Europa Oil & Gas (holdings) Plc · LSE:EOG
Europa Oil & Gas (holdings) — Shareholder Meeting (December 2021)
22 slides from Europa Oil & Gas (holdings)'s shareholder meeting presentation, Dec 8, 2021
Slide 1: AGM Presentation
AGM Presentation 8th December 2021
Slide 2: Overview: Growth through diversification
Overview Growth through diversification Area of interest: Target Assets: Atlantic seaboard, North High impact exploration opportunities Africa and NW Europe and low risk appraisal development • Currently high impact exploration, core value underpinned by production from opportunities in countries wi
Slide 3: Geothermal opportunity: Collaboration with Causeway GT
Geothermal opportunity: Collaboration with Causeway GT Unlocking value in our portfolio • Geothermal energy is the largest source of clean energy on earth – it has zero greenhouse gas emissions and a low surface land footprint • Causeway Geothermal was established to combine technologies from multip
Slide 4: Our Strategy
Our Strategy • Oil & Gas key to the global energy transition • Robust demand for fossil fuels, prices soaring • Europa ideally placed to capitalise on our existing UK/ Moroccan assets and contribute localised supply • Developing highly productive Wressle oilfield in East Midlands + building localise
Slide 5: Energy Reality in a Transitioning Market
Energy Reality in a Transitioning Market Shares of global primary energy “The reality is that without companies like us who are significant providers of energy...the transition will be a whole lot more difficult and may not even happen at the pace needed.” Shell Chief Executive Ben Van Beurden • The
Slide 6: Morocco
Morocco Oil Exploration Inezgane Licence Location Inezgane Licence Morocco • Inezgane Licence – 11,228 km2 awarded Nov 2019 - Europa Oil & Gas (operator) 75% - ONHYM 25% by 2025 • High impact exploration opportunity offshore Morocco – water depths 300m to 2.5km • Initial Phase comprises low cost WP
Slide 7: Why Morocco?
Why Morocco? Fiscal Terms • Stable country with a transparent business environment and excellent ESG credentials (wind, solar & hydro-electric) • No Rentals • Highly under-explored region – 10 deepwater wells have been drilled across a 3000km coastline = Huge Opportunity • 10-year tax corporate holi
Slide 8: Farmout Launch of Inezgane Licence
Farmout Launch of Inezgane Licence • Official launch of farmout initiative on 3 August 2021 • Inezgane is a high-impact exploration opportunity in a highly underexplored area of the world with only two wells drilled on the licence • Licence is located on the same geological trend that has led to maj
Slide 9: Lower Cretaceous Play
Lower Cretaceous Play High under-explored play • Early deepwater drilling focused on Upper Cretaceous and Tertiary plays • Number of wells targeted mostly salt piercement structures. Wells drilled very close to salt domes with disappointing results. • Most wells have targeted sands where the Lower C
Slide 10: Lower Cretaceous Reservoir
Lower Cretaceous Reservoir Good evidence for the presence of Lower Cretaceous sand DSDP 416: Thick sequence of stacked thin turbidite ssts of Albian to Valanginian age Rak-1: 25m net of Albian ssts – av Ø 22.3% FD-1: 10m single sst within Albian section - av Ø 24% MO-1: Lower Cretaceous delta-top an
Slide 11: Source Rock
Source Rock Two viable source rocks in licence area • Several source rocks have been proven in the greater basin area either by well or outcrop • The classic west African ”Jubilee” type play was drilled on much less favourable information • Two key sources rocks of interest: the Upper Cretaceous Cen
Slide 12: Regional seismic line
Regional seismic line Multiple prospects with varied trapping styles, multiple reservoirs & source rocks Inezgane licence Arbitrary NW to SE line PSDM line (Combination of RTM & Kirchhoff) 11 | Europa Oil and Gas | AGM Presentation 8th December 2021
Slide 13: Prospect Inventory (Prospective Resources)
Prospect Inventory (Prospective Resources) Albian Level only (One Sand) 10. Turtle 1. Charlie 77-198-243-466 11. Whisky N 5. Foxtrot 220-680-893-1924 73-190-233-444 81-234-312-636 Whisky North Salt U O L 7. Sierra 77-208-263-515 T Turtle Prospect V Foxtrot Whisky Sierra Charlie 13. Whisky N Lead 4.
Slide 14: Turtle Prospect
Turtle Prospect: Mean Prospective Resources 243 mmboe Turtle Charlie NW Turtle Charlie SE Gas pockmarks 3km Salt Turtle:4-way dip 4km closure@ 4575 mss Area: 22 km2 Maximum closing Turtle contour 4575 mss Turtle 5km Charlie Intra Albian • BTU Charlie: closure@ 4575 Albian mss. Area: 72km2 VE X5 5KM
Slide 15: Size of the prize – Top 5 prospects
Size of the prize – Top 5 prospects Top 5 Prospects • Wide range of structural styles including 4-way dip, salt flank and salt under-hang • Stacked potential at Albian, Campanian and Barremian • All prospects have mean resources in excess of 200 mmboe at Albian level – primary target • Total mean re
Slide 16: Size of the prize – Other Prospects
Size of the prize – Other Prospects 27km2 42km2 AVO Anomaly Recognised in Eocene section Other Prospects • Significant additional potential in Albian, Campanian and Barremian in 9 other prospects on licence • Further work ongoing to mature these prospects and complete mapping on Barremian and Eocene
Slide 17: Inezgane Technical Summary
Inezgane Technical Summary • Onshore geology reveals Lower Cretaceous turbidite sands are very likely to have been deposited in the Inezgane licence • Lower Cretaceous sands have been encountered in wells drilled offshore but the presence of thick turbidite sands has so far proved to be elusive • Eu
Slide 18: UK East Midlands & Cleveland Assets
UK East Midlands & Cleveland Assets • Broughton Wressle Penistone development • Broughton North Prospect Cloughton PEDL343 Europa Net Annual Average bopd *Source: Penistone ERCE 2016 / WF9 DCA submission 2020 17 | Europa Oil and Gas | AGM Presentation 8th December 2021
Slide 19: Offshore Ireland
Offshore Ireland Gas Exploration Corrib & Europa’s Strategic Position FEL 3/19 • Corrib discovered in 1996 and producing gas since 2015 FEL 4/19 Europa 100% equity & Operator in both FEL 3/19 & 4/19 • In 2018 Corrib provided 60% of Ireland’s gas needs but expected to decline to 20% by 2025 Edge 1.2
Slide 20: Europa Outlook
Europa Outlook • High impact exploration assets underpinned by increasing UK production from existing fields – further potential exists in other reservoirs • Strong oil & gas portfolio: appraisal/development assets established by steady production in a stable jurisdiction with added high risk explor
Slide 21: Europa Summary
Europa Summary • Currently high impact exploration underpinned by UK onshore production • Europa looking to acquire appraisal/development assets to balance the portfolio • Future improved portfolio balance and production/revenue profiles leading to sustainable growth • Strong market fundamentals – r
Slide 22: © Europa Oil & Gas (Holdings) plc
© Europa Oil & Gas (Holdings) plc
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