Europa Oil & Gas (holdings) Plc · LSE:EOG
Europa Oil & Gas (holdings) — Investor Presentation (June 2024)
59 slides from Europa Oil & Gas (holdings)'s investor presentation, Jun 13, 2024
Slide 1: Europa Oil & Gas – Meet the Team
Europa Oil & Gas Meet the Team Ye Olde Cock Tavern London 13 June 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: The Team
The Team Will Holland CEO Alastair Stuart COO Jamie McGill Dean Rowett Jamie White Louise Armstrong Rudolph Louw Petroleum Engineer Operations Supervisor Chief Geologist Company Secretary Financial Controller Joe Lister Ciaran Nolan Alison Louw Site Operations Geophysics Accountant Robin Shipperbott
Slide 4: The Board
The Board Will Holland Alastair Stuart CEO COO Commercial, Corporate finance, Petroleum Eng, Commercial, Corporate governance, Mech Eng New Ventures, Management N, R, S R, S Eleanor Rowley Brian O’Cathain Simon Ashby-Rudd Non-Executive Director Non-Executive Chairman Senior Non-Executive Director Ge
Slide 5: Overview – Europa Oil & Gas (Holdings) plc
Overview – Europa Oil & Gas (Holdings) plc Europa is building a balanced portfolio of producing, appraisal and exploration assets with minimal emissions within the net zero context Assets throughout the cycle with significant upside and multiple catalysts 1) Producing assets generating significant r
Slide 6: 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$47.5m since August Crosby Warren 2021 (net c.$14.25m to EOG)1 DL001 • Wressle gas solution and subsequent additional revenues: Wressle Phas
Slide 7: 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 7 5 4. Ravensthorpe Sands
Slide 8: Wressle Composite Log
Wressle Composite Log 1 Well Test 3 = 1.7 MMSCFD & 12 BOPD 3 Penistone Flags Well Test 3A = 77 BOPD Wingfield Flags 2 Well Test 2 = 177 BOPD Brigg Sandstone Chatsworth Grit 1 Ashover Grit Well Test 1 = 80 BOPD Post stimulation – 800 BOPD Beacon Hill Flags 8
Slide 9: PSTM Interpretation and Mapping
PSTM Interpretation and Mapping 9
Slide 10: Structural "fill and spill" model - Wressle
Structural "fill and spill" model - Wressle Map shown is PSTM depth map of the Ashover Grit 10
Slide 11: 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 12: 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 Q2 2024 • Environment Agency approva
Slide 13: Cloughton – PEDL 343
Cloughton – PEDL 343 • Discovered in 1986 • Carboniferous sandstones with excellent salt seal • Simple 4-way anticline • Flowed up to 28,000 scft/d • Flow potential 6 mmscf/d1 • Sweet gas >98% methane/ethane • GIIP Pmean 192 bcf1 • Pad location identified, HOT agreed • Planning and Environmental pro
Slide 14: 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. www.europaoil.com | AIM: EOG | @Europa Oil & Gas plc | @Europaoilandgas
Slide 15: 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 1
Slide 16: Cloughton Selected Photos
Cloughton Selected Photos 6084.5-6084.8ft 6086-6087ft Infilled fracture with bed to bed offset Carbonaceous Clay Drapes On Cross Beds 6090.4-6090.1ft Fining upwards cycles. 6087-6088ft High angle cross bedded sandstone. 6077.5ft Range of subangular to subrounded High angle infilled fractures. clasts
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 cem
Slide 18: Cloughton 2024 2D reprocessing
Cloughton 2024 2D reprocessing • Reprocessing of four Clyde NY84 2D lines covering the Cloughton structure by Realtimeseismic. • Project is complete with post-stack processing finalised. • Result very encouraging with significant improvement from 2016 reprocessing by QualitySeismic (Doug Penrose). •
Slide 19: Cloughton 2024 2D Reprocessing: CLYNY86-18 2016
Cloughton 2024 2D Reprocessing: CLYNY86-18 (S-N line) 2016 S N App-S App-N Cloughton-1
Slide 20: Cloughton 2024 2D Reprocessing: CLYNY86-18 2024
Cloughton 2024 2D Reprocessing: CLYNY86-18 (S-N line) 2024 S N App-S App-N Cloughton-1
Slide 21: Cloughton 2024 2D Reprocessing: CLYNY86-14 2016 v 2024
Cloughton 2024 2D Reprocessing: CLYNY86-14 (W-E line) 2016 v 2024 W App-S E W App-S E
Slide 22: Cloughton 3D Seismic Planning
Cloughton 3D Seismic Planning
Slide 23: Cloughton 3D Area New
Cloughton 3D Area New • The 3D is needed for proppant squeeze operation. A proppant squeeze will not be permitted without a 3D survey to accurately image the potential faulting. • The 3D will help define the structure which is currently mapped on sparse moderate quality 2d data. • Proposed 3D area =
Slide 24: Cloughton 3D Area On OS Map & grid
Cloughton 3D Area On OS Map & grid Approximate location of structural closure Potential 3D survey outline Ebberston 3D overlap
Slide 25: Cloughton 3D planning maps
Cloughton 3D planning maps 25
Slide 26: Cloughton Well Planning
Cloughton Well Planning
Slide 27: Cloughton Area Line of Cloughton-2 Section
Well Trajectory Cloughton Area Line ofCloughton-2 Section Boulby Potash around here
Slide 28: Introduction
Introduction Well targets from the WP location are designated as “Northern” and “Southern” Stepouts of 2.6km and 1.6km Feasibility of both targets have been proven technically
Slide 29: Well Objectives & Well Trajectory
Well Objectives & Well Trajectory 1. Penetrate the Carboniferous targets. Most likely some sections eroded out at BPU. 2. Penetrate the secondary targets as crestally as possible. 3. Perform formation evaluation through wireline logging and coring. 4. Suspend well for future re-entry The main techni
Slide 30: Revised Casing Summary & Conceptual Well Design
Revised Casing Summary & Conceptual Well Design
Slide 31: Kirby Misperton Field - Analogue
Taken from ROC Oil Kirby Misperton Field - Analogue report June 2005 • Kirby Misperton field is situated 28 km 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. •
Slide 32: FEL 4/19 Ireland
FEL 4/19 Ireland
Slide 33: Ireland Overview – Government & Key Players
Ireland Overview – Government & Key Players • FEL 4/19 is operated by Europa Oil and Gas with 100% equity. • 1 Large Corrib Lookalike structure called Inishkea West. • Currently almost one third of Ireland’s overall energy needs, and over half its electricity, comes from natural gas (Source: www.gov
Slide 34: Inishkea & Inishkea West
Inishkea & Inishkea West • Play Both prospects considered low/moderate risk within the same world class Triassic gas play as the Corrib and Morecambe Bay gas fields Triassic Sandstone reservoir, gas charged by Carboniferous coals, sealed by Triassic halite • Inishkea West Prospect Well defined upthr
Slide 35: Geoseismic Line from Inishkea West to Corrib
Geoseismic Line from Inishkea West to Corrib www.europaoil.com | AIM: EOG | @Europa Oil & Gas plc | @Europaoilandgas
Slide 36: 3D Seismic Data what has changed
3D Seismic Data what has changed…… Extensive Seismic Database 5000km of regional 2D seismic and two 3D seismic surveys (1997 & 2002) OBC data over Corrib (2013) 2018 Kirchhoff PSDM of 1997 and 2002 surveys 2023 reprocessing carried out by DUG. Update to velocity field with D-FWI, advanced imaging wi
Slide 37: Corrib Sandstone Correlation across Slyne Basin
Corrib Sandstone Correlation across Slyne Basin Hung on Top Corrib Sandstone - regionally persistent fluvial reservoir 37
Slide 38: 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 responsi
Slide 39: Basin Modelling
Basin Modelling Carboniferous Transformation Carboniferous Gas volumes Spider Plot on the Corrib Ratio at 130MA expelled at 130MA Sandstone at 130 MA Full 1D and 3D Basin Model Carried out Areas in dark green/red are expelling large volumes of gas. Large amounts of gas expelled from the northern are
Slide 40: Seismic Line Through the prospects & volumetrics
Seismic Line Through the prospects & volumetrics
Slide 41: Ireland Summary
Ireland Summary Europa Oil & Gas has a 100% operated interest in FEL 4/19 with a material position available 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 an
Slide 42: Equatorial Guinea Block EG-08
Equatorial Guinea Block EG-08 AVO led exploration adjacent to a producing host.
Slide 43: 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 1.386 BCF (Pmean) • A farm-out process to begin imminently 43
Slide 44: Local Area Wells
Local Area Wells 1 0-1 – 26 MMSCF/D & 1270 BCPD 5 I-4 – 29 MMSCF/D & 1634 BCPD 2 0-3 – 30 MMSCF/D & 1540 BCPD 6 I-5 – 6250 BOPD & 5.4 MMSCFD 3 I-1 – 34 MMSCF/D & 1088 BCPD 7 0-7 – 2650 BOPD & 4.7 MMSCFD 4 I-4 – 36 MMSCF/D & 331 BCPD 8 I-8 – 7300 BOPD EWT 44
Slide 45: Petroleum System
Petroleum System Miocene Point Sourced Channel Systems seen on Paleoscan Data 45
Slide 46: O2 Well
O2 Well 46 Net Reservoir = 54.5m Porosity = 22% Net Pay = 0.6m Sw 62%
Slide 47: Paleoscan Analysis
Paleoscan Analysis Prospect A Spectral 0 5 Decomposition Km Prospect Barracuda F-NXF Barracuda RMS Arrowhead Spectral Decomposition 0 5 Km 0 5 Km 47 Arrowhead F-NXF Cardinal F-NXF
Slide 48: Prospect Barracuda – Nears vs Fars
Prospect Barracuda – Nears vs Fars Discovery to the south of EG-08. NEARS +-20m MIN AMP Nears vs Fars Prospect A RANGE:0-22000 Believed to be Diega Nears Fars ULTRA FARS Zuo et al. Multiple Seismic Attributes Quantitative Analysis to Detect Hydrocarbon in Deepwater Sedimentary Reservoir. 75th EAGE C
Slide 49: Prospect Barracuda
Clear Structural Nose implying Prospect Barracuda compactional drape over sand body Well O-2, well developed sand, note GR, condensate shows defines down dip extent of Prospect A NE W E Gas Cloud Weakens Attribute SW NE SW Fars Brightening over structure. Dimming over flanks. Prospect Barracuda Pros
Slide 50: Prospect Barracuda – Near vs Fars
Prospect Barracuda – Near vs Fars Approximate area of the amplitude = 54km2 Final New Data amplitude extraction from the Ultra Fars 35-46, Zero Phased. The amplitude is larger than previous iterations and also has clearer on/off. Updated volumetrics currently being run. Looking larger than previous
Slide 51: Prospects Arrowhead and Cardinal
Prospects Arrowhead and Cardinal Arrowhead Prospect Cardinal Prospect 51
Slide 52: Volumetrics & Risk to Commercialisation
Volumetrics & Risk to Commercialisation Prospect A Prospect B Prospect C Prospective Resources Total Pmean mid-case Low Case Mid Case Mid Case Mid Case Prospective Resource P90 202 290 163 66 = 1,386 BCFE • All figures in BCFE (billion cubic feet equivalent) P50 426 686 365 186 • EOG internal figure
Slide 53: Additional Prospectivity
Additional Prospectivity Cretaceous Prospectivity • Paleoscan Analysis has revealed extra prospectivity in the shallow Pliocene section and in the Cretaceous Section. • Prospective resource for Pliocene Gas Prospectivity Pliocene anomaly = 80-110 BCFE. • These sections contain oil and gas in adjoini
Slide 54: Dentex Prospect
Dentex Prospect 23.7 km2 Nears 32.1 km2 12.2 km2 Fars Gas Case 54 Oil Case
Slide 55: EG-08 Summary
EG-08 Summary • High quality, low risk and potentially high reward gas ILX1 opportunity • All three prospects can be drilled from a single well with 2 side tracks at a cost of ~US$50mm • Prospects are straightforward to drill. Wells would be around 2,800m deep in shallow water (jack up territory) •
Slide 56: 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 57: What Drives the Share Price?
What Drives the Share Price? EOG - 3 year chart 57
Slide 58: 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
Slide 59: Questions?
Questions? Alen Production Facilities – First Gas July 2013 www.europaoil.com | AIM: EOG | @Europa Oil & Gas plc | @Europaoilandgas
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