Europa Oil & Gas (Holdings) plc 2006 AGM. Timelines –Established 1995 –First well drilled 1999...
-
date post
20-Dec-2015 -
Category
Documents
-
view
213 -
download
0
Transcript of Europa Oil & Gas (Holdings) plc 2006 AGM. Timelines –Established 1995 –First well drilled 1999...
• Timelines– Established 1995– First well drilled 1999– First UK Production 2003– Floated on AIM 2004– First Romania production 2006
• Focus on Europe and North Africa
• Currently producing c.600 BOEPD (240 BOPD in the UK, 360 BOEPD (2 mmscf/d) in Romania/Ukraine
• Anticipate up to 6 wells in 2007:– 2 in the UK– 4 in Romania (possibly as many as 5 if supported by technical work)
Synopsis
Financial ResultsTo 31 July 2006
• Turnover £2.83 million, up 18%
• Operating Profit £1.09 million, up 29%
• Profit before tax £0.91 million, up 157%
• Profit after tax on 2006 activity £0.51 million, up 43%
• Provision for £1.08 million Deferred Tax which may come due in over one year’s time
• Loss after total tax provision of £0.57 million
Historic Performance and Projections
Turnover
0
1
2
3
4
5
2003 2004 2005 2006 2007
Year
£ m
illio
n
Pre-Tax Profit
0
0.5
1
1.5
2
2003 2004 2005 2006 2007
Year
£ m
illio
n
Production
0
250
500
750
2003 2004 2005 2006 2007
Year
BO
EP
D
Note:2004 Accounts covered an 18 month period and figures have been rebased to 12 months.
2006 Achievements
• Production Start-up at Bilca (Romania)
• Acquired Crosby Warren Oilfield (UK Onshore)
• Diversity of production streams allowed for first debt financing for Crosby Warren acquisition
• Successful Licence Round Applications:– Egypt – West Darag Concession– Western Sahara – Bir Lehlou and Hagounia Concessions– France – Bearn des Gaves Concession
• 3 Seismic surveys undertaken in Romania
• Secured extension to EPI-3 Concession (Romania)
2007 Capital Programme
• Drilling Programme– Romania
• Arbore-1 Firm Exploration Q1• Costisa-1Y Firm Appraisal Q1• E Radauti-1 Firm Exploration Q1• Boistea-1 Firm Exploration Q2• Voitinel Contingent (S) Exploration Q2• Siretu-1 Contingent (S) Exploration Q2
– UK• Holmwood-1 Contingent (P) Exploration H2• PEDL150 Contingent (S) Exploration H2
• Seismic Programme– UK
• PEDL150 Firm 50km 2D Feb
(P) Planning Permission (S) Outcome of Seismic Evaluation
Bilca Play ExplorationPlenty of potential
Bilca 2 Bilca 1EW
Extending the Miocene AVO gas play
Large area between Fratauti and Todiresti totally unexplored, 260km data acquired in 2006 –
Initial results confirms Arbore and E Radauti Prospects for 2007 drilling.
ArboreNE Codru
NE Radauti
Voitinel – up to 300 bcf gross potentialWork in progress - Drilling ?2007
Area of 2006 Seismic
Infill
Bilca Play ExplorationBoistea-1 well
Extending the Miocene AVO gas play southwards
Seismic anomalies developed in area to north of Roman (600bcf) Gasfield.
Costisa-1 Re-entryTesting a potential gas reservoir
Costisa well encountered a 25 metre gas column, well to be tested early 2007
Delays have been due to access issues
Costisa feature difficult to map
Currently up to 100 bcf potential – will need new 3D for development
Weald ExplorationHigh Quality Prospect – Holmwood-1
Low risk exploration prospect 1:2 chance of success
Reserve size on prospect of 10 – 20mmbo gross. Combined net risked valuation of $28mm, unrisked $90mm
Holmwood ready to drill subject to planning permission
East Midlands ExplorationPEDL150
Seismic programme planned for Q1/07 to choose well location
Whisby-4 well encountered new reservoir zone – Loxley edge
Reservoir performance to date is very encouraging for large volumes in Loxley
2006 Seismic reprocessing developed 4 leads
Near TermRevenue Potential
Existing Production Assets
Near -ter m Monthl y Revenue St r eam - no new wel l s
0
0.2
0.4
0.6
0.8
1
1.2
Nov
-06
Feb
-07
May
-07
Aug
-07
Nov
-07
Feb
-08
May
-08
$ m
illi
on
Horodok
Crosby Warren
Bilca
West Firsby
Whisby
Assumes $50/bbl, Romania gas price on ramp to $220/mcm
Summary
• Ending 2006 with c.600 boepd production, • Rising to c.700 boepd in Q2 07.• Current Monthly wellhead revenues c.$560k per month.• Equates to £3.7 mm per annum,• Set to rise in the next 6 months.• £8 mm net assets and only £200k debt.• Strong Drilling programme to bring exploration into Appraisal• And Appraisal into development in 2007• Portfolio contains:
bankable production, Appraisal projects to increase reserves,low risk step-out exploration andCompany-making exploration projects (up to 100 bcf net potential to be tested in 2007 alone).