Bedout Sub-basin Opportunity

Transcription

1 Bedout Sub-basin Opportunity An opportunity to participate in the development of the Phoenix South oil discovery and exploration of an extensive new oil province

2 Opportunity Highlights An opportunity to participate in Finder s Bedout Sub-basin permits which include the recent Phoenix South discovery Opportunity Highlights Significant oil discovery with potentially large reserves Oil and reservoir quality indicate a commercial discovery Extensive new oil province with large exploration potential The Phoenix South-1 well intersected at least four oil columns ranging in thickness from 26 to 46 metres There is estimated to be as much as 300 MMbbls in place (1) in the Triassic reservoir Phoenix South is the most significant oil discovery on the North West Shelf in the last 25 years Potential oil productive reservoir with permeability calculated up to hundreds of millidarcies Six oil samples recovered with API gravity estimates of 46 to 48 degrees Four permits totalling 5.36 million acres (21,720 km 2 ) which have access to oil mature source rocks 63 prospects and leads over seven play levels greater than 10 km 2 identified on existing data, several larger than Phoenix South Asset Location North West Shelf, Western Australia WA-435-P 20% Phoenix Phoenix South Phoenix MC3D Roc Bandy Zeester MC3D Keraudren-1 WA-436-P 30%* Exposure to nearterm drilling and development The joint venture is planning to drill the Roc prospect in 2015 (Finder is carried) which is a 3D supported target larger than Phoenix South The joint venture is considering appraisal of the Phoenix South discovery in early 2015 Development concepts are currently being assessed targeting early first oil WA-437-P 20% * Subject to regulatory approval WA-438-P 30%* Reputable operator and a motivated joint venture Apache is an operator of choice in Australia and has a strong reputation for developing projects on time and on budget The joint venture is aligned with the exploration and development strategy Stable fiscal regime The assets are located in a stable OECD fiscal regime with supportive state and federal governments (1) Apache News Release, August 18,

3 Phoenix South Discovery The Phoenix South-1 well intersected at least four discrete oil columns with oil and reservoir quality indicating a commercial discovery Phoenix South Overview Drill Results When Phoenix-1 well was drilled in 1980 the outcome was assumed to be tight gas The Phoenix South-1 well drilled in August 2014 was an oil discovery confirming the current reservoir model Size The well intersected at least four discrete oil columns ranging in thickness between 26 to 46 metres There is estimated to be as much as 300 MMbbls in place (1) Oil Quality Six oil samples recovered with API gravity estimates of 46 to 48 degrees Reservoir Permeability measurements from the sampled zones indicate an oil productive reservoir Permeabilities calculated in tested zones range from tens to hundreds of millidarcies Sand rich reservoir section between 4,160 and 4,540 metres confirms the reservoir model Source Oil intersected in the Lower Triassic Keraudren Formation Top of pay zones Well Log Oil Samples (1) Apache News Release, August 18, 2014 Source: Company filings, Apache and Carnarvon News Release August

4 Extensive New Oil Province The Phoenix South discovery revealed a new oil province in the North West Shelf with multiple larger structures identified in the play E shallow oil targets Lwr Triassic oil targets ~3,500 m Keraudren-1 (1974) no closure, good reservoir Roc-1 proposed (2015) Bewdy Prospect Phoenix Sth-1 oil discovery (2014) Phoenix-1 discovery (1980) Phoenix-2 (1982) no closure Bandy Lead N The joint venture is drilling the Roc Prospect in 2015 which is a larger structure than Phoenix South with shallower and better developed reservoir There are 63 prospects and leads greater than 10 km 2 ~5,500 m reef target Bottler Prospect oil source reef target Bandy identified on existing data across all permits with access to oil mature source Phoenix South-1 rocks Roc-1 10 kilometres data courtesy Fugro Multi Client Pty Ltd 3

5 Overview of Finders Bedout Sub-basin Portfolio Finders permits are in good standing with an aligned joint venture WA-435-P (Phoenix) WA-437-P (Roc) WA-436-P WA-438-P Participants Finder Exploration (20%) Apache (40%) Carnarvon Petroleum (20%) JX Nippon Oil & Energy (20%) Finder Exploration (20%) Apache (40%) Carnarvon Petroleum (20%) JX Nippon Oil & Energy (20%) Finder Exploration (30%) Apache (40%) (1) Carnarvon Petroleum (30%) Finder Exploration (30%) Apache (40%) (1) Carnarvon Petroleum (30%) Operator Apache Apache Apache Apache Area 4,955km 2 4,855km 2 5,120km 2 6,790km 2 Water Depth m m m m Tenure 6 year term (plus extensions): expiring 3 November year term (plus extensions): expiring 3 February year term: expiring 3 August year term: expiring 3 August 2015 Remaining Commitments Geotechnical studies 1 exploration well: Roc-1 (Finder is carried up to maximum of US$14m net) 400km 2 Zeester multiclient seismic data 1,000km 2D seismic PSDM JV Data to Date 510km 2 MC3D seismic data 178km 2D seismic survey 1,862km 2D seismic 266km 2 aeromagnetic survey 590km 2 MC3D seismic data 27km 2D seismic survey 427km 2D seismic 228km 2 aeromagnetic survey 330km 2D seismic survey 2,597km 2D seismic 5,107km 2 aeromagnetic survey 231km 2D seismic survey 1,042km 2D seismic 6,378km 2 aeromagnetic survey (1) Subject to regulatory approval Source: Company announcements, National Offshore Petroleum Title Administrator website 4

6 Process & Timetable Miro Advisors has been engaged as exclusive financial advisor in relation to the transaction Transaction Details Process Following execution of a Confidentiality Agreement, parties will be provided with access to additional information including a Management Presentation and a Data Room Further information will be provided to parties in due course Timetable Finder is targeting submission of binding offers in Q Miro Advisors - Contact Details Miro Advisors Corporate Address Level 1, 24 Kings Park Road West Perth WA 6005 Australia Phone: Website: Tim Woodall Managing Director tim@miroadvisors.com phone: Marcus Tieleman Associate Director marcus@miroadvisors.com Phone: Nigel Gordon Director nigel@miroadvisors.com phone: Chris MacKinnon Associate chris@miroadvisors.com phone:

7 Disclaimer Important Information about this Document The information in and accompanying this Flyer ( Flyer ) has been compiled by Finder Exploration Proprietary Limited ( Finder ) and its advisor Miro Advisors Pty Ltd ( Miro ). It is provided to the recipient solely for the purpose of giving the recipient an opportunity to consider a transaction ( the Transaction ) including WA-435-P, WA-436-P, WA-437-P or WA-438-P ( Asset ) in the Bedout Sub-basin, Western Australia The provision of this Flyer is not, and should not be considered as, a recommendation in relation to the Transaction or a solicitation or offer (public or otherwise) to acquire the Asset. Furthermore, this Flyer does not purport to include all the information that the recipient may require in order to investigate the interest in the Asset. The provision of this Flyer is the initial stage of a process for the potential Transaction. The recipient acknowledges that Finder and its related entities, its advisor Miro, and their respective officers, employees, agents, advisors, shareholders and associates (collectively the Transaction Parties ) have the right at any time without notice to the recipient or other recipients to enter into and conclude negotiations with any other person or entity in relation to a Transaction and at any time to terminate any negotiations with the recipient or any investigation by the recipient in relation to the Transaction as described in this Flyer, without being liable in any respect, to the recipient, its related entities and their respective officers, employees, agents, advisors, shareholders and associates (collectively the Recipient Parties ) however incurred. For the avoidance of doubt, the Transaction Parties will have no liability for any costs or expenses incurred by any of the Recipient Parties in investigating, negotiating or completing any matter related to the Transaction described in this Flyer. Neither the issue of this Flyer nor any part of its contents is to be taken as any form of commitment on the part of Finder to proceed with any party with any Transaction which may be contemplated by this Flyer. The Transaction Parties have the right at any time, in their sole and absolute discretion and without stating a reason therefore, to depart from or modify any procedures, timetables or course of conduct in relation to the potential sale of an interest in the Asset described in this Flyer or otherwise advised to the Recipient Parties. The highest offer for an interest in the Asset will not necessarily be accepted. An interest in the Asset may be sold to one or more parties, or an interest in the Asset may not be sold to any party. The Transaction Parties make no representation or warranty (express or implied) as to the accuracy, reliability or completeness of any information contained in this Flyer. The Transaction Parties shall have no liability (including liability to any person by reason of negligence or negligent misstatement) for any statements, opinions, information or matters (express or implied) arising out of, contained in or derived from, or for any omissions from the Flyer, except liability under statute that cannot be excluded. Except where stated, the information disclosed relates to the interest in the Asset at the date of this Flyer. It is not intended to be a complete or accurate statement of material information. This Flyer is provided to the recipient on the basis that the recipient understands and acknowledges that it may not rely in any way whatsoever on the Flyer or other information. None of the Transaction Parties accepts any responsibility to inform the recipient or its advisers of any matter arising or coming to their notice, which may affect any information provided to the recipient or its advisers and if the Transaction Parties decide to inform the recipient and its advisers of any information or matter arising or coming to their notice they do so at their absolute discretion, subject to the terms of this Flyer and are under no obligation to provide that information to any other person.