Annual General Meeting November 2009 Paul Moore CEO
Otto Goals To build a track record of growth delivery by: Increasing reserves and production New development projects New development projects Material exploration success To deliver shareholder returns by: Technical and…
Board of Directors and Company Officers RICK CRABB CHAIRMAN ((NON EXECUTIVE)) RUFINO JAAP POLL IAN MACLIVER JOHN JETTER BOMASANG DIRECTOR DIRECTOR DIRECTOR (NON - EXECUTIVE) (NON - EXECUTIVE) (NON EXECUTIVE) DIRECTOR (NON -…
Capital Structure Cash Position at 30 September 2009 A10.55 million Capital Structure Shares Options Conv. Perfs* On issue at 18 November 2009 1,070,184,721 118,105,350 2,504,000 Market Capitalisation at 6 8c per share Market…
Reserves, Resources and Acreage Developing Reserves and Resources Prospect and Lead Inventory Asset Licence Area Prospects (Km2) /Leads Galoc SC14C 163 3 oe MMbo Exp Philippines pp SC50 1280 8 ploration SC51 3320…
Business Highlights: FY 2008/09 Details Galoc First Oil October 2008 Annualised volume 2.3 mmbbls 3 mmbbls produced to 30 October 2009 Current indirect interest 18.78% p p Phase 2 development planning g Turkey Drilled 3…
Galoc Phase 1: Production Performance Initial rate 18,000 bopd Galoc Daily Oil Production 20,000 3,500,000 Current rate 11,500 bopd C t t 11 500 b d 3,000,000 Good uptime when on stream Hose Replacement 15,000 2 500 000…
Galoc Phase 1: Facilities Upgrade Options Option Comment Existing Facility Existing Facility Uptime is improving but not meeting design criteria Uptime is improving, but not meeting design criteria. Mooring Upgrade Higher uptime…
Galoc Phase 2: Development Options Target To increase 2P reserves by To increase 2P reserves by 5mmbbls (100% terms) Galoc3ST1 Galoc4 Galoc2 Galoc North Likely 2 new wells 4,000 Exploration Prospect bopd each Possible Gas Cap…
Turkey Gas Development: 2008/09 Summary 35% Working Interest TransAtlantic Operator Drilled 3 exploration wells and flow tested 4 wells Commenced development planning Tendered and short listed gas bidders Tendered and short…
Turkey Gas Development: Phase 1 Status Technical 8 successes from 8 wells Plant construction commenced October 2009 Plant construction commenced October 2009 Plateau rate 1014 mmscf/d commencing Q1 2010 2P + 2C volumes to be…
Turkey Gas Development: Phase 2 Outlook Technical 3D seismic acquisition in progress Identify new leads and prospects Phase 2 drilling starts after first gas Production plateau prolongation Commercial New gas into existing/new…
Exploration & Static Resources Update: Philippines Acreage Philippines Prospects & Otto A Assets O Opportunities ii I Interest SC55 Marantao Prospect, 85% Hawkeye and other leads SC51 Argao 1 Exploration 80% well SC69…
Philippines Exploration: SC55 Exploration Program SW Palawan Highly productive geologic trend SC 55 Numerous promising closures Recorded and interpreted 1500 km regional 2D in Recorded and interpreted 1500 km regional 2D in…
Philippines Exploration: SC51 and SC69 (Visayas) SC69 p y Proven petroleum system SC69 Reef Complex Large reef structures Numerous leads identified SC51 3,000 km 2D seismic reprocessed k i i d 2D seismic acquisition in H1…
Year Ahead Production in 2010 P d ti i 2010 Galoc 0.4 MMstb Turkey 1.3 Bcf (0.23 MMboe) Development Galoc production upgrade l d d Commit to Galoc Phase 2 Exploration + static resources Turkey Phase 2 exploration Philippines…
Closing Comments 2009/10 Improved Year p Higher oil prices Galoc Phase 1 upgrade Galoc Phase 2 commitment Galoc Phase 2 commitment Turkey production startup Geographic focus Income from both Galoc and Edirne to fund existing…
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