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CLONTARF ENERGY An emerging E&P company focused on Africa and South America November 2011

CLONTARF ENERGY An emerging E&P company focused on Africa and South America November 2011. DISCLAIMER.

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CLONTARF ENERGY An emerging E&P company focused on Africa and South America November 2011

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  1. CLONTARF ENERGY An emerging E&P company focused on Africa and South America November 2011

  2. DISCLAIMER The content of information contained in this Presentation has not been approved by an authorised person within the meaning of the Financial Services and Markets Act 2000 (“FSMA”). Reliance upon this Presentation for the purpose of engaging in any investment activity may expose an individual to a significant risk of losing all of the property or other assets invested. If any person is in any doubt as to the contents of this Presentation, they should seek independent advice from a person who is authorised for the purposes of FSMA and who specialises in advising in investments of this kind. This Presentation is being supplied to you solely for your information. While the information contained herein has been prepared in good faith, neither Persian Gold plc (to be renamed Clontarf Energy plc) (“Company”) nor its shareholders, directors, officers, agents, employees or advisers give, has given or has authority to give, any representations or warranties (express or implied) as to, or in relation to, the accuracy, reliability or completeness of the information in this Presentation, or any revision thereof, or of any other written or oral information made or to be made available to any interested party or its advisers and liability therefore is expressly disclaimed. This Presentation does not constitute, or form part of, an admission document, listing particulars or a prospectus relating to the Company, nor does it constitute, or form part of, any offer or invitation to sell or issue, or any solicitation of any offer to purchase or subscribe for, any shares in the Company nor shall it or any part of it, or the fact of its distribution, form the basis of, or be relied upon in connection with, or act as any inducement to enter into any contract therefore. Recipients of this Presentation who decide to subscribe for, or purchase, ordinary shares in the Company following the publication of the final document relating to the proposed Admission (the “Admission Document”) are reminded that any application so to subscribe for or purchase may only be made on the basis of the information contained in the Admission Document which may be different from the information contained in this Presentation and will contain additional information. No reliance may be placed for any purpose whatsoever on the information contained in this Presentation or on its completeness, accuracy or fairness thereof, nor is any responsibility accepted for any errors, misstatements in, or omission from, this Presentation or any direct or consequential loss however arising from any use of, or reliance on, this Presentation or otherwise in connection with it. By accepting this Presentation you confirm, represent and warrant that you have consented to receive inside information (as defined in the Criminal Justice Act 1993 and the Financial Services and Markets Act 2000 (as amended) (the “Acts”)), and you agree not to deal in any securities of the Company until such time as such inside information has been made public and until such time that the Placing has been publicly announced by the Company or the Company decides not to proceed with the Placing. This Presentation may not be reproduced or redistributed, in whole or in part, to any other person, or published, in whole or in part, for any purpose without the prior consent of the Company. The contents of this Presentation are confidential and are subject to updating, completion, revision, further verification and amendment without notice. The Presentation is being distributed on request only to, and is directed at, authorised persons or exempt persons within the meaning of FSMA or any order made thereunder or to those persons falling within the following articles of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (as amended) (the “Financial Promotion Order”): Investment Professionals (as defined in Article 19(5)) and High Net Worth Companies (as defined in Article 49(2)). Persons who do not fall within any of these definitions should not rely on this Presentation nor take any action upon it but should return it immediately to the Company. This Presentation is exempt from the general restriction in section 21 of FSMA relating to the communication of invitations or inducements to engage in investment activity on the grounds that it is made only to certain categories of persons.

  3. DISCLAIMER Neither this Presentation nor any copy of it should be distributed, directly or indirectly, by any means (including electronic transmission) to any persons with addresses in the United States of America (or any of its territories or possessions) (together, the “US”), Canada, Japan, Australia, the Republic of South Africa or the Republic of Ireland, or to any corporation, partnership or other entity created or organised under the laws thereof, or in any other country outside the United Kingdom where such distribution may lead to a breach of any legal or regulatory requirement. The recipients should inform themselves about and observe any such requirements or relationship. The Company’s ordinary shares have not been, and are not expected to be, registered under the United States Securities Act 1933, as amended, (the “US Securities Act”) or under the securities laws of any other jurisdiction, and are not being offered or sold, directly or indirectly, within or into the US, Canada, Japan, Australia, the Republic of South Africa or the Republic of Ireland or to, or for the account or benefit of, any US persons or any national, citizen or resident of the US, Canada, Japan, Australia, the Republic of South Africa or the Republic of Ireland, unless such offer or sale would qualify for an exemption from registration under the US Securities Act and/or any other applicable securities laws. Forward-looking Statements This Presentation or documents referred to in it contain forward-looking statements. These statements relate to the future prospects developments and business strategies of the Company and its subsidiaries (the “Group”). Forward-looking statements are identified by the use of such terms as “believe”, “could”, “envisage”, “estimate”, “potential”, “intend”, “may”, “plan”, “will” or the negative of those, variations or comparable expressions, including references to assumptions. The forward-looking statements contained in this Presentation are based on current expectations and are subject to risks and uncertainties that could cause actual results to differ materially from those expressed or implied by those statements. If one or more of these risks or uncertainties materialises, or if underlying assumptions prove incorrect, the Group’s actual results may vary materially from those expected, estimated or projected. Given these risks and uncertainties, potential investors should not place any reliance on forward-looking statements. These forward-looking statements speak only as at the date of this Presentation. No undertaking, representation, warranty or other assurance, expressed or implied, is made or given by or on behalf of the Company, any of their respective directors, officers, partners, employees or advisers or any other person as to the accuracy or the completeness of the information or opinions contained herein and to the extent permitted by law no responsibility or liability is accepted by any of them for any such information or opinions. Notwithstanding the aforesaid, nothing in this paragraph shall exclude liability for any representation or warranty made fraudulently.

  4. PROJECTS • High potential exploration properties. • Clontarf Energy has 60% of Ghana Tano 2A block – 1,532km2, the block is close to four recent Tullow Oil plc discoveries. • Awarded two exploration blocks in Peru in October 2010 bid round – in key Marañon / Ucayali basins. • Stakes in two gas producing Bolivian fields – El Dorado and Monteagudo.

  5. WHY AFRICA & LATIN AMERICA FOR OIL/GAS? • More than 350 Bn boe of reserves discovered. • Importance of heavy oil and Deepwater rising. • More than 60% of the prospective area remains unexplored. Many basins under-explored. • Many hydrocarbon rich basins, new ideas emerging, but select focus on: • Andean belt (Peru, Colombia, Bolivia) • Central America, Mexico. • Opportunities and acceptable business environment for small size E&P companies in countries of focus. • Source: Bernstein Latin America Africa • More than 330 Bn boe of reserves discovered. • 50% in Sub Saharan Africa. • Many hydrocarbon rich basins, new ideas emerging, but select focus on: • West Africa Offshore (Ghana and neighbours, Nigeria). • Unconventionals (Morocco, South Africa, Botswana). • Onshore Central Africa (Rifts basins). • Opportunities and acceptable business environment for small E&P companies in countries of focus.

  6. GHANA SWEET-SPOT BESIDE TULLOW: TANO BLOCK • Over 2 billion barrels discovered since 2005. • The concession is in the name of ‘Pan Andean Resources Limited’ (Ghana co.): • Ownership: • 60% Clontarf Energy • 30% Petrel Resources • 10% Ghanaian interests • Target-rich block: • 1,532km2 area • Extensive raw data available • 676km of 2d seismic now being reviewed • Tano Basin, close to recent Tullow discoveries • Multiple leads & prospects identified

  7. GHANA TERMS ARE FAVOURABLE • West Africa is attractive due to competitive conditions and large exploration potential. • Ghana among the most attractive, as terms do not reflect recent exploration success. • Terms: Royalty: 12.5% oil Carry: 10% Income Tax: 35% Approximate Government Take World Average Colombia, Peru

  8. RECENT DISCOVERIES AND PROSPECTS,OFFSHORE TANO BASIN

  9. KINEMATIC MODEL: ONSHORE TANO BASIN STRUCTURES

  10. TANO BASIN LICENCE • Numerous seeps and shows onshore. • Seeps fed from offshore oil kitchens. • Past shallow onshore wells drilled without seismic control. • No wells in the offshore part of licence. • Thick sedimentary section. • Promising features on offshore seismic lines. • Available data reprocessed and analysed. Eight potential targets identified.

  11. PERU: RECREATE TEAM’S SUCCESS: WORLD CLASS EXPLORATION PORTFOLIO • Awarded two exploration blocks 183 and 188 in the late 2010 tender round. • The Government takes proportionally to the field profitability: Total effective state take is c.50%. • Reasonable work programme & bonding (under $135k). • Signed on 28th September 2011. • Management team acquired 4 blocks in earlier round, farmed out and sold the company Pan Andean Resources for $31 million.

  12. BLOCK 183 - MARANON BASIN • Block 183 is 396,826 hectares in the Marañon Basin, which has produced since the 1940s. • Two oil fields and one gas field neighbour Block 183. • Good quality, recently re-processed seismic data is available. • Two main source rocks: Triassic-Jurassic & Cretaceous. • C. 1,700km of 2d seismic data – later re-processed & migrated. • Leads & prospects already identified, including 4-way closures in the Yurimaguas Anticline.

  13. BLOCK 188 - UCAYALI • 595,809 hectares of prospective ground beside a 16 tcf producing field. • Extensive regional data available (13,400km of 2d seismic and 50 wells). • Good seismic coverage and 3 wells drilled close to Block 188. • Main petroleum system is Paleozoic, but; • Four source rocks & three seals proven. • Three main producing reservoirs in the area. • Undeveloped oil discovery at neighbouring La Colpa .

  14. BOLIVIA: BUTTERFLY RE-EMERGING? • The political situation is unstable. Nationalisation of hydrocarbons decree passed on May 1st 2008 so ownership status uncertain. • Growing economy powered by commodity exports, including strong gas demand in Brazil & Argentina. The elected government is determined to develop the oil and gas industry. • Clontarf Energy, (through its subsidiary Petrolex SA) holds stakes in two proven projects, El Dorado and Monteagudo (both on existing export pipelines): • El Dorado(10% Clontarf 90% YPFB) is a producing gas field near Santa Cruz. Following recent exploration success, management estimates reserves at up to 400 bcf Gas and 8 to 10 million barrels condensate. These wells are now producing c. 19mmcfd & 500b condensate. Planned production is c.40mmcfd & 800 barrels condensate – yielding gross revenues of over $200k daily. After confirmation of the gas export price and repayment of capex, opex & royalties should yield several million dollars of revenue yearly after 2012. • Monteagudo (30% Clontarf, 50% Repsol-YPF 20% Petrobras). Traditional field producing c. 120bod. The potential is the deep gas play estimated to contain up to 3 tcf. This is identified by 3d seismic and identical to nearby multi-tcf discoveries.

  15. BOLIVIA – EL DORADO • Producing gas field near Santa Cruz estimated to contain 1.5tcfg. • Owned 90% YPFB, 10% Clontarf. • Dispute with previous 90% owner, BP, led to Clontarf declaring force majeure. • Ongoing discussion with YPFB to clear dispute. Settlement expected by Clontarf paying $600,000 and foregoing their share of revenues for two years. • Current production 19mmcfd (1.9m Clontarf). • Two development wells to be drilled in 2011/12. Cost to Clontarf $1.2m.

  16. BOLIVIA - MONTEAGUDO • Long established oil & gas field in southern Bolivia owned 30% Clontarf, 20% Petrobras, 20% by YPF-Andina and 30% by operator Repsol. • Shallow oil wells petering out after years of under-investment. • Significant c.3 tcf potential structure in the deep ‘Huamampampa’ zone. Multi-tcf discoveries on neighbouring blocks in this Devonian zone. • Discussions ongoing for Clontarf to increase their stake to c.50% as part of an overall buyout. Agreement of the State necessary. • In-fill and work-over programme planned for 2012.

  17. TIMELINE • Final signature on Peruvian blocks Q3 2011 • Ghana parliamentary ratification Q3 2011 • Final agreement on El Dorado Q4/Q1 2011/12 • Bolivian government approval on Monteagudo share increase to 50% Q1 2012 • Farm out negotiations on Peru Q1/Q2 2012 • Monteagudo workovers Q3/Q4 2012 • Seismic preparation Tano Q1 2012

  18. COMMERCIAL Listed: February 2011 Shares in issue: 200m Price: 3.5p Market Cap: £7 million Cash: £0.6 million Nomad/Broker: Shore Capital Joint Broker:Optiva

  19. EXPERIENCED BOARD

  20. CONTACT DETAILS Clontarf Energy Plc 162 Clontarf Road Dublin 3 Ireland Phone: +353 1 833 2833 Fax: +353 1 833 3505 Email: info@clontarfenergy.com www.clontarfenergy.com

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