Gold Oil Investor Presentation February 2012
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Gold Oil Investor Presentation February 2012

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    Gold Oil Investor Presentation February 2012 Gold Oil Investor Presentation February 2012 Presentation Transcript

    • Gold Oil PlcInvestor Presentation February 2012
    • Important Notice• This document (“Presentation”) and the information contained in it have been prepared by Gold Oil Plc (the “Company”) This document and the information contained in it is solely the responsibility of the Company and its directors.• The information in this Presentation, which includes certain information drawn from public sources, does not purport to be comprehensive, and has not been independently verified and is liable to change. The date of this Presentation is 15 February 2012.• This Presentation and the information contained herein does not constitute or form any part of an offer or invitation to sell or issue, or any solicitation of any offer to purchase or subscribe or otherwise acquire, any ordinary shares in the Company in any jurisdiction where such offer, invitation or solicitation may not be lawfully made.• This Presentation is being supplied to recipients solely for their information and at their request and may not be reproduced or redistributed, in whole or in part, to any other person, or published, in whole or in part, for any purpose.• Neither this Presentation nor any copy of this Presentation and the information contained therein should be distributed by recipients and, in particular, should not be:- (a) distributed to persons with addresses in Japan, Australia, South Africa or the Republic of Ireland, their territories or possessions, or in any other country outside the United Kingdom; or (b) distributed to within the United States of America (“United States”); or (c) distributed to any individual outside Australia or Japan who is resident thereof in any such case for the purpose of offer for sale or solicitation or invitation to buy or subscribe any securities in the context where its distribution may be construed as such offer, solicitation or invitation, in any such case except in compliance with any applicable exemption. The distribution of this document in or to persons subject to other jurisdictions may be restricted by law and persons into whose possession this document comes should inform themselves about, and observe the laws of any such jurisdictions. Any failure to comply with these restrictions may constitute a violation of the laws of the relevant jurisdiction.• This Presentation is being solely issued to and directed at persons in the United Kingdom who are “qualified investors” within the meaning of Article 2(1)(e) of the Prospectus Directive (Directive 2003/71/EC) that (i) have professional experience in matters relating to investments and who are investment professionals as specified in Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005, as amended (the “Financial Promotions Order”); or (ii) fall within Articles 49(2)(a) to (d) of the Financial Promotions Order; or (iii) fall within other applicable exemptions under the Financial Promotions Order (“Exempt Persons”). This Presentation is therefore exempt from the general restriction on the communication of invitations or inducements to enter into investment activity and has not been approved by an authorised person, as would otherwise be required by section 21 of the Financial Services and Markets Act 2000. Any investment to which this Presentation relates is available to (and any investment activity to which it relates will be engaged with) only Exempt Persons. Persons other than Exempt Persons should not take any action nor rely upon this Presentation, should return this Presentation immediately to the Company and should not stay for the remainder of the Presentation.• The Company’s securities have not been, nor will they be, registered under the U.S. Securities Act of 1933, as amended (the “U.S. Securities Act”). The Company does not intend to register any portion of the offering in the United States or to conduct a public offering of any securities in the United States. This document and its contents may not be viewed by persons within the United States (within the meaning of Regulation S under the Securities Act) other than institutional "accredited investors" that meet the criteria set forth in Rule 501(a) (1), (2), (3) or (7) under the U.S. Securities Act (“IAIs”). The securities may not be offered or sold in the United States except to IAIs in reliance on an exemption from, or transaction not subject to, the registration requirements of the U.S. Securities Act and applicable state securities laws.• The Companys securities are being offered for sale only on a "private placement" basis in certain jurisdictions of Canada only to persons that are an "accredited investor" as such term is defined in National Instrument 45-106 Prospectus and Registration Exemptions promulgated under Canadian securities legislation ("Accredited Investors") and the sale and delivery of the Companys securities to such persons is conditional upon such sale being exempt from the applicable requirements as to the filing of a prospectus.• By staying for the remainder of this Presentation, each person is deemed to confirm, warrant and represent that they are an Exempt Person, an IAI or an Accredited Investor, as applicable, and accept all the terms and conditions set out in this notice.• Statements in this Presentation regarding the Company’s or its management’s intentions, beliefs or expectations, or that otherwise speak to future events, are “forward-looking statements”. Forward- looking statements may be identified by terminology including “could”, “may”, “will”, “should”, “expect”, “plan”, “except”, “project”, “estimate”, “predict”, “anticipate”, “believes”, “intends” and the negative of these terms or other comparable terminology. Such statements are based on the Company’s current expectations and involve a number of risks, uncertainties and assumptions and should not be considered as guarantees of future performance. These statements include, without limitation, statements about the Company’s market opportunity, growth strategy, competition, expected exploration and development activities, future acquisitions and investments, the adequacy of the Company’s available cash resources and the availability of future cash resources. Future results and developments discussed in these statements (and in particular, but without limitation, on slide 14 of this Presentation) may also be affected by numerous factors and risks beyond the Company’s control, including political or economic conditions in areas where the Company operates, trade and regulatory matters, general economic conditions (including currency and commodity prices), and other factors and risks. Readers are cautioned not to place undue reliance on these forward-looking statements. The Company does not undertake to update, revise or correct any of the forward-looking information.• Statements in this Presentation relating to reserves and resources have been prepared by the Company based on internal management estimates, and are not required to be prepared in accordance with any applicable reporting standards in the United States or Canada (including, without limitation, National Instrument 51-101 - Standards of Disclosure for Oil and Gas Activities or the Canadian Oil and Gas Evaluation Handbook). Ian Reid, the Company’s Exploration Director and a trained Petroleum Geologist, is a qualified person for the purposes of the AIM Rules for Companies and the AIM Note for Mining and Oil & Gas Companies. Mr Reid has reviewed and approved the technical disclosures contained in this Presentation. 2
    • IntroductionHighlights Key Statistics• Gold Oil is a junior E&P company with a strategic focus AIM Company Ticker: GOO on South America; it was floated in 2004 on AIM Shares in issue: 891m• Focused on balanced mix of low risk appraisal and Market Price (13 Feb 2012): 2.80p development assets and high impact exploration Market Cap: £25m Cash & Equivalents : £3m• Colombia and Peru provide excellent investment opportunities with reasonable fiscal terms and Debt (short term loans): £0.0m relative political stability Major ShareholdersKey Assets Shareholder Shares % Peru: Mr. Iraj Parvisi 143,279,823 16.1 • Block Z34 (100%) Offshore NW Peru Sheer Energy (Mr. John Bell) 142,511,810 16.0 • Block XXI (30%) Onshore NW Peru Lynchwood Nominees 55,812,164 6.3 Mr. Mark Pritchard 42,500,000 4.8 Colombia: • Nancy Burdine Maxine (58%) Onshore (producing) Bank of New York Nominees 35,000,000 3.9 • Azar (20%) Onshore Further approx.1,350 holders 472,409,228 52.9 Total 891,513,025 100 3
    • Overview of Key Assets Projects Block Z34 Block XXI Nancy Burdine Azar Working Interest 100% 30% 58% 20% Geographic focus Offshore Onshore Onshore Onshore Peru Peru Colombia Colombia Acquired/Interpreted Farmed out to Vale. Nancy -1 producing. 3D seismic acquired 2D seismic in 2009. Awaiting final Burdine -1 and -5 and interpreted. Status 3D seismic programme assignment approval producing following Permits received, civil of over 800 sq km in 2011 8,000km aero survey workover programme. works for drilling Processing finalised. underway Long term test until finalised. Interpretation underway final facilities installed Farm out equity Finalise aero survey Negotiate contract Drill La Vega East well Planned Activity extension. Q2 2012 (April spud Seek partner 2D seismic in 2012 Drill in 2012/13 Drill in 2013 30km 2D seismic date) Drill Nancy-2 well (contingent ) 4
    • Board of Directors Executive Directors John Bell ~ Chairman CEO and owner of Sheer Energy Pty. Ltd., CEO and owner of Australian Drilling Associates. 35 years experience in E&P drilling with BP, BHP and ADA Richard Mew ~ Chief Executive 28 years E&P experience with Shell, Conoco, Hess and Centrica. Primarily on International Business Development, M&A transactions Ian Reid ~ Exploration Director 28 years E & P experience with Shell International and as an independent consultant in Australia for the petroleum and geothermal industries Thomas Tidow ~ Operations Director Formerly with Repsol, Vopak and Shell, has been with the company since its formation Julian Garcia ~ Director and Colombia Country Manager Formerly President of Gran Tierra Energy Colombia, Emerald Energy Plc country manager and Technical Director of the National Hydrocarbons Agency of Colombia Non Executive Directors Guy Cowan ~ 23 years with Shell, former Commercial Director of Shell PDC Nigeria and CFO of Shell Oil USA John Charlton ~ Former Group Treasurer ICI and Chief Financial Officer Kvaerner 5
    • Peru Offshore Block Z34Description:• Large offshore block (370,000 Hectares)• Located in the offshore Talara Basin• Next to the Talara oil fields (>1.5 billion barrels produced)• The block is in water depths ranging from 100m to >2000m• Gold Oil 100%Current Status:• Acquired 2,013 km of 2D seismic in 2009; processed and interpreted• Acquired over 800 sq km marine 3D in July/August 2011• Processing completed, interpretation being finalised.The Opportunity:• The USGS estimates that 1.68 billion barrels remains to be found in Peru, predominantly offshore• Numerous (>10) leads identified on 2D seismic and confirmed by 3D• Significant contingent resources with company making potentialOur Plan:Finalise interpretationCompetent Persons Report Seismic example showing tilted fault blockSeek partner to fund two wells in 2012/13 Seismic line through Pisco and Chilcano fault block leads 6
    • Block Z34 ~ Positive read across from BlockZ38• Karoon Gas farmed in funding seismic and two wells• D&M valued Karoon Gas’ 75% of Block Z38 at US $657 million.• Karoon announced plans to drill end 2012• Latest report shows Block Z38 unrisked P50 resources at 2.2 billion barrels• ‘G’ Prospect target in Block Z38 seen extending into Block Z34.• Mean Prospective resource of 419 MMb Gold Oil has 100% equity and ascribes a significant value to neighbouring Block Z34 Competent Persons Report on Z34 incorporating recent 3D survey due in March 7
    • Block Z34 ~ Prospects and Leads Summary Prospect ‘G’ Cuy Substantial Identified Hydrocarbon Potential • Significant leads/prospects identified • 2D seismic interpretation indicates large structures • Completed 3D seismic confirms the prospectivity and upgrades prospects to ‘drill ready’ status Block Z34 Gross Unrisked Resource Potential Francesca P (10) P (50) P (90) Prospect /Lead mmboe mmboe mmboe Chilcano 1,985 823 191 Prospect ‘G’ 311 150 31 Pisco Pisco 752 134 8 Francesca 832 232 109 Cuy 214 67 35 Chilcano ____________ _______ ______ _____ Total Unrisked 4,094 1,406 374 Note: Figures based on 2D and internal Gold Oil estimates 8
    • Peru Onshore Block XXI Description: • Located in the onshore Sechura Basin • Gold Oil 100% (30% after farm out) Current Status: • Farmed out to Vale for $2m in cash plus up to a maximum exploration programme of $10m • Waiting on approval to assignment (expected March) • Seismic acquisition is required to define targets • Fugro Airborne survey completed (8,000 km) The Opportunity: • Frontier basin with structural targets identified on geophysical data, with reservoir seals • Near to existing hydrocarbon discoveries Our Plan: Acquire 8,000 km of aero gravity / magnetic survey 2D seismic in 2012 and well(s) in 2013 9
    • Colombia Nancy Burdine FieldsDescription:• Located in the Putumayo Basin of Colombia• Nine year Ecopetrol contract (exp. 2015)• Gold Oil 58.05% (through its 100% ownership of Invepetrol)Current Status:• Producing from Nancy -1 and long term test on Burdine -1 & -5• Production from Nancy and Burdine 550 bopd. (net approx. 150 bopd after Ecopetrol carry and Royalty)• Negotiating contract extension beyond 2015The Opportunity:• Seismic is sparse and with new 2D there are considerable appraisal/development opportunities• Nancy has 10 MMb recoverable with only 2.9 MMb produced to dateOur Plan:Negotiate contract extension beyond 2015Acquire 2D seismic in 2012*Drill Nancy -2 well in 2013 ** contingent on contract extension Seismic/Map –N Sand Time Map 10
    • Colombia Azar Block Description: • Located in the Putumayo Basin of Colombia • Exploration acreage Operated by Gran Tierra 40% • Gold Oil 20% Current Status: • Extensively covered by high quality 3D • Portfolio of low risk drill targets identified • Preparing to drill a well Q2 2012 (Gold Oil carried for half its drilling costs in next well) The Opportunity: • Several low risk prospects defined on 3D data – La Vega East, South, Yanayaco and Maracuya • La Vega East next drill candidate with prospective resource estimates of approx. 2-3MMb* Our Plan: Gold Oil intends to participate in the Vega East Well in 2012. If successful, the field could quickly be hooked up via existing infrastructure Azar Seismic Line *Internal Gold Oil estimate 11
    • Near Term Activity 12
    • News Flow ~ Q1 and Q2 2012 Peru Block Z34 Competent Persons Report March Farm out bids received April Farm out terms agreed April/May Block XXI Assignment to Vale Oil & Gas March Colombia Azar Block La Vega East well spud April La Vega East well results April/May Nancy Burdine Extension of Ecopetrol contract March/April 13
    • Conclusion • Gold Oil has a number of significant growth opportunities within its existing asset base in Peru and Colombia. • The Company has a number of short term milestones that offer the potential for a rerating of the share price • Colombia offers a number of the opportunities within existing producing areas and relatively low risk exploration with very quick payback • Peru gives the Company access to very significant upside, largely through the multi billion barrel potential of Block Z34 14
    • ContactsGold Oil PlcRichard MewChief Executive Officer – rmew@goldoilplc.comTel: +44 (0) 203 427 5089BuchananTim Thompson – timt@buchanan.uk.comBen Romney – benr@buchanan.uk.comHelen Chan – helenc@buchanan.uk.comTel: +44 (0) 207 466 5000 15