PRESENTATION BY MANAGING DIRECTOR · ABN: 25 113 326 524 Level 2, 22 Delhi St, West Perth, WA 6005...
20
WHL Energy Ltd ABN: 25 113 326 524 Level 2, 22 Delhi St, West Perth, WA 6005 P.O. Box 1042, West Perth Western Australia 6872 T: +61 8 6500 0271 F: +61 8 9321 5212 www.whlenergy.com ASX/MEDIA RELEASE 14 DECEMBER 2011 PRESENTATION BY MANAGING DIRECTOR Australian energy company WHL Energy Limited (ASX: WHN) (“WHL Energy” or “the Company”) is pleased to announce that the Company’s Managing Director, Mr Steven Noske, will today present an update on the Company at a Perth media luncheon arranged by Professional Public Relations (“PPR”). A copy of the presentation is attached. Mr Noske commented that the Company had commenced negotiations with parties in respect to farming into its offshore Seychelles oil and gas assets. “These negotiations involve multiple parties and due to the complexity of the discussions are taking some time to finalise,” Mr Noske stated. The Company will provide a detailed update to the market as soon as any negotiations are finalised and any agreements are reached between the respective parties. End. FURTHER INFORMATION Shareholders/Investors: Media contact: Steve Noske Colin Hay WHL Energy Ltd Professional Public Relations T: +61 8 6500 0271 T: +61 8 9388 0944 E: [email protected] E: [email protected] About WHL Energy Limited ASX-listed WHL Energy Ltd (ASX: WHN) is an oil and gas exploration company. The Company’s “flagship” project is its very large offshore Seychelles oil and gas exploration interests. This 21,426.3km 2 exploration holding is considered prospective for potentially very large hydrocarbon targets, and WHL Energy is currently undertaking further work to gain a higher understanding of that potential as it progresses the Seychelles oil and gas assets towards farm-out and drilling. For personal use only
Transcript of PRESENTATION BY MANAGING DIRECTOR · ABN: 25 113 326 524 Level 2, 22 Delhi St, West Perth, WA 6005...
WHL Energy Ltd ABN: 25 113 326 524 Level 2, 22 Delhi St, West Perth, WA 6005
P.O. Box 1042, West Perth Western Australia 6872
T: +61 8 6500 0271 F: +61 8 9321 5212
www.whlenergy.com
ASX/MEDIA RELEASE 14 DECEMBER 2011
PRESENTATION BY MANAGING DIRECTOR
Australian energy company WHL Energy Limited (ASX: WHN) (“WHL Energy” or “the Company”) is pleased to announce that the Company’s Managing Director, Mr Steven Noske, will today present an update on the Company at a Perth media luncheon arranged by Professional Public Relations (“PPR”).
A copy of the presentation is attached.
Mr Noske commented that the Company had commenced negotiations with parties in respect to farming into its offshore Seychelles oil and gas assets. “These negotiations involve multiple parties and due to the complexity of the discussions are taking some time to finalise,” Mr Noske stated.
The Company will provide a detailed update to the market as soon as any negotiations are finalised and any agreements are reached between the respective parties.
End.
FURTHER INFORMATION Shareholders/Investors: Media contact: Steve Noske Colin Hay WHL Energy Ltd Professional Public Relations T: +61 8 6500 0271 T: +61 8 9388 0944 E: [email protected] E: [email protected]
About WHL Energy Limited
ASX-listed WHL Energy Ltd (ASX: WHN) is an oil and gas exploration company.
The Company’s “flagship” project is its very large offshore Seychelles oil and gas exploration interests. This 21,426.3km2 exploration holding is considered prospective for potentially very large hydrocarbon targets, and WHL Energy is currently undertaking further work to gain a higher understanding of that potential as it progresses the Seychelles oil and gas assets towards farm-out and drilling.
For
per
sona
l use
onl
y
A significant African focused oil and gas company has emerged
PPR Media Lunch December 2011
ASX:WHN
For
per
sona
l use
onl
y
December 2011
This presentation has been prepared by WHL Energy Limited (“WHL” or the “Company”). It should not be considered as an offer or invitation to subscribe for, or purchase any, securities in the Company or as an inducement to make an offer or invitation with respect to those securities. No agreement to subscribe for securities in the Company will be entered into on the basis of this presentation
This presentation contains forecasts, projections and forward looking information. Such forecasts, projections and information are not a guarantee of future performance and involve unknown risks and uncertainties, many of which are out of WHL’s control. Actual results and developments will almost certainly differ materially from those expressed or implied. WHL has not audited or investigated the accuracy or completeness of the information, statements and opinions contained in this presentation. To the maximum extent permitted by applicable laws, WHL makes no representation and can give no assurance, guarantee or warranty, express or implied, as to, and takes no responsibility and assumes no liability for (1) the authenticity, validity, accuracy, suitability or completeness of, or any errors in or omission from, any information, statement or opinion contained in this presentation and (2) without prejudice to the generality of the foregoing, the achievement or accuracy of any forecasts, projections or other forward looking information contained or referred to in this presentation
2
Disclaimer
ASX:WHN
Throughout this presentation all figures are quoted in A$ dollars unless otherwise stated. You should not act in reliance on this presentation material. This overview of the Company does not purport to be all inclusive or to contain all information which its recipients may require in order to make an informed assessment of WHL’s prospects. You should conduct your own investigation and perform your own analysis in order to satisfy yourself as to the accuracy and completeness of the information, statements and opinions contained in this presentation before making any investment decision
Competent Person’s Statement
The information in this report has been prepared by their full time employee Matt Fittall (Exploration Manager); a person qualified to prepare information relating to reserves and/or resources in accordance with the Australian Securities Exchange Listing Rules.
December 2011
For
per
sona
l use
onl
y
December 2011
o Over the last year
• The new Board has been engaged to transform the company.
• The company has relocated to Perth and the executive team has been strengthened considerably
(WHL was a Sydney based energy company with no full-time staff)
• All legacy assets have been strategically reviewed and divestment has commenced.
• United States: US on-shore oil and gas projects divestment to be completed by 31 Dec 2011.
• United Kingdom: Wind farm - the company is completing a strategic review of this business
• The Company moved quickly to undertake due diligence for the acquisition of PQI/Seychelles asset
• The Company acquired 100% of the equity of PetroQuest International Inc (PQI) in 1Q 2011,
• New focus on East/North Africa regional exploration
• The Company raised $17 million over 2011 to underpin its exploration programme in the Seychelles
• Includes ~$2m from Seypec (Seychelles government regulator) which owns ~5% of the shares in the company
o What are we now – Our current focus assets
• Seychelles Exploration – our flagship asset
• International leading independent expert has confirmed multi-billion barrel potential
• WA-460-P (formerly W10-25)
• Provides near term exposure to a high impact well in the neighbouring Shell operated permit
Acquisition of the Seychelles acreage has been transformational for WHL Energy Ltd
3
2011 – The Year in Review
ASX:WHN December 2011
For
per
sona
l use
onl
y
December 2011 4
WHL Energy’s Growth
ASX:WHN
The past 12 months has been one of significant change for WHL Energy, progressing from a struggling microcap to todays position of financial strength. As an emerging mid cap oil and gas company, WHL Energy is now in an enviable position with a high calibre management team capable of progressing the company’s highly prospective Seychelles oil and gas exploration acreage
Very strong liquidity with an average of 25 million shares trading each day
December 2011
For
per
sona
l use
onl
y
December 2011 5
The WHL Energy team brings substantial experience with major operators
The Board has changed…..
ASX:WHN
John Chandler (Chairman) John Chandler, who was appointed to the WHL Energy Board as a Non-Executive Director in August 2011, brings key oil and gas management and corporate experience to the Chairman’s position at a time when the Company is making strong progress with its “Flagship” offshore Seychelles exploration project.
Steve Noske (Managing Director) is an Engineer with over 27 years of Upstream oil and gas experience with majors including Woodside, Shell, BHP Billiton and 7 years in business development with Mitsui.
David Rowbottam (Executive Director Finance) David Rowbottam was previously the founding Managing Director of Exoma Energy Limited, an ASX listed, US focused oil and gas exploration company. Mr Rowbottam had worked as a senior financial executive with international and Australian experience with businesses including Antares Energy Ltd, Alinta Group and the BHP Group.
Trevor Benson (Non-executive Director) Mr Trevor Benson has been appointed to the role of Non-executive Director. Mr Benson brings to this new role a strong background in corporate advisory and investment banking. He has over 25 years’ experience in investment banking and has previously held the positions of Director, Corporate Advisory at Argonaut Limited and Head of Corporate Finance and Operations at Tolhurst InterFinancial. His cross-border experience includes advising companies on M&A, restructuring and listing on AIM in London, and is currently involved with companies moving to the TSX in Canada.
Managing Director Steve Noske
Exploration Manager Matt Fittall
Geophysical Advisors Contractors x 3
Chief Geophysicist Being recruited
Business development/ Exploration Advisor
Kim Morrison
Finance Director
David Rowbottam
Chief Financial Officer Bev Scully
Bookkeeper Lisa Pilling
Company Secretary Matthew Edmondson
Stakeholder Relationship
Jodie Margaria
WHL ENERGY BOARD
WHL Energy Current Organisation
Non-exec Director
Exploration focus (vacant)
Company secretary
December 2011
For
per
sona
l use
onl
y
December 2011 6
The WHL Energy team brings substantial experience with major operators
Technical Team is growing…
ASX:WHN
Matt Fittall (Exploration Manager) is a Geologist of 27 years standing with a wide range of technical, commercial and management experience in oil and gas exploration, field development and production with major operators, mostly with BHP Billiton Petroleum, but also Delhi Petroleum, Mitsui and Total.
Kim Morrison (Business Development / Exploration Advisor) has over 25 years of senior technical and managerial experience in major oil and gas companies such as Woodside, Shell and Marathon Oil, and as well as small-cap oil and gas companies such as Fletcher Challenge and Hartogen. Kim has been involved in numerous discoveries and development projects throughout Australasia, Asia, Gulf of Mexico and North Africa.
Michael Wilson (Chief Geophysicist) over 30 years of exploration experience, largely with Esso/Exxon, but also with Woodside Petroleum, and most recently in Vietnam with Premier Oil. His experience covers all aspects of seismic acquisition, processing and interpretation and he also has extensive international experience in Australia, Gulf of Mexico, the Vietnamese offshore basins and Libya.
Our seismic interpretation contractors also bring decades of major company experience.
WHL Energy Technical Team
Managing Director
Steve Noske
Exploration Manager Matt Fittall
Geophysical / Geological Advisors
Contractors x 3
Chief Geophysicist Michael Wilson
Business Development / Exploration Advisor
Kim Morrison
For
per
sona
l use
onl
y
December 2011
Location: Seychelles – Indian Ocean Seychelles ExclusiveEconomic Zone
Ophir Recent Discoveries
Anadarko Recent Discoveries
• Land Area 455 sq km. • EEZ 1.33 million sq km • 60,000 sq km< 200m WD • 115 Islands
• Population 87,000 • Supportive Government • Effective governance
ASX:WHN
WHL Energy Key Statistics
Granted Acreage Position (km2) 21,426
2D Seismic Acquired (km) 7,966
Unrisked Net Mean Prospective Resources (P50) (boe) – Internal analysis, 27 top leads and prospects
5.5 billion
Unrisked Net Mean Prospective Resources (P50) (boe) – 21 most advanced leads and prospects (Netherland Sewell, & Associates)
3.5 billion ASX:WHN 8 December 2011
For
per
sona
l use
onl
y
December 2011 9
o The Seychelles was considered by the industry as having interesting geology but uncertain prospectivity
• Poor seismic data quality
• Uncertain presence of a Petroleum System
• But East Africa nearology
The Seychelles Where we were Nov 2010
ASX:WHN
For
per
sona
l use
onl
y
December 2011 10
WHL Energy: Expenditure in Seychelles
o WHL Energy has demonstrated commitment to exploration in the Seychelles
o WHL Energy has raised $17 mill over 2011
o Over $12.5 million to end 2011 will have been spend exploring the Seychelles
ASX:WHN
Maritime Boundary
WHL Acreage
Other Held acreage
Fugro 2D lines (unshot)
Fugro 2D lines (shot)
For
per
sona
l use
onl
y
December 2011 11
Seychelles Project
o Seychelles project has been on a very fast track
• Regional geological studies
• Petroleum System model developed for Seychelles
• Preliminary processed SY10 seismic data received early July, V2 PreSTM data received early August
• Final processing ongoing, expected December
• Initial interpretation completed early August, firmed up during August, work ongoing
• Commenced farmout beginning of September
o World class exploration portfolio confirmed
• WHL estimate 5.5 billion barrel mean prospective resources for exploration portfolio of 27 leads
• International consultants NSAI report 3.4 billion barrel mean prospective resource for 21 firmest leads
o Farm-out process ongoing
ASX:WHN
For
per
sona
l use
onl
y
December 2011 12
Seychelles Project
ASX:WHN
For
per
sona
l use
onl
y
December 2011 13
Seychelles transformation; Today, Nov 2011
o Substantial exploration portfolio generated o The Seychelles is on the radar of the major players in
the oil and gas exploration industry • Game-changer improvement in seismic data
quality • Prospectivity supported by high quality,
innovative technical work
0.03
0.24
0 100 200 300 400 500 600 700 800 900 1000
Seychelles WA-460-P
Seychelles Karoo Depth Structure
Mean Prospective Resource
Hig
h R
isk
Low
For
per
sona
l use
onl
y
December 2011 14
WHL Energy – Business Plan
Dataroom process now complete
ASX:WHN
Finalise commercial negotiation, complete legals and regulatory approvals
For
per
sona
l use
onl
y
December 2011 15
WA-460-P (W10-25), WHL 33.33%
WA-460-P
Palta structure
o Exposure to Shell Palta-1
• 2.5 Tcf of 13.5 Tcf Palta gas prospect lies in WA-460-P (~20%) (WHL interpretation)
• Palta-1 expected to be drilled 2012
• WA-460-P offers exposure to a high impact well
WA-460-P
Year 1 (2012) Geotechnical Studies Year 2 (2013) 92 km 2D Reprocessing Year 3 (2014) 81 sq. km. of 3D seismic and 9.2 km 2D seismic
ASX:WHN
For
per
sona
l use
onl
y
December 2011 16
Building the portfolio Strategic Themes
0 100 200 300 400 500 600 700 800 900 1000
Seychelles WA-460-P Example of Appraisal Asset
Mean Prospective Resource
Ris
k Lo
w
Hig
h
Grow the portfolio into a lower risk
domain
De-risk Seychelles portfolio with 3D and infill 2D seismic
Add potential production
assets
“Blue Sky” assets
1. Building on the Seychelles to grow our portfolio into Africa
• Initial East Africa focus
• Strong West Africa deal flow
2. Playing to our strengths in Australia
• Eg. W10-25/WA-460-P
3. “Line of sight to production”
• Capture an asset (or 2) which has a clear timetable for production in 3 – 5 years
4. “Promotable” projects
• High reward, likely higher risk, low entry cost, “blue sky”, first mover
2011 bid round
participation
ASX:WHN
For
per
sona
l use
onl
y
Growth beyond the Seychelles
ASX:WHN December 2011
For
per
sona
l use
onl
y
December 2011 18
Seychelles Project o Next steps
• Complete farm-out
• 3D and infill 2D seismic
• Firm-up key prospects and leads for drilling
• Drilling 2013/14
ASX:WHN
For
per
sona
l use
onl
y
December 2011 19
Looking Forward Strategic Themes
o Africa Country Review
• Initial East Africa focus
• Strong West Africa deal flow
• Initial country review completed
• Commenced screening deals
o Playing to our strengths in Australia
• Recent success WA-460-P
• Bid submitted in 2011 gazettal round
o Forward Plan
• Pursue selected East Africa opportunities
• Work the West Africa deal flow
• Selected Australia opportunities
Mod
erat
e ris
k, m
oder
ate
rew
ard
expl
orta
ion
Pla
ying
to o
ur s
treng
ths
Line
of s
ight
to p
rodu
ctio
n
Pro
mot
able
Pro
ject
s
East Africa
West Africa
Australia
For
per
sona
l use
onl
y
December 2011 20
Conclusion o WHL Energy has transformed
• Operational oil and gas explorer
• Seychelles farm-out to be concluded in near term
• Next phase of work likely to be 3D seismic acquisition followed by drilling
• Captured WA-460-P at gazettal round
• exposure to well in 2012
o WHL Energy is poised for our next phase of growth
• Growing and balancing our exploration portfolio
• East and West African opportunities being screened
• Near term East African opportunity to be captured
• Capture an asset (or 2) which has a clear timetable for production in 3 – 5 years
– Bid on appraisal asset in 2011 gazettal round, view to production 2016.
• Further grow the capability of the company
ASX:WHN
For
per
sona
l use
onl
y
