AZONTO PETROLEUM Corporate Presentation 14 January 2014 1
PRESENTATION TEAM & AGENDA Introduction : Rob Shepherd, CEO Vitol : Brian McDevitt, Vitol E&P and CEO of Vioco Gazelle Field: Ian Bulley, Exploration Manager Alan Richards, Field Development Manager, Vioco CDI Beyond Gazelle : Ian…
1. INTRODUCTION Rob Shepherd, CEO 4
AZONTO A FRESH START Rialto Energy renamed Azonto Petroleum on 13 Dec 2013 Entirely new management team, lower risk approach Wholesale change of key personnel during past year Only 1 of current 6 man board was a director at 1 Sept…
MANAGEMENT TEAM OF PROVEN QUALITY Andy Bartlett (Non-Exec Chairman) Senior advisor at Helios (private equity in Africa), NED of Eland Oil & Gas, previously Standard Chartered, Shell (Petroleum Engineer) Rob Shepherd (CEO) 24 years…
INDIVIDUAL AND COLLECTIVE TRACK RECORD Experience Matrix of Board of Directors Africa Oil & Gas Debt/Equity Deal Trade Risk Mgmt Financing Making Exits & Control Executive Rob Shepherd Andrew Rose Gregory Stoupnitzky…
MARKET INFORMATION Significant Shareholders Listing Information 05-Nov-13 % ISC Artemis 8.7% Shares in Issue (MM) 1,156 Genesis 6.1% LTIP (awarded or planned, MM)* 173 IFC 5.5% Fully diluted 1,329 Standard Life 4.8% * approved at…
STRATEGY West Africa : regional focus Focus on discovered hydrocarbons, with emphasis on rapid monetisation Deep water exploration prizes too risky and expensive for small E&P company Plays to CDI strengths (Gazelle field) and…
COTE DIVOIRE 10
THE VITOL DEAL Deal Summary Deal Benefits Acquisition of 65% of Rialto CDI (now Strong partner with powerful renamed Vioco) in return for funding relationships in West Africa the first 50mm of Gazelle PSC renegotiation would never…
2. VITOL Brian McDevitt, Vitol E&P and CEO Vioco 12
VITOL OVERVIEW Largest independent energy trading company, founded in 1966 in Rotterdam 338 employee shareholders 47th consecutive year of profitable operations Revenues of 229bn for the 9 months ended Sept 2013 Primary focus (and…
VITOL E&P WEST AFRICAN PORTFOLIO Directly Held Indirectly Held Interests Interests * Ghana Nigeria Offshore Cape Three Aje Field (4%) Points Block (44%) Appraisal/development Development (non- operated) Offshore Accra Block…
BLOCK CI-202, COTE DIVOIRE Virgo 2010 Gas Discovery Orca 2010 Oil Discovery 6 oil and gas discoveries in CI-202 Water depths
VIOCO PROJECT MANAGEMENT TEAM Highly experienced team at functional head level 17
3. GAZELLE FIELD DEVELOPMENT Ian Bulley, Exploration Manager Alan Richards, Field Development Manager Vioco 18
GAZELLE FIELD RESOURCES Hydrocarbons in place and Resources from CPR Jan 2013 (RPS) Gas and Condensate GIIP (Bscf) Gazelle Gas and Condensate 100% Reservoir Unit Low Best High Mean LC-1 33 57 84 58 Gazelle Zones to be produced in…
GAZELLE FIELD : PAST WELLS 16 wells to date on CI-202 : 9 flowed Gazelle Schematic Cross section hydrocarbons on test, further 5 sampled hydrocarbons P4 In the Gazelle EEA all 8 wells drilled have recovered gas or oil to surface…
GAZELLE SUBSURFACE WORK 2013 2010 Reprocessed Seismic 2014 development wells planned using new seismic data and latest log interpretations/geological models, to reduce risk and maximise production rates Gazelle- P4 log data Gamma…
2014/15 PLANNED WELLS Gazelle Field Development Well Targets P50 Profile P4 Development wells 22
GAZELLE DEVELOPMENT PLAN Low cost, minimum facilities: 2 new wells + 1 recompletion = 3 production wells targeting 40 bcf P90 / 85 bcf P50 - Additional contingent well allowed for in 2017 Normally unmanned platform with no…
TIE-BACK OF OTHER DISCOVERIES 24 525 101 523 Independence 1X and 2 Appraisal 2014 27
BLOCK CI-202 : EXPLORATION POTENTIAL A new understanding of CI-202 subsurface Single seamless dataset of 860km2 Step change in data quality vs. 2010 survey At least 15 potential drilling prospects of which 5 are stand-out…
GHANA : ACCRA BLOCK Starfish-1 well, drilled on budget, Proved Cretaceous Reservoir fairway Key Facts Block: Offshore Accra ACCRA BLOCK Ratified by Parliament: March 2010 Gross Acreage: 2,000 sq km Oct 2013: Vitol acquires 48%…
5. FINANCIALS Andrew Rose, CFO 30
AZONTO FINANCIAL POSITION Results for y/e 30 June 2013* : Net loss of A171mm (impairment of investment in CdI, termination of rig contract) Cash of A18.5mm (U17mm) after adjustment for placing proceeds received in July/Aug Changing…
CASH FLOWS TO VIOCO (P50 case) Assumptions Petroci back in for additional 16% Gas price set at P90 NPV b/even Reset after 4 yrs Oil price 90/bbl Production start up July 2015 Includes contingent well in 2017 (44mm) Bank loan…
AZONTO NOTIONAL VALUATION Risked Farm Out Value Unit Value Per Share Resources (est) Risked Risked (Diluted) mmboe % USMM /boe p/share Gazelle P50 case 4 0% 44 11.1 2.1 Other Contingent Resources 9 0% 72 8.0 est 3.4 Total…
SUMMARY A COMPANY TO WATCH New management and board who have delivered individually and collectively : Vitol partnership in Cote dIvoire completed PSC in Cote dIvoire successfully re-negotiated Successful placing raised US13m in…
APPENDICES 35
COTE DIVOIRE 11th fastest growing economy in the world 2012 (+9.8%) 7% average annual growth predicted over next 5 years President Outtara: economist, ex Director of Africa Dept. at IMF, Adviser to IMF MD Elected Nov 2010 but did…
COTE DIVOIRE GAS MARKET Power Generation Gas Fired Power Generation Cote dIvoire is a net exporter of electricity The current installed capacity of gas fired power plants in country is 900MW, with gas intake of up to 260 mmscf/d…
INCREASING GAS SHORTFALL 100MMscf/d shortfall today Expected to increase to 150MMscf/d by 2020 Significant supply gap developing Will need to buy in expensive HVO/VGO (25/mmbtu) to meet shortfall Block CI-202 has early gas…
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