WA-454-P: JV with Origin Energy
WA-454-P: JV with Origin Energy 80% funding for Breakwater-1 (2015/16) PLUS $5.6m cash for past costs • Origin Energy acquired 50% interest ‒ Currently transitioning to Operator • Consideration ‒ A$5.6m cash (80% of historical costs) Payable in 2 tranches o First tranche received 30th October o 2n
Slide 11: Awarded WA-488-P (100%) in gazettal round
Awarded WA-488-P (100%) in gazettal round Featuring giant Beehive prospect • Identified giant Beehive prospect − Upper zone is Analogous to Tengiz field Prospective Resources (100%, unrisked)* Beehive Prospect Low Best Mean High Carboniferous (MMstb) 104 598 925 2,182 Ordovician (MMstb) 67 328 546 1
Slide 12: Seruway PSC: Juaro prospect
Seruway PSC: Juaro prospect 1969 discovery flowed gas and recovered oil – 3D seismic shows flank trap ONS B-1 (1969) − 12.5 MMcfd gas 701 km2 3D TERIPANG • 1969 ONS-B1 oil/gas discovery − 37o API oil. • 3D seismic amplitude support for ARUN GURAME GURAME high quality reservoir & likely LEMURU NSO 2-
Slide 13: AC/P51: Ramble On prospect
AC/P51: Ramble On prospect Identified oil prospect with significant follow up potential • Large, robust structure Montara-1 Leeuwin-1 • Targeting proven Plover & Montara Tertiary Sediments reservoirs Late Jurassic/Cretaceous • Accessing proven source area Ramble On Prospect • Water depth ~68m Montar
Slide 14: G2/48: Multiple leads prospective for oil
G2/48: Multiple leads prospective for oil 2012 drilling upgraded thickness of prospective section • Sainampueng-1 (2012) did not reach target depth Krissana Deep but indicates a thicker and more extensive Legend prospective section than previously thought Krissana West Tertiary • Oligo-Miocene fairw
Slide 15: 2014-15 drilling requires successful transactions
2014-15 drilling requires successful transactions Seeking to recover costs and attract funding for future drilling Gulf of Thailand (G2/48 concession, 50%) Bangkok • Multiple tertiary leads (oil) Ibu Alpha • JV joint farmout in progress Prospect THAILAND North Sumatra (Seruway PSC, 100%) • Farmout/p
Slide 16: Tassie Shoal gas processing infrastructure
Tassie Shoal gas processing infrastructure Progressed Commercial framework to support commercialisation Methanol (TSMP1 & TMSP2) • LOI’s with three major multinational methanol buyers • Non-exclusive relationship with major Asian company to build, partially own and operate TSMP1 & TSMP2 • Joint indi
Slide 17: 2013-14 look ahead
2013-14 look ahead Transactional success will determine drilling activity in 2014 & beyond 2013 2014 MEO Q3 Q4 Q1 Q2 Q3 Q4 Activity Equity Remarks Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec MEO firm wells Target Blackwood-2 50% Dry gas appraisal Eni NT/P68 Farm-in option