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MANAGEMENT UPDATE – Madagascar Oil

Madagascar Oil · May 14, 2012 · 35 slides

Investor presentation from the Shale Experts oil & gas presentation and slide database. Every page is imaged and its text indexed for search across operators, plays, basins and time.

Slides

  1. MANAGEMENT UPDATE – Madagascar Oil – slide 1
    Madagascar Oil Limited Management Update 14 May 2012 Not for release, publication or distribution, directly or indirectly, in or into the United States, Canada, Australia or Japan. 14 May 2012 Investor Update 1
  2. MANAGEMENT UPDATE – Madagascar Oil – slide 2
    Contents Background and Overview Tsimiroro Heavy Oil Project Tsimiroro Economics Conventional Opportunities Funding and Capitalisation Appendix 14 May 2012 Investor Update 3
  3. MANAGEMENT UPDATE – Madagascar Oil – slide 3
    Background and Overview 14 May 2012 Investor Update 4
  4. MANAGEMENT UPDATE – Madagascar Oil – slide 4
    Madagascar Political Summary Madagascar is the 4th largest island in the world covering almost 600,000 sq. KM and a population of 22 million Past socialist economic policies were replaced in the mid 1990s with a World Bank and…
  5. MANAGEMENT UPDATE – Madagascar Oil – slide 5
    Key Assets Madagascar Oil Limited (MOIL) has the largest onshore footprint in Madagascar comprising five contiguous blocks covering 29,500 km2. Tsimiroro (100% MOIL) - heavy oil field with 1.7 billon barrels Contingent…
  6. MANAGEMENT UPDATE – Madagascar Oil – slide 6
    Madagascar Oil Acreage Position Like Uganda several years ago, Madagascar is relatively unexplored with the current technology. 3102 3104 3105 3106 3107 14 May 2012 Investor Update 7
  7. MANAGEMENT UPDATE – Madagascar Oil – slide 7
    MOIL Acreage Compares Favourably Acreage held by MOIL in Madagascar is similar in size to acreage in Uganda where recent discoveries have occurred. Madagascar Oil Ltd Uganda acreage: Lake Albert to Lake Edward Acreage Position…
  8. MANAGEMENT UPDATE – Madagascar Oil – slide 8
    Tsimiroro: Significant Resource Increase In September 2011 Netherland, Sewell & (STOIIP) Contingent Prospective Total Associates, Inc. (NSAI) re-evaluated the 2009 CPR mmb mmb mmb Tsimiroro data after incorporating the 2010 Low…
  9. MANAGEMENT UPDATE – Madagascar Oil – slide 9
    Government Relations: Licenses in Good Standing Background In December 2010, the Companys Tsimiroro block and exploration block licences came under threat. MOIL declared force majeure in March 2011 and began arbitration proceedings in…
  10. MANAGEMENT UPDATE – Madagascar Oil – slide 10
    Key Milestones Bemolanga Tsimiroro Steam Flood NSAI Initial Select strategic Pilot First Update Steam alternative construction Oil 2011-12 Flood Pilot (Farm-In, Sale, completed AGG/Drill Results Development) Anticipated Seismic…
  11. MANAGEMENT UPDATE – Madagascar Oil – slide 11
    Tsimiroro Heavy Oil Project 14 May 2012 Investor Update 12
  12. MANAGEMENT UPDATE – Madagascar Oil – slide 12
    Multi Zone Steam Flood Key Features Steam Flood Schematic Proven technology and extensive industry Injection Well experience minimizes concern over technical Production Well TOW application in Tsimiroro. Production Zone Mode…
  13. MANAGEMENT UPDATE – Madagascar Oil – slide 13
    Pilot Project Timeline The steam flood pilot is designed to de-risk the reservoir performance and demonstrate commerciality - projected start in Q3 2012. - production response estimated in 12 to 18 months - remaining pilot capital…
  14. MANAGEMENT UPDATE – Madagascar Oil – slide 14
    Tsimiroro Steam Flood Pilot Facilities Central Plant Designed Water Preparation/Conditioning Use oil to generate steam and electricity Steam and Electrical Generation Recycle most of the water and re- inject as steam Uses…
  15. MANAGEMENT UPDATE – Madagascar Oil – slide 15
    Pilot Oil Sales Oil Available for Sale: Use some oil as fuel for pilot project steam Pilot Production Profile initially 50-75% of volume 25% over time. 1,400 Estimated local Project has 180,000 barrels (1 year) of storage to 1,200…
  16. MANAGEMENT UPDATE – Madagascar Oil – slide 16
    Tsimiroro Economics 14 May 2012 Investor Update 17
  17. MANAGEMENT UPDATE – Madagascar Oil – slide 17
    Tsimiroro: A World-Class Resource Cumulative Production MMBOE 2500 2000 1500 Tsimiroro Contingent & Prospective Cumulative Production 1000 Brent Field Cumulative Production 500 0 0 5 10 15 20 25 30 35 40 Circa 1976…
  18. MANAGEMENT UPDATE – Madagascar Oil – slide 18
    Tsimiroro Estimated Contingent Case Production Based on the 1.7 billion barrel Contingent resource case, peak production will reach approximately 150,000 BOPD in 12 years after production start. This rate would place Madagascar in the…
  19. MANAGEMENT UPDATE – Madagascar Oil – slide 19
    Tsimiroro NPV Projection Increase from 2010 CPR based on resource volume projected by Netherland Sewell Current case Brent price based on market projections increases from midpoint of 70 to midpoint of 80 Brent with a new low of 60…
  20. MANAGEMENT UPDATE – Madagascar Oil – slide 20
    Resource Increase Significantly De-risks the Project 100% 90% 80% 70% 60% Probability 50% 40% 2010 CPR Contingent Case at IPO 30% NSAI 2011 Contingent 20% 10% NSAI 2011 Contingent + Prospective 0% -5 0 5 10 15…
  21. MANAGEMENT UPDATE – Madagascar Oil – slide 21
    Tsimiroro Project Has Positive NPV10 at 40 Brent Brent Crude Crude Price Sensitivity 110.00 100.00 90.00 80.00 70.00 2010 CPR Contingent Case at IPO 60.00 NSAI 2011 Contingent 50.00 NSAI 2011 Contingent + Prospective…
  22. MANAGEMENT UPDATE – Madagascar Oil – slide 22
    Tsimiroro Compared to a Deepwater Tie-Back Project Deep water Continuous Key Project Metrics Tie-Back Steam Flood Recoverable BBLs (millions) 100 1,182 8.0 Cumulative Discounted Time to Peak Production 7 years 12 years Cash Flows…
  23. MANAGEMENT UPDATE – Madagascar Oil – slide 23
    Conventional Opportunities 14 May 2012 Investor Update 24
  24. MANAGEMENT UPDATE – Madagascar Oil – slide 24
    Conventional Prospects: Billion Barrel Plus Potential There have been at least 7 conventional oil and gas prospects identified through work to date Potential OIP (millions Block Field Name Leads Lead Type of BBLs) 3102 Bemolanga 2…
  25. MANAGEMENT UPDATE – Madagascar Oil – slide 25
    Bemolanga Prospects In 2008 Total E&P farmed in to a 60% share and became operator. MOIL was paid US100mm upfront and the remainder as a carry on the next US100 million of the JV expenditures. During a shift to a conventional program…
  26. MANAGEMENT UPDATE – Madagascar Oil – slide 26
    Tsimiroro Prospects The Airborne Gravity Gradiometry (AGG) survey was completed in October 2011. Full analysis of the AGG will be complete in mid-2012. No specific prospects have yet been identified. The shallow field appears to…
  27. MANAGEMENT UPDATE – Madagascar Oil – slide 27
    Exploration Block Prospects The Airborne Gravity Gradiometry (AGG) survey of 24,000 line km to be conducted in mid-2012 covers all of the key prospect areas. Block 3015 Prospect Area Block 3107 Prospect Area Planned…
  28. MANAGEMENT UPDATE – Madagascar Oil – slide 28
    Block 3105 Potential Channel Sands Appears to be a seismic correlation to two channel sand areas, with a possible third area. Targeting light oil or natural gas. Channel characteristics similar to Mozambique finds and Angola channel…
  29. MANAGEMENT UPDATE – Madagascar Oil – slide 29
    Block 3106 Potential Channel Sands Currently appears to be a seismic correlation to two channel sand areas. Targeting light oil or natural gas. Cretaceous channels have not previously been targeted in any prior Madagascar…
  30. MANAGEMENT UPDATE – Madagascar Oil – slide 30
    Funding and Capitalization 14 May 2012 Investor Update 31
  31. MANAGEMENT UPDATE – Madagascar Oil – slide 31
    Funding Projection Use of funds At 30 April 2012, MOIL has approximately US50 Item Cost (US mm) million to provide funding for the Tsimiroro field pre- development testing and the Exploration Block Delineation Drilling (Tsimiroro)…
  32. MANAGEMENT UPDATE – Madagascar Oil – slide 32
    Appendix 14 May 2012 Investor Update 33
  33. MANAGEMENT UPDATE – Madagascar Oil – slide 33
    Organization Executive Directors and Senior Management Technical Staff J. Laurie Hunter Chairman and CEO L. Jim Lederhos Chief Engineer Mark Weller COO Matt Meyer Chief Mining Engineer Seth Fagelman CFO Jim Collins Chief…
  34. MANAGEMENT UPDATE – Madagascar Oil – slide 34
    Major Shareholders Shareholder Shares (millions) % of total Benchmark Advantage Fund 51.1 19.9% Blakeney Group 30.8 12.0% Persistency 29.5 11.5% MSD 18.8 7.3% The John Paul DeJoria Family Trust 12.8 5.0% Outrider Management 15.1…
  35. MANAGEMENT UPDATE – Madagascar Oil – slide 35
    Exploration Blocks History Highlights Exploration drilling history Ten wells were drilled on the blocks prior to Well Name Year Drilled Operator TD (metres) Result Madagascar Oil involvement. PSC 3105 - Manambolo Block 3105…

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