Presentation Disclaimer Presentation Disclaimer This presentation contains includes certain forward-looking statements that have been based on current expectations about future acts, events and circumstances. These forward-looking statements are, however, subject to risks, uncertainties and assumptions that could cause those acts, events and circumstances to differ materially from the expectations described in such forward-looking statements. These factors include, among other things, commercial and other risks associated with estimation of potential hydrocarbon resources, the meeting of objectives and other investment considerations, as well as other matters not yet known to the Company or not currently considered material by the Company. MEO Australia accepts no responsibility to update any person regarding any error or omission or change in the information in this presentation or any other information made available to a person or any obligation to furnish the person with further information. SEAAOC 2008 Outline Outline • CO 2 – – hydrogen challenged carbon hydrogen challenged carbon… … • CO – – Methanol Methanol – – a CO a CO 2 sink sink • • Bonaparte Basin – Bonaparte Basin – limited limited high quality high quality gas gas – – Tassie Shoal Tassie Shoal – – the future hub the future hub – Approved projects overview – Approved projects overview • Carnarvon Basin • Carnarvon Basin – Zeus, a multi- -Tcf Tcf play play – Zeus, a multi – – FLNG – FLNG – the the ‘ ‘Game Game- -Changer? Changer?’ ’ • • RDI – RDI – a transformational deal a transformational deal • Conclusions • Conclusions MEO Australia MEO Australia Limited MEO Australia Limited energy for the future 1
CO 2 CO 2 – – hydrogen challenged carbon hydrogen challenged carbon + Commercial impediments Category Tcf % Developed Dirty (high in CO 2 ) NWS Gas Project (Liquids rich) 33 23% Dry (low in NGL's) Bayu-Undan (Liquids rich) 3 2% Distant (from I/S) Total Developed 36 25% Deep water Developing Dysfunctional JV's Pluto/Xena (Leverages WPL) 5 3% Disputed territory Un-developed+ 103 71% Total* 144 100% NWS Gas Project (Liquids rich) 23% Bayu-Undan (Liquids rich) 2% Pluto/Xena (Leverages WPL) 3% Un-developed+ 72% *Source: Parliament of Australia, Research Paper 25 2007-08, Mike Roarty, 1 April 2008 MEO Australia MEO Australia Limited MEO Australia Limited energy for the future Methanol – – a CO a CO 2 sink Methanol 2 sink Step 1: Syngas production (steam methane reforming) (steam methane reforming) Step 1: Syngas production [2CH 4 + + CO CO 2 ] (raw feed gas) (raw feed gas) + 3H + 3H 2 O => CO + O => CO + 2CO [2CH 2CO 2 + 7H + 7H 2 Step 2: Methanol production Step 2: Methanol production CO + 2CO + 7H 2 (synthesis gas) (synthesis gas) => => 3CH (Methanol) +2H +2H 2 O O CO + 2CO 2 + 7H 3CH 3 OH OH (Methanol) Catalyst Ideal concentration of CO Ideal concentration of CO 2 in raw feed gas is 23% in raw feed gas is 23%- -25% 25% MEO Australia MEO Australia Limited MEO Australia Limited energy for the future 2
Bonaparte Basin – – gas quality issues gas quality issues Bonaparte Basin Commercial impediments Commercial impediments • The six D The six D’s MEO’s solution MEO solution • Convert CO 2 rich gas to Convert CO rich gas to methanol methanol • Low cost development Low cost development – Pre Pre-fabricate in SE Asia fabricate in SE Asia – Pre Pre-commission commission – Tow to site Tow to site - Tassie Shoal Tassie Shoal • Tassie Shoal Tassie Shoal - the future hub the future hub – Undisputed Australian waters Undisputed Australian waters – Proximal to gas discoveries Proximal to gas discoveries – Avoids export gas pipelines Avoids export gas pipelines – Developing own gas (NT/P68) Developing own gas (NT/P68) – Open to 3rd Party gas supply Open to 3rd Party gas supply MEO Australia MEO Australia Limited MEO Australia Limited energy for the future Regional trend for gas accumulations Regional trend for gas accumulations NT/P68: Gas discoveries NT/P68: Gas discoveries 1972: 1972:Heron Heron-1 - Darwin Fm, Epenarra structure Darwin Fm, Epenarra structure - Elang Elang Fm, Heron Fm, Heron Sth Sth structure structure 2008:Heron 2008: Heron-2 - Darwin Fm, Epenarra Structure Darwin Fm, Epenarra Structure - Montara Montara/Plover Fm, Heron Nth Structure /Plover Fm, Heron Nth Structure Blackwood Blackwood-1 - Plover Fm, Blackwood structure Plover Fm, Blackwood structure 2009: Planned appraisal drilling (2Q/3Q) 2009: Planned appraisal drilling (2Q/3Q) - Heron Heron-3 (Heron 3 (Heron Sth Sth, Epenarra/Plover Fm) , Epenarra/Plover Fm) - Blackwood Blackwood-2 (Plover fm) 2 (Plover fm) MEO Australia MEO Australia Limited MEO Australia Limited energy for the future 3
NT/P68: Drilled 2 wells for 2 gas discoveries NT/P68: Drilled 2 wells for 2 gas discoveries MEO Australia MEO Australia Limited MEO Australia Limited energy for the future Tassie Shoal - - the future hub the future hub Tassie Shoal Approved GTL Projects Approved GTL Projects • Non Non-disputed Australian waters disputed Australian waters • 50 year environmental 50 year environmental approvals secured (EPBC Act) approvals secured (EPBC Act) • Tassie Tassie Shoal Methanol Project Shoal Methanol Project – 2 x 1.75 2 x 1.75 Mtpa Mtpa • Timor Sea LNG Project Timor Sea LNG Project – 3 3 Mtpa Mtpa • Rapid commercialization path Rapid commercialization path MEO Australia MEO Australia Limited MEO Australia Limited energy for the future 4
Methanol Substructure and storage in Methanol Substructure and storage in conventional CGS substructure conventional CGS substructure Technical specifications Technical specifications Capacity: Capacity: 5,000 5,000 tpd tpd, 1.75 , 1.75 Mtpa Mtpa DPT/JM SMR process DPT/JM SMR process Can convert high CO Can convert high CO 2 gas (20% gas (20%-35%) 35%) CGS dimensions: ~200,000 t CGS dimensions: ~200,000 t - Base: 170m x 93m x 35m Base: 170m x 93m x 35m - At top:180m x 100m (wave deflection) At top:180m x 100m (wave deflection) Installed in 14m water depth Installed in 14m water depth Concrete deck for process plant Capex Capex: US$1,100m (approx.) : US$1,100m (approx.) Topsides 35,000 t Topsides 35,000 t Total height 95m Total height 95m 20 days final product storage 20 days final product storage MEO Australia MEO Australia Limited MEO Australia Limited energy for the future Proven substructure solution Proven substructure solution 40+ CGS 40+ CGS’ ’s s installed to date installed to date ExxonMobil ExxonMobil Adriatic LNG Re-gas Adriatic LNG Re gas terminal: terminal: Similar footprint to TSMP, but Similar footprint to TSMP, but 50% taller due 50% taller due to increased water depth to increased water depth MEO Australia MEO Australia Limited MEO Australia Limited energy for the future 5
LNG plant – LNG plant – industry standard ACE industry standard ACE platform substructure platform substructure Technical specifications Technical specifications 3 3 Mtpa Mtpa (EPBC approved) (EPBC approved) -APCI DMR process APCI DMR process -Indirect seawater cooling Indirect seawater cooling Ace platform Ace platform -100x50x8m 100x50x8m -15m water depth 15m water depth Topsides 15,000 t Topsides 15,000 t Single 170,000 m 3 storage tank Single 170,000 m storage tank Capex Capex ~US$1.6bn ~US$1.6bn Torp Torp HiLoad HiLoad loadout loadout system system - Avoids tugs & jetty Avoids tugs & jetty Global Re-gas capacity 1.7 Global Re gas capacity 1.7 Hang Hang Tuah Tuah platform, platform, Indonesia Indonesia times current liquefaction times current liquefaction Conoco-Phillips Conoco Phillips capacity capacity MEO Australia MEO Australia Limited MEO Australia Limited energy for the future Further refinements Further refinements – – TORP LNG TORP LNG loadout loadout MEO Australia MEO Australia Limited MEO Australia Limited energy for the future 6
MEO Australia MEO Australia Limited MEO Australia Limited energy for the future NW Shelf Interests NW Shelf Interests WA- WA -359, 360 & 361 359, 360 & 361- -P P • • Proximity to NW Shelf gas Proximity to NW Shelf gas project project • • US$7m investment in US$7m investment in seismic acquisition seismic acquisition • Targets with multi- -Tcf Tcf • Targets with multi potential potential • Focus on Zeus play • Focus on Zeus play – Committed to Zeus Committed to Zeus-1 – Drilling late Oct 2008 Drilling late Oct 2008 • • Multiple paths to market Multiple paths to market – Existing LNG infrastructure Existing LNG infrastructure – Planned LNG developments Planned LNG developments – FLNG FLNG - the the ‘game game-changer changer’ SBM/Linde FLNG design MEO Australia MEO Australia Limited MEO Australia Limited energy for the future 7
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