Angus Energy Plc · LSE:ANGS
Angus Energy — Investor Presentation (April 2019)
26 slides from Angus Energy's investor presentation, April 2019
Slide 1: Investor Presentation
Investor Presentation April 2019
Slide 2: Disclaimer
DISCLAIMER Investor Presentation– April 2019 2
Slide 3: Management & Board
MANAGEMENT & BOARD Insert Pic George Lucan Insert Pic Cameron Buchanan Managing Director Non-Executive Director Patrick Clanwilliam Andrew Hollis Non-Executive Chairman Technical Director Jonathan Tidswell- Carlos Fernandes Insert Pic Pretorius Finance Director Operations Director (non-Board) Invest
Slide 4: Shareholder Structure
SHAREHOLDER STRUCTURE Issued share capital of Angus Energy plc consists of 458,944,208* 9.91 Ordinary Shares of £0.002 each % 6.53% Disclosed Shareholdings in Angus Energy greater than 3% 5.01% (as at 11th March2019): 78.55% Knowe Properties Limited JDA Consulting Limited Jonathan Tidswell-Pretorius
Slide 5: Our Company Focus
OUR COMPANY FOCUS Unlocking Value of Existing Portfolio With Simple & Effective Drilling, Workover & Production Campaigns Selectively Grow Portfolio Of Onshore Development and Appraisal Projects in the Weald Basin & Beyond Build Sustainable Long Term Growth to Provide Value to Shareholders While Man
Slide 6: Portfolio: Complementary Assets
PORTFOLIO: COMPLEMENTARY ASSETS BrockhamField PL 235 BalcombeField PEDL 244 PEDL 143 (Holmwood Prospect) LidseyField PL 241 Investor Presentation – April 2019 6
Slide 7: Portfolio
PORTFOLIO Brockham 65% Majority Interest + Operator Balcombe 25% Ownership + Operator Holmwood 12.5% Minority Interest Lidsey 80% Ownership + Operator Investor Presentation – April 2019 7
Slide 8: Q2 – Q4 Objectives: Four Primary Objectives
Q2 – Q4 Objectives FOUR PRIMARY OBJECTIVES OBJECTIVE 1 - BROCKHAM OBJECTIVE 2 - BALCOMBE Isolation of water, re-perforation and Approval submission & well clean up recompletion of Brockham X4Z operation leading to EWT of Balcombe 2Z horizontal OBJECTIVE 3 – BUSINESS DEVELOPMENT Heads of terms signed
Slide 9: Brockham
BROCKHAM Logging Simple workover program to log the well and locate the water bearing section Isolate Set a bridge plug to isolate the identified water producing zone Re-Complete Re-complete the well ready for production testing Bridge Plug Investor Presentation – April 2019 9
Slide 10: Brockham: Work Programme Detailed Breakdown
BROCKHAM Work Programme Detailed Breakdown – Stage 1 Rig acceptance & mobilisation: The delivery of the work-over rig, rigging up and testing rig systems and finally rig acceptance. Isolation of Water: Full logging program over perforated section to identify water zone. The isolation of the water zo
Slide 11: Brockham: Work Programme Detailed Breakdown
BROCKHAM Work Programme Detailed Breakdown – Stage 2 Installation, testing and commission of equipment: Following rig demobilisation well testing / production equipment is scheduled within 3 weeks (minimum) due to equipment availability. Installation and commissioning of production equipment to last
Slide 12: Brockham
BROCKHAM The two other Brockham Wells – BRX3 & BRX2Y – represent ready made candidates to sidetrack in to the Kimmeridge Clay Formation • If commercial production can be demonstrated from the Kimmeridge with the present well then the other wells can be sidetracked for future production • Production
Slide 13: Balcombe
BALCOMBE ~1700 ft through the Kimmeridge Limestone… BALCOMBE - 2Z Horizontal section through the Upper Kimmeridge Micrite HIGH RATES High rates achieved for short periods. Stable production expected following the clean up of excess brine in the hole OIL PROVEN Initial short term test has proved that
Slide 14: Balcombe
BALCOMBE Approvals Submit new planning application to return to site ~Q3 to work on Balcombe 2Z well Well Clean - Up Remove excess drilling fluid to clean up well Extended Well Test (EWT) Carry out extended well test to test flow rates and for reservoir characterization and optimisation Investor Pre
Slide 15: Business Development – The Gas Field
BUSINESS DEVELOPMENT – The Gas Field OPPORTUNITY TO ACQUIRE 51% OF LICENCE Angus has entered into exclusivity arrangements to acquire 51% of the licence together with Operatorship, subject to OGA and regulatory approvals, of a UK Onshore Gas Field. The Gas Field presents an opportunity for field reh
Slide 16: Business Development – The Gas Field
BUSINESS DEVELOPMENT – The Gas Field Stable gas/condensate production from large onshore field… Two Existing Sites with Production Facilities Installed Data from OGA SIGNIFICANT RESOURCES Dry Gas Production Significant contingent gas and associated condensate 60 resources would be acquired. Opportun
Slide 17: The Gas Field - Structure
THE GAS FIELD - Structure Potential Upside Untapped Fault Blocks within structure • 8 wells already drilled with 7 completed and available for production – near horizontals (2 with full core available) • Existing pipeline facilities already in place • 3D seismic block acquired in 1997-99 with reproc
Slide 18: The Gas Field - Reservoir
THE GAS FIELD - Reservoir Proven Petroleum System East Midlands Basin • Proven reservoir comparable with other established oilfields in East Midlands Basin. Multiple sources of hydrocarbons including Westphalian coals and organic rich basinal mudstones • Modest gas:condensate ratio (15bbls/mmscf) •
Slide 19: The Gas Field - Development
THE GAS FIELD - Development Nearby Gas Processing Terminal closed in 2018… In the end of 2017 ConocoPhilips (owner) announced plans SELF - CONTAINED to shutdown the terminal in 2018. Production ceased in August 2018. (conocophilips.com) Closure of terminal in August 2018 meant that this project beca
Slide 20: The Gas Field – Drilling Potential
THE GAS FIELD – Drilling Potential Further drilling Untapped Fault Blocks within structure • Recent sidetrack was attempted in early 2016 but was unsuccessful because of avoidable operational difficulties • Scope for increasing existing reserve base by drilling further sidetracks From Hodge, 2003 •
Slide 21: The Gas Field - Summary
THE GAS FIELD - Summary UK ONSHORE GAS OPPORTUNITY The field was acquired for gas storage and when that did not go ahead production was attempted. Further sidetrack failed so a limited production was continued. When the nearby national gas terminal closed and gas prices were low production ceased… T
Slide 22: The Gas Field – Risk & Disclaimer
THE GAS FIELD – Risk & Disclaimer RISKS AND MITIGATIONS ASSUMED A provisional risk register has been compiled and the principle risks identified are; • Reservoir risks associated with the remaining reserves and the drilling of new wells however, due to the mature nature of the field these are though
Slide 23: Lidsey
LIDSEY Potential Upside Untapped Fault Block • New structural lead identified to the SW of main structure based on drilling results of Lidsey X2 and detailed review of previous mapping • Untapped structure would be at virgin reservoir pressure • Plan in place for low cost seismic acquisition program
Slide 24: Lidsey: Low cost program to work-up structure
LIDSEY Low cost program to work-up structure… SEISMIC ACQUISITION Low cost seismic program to acquire further geophysical data across licence UNTAPPED BLOCK Structural lead at original reservoir pressure LOW COST PRODUCTION Incremental production from existing facilities and drilling pad Investor Pr
Slide 25: Use of Proceeds
USE OF PROCEEDS Funds required to develop work program and undertake Business Development DD: £3.5m includes £1.2m GWC Equity Placing Brockham Logging, Isolation & Recompletion Program £0.6m 9.91 % 6.53% Balcombe Approval submission, well clean up & EWT £0.6m 5.01% 6.53% Lidsey Acquisition of seismi
Slide 26: George Lucan, Managing Director
George Lucan Managing Director www.angusenergy.co.uk T: 020 8899 6380