Xstate Resources Limited · ASX:XST
Xstate Resources — Investor Presentation (February 2011)
24 slides from Xstate Resources's investor presentation, Feb 7, 2011
Slide 1: Sidi Dhaher Spudding in Late February
ABN N 96 009 217 154 For personal use only 7 Februaary 2011 ASX Lim mited Eleectronic lod dgement SIDI DHA AHER SPU UDDING IN N LATE FE BRUARY Please ffind attacheed a copy off an updateed investor presentatio on for XStatee Resources. Preparaations are continuing apace for th e drilling off the 300
Slide 2: XState Resources Limited Investor Update February 2011
For personal use only XState Resources Limited Investor Update February 2011
Slide 3: XState - An Emerging Oil and Gas Company
XState- An Emerging Oil and Gas Company For personal use only ASX: XST • Active: Drilling Big Prospects in Tunisia and Italy: ▫ Onshore 300+ Million Barrel Prospect to spud in February 2011 • Strategic: Seeking to Monetize Existing and New Discoveries ▫ Pre-FEED evaluation of offshore Dougga and Lam
Slide 4: XST (ASX) Snap Shot
XST (ASX) Snap Shot For personal use only Challenger Rig 37 to drill in Feb 2011 Capital Structure Shares on issue 67.5 million (undiluted) Options on Issue: $0.24 Listed Options 48.4 million exp 30 June 2013 Market A$10 million Capitalization Share Ownership John Begg Non‐Executive Chairman Gary Je
Slide 5: XState Underlying Value
XState Underlying Value Net mean un-risked oil and gas resources from only Dougga and Lambouka discoveries; For personal use only and upcoming Sidi Dhaher Prospect Dougga1 41 Bcf gas 100 (Net Tested Contingent 2.8 million barrels condensate Resources) 90 80 Lambouka 31 Bcf gas Net XST (mmboe) (Net U
Slide 6: XState's Permits in Tunisia and Italy
XState’s Permits in Tunisia and Italy: Excellent Oil & Gas For personal use only Infrastructure; Gas Pipelines to European Gas Market; Tunisia settling after recent political unrest; Tunisia to Europe gas pipelines Oil and gas pipelines and gas plant and power station within Chorbane area 5
Slide 7: Chorbane Permit - Surrounded by Oil and Gas
Chorbane Permit- Surrounded by Oil and Gas (XST – 10%) For personal use only Sidi El Kilani Map Legend (45 mmbo) Prospects and Leads Gas Field Sidi Dhaher Prospect on Chorbane regional high trend Permit Sidi Behara Oil Field Sidi El Itayem Drilled Well Location BG Gas Processing Plant Chaal Gas Fiel
Slide 8: Seismic line across Sidi Dhaher Prospect showing flat spot anomaly
Portion of dip-oriented seismic line across Sidi Dhaher For personal use only Prospect showing “flat spot” anomaly Sidi Daher Prospect at Top Metlaouie ~ 10 km Sidi Daher Prospect Flat Event- possible Interpreted Direct Hydrocarbon higher porosity Indicator (DHI) reservoir trend (yellow) 7
Slide 9: Map of Sidi Daher with Prospectivity Indicators
Map of Sidi Daher with “Prospectivity Indicators” For personal use only Sidi Dhaher prospect (Structural Closure over 70 km2 on a regional high with encouraging coincident prospectivity indicators; and 6 potential stacked reservoirs) Most likely closure at HCI level Flat spot (HCI) on seismic Surfac
Slide 10: XST preparing to drill Sidi Dhaher Prospect onshore Tunisia
XST preparing to drill 300 million barrel Sidi Dhaher Prospect onshore Tunisia For personal use only Key Attributes: • Over 300 Million barrels of oil mean Recoverable Prospective Location of Flat Resource1 potential in just the Event -interpreted Primary Reservoir Zones Direct Hydrocarbon • Probabi
Slide 11: Offshore Permits - Kerkouane and Pantelleria
Offshore Permits - Kerkouane and Pantelleria: - Three (3) discovery wells (no dry holes) in 3,725 km2, For personal use only renewed for 3 years; - Strategic Acreage sandwiched between Super-Majors; and Oil and Gas fields Gas pipelines to Europe Shell Acreage- acquired 2010 (after XState's entry to
Slide 12: 3D Seismic line across key discovery wells in the Kerkouane Permit
3D Seismic line across key discovery wells in the For personal use only Kerkouane Permit 11
Slide 13: Dougga Discovery - Ready to be appraised
Dougga Discovery- Ready to be appraised For personal use only • 1981 Dougga Gas and Condensate (light oil) discovery ready for appraisal in higher oil and gas price environment following 3D Seismic (XST 10%): Up-dip Appraisal Target (200m + higher) in Abiod Formation Probability of Success (POS):
Slide 14: Dougga Top Reservoir Structure Map
Dougga Top Reservoir Structure Map For personal use only ‘Gas plume’ on 3D Seismic near leak point of structure Dougga 1 3D defined 36 km2 structural closure Dougga appraisal well to be drilled on crest of structure ~6 km 13
Slide 15: Seismic Cross Section - Lambouka Discovery Well
Seismic Cross Section - Lambouka Discovery Well For personal use only (XST 10%) Discovery well plugged and suspended to allow re-entry for side-track and further testing as hole conditions precluded sampling, pressure data gathering and flow testing; -Upside from up-dip potential and attractive Ital
Slide 16: Lambouka Discovery - Top Abiod Reservoir Structure Map
Lambouka Discovery- Top Abiod Reservoir Structure Map For personal use only Over 30 km2 structural closure Lambouka 1 discovery well Location of seismic Mean Recoverable line in previous slide Contingent Resources: 309 Bcf Gas, and 24 Million Bbl condensate (75 mmboe) 5 Km 15
Slide 17: Upside Potential from Pliocene Gas anomalies
Upside Potential from Pliocene Gas anomalies For personal use only analogous to reservoirs with multi-TCF dry gas discoveries in the Mediterranean Sea 16 Note: Varying Scales
Slide 18: Upcoming Value Changing Activity
Upcoming Value Changing Activity For personal use only Drill Sidi Dhaher Prospect (310 Sidi Dhaher Conductor Made Up (late January 2011) million barrels oil and 42 Bcf gas) Pre FEED studies and follow-up drilling on Dougga and Lambouka Discoveries with mean recoverable Contingent Resources of ov
Slide 19: XState Resources: Highly Leveraged Exposure to Increased Value
XState Resources (ASX:XST) For personal use only Highly Leveraged Exposure to Increased Value: 300+ million barrel prospect at Sidi Daher-well to spud Feb 2011; Pre-FEED on new untested Lambouka Gas / Condensate Discovery in conjunction with tested Dougga discovery; 3D Seismic and early wells
Slide 20: 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 Sidi Dhaher 1 well- Surface Conductor expectations reflected in these stateme
Slide 21: Supplementary Information
Supplementary Information
Slide 22: Onshore Permit - Chorbane (Tunisia)
Onshore Permit - Chorbane (Tunisia) For personal use only • Equity Interests after Farm-in to the Chorbane Permit (2,428 km2) : XState 10% ADX 40% (operator) Gulfsands (AIM listed) 40% Verus Investments 10% Sidi Dhaer El Jem Tunis 21
Slide 23: Offshore Permits: Kerkouane (Tunisia) Pantelleria (Italy)
Offshore Permits: Kerkouane (Tunisia) For personal use only 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% (opera
Slide 24: Experienced, Successful Oil and Gas Team lead XState
Experienced, Successful Oil and Gas Team lead XState For personal use only BOARD AND MANAGMENT John Begg Non Executive Chairman- John Begg 30 years Oil and Gas Experience (BSc) Founder of Voyager Energy 38 years Oil and Gas, Energy, and Mineral Resources experience Managing Director – Gary Jeffery (
XState Resources — Investor Presentation (February 2011) on 6ix