Seruway PSC Tassie Shoal AC/P50 NT/P68 AC/P51 AC/P53 WA-454-P WA-488-P WA-360-P WA-361-P PEP 51153 Farm-in to Puka Oil Field, New Zealand April 2014
Presentation outline Small steps to becoming a producer Puka Oil Field, onshore New Zealand Transaction details Staged work program Corporate update Puka A well pad site of Puka-1 & Puka-2 wells 3 MEO Australia Limited
Staged Farm-in to Onshore NZ Oil Field Transaction summary Puka oil accumulation discovered in 2012 by Kea Petroleum Plc (AIM: KEA) 100% interest Currently producing from two exploration wells (Puka-1 & Puka-2) under long term test…
Puka oil accumulation key aspects A recent oil discovery located in Taranaki basin, onshore New Zealand Established onshore New Zealand oil province with attractive fiscal regime…
Puka oil field limits defined to North & South New 3D seismic provides basis for follow up drilling Puka A Pad Douglas Pad S N Puka 1 Puka 2 Puka 3 (proposed) Douglas 1 Section Line 67m Oil Column OWC Approx. 1km…
Puka oil field potential future development Near term activity to increase production & appraise ahead of full development Wingrove-1 Wingrove-2 Phase I Wingrove/Douglas Pad Douglas-1 Puka-1 & Puka-2 workovers potential to double…
Transaction details Key deal elements Phase I Observations MEO to earn 30% Participating Interest in PEP 51153 by funding NZ4m 1. No upfront cash or trailing fees (80%) of program capped at NZ5.0m, comprising: 2. Firm commitment of…
Indicative timing of forward program A number of near term, high impact events commencing mid-2014 2014 2015 2H 2016 MEO Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Activity Equity Remarks J F M A M J J A S O N D J F M A M J J A S O N D J F M A M…
Puka acquisition a strategic initiative Developing an operating income stream to underpin the company Potential to become a modest oil producer in 2014 Potential MEO production growth with significant upside potential in 2015/16 from…
Seruway PSC Tassie Shoal AC/P50 NT/P68 AC/P51 AC/P53 WA-454-P WA-488-P WA-360-P WA-361-P PEP 51153 Investor update April 2014
Corporate snapshot Australia, New Zealand & SE Asia portfolio Regional focus Seruway PSC Australia / NZ / SE Asia Australian HQ, Melbourne 8 Australian permits, 6 operated Tassie Shoal Indonesian regional office, Jakarta AC/P50…
Board, executive & key technical personnel Depth of large corporation experience and proven performance Board of Directors Executive Team Senior Technical Team Colin Naylor (Chief Financial Officer) Errol Johnstone (Chief Geologist)…
Contingent & prospective resources Material contingent & prospective resources development MEO Net Resources Substantial resource inventory 1,600 1,452 3 projects with contingent resources 1,400 AC/P51 Geographical diversity…
Core North Australian footprint Acreage in proven hydrocarbon provinces with significant stranded gas ABADI GREATER SUNRISE BAROSSA EVANS SHOAL 100km radius Joint BLACKWOOD Tassie ShoalCALDITA from Tassie Shoal Petroleum…
Blackwood & Heron gas accumulations Eni funded Blackwood 3D, drilling/testing of Heron South-1 & Blackwood-2 Eni farmout (signed 2011) Separate programs for two gas discoveries 3D & up to 3 wells for 50% Participating Interest…
Tassie Shoal gas processing infrastructure An elegant economic enabler for several stranded gas resources Methanol (TSMP1 & TMSP2) Methanol provides economic solution for high CO2 gas LOIs signed with 3x Tier-1 methanol buyers…
Secured Origin Energy to partner in WA-454-P Funding 80% of Breakwater-1 (2015/16), PLUS 5.6m cash for past costs Marina gas & probable oil discovery Breakwater prospect, Promenade lead Origin Energy acquired 50% interest Assumed…
Contains Marina gas & probable oil discovery Potential for oil leg(s) to modest gas accumulation, deeper, untested potential B Marina-1 drilled in 2007 by ExxonMobil A Marina-1 Hydrocarbons in 5 zones, gas shows at TD Identified…
Breakwater prospect to be drilled in 2015/16 Same reservoirs as Marina in 4-way dip closure, potential for gas and oil, Large prospect with potential for gas and oil A B East and West compartments Defined on high quality 3D seismic…
Promenade Lead has multi-Tcf gas potential Pinch out play supported by Direct Hydrocarbon Indicator (DHI) Floyd 3D WA-454-P Basin margin pinch out play Seismic Survey Breakwater Massive Treachery Shale seen in Berkley-1 Prospect…
Giant Beehive oil prospect: WA-488-P (100%) Challenges paradigm that Palaeozoic rocks are unprospective in Australia MEO Identified giant Beehive prospect Upper target analogous to Tengiz field Then lobbied Government to gazette…
Vulcan sub-basin new plays in proven basin Multiple leads identified in prospective new play fairway PENGANA JABIRU 2010: acquire 2 permits for 270k 2011: gazettal award of new permit CASH DELAMERE MAPLE CHALLIS 2012: acquire…
Indonesia revealing potential in 1969 discovery Multiple oil and gas recoveries on PSC 701 km2 Ibu Horst Discovered hydrocarbons on permit 3D Seismic Survey MEO 100% 2014 drilling contingent upon farmout Indicative well cost US25-30m…
Indicative activity outlook Drilling & farmout activity across the next 24 months 2014 2015 2H 2016 MEO Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Activity Equity Remarks J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J NZ - Puka Phase…
Summary Identifying overlooked hydrocarbons in proven basins, partnering for prosperity Technical and commercial capability that belies modest market cap o Tremendous international New Venture capability with strong commercial…
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