INVESTOR PRESENTATION - ROC€¦ · jd - pres - London - CORPORATE & TECHNICAL OVIEW_Final_Jan...

Slide 1jd - pres - London - CORPORATE & TECHNICAL OVIEW_Final_Jan 2006.ppt

ROC OIL – UK NORTH SEA

INVESTOR PRESENTATION

January 2006


• Balanced exploration, appraisal and development portfolios

• International focus

• Substantial operating capacity

• Management Team with established track record

• Candid communication

POINTS OF DIFFERENTIATION


• Listed on AIM and ASX

• 187 million shares on issue plus 5 million employee options

• Market capitalisation > £200 million

• A$68 / £29 million cash and receivables at 31/12/05

• No debt. US$30 million bridging loan due to be executed in January 2006; to be replaced by a US$60 million corporate facility in March 2006

• Core workforce of approximately 100 people, representing 23 nationalities, located in five different countries and collectively fluent in 14 languages and 13 regional dialects

CORPORATE SNAPSHOT


ROC listed on AIM in London at £0.72 / share in September 2004. At that time it did not seek to raise any new funds.

Currently trading around £1.20 / share.

Estimated 10 - 15% of ROC is now owned by overseas shareholders, mainly based in UK (pre-placement).

ROC IN A UK CONTEXT


GOAL

• To make a lot of money for all shareholders by establishing asubstantial reserve base and sustainable production revenue

STRATEGY

Cost efficiently acquire

• Preferably in Africa, Australia and parts of Asia,

• Meaningful interests, generally with operatorship,

• In areas containing, or adjacent to, proven hydrocarbons with considerable exploration upside

• In countries with attractive fiscal regimes

Create and realise maximum value.

ROC’S GOAL & STRATEGY


• Developing 15 MMBOE 2P reserves, net ROC, almost all oil, in four fields in three countries: Chinguetti (Mauritania), Cliff Head (Australia) and Blane and Enoch (UK).

• Producing >5,000 BOPD, net ROC. First production due 1Q 2006 for Chinguetti and Cliff Head and in late 2006 for Blane and Enoch.

• Appraising a potential further 20 MMBOE 2P unbooked reserves net ROC, in five fields in two countries: Tiof, Tevet and Banda (Mauritania), Wei 12-8 West and Wei 6-12 Complex (China).

• Drilling up to 21 exploration and appraisal wells in six countries(UK, Mauritania, Equatorial Guinea, Angola, China and Australia).

SIGNIFICANT GROWTH IN 2006


FORWARD GLANCE INTO 2006

Q1 • Cliff Head and Chinguetti production start-up, respectively, offshore Australia and Mauritania.• ROC production goes from essentially zero to 5,000 BOPD and beyond.• Jacala and Willows, potential big hit wells, offshore Australia and onshore UK, respectively.• Exploration well offshore China.• Completion of Mauritania exploration drilling programme. • Development drilling starts at Blane

Q2

Q3

Q4

• Second phase of seismic acquisition commences in Angola.• 3 – 5 exploration wells offshore Perth Basin, Australia.• Exploration drilling resumes offshore Mauritania.

• 3 well exploration drilling programme starts onshore Angola – stretch target.• Aleta-1 deep water well to drill offshore Equatorial Guinea, subject to rig contract.• Development drilling starts at Enoch.

• Blane and Enoch production start up, North Sea.• Exploration drilling continues onshore Angola.• Exploration drilling continues offshore Mauritania.


UKNORTH SEA

12% and 12.5% (1)

1999

MAURITANIA2 - 5% (2)

2000

EQUATORIALGUINEA18.75% (3)

2000

ANGOLA60%1998

UKONSHORE

100%1999

CHINA40% (2)

1998

AUSTRALIAGenerally 37.5%1999

Operated / ManagedNon-Operated

NEW ZEALAND40%2004

(1) Estimate post unitisation(2) Pre-Government Back-In(3) 15% Free carried through 2006/07 well

1998 Date of first contact

PORTFOLIO OF FOUR CORE REGIONSJANUARY 2006


ROC’S DEVELOPMENT PORTFOLIO

Developing 15 MMBOE net2P reserves, almost all oil, in four fields in three countries.

All fields due on streamin 2006.

Total net ROC production>5000 BOPD from March 2006.


TIMING OF FUTURE OIL PRODUCTION

NOW


ROC DEVELOPMENT:OFFSHORE PERTH BASIN, WESTERN AUSTRALIA

Final Investment Decision:

Location: Cliff Head Oil Field, Offshore Perth Basin, Western Australia

ROC Equity: 37.5%

Discovery: December 2001

March 2005

Development Concept: Unmanned platform, pipelines to onshore plant. Oil trucked to refinery.

Development Cost: A$265 million / US$198 million

First oil production: March 2006

Gross Initial Production Rate: >10,000 BOPD

Gross 2P reserves: 14 MMBO

Operator: ROC


Initial ProductionRate ~10,000 bpdInitial ProductionRate ~10,000 bpd

~14m bbls (2P)~14m bbls (2P)

CLIFF HEAD DEVELOPMENTBASIC DESIGN – FOUR MAIN COMPONENTS

• Offshore unmanned platform

• Two steel 273mm diameter pipelines, 14km long - one for production fluids and one for water injection; 14km power cable for general platform power; specifically for powering down hole pumps; 14km chemical injection and control umbilical for corrosion and scale inhibition.

• Onshore processing facility

• Oil trucked to refinery south of Perth


CLIFF HEAD DEVELOPMENTArrowsmith processing plant and pipeline easement


CLIFF HEAD DEVELOPMENTThe jacket in Geraldton Harbour: November 20051)

1) Jacket now installed at Cliff Head oil field


• Chinguetti Oil Field: Development

• Tiof Oil Field

• Banda Gas Field

• Tevet Oil Field

• Pelican Gas

• Faucon Oil/Gas1)

• Labeidna Oil

1) Subject to analysis of samples, which are expected to confirm either light oil or gas & condensate

ROC’s acreage offshore Mauritania includes:

OFFSHORE MAURITANIA:DISCOVERIES AND FIELDS

Appraisal

RegionallySignificant


CHINGUETTI OIL FIELD DEVELOPMENT


ROC DEVELOPMENT:OFFSHORE MAURITANIA


Location: Chinguetti Oil Field, offshore Mauritania

ROC Equity: 3.25%

Discovery: May 2001

May 2004

Development Concept: Deepwater FPSO

Development Cost: US$730 million

First oil production: February 2006

Gross Initial Production Rate: Up to 75,000 BOPD


Operator: Woodside

Photo: FPSO on route to Mauritania


ROC DEVELOPMENT:NORTH SEA

Two fields being developed, Blane and Enoch, both due on stream by end 2006.

NORTH SEA


ROC DEVELOPMENT:UK NORTH SEA


Location: Blane Oil Field, UK North Sea

ROC Equity: 12.5%*

Discovery: May 1989

July 2005

Development Concept: Subsea tie back

Development Cost: £165 million

First oil production: 4Q 2006



Operator: Talisman* Unitised


ROC DEVELOPMENT:UK NORTH SEA


Location: Enoch Oil and Gas Field, UK North Sea

ROC Equity: 12.0%*

Discovery: 1985

July 2005

Development Concept:

Development Cost: £75 million

First oil production: 4Q 2006



Operator: Talisman* Unitised

Subsea tie back


MAURITANIA2 - 5% (2)

2000

EQUATORIALGUINEA18.75% (3)

2000

ANGOLA60%1998

UKONSHORE

100%1999

CHINA40% (2)

1998

AUSTRALIAGenerally 37.5%1999

Operated / ManagedNon-Operated

NEW ZEALAND40%2004

(1) Estimate post unitisation(2) Pre-Government Back-In(3) 15% Free carried through 2006/07 well

1999 Date of first contact

ROC’S EXPLORATION PORTFOLIO


2006 ANTICIPATED DRILLING PROGRAMMESTRONG EXPLORATION FOCUS

Please note Target Volumes are Gross, Unrisked


ONSHORE UK:GAS EXPLORATION

WILLOWS PROSPECT

• ROC – 100%

• Large structural-stratigraphic trap

• Big Potential / High Risk:50 – 100 BCF potential

• ROC to start drilling inMarch 2006


JACALA PROSPECT

• ROC – 20%

• Largest undrilled structure inthe offshore Carnarvon Basin:

• Very Big Potential / High Risk:many hundreds of millions of barrels

• BHP-operated well due to drill February 2006

OFFSHORE AUSTRALIA:VERY LARGE OIL PROSPECT


OFFSHORE AUSTRALIA:MULTIPLE SMALL-MODEST OIL PROSPECTS

WA-286-PROC 37.5% & Operator

TP/15ROC 20% & Operator

More than a dozen prospects and leads have been identified in the Perth Basin in general vicinity of the Cliff Head Oil Field.

The collective gross reserve potential is >250 MMBO.

Many of the drill targets are relatively close to shore and it may be possible to test some of them by drilling long reach horizontal wells from onshore drill sites.


PRE-DEVELOPMENT – CHINA:Block 22/12

(1) CNOOC has rights to participate for up to51% in developments

This field, in the Beibu Gulf,is currently subject to development discussions with the Government-owned CNOOC oil company.

No guarantee of outcome.

WEI 12-8 WEST


OFFSHORE CHINAMULTIPLE SMALL-MODEST OIL PROSPECTS

2002February:• ROC farmed in to Beibu Gulf Block

22/12March:• Wei 6-12-1 oil discoveryApril:• ROC appointed operatorJuly:• 3D seismic survey

2003 - 04• Three wells drilled – mixed results2006• One exploration well


• Chinguetti Oil Field: Development

• Tiof Oil Field

• Banda Gas Field

• Tevet Oil Field

• Pelican Gas

• Faucon Oil/Gas1)

• Labeidna Oil

1) Subject to analysis of samples, which are expected to confirm either light oil or gas & condensate

ROC’s acreage offshore Mauritania includes:

OFFSHORE MAURITANIA:DISCOVERIES AND FIELDS

Appraisal

RegionallySignificant


Equatorial Guinea,Offshore Rio Muni Basin

ROC 18.75% andTechnical Manager

In 2004 ROC operated the Bravo-1 exploration well in 1500m of water on budget and on schedule.ROC is free carried for 15%of the Aleta-1 deep water well, scheduled to be drilled as soon as a suitable rig is available, probably during 2006 / early 2007.

OFFSHORE EQUATORIAL GUINEALARGE DEEPWATER OIL PROSPECT


Truncation/onlap edge

H Blocks

L Block

Channels/Overbank & LeveeReservoir fairway

AletaClosures

Low amplitudemounded lobesreservoir facies

Low amplitudemounded lobesreservoir facies

Aleta Prospect

Cretaceous channel sands identified by high resolution3D seismic

150-300 MMBO potential

Success will upgrade other nearby prospects with collective reserve potential of :

P10: >1 billion bblsP50: ~500 MMBOP90: >50MMBO

OFFSHORE EQUATORIAL GUINEALARGE DEEPWATER OIL PROSPECT


ROC IN CABINDA, ONSHORE ANGOLA


ONSHORE ANGOLA:CABINDA SOUTH BLOCK - ROC 60% & OPERATOR

1998: First attempt to acquire equity2001: First equity (45%) acquired.2002: Civil war ended.2003: More equity (15%) acquired.2004: Contract activated2005: Major seismic acquisition 2006: More seismic plus drilling

Area is adjacent to 5 billion barreloffshore oil province, currently producing >400,000 BOPD

Chevron recently paid a US$290 million signature bonus (including community commitment) to renew the adjacent offshore area and is now embarking on a multi-billion dollar redevelopment of offshore Cabinda.


LOWER CONGO BASINOIL PRODUCING AREAS

OFFSHORE CABINDAca 5 billion barrels discoveredsince 1960s.Currently producing ~400,000 BOPD.Operator, Chevron, has just renewed original permit via a US$290 million signature bonus including community commitment and multi-billion dollar work commitment.Structural and depositional trends run from/to on/offshore.

10 km west tonearest production CABINDA

SOUTH BLOCK1,070 sq km

≡ 4 North Sea Blocks

Effectively no exploration between 1972 and 2005, when ROC acquired a very significant seismic survey

110 km north to M’Boundi

6 km south tonearest production

DEMOCRATIC REPUBLIC OF CONGO

Established production from several onshore fieldsPost-salt production at shallow depth

M’BOUNDI FIELD(Congo-Brazzaville)

Including one of Africa’s larger recent onshore discoveries with 2P reserves ~ 250 MMBO, plus upside.First production: 2002Current production : 45,000 BOPDFacilities expansion : to 60,000 BOPDPre-salt play ~1,800 mss>50 wells during 2004-06

2 km west tonearest oil discovery


HOW THE CABINDAJOINT VENTURE EVOLVED

ELF20%

SONANGOL20%

FINA20%

SONANGOL20%

Late 80s - early 90s 1996 2001

SONANGOL20%

2003

ROC 60% and Op.

SONANGOL20%

Late 90s

FORCE20% FORCE

20%

ROC45% and Op.

BAKER HUGHESLACULA

15%

ANGLOSUISSE

20%

BAKER HUGHESLACULA

15%

FIRST

DEEP

WATER

EXPLORATION

SUCCESS

TOTALFINAELF65%


Angola is undergoing reconstruction following the end of the 30 year civil war in 2002.

For several decades, offshore oil production platforms have pumped oil to shore-based facilities in Cabinda 15 km north of ROC’s Block.

ROC’s recent seismic survey effectively marked the return of exploration activity to onshore Angola after an absence of more than 30 years.Current active operators : Sonangol, ExxonMobil, BP, Total, Chevron, Devon and ROC.

ANGOLA: LARGE AND GROWING OIL PRODUCER


• Seventh largest country in Africa and the continent’s third largest oil producer.

• For decades, offshore Angola has been a focus area for some of the largest oil companies in the world; but never more than now.

• For all practical purposes, onshore Angola had not been actively explored since 1972, until ROC acquired 505 km 2D and 162 sq km 3D seismic in 2005.

• Preliminary interpretation of recent seismic confirms numerous prospects and leads

ANGOLA: FIRST ONSHORE SEISMIC SURVEYFOR MORE THAN 30 YEARS


SUBSTANTIAL EXPLORATION POTENTIAL WEST AFRICA - ANGOLA

• 505 km 2D and 162 sq km 3D Dynamite and Vibroseisseismic survey June -November 2005

• Data quality is good to excellent

• Structuring confirmed numerous prospects and leads identified.

• Interpretation due to be completed 1H 2006


CABINDA SOUTH BLOCK, ONSHORE ANGOLA2005 2D AND 3D SEISMIC SURVEY

Preliminary results of ROC’s 2005 seismic programme suggest that the Cabinda South Block will be a prime exploration focus for ROC in 2006 and beyond.


PRE-1972 WELL RESULTS IN RELATION TOPRELIMINARY 2005 SEISMIC INTERPRETATION

Post Vermelha

Vermelha

1Oil and Gas

(98 – 1)

TARGET

Chela

Pre-Chela

VALID / OPTIMALTESTS

Discoveries Dry

INVALID / SUB-OPTIMAL TESTS

With shows No shows

TOTALPENETRATIONS

1*Oil

(121 – 5)

1Gas

(123 – 5)

1Oil

(123 – 1)

1

(123 – 4)

2

(123 – 5)(111 – 2)

-

-

5

-

3

5

26

28

6

4

33

31(30 in block)

10

10

* Well is 2km offshore, outside block600 BOPD discovery, trap type unknown

PostSalt

PreSalt

Shallow

Deep


WELLS IN AND ADJACENT TO SOUTH CABINDA BLOCK1964 - 2005

Second well drilled in the Block (1964) recovered 400 BBLS of oil plus some gas and water

Chevron testing one of its offshore wells as seen from within ROC’s Cabinda South Block during September 2005.


One of the world’s most prolificpetroleum provinces.

Production offshore and immediately to the west, immediately onshore to the south – both on trend – and ca 100 km to the north.

Multiple reservoir, source and cap intervals, collectively hundreds of metres thick, in a heavily structured setting with additional potential for stratigraphic traps.

Pre-1972 drilling viewed as encouraging in light of new (2005) seismic.

THE PETROLEUM GEOLOGY OFTHE LOWER CONGO BASIN


CABINDA SOUTH BLOCKEXPLORATION PLAY CONCEPTS

Oil flow 2km offshore


• World class source rock- TOCs 3% to 25% (Avg 9%)- HIs 250 to 750

• 800 metres of good to excellent source rocks intersected in wells pre 1972

• Proven oil & gas generating kitchen in western region of the block

• Proven migration pathways into pre- and post-salt reservoirs

SOURCE ROCK: A KEY INGREDIENT


ONSHORE ANGOLA

An established oil production facility to the south of ROC’s Cabinda acreage illustrates the type of development that could occur in the Cabinda South Block- if exploration is successful


• Balanced and diverse exploration, appraisal and development portfolios

• Four new production streams in 2006

• Aggressive, international exploration drilling programme

• Equity raised to fund a much accelerated Angolan exploration programme

SUMMARY

Date post:	25-Jul-2020
Category:	Documents
Upload:	others
View:	0 times
Download:	0 times

INVESTOR PRESENTATION - ROC€¦ · jd - pres - London - CORPORATE & TECHNICAL OVIEW_Final_Jan...

Documents