Xstate Resources Limited · ASX:XST
Xstate Resources — Shareholder Meeting (May 2011)
25 slides from Xstate Resources's shareholder meeting presentation, May 19, 2011
Slide 1: Managing Director Presentation - ASX lodgement
ABN 96 009 217 154 For personal use only 19 May 2011 ASX Limited Electronic lodgement Managing Director Presentation Please find attached a copy of the presentation given by the Company’s Managing Director, Mr Gary Jeffery, today, at the Annual General Meeting. For the Board of XState Resources Limi
Slide 2: Xstate Resources Limited May 2011
For personal use only Xstate Resources Limited May y 2011
Slide 3: Managing Director's View
For personal use only Managing Director’s View… “Xstate is striving to become a significant gas producer utilising existing infrastructure to access the energy gy hungry, g y, high g priced p European p market through g the development p off our 3 gas g discoveries,, and prudent exploration of the C
Slide 4: For personal use only
For personal use only
Slide 5: Led by Petroleum Industry Veterans
For personal use only Led by Petroleum Industry Veterans… David Whitby, y, Chairman Gary y Jeffery, y, Managing g g Director • Graduate of Royal Military • Over 38 years worldwide College, Canada • Developed Varanus Gas Hub • Over 30 years international • Acquired Greater Gorgon experience acreage w
Slide 6: Achievements
For personal use only Achievements… • Delivered on ‘prospectus promises’ ▫ 80% of funds raised have gone to the ‘drill drill bit’ bit ▫ Assembled internationally experienced Board ▫ Maintained tight share registry (~78 million shares on issue) ▫ Acquired q q quality y assets in the Mediterranean Pel
Slide 7: The Xstate Value Proposition
Th X The Xstate t t Value V l Proposition… P iti For personal use only To find great places to invest our shareholder’s money… • The Mediterranean Pelagian Basin is the place… ▫ Proven hydrocarbon basin – multiple reservoirs, gas and oil ▫ Active industry including major players ▫ Extensive gas infr
Slide 8: Xstate... A Ground Floor Opportunity
For personal use only Xstate… A Ground Floor Opportunity Board and Management Xstate Capital Structure David Whitby Non-Executive Chairman Shares on issue (ASX: XST) 77.5 million Gary Jeffery Managing Director Listed Options (ASX:XSTO) 48.4 million John Begg Non-Executive Director Debt Nil Ross Kest
Slide 9: Location, location, location...
Location, location, location...
Slide 10: Italy and EU - Tunisia
Italy and EU For personal use only Tunisia Transmed Gas Pipelines • Oil: Proved Reserves: 425 mmbbl Production approx 91 approx. 91,000 000 bopd Consumption: approx. 89,000 bopd • Natural gas: Proved Reserves: 2.3 tcf Production: approx. 287 mmscf/d Consumption: approx. 408 mmscf/d • Sub
Slide 11: The Pelagian Basin
For personal use only The Pelagian Basin… • Focussed on the proven Pelagian Basin Balance of offshore and offshore Historically successful acreage • High quality, high potential Enviable prospects and leads position Multiple reservoir targets identified • Access to substantial infrastructure
Slide 12: An Impressive Asset Portfolio...
An Imoressive Asset Portrollo...
Slide 13: Value Curve... How projects add value
Value Curve… How projects add value For personal use only Exploration Appraisal/Development Production Dougga Sidi Dhaher Lambouka Prospects & Leads Inventory East Chaal Kerkouane Xstate’s Asset Depth: discoveries, prospects and leads spread along the value curve…
Slide 14: Prospects and Leads Inventory
For personal use only Prospects and Leads Inventory… Contingent Resources Over 17 multi-reservoir prospects >1,000 million boe total gross, unrisked, potential resource * Gross Mean Unrisked Resource, ISIS Petroleum Consultants and Xstate
Slide 15: Xstate's Net Resources Exposure
For personal use only Xstate’s Net Resources Exposure Near term exposure 58.6 Total Resources = 144.6 million boe Total Near-term Resources = 58.6 million boe
Slide 16: Forward Plan
For personal use only Forward Plan… Short Term (<6 months) • Drill Sidi Dhaher – 310 million barrels oil potential • Dougga conceptual development studies • Assess option to increase interest in Kerkouane and Pantelleria acreage • Review other Pelagian Basin opportunities Medium Term (6-18 months) •
Slide 17: Why Invest in Xstate?
For personal use only Why Invest in Xstate? • Quality assets in a proven hydrocarbon basin • Access to the high priced, gas hungry EU markets • Ready to drill 300+ 300 million barrel target at Sidi Dhaher • Dougga conceptual gas development planning underway • Prospects and leads portfolio with mult
Slide 18: Disclaimer, Risks, Competent Person Statement
For personal use only Disclaimer, Risks, Competent Person Statement This presentation contains forward looking statements that are subject to risk factors associated with the oil and gas industry. It is believed that the expectations reflected in these statements are reasonable, but they may be effe
Slide 19: Supplementary Information
Supplementary Inrormation
Slide 20: Why the Pelagian Basin?
For personal use only Why the Pelagian Basin? • Hydrocarbon Source 9 Numerous existing discoveries prove prolific source kitchen 9 Surface and subsurface direct hydrocarbon indicators detected (geochemical and seismic) • Structure 9 Multiple p structures clearly y mapped pp on 2D and 3D seismic acro
Slide 21: Sidi Dhaher... High impact well
Sidi Dhaher… High impact well For personal use only KEY FACTS: • Xstate interest: 10% • Location: Onshore, Chorbane acreage • Description: Oil prospect with gas cap • Covered by 2D seismic • High chance of success (~1 in 3) On trend with multiple oil and gas discoveries • One well – 6 p potential
Slide 22: Dip-oriented seismic line across Sidi Dhaher
Portion of dip dip-oriented oriented seismic line across Sidi Dhaher Prospect showing “flat spot” anomaly For personal use only Sidi Daher Prospect at Top Metlaouie ~ 10 km Sidi Daher Prospect Flat Event- possible Direct Hydrocarbon Interpreted higher Indicator (DHI) porosity reservoir trend (yellow
Slide 23: Sidi Daher with Prospectivity Indicators
For personal use only 22 Sidi Daher with “Prospectivity Indicators” Sidi Dhaher prospect (Structural Closure over 70 km2 on a regional high with encouraging coincident prospectivity indicators; and 6 potential stacked reservoirs) Mostt likely M lik l closure l att HCI level Flat spot (HCI) on seismi
Slide 24: Dougga... Appraising the Shell discovery
Dougga… Appraising the Shell discovery For personal use only KEY FACTS: • Xstate interest: 10% • Participants: ADX Energy (60%, Operator), Gulfsands (40%) • Location: Offshore, Kerkouane acreage • Description: Gas-condensate discovery • Covered by 2D and 3D seismic • Dougga discovered by Shell in 19
Slide 25: Lambouka... Gas-condensate discovery
Lambouka… Gas-condensate discovery For personal use only KEY FACTS: • Xstate interest: 10% • Participants: ADX Energy (30%, Operator), Gulfsands (30%), Carnavale (20%), PharmAust (10%) • Location: Offshore, Kerkouane acreage • Description: Gas condensate discovery Gas-condensate • Covered by 2D and