Bounty Oil and Gas NL Excellence in Oil & Philip F Kelso CEO - - PDF document
Bounty Oil and Gas NL Excellence in Oil & Philip F Kelso CEO - - PDF document
Bounty Oil and Gas NL Excellence in Oil & Philip F Kelso CEO Sydney, March 2, 2011 Gas Gas y DIS CLAIMER This presentation contains forward looking statements that are subj ect to risk factors associated with the oil f t i t d
DIS CLAIMER
This presentation contains forward looking statements that are subj ect to risk f t i t d ith th il d i d t It i b li d th t th factors associated with the oil and gas industry. It is believed that the expectations reflected in these statements are reasonable but they may be affected by a range of variables which could cause actual results or trends to differ materially, including but not limited to: product price fluctuations, actual demand, currency fluctuations, geotechnical factors, drilling and production results, oil and gas commercialisation, development progress, operating results, engineering estimates, reserve estimates, loss of market, industry competition, environmental risks, physical risks, legislative, fiscal and regulatory , p y , g , g y developments, economic and financial markets conditions in various countries, approvals and cost estimates. All references to dollars, cents or $ in this document are Australian currency, unless otherwise stated
2
Bounty – Core growth in 2011 y g
- BUY has a strong balance sheet with $ 6 million cash at 31 December
2010
- BUY’s Core S
trategy lifted gross revenue to $ 1 million for the Half Y ear to 31 December 2010
- With Tapis around US
$ 100 per bbl oil revenues will help fund further
- With Tapis around US
$ 100 per bbl oil revenues will help fund further development and near field oil drilling in its oil proven Cooper Blocks planned for 2011
- Utopia 3D S
urveys completed with U11 H to drill in April 2011
- 2 more wells in Naccowlah Block
3
BUY growth in 2011
BUY Fundamentals on Upward Path p
500,000 0.14 0.16 0.18
Bounty Closing Price
200,000 250,000 300,000 350,000 400,000 450,000
Bounty Quarterly Revenue
$ 0.06 0.08 0.10 0.12 $ ‐ 50,000 100,000 150,000 1 Dec 05 1 Jun 06 1 Dec 06 1 Jun 07 1 Dec 07 1 Jun 08 1 Dec 08 1 Jun 09 1 Dec 09 1 Jun 10 1 Dec 10 0.00 0.02 0.04 26 May 06 26 May 07 26 May 08 26 May 09 26 May 10
50 60 70 600 700 800 50 60 70 600 700 800
Bounty Market Capitalisation
- Bounty’s focus on Core and Growth
Assets in Australia is providing a platform for future reserve and revenue growth
20 30 40 200 300 400 500 Millions of Shares
Issued Shares Market Cap
20 30 40 200 300 400 500 $ Millions Millions of Shares
Issued Shares Market Cap
revenue growth
10 ‐ 10
‐
100
4
BUY Fundamentals Platform
Bounty – Foundations for Reserve Growth beyond 2011 2011
- BUY’s Growth S
trategy this year will start in April 2011 with participation in the Nyuni 2 well in Tanzania targeting 8 MMBOE’s net to BUY BUY
- If successful Nyuni 2 will push the Block along the commercialisation
path
- Azalea Prospect –AC 32P offshore Vulcan Graben, maj or 3D
reprocessing proj ect completed and targeting 27 MMbbl oil net to Bounty up dip from oil in the Puffin Field drilling 2012 Bounty up dip from oil in the Puffin Field, drilling 2012
5
BUY growth beyond 2011
PEP 11 – S till a Maj or Growth Asset
- PEP 11 – BUY was free carried through New S
eaclem 1 with around $20 million i t d b Ad t E Ltd
j
invested by Advent Energy Ltd
- BUY has reduced to a 15 %
interest
- S
till early days with NS C 1 well data being analysed and
- S
till early days with NS C 1 well data being analysed, and
- Multi TCF gas in the Fish - Baleen structures has yet to be tested
- Block extended for 3 years
y
- 2D and 3D seismic surveys in 2011-2012
- Next well likely in 2013
6
PEP 11 S ydney Basin - a Growth Asset
BUY Proj ects and 2011 Proj ects j j
AC/P 32 Nyuni Tanzania ATP 789 EP 359, 412 & 435 Naccowlah
Production Exploration
Utopia Surat PEL 218 Naccowlah
p High Impact Exploration Offshore Well Exploration Well Development Well
PEP 11
- Wet conditions have curtailed activities in inland eastern Australia
- However still proposed to participate in up to 8 wells in 2011
7
However, still proposed to participate in up to 8 wells in 2011
BUY Proj ects
S teady growth in oil assets y g
70 80 90
Nacccowlah Purchase her
Bounty Monthly Average Production
d
Oil Production – provides underlying support for Bounty’s higher risk operations Bounty has been pursuing oil development and
30 40 50 60 Boepd
Downlands Closed Weath Downlands Closed
appraisal through Utopia oil field development, Naccowlah acquisition and exploration in the S urat basin western oil fairway. Oil revenue aimed to reach $2 million in 2011
10 20 Feb-09 Mar-09 Apr-09 May-09 Jun-09 Jul-09 Aug-09 Sep-09 Oct-09 Nov-09 Dec-09 Jan-10 Feb-10 Mar-10 Apr-10 May-10 Jun-10 Jul-10 Aug-10 Sep-10 Oct-10 Nov-10 Dec-10
Oil revenue aimed to reach $2 million in 2011 Interests in 1 MMbo of low risk drilling targets in S urat Basin western oil fairway, for drilling 2011 – 12.
2 2.5
Bounty Reserves
2011 12.
1 1.5 2 MMboe 2007 2008 2009 2010 0.5
8
BUY Australian Oil
2011 Drilling - Nyuni Tanzania –Targeting 1.2 TCF Gas
- Proven hydrocarbon system
Bewara West Bewara East
Okuza
- All proj ects within 20 km of gas plant and
pipeline
- Increasing local demand from both power
Nyuni West Bewara West Nyuni
0.87 Tcf 0.49 Tcf
generators (3 new plants planned) and industrial end users, commercialisation closer
- Kiliwani North proven 40 Bcf gas 3 5 km
To Dar es Salaam
Songo Songo East
Nyuni East
Amina Imbi
- Kiliwani North proven 40 Bcf gas 3.5 km
from gas plant
- Drilling Nyuni 2 in March/ April 2011
targeting 0.87 Tcf up dip from known gas in
Songo Songo South Songo Songo Kiliwani North
Fanjove North
0.3 Tcf
targeting 0.87 Tcf up dip from known gas in Nyuni 1
- Fanj ove North next well subj ect to
successful transition zone seismic
Fanjove South Deep South
programme defining top of structure
- All targets accessible from Islands
5 10 Kilometres
Gas Accumulation Lead Exploration Block f Edge
9
Nyuni Block Tanzania
Exploration Block Development Block Oil Seep Gas Pipeline Shelf
BUY 5%
Nyuni 2 - Target y g
_
- 2200
Nyuni 1 Nyuni 2 Albian Aptian
A B _ _ _
- 2300
- 2400
- 2500
Albian Aptian Neocomian Gas 15 m Gas Column in Albian Aptian Nyuni 1 SL
_ _ _
- 2600
- 2700
- 2800
Gas Down to in Nyuni 1 Lowest Closing Contour Albian Aptian Nyuni 1 metres AS
S ubstantial structure with four
_ _
- 2900
- 3000
Lowest Closing Contour
S ubstantial structure, with four way dip closure
- Albian/ Aptian age sands proven reservoir in Nyuni 1 and Neocomian age sands tested 40
MMcfg/ day in Kiliwani North 1
- Neocomian main reservoir in S
- ngo S
- ngo Gas Field
- 20 km from S
- ngo S
- ngo Gas Plant
10
S uccess will add 8 MMboe to Bounty’s contingent resources
2011 Drilling - Utopia Development g p p
Warragon Kenmore Black Stump
5 10 Kilometres
Utopia 1 Utopia 2 Utopia 3 Utopia 5 Utopia 6 Utopia 7 Utopia 8 Utopia 9 Finnish 1 Monler North 1 Thunbunnee 1
Cranstoun Endeavour Glenvale Monler Kooyong
Utopia 11H
Ufouria 1 Utopia 10 Utopia 8
- Utopia 10 successfully intersected
the reservoir but the stimulation
Sirius (Qld) 1 T
- olerah Creek 1
Nudgee 1
Talgeberry Minni Ritchi Tintaburra Marcoola Tarbat/Ipundu Gimboola Mulberry
B a l l e r a
Utopia 11H
the reservoir but the stimulation caused high water cut.
- Utopia 11H is a short leg horizontal
from Ufouria 1 to Utopia 1. Drilling
PL 214 ATP 560P U
Ufouria 1 Seagoon 1
g y Toobunyah Kooroopa Kooroopa North Takyah Utopia
B a l l e r a Moomba Jackson
Utopia 10
delayed by wet weather –April 2011
- Completed 3D to give framework
for further development wells later
Minedella 1 Utopia 4 Hakheem 1 Currawinya 1 Muginanullah 1
Zenoni Oil Field Lead Gas Pipeline Oil Pi li
Utopia 11H 11
for further development wells later in 2011
Targeting wells with 100 – 150 bopd production
Aros 1 & 2
Oil Pipeline
2011 Drilling Naccowlah g
259P N PL 87 PL 182 82
- Two successful wells drilled in 2010,
Watson West 1 and Irtalie East 1.
- One exploration and one development
Pitchery PL 25 PL 62
79 105 PL 109 PL 175 181 PL 189 107 149
ATP 259P N
well planned for 2012
- Two new completions and three new
connections will ensure production (weather permitting) at a substantially
Bogala Gunna Jackson Karri Naccowlah West Pitchery Tinpilla Wilson Naccowlah South PL 23 PL 26 ATP 259P N
(weather permitting) at a substantially higher rate than in 2010
- Naccowlah will provide revenue in
excess of $1 million per annum
Cooroo North C ll Jackson South Koora Nockatunga Thungo Wallawanny North Winna Kihee Jarrar Dilkera PL 24
PL 76 77
ATP 259P N PL 36
I t li E t 1
excess of $1 million per annum
Corella Echuburra Maxwell
10 20 Kilometres
78 133
Irtalie East 1
Wandilo G N th Minos Tennaperra Tennaperra Watson
Kilometres
PL 35
Watson West 1
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Naccowlah acquisition adds oil reserves
Genoa Genoa North Watson South
2011 Drilling - S urat Basin QLD Oil Fairway
- Developing seriatim of oil
g Q y
Gas Field Oil Field Gas Prospect/Lead Oil Prospect/Lead Boxvale Prospect/Lead P d ti Li
p g prospects in the southern S urat Basin
- Ewokk and Eluanbrook are up
Surat
Production Licence Gas Pipeline Oil Pipeline Well with Oil Show Well With Oil and Gas Show
dip from hydrocarbons in the S howgrounds S andstone
- Mardi is migration focus in
Boxvale S andstone up dip from
Waggamba
Mardi 0.33 MMbo Bellbird Oil Field Two wells oil to surface possibly 2 MMbOIP
Ungabilla 1
Boxvale S andstone up dip from S howgrounds zero edge, surrounded by oil fields
- Acquiring 3D seismic over
Oil Fairway
Waggamba
Alton
Mardi 0.33 MMbo
Bellbird
Acquiring 3D seismic over Ewokk to define drilling target for later 2011
- Bellbird Oil Field, two wells
Eluanbrook 0.3 MMbo Ewokk 0.36 MMbo
Cockatoo 1
Fairymount
flowed oil to surface, unconventional reservoir
ATP 754P
13
Over 1 MMbblo recoverable in targets identified to date
2011 Drilling – Bee Eater g
Gearle Siltstone R diolarite
Bee Easter Prospect Schematic
Rivoli
Windalia Radiolarite Muderong Shale Trap
t i
- n
- l
t
Birdrong Sandstone
O i l m i g r a t i
- n
i n c e p t i
- n
p
- s
t f a u l t p r e R
- u
g h R a n g e A n t i c l i n e
Rough Range Bee Eater
EP 435 - 10% EP 359 - 10%
- Drilling Bee Eater 1 in 2011 ?
?
- 5MMbbl oil target with structure timed for oil
charge
Oil Field Gas Field
Rough Range
PL L16 - 10%
- S
uccess would mean early production through granted production licence
- Possible shale gas play in Patterson Trough
Lead
EP 412 - 65% EP 359 - 10%
west of Rough Range
10 20
14
Carnarvon Basin onshore targeting 5 MMbblo
Kilometres
BUY will see Ongoing Growth and Core Development p
2012
AC/P 32
2011
ATP 789 Nyuni Tanzania EP 359, 412 & 435
2011 2011/12 2012
ATP 789
Production Exploration High Impact Exploration
PEP 11
412 & 435 Utopia Surat PEL 218 Naccowlah
2011 Ongoing 2012/13
- Growth Proj ect high impact drilling will continue through to 2013, each with company making targets
PEP 11 Ongoing
- Core oil development, appraisal and near field exploration will continue with steady revenue
increases and drilling through and to 2012-13
- Basics will drive BUY S
hare price recovery
15
BUY