ROC OIL COMPANY LIMITED (ROC) STOCK EXCHANGE ...2008/09/03 · Good Oil Conference - 2008 Slide 10...

3 September 2008

ROC OIL COMPANY LIMITED ("ROC")

STOCK EXCHANGE RELEASE

GGOOOODD OOIILL CCOONNFFEERREENNCCEE PPRREESSEENNTTAATTIIOONN SSEEPPTTEEMMBBEERR 22000088

Attached is ROC's presentation to the 2008 Good Oil Conference. A copy is also available on ROC's website at: http://www.rocoil.com.au/Public/Investor_Centre/Presentations.aspx The presentation consists of information and material relating to the Company's activities. Matthew Gerber Manager Investor Relations & External Affairs

For further information please contact: Mr Bruce Clement

Email: [email protected] Tel: +61-2-8356-2000 Fax: +61-2-9380-2635

Or visit ROC's website: www.rocoil.com.au

Roc Oil Company Limited (ACN 075 965 856) Level 14, 1 Market Street, Sydney NSW 2000, Australia . Telephone: +61 2 8356 2000 Facsimile: +61 2 9380 2066

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http://www.rocoil.com.au/Public/Investor_Centre/Presentations.aspx

http://www.rocoil.com.au/

ROC OIL COMPANY LIMITEDROC OIL COMPANY LIMITED

GOOD OIL CONFERENCE

GOOD OIL GOOD OIL CONFERENCECONFERENCE

Fremantle – 2 & 3 September 2008

Bruce ClementBruce ClementActing Chief Executive OfficerActing Chief Executive Officer

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Slide Slide 22Good Oil Conference Good Oil Conference -- 20082008

22 March 1946 – 27 June 2008

Founder and Chief Executive Officer of Roc Oil Company Limited from 1996 to 2008

JOHN DORANJOHN DORAN

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DISCLAIMERDISCLAIMER

Important InformationImportant Information

The information in this presentation is an overview and does not contain all information necessary for investment decisions. In making investment decisions investors should rely on their own examination of ROC and consult with their own legal, tax, business and/or financial advisers in connection with any acquisition of securities.

The information contained in this presentation has been prepared in good faith by ROC. However, no representation or warranty expressed or implied is made as to the accuracy, correctness, completeness or adequacy of any statements, estimates, opinions or other information contained in this presentation. To the maximum extent permitted by law, ROC, its directors, officers, employees and agents disclaim liability for any loss or damage which may be suffered by any person through the use or reliance on anything contained in or omitted from this presentation.

Certain information in this presentation refers to the intentions of ROC, but these are not intended to be forecasts, forward looking statements or statements about future matters for the purposes of the Corporations Act or any other applicable law. The occurrence of events in the future are subject to risks, uncertainties and other factors that may cause ROC's actual results, performance or achievements to differ from those referred to in this presentation. Accordingly, ROC, its directors, officers, employees and agents do not give any assurance or guarantee that the occurrence of the events referred to in this presentation will actually occur as contemplated.

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10,408 BOEPD Production

US$307 million Sales Revenue

US$176.5 million Cash Flow from Operations

POSITION TODAYPOSITION TODAY

12 Month Period to 30 June 2008

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Share Price at 1 September 2008 $1.18

Market Capitalisation $350 million

Net Debt at 30 June 2008 US$109 million

12 Month Cash Flow from Operations US$176.5 million


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POSITION TODAYPOSITION TODAY24 Month Period to 30 June 200824 Month Period to 30 June 2008

PRODUCTION (BOEPD)

-

2,000

4,000

6,000

8,000

10,000

12,000

2H06 1H07 2H07 1H08

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D

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SALES REVENUE

-

20

40

60

80

100

120

140

160

180

200

2H06 1H07 2H07 1H08

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CASH FLOW FROM OPERATIONS

0

10

20

30

40

50

60

70

80

90

100

2H06 1H07 2H07 1H08

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ROC is a balanced Exploration and Production company

Production from six fields – 10,000 BOEPD – 99% oil

Development Upside in China• Zhao Dong • Beibu Gulf

Exploration Potential:• Africa• Australia• China


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ROC ROC -- ANZON MERGER / TAKEOVERANZON MERGER / TAKEOVER

Create a significant mid cap Australian Exploration Create a significant mid cap Australian Exploration and Production Companyand Production Company

Impact on ROC:

• Circa 14,000 BOEPD production immediately

• More than double reserves base to 47 - 50 MMBOE(1)

• More than double production by 2010 to 20,000 BOEPD

• Development upside in Australia and China

• Exploration potential in Africa, Australia and China

(1) 47 MMBOE as at 1 April 2008, based on ROC’s estimate of AZA's 2P Reserves (including best estimate gas and condensate Contingent Resources) and production forecasts calculated from public information and using due diligence materials provided to ROC by AZA in respect of the BMG Project. The best estimate gas and condensate Contingent Resources in the BMG Project have been included as 2P Reserves for the purposes of this calculation. 50 MMBOE based on Anzon’s reported 2P Reserves for BMG Project, August 2008.

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ROC ROC –– ANZON MERGER / TAKEOVERANZON MERGER / TAKEOVERTransaction StructureTransaction Structure

ROC acquires AEL via a scheme of arrangement and issue of 1.33 ROC shares for each AEL share

• AEL shareholdersapprove scheme

• ROC acquires 100% of shares in AEL

ROC acquires AZA via a takeover and issue of 0.792 ROC shares plus $0.05 per AZA share• Conditional on ROC acquiring

100% of AEL under AEL Scheme• ROC acquires shares in AZA

Merger via schemeof arrangement

with AEL

Takeoverof AZA

ROCROC

AZAAZA

100%

Publicshareholders listed

in UK on AIM


in UK on AIM

AELAEL

53%

47%


on ASX


on ASX

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ROC ROC –– ANZON MERGER / TAKEOVERANZON MERGER / TAKEOVERTransaction Key DatesTransaction Key Dates

30 July : AEL Scheme Booklet released: ROC Bidder’s Statement released

5 August : Scheme Booklet sent to AEL Shareholders

13 August : Bidder’s Statement sent to AZA Shareholders

3 September : AEL Shareholders meeting to vote on Scheme

5 September : Second Court Hearing

8 September : Effective Date of SchemeTarget response on AZA Takeover release

6 October : Closing date for AZA Takeover Offer(1)

(1) Closing date may be extended as permitted by the Corporations Act

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ROC ROC –– ANZONANZONA GLOBAL PORTFOLIOA GLOBAL PORTFOLIO

Anzon Assets

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ROC ROC –– ANZON GLOBAL PORTFOLIOANZON GLOBAL PORTFOLIOProductionProduction

BASS STRAIT40%

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Mauritania

1H 2008 PRODUCTION1H 2008 PRODUCTION(ROC Net Working Interest)(ROC Net Working Interest)

UK

Australia

China

10,180 BOEPD

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CLIFF HEAD OIL FIELD DEVELOPMENTCLIFF HEAD OIL FIELD DEVELOPMENTOffshore Perth Basin (37.5% & Operator)Offshore Perth Basin (37.5% & Operator)

• Continue good production performance• Maintain LTI-free record• Well workovers planned to replace electric

submersible pumps with larger pumps with the objective of increasing production

2H 2008 FOCUS

• Gross production: 1.3 MMBBL;7,338 BOPD

• ROC net production: 0.5 MMBBL; 2,752 BOPD• LTIs: Nil

1H 2008 RESULTS

Rig & Platform11km offshoreRig & PlatformRig & Platform11km offshore11km offshore

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• Gross production: 2.7 MMBOE; 14,678 BOEPD

• ROC net production: 0.33 MMBOE; 1,835 BOEPD

• Completion of a water injection well

• During the 1H08 production was disrupted by approx 2 weeks for planned downtime on Ula platform and drilling activities

BLANE OIL FIELD (ROC 12.5%)BLANE OIL FIELD (ROC 12.5%)

• Continue good production performance

• Continue work on Ula platform gas compression upgrade

2H 2008 FOCUS

1H 2008 RESULTS

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ENOCH OIL & GAS FIELD (ROC 12%)ENOCH OIL & GAS FIELD (ROC 12%)

• Gross production: 1.3 MMBOE; 6,969 BOEPD

• ROC net production: 0.15 MMBOE; 836 BOEPD

• During the 1H08 production was disrupted for approximately 2 weeks as a consequence of downstream industrial dispute at Grangemouth processing facility

1H 2008 RESULTS

2H 2008 FOCUS• Continue production – 3 week host

platform shut down at Brae A planned for 3Q 08 F

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MAURITANIA (ROC 2 MAURITANIA (ROC 2 –– 5.49%)5.49%)

1H 2008 RESULTS• Chinguetti gross production:

1.8 MMBBL; 8,844 BOPD • ROC net production:

58,575 BBL; 287 BOPD• Planned well intervention on

Chinguetti completed and C-19 infill well commenced

2H 2008 FOCUS• Chinguetti Phase 2B infill

development drilling

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BASKER MANTA GUMMY PROJECT BASKER MANTA GUMMY PROJECT (AZA 40% & Operator)(AZA 40% & Operator)

1H 2008 RESULTS• BMG gross production:

1.5 MMBBL; 8,216 BOPD

• AZA net production: 0.6 MMBBL; 3,286 BOPD

2H 2008 FOCUS• Hookup of Basker-6

• Commencement of development drilling in 4Q 2008

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ROC ROC -- ANZON MERGED COMPANY PRODUCTIONANZON MERGED COMPANY PRODUCTIONForecast (BOEPD)Forecast (BOEPD)

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ROC ROC –– ANZON PORTFOLIOANZON PORTFOLIODevelopmentsDevelopments

BASS STRAIT40%

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ZHAO DONG BLOCK: BOHAI BAY, OFFSHORE CHINAZHAO DONG BLOCK: BOHAI BAY, OFFSHORE CHINA(ROC: 24.5% & Operator)(ROC: 24.5% & Operator)

* As of mid March 2008

18,090 BOPD1H 2008 Production: (Gross)

• Two bridge linked platforms dedicated to drilling, accommodation, production and processing

• Currently producing from 28 wellsand 10 active water injectors*

• Produced crude is barged from platform to Tanggu port and loaded into tankers for export

C & D Field Development:

2003First Oil Production:

2006ROC’s Acquisition:

1994Discovery:

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ZHAO DONG BLOCK: BOHAI BAY, OFFSHORE CHINAZHAO DONG BLOCK: BOHAI BAY, OFFSHORE CHINA(ROC: 24.5% & Operator) Expansion of Existing and Addition of Ne(ROC: 24.5% & Operator) Expansion of Existing and Addition of New Facilitiesw Facilities

• C4/ERA Production on schedule for 4Q 08 start up

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ZHAO DONG BLOCK: BOHAI BAY, OFFSHORE CHINAZHAO DONG BLOCK: BOHAI BAY, OFFSHORE CHINAC4 Conductor Platform C4 Conductor Platform LoadoutLoadout

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ZHAO DONG BLOCK: BOHAI BAY, OFFSHORE CHINAZHAO DONG BLOCK: BOHAI BAY, OFFSHORE CHINAC4 Conductor Platform and Drill RigC4 Conductor Platform and Drill Rig

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ZHAO DONG BLOCK: BOHAI BAY, OFFSHORE CHINAZHAO DONG BLOCK: BOHAI BAY, OFFSHORE CHINAC4 Pipeline Terminal PlatformC4 Pipeline Terminal Platform

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ZHAO DONG BLOCK: BOHAI BAY, OFFSHORE CHINAZHAO DONG BLOCK: BOHAI BAY, OFFSHORE CHINAC&D Field Platform FacilitiesC&D Field Platform Facilities

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ZHAO DONG BLOCK: BOHAI BAY, OFFSHORE CHINAZHAO DONG BLOCK: BOHAI BAY, OFFSHORE CHINAInstallation of Piling for Additional C&D Field PlatformsInstallation of Piling for Additional C&D Field Platforms

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* Subject to up to 51% Government participation in developments** Not included in ROC’s remaining 2P reserves of 31 December 2007*** Assuming Government participation of 51%

BLOCK 22/12 : WEI 6BLOCK 22/12 : WEI 6--12 SOUTH, WEI 612 SOUTH, WEI 6--12 & WEI 1212 & WEI 12--8 WEST 8 WEST PREPRE--DEVELOPMENT PROJECT DEVELOPMENT PROJECT (ROC: 40%* and Operator)(ROC: 40%* and Operator)

ROCOperator:

ca 27 MMBO**(ROC Net: 5.2 MMBO***)

Contingent Resources: (Gross)

ca 10,000 – 15,000 BOPDExpected Initial Production: (Gross)

Potential well-head platform and FPSO

Development Concept:

Expected 2010First Oil Production:

Expected 2H 2008Final InvestmentDecision:

Wei 12-8 (1994) Wei 6-12 (2002)& Wei 6-12 South (2006)

Discoveries:

Block 22/12, Beibu GulfAsset: Testing the ROC operated Wei 6-12 South-1 oil discovery

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ANZONANZON’’S BASKER MANTA GUMMY PROJECTS BASKER MANTA GUMMY PROJECTSurface FacilitiesSurface Facilities

Source: AZA Investor Presentation

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ANZONANZON’’S BASKER MANTA GUMMY PROJECTS BASKER MANTA GUMMY PROJECT


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BASKER MANTA GUMMY PROJECTBASKER MANTA GUMMY PROJECTFuture Development/Appraisal/ExplorationFuture Development/Appraisal/Exploration

Sour

ce:

AZA

Inves

tor P

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BASKER MANTA GUMMY DEVELOPMENT PLANSBASKER MANTA GUMMY DEVELOPMENT PLANSProposed New FPSO Proposed New FPSO –– Early 2010Early 2010

Specification:• Suezmax/Large Aframax• Permanently moored• Offloading to Aframax• Zero logistical downtime• 20,000 bopd• 40,000 bfd• 120 MMscfd• Sales quality gas• Negligible onshore footprint


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BASKER MANTA GUMMY DEVELOPMENT PLANSBASKER MANTA GUMMY DEVELOPMENT PLANSNew FPSO & Future DevelopmentNew FPSO & Future Development


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BASKER MANTA GUMMY DEVELOPMENT PLANSBASKER MANTA GUMMY DEVELOPMENT PLANSFuture Development Future Development –– 2Q 20102Q 2010

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ROC ROC –– ANZON GLOBAL PORTFOLIOANZON GLOBAL PORTFOLIO2009 Exploration Drilling2009 Exploration Drilling

BASS STRAIT40%

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BLOCK 22/12 BLOCK 22/12 (ROC 40%* & Operator)(ROC 40%* & Operator)

• Appraisal of existing discoveries in Block• Drilling of near field exploration

prospects adjacent to 6-12 South during development

EXPLORATION POTENTIAL

* Subject to up to 51% Government participation in developments

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CABINDA SOUTH BLOCKCABINDA SOUTH BLOCKOnshore AngolaOnshore Angola (ROC 60% & Operator)(ROC 60% & Operator)

• Sesamo-1 commenced in 1H08 and was completed in 2H08, was plugged and abandoned as a dry hole

• Drill up to 6 appraisal wells on Massambala heavy oil discovery

• Drill Arroz-1 pre-salt exploration well, the last in the 2008 programme

• Planning for Coco-1 well testing

2H 2008 FOCUS

• Completed 2 exploration wells:

– Coco-1 was a discovery and the well has been suspended subject to further testing

– Milho-1 was plugged and abandoned as a dry hole

1H 2008 RESULTS

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L27 L2

8

Sleeper

Leopard Lead

Tiger Lead

VIC/L26,L27,L28 (ANZON 40%)Chimaera Prospect

5-10 MMbo Intra Latrobe exploration potential + updip Golden Beach gas appraisal. 2009 well

Other LeadsTo be remapped on reprocessed 3D seismic

VIC/P49 (ANZON 20%)Sleeper Prospect

5-10 MMbo potential on Basker trend. 2009 well.

Deepwater Leads (>2,500 m WD)Leopard – multi billion bbl potential, multiple plays, updipfrom modeled kitchenTiger – 500 MMbbl potential, top Latrobe play adjacent to modeled kitchen

GIPPSLAND BASIN EXPLORATIONGIPPSLAND BASIN EXPLORATION


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EXPLORATION PLANSEXPLORATION PLANS2H 2008 & 20092H 2008 & 2009

ANGOLA - Arroz-1 Well - Testing Coco-1 Discovery - Massambala Appraisal Drilling

EQUATORIAL GUINEA - Aleta-1 Well

MAURITANIA - 2 Exploration Wells

AUSTRALIA WA-351-P - 3D Seismic Acquisition and possible Gas Exploration Wells

WA-286-P - 3D Seismic Evaluation WA-381-P/WA-382-P - Seismic Acquisition Bass Strait - Chimaera-2 Well F

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ROC ROC -- ANZON DRILLING FORECASTANZON DRILLING FORECAST

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ROC ROC –– ANZON SUMMARYANZON SUMMARY

• 2P Reserves of 47 TO 50 MMBOE(1)

• Production base focused on Australia and China– 20,000 BOEPD by end 2010

• Cash flow for 1H 2008 circa US$132 million– with increasing production

• Upside development potential in Australia and China– including Beibu Gulf 5.2 MMBBL resources– Zhao Dong Extended Reach Area– BMG Possible Reserves in existing fields

• Near term exploration potential in Australia and Africa(1) 47 MMBOE as at 1 April 2008, based on ROC’s estimate of AZA's 2P Reserves (including best estimate gas and condensate Contingent Resources)

and production forecasts calculated from public information and using due diligence materials provided to ROC by AZA in respect of the BMG Project. The best estimate gas and condensate Contingent Resources in the BMG Project have been included as 2P Reserves for the purposes of this calculation. 50 MMBOE based on Anzon’s reported 2P Reserves for BMG Project, August 2008.

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www.rocoil.com.au

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ROC OIL COMPANY LIMITED (ROC) STOCK EXCHANGE ...2008/09/03 · Good Oil Conference - 2008 Slide 10...

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Transcript of ROC OIL COMPANY LIMITED (ROC) STOCK EXCHANGE ...2008/09/03 · Good Oil Conference - 2008 Slide 10...