VIENNA PERTH INTRODUCTION

Transcription

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2 VIENNA PERTH INTRODUCTION

3 COMPANY STRUCTURE Fully Paid Ordinary Shares 218,796, Unlisted Options 16,000,000

4 SHARE PRICE PERFORMANCE WER FARM IN WER SIGNS JOA WORLDWIDE MELTDOWN NZOG REPLACING KIK KAIRIKI OUT CAPITAL RAISING PGS MOU SHARE PURCHASE PLAN

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 Key Personnel Experienced Industry Professionals Dr. Wolfgang Zimmer Managing Director 30 years experience in the international Oil & Gas Industry. First 11 years in Europe and the USA with Mobil Oil. Joined OMV, the Austrian Oil Company in VP Exploration until Established OMV s E&P business in Australia and New Zealand as Managing Director until Director of OMV s onshore and offshore production operations in Tunisia to Most recently CEO of Grove Energy, a Canadian and UK listed oil explorer which he successfully merged with another exploration company in Joined AuDAX in Gary Roper Chairman Gary has had extensive administrative experience in both government and commerce, principally in the areas of tenement management and co-ordinationordination of exploration staff and programs. He was a founding Director of AuDAX and was Managing Director from 1987 to Paul Fink Technical Director 19 years of diversified oil and gas exploration and production experience in both technical and managerial positions. Paul s experience at OMV included exploration and producing assignments in Austria, Libya, United Kingdom, Bulgaria, Australia and Pakistan where he was the Exploration and Reservoir Manager. In 2005 Paul formed a petroleum consulting business and worked in Romania, Poland, Kazakhstan and India. In India, as Vice President Exploration for Focus Energy Limited, Paul headed a highly successful exploration campaign that resulted in the drilling of two significant ifi discoveries i recently. Joined AuDAX in 2007.

7 AuDAX Indicative Value Sambuca Sicily Channel Value add per share 365 cents/share Tunisia onshore 51 Australia cents/share Total 416 cents/share Assumptions: NPV 10 $50 oil share base 220 million shares Post farm out Sicily Channel: reduction from currently 100% to 35% equity

8 AuDAX Resources International Oil & Gas exploration company with HQ in Perth Experienced management team and proven oil finders Focus on proven oil basins Focus on optimal fiscal terms High impact portfolio - exploration and development opportunities Shareholder structure High net worth individuals Top 20 shareholders with about 33% capital Management with 20% shareholding

9 AuDAX TARGETS AND PLANS AuDAX is operator of all oil and gas assets AuDAX has superior fiscal terms in all countries where active Near term sign drilling management contract complete (further) Sicily channel farm out sign drilling contract for semi submersible drill in Q1 2010

10 RECENT ACHIEVEMENTS TUNISIA: AuDAX approved as Tunisian operator by authorities (DGE, ETAP & CCH) Agreed bank guarantee with Tunisian government Executed agreements to unwind sale of 30% interest in Sicily Channel Permits Farmed out 40% to WEH for 100% drilling cost ITALY (GR 15P U, SICILY CHANNEL): AuDAX approved as Italian operator by authorities (UNMIG) Suspended license on July 2 nd 2008 Executed agreements to unwind sale of 30% interest in Sicily Channel Permits Farmed out 40% to WEH for 100% drilling cost ROMANIA: Compiled extensive database for 10 th Round ahead of competition New JV partner NZOG replaced Kairiki AUSTRALIA: Took over operatorship for PEL-182 as of 31 st April 2008 Suspended license Renegotiated work program and budget with SA government

11 RECENT FUND RAISING SHARE PURCHASE PLAN for existing shareholders 25 th February 2009 at t cts raised 204,500 A$ for 7,391, shares SHARES FOR SALARIES at 4.98 cts raised 100,296 A$ for 2,013,982, shares CAPITAL RAISING 17,600 shares at 5cts raised 880, A$ CURRENT CASH POSITION 1,500,000 A$

12 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).

13 NEAR TERM GROWTH Large Sized Company Maker: Italy & Tunisia Offshore: Sambuca Prospect Mid - Large Sized Company Maker: Tunisia Offshore: Dougga Gas & Condensate Development Mid Sized Company Makers: Tunisia Onshore: Chorbane Exploration Romania 9 th & 10 th Round: AMI Nexus & NZOG Low Risk Asset Foundation: Australia: PEL 182 Cooper Basin, Vanessa gas / condensate discovery Monetize WA gold mining tenements spin off / divest

14 VIENNA PERTH EXPLORATION & DEVELOPMENT

15 KEY PROJECTS EUROPE & NORTH AFRICA OFFSHORE ITALY & TUNISIA SAMBUCA PROSPECT COMPLETE FARMOUT DRILL IN 2010 SUCCESS: FIND 270 MMBOE IMPACT PER SHARE: +365 cents VIENNA ROMANIA AMI Bidding in 2010 Target 2 3 licenses Drill by 2011 IMPACT PER SHARE: future growth ONSHORE TUNISIA SIDI DAHER PROSPECT COMMENCE FARMOUT DRILL IN SUCCESS: FIND 40 MMBOE IMPACT PER SHARE: +51 cents

16 KEY PROJECTS AUSTRALIA COOPER BASIN VANESSA DISCOVERY MONETIZIATION New Resource Estimates SUCCESS: DEVELOP 22 BCF (Vanessa + satellites) IMPACT PER SHARE: early cash flow PERTH WA MINERAL TENEMENTS Gold Price Increase shifts economic limits SUCCESS: farmout or spin out IMPACT PER SHARE: cash position

17 TUNISIA & ITALY

18 TUNISIA & ITALY ASSETS Tunisia & Italy: Sicily Channel Blocks ITALY CHORBANE BLOCK 100% AuDAX ALGERIA LIBYA

19 SICILY CHANNEL: KERKOUANE & PANTELLERIA Under Explored: 4,500 km 2 surrounded by oil & gas fields. Only 2 wells on both permits. Oil Field Gas Condensate SICILY (ITALY) Nilde Kerkouane-1 CASSIOPEA Zibibbo Dougga Tazerka Yasmin Birsa TUNISIA Cosmos Oudna

20 SICILY CHANNEL PROSPECTS Sambuca-Over thrust (17) Cap-Bon Mare (77) North Sambuca Carthage (79) Menzel-Termine (57) Sambuca (270) Mean Prospective Resources Most Likely Reserves HC Gas Oil & Condensate Oil Equivalent PROSPECTS [bcf] [mmbls] [mmboe] Sambuca (Birsa, Ain Grab, Abiod) Sambuca Overthrust Oet ust( (Ain Gab) Grab) Dougga (Abiod) Dougga North Nilde Analogy Tazerka North (Birsa) Galliano (Birsa, Ain Grab, Abiod) East Galliano (Birsa, Ain Grab, Abiod) North Zibbibo (Ain Grab) Most Likely Reserves HC Gas Oil & Condensate Oil Equivalent LEADS [bcf] [mmbls] [mmboe] Cap Bon Mare (Abiod) Carthage (Abiod) Menzel Temine (Abiod, Bou Dabbous) TOTAL UNRISKED ML RESERVES 1, Dougga North (70) Galliano (122) Dougga (99) 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

21 DRILLING: DOUGGA & SAMBUCA SICILY (ITALY) Q1 2010: DRILL SAMBUCA OIL PROSPECT 270 mboe resource potential (P50) 640 mboe resource potential (P10) TUNISIA : APPRAISE DOUGGA DISCOVERY 29 mmbbls condensate, 420 bcf sales gas

22 DOUGGA & SAMBUCA Dougga Appraisal: 100 mmboe (P50) Sambuca: 270 mmboe (P50) NEAR TOP ABIOD 3D DEPTH MAP

23 DOUGGA & SAMBUCA SEISMIC LINE Dougga- Discovery (100 MMBOE) Sambuca Prospect : 270 MMBOE Birsa Oil Reservoir Ain Grab Oil Proven Abiod Gas Condensate Abiod Gas Condensate IN COMBINATION WITH NEARBY DOUGGA (10 KM) THE MEAN GAS CONDENSATE RESOURCE FOR THE ABIOD ALONE IS: 70 MMBBLS CONDENSATE 910 BCF SALES GAS

24 DOUGGA-2 APPRAISAL WELL southwest Appraisal: Dougga-2 Discovery: Dougga-1 BIRSA Ain grab ABIOD Note clear up-dip section at Abiod level west of Dougga-1: Large upside potential: more than 500 meters of gas condensate column.

25 POSSIBLE BIRSA OIL RIM IN DOUGGA Birsa Gas -Cap Birsa OIL RIM? SAMBUCA Ain Grab DEPTH

26 DOUGGA DEVELOPMENT Conceptual Study: FPSO development. Dry raw gas stream to onshore separation and CO2 removal plant, approx. 40 km (BG - Miskar: 130 km offshore!) 4 well development with total off take rate of approx. 100 mmscf/d 12,000 barrels condensate per day + LPG and power export Conventional & Proven Technology P90 P50 Mean P10 Sales Gas [bcf] Condensate Reserves [mmbls] LPG [mmbbls] TOTAL MMBOE

27 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

28 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

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30 SAMBUCA PROJECT SUMMARY UNIQUE OPPORTUNITY IN POLTICALLY VERY STABLE PRODUCING OFFSHORE OIL & GAS AREAS OF TUNISIA AND ITALY: NEVER BEFORE DID ONE COMPANY HOLD BOTH LICENSES COVERING THE SAMBUCA PROSPECT THE SAMBUCA PROSPECT HAS NOT BEEN DISCOVERED BEFORE BECAUSE OF A LACK OF SEISMIC ACROSS THE ITALY TUNISIA COUNTRY BORDER LARGEST UNDRILLED STRUCTURE IN MEDITERRANEAN LARGE RESERVES POTENTIAL WITH UPSIDE FOR GIANT FIELD CATEGORY: 270 MMBOE to 640 MMBOE THREE SHOTS WITH ONE WELL: DISCOVERY IMPROVES CHANCE FOR AT LEAST ONE SHALLOW OIL PROSPECTS (PRIMARY TARGET: Birsa sandstone) + DEEPER GAS CONDENSATE TARGET (SECONDARY TARGET: Abiod carbonate)

31 SECONDARY BUT PROVEN GAS CONDENSATE TARGET COMBINED ABIOD RESERVOIR P50 RECOVERABLE RESOURCES: 70 MMBLS CONDENSATE, 50 MMBLS LPG 910 BCF SALES GAS Dougga Discovery : *100 MMBOE Sambuca: *270 MMBOE * Total P50 RECOVERABLE SECONDARY TARGET: LARGE OFFSHORE GAS CONDENSATE DEVELOPMENT

32 18 TO 24 MMUS$ DISCOVERY WELL COST COMMERCIAL SUMMARY PEAK PRODUCTION RATE OF 60, TO 100, BARRELS OF OIL PER DAY IN P50 SUCCESS CASE GROSS REVENUE OF 4 MILLION US$ PER DAY (40 US$ oil price, peak rate) NET PRESENT VALUE (10%) OF 1 to 5 BILLION US$ TIMELINE: FIRST OIL TARGET IN Q DRILL IN Q SUBJECT TO RIG AVAILABILITY Dougga-1 Sambuca APPRAISAL & DEVELOPMENT DRILLING IN 2010 TO 2011 Birsa Oil Reservoir FACILITIES DEVELOPMENT 2011 TO 2012 Abiod Gas Condensate

33 RECENT DEVELOPMENTS 40% of Sambuca field area farmed out to WEH: WEH is a private investment company and secures funds 15% of Sicily il Channel acreage to be farmed out to PGS (currently MoU) status PGS is world leader in offshore 3D seismic: Direct access to leading edge technology ALL: On a carry basis, AuDAX remains operator SAMBUCA 150 SQKM FARM IN AREA PGS GEOSTREAMER TECHNOLOGY, SOURCE: PGS

34 ONSHORE TUNISIA: CHORBANE Chorbane Sidi Behara Sidi El Itayem Sfax ITALY Chaal Mahares CHORBANE BLOCK ALGERIA LIBYA

35 To Date: 6 Structural t prospects identified d ONSHORE TUNISIA: CHORBANE Medium to low risk, large upside, low drilling costs (4 to 6 Million USD) Multiple Objectives from Jurassic through Eocene Analogue Fields on Trend for All Reservoirs Unexplored very large gas resource (i.e. Candax approx. 1 Tcf Chaal field) Ypresian Facies Distribution with Metlaoui fields & Prospects

36 20-80 km 2 Closure, mbbls recoverable oil resource range, Tcf range deeper gas potential Objectives: Eocene Nummulitic Reservoirs Abiod Limestone 140m thick at REF-1. Potential for southwards strat trap on crest of horst Bireno is 88m at REF-1 CHORBANE: SIDI DAHER PROSPECT The Zebbag is likely to be the most important level with 95m of good reservoir in REF-1 Serdj Formation Lower Nara Formation is gas-bearing along strike Eocene Jurassic Candax Chaal Field 200 bcf in Chorbane? Valued at 200 million USD (Orion Securities)

37 CHORBANE: SIDI DAHER PROSPECT NEAR TOP ABIOD 25 sqkm closure SMS-1 CHAKER-1 Gore Sober DHI HKS-1 25 sqkm closure Chaal Field

38 CHORBANE: SIDI DAHER PROSPECT SIDI DAHER NARA PROSPECT 60 SQKM 350 BCF MEAN REC. RESOURCES CHAKER 1 CHAKER 1 HKS 1 HKS 1 CHAAL FIELD SIDI DAHER ABIOD PROSPECT, 25SQKM 40MMBLS MEAN RESERVES Gore Sober DHI

39 TUNISIA & ITALY SUMMARY Three Company Maker Projects in proven petroleum province ready to drill Large number of follow up prospects (1 billion bbls most likely unrisked total resources) close to facilities New Development: Strong encouragement from Tunisian government to develop gas resource Good fiscal terms in Tunisia (PSC) and outstanding terms in offshore Italy (Royalty) Excellent Infrastructure Stable countries Right Time Right Place ALGERIA LIBYA

40 ROMANIA

41 UNIQUE WINDOW OF OPPORTUNITY 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. Therefore ADX has formed a study and bidding ggroup to exploit this opportunity with NZOG & NEXUS The creaming curves of this prolific province are still heading upwards

42 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)

43 AUSTRALIA

44 COOPER BASIN (South Australia) Vanessa gas field & satellite structures AuDAX operated 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 t Emily 1 Potential up-dip oil accumulation Mature basin discoveries easily monetized Monetize Discoveries & explore for low risk prospects

45 WESTERN AUSTRALIA MINERALS INTERESTS Spin off Western Australia: Marymia Gold Development K5 Area 7 Area 6

46 VIENNA PERTH CONCLUSIONS

47 SUMMARY & CONCLUSIONS AuDAX has a balanced portfolio of exploration and appraisal opportunities. 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 growth could be achieved in the near term from the Dougga gas condensate appraisal (Tunisia) and the successful Sambuca exploration well. And drilling in Chorbane onshore Tunisia. i Several attractive follow up and tie in opportunities exist in the two Sicily Channel blocks.

48 ACTIVITY SUMMARY Area/ Permit Q2/09 Q3/09 Q4 /09 Q1/10 Q2/10 Sambuca Sicily Cha annel SAMBUCA Pantelleria Kerkouane (70%) Farm out completed Rig tendering Seismic Acquisition & Reprocessing & PSDM Tunisia Onshore Chorbane (50%) Seismic Reprocessing & PSDM Ro omania On nshore 10 th round (33%) Seismic Reprocessing Seismic Acquisition

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

50 AuDAX Indicative Value OFFSHORE ITALY & TUNISIA Sambuca Sicily Channel Value add per share 365 cents/share SAMBUCA PROSPECT COMPLETE FARMOUT DRILL IN 2010 SUCCESS: FIND 270 MMBOE IMPACT PER SHARE: +365 cents VIENNA ONSHORE TUNISIA ROMANIA AMI Bidding in 2010 Target 2 3 licenses Drill by 2011 IMPACT PER SHARE: future growth Tunisia onshore Australia 51 cents/share SIDI DAHER PROSPECT COMMENCE FARMOUT DRILL IN SUCCESS: FIND 40 MMBOE IMPACT PER SHARE: +51 cents Total 416 cents/share COOPER BASIN Assumptions: NPV 10 $50 oil share base 220 million shares Post farm out Sicily Channel: reduction from currently 100% to 35% equity WA MINERAL TENEMENTS Gold Price Increase shifts economic limits SUCCESS: farmout or spin out IMPACT PER SHARE: cash position PERTH VANESSA DISCOVERY MONETIZIATION New Resource Estimates SUCCESS: DEVELOP 22 BCF (Vanessa + satellites) IMPACT PER SHARE: early cash flow

51 CONTACT Wolfgang Zimmer: Paul Fink: Gary Roper: Managing Director Technical Director Chairman Office: 610 Murray Street, t Perth Australia WA 6000 Ph: Fax: Website: wolfgang.zimmer@audax-resources.com com paul.fink@audax-resources.com ASX Code: ADX

52 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.