Bounty Oil & Gas NL AGM 28 th November, 2011 Presentation by: Philip F Kelso - CEO
DISCLAIMER This presentation contains forward looking statements that are subject to risk factors associated with the oil and gas industry. It is believed that the expectations reflected in these statements are reasonable but they may be affected by a range of variables which could cause actual results or trends to differ materially, including but not limited to: product price fluctuations, actual demand, currency fluctuations, geotechnical factors, drilling and production results, oil and gas commercialisation, development progress, operating results, engineering estimates, reserve estimates, loss of market, industry competition, environmental risks, physical risks, legislative, fiscal and regulatory developments, economic and financial markets conditions in various countries, approvals and cost estimates. All references to dollars, cents or $ in this document are Australian currency, unless otherwise stated 2
Company Snapshot Head Office Production Australia Cooper-Eromanga Basins Utopia - 40% Surat Basin Downlands - 24.748% Oil Appraisal Australia Surat Basin Bellbird Oil Field - 33.33% Surat Basin Spring Grove - 24.748% Carnarvon Basin Rough Range - 10% Gas Development Tanzania Killiwani North Gas - 5% Onshore Exploration Australia Surat Basin ATP 754P - 50% FY 2010 on FY 2011 Comparison Cooper/Eromanga Basin PEL 218 - 23.28% Carnarvon Basin EP 359, 412 and 435 - 10% to 60% + + + Income Revenue Share Price Offshore Exploration $3.27 million $1.74 million $0.02 Australia - - - + + Sydney Basin PEP 11 - 15% + Current Assets Production Market Cap Vulcan Sub Basin AC/P 32 - 15% $6.04 million 20,529 boes $14.55 million Tanzania - - - Nyuni PSA - 5% Snapshot 3
Share and Reserve Summary (to be updated) Share Summary As at 25 November 2011 52 Week Price Range $0.02 to $0.12 Shares Quoted 772,150,982 Options 36,000,000 Fully Diluted 808,150,982 ASX Closing Price $0.02 Market Capitalisation $15.4 million Petroleum Reserve Summary Australia - Queensland 2P PL 214 Utopia Oil Field Eromanga Basin 1.2 MMbo Naccowlah Block ATP 259P 0.147 Mmbo PL 119 Downlands Gas Field, Surat Basin 0.024 MMboe Tanzania Gas (Contingent) 2.000 MMboe Total 3.37 Mmboe Corporate and Reserves 4
Achievements 2010/11 Participated in 6 wells in 2010/11, of which three were successful oil producers, Nyuni 2 was suspended • and two were dry holes. 2010/11 Progress 5
Production Bounty Daily Production by Field 90.00 Naccowlah 80.00 bopd Utopia bopd 70.00 60.00 50.00 Boepd 40.00 30.00 20.00 10.00 0.00 Oct-09 Oct-10 Jan-09 Apr-09 Jul-09 Jan-10 Apr-10 Jul-10 Jan-11 Apr-11 Jul-11 • Bounty’s production has been steadily increasing since 2009, offsetting the cessation of production at Downlands in 2011 due to pipeline constraints • Utopia production not increased as much as planned due to extended downtime on Utopia 2 (broken rods) and apparent obstructions in the horizontal leg of Utopia 11H Oil driving revenue increases 6
Production Forecast 2012 Bounty Production Prediction 180 160 New Projects 140 Kiliwani North 120 Naccowlah 100 Boped Utopia 80 60 40 20 0 Jan-11 Feb-11 Mar-11 Apr-11 May-11 Jun-11 Jul-11 Aug-11 Sep-11 Oct-11 Nov-11 Dec-11 Jan-12 Feb-12 Mar-12 Apr-12 May-12 Jun-12 Jul-12 Aug-12 Sep-12 Oct-12 Nov-12 Dec-12 Planned drilling at Utopia and Naccowlah combined with Kiliwani North coming on stream • and some strategic acquisitions are planned to at least double Bounty’s production in 2012. New Projects to increase revenue 7
2012 Activities and Goals 8
Core Oil Business - 2011/12 • Bounty planning to drill at least 5 development and exploration wells into core oil assets, and • Possibly up to 6 additional wells subject to joint venture approvals • Aiming for at least 50 bopd additional initial production from development, and 150 – 300 boepd from exploration, if successful • 9
High Impact Growth Activities 2011/12 BUY 15% targeting 180 MMbo AC/P 32 Tanzania Nyuni EP 359, ATP 789 412 & 435 Naccowlah BUY 5% targeting 1.3 TCF Gas Utopia Surat PEL 218 Production Exploration High Impact Exploration PEP 11 Offshore Well BUY 15% targeting 4 TCF Gas Bounty will be participating in 1-2 High Impact wells in 2012, with possible drilling in Nyuni PSA – • Tanzania and later in AC/P 32 10
Project Report Oil Business Oil Business strategy on track to provide further growth: Seismic studies point to likely drill test of 174 - 180 million bbl oil target – at Wisteria West in AC/P 32 Timor Sea – 3D seismic surveys indicate possible 6-8 million bbls at Utopia, Queensland Focus on Downlands and Surat Projects leading with Farawell Updip – – Bounty moving on new acquisitions 11
Cooper Eromanga Oil Development ATP 789P - 100% Cooper/Eromanga assets now • SA QLD producing 60 bopd 0 50 100 Cooper Basin Kilom etres • 2012 Development, optimisation and NFE PEL 218 - 23.28% programme designed to add at least another 25 bopd 2P reserves 2.0 MMbo • Utopia - 40% e r r i T r m o a u g h p p 2012 Drilling programme 4 firm a N Nacowlah Block - 2% and 2 contingent wells: Bounty Exploration Permit Naccowlah 1 Appraisal, 2 NFE Bounty Production Licence • Gas Field Oil Field Utopia: 2 Development, • Gas Pipeline Oil Pipeline possibly 2 additional appraisal wells 12
Utopia Development Drilling – BUY 40% Bounty participated in two • Endeavour development wells Utopia 10 and Kooyong 11H, both had an experimental Cranstoun component to see determine the best Minni Ritchi way to develop the field. Toolerah Creek 1 Gimboola Utopia 10 was fracture stimulated, • which did not work as well as had Mulberry been hoped and the fractures Tarbat/Ipundu penetrated below the oil water Talgeberry Ballera contact - well is producing excess water M o o n i e Seagoon 1 ATP 560P U PL 214 Kooroopa North • Utopia 11H was a short leg horizontal 3D Seismic and commenced at 150 bopd. Takyah Production declined and it is thought • Utopia that there is some obstruction in the well bore which will need a work over. The initial flow from the well was as anticipated from a horizontal bore Currawinya 1 Muginanullah 1 Zenoni 1 Hakheem 1 13
Utopia 3D Seismic Increases Pool Size • Preliminary results from the interpretation of the 3D seismic have indicated vastly increased pool sizes and a concomitant increase in reserves • The details of the geometry of the field are still being worked on as the known limits of the oil column exceed closure, and there must be other factors controlling the pools • Seismic confirms that there is considerable potential for reserves up dip from Utopia 3 and 4, and previously unrecognised closures of a similar size to the Utopia pool that are undrilled 14
Naccowlah Block Oil Development – BUY 2% • Bounty’s Naccowlah acquisition has performed well since it became effective and is scheduled to improve in 2012 • Naccowlah produces 35 bopd and has 2P reserves of 150,000 bbls net to Bounty New developments and optimisation • planned to add up to 10 bopd to Bounty production during 2012 • Three wells to be drilled into near field and appraisal targets aiming and two new field production wells to come on stream in 2012 Bounty anticipates ongoing • development and near field exploration to continue. 15
Surat Basin Oil Exploration and Development - Queensland • Bounty building a portfolio of oil properties in the low cost Surat Gas Field Basin in Queensland with targets Oil Field Gas Prospect/Lead Oil Prospect/Lead totalling 1 MMbo Boxvale Prospect/Lead Production Licence PL 1 19 Gas Pipeline Oil Pipeline Well with Oil Show Surat • Substantial inventory of tight oil Well With Oil and Gas Show ATP 470P and condensate discoveries Downlands/Spring Grove Tinowan Oil ATP needing exploitation ATP 470P 754P PL 71 Belllbird Field Undeveloped Tight Oil 754P Tight Oil Ungabilla 1 Reservoir Stimulation 2012 Conventional oil plays around • Alton oil fields with potential up to 1 MMbo, drilling to commence Waggamba Eluanbrook Updip in late 2012 Coomrith 300 Mbo potential Up structure from proven H/C Bellbird 552P • Unconventional CSM and Shale B W PL 2 Gas potential in the Permian ATP 754P Cockatoo 1 sequence Farawell Prospect Fairymount 350 Mbbls potential updip from Showgrounds oil Mardi Prospect 300 Mbbls Current 3D Seismic and 1 Well 2012 ATP 754P ATP 754P 16
Rough Range – Onshore Carnarvon Basin, WA Rivoli EP 359 Partners have arranged to farm out EP 435 and 359 • for shale gas exploration in the Dingo Claystone. EP 435 Rough Range • Bee Eater 1 in EP 359 is still scheduled to be PL L16 drilled, possibly as part of the farm in Bee Eater EP 359 0 10 20 EP 359 Kilometres EP 412 Oil Field Gas Field Lead 17
Recommend
More recommend
