Annual General Meeting 2009 Brian O’ Cathain, Chief Executive, 3 rd June 2009 , , Annual General Meeting 2009 www.petroceltic.com
Foundations for growth in place • Drilling of 5/ 7 well programme started in Algeria • Finance in place for drilling in 2009/ 10 • Strong technical & operational team • Robust strategic partner – Iberdrola R b t t t i t Ib d l • In Italy, Adriatic/ Po Valley material prospects ready for drilling in y, y p p y g 2010/ 2011 Annual General Meeting 2009 Slide 1
Business Highlights 2008 • Award of rig contracts for up to seven wells in Algeria • Successful completion of a large 3D seismic programme in Algeria • Strengthening of management at Board and operational levels • St Strategic partnership with Iberdrola t i t hi ith Ib d l • US$55m investment by Iberdrola in Petroceltic $ y • Year end cash of US $43.4 million • Paid $5.6 million advance funding towards 2009 drilling costs Slide 2 Annual General Meeting 2009
Highlights to date in 2009 • Further US $7.3 million option fee received from Iberdrola • Successful US $40 million of new equity placing completed* Isarene drilling programme commenced with INE-2 on 16 th May • 2009 • Funding secured to advance Italian portfolio • Significant strengthening of institutional shareholding base • • Market performance - PCI up over 250% year to date Market performance PCI up over 250% year to date * S ubj ect t o 2009 AGM Slide 3 Annual General Meeting 2009
Company background and strategy Background • Re-launched as Oil & Gas company in 2002 and quoted on AIM Re launched as Oil & Gas company in 2002 and quoted on AIM and IEX • 25 full time employees supported by a network of over fifty experienced consultants experienced consultants • Operated assets in Algeria, Italy and Tunisia • Headquartered in Dublin, Ireland with offices in Rome, Italy and Algie s Alge ia Algiers, Algeria Strategy • Maghreb/ Southern Europe Exploration focus • Low cost drilling close to infrastructure • • High initial equity with operator status preferred High initial equity with operator status preferred • Early stage work programmes funded internally or by farming out • Longer term growth through potential Acquisition / Merger and d illbit drillbit success Slide 4 Annual General Meeting 2009
Business Overview - Algeria Annual General Meeting 2009 Slide 5
Development of Natural Gas S upplies in the EU 590-640 560-605 Billion m ³ 525-560 10% 23% 23% supply gap supply gap 9% 478 12% 7% 13% 11% advanced projects 11% 11% 9% 9% 10% other non-EU imports* 8% 24% uction Algeria 7% 22% 21% 15% 15% EU Prod 20% Russia 14% 6% 12% 4% 9% 10% Norway 8% 5% other internal EU trade other internal EU trade Netherlands 28% 21% 19% 17% indigenous production for domestic use 2 2 0 0 0 0 5 5 2 2 0 0 1 1 0 0 2 2 0 0 1 1 5 5 2 2 0 0 2 2 0 0 10% 20% 20% 22% LNG-share (in imports) * of which: Nigeria 3%, Qatar 3% Basis for imports: Contracted volumes and prospective contract prolongations Russia without volumes via North European Gas Pipeline (NEGP) which are included in advanced projects Source: Eurogas Annual General Meeting 2009
Proved Gas Reserves, Algeria & Comparisons 200 007 rves TCF 20 180 187 160 159 159 roven Reser 140 120 100 100 Pr 105 100 80 60 73 40 53 20 0 Algeria Egypt Libya Nigeria EU Norway S ource: BP S t at ist ical Review of World Energy 2008 Annual General Meeting 2009 Slide 7
Petroceltic : North African Assets Annual General Meeting 2009 Slide 8
Isarene Drilling History 4 Appraisal wells in italics Appraisal wells in italics Dry Dry Shows Oil French exploration Gas 3 r of wells TXB-1 Petroceltic Sonatrach exploration Repsol appraisal Appraisal 2 2 Number TXAN-1 ISAS-1 TTY-1 NCL-2 NCL-1 TXA-1 1 SI-1bis TMZ-1 HTT-2 TTN-1 LR-1 TT-1 NW-1 TT-1 TT-2 NE-1 R-1 HT TS IN HT IN C I G G 0 8 0 2 4 6 8 0 2 4 6 8 0 2 4 6 8 0 2 4 6 8 0 2 4 6 5 6 6 6 6 6 7 7 7 7 7 8 8 8 8 8 9 9 9 9 9 0 0 0 0 9 9 9 9 9 9 9 9 9 9 9 9 9 9 9 9 9 9 9 9 9 0 0 0 0 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 2 2 2 2 Year Year Source: Sonatrach, Petroceltic analysis Annual General Meeting 2009 Slide 9
Total’s TFT 8 TCF gas, 840 MMBBLS liquids recoverable Circa 80 km from BP’s In Amenas Cluster Isarene of Fields 5.2 TCF gas & 264 MMBBLS liquids Repsol’s Tifernine oil oil recoverable 15 km GTT-1 HTT & ISAS Discovery Areas Areas BP’s Tin Zaouatene-1 Illizi Basin. Ain Ain Tsila Tsila Ridge Ridge BP 49% and Operator. Prospect Prospect Source: IHS, Flowed 9.5 mmscf/d Flowed 9.5 mmscf/d 1.5- 1.5 -6 TCF 6 TCF Petroceltic analysis potential potential Slide 10 Annual General Meeting 2009 Slide 10
Asset Overview – Isarene Permit • 2 gas discoveries drilled & tested in 2006 • > 5000 kms 2D seismic reprocessed 2006-2008 • • 900 km 2 Wide Azimuth 3D Seismic acquired & processed 2008 900 km 2 Wide Azimuth 3D Seismic acquired & processed 2008 • Drilling contract to KCA Deutag for 5/ 7 well campaign • Well Services contract to Schlumberger/ Sonatrach JV • Drilling started 16 th May 2009 • • Capture resources for appraisal/ development in 2010 2012 Capture resources for appraisal/ development in 2010-2012 Slide 11 Annual General Meeting 2009
PS C key dates and obj ectives • 26 th April 2008 – 30% Relinquishment • 26 th April 2010 – Expiry of 2 nd Exploration Period • 26 th April 2012 – Expiry of any Extension Period • Delineate & Capture Resources in 4 areas - Ain Tsila Ridge g - ISAS area - Hassi TabTab (Already proved in 2006) - El Biod (Exploration) Annual General Meeting 2009 Slide 12
Isarene well locations and target areas AinTsila Ridge ISAS Area 3 wells 2/3 Shallow wells wells GTT-3 GTT 3 AT-1 AT-1 INW-2 INE-2 AT-2 AT 3 AT-3 HTT-2 flowed 15.3 mmscf/ d ISAS-1 flowed 1.1 mmscf/ d EB-1 El Biod exploration El Biod exploration Isarene - Top Ordovician S tructure Map Annual General Meeting 2009
Isarene Planned Drilling and Testing S equence Jan-09 Feb-09 Mar-09 Apr-09 May-09 Jun-09 Jul-09 Aug-09 Sep-09 Oct-09 Nov-09 Dec-09 Jan-10 Feb-10 Mar-10 CIVIL WORK In Country Mobilisation Rig Up on Location INE-2 (Drill/Test) AT-1 (Move/Drill/Test) AT-2 (Move/Drill/Test) El Biod (Move/Drill/Test) INW-2 (Move/Drill/Test) GTT-3 (Move/Drill/Test) AT-3 (Move/Drill/Test) Rig Demobilisation Jan-09 Feb-09 Mar-09 Apr-09 May-09 Jun-09 Jul-09 Aug-09 Sep-09 Oct-09 Nov-09 Dec-09 Jan-10 Feb-10 Mar-10 Key Mobilisation Drilling Rig Move Rigless Well Test/ Fracing g g Annual General Meeting 2009 Slide 14
Isarene Permit Unrisked potential contingent resources Unrisked potential contingent resources Devonian ‐ Carboniferous Area Area (mmboe) * (mmboe) * Ordovician (Bcf) Ordovician (Bcf) Total (mmboe) Total (mmboe) Wells Wells P90 Pmean P10 P90 Pmean P10 P90 Pmean P10 Shallow HTT ‐ 2, INE ‐ 2, Targets GTT ‐ 3, INW ‐ 2 21 64 113 21 64 113 Ain Tsila Ridge 279 2,354 5,231 50 420 934 AT ‐ 1,2,3 El Biod East** 30 81 143 10 101 235 32 99 185 EBE ‐ 1 TOTAL TOTAL 51 51 145 145 256 256 289 289 2,455 2,455 5,466 5,466 103 103 583 583 1,232 1,232 TOTAL TOTAL * Includes Carboniferous, Devonian F2/F6 oil and gas potential ** El Biod East ‐ Does not include the El Biod upthrown side • Ain Tsila Ridge is main area of prospectivity • Shallow Devonian prospects add additional resources • El Biod East is exploration oil play Current Petroceltic estimates, post 3D interpretation Annual General Meeting 2009 Slide 15
KCA Deutag Rig T-212 at INE-2 location Annual General Meeting 2009 Slide 16
Business Overview Italy Italy 7 Permits (3 operated) 7 Permits (3 operated) 11 Offshore Exclusive Applications Applications 1 Onshore Exclusive Application pp 2-3 wells planned for 2010/2011 High Equity Interests Oil & Gas Asset Review Annual General Meeting 2009 Slide 17 20th October 2008
Italian Oil Production Growth 160 Italy is the 3 rd largest producer in the EU Kbopd 140 120 100 Italy Netherlands 80 80 Romania Tunisia 60 France 40 20 S ource: ENI World Oil & Gas Review 2008 ‐ 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 Annual General Meeting 2009 Slide 18
Central Adriatic Area Petroceltic Acreage Position & Prospects g p Elsa Discovery: Potential Contingent Resources 80 MMbbls PCI 100% Equity S S angiovese Prospect: angiovese Prospect: Potential Contingent Resources 180 MMbbls Annual General Meeting 2009 S lide 19
Italy – BR 268RG – Proven Early Cretaceous Play Miglianico-1 & Elsa-1 Discoveries g Elsa -1 (1992) TD 4841m 75m logged oil Miglianico -1 (2001) column TD 4966m 966 Tested oil on DS T tested 2,900 bopd 34 ο api Annual General Meeting 2009
Italy: Po Valley licenses & prospects Gaggiano Field 100 MMbbls Triassic Villafortuna- Trecate Fields 265 MMbbls + 250 BCF Rovasenda Triassic Oil Prospect: Potential Contingent Resources 200 MMbbls Annual General Meeting 2009 Slide 21 Slide 21
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