ASX Release 20 October 2009 Annual General Meeting Presentation Attached is a copy of the presentation to shareholders for today’s Annual General Meeting at 10am. A copy of this presentation will also be available on the Company’s website www.audax.com.au. Yours faithfully Gary Roper Chairman
AUSTRALIA
VIENNA
Italy: GRPU15
Romania: AMI
Tunisia: Kerkouane & Chorbane
PERTHPEL 182
WA Mining
EUROPE & NORTH AFRICA
VIENNA
AUSTRALIA
Tunisia: Kerkouane & Chorbane
Italy: GRPU15
Romania: AMI
WA Mining
PERTHPEL 182
EUROPE & NORTH AFRICA
CHAIRMAN’S SESSION
DirectorsGary Roper ChairmanGary Roper ChairmanWolfgang Zimmer Managing DirectorP l Fi k T h i l Di tPaul Fink Technical Director
Company SecretaryPeter IronsidePeter Ironside
4
CHAIRMAN’S SESSION
Proxies Received
51 proxies
representing 39 791 220 sharesrepresenting 39,791,220 shares.
5
R l i 1CHAIRMAN’S SESSION
Resolution 1Adoption of Remuneration ReportAdoption of Remuneration Report
“Th t f th f S ti 250R(2) f“That for the purposes of Section 250R(2) ofthe Corporations Act 2001 and for all other
th R ti R tpurposes, the Remuneration Reportcontained in the 2009 Annual Report
hi h i d th N ti f A lwhich accompanied the Notice of AnnualGeneral Meeting be adopted byh h ld ”
6
shareholders”.
R l ti 1CHAIRMAN’S SESSION
Resolution 1Proxy details:Proxy details:
F 39 560 387For 39,560,387Against 130,833Abstain NilOpen NilOpen Nil
7
R l i 2CHAIRMAN’S SESSION
Resolution 2Re election of Mr Paul Fink as a DirectorRe-election of Mr Paul Fink as a Director
“That Mr Paul Fink who retires by rotation inaccordance with Clause 9.8 of the Company’sConstitution, and being eligible offers himselffor re-election, is hereby re-appointed adirector of the Company”.
8
R l i 2CHAIRMAN’S SESSION
Resolution 2Proxy details:Proxy details:
F 39 786 220For 39,786,220Against 5,000Abstain 1,900,000 Open NilOpen Nil
9
VIENNA
AUSTRALIA
Tunisia: Kerkouane & Chorbane
Italy: GRPU15
Romania: AMI
WA Mining
PERTHPEL 182
EUROPE & NORTH AFRICA
RESOURCE BASE HIGHLIGHTS
Sicily channel Sicily channel
700 million barrels resource*700 million barrels resource*
Onshore TunisiaOnshore TunisiaOnshore Tunisia
100 illi b l *
Onshore Tunisia
100 illi b l *100 million barrels resource*100 million barrels resource*
VIENNA
AUSTRALIA
Tunisia: Kerkouane & Chorbane
Italy: GRPU15
Romania: AMI
WA Mining
PERTHPEL 182
EUROPE & NORTH AFRICA
OUR VISION
All projects in countries with excellent fiscal terms. All assets kept despite global downturn!
Large Size Company Maker:Italy & Tunisia Offshore: SambucaProspect
Large Size Company Maker:Italy & Tunisia Offshore: SambucaProspect
Mid - Large Size Company Maker:Tunisia Offshore: Dougga Gas & Condensate Development
Mid - Large Size Company Maker:Tunisia Offshore: Dougga Gas & Condensate Development
Mid Size Company Makers:Tunisia Onshore: Chorbane ExplorationMid Size Company Makers:Tunisia Onshore: Chorbane Exploration
Low Risk Asset Foundation:Australia: PEL 182 Cooper Basin Vanessa gas /Low Risk Asset Foundation:Australia: PEL 182 Cooper Basin Vanessa gas /
Tunisia Onshore: Chorbane Exploration Romania10th Round: AMI Nexus & NZOGTunisia Onshore: Chorbane Exploration Romania10th Round: AMI Nexus & NZOG
Australia: PEL 182 Cooper Basin, Vanessa gas / condensate discovery MonetizeWA gold mining tenements
Australia: PEL 182 Cooper Basin, Vanessa gas / condensate discovery MonetizeWA gold mining tenements
ACHIEVEMENT OVERVIEW 2009
SAMBUCA PROSPECTSicily Channel: 3D seismic will further reduce the risk of this company maker project, DRILL IN 2010 preparations
SAMBUCA PROSPECTSicily Channel: 3D seismic will further reduce the risk of this company maker project, DRILL IN 2010 preparations
DOUGGA FIELD (Kerkouane, offshore Tunisia)75 mmboe net to AuDAX with 117 mmboe upside: A n independent review by TRACS (AGR) – a leading UK reserves certifier has shown the viability of this project and transformed it
DOUGGA FIELD (Kerkouane, offshore Tunisia)75 mmboe net to AuDAX with 117 mmboe upside: A n independent review by TRACS (AGR) – a leading UK reserves certifier has shown the viability of this project and transformed it
p j p pwell underway, reduction in rig ratesp j p pwell underway, reduction in rig rates
y p jinto a significant asset for AuDAX shoot 3D seismic
y p jinto a significant asset for AuDAX shoot 3D seismic
CHORBANE (onshore Tunisia)High industry interest in this asset culminated in DNO, a proven Norwegian E&P operator, offering to enter the license on a 2:1 promote deal
PEL 182PEL 182
ROMANIA AMIWe are well prepared for the 10th Round which now has been announced for the areas as per our anticipation.
ROMANIA AMIWe are well prepared for the 10th Round which now has been announced for the areas as per our anticipation.
license on a 2:1 promote deal.
PEL 182We successfully have added value by decreasing exploration risk through application of innovative seismic processing and added new leads and prospects
PEL 182We successfully have added value by decreasing exploration risk through application of innovative seismic processing and added new leads and prospects
TUNISIA & ITALY ASSETS
Tunisia & Italy: Sicily Channel BlocksChannel Blocks
ITALYITALY
CHORBANE BLOCK100% AuDAX
LIBYAALGERIA
SAMBUCA DRILLING in 2010: 3 TARGETS
southwest northeastSAMBUCA -1
SEABOTTOM: 620 m TVDSS
Birsa Oil Reservoir*127 - 595 MMBBLS127 595 MMBBLS
1500 meters TVDSS
Ain Grab Oil*42 – 248* MBBLS
Abiod Gas Condensate*91 – 244 MMBOE2380 meters TVDSS
* FIGURES ARE P50 TO P10 UNRISKED RECOVERABLE RESOURCES
DRILLING PROJECT ON TRACK
Project Management Drilling Manager relocated to Tunis from early September Upgrade of AuDAX (Alpine) office facilities to better support planned drilling operations
Well Design and Engineering Completed and Approved
Drilling Rig Contracting Tenders evaluatedTenders evaluated Final clarifications in progress with shortlisted contractors Recommendation and approvals expected by mid November, to be followed by LOI and contract
award
Long Lead Items Procurement (Wellheads / Surface Conductor / Casing)Long Lead Items Procurement (Wellheads / Surface Conductor / Casing) Tenders in evaluation Contract award and placing of Purchase Orders expected to commence during November
Drilling Services Contracting Tenders being issued in stages in order of priority to operations First stage tenders have been issued with responses due mid November. Evaluation to follow with contract awards commencing January 2010
ALL PREPARATIONS TO DRILL SAMBUCA ARE PROGRESSING TO PLAN
COMBINED ABIOD RESERVOIR P50 RECOVERABLE RESOURCES:
DOUGGA APPRAISAL COMBINED ABIOD RESERVOIR P50 RECOVERABLE RESOURCES:
70 MMBLS CONDENSATE + 50 MMBLS LPG + 910 BCF SALES GAS(EQUIVALENT TO 271 MMBOE)
DOUGGA - SAMBUCA-NORTHNORTH NORTH
Dougga Discovery :*75 MMBOE
Sambuca:*270 MMBOE
* FIGURES ARE UNRISKED RECOVERABLE RESOURCES, DOUGGA ABIOD RESOURCES FROM TRACS
LARGE STAND ALONE DOUGGA OR JOINT SAMBUCA – DOUGGA OFFSHORE GAS CONDENSATE DEVELOPMENT
ABIOD RESOURCES FROM TRACS REVIEW
DOUGGA DEVELOPMENT CONCEPT Conceptual Study Tracs Conceptual Study Tracs -
genesis: FPSO development . Dry raw gas stream to onshore separation and CO2 removal plant, approx. 40 km (Miskar: 130 km offshore!)(Miskar: 130 km offshore!)
4 well development with total off take rate of approx. 100 mmscf/d
12,000 barrels condensate per day + LPG and power export
Conventional & Proven Technology
EMERGING HYDROCARBON PROVINCE ENI Nild il fi ld (20 30 bl ) ENI Nilde oil field (20 – 30 mmbls)
Recent ENI and Edison gas discoveries in Pliocene stratigraphic traps with multi Tcf potential (Pandatraps with multi Tcf potential (Panda, Cassiopea, Argo)
Shell & Northern Petroleum 2D and 3D seismic
AuDAX maps new Pliocene plays!
ENI ½ Tcf Cassiopea-1
ENI Panda-1 gas discovery
SHELL – NORTHERN
Sambuca (270)
North Sambuca
Nilde Oil Field
AuDAX 3D Survey
ENI ½ Tcf Cassiopea-1 gas discovery
SHELL – NORTHERN 2D & 3D SEISMIC
D N th (70)
ENI Argo-1; 2tTcf gas discoveryDougga (75)
Dougga – North (70)
PLIOCENE FAN lead
PLIOCENE STRATIGRAPHIC LEADS
Sambuca
Dougga
SambucaPliocene GasPliocene Gas
Pliocene Gas
130 sqkm Pliocene fan area as defined by seismic amplitude
l & h tanomaly & character
3D SEISMIC ACQUISITION: 620 sqkm
RISK REDUCTION Drill Sambuca in an optimum location D ill D 2 i ti l ti Drill Dougga-2 in an optimum location Fast track development decision
INCREASE PERMIT VALUE Firm up additional prospects such as Sambuca and Dougga North (Nilde
analogy) Define prospects which MUST have 3D such as the Pliocene stratigraphic plays Attract future farminees (Large IOC’s tend to insist on the presence of 3D prior to Attract future farminees (Large IOC s tend to insist on the presence of 3D prior to
committing to drilling)
RIGHT TIME - RIGHT PLACE Se eral 3D (and 2D) essels are no in o r area Several 3D (and 2D) vessels are now in our area Unique window of opportunity for excellent cost saving
SUMMARY SICILY CHANNEL
SAMBUCA PROSPECT DRILLING ON TRACK FOR 2010
DOUGGA TRACS REVIEW: NOW A SIGNIFICANT ASSET IN OUR PORTFOLIOPORTFOLIO
SEVERAL LARGE PROSPECTS CLOSE TO SAMBUCA AND DOUGGA
NEW “HOT” PROVINCE FOR ENI, SHELL AND OTHER PLAYERS
3D SEISMIC ADDS VALUE AND FAST TRACK DEVELOPMENT
ONSHORE TUNISIA: CHORBANE
Chorbane Sidi Behara
Sfax
Sidi El Itayem
ITALY
ChaalMahares
CHORBANE BLOCK
LIBYAALGERIA
DETAILED PAST WELL ANALYSIS
REF-1REF-1
Abiod
•Abiod & Zebbag tight but shows•El Gueria absent•Significant Paleocene &•Significant Paleocene & Cretaceous thinning
Sidi Daher: NO THINNING up to Oligocene onlap!!
Abiod
CHORBANE: SIDI DAHER PROSPECT SIDI DAHERNARA PROSPECT
CHAKER‐1
SIDI DAHER NARA PROSPECT60 SQKM ‐ 350 BCF MEAN REC. RESOURCES
CHAKER‐1
HKS‐1HKS 1
CHAAL FIELDSIDI DAHER ABIOD PROSPECT,
25 SQKM 40MMBLS MEAN RESERVES
HKS‐1
G S b DHICHAAL FIELD 25 SQKM – 40 MMBLS MEAN RESERVES Gore Sober DHI
CHORBANE: East Chaal Prospect 30-80 km2 80% in Chorbane Primary Objective:Middle-Lower Nara
Formation is gas-bearing at Chaal Volumetrics Estimates 200-300 bcf.
Mechertate SE-1
Reservoir deliverability is the critical risk factor. POS 20-30%
Structure with proven high quality gas
NW Lead
Sidi DaherP
REF-1
BTO-1
HTB1HKS 1
CHORBANE PERMIT
Prospect
CH-1SMS-1
HKS-1
Lafaya-1
HKS-1Chaal
Structure
Chaal-1
Lower Nara reservoir remains to be tested
SW PROSPECT 30 80 km2 80% in Chorbane 30-80 km2 80% in Chorbane Primary Objectives: Lower Nara Formation
is gas-bearing along strike ABK & Chaal wells
Ahead of Volumetrics Estimates are of 100-Ahead of Volumetrics Estimates are of 100200 bcf. Good shallower oil potential
Closure to south is the critical risk factor.
HIGHLY PROSPECTIVE SW AREA, BUT LACK OF SEISMIC
PROSPECTS & LEADSE CH L d
NW Lead~20% POSMean reserves 20-100 Hmid Prospect
East – CH Lead
reserves 10-25 Mmbbl range
Mmbbl range
Sidi Daher Prospect
<20% POSreserves 10-20 Mmbbl range
Sidi Daher Prospect~20-30% POSMean reserves 40-200Mmbbl range
Knani Prospect~20-30% POSreserves 10-30 Mmbbl range
East Chaal Lead~20% POSReserves 200-300 bcf rangeR i t i L N SW LeadRequires repro to image Lower Nara SW Lead
~10% POSreserves ??100-200 bcf range
SUMMARY CHORBANE
“COMPANY MAKER” OPTION POST SAMBUCA
RIGOROUS PAST WELL ANALYSIS CONFIRMS EXCELLENT POTENTIAL
SEISMIC MAPPING CONFIRMS SEVERAKL VALID PROSPECTS WITH OUTSTANDING UPSIDE POTENTIAL
LOI WITH DNO: DELIVER FARM – OUT
DRILL LATE 2010 – EARLY 2011Chorbane Sidi Behara
Sidi El Itayem
SfaxCHAKER‐1
ChaalMaharesHKS‐1
SIDI DAHER ABIOD PROSPECT, 25 SQKM – 40 MMBLS MEAN RESERVES
UNIQUE WINDOW OF OPPORTUNITY Petrom & Romgas Relinquishment announced in May 2008 Petrom & Romgas Relinquishment announced in May 2008
Bid Round X announced : approximately 30, 000 sqkm (!)
AuDAX operated AMI (NZOG & Nexus) well preparedAuDAX operated AMI (NZOG & Nexus) well prepared
The creaming curves of this prolific province are still heading upwards
THE LARGETS EVER BIDDING IN ROMANIASOURCE:
NAMR, National Agency for Mineral
Resources, Romania
A TOTAL OF 30 BLOCKS, APPROXIMATELY 30,0000 SQKMAnnounced September 2009
PEL182 SOUTH AUSTRALIA
OIL PROSPECTS & LEADS
U – OIL LEAD0.7 to 1.8 mmbls unrisked
resources
Vanessa & Satellite Fields Most likely unrisked resources: 20 BCf sales gas 1 mmbls condensate
SUTA UPDIP1.5 mmbls unrisked
resources
PEL 182 VALUE CREATION
Inherited Seismic Dataset: No closure over a proven field! AuDAX reprocessing: Closure over field
Test - Reprocessing over a proven Cooper Basin discovery
The conventional remaining Cooper basin prospects are generally smalland need reliable risk reduction in order to become commercial successes
A DAX h f ll t t d i i d t i ti ThiAuDAX has successfully tested a new seismic data processing routine. Thisultimately enhances the value of the prospect portfolio through risk reduction
PEL 182 VANESSA DISCOVERY AREA
SANTOS PENNIE FIELD ADX VANESSAADX PROSPECT
Vanessa & Satellite Fields AreaMost likely unrisked resources: 20 BCf sales gas 1 mmbls condensate 1 mmbls condensate
VIENNA
AUSTRALIA
Tunisia: Kerkouane & Chorbane
Italy: GRPU15
Romania: AMI
WA Mining
PERTHPEL 182
EUROPE & NORTH AFRICA
WESTERN AUSTRALIA MINERALS INTERESTS S i ff
Western Australia: Marymia Gold Western Australia: Marymia Gold DevelopmentDevelopment
Spin off
Area 7Area 7
Area 6Area 6
K5K5
ADX MOUNT WEBB SWEET SPOTS
ADX Mount Webb
ADX Mount Webb
ADX Mount Webb
Encouraging drilling results by Ashburton!
AUSTRALIA SUMMARY
PEL 182 value increase through technical work
Cooper Basin oil & gas is small but economically attractive ifCooper Basin oil & gas is small but economically attractive if risk can be reduced ADX operatorship
Seismic reprocessing and subsequent 2D seismic acquisition ill l i b f i d i k d dwill result in a number of attractive and risk reduced prospects
ready top drill – or farm – out.
Gold & other Mineral Tenements: Right Time for monetization Gold & other Mineral Tenements: Right Time for monetization
CONTACT
Wolfgang Zimmer: Managing DirectorPaul Fink: Technical DirectorGary Roper: Chairman
Offi 610 M St t P thOffice: 610 Murray Street, PerthAustralia WA 6000Ph: +61 8 9226 2822Fax: +61 8 9226 5333Fax: +61 8 9226 5333
Website: www.audax.com.au
Email: wolfgang zimmer@audax-resources comEmail: [email protected]@audax-resources.com
ASX Code: ADX
DISCLAIMER
This presentation contains forward looking statements that are subjectto risk factors associated with the oil and gas industry. It is believedthat the expectations reflected in these statements are reasonable, butthey may be effected by a variety of variables which could causeactual results or trends to differ materially including but not limited to:actual results or trends to differ materially, including but not limited to:price fluctuations, actual demand, currency fluctuations, drilling andproduction results, commercialisation, development progress,operating results, reserve estimates, loss of market, industrycompetition, environmental risks, physical risks, legislative, fiscal andregulatory developments economic and financial markets conditionsregulatory developments, economic and financial markets conditionsin various countries, approvals and cost estimates.