Forte Energy Limited · ASX:FEL
Forte Energy — Investor Presentation (July 2018)
27 slides from Forte Energy's investor presentation, Jul 25, 2018
Slide 1: IPB Petroleum Limited - Retraction of Valuation Estimates
IΠB IPB Petroleum 25 July 2018 (ASX CODE: IPB) IPB Petroleum Limited - Retraction of Valuation Estimates IPB Petroleum Limited (“IPB”) refers to its Institutional Presentation announced to the Australian Securities Exchange (“ASX”) on 20 July 2018. This Presentation included the following informatio
Slide 2: IPB Petroleum Limited Updated Investor Presentation
IPB Petroleum Limited Updated Investor Presentation 25 July 2018 Pryderi-1 Idris Prospect Area Recently Renewed Area recently Relinquished 1
Slide 3: Important Notice
Important Notice This presentation has been Except for statutory liability which achievements to differ materially from prepared by IPB Petroleum Limited cannot be excluded, each of IPB, its those expressed, implied or projected (IPB) and is provided on the directors, officers, employees and in any
Slide 4: Important Notice Resources
Important Notice Resources Resources For further information, including The resources figures quoted in assumptions, limitations and Idris Resources this document have been qualifications relating to the The subject resource estimates prepared in accordance with estimation of resources publicly rela
Slide 5: Key Points Placement and Investment
IPB Petroleum Key Points Placement and Investment Placement Completed (20 July) 40m new shares @ 2.0 cps ~ Implied Market Cap $4.0m post issue - (200.3m shares on issue). Cash (June $0.34m)- Proforma Post Issue $1.09m after costs. Funds to be applied towards: • Environmental Plan costs for future po
Slide 6: Investment Catalysts
IPB Petroleum Investment Catalysts 1. Currently farming out interest in permit aim for fully funding Idris well (WA-424-P) ~US12m plus certain back costs. Back costs to be asked for could be as high as $3.5m ( 3D seismic cost). 2. Idris To test updip extension of oil discovery at Gwydion (IPB 100%)
Slide 7: Browse Basin – Attractive Location
Browse Basin – Attractive Location Pryderi-1 Note : Inpex late last year was also Idris granted the exploration permit WA- Prospect 532-P immediately adjacent and Area Recently southwest of WA-424-P on trend to Renewed IPB’s permits along the southern Area recently margin of the Browse Basin. Relinq
Slide 8: Farmout Status
IPB Petroleum Farmout Status • Received encouraging interest in the farmout since dataroom open from early June. • Several companies entered IPB dataroom, • a number of additional potential farminees also assessing the opportunity • more recent and ongoing presentations may yield additional interest
Slide 9: Experienced Board
Experienced Board Bruce G McKay • Over 40 years’ experience in exploration, operation and executive management in Australia and overseas (AWE / ExxonMobil) BSc (Hons), FAICD, • Fellow of the Australian Institute of Company Directors and Engineers Australia FIEAust • Honorary Life Member of the Austr
Slide 10: Farmout - Idris Well
Farmout - Idris Well IDRIS WELL to test stratigraphic upside to oil discovery (Gwydion) WA-424-P Key Points - WA-424-P (IPB 100%): • Offshore Western Australia - Browse Basin – permit renewed for additional 5 years • Shallow water (~80m) & Shallow reservoir Depth (800m ss) • Low cost Appraisal well
Slide 11: IPB Acreage Position – Browse Basin Australia
IPB Acreage Position – Browse Basin Australia Base Echuca Shoals Depth Pryderi-1 Top Oil Window - 3000m 10
Slide 12: Gwydion-1 well WA-424-P (IPB 100%)
Gwydion -1 well WA-424-P (IPB 100%) 5.2 litres oil recovered 813 mRT GOC 809.5mRT OWC 818.9mRT • 14m gas column over ~10 m oil column in Maustralis sands • Oil in 27% porosity sand – inferred permeability > 1 Darcy • RFT established gas, oil, water pressure gradients and recovered 300 API oil sample
Slide 13: Gwydion-1 Original RFT Pressure Plot
Gwydion -1 Original RFT Pressure Plot RFT recovered 5.2 litres oil - 813 mRT Oil and gas in pressure communication water on regional gradient – one container 12
Slide 14: 3D Seismic Amplitude Extraction – Top Gas horizon
3D Seismic Amplitude Extraction – Top Gas horizon Gwydion 1 WA-424-P (IPB 100%) Main Reservoir The area of reduced reflection amplitude as seismic energy is absorbed as it passes through the shallow gas sands may indicate which part of the Gwydion TWT structure is ‘pushed down’ 13
Slide 15: Top Reservoir Depth Map with Gas Sand Amplitudes
Top Reservoir Depth Map (from pre stack depth migration) with Gas Sand Amplitudes clearly visible at this depth Gwydion structure Mathonwy structure Gas Oil Contact contour Visible Gas Fluid Contact as measured in Gwydion 1 well Oil Water Contact depth contour marked as measured and indicated in Gwy
Slide 16: Top Gas Sand Depth Map with Gas Sand Amplitudes
Top Gas Sand Depth Map (from pre stack depth migration) with Gas Sand Amplitudes Gwydion Gas Oil Contact Mathonwy Gas Fluid Contact Oil Contact Gas Fluid Contact Oil Contact
Slide 17: Schematic Depth Cross Section showing gas spill chain
Schematic Depth Cross Section showing gas spill chain Gwydion-1 Gilfaithwy Mathonwy ? Overburden ? ? Reservoir ? Basement ? 16
Slide 18: Schematic Depth Cross Section showing gas spill chain
Schematic Depth Cross Section showing gas spill chain Gwydion-1 Idris-1 (proposed) Gilfaithwy Mathonwy ? Overburden ? ? ? Reservoir ? Basement ? OWC cannot be adequately explained through structural closure or faulting near Gwydion well so how big might an accumulation be? 17
Slide 19: …and what it looks like interpreted on Seismic
…and what it looks like interpreted on Seismic NW SE In Line Gwydion 1 discovery well Top reservoir beneath seal Gas Oil Contact 783 mSS Gas cap coloured in in red aligns with structural closure Oil coloured in in green Oil Water Contact 792 mSS Water
Slide 20: …and what it looks like interpreted on Seismic updip
…and what it looks like interpreted on Seismic updip Possible gas gas caps fill chimneys structures Faulting Gwydion 1 discovery well Proposed stratigraphic large oil reservoir ( as coloured in in green) Edge of high quality sand amplitude 19
Slide 21: Idris Resources Estimates
Idris Resources Estimates Gwydion - 1 (discovery well) Idris -1 (proposed) Low Estimate Best Estimate 3D Boundary 0 km 2 km Indicative outline (limited to 3D seismic data) of the extent of Low, Best Estimates of Idris Prospective Resources – (Gwydion higher quality sand seismic horizon) 20
Slide 22: Idris WA-424-P –if successful
Idris WA-424-P –if successful Assuming a successful Idris-1 well (100% Project) estimated resources ranges : P90 Low P50 Best P10 High Idris Prospect Estimate Estimate Estimate Total of Prospective 19.8 68.6 159 Resources (MMbbl) Prospective Resource Estimates were probabilistically determined Prosp
Slide 23: Summary and Strategy
Summary and Strategy Company Strategy ►Early entry with high equity strategic position ► – IPB equity 100% all permits – Potential Oil Fairway ►Market Capitalisation $4.0m (200.3 m @2.0 ps – placement price ) cash balance (Pro forma June $1.1 m) ASX code IPB ► Reputable Board & capable team - able t
Slide 24: Appendix – Seismic Characteristics of Gwydion Sand
Appendix 1 – Seismic Characteristics of Gwydion Sand 23
Slide 25: Amplitude Map – Gwydion gas sand
Amplitude Map – Gwydion gas sand Top Gwydion Gas sand – Main target at Pryderi-1 24
Slide 26: Amplitude Map – Gwydion oil sand
Amplitude Map – Gwydion oil sand Top Gwydion Oil sand 25
Slide 27: Gwydion PSDM 3D Seismic
Gwydion PSDM 3D Seismic Amplitude Extraction Top Oil Sand Gwydion GOC Mathonwy Amplitude inversion as sand enters gas leg Amplitude shut off is consistent with GOC 26