ROC OIL COMPANY LIMITED GOOD OIL CONFERENCE. Bruce Clement Acting Chief Executive Officer. Fremantle 2 & 3 September 2008

Transcription

1 ROC OIL COMPANY LIMITED GOOD OIL CONFERENCE Bruce Clement Acting Chief Executive Officer Fremantle 2 & 3 September 2008

2 JOHN DORAN 22 March June 2008 Founder and Chief Executive Officer of Roc Oil Company Limited from 1996 to 2008 Slide 2

3 DISCLAIMER Important Information The information in this presentation is an overview and does not contain all information necessary for investment decisions. In making investment decisions investors should rely on their own examination of ROC and consult with their own legal, tax, business and/or financial advisers in connection with any acquisition of securities. The information contained in this presentation has been prepared in good faith by ROC. However, no representation or warranty expressed or implied is made as to the accuracy, correctness, completeness or adequacy of any statements, estimates, opinions or other information contained in this presentation. To the maximum extent permitted by law, ROC, its directors, officers, employees and agents disclaim liability for any loss or damage which may be suffered by any person through the use or reliance on anything contained in or omitted from this presentation. Certain information in this presentation refers to the intentions of ROC, but these are not intended to be forecasts, forward looking statements or statements about future matters for the purposes of the Corporations Act or any other applicable law. The occurrence of events in the future are subject to risks, uncertainties and other factors that may cause ROC's actual results, performance or achievements to differ from those referred to in this presentation. Accordingly, ROC, its directors, officers, employees and agents do not give any assurance or guarantee that the occurrence of the events referred to in this presentation will actually occur as contemplated. Slide 3

4 ROC OIL COMPANY LIMITED POSITION TODAY 12 Month Period to 30 June ,408 BOEPD Production US$307 million US$176.5 million Sales Revenue Cash Flow from Operations Slide 4

5 ROC OIL COMPANY LIMITED POSITION TODAY Share Price at 1 September 2008 $1.18 Market Capitalisation Net Debt at 30 June 2008 $350 million US$109 million 12 Month Cash Flow from Operations US$176.5 million Slide 5

6 POSITION TODAY 24 Month Period to 30 June 2008 PRODUCTION (BOEPD) 12,000 10,000 8,000 BOEPD 6,000 4,000 2,000-2H06 1H07 2H07 1H08 Slide 6

7 POSITION TODAY 24 Month Period to 30 June 2008 US$' million SALES REVENUE 2H06 1H07 2H07 1H08 Slide 7

8 POSITION TODAY 24 Month Period to 30 June 2008 US$' million CASH FLOW FROM OPERATIONS 2H06 1H07 2H07 1H08 Slide 8

9 POSITION TODAY ROC is a balanced Exploration and Production company Production from six fields 10,000 BOEPD 99% oil Development Upside in China Zhao Dong Beibu Gulf Exploration Potential: Africa Australia China Slide 9

10 ROC - ANZON MERGER / TAKEOVER Create a significant mid cap Australian Exploration and Production Company Impact on ROC: Circa 14,000 BOEPD production immediately More than double reserves base to MMBOE (1) More than double production by 2010 to 20,000 BOEPD Development upside in Australia and China Exploration potential in Africa, Australia and China (1) 47 MMBOE as at 1 April 2008, based on ROC s estimate of AZA's 2P Reserves (including best estimate gas and condensate Contingent Resources) and production forecasts calculated from public information and using due diligence materials provided to ROC by AZA in respect of the BMG Project. The best estimate gas and condensate Contingent Resources in the BMG Project have been included as 2P Reserves for the purposes of this calculation. 50 MMBOE based on Anzon s reported 2P Reserves for BMG Project, August Slide 10

11 ROC ANZON MERGER / TAKEOVER Transaction Structure ROC ROC acquires AEL via a scheme of arrangement and issue of 1.33 ROC shares for each AEL share AEL shareholders approve scheme ROC acquires 100% of shares in AEL Merger via scheme of arrangement with AEL Public shareholders listed in UK on AIM 100% Takeover of AZA Public shareholders listed on ASX ROC acquires AZA via a takeover and issue of ROC shares plus $0.05 per AZA share Conditional on ROC acquiring 100% of AEL under AEL Scheme ROC acquires shares in AZA AEL 47% 53% AZA Slide 11

12 ROC ANZON MERGER / TAKEOVER Transaction Key Dates 30 July : AEL Scheme Booklet released : ROC Bidder s Statement released 5 August : Scheme Booklet sent to AEL Shareholders 13 August : Bidder s Statement sent to AZA Shareholders 3 September : AEL Shareholders meeting to vote on Scheme 5 September : Second Court Hearing 8 September : Effective Date of Scheme Target response on AZA Takeover release 6 October : Closing date for AZA Takeover Offer (1) (1) Closing date may be extended as permitted by the Corporations Act Slide 12

13 ROC ANZON A GLOBAL PORTFOLIO Anzon Assets Slide 13

14 ROC ANZON GLOBAL PORTFOLIO Production BASS STRAIT 40% Slide 14

15 1H 2008 PRODUCTION (ROC Net Working Interest) 10,180 BOEPD Mauritania Australia China UK Slide 15

16 CLIFF HEAD OIL FIELD DEVELOPMENT Offshore Perth Basin (37.5% & Operator) Rig & Platform 11km offshore 1H 2008 RESULTS Gross production: 1.3 MMBBL; 7,338 BOPD ROC net production: 0.5 MMBBL; 2,752 BOPD LTIs: Nil 2H 2008 FOCUS Continue good production performance Maintain LTI-free record Well workovers planned to replace electric submersible pumps with larger pumps with the objective of increasing production Slide 16

17 BLANE OIL FIELD (ROC 12.5%) 1H 2008 RESULTS Gross production: 2.7 MMBOE; 14,678 BOEPD ROC net production: 0.33 MMBOE; 1,835 BOEPD Completion of a water injection well During the 1H08 production was disrupted by approx 2 weeks for planned downtime on Ula platform and drilling activities 2H 2008 FOCUS Continue good production performance Continue work on Ula platform gas compression upgrade Slide 17

18 ENOCH OIL & GAS FIELD (ROC 12%) 1H 2008 RESULTS Gross production: 1.3 MMBOE; 6,969 BOEPD ROC net production: 0.15 MMBOE; 836 BOEPD During the 1H08 production was disrupted for approximately 2 weeks as a consequence of downstream industrial dispute at Grangemouth processing facility 2H 2008 FOCUS Continue production 3 week host platform shut down at Brae A planned for 3Q 08 Slide 18

19 MAURITANIA (ROC %) 1H 2008 RESULTS Chinguetti gross production: 1.8 MMBBL; 8,844 BOPD ROC net production: 58,575 BBL; 287 BOPD Planned well intervention on Chinguetti completed and C-19 infill well commenced 2H 2008 FOCUS Chinguetti Phase 2B infill development drilling Slide 19

20 BASKER MANTA GUMMY PROJECT (AZA 40% & Operator) 1H 2008 RESULTS BMG gross production: 1.5 MMBBL; 8,216 BOPD AZA net production: 0.6 MMBBL; 3,286 BOPD 2H 2008 FOCUS Hookup of Basker-6 Commencement of development drilling in 4Q 2008 Slide 20

21 ROC - ANZON MERGED COMPANY PRODUCTION Forecast (BOEPD) Slide 21

22 ROC ANZON PORTFOLIO Developments BASS STRAIT 40% Slide 22

23 ZHAO DONG BLOCK: BOHAI BAY, OFFSHORE CHINA (ROC: 24.5% & Operator) Discovery: ROC s Acquisition: First Oil Production: C & D Field Development: 1H 2008 Production: (Gross) Two bridge linked platforms dedicated to drilling, accommodation, production and processing Currently producing from 28 wells and 10 active water injectors* Produced crude is barged from platform to Tanggu port and loaded into tankers for export 18,090 BOPD * As of mid March 2008 Slide 23

24 ZHAO DONG BLOCK: BOHAI BAY, OFFSHORE CHINA (ROC: 24.5% & Operator) Expansion of Existing and Addition of New w Facilities C4/ERA Production on schedule for 4Q 08 start up Slide 24

25 ZHAO DONG BLOCK: BOHAI BAY, OFFSHORE CHINA C4 Conductor Platform Loadout Slide 25

26 ZHAO DONG BLOCK: BOHAI BAY, OFFSHORE CHINA C4 Conductor Platform and Drill Rig Slide 26

27 ZHAO DONG BLOCK: BOHAI BAY, OFFSHORE CHINA C4 Pipeline Terminal Platform Slide 27

28 ZHAO DONG BLOCK: BOHAI BAY, OFFSHORE CHINA C&D Field Platform Facilities Slide 28

29 ZHAO DONG BLOCK: BOHAI BAY, OFFSHORE CHINA Installation of Piling for Additional C&D Field Platforms Slide 29

30 BLOCK 22/12 : WEI SOUTH, WEI & WEI WEST PRE-DEVELOPMENT PROJECT (ROC: 40%* and Operator) Asset: Block 22/12, Beibu Gulf Testing the ROC operated Wei 6-12 South-1 oil discovery Discoveries: Wei 12-8 (1994) Wei 6-12 (2002) & Wei 6-12 South (2006) Final Investment Decision: Expected 2H 2008 First Oil Production: Development Concept: Expected Initial Production: (Gross) Contingent Resources: (Gross) Operator: Expected 2010 Potential well-head platform and FPSO ca 10,000 15,000 BOPD ca 27 MMBO** (ROC Net: 5.2 MMBO***) ROC * Subject to up to 51% Government participation in developments ** Not included in ROC s remaining 2P reserves of 31 December 2007 *** Assuming Government participation of 51% Slide 30

31 ANZON S S BASKER MANTA GUMMY PROJECT Surface Facilities Source: AZA Investor Presentation Slide 31

32 ANZON S S BASKER MANTA GUMMY PROJECT Source: AZA Investor Presentation Slide 32

33 BASKER MANTA GUMMY PROJECT Future Development/Appraisal/Exploration Source: AZA Investor Presentation Slide 33

34 BASKER MANTA GUMMY DEVELOPMENT PLANS Proposed New FPSO Early 2010 Specification: Suezmax/Large Aframax Permanently moored Offloading to Aframax Zero logistical downtime 20,000 bopd 40,000 bfd 120 MMscfd Sales quality gas Negligible onshore footprint Source: AZA Investor Presentation Slide 34

35 BASKER MANTA GUMMY DEVELOPMENT PLANS New FPSO & Future Development Source: AZA Investor Presentation Slide 35

36 BASKER MANTA GUMMY DEVELOPMENT PLANS Future Development 2Q 2010 Source: AZA Investor Presentation Slide 36

37 ROC ANZON GLOBAL PORTFOLIO 2009 Exploration Drilling BASS STRAIT 40% Slide 37

38 BLOCK 22/12 (ROC 40%* & Operator) EXPLORATION POTENTIAL Appraisal of existing discoveries in Block Drilling of near field exploration prospects adjacent to 6-12 South during development * Subject to up to 51% Government participation in developments Slide 38

39 1H 2008 RESULTS Completed 2 exploration wells: 2H 2008 FOCUS Sesamo-1 commenced in 1H08 and was completed in 2H08, was plugged and abandoned as a dry hole Drill up to 6 appraisal wells on Massambala heavy oil discovery Drill Arroz-1 pre-salt exploration well, the last in the 2008 programme Planning for Coco-1 well testing CABINDA SOUTH BLOCK Onshore Angola (ROC 60% & Operator) Coco-1 was a discovery and the well has been suspended subject to further testing Milho-1 was plugged and abandoned as a dry hole Slide 39

40 GIPPSLAND BASIN EXPLORATION VIC/L26,L27,L28 (ANZON 40%) Chimaera Prospect 5-10 MMbo Intra Latrobe exploration potential + updip Golden Beach gas appraisal well Other Leads To be remapped on reprocessed 3D seismic Sleeper Tiger Lead Leopard Lead Source: AZA Investor Presentation L2 7 L2 8 VIC/P49 (ANZON 20%) Sleeper Prospect 5-10 MMbo potential on Basker trend well. Deepwater Leads (>2,500 m WD) Leopard multi billion bbl potential, multiple plays, updip from modeled kitchen Tiger 500 MMbbl potential, top Latrobe play adjacent to modeled kitchen Slide 40

41 EXPLORATION PLANS 2H 2008 & 2009 ANGOLA - Arroz-1 Well - Testing Coco-1 Discovery - Massambala Appraisal Drilling EQUATORIAL GUINEA - Aleta-1 Well MAURITANIA - 2 Exploration Wells AUSTRALIA WA-351-P - 3D Seismic Acquisition and possible Gas Exploration Wells WA-286-P - 3D Seismic Evaluation WA-381-P/WA-382-P - Seismic Acquisition Bass Strait - Chimaera-2 Well Slide 41

42 ROC - ANZON DRILLING FORECAST Slide 42

43 ROC ANZON SUMMARY 2P Reserves of 47 TO 50 MMBOE (1) Production base focused on Australia and China 20,000 BOEPD by end 2010 Cash flow for 1H 2008 circa US$132 million with increasing production Upside development potential in Australia and China including Beibu Gulf 5.2 MMBBL resources Zhao Dong Extended Reach Area BMG Possible Reserves in existing fields Near term exploration potential in Australia and Africa (1) 47 MMBOE as at 1 April 2008, based on ROC s estimate of AZA's 2P Reserves (including best estimate gas and condensate Contingent Resources) and production forecasts calculated from public information and using due diligence materials provided to ROC by AZA in respect of the BMG Project. The best estimate gas and condensate Contingent Resources in the BMG Project have been included as 2P Reserves for the purposes of this calculation. 50 MMBOE based on Anzon s reported 2P Reserves for BMG Project, August Slide 43

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