Xstate Resources Limited · ASX:XST
Xstate Resources — Investor Presentation (October 2010)
31 slides from Xstate Resources's investor presentation, Oct 25, 2010
Slide 1: ASX Limited Electronic Lodgement - Investor Presentation
ABN N 96 009 217 154 25 October 2010 ASX Lim mited Eleectronic lod dgement Invest or Presen ntation Please ffind attacheed the Invesstor Presenttation referred to in th he Boardrooom Radio Broadcast B announcced on 19 Occtober 2010.. For and d on behalf of the Board. 41 StS i r l ing H i ggh way, Ne
Slide 2: Emerging Oil & Gas Company
ABN 96 009 217 154 ASX Code: XST and XSTO Emerging Oil & Gas Company Drilling Big Prospects in Tunisia and Italy: Onshore 300 Million Barrel Prospect to spud in 2010 Seeking to Monetize Existing and New Discoveries Extensive prospective permits (6900 Km2) in under- explored, producing basins
Slide 3: XState oil and gas permits in Tunisia and Italy
XState oil and gas permits in Tunisia and Italy Tunisia to Europe gas pipelines Oil and gas pipelines and gas plant and power station within Chorbane area 2
Slide 4: XST Snapshot
XST Snapshot Capital Structure Pre-entitlement Issue Post Entitlements Share on issue (undiluted) 37.5 million 67.5 million XState is undertaking a pro rata entitlement issue Options on Issue: to raise $3 million $0.24 Options exp 30 June 2013 33.4 million 48.4 million $0.24 Options exp 21 Jan 2013
Slide 5: Entitlements Issue - October 2010
Entitlements Issue- October 2010* Fully sub-underwritten Pro rata non-renounceable entitlement issue of four (4) Shares for every five (5) Shares held by Shareholders on 11 October Issue price of $0.10 per Share to raise approximately $3,001,626 (before costs) Together with one (1) new Optio
Slide 6: An Emerging Oil and Gas Company with Large Projects near pipelines to European Markets
An Emerging Oil and Gas Company with Large Projects near pipelines to European Markets XState Assets: Sidi Daher Prospect Surface location Onshore Acreage covers 2428 square kilometres (XST 10%): ▫ Sidi Daher prospect (310 million barrels oil and 42 Bcf gas) to be drilled in late 2010 ▫ Excellen
Slide 7: XState net unrisked oil and gas potential from Dougga and Lambouka discoveries and 2010 drilling program
XState net unrisked oil and gas potential from Dougga and Lambouka discoveries and 2010 drilling program Dougga1 81 Bcf gas (Net Tested 5.6 mmb condensate Contingent Resources) 100 Drilling Lambouka 30.9 Bcf gas 90 Soon! (Net Untested 2.4 mmb condensate Contingent 80 XST (mmboe) Resources) 70 Sidi D
Slide 8: Sidi Daher Prospect ready to drill in late 2010
Sidi Daher Prospect ready to drill in late 2010 Sidi Daher Prospect (XST 10%): Planned for drilling in late 2010 Proposed Sid Daher well surface location Two Primary Targets - Eocene Limestones and Abiod Formation Multiple Secondary Targets Probability of Success (POS): ~30%1 Mean Unrisked
Slide 9: Chorbane Permit Schematic Location Map
Chorbane Permit Schematic Location Map Map Legend Prospects and Leads Chorbane Permit Sidi Behara Gas Field Sidi Daher Prospect Sidi El Itayem Oil Field Drilled Well Location BG Gas Processing Plant Chaal Chorbane Permit Mahares Sfax Oil and gas logistics centre Onshore Note: Oil and Gas pipelines a
Slide 10: Portion of dip-oriented seismic line across Sidi Daher Prospect showing flat spot anomaly
Portion of dip-oriented seismic line across Sidi Daher Prospect showing “flat spot” anomaly 10 km 9
Slide 11: Map of Sidi Daher with Prospectivity Indicators
Map of Sidi Daher with “Prospectivity Indicators” Most likely closure Flat spot on seismic Geochem Anomaly 10
Slide 12: Offshore Permits – Kerkouane and Pantelleria
Offshore Permits – Kerkouane and Pantelleria Gas pipelines to Europe Shell Acreage 11
Slide 13: Lambouka 1 well results
Lambouka 1 well results Well location - Lambouka Prospect Lambouka Structure (XST 10%): Untested Gas and Condensate Discovery from Logs and Shows 23 metres net pay in Abiod Limestones Additional zones of interest to be evaluated further Highest known water and undrilled up-dip structure impl
Slide 14: Seismic Cross Section through Lambouka Discovery
Seismic Cross Section through Lambouka Discovery 13
Slide 15: Top Abiod Reservoir Structure Map
Top Abiod Reservoir Structure Map Location of seismic line in previous slide 5 Km 14
Slide 16: Lambouka 1 well results
Lambouka 1 well results Interpreted Log Curves Hydrocarbon Zones After Gulfsands Petroleum 15
Slide 17: Image from 3D Seismic across key wells in Kerkouane
Image from 3D Seismic across key wells in Kerkouane After Gulfsands Petroleum 16
Slide 18: Dougga discovery - ready to be appraised
Dougga discovery- ready to be appraised 1981 Dougga Gas and Condensate (light oil) discovery ready for appraisal in higher oil and gas price environment following 3D Seismic (XST 10%): Appraisal Target - Abiod Formation Schematic Offshore Facilities Probability of Success (POS): 68% 1 XState o
Slide 19: Dougga Existing large discovery - ready to be appraised after the 3D Seismic
Dougga Existing large discovery - ready to be appraised after the 3D Seismic DOUGGA- 2 up dip appraisal location has potential for a significantly larger gas column, improved porosity and resultant resource upside 18
Slide 20: Offshore Permits - Next Steps
Offshore Permits- Next Steps: Evaluate data obtained from Lambouka-1 well: Interpret and map 3D data with the Lambouka well data Revise resource estimates for Lambouka & Dougga Assess commercial opportunities at Lambouka and Dougga Assess the exploration potential of other prospects in the
Slide 21: XState (XST) Summary
XState (XST) Summary Large Potential Sidi Daher well to spud in late 2010 Highly Leveraged Exposure to other Value Creation: Atwood Oceanic Southern Cross Rig Evaluating new untested Lambouka Gas / at Lambouka-1 Condensate Discovery in conjunction with tested Dougga discovery 3D Seismic and
Slide 22: Actively Poised for Success
Actively Poised for Success Unexplored amplitude anomaly on flank of Pantelleria Graben SUCCESS IN ANY OF THESE PROJECTS COULD ELEVATE XSTATE INTO MID-CAP OIL AND GAS COMPANY RANKS ON COMPARATIVE RESERVES AND RESOURCES BASIS 21
Slide 23: Disclaimer, Risks, Competent Person Statement
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 effected by a variety of v
Slide 24: Supplemental Information
Supplemental Information 23
Slide 25: Onshore Permit - Chorbane (Tunisia)
Onshore Permit - Chorbane (Tunisia) Equity Interests after Farm-in to the Chorbane Permit : XState 10% ADX 50% (operator) Gulfsands (AIM listed) 40% Sidi Dhaer El Jem Tunis Tunis 24
Slide 26: Offshore Permits: Kerkouane (Tunisia) Pantelleria (Italy)
Offshore Permits: Kerkouane (Tunisia) Pantelleria (Italy) Equity Interests in the “Lambouka Prospect PGS Atlantic Explorer 3D Seismic Acquisition Vessel Area” (~150 Km2) within the Kerkouane (Tunisia) and Pantelleria (Italy) permits: XState 10% ADX Energy (ADX) 30% (operator) Gulfsands 30% Carnavale
Slide 27: Offshore Prospects and Leads Map
Offshore Prospects and Leads Map 3D Seismic area After Gulfsands Petroleum
Slide 28: Schematic of Lambouka and Dougga Discovery Structures
Schematic of Lambouka and Dougga Discovery Structures Lambouka 1 Shallower Dougga 1 Deeper Depth Colour Scale Mapped at Near Top Abiod Structure Level 27
Slide 29: Kerkouane 3D interpretation showing relationships of key structures
Kerkouane 3D interpretation showing relationships of key structures After Gulfsands Petroleum 28
Slide 30: New 3D Seismic has spectacular detail over Dougga and North Dougga
New 3D Seismic has spectacular detail over Dougga and North Dougga to allow improved project definition 3D Seismic Time Slice near Abiod Formation North Dougga Prospect Dougga Top Abiod Structure Map Discovery 29
Slide 31: New 3D Seismic has upgraded North Dougga Lead to a Prospect
New 3D Seismic has upgraded North Dougga Lead to a Prospect for follow-up drilling Dougga North Prospect: North Dougga Prospect Two Targets - Birsa and Abiod Formations Probability of Success (POS) : 20% 1 XState option to increase equity to 20% Mean Unrisked Recoverable Prospective Resource
Xstate Resources — Investor Presentation (October 2010) on 6ix