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1 A N N O U N C E M E N T 22 May ACN Petsec Energy Ltd AGM Presentation Petsec Energy Ltd (ASX: PSA / OTC ADR: PSJEY) Attached is a copy of the presentation to be delivered today by Petsec Energy Ltd s Chairman and Managing Director Mr. Terry Fern at the Annual General Meeting of members of Petsec Energy Ltd, held at the Museum of Sydney, corner Bridge and Phillip Streets, Sydney. Key Highlights Marathon gas/condensate Field estimated reserves now in excess of 200 Bcfe. Petsec Energy net daily production from the Company s fields in the Gulf of Mexico and Gulf Coast, USA, increased from an average of 5.7 MMcfepd for the first nine months of 2012 year to 12 MMcfepd by end Current production is approximately 13.5 MMcfepd. full year production and revenues expected to be in excess of 3.0 Bcfe and US$12 million. Net reserves (2P) at 31 December 2012 of 11.1 Bcfe; PV10 US$31.8 million, expected to increase from Marathon performance through this year. Cash at 31 March : US$25.9 million. Shale Oil: JV with shale experts established, 3 major shale basin studies completed., Leases acquired in Alberta, Canada, where one vertical science well and one horizontal well drilled and hydraulically fractured for production. Rock quality and oil potential has been determined. Completion quality now to be determined. Gulf of Mexico: Preparations to drill high impact prospects in early A copy of the presentation will also be made available on the Company s website, For further information, please contact: Paul Gahdmar Company Secretary & Group Financial Controller Petsec Energy Ltd Tel: Fax: Petsec Energy Ltd is an independent oil and gas exploration and production company listed on the Australian Stock Exchange. It has operations in the shallow waters of the Gulf of Mexico and state waters of the Louisiana Gulf Coast region of the USA, and exploration activities in Shale Oil projects in Canada and the USA. Level 13, Gold Fields House, 1 Alfred Street, Sydney NSW 2000, Australia PO Box R204, Royal Exchange NSW 1225, Australia Telephone (61 2) Facsimile (61 2) Company information is available on: petsec.com.au
2 ENERGY LTD
3 Forward Looking Statement Disclaimer This presentation contains predictions, estimates and other forward looking statements that are subject to risk factors associated with the oil and gas industry. Although the company believes that the expectations reflected in these statements are reasonable, it can give no assurance that its expectations and goals will be achieved. Important factors that could cause actual results to differ materially from those included in the forward looking statements include, but are not limited to, commodity prices for oil and gas, currency fluctuations, the need to develop and replace reserves, environmental risks, drilling and operating risks, risks related to exploration and development, uncertainties about reserve estimates, competition, loss of market, government regulation, economic and financial conditions in various countries, political risks, project delay or advancement, and approvals and cost estimates. All references to dollars in this presentation are to US currency, unless otherwise stated.
4 CONTENTS Petsec Energy Corporate Profile Petsec Energy Oil & Gas Assets o Conventional: Production/Exploration o Unconventional: Shale Oil Exploration 2012: Key Achievements o Operations o Financials Strategy for Growth: Plan o Progress of Plan o Strategy for Growth Exploration & Development Programme
5 CORPORATE PROFILE Petsec Energy is an independent oil and gas exploration and production company operating in the shallow waters of the Gulf of Mexico ( GoM ) and Gulf Coast region of the USA for conventional oil and gas, and in Canada and the USA for Shale Oil. Conventional: Gas/Condensate; Oil Operated in USA Gulf of Mexico since 1991 Drilling success: 98 wells / 77 successful / 79% success Discovered reserves: > 500 Bcfe Producing Reserves (2P) : 5 fields/ 11.1 Bcfe/ PV10 US$31.8 million. Exploration prospect inventory: 10 large, deep prospects, mapped potential Bcfe. estimated production: > 3 Bcfe from existing producing fields 2010 Refocused exploration to State waters Gulf Coast and onshore due to GoM moratorium 2010/11/12 Major discovery, drilling and development of Marathon Field Bcfe Significant growth in oil and gas production 5.7 MMcfepd to 12 MMcfepd. Further development drilling and projected growth in production. Unconventional: Shale Oil 2011 Commenced studies & technical evaluation of exploratory shale oil projects USA & Canada 2012 Continued studies and entered into 2 JVs in Canada 2012 Canada: Acquired leases - net 6,434 acres. Drilled 2 science wells; 1 vertical and 1 horizontal 2012/ Commenced extensive testing of wells; testing is ongoing
6 Capital Structure & Share Price Performance Capital Structure (20 May ) Market Listing ASX: PSA, OTC ADR: PSJEY Shares/Options on issue million / 0.9 million Market capitalisation A$33.3 million Cash at 31 Mar US$25.9 million Oil & gas reserves (2P) Bcfe PV10 reserves (2P) US$31.8 million PSA Share Price vs. S&P/ASX200 Energy Index (XEJ)
7 Board of Directors Terry Fern, Chairman & CEO Over 35 years experience in petroleum & minerals exploration, development and financing Bachelor of Science Degree, University of Sydney David Mortimer AO, Non-Executive Director Over 35 years experience in corporate finance Bachelor of Economics Degree (First Class Honours), University of Sydney Ex CEO of TNT Limited Group and Chairman of Leighton Holdings. Current Chairman of Australia Post Michael Harvey, Non-Executive Director Over 30 years experience in the establishment and successful growth of E&P companies in South East Asia and the Gulf of Mexico, USA Bachelor of Business Administration in Finance Degree, Texas A&M Ex Shell, Huffington, CEO Gryphon Exploration Inc. Current Chairman and CEO of Stonegate Production Company, which was an early entrant to the Eagle Ford shale oil play in Texas.
8 Management Team Ross Keogh President of Petsec Energy Inc. & Group Chief Financial Officer Over 30 years of experience in the oil & gas industry Bachelor of Economics Degree, Macquarie University Ex Total Oil Company & Bridge Oil Limited Ron Krenzke Executive Vice President Exploration of Petsec Energy Inc. Over 35 years of experience in the oil & gas industry Bachelor of Science Degree, Texas A&M University Ex Mobil, Amerada Hess, VP Exploration Gryphon Exploration Company. Paul Gahdmar Company Secretary & Group Financial Controller Over 20 years of experience in the oil & gas industry Master of Business and Technology Degree, University of New South Wales; Diploma in Investor Relations, Australasian Investor Relations Association Ex Australian Oil and Gas Corporation
9 OIL & GAS ASSETS Conventional: GoM & Gulf Coast PSA: 5 oil / gas fields; 2P Reserves: 11.1 Bcfe ( ); 10 exploration prospects Bcfe mapped potential. Prolific oil and gas producing region 1,094 fields / 34.5 billion barrels / 437 trillion cubic feet gas (Source: BOEMRE) High industry drilling success 53% successful; 41,892 wells drilled with 22,322 productive
10 OIL & GAS ASSETS Conventional: GoM & Gulf Coast Main Pass 270 Main Pass 18/19 Chandeleur 31/32 Marathon Five Producing fields: Net reserves (2P): 11.1 Bcfe (31/12/12) PV10: US$31.8m Net daily production: ~ 13 MMcf gas & 80 bbls oil per day production (net): > 3.0 Bcfe Revenue > US$12m GoM prospect inventory: 10 mapped prospects with gross potential: 400 to 750 Bcfe Individual gross target sizes: Bcfe
11 OIL & GAS ASSETS Marathon Field Major Gas/Condensate Discovery Petsec share: WI 8%, NRI 5.84% Discovered Oct 2010, Atchafalaya Bay, Louisiana 8 feet water depth; > 18,000 feet drill depth Four wells drilled: 1 in 2010, 1 in 2011, 2 in 2012 Production facilities 2012/ to deliver capacity of ~ 200 MMcfpd Current field production: > 150 MMcfpd bopd 5 th well spud May In-house estimated reserves (2P): > 200 Bcfe (PSA share: >12 Bcfe) Marathon rig & production facilities
12 OIL & GAS ASSETS Marathon Field Atchafalaya Bay Leases
13 OIL & GAS ASSETS Marathon Field Atchafalaya Bay Discovered 2010 Petsec s largest producing field Gas Gas Gas Gas 4 separate proven gas and condensate reservoirs identified below 17,000 subsea drilling depths 4 wells drilled and producing at gross rates > 150 MMcfpd bopd 5 th well drilling and expected to be producing in 4 th quarter Reserves potential > 200 Bcfe
14 OIL & GAS ASSETS Main Pass 270 Gulf of Mexico Petsec: 22.5% WI, 18.75% NRI. Discovered producing wells 215 feet water depth ~ 11,500 feet reservoir depth Current production: > 11 MMcfpd bopd Field reserves : > 14.3 Bcf Mbbl Main Pass 270 & Hercules jack-up rig
15 For personal use only OIL & GAS ASSETS Main Pass 270 Main Pass 270 Field Logs and amplitude outlines 3D seismic amplitude outlines
16 Gulf of Mexico Exploration Prospects Mapped potential: 400 to 750 Bcfe
17 Gulf of Mexico Exploration Prospects Bonanza Prospects - Breton Sound Blocks 39 & 42 Objectives are Tex W B sands adjacent to the Breton Sound Block 41 field which has produced 30 Bcfg Mbc 3 identified structural fault traps on our leased acreage Combined P-mean reserves potential of 3 prospects is 41 Bcfg Mbc Combined P-10 upside reserves potential is 84 bcfg MMbc Petsec owns a 56.25% WI in Breton Sound Block 39 and a 37.5% interest in Breton Sound Block 42. Petsec is the operator of BS block 39. Leases expire in 2015
18 Gulf of Mexico Exploration Prospects Gazelle Prospect Main Pass 132 Identified seismic amplitudes in a structural fault trap Gross P-mean reserves potential of 28 Bcfg Mbc Gross P-10 upside reserves potential of 61 bcf MMbc Petsec owns a 75% working interest and is the operator of the prospect Lease expires in 2015
19 Gulf of Mexico Exploration Prospects Identified seismic amplitudes in a structural fault trap Gross P-mean reserves potential of 59 bcfg MMbc Gross P-10 upside reserves potential of 183 Bcf MMbc Petsec operates 2 leases and owns a 37.5% WI in each block Leases expire in 2015 Hummer Prospect Main Pass Blocks
20 Gulf of Mexico Exploration Prospects Objectives are Lower Big Hum and Cib Op sands Identified seismic amplitudes in a structural fault trap at depths of 18,000 + Gross P-mean reserves potential of 63 Bcfg MMbc Gross P-10 upside reserves potential of 121 Bcf MMbc Petsec owns a 75% working interest and is the operator Lease expires in 2015 Ship Shoal Block 36
21 Gulf of Mexico Exploration Prospects Ship Shoal Block 74 Objectives are Lower Big Hum and Cib Op sands Identified seismic amplitudes in a very large structural closure at depths of 17,000 + Gross P-mean reserves potential of 78 Bcfg MMbc Gross P-10 upside reserves potential of 166 Bcf MMbc Petsec owns a 75% working interest and is the operator Lease expires in 2015
22 North American Shale Plays Areas Studied by Petsec Western Canada Sedimentary Basin San Joaquin Basin Permian Basin Fort Worth Basin
23 North American Shale Plays Areas Studied by Petsec Western Canada Sedimentary Basin The project area lies on the western border of the Cretaceous Interior Seaway The basin has produced over 13.7 billion barrels of oil and 47 trillion cubic feet of gas since Petsec project area covers over 3 MM acres Frequent periods of bottom water anoxia caused enhanced preservation of kerogen Effects of clastic input from the Cordillera to the west are visible in the mineralogy
24 OIL & GAS ASSETS Unconventional: Alberta, Canada Western Canada Sedimentary Basin Key Considerations Located within Alberta oil and gas infrastructure corridor Demonstrated oil productivity from hundreds of vertical wells Light gravity oil Multiple business entries via lease purchase and farm-ins Predominantly year round access
25 OIL & GAS ASSETS Unconventional: Alberta, Canada Alberta, Canada Unconventional Shale Oil Projects Participation in 2 joint venture projects located in Western Canadian Sedimentary Basin ( WCSB ) with experienced shale oil partners Partners are private equity companies funded between US$200 and US$ 400 million The WCSB accounts for 90% of the oil and gas produced in Canada o Production to date has exceeded 13.7 billion barrels of oil and 47 trillion cubic feet of natural gas Joint venture project areas cover 26,080 gross lease acres Two wells drilled: 1 vertical well and 1 horizontal Net lease position of 6,434 acres holds potential for 10 to 15 million barrels of oil recoverable Horizontal drilling for shale oil, Canada
26 2012 KEY ACHIEVEMENTS Marathon: Production increase from 10 to current 150 MMcfepd. Reserves increase to > 200Bcfe Main Pass 270 A-3 well: Restored production to 7 MMcfepd Petsec production: Increased from 5.7 MMcfepd in first 3 quarters to 12 MMcfepd in 4 th quarter. Current production ~ 13.5 MMcfepd. Shale Oil: o Completed 3 major shale basin studies; Canada and US o Acquired leases in Alberta Canada, drilled one vertical and one horizontal science wells
27 Natural Gas Prices Stabilise Natural gas prices rose from a low of US$1.80/Mcf in April 2012 to US$3.80/Mcf at year end Refocus of industry to oil and reduction in shale gas drilling has reduced level of oversupply NYMEX 1 & 3 year forward strip prices at 13 May 13 US $4.10/MMBtu & US $4.20/MMBtu U.S. working gas in storage at 10 May 13 was down 26.1% and 4.1%, respectively on the year over year and 5-Year average (EIA)
28 2012 KEY ACHIEVEMENTS Marathon - Increased Production & Reserves Marathon Field Major Gas/Condensate Discovery 2 wells drilled in 2012 Expanded facilities to accommodate additional wells and production growth 2012 field production (4 wells) increased from 10 MMcfpd to current > 150 MMcfpd bopd 5 th well spud May Additional facilities expansion in to accommodate ~ 200 MMcfpd In-house estimated reserves (2P) increased from Bcfe to >200 Bcfe (PSA share: ~ 12 Bcfe) Marathon rig & production facilities
29 2012 KEY ACHIEVEMENTS MP270 Increased Production Gulf of Mexico Main Pass 270 A-3 Well A-3 well gravel pack failed in April 2011 A-3 produced at 6 7 MMcfepd prior to failure Major work-over required a large jackup rig to remove and replace the damaged gravel pack Work-over commenced in Sep 2012 Production restored to prior rates in Nov 2012: ~ 7 MMcfepd Current field production: > 11 MMcfpd bopd Main Pass 270 & Hercules jack-up rig
30 2012 OPERATIONS Conventional: GoM Net Reserves (Ryder Scott 31/12/12) 11.1 Bcfe; PV10 US$31.8m 2012 Production: 2.4 Bcfe Marathon gas/condensate field drilling (2 wells) and new production facilities increases rate from 10 MMcfepd to > 120 MMcfepd. Four wells currently producing; 5 th well drilling Main Pass 270 A-3 well work-over restored production to previous rate of ~ 7 MMcfepd Main Pass 18/19 well recompletions maintained production levels Production Doubled. Petsec net daily production rates increased from 5.7 MMcfepd to 12 MMcfepd by end 2012 Abandonment South Sunrise and Mobile Bay fields
31 2012 OPERATIONS Unconventional: Shale Oil Continued evaluation of new shale oil opportunities in various North American basins Established additional relationships with companies with shale oil expertise Entered into two joint venture areas in Alberta, Canada in area of high oil potential ( > 30 MMbbl/section), in good brittle rocks with past vertical production. Acquired drilling options on 26,080 gross acres (6,434 net acres) Drilled 1 vertical science well and 1 horizontal well Various fracturing techniques are being applied to each of the wells to determine capacity for commercial development Testing in each of the wells is continuing Evaluation and execution of Petsec s shale oil initiative has taken longer than expected because of the extensive laboratory work and well testing necessary to help avoid costly mistakes in the early horizontal drilling completions in proof of concept in an emerging play. Petsec currently has limited capital to expose to shale oil and thus is cautious
32 North American Shale Plays Areas Studied by Petsec Western Canada Sedimentary Basin San Joaquin Basin Permian Basin Fort Worth Basin
33 North American Shale Plays Areas Studied by Petsec NuTech generated opportunity Fort Worth Basin - Texas NuTech petrophysical analyses wells in 11 counties NuLook - porosity, permeability, Total Organic Carbon (TOC), lithology, fractures, clay %, pay identification, hydrocarbon and water saturations, Oil In Place (OIP), statistics NuStim geo-mechanical logs for brittleness and fracturing propagation NuView stochastic mapping of key reservoir attributes Stock Tank Oil In Place (OIP): up to 40 MMbo/section
34 North American Shale Plays Areas Studied by Petsec Early stage oil resource play Twelve month extensive study of area covering 5 million acres conducted by NuTech Shallow, rich, oil-prone rocks which have already produced over 300 million barrels of oil Extensive technical work has identified a number of sweet spot areas with the greatest potential High potential area of up to 500,000 acres within a trend of > 5 MM acres Low lease costs ($100 - $300/acre) STATUS: Seeking JV partners Fort Worth Basin - Texas
35 North American Shale Plays Areas Studied by Petsec Permian Basin West Texas/New Mexico Includes several sub-basins: Delaware, Midland, Val Verde plus intra-basin platform areas The area has produced over 29 billion barrels of oil plus 75 trillion cubic feet of gas Large geographic extent Oil rich, stacked reservoirs and source rock intervals Extensive producing infrastructure
36 North American Shale Plays Areas Studied by Petsec Permian Basin West Texas/New Mexico Source and reservoir rocks range in age from Ordovician through Permian Some of the major conventional producing intervals include the following: Ellenberger, Fusselman, Atoka, Strawn, Canyon, Cisco, Wolfcamp, Sprayberry, San Andres Some of the developing unconventional plays include: Mississippian Lime, Woodford shale, Cline, Bone Springs, Wolfberry, Wolfcamp STATUS: Numerous plays and projects are being reviewed for potential participation with NuTech and our Alberta JV partner
37 North American Shale Plays Areas Studied by Petsec San Joaquin Basin - California Nine month extensive study of shale oil potential of the San Joachim Basin led by our Alberta shale JV partner (private equity company - US$200 million funded) Three plays types investigated: o Production from mature source rock in vertical (horizontal?) wells in overpressured cells Woodford Analog o Production from tight sand or silt sandwiched between mature source rocks in over-pressured cells Bakken Analog o Extension of oil charged, over-pressured sand or silt reservoirs from mature kitchen into normally pressured overlying cells Deep Basin Analog
38 North American Shale Plays Areas Studied by Petsec San Joaquin Basin - California Tumey, Kreyenhagen, Domengine and Moreno studied Developed a regional framework to correlate Temblor, Tumey, Kreyenhagen and Domengine Formations Selected intervals of potential source rock and reservoirs to be sampled and analyzed for maturity, richness, mercury injection porosity Rock Eval and XRD STATUS: Reviewing possible farm-in. Currently viewed as less attractive than Texas and Alberta opportunities
39 2012 FINANCIAL RESULTS Cash at 31/12/12: US$28.4m No Debt 2012 Production: 2.4 Bcfe Net Revenue: US$8.6m Average Sales Price: US$3.50/Mcfe o Gas Prices: US$3.01/Mcf o Oil/Condensate Prices: US$106.76/bbl EBITDAX: US$0.5m Net Loss after Tax: US$5.9m o Increased production volumes offset by lower natural gas prices o US$3.1m work-over expense re: Main Pass 270 A-3 well
40 FACTORS IMPACTING 2012 FINANCIAL RESULTS Increased Production: 2.4 Bcfe + 20% on forecast o Petsec net production increased from 5.7 MMcfepd (first 9 months) to > 12 MMcfepd by year end o Marathon production increased from 10 MMcfepd to > 120 MMcfepd as 2 new wells brought online and construction of new pipelines and production facilities o Main Pass 270 A-3 work-over well restored production to ~ 7 MMcfepd after 18 month shut-in Lower US natural gas prices: Average gas price received: US$3.01 Mcf o Average gas equivalent sales price received US$3.50/Mcfe vs. US$5.69/Mcfe for 2011 o o o o Gas price low of US$1.80/Mcf (April) rising to US$3.90/Mcf in December. High activity levels in unconventional shale gas plays during 2010 and 2011 led to oversupply and high levels of gas in storage. Weak U.S. Industrial demand. Modest gas price recovery during 2012 due to reduced activity in shale gas plays. o Natural gas hedges expired on Petsec production at end 2011
41 STRATEGY FOR GROWTH 2011 NEW BUSINESS PLAN o Focus operations in North America o Change target commodity from gas to oil o Move from the Gulf of Mexico to Gulf Coast and onshore USA and Canada o Redirect exploration activity from small gas prospects to large oil and gas/condensate prospects and unconventional shale oil plays Conventional: USA Large oil & gas/condensate prospects (size Bcfe) Target reserves Bcfe (2P) Unconventional: USA/Canada Shale oil. Early entry and proof of concept, exit prior to development stage, new emerging areas, high potential, shallow - low drilling and completion costs, low lease costs, large land positions available. JV with shale experts. Target resources MMbbl oil (4P) ELIMINATE DEBT (US$29.4 million Lehman) SELL NON CORE ASSETS TO FUND NEW BUSINESS PLAN ( China)
42 WTI CRUDE OIL vs. NATURAL GAS
43 Petsec Share Price Followed The Decline in U.S. Gas Prices 2003 Mid 2008 Higher gas prices US$4/Mcf to US$18/Mcf Mid 2008 Early 2012 Lower gas prices US$13/Mcf to US$1.80/Mcf Discoveries Engine of growth US reserve additions: 71 Bcfe Cum. EBITDAX: US$250M
44 Capital Allocation CASH AT 30 JUNE CONVENTIONAL o Marathon field drilling and development (5.7) o Work-overs & recompletions in Main Pass fields (3.7) o Abandonment of GoM facilities (7.6) (17.0) UNCONVENTIONAL o Evaluation costs (1.8) o Land evaluation/acquisition (1.9) o Drilling costs (2.5) o Completion and testing operations (1.4) (7.6) REMAINING CASH AT 31 MARCH 25.9
45 Status of 2011 Business Plan CORPORATE: o Eliminated US$29.4m debt (May 2011) now debt free o A$38m raised from disposition of China interests (Jun 2011) o Funds available June 2011:US$50.5million CONVENTIONAL: Oil & gas / condensate High potential prospects; deep section; drill-ready Target : 100 Bcfe (2P) UNCONVENTIONAL: Shale oil Target: 100 MMbbl resource (4P) o o o o o o 10 mapped prospects Gross potential: Bcfe ( MMboe); Bcfe each No drilling 2011/2012 due to declining gas price Preparations to drill in 2014/2015 as gas price stabilises > US$4/Mcf Seek farm-in to similar prospects to Marathon large, deep. Marathon gas/condensate field discovery > 18,000 ft Drilled one well 2011, two wells and production facilities Current production > 150 MMcfpd & 550 bopd from 4 wells. : 5 th well drilling ahead, new facilities to increase production to ~ 200 MMcfepd. Possible 6 th well Estimated gross reserves (2P): > 200 Bcfe. PSA net > 12 Bcfe JV s established with experienced shale oil partners Regional studies USA: Texas, California. Canada: Alberta Determination of Sweet Spots in Texas and Alberta projects with estimated potential > 2,000 bbl oil recoverable/acre Alberta: Leased 6,434 net acres (10-15 MMbbl resource potential), drilled one vertical science well, one horizontal fractured well. Production testing continues.
46 STRATEGY FOR GROWTH 2014 CONVENTIONAL EXPLORATION / DEVELOPMENT Continue development and expansion of Marathon Field Exploit existing GoM prospect inventory Bring in partners to participate in drilling prospect inventory Identify additional deep, high potential, liquid rich prospects in Gulf Coast region and shallow GoM similar to Marathon UNCONVENTIONAL: SHALE OIL EXPLORATION Continue evaluation and careful testing of existing projects, secure farminees for Texas projects. Reduce focus on frontier shale oil plays due to reduction in lease speculation and industry capital for farm-in. Evaluate entry into proven shale oil plays as prices become attractive softening of oil price, expiry of 2009/2010 leases, reduction of speculative lease costs, lack of industry capital to prosecute existing leases.
47 EXPLORATION & DEVELOPMENT PROGRAMME CONVENTIONAL EXPLORATION / DEVELOPMENT Drill fifth Marathon well: o Spud 3 rd May - TD 18,700 ft o Est. 4 5 months to drill, log, complete and put on production Complete Marathon facilities expansion to capacity of ~ 200 MMcfpd Bring in partners and permit Petsec GoM inventory wells for 2014/2015 drilling Identify third party Gulf Coast prospects for /2014 drilling UNCONVENTIONAL: SHALE OIL EXPLORATION Continue testing the Canada wells to determine commercial oil production potential Farm-out & progress Texas projects Evaluate non-op working interests in proven plays
48 ENERGY LTD
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