Investor Presentation. March 2014

Transcription

1 Investor Presentation March 2014

2 Corporate Snapshot CAPITAL STRUCTURE Issued Capital Ordinary Shares (ASX:PVD) 126.6m Unquoted securities 38.0m Market Capitalisation Undiluted (at $0.50/share) $63.4m Fully diluted (at $0.50/share) $82.3m Financial Position Cash $28.8m Debt (due May 2014) $2.3m Shareholders (ordinary shares) Directors 9% Top 20 30% RESEARCH COVERAGE Broker Date Recommendation Price Target Morgans 16 Dec 2013 Add $2.85 Argonaut 11 Nov 2013 Buy $2.07 Hartleys 6 Nov 2013 Speculative Buy $2.06 GMP Securities 6 June 2013 Speculative Buy $2.60 NET RESOURCES 1 Mazagan Permit, Offshore Morocco (23%) Mean Prospective Resource 1,614 mmbo 2 Nkembe Block, Offshore Gabon (80%) P50 Contingent Resource 16 mmbo 3 Mean Prospective Resource 815 mmbo 3 Note 1 - All volumes are estimated recoverable resources Note 2 - DeGolyer & MacNaughton estimate Note 3 Pura Vida estimate (refer to disclosure on Slide 21) Track record of delivery driving strong market performance and liquidity 2

3 Mazagan Permit, Offshore Morocco (23%) Operated by a wholly owned subsidiary of Freeport- McMoRan Oil & Gas, an experienced deep water Operator Freeport-McMoRan Oil & Gas carrying Pura Vida up to US$215 million of exploration expenditure, including a firm commitment for two deep water wells Pura Vida s first well will target the Toubkal prospect with a gross mean resource potential of 1.5 billion barrels 1 (PVD 23%) Toubkal-1 scheduled to commence January 2015 with Pura Vida s second carried well to be drilled 2H 2015 TOUBKAL ND WELL EAGLE-1 MAR 2014 BOILERS MIR LEFT 2H 2014 Nearby wells have the potential to de-risk a range of prospects Pura Vida s drilling portfolio and have a direct read across in value terms CAP JUBY NOW DRILLING TRIDENT-1 1H 2014 NOUR-1 2H 2014 Extensive drilling campaign offshore Morocco has commenced Drilling will test various play types, all of which exist in Pura Vida s Mazagan permit Note 1 DeGolyer & MacNaughton estimate 3

4 Mazagan, Offshore Morocco PVD s First Carried Well - Toubkal Prospect WATER AMPLITUDE SCALE OIL SALT LOW (WATER) GAS MODERATE (OIL) HIGH (GAS) SEISMIC AMPLITUDE MAP OIL/WATER CONTACT RESERVOIR 150 METRE GROSS COLUMN PVD s first well targeting 1.5 billion barrels gross resource potential 1 (PVD 23%) 1 in 3 chance of geologic success 1 Indications of Jurassic oil in sea bed drop cores Look-a-like of the giant billion barrel Jubilee Field PVD carried for drilling costs SEISMIC SECTION Note 1 DeGolyer & MacNaughton estimate 4

5 Nkembe, Offshore Gabon 80% Equity Interest in a Proven Oil Basin Significant 80% interest and Operator Proven oil producing basin 3D seismic coverage over the whole block OKALA JUL 2014 PADOUK DEEP NOW DRILLING Inset: Gabon Basin Multiple existing oil discoveries on the block Multiple play types on the block with wide variety of exploration plays associated with salt basins Contains 20 mmbo Loba Oil Field - appraisal/development opportunity Additional 815 mmbo net mean prospective resource with potential for significant new pre-salt targets from new Multi-Azimuth 3D seismic Farmout process ongoing 10 well drilling campaign targeting pre-salt potential to add significant value to Pura Vida s Nkembe block AFFANGA DEEP MAR 2014 AROUWE PRE-SALT WELL APRIL 2014 RECENT EXXON FARMIN BC-9 FEB 2014 BC-10 JUN 2014 DIAMAN-1B PRE-SALT DISCOVERY AUG 2013 Prolific Gabon Basin Production & Infrastructure 2 nd WELL Shell s Rabi- Kounga 800 mmbo oil field 5

6 Nkembe, Offshore Gabon Significant Prospectivity, Multiple Play Types In addition to Loba Oil Field, a range of different play types with large resource potential AYOL HYLIA VANNEAU Offshore Gabon Gross Unrisked Prospective Oil Resources - Pura Vida 80% (MMBBL - RECOVERABLE) 1 PROSPECT RESERVOIR MEAN (mmbo) MVIM West Pre-salt (Gamba Fm) 639 GRONDIN GONELLE MANDAROS OGUENJO OUEST C OGUESJO QUEST B & Z POM Deep Pre-salt (Gamba Fm) 225 Lepidote Deep Post-salt (Anguille Fm) 131 BARBIER Loba Deep Post-salt (Anguille Fm) 24 TOTAL (GROSS) 1,019 NET TO PURA VIDA (80%) 815 MVIM WEST BARBIER SW LEPIDOTE DEEP LOBA & LOBA DEEP LOBA OIL FIELD Note 1 Pura Vida estimates (refer to disclosures on slide 21) POM DEEP When combined with the 20 mmbo Loba M 1 discovery, the exploration upside within Nkembe provides significant asset diversification 6

7 Ambilobe Block, Offshore Madagascar (50%) Entry into prolific East African region Farmin for 50% interest from Sterling Energy plc (AIM: SEY) whereby Pura Vida will fund new 3D seismic up to a maximum of US$15 million Anticipated timing of 3D survey is Q Stability, growth and foreign investment returning to Madagascar following democratic elections Increasing exploration in country with IOCs including ExxonMobil, Total, Afren and Tullow Competitive bid round for offshore acreage expected in

8 Ambilobe, Offshore Madagascar Entry into East Africa Large acreage footprint in a proven oil basin Block is adjacent to the offshore Ampasindava block Operated by ExxonMobil where drilling is expected in offshore bid round New salt basin with large traps Extension of the prolific Permian and Jurassic sourced oil discoveries onshore Madagascar Deeper burial offshore suggests oil will be a light grade rather than the heavy oil found in the shallow tar sands onshore 15km 8

9 Ambilobe, Offshore Madagascar Large Leads in the Multi Hundreds of mmbo Large scale structures created by salt similar to Mazagan in Morocco Salt Salt Salt 5km DHI Leads 1km DHI Lead SEISMIC SECTION 9

10 Contacts & Disclaimer Contacts Mr Damon Neaves Managing Director T: F: M: E: dneaves@puravidaenergy.com.au Level 3, 89 St Georges Terrace, Perth WA 6000 Mr David Ormerod Technical Director T: F: M: E: dormerod@puravidaenergy.com.au Level 2, 480 Collins Street, Melbourne VIC 3000 Disclaimer Certain statements contained in this presentation, including information as to the future financial or operating performance of Pura Vida Energy NL (Pura Vida) and its projects, are forward-looking statements. Such forward looking statements: (i) are necessarily based upon a number of assumptions and estimates that are inherently subject to significant technical, business, economic, competitive, political and social uncertainties and contingencies; (ii) involve known and unknown risks and uncertainties that could cause actual events or results to differ materially from estimated or anticipated events or results; and (iii) may be based on assumptions and estimates related to future technical, economic, market, political, social and other conditions. Pura Vida disclaims any intent or obligation to update publicly any forward-looking statements, whether as a result of new information, future events or otherwise. All forward-looking statements made in this presentation are qualified by the foregoing cautionary statements. Investors are cautioned that forward-looking statements are not guarantees of future performance and accordingly investors are cautioned not to rely on forward-looking statements due to the inherent uncertainty therein. Persons compiling information about hydrocarbons The resource estimates in this presentation have been prepared using the internationally recognised Petroleum Resources Management System to define resource classification and volumes. The resource estimates are in accordance with the standard definitions set out by the Society of Petroleum Engineers, further information on which is available at Resource estimates for the Mazagan permit, offshore Morocco have been prepared by DeGolyer & MacNaughton. DeGolyer & MacNaughton is a consultant of the Company and has consented to inclusion of the resource estimates in this presentation in the form and context in which it is included. Resource estimates for the Nkembe block, offshore Gabon have been prepared by Mr David Ormerod BSc. Geology (Hons) a Geologist who has over 25 years of experience in petroleum geology, geophysics, prospect generation and evaluations, prospect and project level resource and risk estimations. Mr Ormerod is a full time employee of the Company and has consented to inclusion of the resource estimates in this presentation in the form and context in which it is included. The estimated quantities of petroleum that may potentially be recoverable by the application of a future development project(s) relate to undiscovered accumulations. These estimates have both an associated risk of discovery and a risk of development. Further exploration appraisal and evaluation is required to determine the existence of a significant quantity of potentially moveable hydrocarbons. 10