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Annual General Meeting – Elk Petroleum Limited

Elk Petroleum Limited · Nov 21, 2014 · 41 slides

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Slides

  1. Annual General Meeting – Elk Petroleum Limited – slide 1
    1
  2. Annual General Meeting – Elk Petroleum Limited – slide 2
    WELCOME Chairman of Meeting Quorum Notice of Meeting Meeting Procedures 2 2
  3. Annual General Meeting – Elk Petroleum Limited – slide 3
    INTRODUCTIONS Board of Directors Dr Neale Taylor Chairman Mr Bob Cook Non-Executive Director Mr Tony Strasser Non-Executive Director Mr Barry Smith Non-Executive Director Mr Matthew Healy Non-Executive Director Chief Executive Officer…
  4. Annual General Meeting – Elk Petroleum Limited – slide 4
    BUSINESS AGENDA Minutes Ordinary Business Presentations by Chairman & CEO Accounts Resolutions 1 to 10, noting Resolutions 1 and 8 have been withdrawn 4 4
  5. Annual General Meeting – Elk Petroleum Limited – slide 5
    MINUTES Minutes of the previous Extraordinary General Meeting held on 26 June 2014 have been signed by Dr. Neale Taylor as a true and correct record and are available for inspection. 5 5
  6. Annual General Meeting – Elk Petroleum Limited – slide 6
    PRESENTATIONS Neale Taylor - Chairman Scott Hornafius - CEO 6
  7. Annual General Meeting – Elk Petroleum Limited – slide 7
    2013-14 FINANCIAL SUMMARY 2013-14 2012-13 A000 A000 Revenue 340.12 398.95 Oil Price, US/B 90.16 81.04 Expenses: Cost of sales 802.56 1,386.94 Professional & corporate services 866.365 662.77 Admin 588.50 593.24 Directors &…
  8. Annual General Meeting – Elk Petroleum Limited – slide 8
    2013-14: GRIEVE 1ST OIL DEFERRAL BY JV OPERATOR From major milestone achievements in 2012-13 to funding challenges consequent to Grieve 1st oil deferral by JV Operator in April 2014 June-August: Sale process for Wyoming Assets…
  9. Annual General Meeting – Elk Petroleum Limited – slide 9
    2013-2014 PROJECT HIGHLIGHTS 9
  10. Annual General Meeting – Elk Petroleum Limited – slide 10
    ELKS EXISTING ASSETS 10 10
  11. Annual General Meeting – Elk Petroleum Limited – slide 11
    GRIEVE CO2-EOR PROJECT 11 11
  12. Annual General Meeting – Elk Petroleum Limited – slide 12
    DEVELOPMENT STATUS OF THE GRIEVE CO2-EOR PROJECT - ELKs current primary asset Grieve Pressure Surveys vs Simulated Pressure Response Range Project Status on 1 Nov 2014 3200 BHP is at Free 3000 Flowing Condition Completed Work 2800…
  13. Annual General Meeting – Elk Petroleum Limited – slide 13
    DENBURY-OPERATED GRIEVE CO2-EOR PROJECT Grieve Average Daily CO2 and Water Injection Rates Cumulative Injection Through September 2014 = 12.2 BCF of CO2 & 5.7 MMBW 50,000 25,000 Development scenario for Grieve CO2 (MCFD) Water…
  14. Annual General Meeting – Elk Petroleum Limited – slide 14
    GRIEVE PROJECT PROGRESS IN 2014 Operator-owned Grieve substation completed in October 2014 Construction commenced in May 2014; Commissioned on October 28 Installed high-voltage power line to the Grieve Field (230-kV) Additional power…
  15. Annual General Meeting – Elk Petroleum Limited – slide 15
    DEVELOPMENT STATUS OF THE GRIEVE CO2-EOR PROJECT - ELKs current primary asset Project Update From Denbury On 21 November 2014 Continue to build reservoir pressure through water injection Increase water injection capacity through…
  16. Annual General Meeting – Elk Petroleum Limited – slide 16
    GRIEVE PROJECT REMAINING STEPS TO FIRST OIL Denbury-owned oil processing & CO2 recompression facilities Construction commenced in August 2014 Complete remaining production facilities and well work in 2016 Drill one producing well in…
  17. Annual General Meeting – Elk Petroleum Limited – slide 17
    EXISTING WYOMING CO2-EOR PROJECT EXAMPLE 1 Anadarkos Patrick Draw Monell Field Purchased CO2 Utilization 7.46 MCF/BO 17 17
  18. Annual General Meeting – Elk Petroleum Limited – slide 18
    EXISTING WYOMING CO2-EOR PROJECT EXAMPLE 2 Devon Energys Beaver Creek Purchased CO2 Utilization 7.59 MCF/BO 18 18
  19. Annual General Meeting – Elk Petroleum Limited – slide 19
    GRIEVE CRUDE OIL EXPORT PIPELINE Plan is to monetize the pipeline Focus has changed from seeking private investors in a new pipeline company to asset sale Current discussions are progressing with two bidders regarding a sale of the…
  20. Annual General Meeting – Elk Petroleum Limited – slide 20
    SINGLETON EOR DEVELOPMENT Elk completed purchase of the Singleton Unit effective 1 May 2014 Elk resumed water injection into the field to maintain the Unit Wells tested for compliance with regulatory requirements Fluid levels indicate…
  21. Annual General Meeting – Elk Petroleum Limited – slide 21
    SINGLETON OIL FIELD SUITABLE FOR EOR DEVELOPMENT Excellent reservoir quality Ideal for CO2-EOR Reservoir close to MMP About 20 well bores available Injection water available Potential for early oil 2-4 million EOR oil…
  22. Annual General Meeting – Elk Petroleum Limited – slide 22
    BRIDGEPORT, NEBRASKA EOR DEVELOPMENT Elk AOI in Panhandle of Nebraska Provides Low Cost Entry to New CO2 Area Bridgeport Singleton Field is 25 miles to Bridgeport 10 nearby oil fields produced 51 million barrels Development…
  23. Annual General Meeting – Elk Petroleum Limited – slide 23
    ELK FORWARD FUNDING PLAN 23
  24. Annual General Meeting – Elk Petroleum Limited – slide 24
    ELK FORWARD FUNDING OPTIONS Corporate Transaction Discussions have advanced with an ASX listed company regarding a corporate transaction While these negotiations are incomplete and non-binding, agreement could be reached in the next…
  25. Annual General Meeting – Elk Petroleum Limited – slide 25
    QUESTIONS TO MANAGEMENT & DIRECTORS RETURN TO ORDINARY BUSINESS OF AGM 25
  26. Annual General Meeting – Elk Petroleum Limited – slide 26
    ACCOUNTS FOR THE YEAR TO 30 JUNE 2014 Accounts in 2014 Annual Report Receive Consider any questions or comments 26 26
  27. Annual General Meeting – Elk Petroleum Limited – slide 27
    RESOLUTIONS 27
  28. Annual General Meeting – Elk Petroleum Limited – slide 28
    RESOLUTIONS 1. Re-election of a Director Mr Barry Smith WITHDRAWN 2. Re-election of a Director Mr Robert Cook 3. Adoption of Remuneration Report 4. Approval of Employee Incentive Rights Plan 5. Approval of Non-Executive Director and…
  29. Annual General Meeting – Elk Petroleum Limited – slide 29
    RESOLUTION 1 RE-ELECTION OF DIRECTOR - MR BARRY SMITH To consider and if thought fit, to pass, with or without amendment, the following resolution as an ordinary resolution: That Mr Barry Smith be re-elected as a Director of the…
  30. Annual General Meeting – Elk Petroleum Limited – slide 30
    RESOLUTION 2 RE-ELECTION OF DIRECTOR - MR ROBERT COOK To consider and if thought fit, to pass, with or without amendment, the following resolution as an ordinary resolution: That Mr Robert Cook be re-elected as a Director of the…
  31. Annual General Meeting – Elk Petroleum Limited – slide 31
    RESOLUTION 3 ADOPTION OF REMUNERATION REPORT To consider and if thought fit, to pass, with or without amendment, the following resolution as a non-binding resolution: To adopt the Elk Remuneration Report for the year ended 30 June…
  32. Annual General Meeting – Elk Petroleum Limited – slide 32
    RESOLUTION 4 APPROVAL OF EMPLOYEE INCENTIVES RIGHTS PLAN To consider and if thought fit, to pass, with or without amendment, the following resolution as an ordinary resolution: That the Employee Incentives Rights Plan (EIR Plan), a…
  33. Annual General Meeting – Elk Petroleum Limited – slide 33
    RESOLUTION 5 APPROVAL OF NON-EXECUTIVE DIRECTOR AND ADVISER RIGHTS PLAN To consider and if thought fit, to pass, with or without amendment, the following resolution as an ordinary resolution: That the Non-Executive Director and Adviser…
  34. Annual General Meeting – Elk Petroleum Limited – slide 34
    RESOLUTION 6 GRANT PERFORMANCE RIGHTS AND RETENTION RIGHTS TO DR NEALE TAYLOR To consider and if thought fit, to pass, with or without amendment, the following resolution as an ordinary resolution: That approval be given for all…
  35. Annual General Meeting – Elk Petroleum Limited – slide 35
    RESOLUTION 7 GRANT PERFORMANCE RIGHTS AND RETENTION RIGHTS TO MR ROBERT COOK To consider and if thought fit, to pass, with or without amendment, the following resolution as an ordinary resolution: That approval be given for all…
  36. Annual General Meeting – Elk Petroleum Limited – slide 36
    RESOLUTION 8 GRANT PERFORMANCE RIGHTS AND RETENTION RIGHTS TO MR BARRY SMITH To consider and if thought fit, to pass, with or without amendment, the following resolution as an ordinary resolution: That approval be given for all…
  37. Annual General Meeting – Elk Petroleum Limited – slide 37
    RESOLUTION 9 GRANT PERFORMANCE RIGHTS AND RETENTION RIGHTS TO MR ANTHONY STRASSER To consider and if thought fit, to pass, with or without amendment, the following resolution as an ordinary resolution: That approval be given for all…
  38. Annual General Meeting – Elk Petroleum Limited – slide 38
    RESOLUTION 10 GRANT PERFORMANCE RIGHTS AND RETENTION RIGHTS TO MR MATTHEW HEALY To consider and if thought fit, to pass, with or without amendment, the following resolution as an ordinary resolution: That approval be given for all…
  39. Annual General Meeting – Elk Petroleum Limited – slide 39
    CLOSE OF MEETING No other business Meeting closed Thank you for your attendance 39 39 39
  40. Annual General Meeting – Elk Petroleum Limited – slide 40
    Please join the Directors, CEO and Elks advisors for refreshments 40
  41. Annual General Meeting – Elk Petroleum Limited – slide 41
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