The attached presentation is a update of the Company s activities.

Transcription

1 11 August 2008 ASX Limited Company Announcements Office 20 Bridge Street Sydney NSW 2000 Dear Sir The attached presentation is a update of the Company s activities. A copy of this presentation will also be available on the Company s website For further details please contact: Gary Roper Wolfgang Zimmer Chairman Managing Director 61 (8) (0)

2 Corporate Update August 2008

3 DISCLAIMER This presentation contains forward looking statements that are subject to risk factors associated with the oil and gas industry. It is believed that the expectations reflected in these statements are reasonable, but they may be effected by a variety of variables which could cause actual results or trends to differ materially, including but not limited to: price fluctuations, actual demand, currency fluctuations, drilling and production results, commercialisation, development progress, operating results, reserve estimates, loss of market, industry competition, environmental risks, physical risks, legislative, fiscal and regulatory developments, economic and financial markets conditions in various countries, approvals and cost estimates.

4 INTRODUCTION

5 STRATEGY TWO PRONGED APPROACH Grow the European and North African oil and gas business in order to expose shareholders to the lucrative European energy market Promote existing Australian energy, gold and base metal portfolio to capitalize on the high commodity price environment.

6 AuDAX Resources Australian based oil & gas exploration company Experienced management team and proven oil finders Focus on proven oil basins Focus on optimal fiscal terms High impact portfolio - exploration and development opportunities Corporate growth stage 1 complete (December 2007 to June 2008) New board of directors New technical team New asset base New operatorship New shareholder structure Institutions and high net worth individuals Top 20 shareholders h with 40% capital Management with 22% shareholding

7 AuDAX TARGETS AND PLANS AuDAX is operator of all oil and gas assets Superior fiscal terms in all countries where active Corporate growth stage 2 signed drilling management contract with Equinox close SPAs complete farm out for Kerkouane and Pantelleria sign drilling contract for semi submersible

8 TUNISIA: AuDAX approved as Tunisian operator by authorities (DGE, ETAP & CCH) RECENT ACHIEVEMENTS Received approval from ETAP for transfer of title on 28 th of April 2008 Received approval from Directeur General d Energie for extension and transfer of title of Kerkouane license to AuDAX on 2 nd of May 2008 Consultative Hydrocarbon Committee approved same on 2 nd of May 2008 Agreed bank guarantee with Tunisian government and Commonwealth Bank ITALY (GR 15 PU, SICILY CHANNEL): Transfer of title from Grove to AuDAX - final ministerial approval received on 9 th of July 2008 Rig share consortium with operators in Tunisia & Italy for drilling Q1/Q Signed drilling management contract with Equinox Signed SPA with Kairiki for 30% interest in GR.15.PU ROMANIA: Compiled extensive database for 9 th and 10 th Round ahead of competition AUSTRALIA: Took over operatorship for PEL-182 as of 31 st April.

9 RESOURCE BASE HIGHLIGHTS Sicily channel 700 million barrels resource* Onshore Tunisia 100 million barrels resource* * * Unrisked most likely recoverable resources, net to AuDAX at current equity levels (i.e. 70% in Sicily Channel, 50% in Chorbane).

10 NEAR TERM GROWTH Large Sized Company Maker: Italy & Tunisia Offshore: Sambuca Prospect, Drill Q Mid - Large Sized Company Maker: Tunisia Offshore: Dougga Gas & Condensate Development: Drill Q Mid Sized Company Makers: Tunisia Onshore: Chorbane Exploration Drill 2009 Romania 9 th & 10 th Round: AMI Nexus & Kairiki: Q Low Risk Asset Foundation: Australia: PEL 182 Cooper Basin, Vanessa gas discovery Monetize WA gold mining tenements farm out

11 EXPLORATION & DEVELOPMENT

12 HIGHLIGHTS HIGH IMPACT EXPLORATION PROSPECT IN OFFSHORE TUNISIA & ITALY: Sambuca Company Maker offshore Italy and Tunisia: 270 mmboe (mean prospective recoverable resources) TUNISIA: APPRAISAL & DEVELOPMENT OF DOUGGA DISCOVERY: Successful Appraisal well will quickly establish large reserves basis: 420 BCF sales gas, 29 mmbbls condensate (mean prospective recoverable resources). TUNISIA: ONSHORE CHORBANE Medium risk onshore exploration with significant upside potential close to producing fields AUSTRALIA: COOPER BASIN GAS DISCOVERY Vanessa discovery appraisal & development, focus exploration as new operator ROMANIA: AMI NEXUS & KAIRIKI: UNIQUE WINDOW OF OPPORTUNITY Highly Economic Exploration & Exploitation Opportunities within European Community

13 EUROPEAN & NORTH AFRICAN PORTFOLIO VIENNA ROMANIA FUTURE EXPLORATION & APPRAISAL KERKOUANE CONDENSATE APPRAISAL G.R.15.PU (ITALY) EXPLORATION CHORBANE EXPLORATION

14 TUNISIA & ITALY

15 TUNISIA & ITALY ASSETS Tunisia: KERKOUANE 70% AuDAX 30% Kairiki Italy: G.R.15.PU (Pantelleria) 70% AuDAX 30% Kairiki Tunisia: CHORBANE 50% AuDAX 50% Kairiki

16 RECENT DEVELOPMENTS TUNISIA: Acquired 100% of Kerkouane permit AuDAX approved as Tunisian operator by authorities (DGE, ETAP & CCH) Kerkouane license extended until Q without any further commitments. Dougga appraisal well allowed as exploration commitment well Agreed bank guarantee with Tunisian i government and Commonwealth Bank SPA with Kairiki for 30% interest in Kerkouane ITALY (GR 15 PU, SICILY CHANNEL): Transfer of title from Grove to AuDAX received final ministerial approval Firming up of Semi-Sub for Q drilling (rig share consortium with operators in Tunisia & Italy, i.e. Cairn, Storm) SPA with Kairiki for 30% interest in GR.15. PU ALGERIA LIBYA

17 SICILY CHANNEL: KERKOUANE & PANTELLERIA Under Explored: 4,500 km 2 area between oil & gas fields. Only 2 wells on both permits. Oil Field Gas Condensate SICILY (ITALY) Nilde Zibibbo Dougga Tazerka Yasmin Birsa TUNISIA Cosmos Oudna

18 SICILY CHANNEL PROSPECTS Sambuca-Over thrust (17) Cap-Bon Mare (77) North Sambuca Mean Prospective Resources Most Likely Reserves HC Gas Oil & Condensate Oil Equivalent PROSPECTS [bcf] [mmbls] [mmboe] Sambuca (Birsa, Ain Grab, Abiod) Sambuca (270) Sambuca Overthrust (Ain Grab) Dougga (Abiod) Carthage (79) Dougga North Nilde Analogy Tazerka North (Birsa) Menzel-Termine (57) Galliano (Birsa, Ain Grab, Abiod) East Galliano (Birsa, Ain Grab, Abiod) North Zibbibo (Ain Grab) Most Likely Reserves HC Gas Oil & Condensate Oil Equivalent Dougga North (70) LEADS [bcf] [mmbls] [mmboe] Galliano (122) Cap Bon Mare (Abiod) Carthage (Abiod) Dougga (99) Menzel Temine (Abiod, Bou Dabbous) TOTAL UNRISKED ML RESERVES 1, N. Zibibbo (20) Tazerka-North (24) Prospects [mmboe] Tranche 2 Prospects Covered by excellent D seismic, mainly tilted horst blocks with compressive reactivation Covered by older, variable quality seismic, mainly very large thrust related anticlines

19 DOUGGA & SAMBUCA: DRILLING SOON! SICILY (ITALY) Q1 2009: DRILL SAMBUCA OIL PROSPECT 270 mmboe resource potential (P50) 640 mmboe resource potential (P10) TUNISIA Q2 2009: APPRAISE DOUGGA DISCOVERY 29 mmbbls condensate, 420 bcf sales gas

20 DOUGGA & SAMBUCA NEAR TOP ABIOD DEPTH MAP Sambuca TUNISIA ITALY Dougga

21 DOUGGA & SAMBUCA: DRILLING SOON! Dougga-1 Sambuca Birsa Oil Reservoir Ain Grab Oil Proven Abiod Gas Condensate Abiod Gas Condensate

22 DOUGGA GAS CONDENSATE DISCOVERY Dougga-1 Pantelleria Graben Note clear up-dip section at Abiod level west of Dougga-1: Large upside potential: more than 500 meters of gas condensate column.

23 DOUGGA DEVELOPMENT FPSO development with condensate and LPG separation. Raw gas stream to onshore CO2 removal plant, approx. 40 km. Development Schematic Condensate to export 2 3 well development with total off take rate of 100 mmscf/d FPSO CAPEX around 400 MMUS$ Gas to Tunisia or TRANSMED Umbilical/riser Mooring lines Appraisal well to optimise development concept in Q1 Q Subsea trees Subsea manifold Top 3103 meters TVDSS AuDax 3260 meters TVDSS Top 2795 meters TVDSS

24 H1 H Dougga Gas Condensate Field: Large & Attractive Satellite Structures Tunisia Italy DOUGGA - NORTH Pantelleria Graben Composite line Dougga-1 H H3 H4 10 km

25 DOUGGA NORTH: NILDE OIL FIELD ANALOGY E Dougga-1 SE Seismic Line from Kerkouane Block Nilde Oilfield Geologic Section through Nilde field in Italy, approx. 60 km further North

26 ITALY SICILY CHANNEL X-SECTION Nilde Oil Field Dougga-North: Nilde Analogy NW SE 10 kilometers Nilde Oil Field: 25 mmbbls

27 OTHER KERKOUANE PROSPECTS: EXAMPLE N. TAZERKA NW SE North Tazerka Prospect DOUGGA FIELD Zibbibo Oil Field Mid Birsa Ain Grab Potentially large extension of Tazerka field. 3D seismic was recently acquired over the abandoned Tazerka oil field (22 mmbbl cum. production) with the purpose to determine viability of redevelopment. North Tazerka 30

28 To Date: 6 Structural t Leads Identified d Multiple Objectives from Jurassic through Eocene Analogue Fields in Trend for All Reservoirs Good Seals Above All Reservoirs ONSHORE TUNISIA: CHORBANE Mature Cretaceous Source Rocks at Prospect Locations Ypresian Facies Distribution with Metlaoui fields & Prospects

29 CHORBANE PROSPECT EXAMPLE TOP NARA (Jurassic) ESTIMATED AT 2400 to 2500m TOP NARA TIME MAP TOP ABIOD TOP APTIAN TOP JUARSSIC Large structure with multiple (4) pay zone possibilities (Sidi Daher)

30 TUNISIA OTHER OPPORTUNITIES Storm Ventures International Cosmos Yasmin Offshore Development Opportunity: 33.33% WI for sale Cairn Energy: 2 deep semi sub wells in Nabeul Block in 2009 next to AuDAX Kerkouane & Pantelleria Block Ksour Essaf Block (E4) Developing Gas Play

31 TUNISIA & ITALY SUMMARY Two Company Maker Projects in proven petroleum province Large number of prospects (1 billion bbls most likely l unrisked total resources) close to facilities Industry activity strongly picking up: Right Time Right Place Outstanding fiscal terms in Tunisia (PSC) and Italy (Royalty) Excellent Infrastructure Stable countries ALGERIA LIBYA

32 ROMANIA

33 ROMANIA The most prolific onshore European hydrocarbon province is for the first time opening up to competition, new technology and the European Community political & legal regime

34 HIGHLIGHTS ROMANIA In 2008 the largest ever relinquishment of Romanian Exploration & Production acreage (+ 22,000 sqkm) is expected under European Community (EC) Law. Romania has been a member of the EC since January Exploiting this unique opportunity is the reason why ADX has formed a Romanian study group with Nexus and Kairiki. Creaming curve Bid deadline dli for the 9 th Round are expected in Q ADX has put together a regional database well ahead of competitors. The end of a state monopoly, new technology and new operators will transform the E&P industry in Romania. The creaming curve is still going upwards! Gas prices are currently around 6.4 to 7 US$/ mscf and are expected to be 10 US$ within the next two years. The combination of excellent infrastructure and a market for local gas supply and cogeneration, makes small fields highly economic.

35 9 TH ROUND EXAMPLE: FLANK POTENTIAL AROUND FIELD SW NE SW Undrilled Stratigraphic reserves potential Bid deadlines for the 9 th Round are expected in Q ADX & AMI partners have acquired database ahead of competition: Already delivering.

36 AREA ON TREND WITH GIANTS RIGHT TIME RIGHT PLACE Magurele Field ~ 983MMbbls (In Place) Urlati Field ~ 428MMbbls (In Place) Piscuri Field ~ 1734MMbbls (In Place) Gura Sutii Field ~ 449 BCF (In Place)

37 AUSTRALIA

38 COOPER BASIN (South Australia) Flaring Vanessa-1 Gas Discovery AuDAX operated Programme 4 exploration wells 1300 km of 2D seismic reprocessing Gas discovery Vanessa 1 Flowed gas from 2 zones at combined rate of 9mmscf/d; condensate shows Undamaged rates significantly higher Oil recovery on test Emily 1 Potential up-dip oil accumulation Mature basin discoveries easily monetized

39 WESTERN AUSTRALIA MINERALS INTERESTS AuDAX is in the process of farming out the gold mining i tenementst Western Australia: Marymia Gold Development K5 Area 7 Area 6

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41 SUMMARY & CONCLUSIONS AuDAX has a balanced portfolio of exploration and appraisal opportunities. This includes bread and butter projects in Australia with excellent and highly economic growth potential in Romania. With its existing assets AuDAX could be transformed from a promising junior to a large E&P player within a relatively short time. This exponential growthcouldbeachievedinthenear term from the Dougga gas condensate appraisal (Tunisia) and a successful Sambuca exploration well (Italy). Several attractive ti follow up and tie in opportunities exist in the two Sicily Channel blocks

42 ACTIVITY SUMMARY Area/ Permit Q3/08 Q4/08 Q1/09 Q2/09 Q3/09 Q4 /09 Q1/10 Sic cily Channel Pantelleria Kerkouane (70%) Seismic Acquisition & Reprocessing & PSDM Sambuca Dougga Tunisia Onshore Chorbane (50%) Seismic Reprocessing & PSDM Romania Onshore 9 th and 10 th round (33%) Seismic Reprocessing Seismic Acquisition & Reprocessing

43 NEAR TERM GROWTH Mid Sized Company Makers: Tunisia Onshore: Chorbane Exploration Drill 2009 Romania 9 th & 10 th Round: AMI Nexus & Kairiki: Q Petrom relinquishment Low Risk Asset Foundation: Australia: PEL 182 Cooper Basin, Vanessa gas discovery Monetize WA gold mining tenements farm out Mid - Large Sized Company Maker: Tunisia Offshore: Dougga Gas & Condensate Development: Drill Q Large Sized Company Maker: Italy & Tunisia Offshore: Sambuca Prospect, Drill Q1 2009

44 CONTACT Wolfgang Zimmer: Paul Fink: Gary Roper: Office: Website: Managing Director Technical Director Chairman 125 Edward Street, Perth Australia WA 6000 Ph: Fax: wolfgang.zimmer@audax-resources.com paul.fink@audax-resources.com ASX Code: ADX