Egdon Resources — H1 2008 Earnings Presentation
20 slides from Egdon Resources's earnings presentation, Apr 30, 2008
Slide 1: Interim Results for the six months to 31 January 2008
Egdon Resources plc EGDON RESOURCES PLC Interim Results for the six months to 31 January 2008 30 April 2008 Slide 1 Interim Results Presentation – 30 April 2008 Page 1
Slide 2: Summary of Egdon Resources plc
Egdon Resources plc Summary of Egdon Resources plc • De-merged Oil and Gas Exploration and Production business of “Egdon Resources Plc” • AIM listed under the code EDR • 67,801,840 Ordinary 10p Shares in issue • Market Cap at close on 29 April 2008 was c. £12.0 million • Management Team B Mark Abbot
Slide 3: Financial and Corporate Highlights
Egdon Resources plc Interim Results for six months to 31 January 2008 Financial and Corporate Highlights • Successful admission of “new” Egdon Resources plc to AIM on 17 January 2008, following demerger of gas storage business, Portland Gas plc • First revenues from oil production received in the pe
Slide 4: Operational Highlights
Egdon Resources plc Interim Results for six months to 31 January 2008 Operational Highlights • First sustained production from the Keddington oil field – totalling 6,147 barrels during period • Extended well test completed on Avington-3z well – further test-production and appraisal planned for summe
Slide 5: Summary of E&P Assets
Egdon Resources plc Summary of E&P Assets • 21 Licences in the UK and France • 1 Producing Field, Keddington (c. 50 bopd) • 1 due for test- production 2008 Avington • 4 Fields in Appraisal/Pre-Development Stage Kirkleatham, Waddock Cross, Grenade, Nooks Farm • 1 MMBOE of Proved and Probable Reserves
Slide 6: E&P Strategy
Egdon Resources plc Egdon Resources - E&P Strategy “To date Egdon has been mainly an Exploration Company – it is now developing into a rounded upstream company. This will require a short term re-balancing of priorities with focus being given to development and production. Revenues will be used to dr
Slide 7: 2008 Drilling and Development Programme
Egdon Resources plc 2008 Drilling and Development Programme “ The Company has an active 2008 work programme designed to increase production, revenue and asset value of the company resulting in a strong 2008 news flow.” • Optimise production from Keddington Oil field • Avington oil field test-product
Slide 8: Optimise Keddington Oil Production
Egdon Resources plc Optimise Keddington Oil Production Keddington Oil Field (PEDL005 (Remainder) – 100% Operated Interest) • Purchased from Roc Oil (GB) Ltd for £250,000 during April 2007 • Two wells with production from Carboniferous sandstones at 2180 metres • Workover of the Keddington-1z complet
Slide 9: Avington Oil Field Development
Egdon Resources plc Avington Oil Field Development Avington Oil Discovery (PEDL070 – Egdon 20% interest) • Extended Well Test of Avington-3z horizontal well completed currently shut-in on pressure build-up • Production of 12,240 bbls net to Egdon during EWT • Operator Star Energy plc has submitted a
Slide 10: Kirkleatham Gas Field Development and Gas Storage Appraisal
Egdon Resources plc Kirkleatham Gas Field Development and Gas Storage Appraisal Kirkleatham Gas Discovery (PEDL068 – 20% Operated Interest) • Gas discovery in Cadeby Formation limestones made in Kirkleatham-4 exploration well (January 2006), flowed at 5 MMscf/d from a 6m perforated interval at top o
Slide 11: Waddock Cross Testing and Field Development
Egdon Resources plc Waddock Cross Testing and Field Development Waddock Cross Oil Discovery (PL090 – 45% Operated Interest) • Bridport Sandstone oil discovery in large low-relief 4 way dip- closed structure • Large mapped STOIIP of up to 40 MMstb • Proved and Probable reserves (net Egdon) of 0.7 MMs
Slide 12: Eakring-Dukes Wood Oil Field Rejuvenation
Egdon Resources plc Eakring-Dukes Wood Oil Field Rejuvenation Eakring-Dukes Wood Abandoned Oil Field (PEDL118 – 100% Operated Interest) • Purchased from Stag Energy Limited during October 2007 for £55,000 plus 5% royalty • Eakring-Dukes Wood was produced 6.5 MMstb from 1940 to 1966. STOIIP of 25.6 M
Slide 13: Grenade Heavy Oil Field Appraisal
Egdon Resources plc Grenade Heavy Oil Field Appraisal Grenade Heavy oil accumulation - (St Laurent Permit - SW France - 33.423% Operated Interest) • Appraisal of 1975 heavy oil discovery, Grenade-sur- Adour-1 = 97 metre column of 10o API oil • Grenade-3 (GAR3) well defined the eastern limit of the f
Slide 14: Audignon Ridge Prospect
Egdon Resources plc Audignon Ridge Prospect “The Audignon Prospect is an example of the higher risk – higher reward opportunities within Egdon’s portfolio – a potential ‘Company Maker’ ” Audignon ridge Play (St Laurent – 33.34% Operated Interest) • Multi-TCF (up to 3.9 TCF gross) GIIP sub-salt gas l
Slide 15: 2008 Exploration Drilling – Holmwood and Winfrith
Egdon Resources plc 2008 Exploration Drilling – Holmwood and Winfrith Holmwood-1 (PEDL143 - 38.4% Interest) Holmwood Prospect • Holmwood is a robust anticline located between known gas and oil accumulations • Egdon Best Estimate Prospective Resources of 16.6 Bcf • A planning application for the well
Slide 16: Example of New UK Prospects and Projects
Egdon Resources plc Example of New UK Prospects and Projects Goudhurst Prospect (PEDL144 – 96% Operated Interest) • Large low-relief anticlinal structure in the Weald Basin (Egdon best estimate of prospective resources of 7 MMstb) • Reprocessing seismic to reduce risk and define drilling location No
Slide 17: France New Licence Applications
Egdon Resources plc France New Licence Applications GEX PONTENX • New applications are pending in France • Mix of prospectivity – rejuvenation, exploitation and exploration • “Pontenx” has counter application from Vermilion likely “award” within next two months • Gex is likely to be “awarded” in lat
Slide 18: Summary
Egdon Resources plc Egdon Resources - Summary • De-merger provides clear focus on developing E&P business • Maintain Geographical focus : UK Onshore and Onshore France • Production and revenue growth B Active 2008 work programme identified B Optimise Keddington Production (increase production, reduc
Slide 19: Disclaimer for Presentation
Egdon Resources plc Disclaimer for Presentation • This document has been prepared by Egdon Resources plc (the “Company”) for use in presentations held in connection with the promotion of the Company. • The information contained in this document has not been independently verified and no representati
Slide 20: Glossary of Terms
Egdon Resources plc Glossary of Terms m = 1,000; mm = 1,000,000; b = 1,000,000,000 “Bbls” or “bbls” – barrels of oil “mmcf” – million cubic feet of gas “BScf” or “Bcf “– billion cubic feet of gas “mmcm” – million cubic metres of gas “MMstb” or “mmbo” – million barrels of oil “mmboe” – million barrel