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MARCH 2014 Corporate Presentation – Azonto Petroleum Ltd

Azonto Petroleum Ltd · Mar 1, 2014 · 27 slides

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Slides

  1. MARCH 2014 Corporate Presentation – Azonto Petroleum Ltd – slide 1
    AZONTO PETROLEUM Corporate Presentation March 2014 1
  2. MARCH 2014 Corporate Presentation – Azonto Petroleum Ltd – slide 2
    AZONTO SNAPSHOT Small West African focussed E&P Cote dIvoire : development/approval/exploration Ghana : exploration Market capitalisation US30mm Dual listed ASX/AIM ASX:APY AIM:AZO Emphasis on discovered hydrocarbons With…
  3. MARCH 2014 Corporate Presentation – Azonto Petroleum Ltd – slide 3
    HISTORY 2006 Rialto Energy IPO on Australian ASX 2010 Entry into Cote dIvoire : Block CI-202 2012 Drilled 3 appraisal wells on Gazelle field, 3D seismic acquisition Jan - April 2012 Raised A86m A0.30/share, listed on UK AIM market…
  4. MARCH 2014 Corporate Presentation – Azonto Petroleum Ltd – slide 4
    NEW EXPERIENCED MANAGEMENT TEAM Skin in the game: 1.6% of ISC + up to 13%* via LTIP Full management bios in Appendix * % of fully diluted Issued Share Capital 5
  5. MARCH 2014 Corporate Presentation – Azonto Petroleum Ltd – slide 5
    LATENT VALUE IN EXISTING ASSETS ASSUMPTIONS NPV 12% Gazelle P50 case assumes 8.50/mcf gas price (P90 breakeven IRR15%) Corp Overhead = 3x annual G&A Contingent & prospective resources risked (selected from Jan 2013 CPR )…
  6. MARCH 2014 Corporate Presentation – Azonto Petroleum Ltd – slide 6
    COTE DIVOIRE : RESOURCES Azonto Azonto Field / Prospect Gross (mmscf/bbl/boe) COS% Net Risked Gas Oil MMBoe MMBoe MMBoe CONTINGENT RESOURCES (P50 Estimate) Gazelle Gas 85 2 16 4 90% 4 Bubale 43 14 21 5 50% 3 Addax 9 19 21 5 50%…
  7. MARCH 2014 Corporate Presentation – Azonto Petroleum Ltd – slide 7
    COHERENT GROWTH STRATEGY Better Risk/reward Discovered Hydrocarbons : Faster conversion to cash flow onshore or shallow water Selective exploration, farm out pre-drill Opportunities in discovered hydrocarbons West Africa ex Cote…
  8. MARCH 2014 Corporate Presentation – Azonto Petroleum Ltd – slide 8
    CAPABILITIES IN PLACE TO DELIVER STRATEGY REQUIRED SKILLS SOURCE OPPORTUNITES Network, relationships SCREEN AND PRIORITISE Analysis (do-ability) NEGOTIATE AND CLOSE Discipline, creativity EXECUTE POST- DEAL PLAN…
  9. MARCH 2014 Corporate Presentation – Azonto Petroleum Ltd – slide 9
    COTE DIVOIRE BLOCK CI-202 : VIOCO PETROLEUM JV : Azonto 35%, Vitol 65% Vitol to fund first 50m of capex for Field Development Plan Gas development project (Gazelle: 85bcf P50, 42bcf P90) awaiting development approval Additional…
  10. MARCH 2014 Corporate Presentation – Azonto Petroleum Ltd – slide 10
    THE AZONTO / VITOL RELATIONSHIP VITOL VIOCO AZONTO Powerful connections Entrepreneurial zeal African experience Real clout in banking market Co-location Synergies French speakers Aligned strategy in Africa Potential G&G &…
  11. MARCH 2014 Corporate Presentation – Azonto Petroleum Ltd – slide 11
    GAZELLE GAS DEVELOPMENT 2 new wells + 1 re-completion Simple platform or subsea completion. FID anticipated H1 2014 18 months from FID to first gas 47.5 mmscfd initial production 190m capex to first gas Vitol loan 50m, bank debt…
  12. MARCH 2014 Corporate Presentation – Azonto Petroleum Ltd – slide 12
    COTE DIVOIRE : BEYOND GAZELLE 24 525 101 523 Independence 1X and 2 Appraisal 2014 13
  13. MARCH 2014 Corporate Presentation – Azonto Petroleum Ltd – slide 13
    GHANA : ACCRA BLOCK Key Facts Block: Offshore Accra Oct 2013: Vitol acquires 48% Gross Acreage: 2,000 sq km Operator: Ophir economic interest in Azonto Ghana, Exploration Period: max. 7 years Agreement Term: 30 years for Azontos…
  14. MARCH 2014 Corporate Presentation – Azonto Petroleum Ltd – slide 14
    MANAGING THE CHALLENGES Existing relationships, local credibility Doing Business in Africa Extensive experience in region French language speakers Project team experience Getting Gazelle to FID Vitol relationships in Cote…
  15. MARCH 2014 Corporate Presentation – Azonto Petroleum Ltd – slide 15
    FINANCIAL POSITION AZONTO VIOCO Cash at 31.12.13 of US11mm* GAZELLE SOURCES & USES 2014E G&A 3.5mm net Capex to first gas USmm 190 Vioco contribution to overheads Vitol USmm 50 G&A funded for 2 years, but new Bank debt USmm 110…
  16. MARCH 2014 Corporate Presentation – Azonto Petroleum Ltd – slide 16
    A COMPANY TO WATCH Total focus on growing shareholder value : no lifestyle managers Balanced and experienced management team with strong African Experience Management are aligned with shareholders with substantial skin in the game…
  17. MARCH 2014 Corporate Presentation – Azonto Petroleum Ltd – slide 17
    APPENDICES 18
  18. MARCH 2014 Corporate Presentation – Azonto Petroleum Ltd – slide 18
    VIOCO : GAZELLE PROJECT TEAM 19
  19. MARCH 2014 Corporate Presentation – Azonto Petroleum Ltd – slide 19
    MARKET INFORMATION Significant Shareholders Listing Information Data as at 17.2.14 % ISC Artemis 8.6% Shares in Issue (MM) 1,158 Genesis 6.1% LTIP (awarded or planned, MM)* 173 IFC 5.5% Fully diluted 1,331 Standard Life 4.7% *…
  20. MARCH 2014 Corporate Presentation – Azonto Petroleum Ltd – slide 20
    MANAGEMENT TEAM BIOS 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 industry…
  21. MARCH 2014 Corporate Presentation – Azonto Petroleum Ltd – slide 21
    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…
  22. MARCH 2014 Corporate Presentation – Azonto Petroleum Ltd – slide 22
    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…
  23. MARCH 2014 Corporate Presentation – Azonto Petroleum Ltd – slide 23
    GAZELLE FIELD DEVELOPMENT SCHEMATIC 24
  24. MARCH 2014 Corporate Presentation – Azonto Petroleum Ltd – slide 24
    GAZELLE 2014/15 PLANNED WELLS Gazelle Field Development Well Targets P4 Development wells 25
  25. MARCH 2014 Corporate Presentation – Azonto Petroleum Ltd – slide 25
    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…
  26. MARCH 2014 Corporate Presentation – Azonto Petroleum Ltd – slide 26
    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…
  27. MARCH 2014 Corporate Presentation – Azonto Petroleum Ltd – slide 27
    COTE DIVOIRE : 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 28

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