Company Overview. Company Presentation. January 2012

Transcription

1 Company Overview Company Presentation January 2012 January 2012

2 Forward Looking Statements This presentation includes forward-looking statements within the meaning of applicable securities laws. These forward-looking statements involve risks and uncertainties, including those identified within the Risk Factors section of the Company's Prospectus dated November 9, 2011, relating to future events or our future performance, and involves known and unknown risks, uncertainties and other factors that may cause Company's actual results, level of activity, performance or achievements to be materially different than expressed or implied by these forward looking statements. We refer you to the documents that the Company files from time to time with the Israeli Securities Authorization and Tel-Aviv Stock Exchange. Although management of the Company believes the expectations reflected in such forward-looking statements are based on reasonable assumptions, the Company cannot assure investors that these expectations will prove correct, and the actual results that the Company achieves may differ materially from any forward-looking statements, due to such risks and uncertainties. Any forward-looking statements contained in this presentation are made as of the presentation date and the Company is under no obligation to revise or update these forward-looking statements. 2 Gulliver Energy Ltd. January 2012

3 Company Summary Gulliver Energy Ltd. (TASE: GLVR) Oil, Gas & Minerals Exploration & Development Market Cap: NIS 85 Million (15/1/12) Unique offshore asset Shallow waters Proximity to shore Experienced management & board Intimate familiarity with regulatory processes 3 Gulliver Energy Ltd. January 2012

4 Key Management Managing Director: Rami Kremien Mr. Kremien has over a decade of management experience in the Israeli oil & gas industry. CFO: Yehuda Bamberger (CPA) Mr. Bamberger served for the last 5 years as senior accountant of Israeli oil & gas ventures. Executive VP: Eli Lifschitz Mr. Lifschitz has extended international management and regulatory experience. Senior Exploration Advisor: Peter Mikkelsen (Simco), London Mr. Mikkelsen is a geologist with 15 years experience at Exploration Manager level or equivalent. He was involved in most of the major gas discoveries in the East Mediterranean Basin. 4 Gulliver Energy Ltd. January 2012

5 Board of Directors Chairman: Meir Dagan Major General Dagan served as Director of the Mossad until 2011 Zvi Ziv Mr. Ziv served as CEO of Bank Hapoalim (Israel s leading bank) until 2009 Raanan Cohen Mr. Cohen was secretary-general of the Israeli Labor party and served as Minister of Labor and Social Welfare (2000/1). Yair Karni Mr. Karni, CPA, is Chairman of Ginko Oil Exploration Ltd. Outside Directors: Yaron Magal, Betty Blushinsky & Nahum Shavitzky 5 Gulliver Energy Ltd. January 2012

6 Publicly Traded Entities Gulliver Energy Ltd. (TASE: GLVR) Market Cap: NIS 85 Million (1/1/12) The company controls the General Partner of Zerach Oil & Gas L.P. (TASE: ZRAH.L) Market Cap: NIS 83 Million (1/1/12) Revenues from Zerach L.P. : - Management fees - 7.5% operational fees on all exploration & development expenses - 10% overriding royalties on revenues Gulliver Energy Ltd. 100% Ginko Oil Exploration Ltd. 100% Zerach Oil & Gas Exploration Ltd. General Partner Zerach Oil and Gas Exploration L.P. 6 Gulliver Energy Ltd. January 2012

7 Levant Basin: A Historic Opportunity Reserves Estimate* in the Levant Basin: 122 TCF of natural gas & 1.7 BBL of oil. 6 discoveries to date totaling ~26 TCF (2C) New discoveries foster a fast growing business environment in recent years. 7 Gulliver Energy Ltd. January 2012 * US Geological Survey 2010

8 Gulliver Concession* - Shallow-water oil & gas prospect along the Israeli costal line Gas Prospect Shallow Target (1270m) Three oil leads Investment to date: US$1.2M Expected drilling cost: <US$30M Seismic Data 3D seismic survey shot by Gulliver Energy Ltd. in December Second seismic survey (Ocean Bottom Cable survey) scheduled within Gulliver Energy Ltd. January 2012 * License awaiting regulatory approval following granted priority right

9 Gulliver Concession Participating Holders** 41.5% 41.5% Gulliver Energy Ltd.* TASE: GLVR Zerach L.P. TASE: ZRAH.L Ashtrom Group Ltd. 5% 12% AGR (Operator) Oslo Stock Exchange: AGR 9 Gulliver Energy Ltd. January 2012 * Through fully owned subsidiaries ** Awaiting regulatory approval

10 Gas Transmission Upon Discovery Proximity to shore and shallow water will dramatically reduce exploration & production costs. Existing natural gas pipeline runs along Gulliver. Local natural gas demand expected to triple. Source: Ministry of National Infrastructures, Gulliver Energy Ltd. January 2012

11 Selected TASE listed companies holding offshore oil & gas concessions in Israel Traded Entity Market Cap (15/1/12) thousand NIS Status Avner Oil Exploration L.P. 8,603,000 Commercial discovery Delek Drilling L.P. 8,122,000 Commercial discovery Isramco Negev 2 L.P. 6,155,000 Commercial discovery Ratio Oil Exploration L.P. 2,726,000 Commercial discovery Modiin Energy L.P. 815,000 Prospective Resources Assessment published Shemen Oil and Gas Resources Ltd. The Israeli Land Development Company Energy Ltd. 751,000 Prospective Resources Assessment published 740,000 Prospective Resources Assessment published Gulliver Energy Ltd. 85,000 Prospective Resources Assessment (PRA) planned to be published in 2012 * 11 Gulliver Energy Ltd. January 2012 * US$1.2M spent to date, including a 3D seismic survey. PRA planed to be published upon results of OBC survey.

12 Gulliver Concession Holding Structure* Ginko Oil Exploration L.P. Gulliver Energy Ltd. (TASE: GLVR) 100% Ginko Oil GP & 99.99% Exploration Ltd. 100% Zerach Oil & Gas Exploration Ltd. GP & 6.95% FD Zerach Oil & Gas Exploration L.P. (TASE: ZRAH.L) Ashtrom Group (Israel) 12% 41.5% 41.5% Gulliver offshore Concession 5% AGR (Norway) 12 Gulliver Energy Ltd. January 2012 * License awaiting regulatory approval following granted priority right

13 Summary Management with extensive experience in the local oil & gas industry Experienced Management & Board of Directors Unique offshore gas asset Business model Characteristics Risk diversification Low/Mid cost projects Short time to market Intimate familiarity with regulatory processes 13 Gulliver Energy Ltd. January 2012

14 Company Overview January 2012