Europa Oil & Gas (holdings) Plc · LSE:EOG
Europa Oil & Gas (holdings) — Shareholder Meeting (November 2024)
27 slides from Europa Oil & Gas (holdings)'s shareholder meeting presentation, Nov 29, 2024
Slide 1: Europa Oil & Gas Annual General Meeting
Europa Oil & Gas Annual General Meeting 29 November 2024 www.europaoil.com | AIM: EOG | @Europa Oil & Gas plc | @Europaoilandgas
Slide 2: Disclaimer
Disclaimer NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN WHOLE OR IN PART, IN OR INTO THE UNITED STATES, CANADA, AUSTRALIA OR JAPAN, OR ANY OTHER JURISDICTION WHERE TO DO SO MIGHT CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OR REGULATIONS OF SUCH JURISDICTION The informati
Slide 3: Overview
Overview Europa is building a balanced portfolio of producing, appraisal and exploration assets with minimal emissions within the net zero context Assets throughout the E&P cycle with significant upside and multiple catalysts 1) Gas exploration near existing infrastructure (“ILX”)1 with farm out pro
Slide 4: Equatorial Guinea – Low Risk Exploration
Equatorial Guinea – Low Risk Exploration • EOG has a 42.9% interest in Antler Global Limited (“Antler”) • Antler has 80% WI in EG-08 • EG-08 has 3x ILX prospects with 1,477 BCF (Pmean) and a total of 2,116 BCF (Pmean) of prospectivity on the block* • A farm-out process has begun 4 *Announcement date
Slide 5: Local Area Wells: 7 from 8 exploration wells have been discoveries
Local Area Wells 7 from 8 exploration wells have been discoveries 1 0-1 – 26 MMSCF/D & 1270 BCPD 2 0-3 – 30 MMSCF/D & 1540 BCPD 3 I-1 – 34 MMSCF/D & 1088 BCPD 4 I-4 – 36 MMSCF/D & 331 BCPD 5 I-4 – 29 MMSCF/D & 1634 BCPD 6 I-5 – 6250 BOPD & 5.4 MMSCFD Liquids pipeline Alen to Aseng 7 0-7 – 2650 BOPD
Slide 6: Prospect Barracuda – Nears vs Fars
Prospect Barracuda – Nears vs Fars Discovery to the south of EG-08. Believed to be Diega Nears vs Fars - Barracuda NEARS +-20m MIN AMP Nears RANGE:0-22000 Poor Data Area Fars Zuo et al. Multiple Seismic Attributes Quantitative Analysis to Re-processed data over Barracuda prospect Detect Hydrocarbon
Slide 7: O2 Well
O2 Well 1. Wireline pressure data indicate a short gas column in the upper 6m of the sand but the remainder of the sand is water bearing. Assuming gas properties to the 0-1 Belinda sand then a FWL at 2884.1 m TVDSS is noted 2. Samples of gas/gas condensate were recovered by wireline (RCI) at the top
Slide 8: Volumetrics & Risk to Commercialisation
Volumetrics & Risk to Commercialisation Gross to Europa Unrisked Net to Europa Unrisked Prospective Recoverable Prospective Recoverable Operator GCOS Total Pmean mid-case Resources (BCFE) Resources (BCFE) Prospects (BCFE) P90 Pmean P10 P90 Pmean P10 Prospective Resource Barracuda (Geological) Cardin
Slide 9: EG-08 Summary
EG-08 Summary • High quality, low risk and potentially high reward gas ILX opportunity • Prospects are straightforward to drill. Approximately 2,800m of sediment to drill and in shallow water (jack up territory) • High quality 3D data – allows better quantification of AVO anomalies • Low development
Slide 10: Ireland Overview
Ireland Overview • FEL 4/19 is operated by Europa Oil and Gas with 100% equity • 1 Large Corrib lookalike structure: Inishkea West • A third of Ireland’s overall energy needs, and over half its electricity, comes from natural gas (Source: www.gov.ie) • Corrib provides c.30% of Ireland’s annual gas d
Slide 11: Geoseismic Line from Inishkea West to Corrib
Geoseismic Line from Inishkea West to Corrib Map Source: Europa Internal Interpretation.
Slide 12: Porosity/Permeability Data from Corrib Wells
Porosity/Permeability Data from Corrib Wells • Braided fluvial channels and sand bars • High net to gross (86% in Corrib) and well- connected sand system • Average porosity in Corrib is 8.5% and up to 18% • Average permeability in Corrib is 15.2 mD up to 805mD • High permeability streaks are respons
Slide 13: Ireland Summary
Ireland Summary • Europa Oil & Gas has a 100% operated interest in FEL 4/19 • Europa is seeking a carry on the drilling of the Inishkea West prospects plus back-costs • One main prospect considered low-risk within the same world-class Triassic gas play as the Corrib and Morecambe Bay gas fields • La
Slide 14: Cloughton – PEDL 343
Cloughton – PEDL 343 • Discovered in 1986 Cloughton-2 • Carboniferous sandstones with excellent salt seal • Simple 4-way anticline • Flowed up to 28,000 scf/d • Flow potential 6 mmscf/d1 • GIIP Pmean 192 bcf1 • Pad location identified, HOT agreed • Planning and Environmental processes initiated • Pr
Slide 15: Cloughton-1 – Core 6069-6075ft
Cloughton-1 – Core 1 6069-6075ft • Moderate angled fluvial cross bedded sandstone. Very clean, almost 100% N:G. Some fine carbonaceous drapes in lower energy sections • Medium to coarse grained 15
Slide 16: Cloughton-1 – Core 6075-6101ft
Cloughton-1 – Core 2 – 6075-6101ft Infilled fracture with bed to bed offset Infilled fracture clay & cement. High Angle Cross Bedding 1 Gravel Lags. Poorer quality non reservoir www.europaoil.com | AIM: EOG | @Europa Oil & Gas plc | @Europaoilandgas 2
Slide 17: Summary Thoughts – Carboniferous
Summary Thoughts – Carboniferous • The Cloughton core is a clean, medium to coarse grained fluvial sandstone • The core is almost 100% Net Sand. Net Sand is higher than Net Sand calculated from petrophysics • More pore space to hold gas and provide pressure support • Fractures are uncommon but cemen
Slide 18: Cloughton-2 – Well Objective
Cloughton 2 – Well Objective • Cloughton-2 will be a directional well (1.6km step out) • Ideally each of the stacked targets would be intersected with a vertical well bore • Penetrate the Carboniferous target, formation evaluation through wireline logging and coring • Suspend well for future re-entr
Slide 19: Well Objectives & Well Trajectory
Well Objectives & Well Trajectory • Penetrate the Sabden Carboniferous target. Most likely sections above eroded out at BPU • Penetrate the secondary targets as crestally as possible • Perform formation evaluation through wireline logging and coring • If successful, suspend well for future re-entry
Slide 20: Kirby Misperton Field - Analogue
Kirby Misperton Field - Analogue Taken from ROC Oil report June 2005 • Kirby Misperton field is situated 28km SW of Cloughton-1 • The initial open hole test on the KM-1 well was 1.5 MMSCFD • Following proppant squeeze the well tested at 10.7 MMSCFD • The well commenced production at 6 MMSCFD • Zone
Slide 21: Onshore Production – Key Cash Generator
Onshore Production – Key Cash Generator Cloughton • Wressle has one of the highest production rates in the UK PEDL343 onshore • Gross revenue from Wressle of US$55m since August 2021 Crosby Warren (net c.$16.5m to EOG)1 DL001 • Wressle gas solution and subsequent additional revenues: Wressle Phase 1
Slide 22: Wressle: Further Development
Crosby Wressle: Further Warren-1 PEDL 182 Broughton North Prospect2 Development Crosby Warren East Penistone Flags – 0.3mmbbls 0 km 2 Ashover Grit – 0.3mmbbls Broughton North Wressle-1 Pad Europa 100% Broughton-1 Egdon 30% Europa 30% Union Jack 40% Wressle-1 Egdon 30% PEDL 180 Downhole Europa 30% Un
Slide 23: Wressle Field Stratigraphy & Structural Cartoon
Wressle Field Stratigraphy & Structural Cartoon Structural Spill Point Zone currently under production (max OWC) Wressle 1 Coal Measures WESTPHALIAN 2 3 4 Millstone Grit NAMURIAN 5 21 Dinantian VISEAN 1. Penistone Flags 3 2. Wingfield Flags 4 3. Chatsworth Grit/Ashover Grit 23 5 4. Ravensthorpe Sand
Slide 24: Wressle Development
Wressle Development • Drill two new production wells, drilled back to back • First well to target Penistone Flags • Gas exported to local gas network 600m from site • Existing site to be extended 50m • Install gas processing equipment • Planning approval expected Q1 2025 • Site upgrade will allow dr
Slide 25: New Ventures
New Ventures • Value driven • Target the best deals for EOG ▪ Opportunity cost in both staff time (G&A) and EOG financial resources • New opportunities measured against: ▪ Strategic fit to EOG portfolio ▪ Match to EOG core skillset ▪ Materiality – significantly move EOG valuation ▪ Risk – acceptable
Slide 26: ESG Credentials
ESG Credentials Europa is working to contribute to local energy security and the global transition to a low carbon economy while delivering value to all stakeholders With a goal of going beyond the necessary ESG-related requirements, the Europa Board ESG Committee initiated a project in Q3 2022 to r
Slide 27: Questions?
Questions? Alen Production Facilities – First Gas July 2013 www.europaoil.com | AIM: EOG | @Europa Oil & Gas plc | @Europaoilandgas
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