Reabold Resources Plc · LSE:RBD
Reabold Resources — Investor Presentation (October 2019)
21 slides from Reabold Resources's investor presentation, October 2019
Slide 1: Reabold Resources plc – October 2019
reabold resources plc dp October 2019
Slide 2: Disclaimer
Disclaimer These Presentation Materials do not constitute or form part of any invitation, offer for sale or subscription or any solicitation for any offer to buy or subscribe for any securities in the Company nor shall they or any part of them form the basis of or be relied upon in any manner or for
Slide 3: Introduction
Introduction Management Stephen Williams Sachin Oza • 16 years’ experience in the energy sector • 17 years’ investment experience • Investment analyst focussing on the energy • Investment analyst at M&G Investments from sector at M&G Investments where he worked 2003-2016, covering the Oil & Gas sect
Slide 4: Portfolio Overview
Portfolio Overview • Four investments across the UK, Romania and California Rathlin Energy (UK) Danube Petroleum (Romania) • £20M invested to date for ca 60%1 ownership • £3.1M invested to date for 41.6% ownership • Rathlin has a ca 66.7% WI in PEDL 183, which holds • Danube holds a 100% interest in
Slide 5: Delivering Activity & Success with Drill Bit
Project Q3 2018 Q4 2018 Q1 2019 Q2 2019 Q3 2019 Future Wells Delivering Activity & Success with Drill Bit California - On Production Workovers California - West Project Q3 2018 Q4 2018 Q1 2019 Q2 2019 Q3 2019 Future Wells Discovery: On Production Brentwood VG-3 California California - - West On Prod
Slide 6: PEDL183 – West Newton Discovery
PEDL183 – West Newton Discovery • PEDL 183, located near Hull on the North East coast of England, holds the West Newton discovery PEDL 183 – West Newton Discovery • Two wells at West Newton confirm a major oil and gas discovery • Potentially one of the largest conventional UK oil discoveries • Ideal
Slide 7: PEDL 183 – Surrounding Infrastructure
PEDL 183 – Surrounding Infrastructure Saltend Chemicals Park (Ineos / ENGIE) Aldbrough Gas Storage (SSE) Dimlington Terminal (Perenco/Centrica) Lindsey Refinery (Total) Humber Refinery (Phillips 66) 6
Slide 8: West Newton - A-2 Appraisal Well
West Newton - A-2 Appraisal Well • A-2 well significant discovery in Kirkham Abbey formation; gross oil column of c.45m and gross gas column of c.20m • Well logs and 28m core cut from Kirkham Abbey indicate encouraging porosity and natural fracturing within the oil zone • Extended Well Test ("EWT")
Slide 9: West Newton Forward Plan
West Newton Forward Plan • Appraisal of Kirkham Abbey Formation through flow test at WN-2A well • Update CPR incorporating all data gathered to date as well as testing results • Drill first well from West Newton B site, appraising the Kirkham Abbey as well as targeting the Cadeby in a more optimal l
Slide 10: Danube Petroleum - Parta, Onshore Romania
Danube Petroleum - Parta, Onshore Romania • Reabold has invested £3.1M into Danube Petroleum for its Net to Danube Net to RBD 41.6% equity interest Prospective Resources 49.9 bcf 25 bcf • Danube holds 100% in Parta Appraisal Programme and 50% Well Cost ($M) $5.6M $2.8M interest in the wider Parta Li
Slide 11: Parta Appraisal – IM-1 Well
Parta Appraisal – IM-1 Well • IM-1 well resulted in significant uplift on pre-drill contingent resource estimate to 20bcf 1 (from 6.1bcf) • The well intersected key appraisal and exploration targets • PA IV sands (appraisal target) 11bcf • PA III and PA V (new discovery zones) 2.7bcf and 6.3bcf • Be
Slide 12: Parta Forward Programme and Transaction Overview
Parta Forward Programme and To update Transaction Overview • Reabold has an option to invest ~£2M GBP for new Danube shares at 20% premium to pre discovery valuation • Increases Reabold equity ownership to 49-52% (dependent on ADX uptake of smaller option at same price) • Additional investment will
Slide 13: Reabold California
Reabold California • Reabold’s 100% owned subsidiary, Reabold California, which has three licence areas: • West Brentwood 50%; • Monroe Swell 50% and • Grizzly Island to earn in 50% after drilling 1 well • Four wells drilled to date, all resulting in discoveries and all put into production • Current
Slide 14: Reabold California Forward Plan
Reabold California Forward Plan • Drilling programme focused on growing cash flow from highly profitable West Brentwood and Monroe Swell licences • Future wells expected to be funded from California cashflow – self funded organic growth business • Expanding facilities at Monroe Swell to accommodate
Slide 15: Corallian Energy Colter Discovery and Curlew-A Appraisal
Corallian Energy Colter Discovery and Curlew-A Appraisal • Reabold holds a c.35% equity interest in Corallian Energy Corallian Licence Areas • Rich portfolio of UK offshore appraisal and exploration assets • Corallian drilled the Colter appraisal well at a 49% equity interest in Q1’19 • Oil discover
Slide 16: October Placing and Rathlin Transaction
October Placing and Rathlin Transaction Rathlin Investment & Swap Reabold Transaction Impact 650 750 0.11x 700 $677m 600 Core + Unrisked NAV 550 212 650 $274m 600 500 Value Accretion 550 450 500 400 450 350 213 400 300 350 548 250 300 250 200 0.47x $202m Core NAV 200 150 123 62 $29m 150 100 Investme
Slide 17: Near-Term Newsflow
TBC Near-Term Newsflow Q4 ‘19 Q1 ’20 Q2 ‘20 Q3 ’20 Q4 ’20 Q1 ‘21 West Newton A - 2 Test B – 1 Well B – 2 Well B – 1/2 Test Danube IM – 1 Test Seismic IM – 2 Well IM – 2 Test California VG – 6 Well Monroe 3rd Well Grizzly Well VG – 7 Well 16
Slide 18: Summary
Summary • Proven management-team, which has identified and established a material and diverse portfolio of investments • Significant existing embedded value in the portfolio. California drilling self-funded, low risk and high return • Recent placing funds highly accretive investments into Rathlin an
Slide 19: Board, Management and Advisors
Board, Management and Advisors Stephen Williams – co CEO Sachin Oza – co CEO • 16 years’ experience in the energy sector • 17 years’ investment experience • M&G Investments, energy investment • M&G Investments, global Oil & Gas sector analyst - 2010 to 2016 investment analyst – 2003 to 2016 • Simmon
Slide 20: Sources
Sources The technical information and resources estimates provided in this presentation in relation to the projects in which Reabold has invested have been extracted from the presentations and technical data provided to Reabold by the operating companies in which Reabold has invested. That data has
Slide 21: Reabold Resources plc
reabold resources plc q
Reabold Resources — Investor Presentation (October 2019) on 6ix