Presentation President - Abetis Shareholders General Meeting 2011
Presentation to Shareholders Annual General Meeting · Annual General Meeting Brisbane, 17 November...
Transcript of Presentation to Shareholders Annual General Meeting · Annual General Meeting Brisbane, 17 November...
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Annual General Meeting
Brisbane, 17 November 2015
Presentation to Shareholders
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1.Revised strategy
2.Namibia
3.Italy - Southern Adriatic
Contents
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• AIM and ASX listed,
• Well funded – Cash ~ US$ 12 million
• Experienced management team and Board
• Assets offshore Namibia – recent extension of licence with lesser work commitment
• Application in Adriatic offshore Italy
• Seeking to grow in line with revised strategy
- Board will be highly selective as to opportunities
Global Petroleum - Summary
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• Oil prices more than halved since mid - 2014
• Continued failure in frontier basin exploration in Africa and worldwide
• Farmout success rate low in Africa and generally
• Virtually zero access to capital for frontier exploration
• International Oil Companies continue to cut back on exploration
E&P Market Overview 2015
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Independent E&P Peer Comparison
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Global Tullow Ophir Santos Beach Woodside Brent
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Australian Listed Junior E&P Peer Comparison
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Global Pancontinental WHL Jacka Swala Pura Vida FAR Brent
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AIM Listed E&P Peer Comparison
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Global Chariot Tower Madagascar Sterling Wentworth Brent
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Namibian Junior E&P Peer Comparison
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Global Tower Chariot Eco Atlantic Pancontinental EnerGulf Petro Rio Brent
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Namibia
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Namibia - Regional Activity
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Eco Atlantic farm out to Tullow plus 3D acquisition
Repsol Welwitschia-1 exploration well P&A dry
June 2014. Well did not test the deeper syn-rift
sequence.
Tullow farm-in to Pancontinental blocks:
Up to $130MM expenditure to earn 65%
Sept 2013
HRT drilled two wells in 2013
Wingat and Murombe encountered well
developed Aptian source rocks
Wingat recovered live oil
Chariot planning one well
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Namibia
• Blocks 1910B and 2010A, 85% participating interest
• 11,700 sq. km, 1200-3000 metres water depth
• First Phase obligations fulfilled in mid 2012 (2D seismic)
• First Phase of licence expired December 2014 - Extended to December 2015
• Gravity work carried out in 2015 - encouraging with regard to prospectivity
• Recent agreement with Namibian authorities to extend into Second Phase of
Licence on basis of reduced work programme
– reprocessing plus 800kms of new 2D seismic in place of well.
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Italy – Southern Adriatic
• 4 Exploration licences applied
for in September 2013
• Formalities with Italian
authorities ongoing
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• Challenging market conditions
- Oil prices down by ~ 50%
- Little exploration success worldwide in frontier basins
- Farmout success rate low
- Very little access to capital for frontier exploration
- Therefore IOCS have withdrawn almost entirely from frontier exploration
• Global has refocused its strategy, targeting:
- Contingent resources – discoveries – with near-term production potential
- Lower risk exploration in proven hydrocarbon basins
• Significant upside still available via Namibia / Italy when granted
• Namibian licence extension on better terms – very good news
• Selective approach to investment has left Global in a stronger position compared to
many peers
Global Petroleum - Revised strategy
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