Melbana Energy Limited · ASX:MAY
Melbana Energy — SEAAOC Conference 2019
21 slides from Melbana Energy's conference presentation, Sep 4, 2019
Slide 1: WA-488-P: Beehive Prospect
For personal use only WA-488-P: Beehive Prospect 4 – 5 September 2019
Slide 2: Disclaimer
Disclaimer Forward-looking Statements and Resources For personal use only Summary of information: This presentation contains general and background information about Melbana Energy’s activities current as at the date of the presentation and should not be considered to be comprehensive or to comprise
Slide 3: Company Overview
Company Overview For personal use only Company Data 12 Month Share Price Performance Listed 1998 Exchange ASX (“MAY”) Shares on issue ~1,875 million Options/Rights ~180/~4 million Market Cap (30 Aug 19) ~A$20.6 million Cash (30 Jun 19) ~A$3.7 million Shareholders Board and Management Cadence Capital
Slide 4: Projects Summary
Projects Summary For personal use only Cuba - Block 9, 100% USA • Onshore block in Cuba’s northern fold belt trend USA USA Cuba • Potential of ~15.7 billion barrels of oil in place1, Block 9 recoverable Prospective Resources of 718 million Santa Cruz IOR barrels of oil1 Cuba - Santa Cruz2 • Enhancem
Slide 5: Agenda
Agenda For personal use only • Overview - How did we get to this point? • WA488 Current Status – Involved Parties options • Beehive Prospect Summary • Previous efforts to improve seismic data • New Beehive 3D now acquired and processed – data comparisons • What do we see?? • Next Steps 5
Slide 6: Where to find the next Big Discovery?
Where to find the next Big Discovery? • To have another large material success, Australian Industry needs another new Play Concept For personal use only • Need to drill deeper - Paleozoic Basin potential? • Already others have had success drilling deeper at Dorado / Phoenix Sth Phoenix South-1: new
Slide 7: Establishing a Position in Prospective Area
Establishing a Position in Prospective Area • Onshore Canning • Several of the largest fields in For personal use only success at Ungani in the world are hosted in Carboniferous Carbonates and associated carbonates with Salt – where are these • Explore for a bigger elements in Australia? buildup in
Slide 8: WA-488-P: Beehive Prospect
WA-488-P : Beehive Prospect Seismic Funding/Farmin Option Agreement with Santos and Total For personal use only • Largest undrilled oil prospect offshore Australia Darwin • Independent Expert McDaniel & Associates Report assessed 388 MMboe best estimate • Total and Santos fully funded and fast track
Slide 9: Australia – Beehive Prospect
Australia – Beehive Prospect Beehive – an enormous feature analogous to giant Tengiz oil field For personal use only • Recent deep drilling in the offshore Canning by Santos (Dorado area) has highlighted deep success in new deeper, play ideas Beehive • Beehive – undrilled new play type in Petrel Bas
Slide 10: Setting: Isolated Carbonate Platform
Setting: Isolated Carbonate Platform Analogy: Tengiz Field For personal use only Carboniferous Paleo -Tethys Ocean • Petrel / Canning basins located on opposite sides of Tethys near same latitude as North Caspian Basin • North Caspian Basin: Isolated carbonate platforms are the major fields (multi b
Slide 11: Petrel Sub-Basin Petroleum System
Petrel Sub-Basin Petroleum System Lower Carboniferous marine algal oil prone • Milligans sourced Oil For personal use only source in the Milligans fm. recovered from Turtle & Barnett oil fields Petrel Sub-Basin Petroleum Systems • Limited by small trap size, but filled to spill with high quality oil
Slide 12: Migration Summary - Large Migration Focus
Migration Summary - Large Migration Focus For personal use only Triassic to Gas Mature Carboniferous Isochron controls flowlines @ time of migration during Early Triassic Oil Mature Turtle Barnett Tanmurra Time map 12
Slide 13: 2016 Reprocessing 2D seismic – dramatic uplift
2016 Reprocessing 2D seismic – dramatic uplift ! • 2016 Reprocessing has improved For personal use only imaging of key components of Original Beehive better than Melbana expected • DUG Broad Reprocessing has removed surface related ghost/multiple events • Interval velocity analyses show high velocit
Slide 14: New 3D seismic survey acquired in 2018
New 3D seismic survey acquired in 2018 • Santos/Total acquired approx 700km2 3D data as part of For personal use only their option (506km2 on WA488) • Drill planning has commenced to allow for a late 2020 well if they elect to exercise their opportunity 2017 2D DUG broadband repro Top carbonate map
Slide 15: Beehive 3D seismic – Significant Improvement in platform definition
Beehive 3D seismic – Significant Improvement in platform definition Comparison between 2D data with original 1999 King Shoals 2D line 64 For personal use only processing, DUG Broad Reprocessing and the new Santos/Total 3D seismic data over the Beehive King Shoals1999-line 65 profile The benefits of
Slide 16: Beehive 3D - Improvement in Top Reservoir Map
Beehive 3D - Improvement in Top Reservoir Map 2017 reprocessed King Shoals 2D seismic Beehive 3D seismic For personal use only 5km 5km Preliminary interpretation reveals: • Overall resolution of the Beehive isolated platform has improved with sharper edges providing more confidence in structural clo
Slide 17: Depositional Facies – internal geometries on old 2D
Depositional Facies – internal geometries on old 2D Aggradational then backstepping: Highstand and Transgessive Intervals For personal use only Forereef GrainFlats Seaway Seawall Lagoonal Breccias and Backreef-ReefFlat Grainstone and Mustone,Micrite Grainstones to Boundstone and Wackestones Patch re
Slide 18: 2019 Beehive 3D seismic profile along 2D line
2019 Beehive 3D seismic profile along 2D line 64 Forereef GrainFlats Seaway Seawall Lagoonal For personal use only Backreef-ReefFlat 18
Slide 19: Facies Images on new 3D seismic – work in progress
Facies Images on new 3D seismic – work in progress N For personal use only A Timeslice at 2764ms B 19 Main Beehive reef closure time-slice and profile views B A 19
Slide 20: Next Steps
Next Steps For personal use only • Complete the Interpretation of the new Beehive 3D seismic • Decision by Santos/Total to exercise option by 2 October 2019 • Well Planning is advancing in parallel in order to be prepared for drilling in late 2020 • Potential ground breaking new play discovery with
Slide 21: Melbana offer for Metgasco
Melbana offer for Metgasco For personal use only 1. On 15 July 2019 Melbana Energy announced its intention to offer four of its shares for each share of Metgasco Limited (ASX:MEL) 2. Key conditions include Melbana Energy receiving acceptances for a minimum of 50.1% of Metgasco shares on issue and no