Liberty Petroleum Corporation. Liberty Petroleum Corporation Annual Review

Transcription

1 Liberty Petroleum Corporation

2 Liberty Petroleum Corporation U.S. Based Independent International Focus Recipient of 16 distinct exploration blocks 18,500,000 Acres 9 Producing basins World class hydrocarbon Potential Super giant discovery - Poseidon 14 Blocks have signed farm-in contracts 4 Blocks progressing to Grant 1.4 Billion Dollars Invested 22 Wells Drilled 7 Discoveries 1 Field put on stream - Longtom Block Expenditures to date Billion Dollars Acquisition/Studies/Seismic- to date $147,000,000 Exploration to date $1,193,000,000 Field Development to date $150,000,000 Remaining Contractual Block Commitments $315,000,000 History 2 World class Super Major Discoveries 500 BCF + Longtom Field 850 BCFG - 13 MMBC Poseidon Discovery 8 TCFG MMBC 5 Major Discoveries BCFG Anemone, Angler, Archer, Dory, Grayling Drillable Prospects WA314 Grace 5TCFG / Elvie 12TCFG WA315 Odyss. 5TCFG / Maggie 3TCFG WA482 Tjerksen 1BBOE / Galle 500 MMBO Seychelles Beau V. 1BBOE / Junon 1.6 BBOE Partner Companies in Blocks CONOCO PHILLIPS APACHE SANTOS COOPER ENERGY TRADITIONAL OIL STUART PETROLEUM 15 defined leads 100MMBOE-2BBOE potential BHP KAROON GAS NEXUS ENERGY SUNDANCE ENERGY WHL ENERGY SENEX

3 Australia Off-Shore

4 Liberty Petroleum Corporation WA-314P Australia Assets Browse Basin Location: Browse Basin Australia Block size: 440,000 Acres Operator: Conoco/Phillips WA-314 Wells Drilled: 2 Buffon and Knotiki Discoveries: 0 Next well: Grace - Fall 2013 Prospective Resource: Block 10 TCFG 500 MMBC

5 Liberty Petroleum Corporation WA-315P Australia Assets Browse Basin Location: Browse Basin Australia Block size: 440,000 Acres Operator: Conoco/Phillips Wells Drilled: 3 Poseidon 1 & 2, Boreas 1 Poseidon 1 discovery Well Discoveries: 1 Greater Poseidon Next well: Proteus - Fall 2013 Prospective Resource: Block 7-20 TCFG 500 MMBC 12 TCFG 700 MMBC WA-315

6 Prospect s # Name Potential 1 Elvie 12 TCFG / 500MMBC 1 WA Argus Gas Field 4TCFG /150 MMBC 2 Emily- Rose 2 TCFG / 75MMBC 3 Grace 5TCFG/ 150 MMBC 4 Kontiki 5TCFG/ 150 MMBC 5 Greta 2 TCFG / 75MMBC 6 Maggie 5TCFG/ 300 MMBC 5 WA Buffon South 2 TCFG / 75MMBC 8 Odysseus 5TCFG / 350 MMBC 6 8 Greater Crown 5 TCFG Poseidon Greater Poseidon Discovery Contingent Resources P90 3 TCFG/300 MMBC P50 7TCFG/380 MMBC P10 15TCFG/700 MMBC Ichthys Gas Field 12.8TCFG /527 MMBC Torosa/Brecknock Gas Field 15.5 TCFG /417 MMBC Burnside Gas Field

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8 What Karoon has done WA314 & WA Acquired WA 314 P and WA 315 P from Liberty Petroleum (100%) 2006 Farm out to ConocoPhillips 2009 Discovery of Greater Poseidon - Poseidon Successful Step-out Greater Poseidon - Poseidon Discovery and production test Greater Poseidon - Kronos Discovery and production test Greater Poseidon - Boreas Discovery Greater Poseidon - Zephyros Discovery Greater Poseidon - Proteus 1 What Karoon is doing WA314 & WA315 Appraisal and exploration drilling 6 7 wells Browse Basin farming out an interest in WA314 Browse Basin farm out interest in WA315 Sole risk seismic acquisition over Elvie WA314 Acreage and Permitting All permits in good standing with the government,with planned wells fulfilling Work Program requirements. WA314 3D Seismic EP approved in July.. Operational Highlights Karoon sole risk 3D seismic program over the Elvie prospect WA314 expected to start in August Future Exploration and Appraisal Plans JV Phase 2 Greater Poseidon drilling program will extend into 2014 with Proteus 1 the third well in the planned five to seven well program. Development Options Development options include ; Stand alone with tie back to Darwin. Back fill to Bayu Undan. FLNG Darwin options are brown field offering enormous cost savings relative to green fields projects.

9 Liberty Petroleum Corporation WA-482P Australia Assets Browse Basin Location: Carnarvon Basin Australia Block size: 3,200,000 Acres Operator: Karoon Gas WA-482 Wells Drilled: 0 Discoveries: 0 Next well: Unknown 2300 sq Km 3-D Seismic being acquired July 2013 Prospective Resource: Six Prospects to BBO

10 Prospect s # Name Potential 1 Tjerksen 1 BBO 2 Hale 350 MMBO 3 Levitt 250 MMBO 4 Galle 500 MMBO 5 Brahe 250 MMBO 6 Haliey 200 MMBO 5 3-D Seismic Survey WA-482 Phoenix Gas Discovery 4 TCFG Scarborough Gas Discovery 10 TCFG Io/Jansz Gas Field 25 TCFG Pluto Gas Field 10 TCFG Rankin Gas Field 13 TCFG Four Oilfields 350 MMBO Angel Gas Discovery 3 TCFG Gorgon Gas Field 10 TCFG

11 Tjerksen Prospect 1 BBO 3-D showing Bright Spots, Amplitudes Note: The Delambre 1 well showed no bright spot anomalies over structure in the 3-D seismic unlike the Tjerksen Prospect

12 What Karoon has done WA Acquired WA482-P from Liberty Petroleum (100%) 2013 Commissioned 2300 square Km 3-D seismic over NE part of Block What Karoon is doing WA Shooting 2300 square Km 3-D seismic over NE part of Block Acreage and permitting Permit in good standing with the government, with current 3D seismic fulfilling Work Program requirements for years 1 and 2. Farm out Karoon has received several queries to farm in to WA482. Karoon is currently considering its options. Operational highlights Currently acquiring 2300 square Km 3D seismic over the eastern area of the permit. Reprocessed existing 3D seismic data received and is currently being interpreted. 3D seismic over permit WA-482-P Future exploration plans Complete 3D seismic acquisition 3rd quarter and process to PSDM ahead of integrated seismic QI and geological studies. Drilling planned for early Development options Development options likely to be stand alone FPSO. Economic screening studies initiated

13 Liberty Petroleum Corporation VIC-P54/VIC-L29 Australia Assets Gippsland Basin Location: Gippsland Basin Australia Block size: 175,000 Acres Operator: Nexus Energy Wells Drilled: 5 Discoveries: 2 Longtom Field Grayling 850 BCFG 10 MMBC 120 BCFG VIC-P54 Next well: Longtom VIC-L29 Prospective Resource: Gemfish & Husser 600 BCFG 20 MMBO

14 Prospect s # Name Potential 1 Gemfish 480 BCFG/20 MMBOc 2 Longtom West 250 BCFG/10 MMBC 3 Husser 200 BCFG/25 MMBOc Patricia Gas Field VIC-P54 2 VIC-L29 Longtom Gas Field 900 BCFGR/20 MMBCR 1 3 Snapper Gas Field 850 BCFG Grayling Gas Discovery 100+ BCFG Marlin Gas Field 2.5 TCFG Tuna/Kipper Gas Field 580 BCFGR/30 MMBCR

15 Gemfish/Longtom South Prospect An exciting growth opportunity just 4 km south of existing infrastructure. Three oil and gas reservoir targets will be tested, having an estimated 480 BCFG and 20 MMBO/C with a mean risked volumes of 200 BCF gas and 9 MMBO recoverable

16 What Nexus has done VIC54 Acquired VICP54 from Liberty Petroleum (100%) Acquired, reprocessed and interpreted 3-D Seismic over Longtom Drilled and completed Longtom 2,3,4 Tied Longtom wells back to the Patricia production platform Signed a gas purchase contract with Santos What Nexus is doing VIC54/VIC29 Developing and improving production from the Longtom Field Generating additional prospective resources in VIC-54P and VIC-l29 Longtom Hydrocarbon resources summary Technical studies yield clearer picture of resource base Longtom assets have been extensively reviewed in-house, including all subsurface data and reservoir performance Gaffney Cline & Associates have independently verified this information as part of their latest resource estimates Resource estimates do not include Prospective volumes associated with undrilled prospects Remaining Reserves (As at 31 December 2011) 1P 2P 3P Longtom (PJ) Contingent Resources (As at 31 December 2011) 1C 2C 3C Longtom (PJ) Gas flaring at Longtom 3 Well Longtom 5 well planned for 4Q 2013 and first gas 2Q 2014 (subject to FID) Longtom 4 work over planned for 4Q 2013 (subject to FID) 2012 Gas Reserves update supported by three years of production data and updated geologic model incorporating revised seismic mapping Longtom performance Production of for 2012 FY Longtom Gas Production Longtom Condensate Production 14.7 (PJ) 136,000 Barrels

17 Australia Off-Shore On-Shore

18 Liberty Petroleum Corporation ATP-636 Queensland Australia Cooper Basin Location: Cooper Basin Australia Block size: 640,000 Acres Operator: Santos Energy Wells Drilled: 0 Discoveries: 0 ATP-636 Next well: Unknown clearing Native title 2013 Prospective Resource: 40 MMBO

19 Tinataburra Oilfield Tinataburra Oilfield ATP-636 ATP-636 Tintaburra South Prospect Tintaburra South Prospect

20 Liberty Petroleum Corporation ATP-661 Queensland Australia Cooper Basin Location: Cooper Basin Australia Block size: 480,000 Acres Operator: Santos Energy ATP-661 Wells Drilled: 0 Discoveries: 0 Next well: Unknown Block clearing Native title 2013 Prospective Resource: 1-20 MMBO South Australia Queensland

21 ATP-661 Betoota Prospect ATP-661 Queensland Betoota Prospect South Australia ATP-661 Betoota Prospect Betoota Gravity Map

22 Liberty Petroleum Corporation ATP-820 Queensland Australia Cooper Basin Location: Cooper Basin Australia Block size: 120,000 Acres Operator: Santos Energy ATP-820 Wells Drilled: 0 Discoveries: 0 Next well: Unknown Block clearing Native title 2013 Prospective Resource: 1-20 MMBO

23 ATP-820 Jackson Oilfield 360 MMBOOIP Discovery Well - Jackson Field

24 Liberty Petroleum Corporation PEL-88 South Australia Cooper Basin South Australia Queensland Location: Cooper Basin Australia Block size: 1,200,000 Acres Operator: Senex Energy Wells Drilled: 3 PEL-88 Discoveries: 0 Next well: Unknown Prospective Resource: 50 MMBO

25 Queensland PEL MMBO P90 South Australia D Seismic Survey Lancier Prospect PEL-88 PEL-88 Transit Prospect

26 Liberty Petroleum Corporation PEL-100 South Australia Cooper Basin Location: Cooper Basin Australia Block size: 75,000 Acres Operator: Senex Energy Wells Drilled: 3 PEL-100 Discoveries: 1 Next well: Unknown Prospective Resource: 1-20 MMBO

27 Drilling Rig, Cooper Basin Australia

28 Liberty Petroleum Corporation PEL-512 South Australia Cooper Basin Location: Cooper Basin Australia Block size: 584,000 Acres WEST BLOCK Operator: Discovery Energy PEL-512 Wells Drilled: 0 Discoveries: 0 Next well: Unknown Prospective Resource: 50 MMBO SOUTH BLOCK

29 PEL-512 West Block Offset Producing Oilfields 3-D Seismic over Talia/Tantanna B Prospect Lycium Prospect Tantanna/Tatoola Oil Fields 4SH Prospect 4SH Malgoon Oilfield PEL-512 Independent Prospective Resource Analysis Leads Mean PIIP Un-Risked Recoverable P50 South Block ,000, ,000,000 P50 West Block 51 1,800,000, ,000,000 P50 Total 115 2,113,000, ,000,000 P50 *Apex Energy Consultants Lycium Prospect TALIA PROSPECT 3-D seismic - Malgoona Oilfield Lookalike 11B Prospect Talia/Tantanna B Prospect 11B PEL-512 South Block

30 Liberty Petroleum Corporation L-12-5 Western Australia Officer Basin Location: Officer Basin Australia Block size: 5,600,000 Acres Operator: Liberty chosen as preferred explorer, in Native title Wells Drilled: 0 L-12-5 Discoveries: 0 Next well: Unknown Prospective Resource: 50 MMBO Liberty Petroleum W.I. : 100%

31 LINE 137 L-12-5 A C NE -LINE 137 B L-12-5 Leads Salt Dome Stacked structure 60,000 acre prospect A - Approx 31,000 Acres B - Approx 19,000 Acres C Approx 10,000 Acres L-12-5 SW Kanpa Formation Liberty Petroleum Corporation Hussar Annual Formation Review

32 East Africa Off-Shore

33 Liberty Petroleum Corporation Seychelles East Africa Assets Correir Basin Location: Correir Basin Seychelles Block size: 5,300,000 Acres Operator: WHL Energy Wells Drilled: 0 Discoveries: 0 Next well: Unknown Prospective Resource: 4 BBO Seychelles

34 Lead C Mahe Island Lead P Junon Bank Beau Valon Creole Prospective Recoverable Resource (million barrels of oil) Prospect/Lead P90 P50 P10 Mean Lead C Beau Valon ,400 1,195 Lead P Junon Complex 365 1,100 3,200 1,565 Creole , Total 845 2,590 7,575 3,700 All Prospects/Leads* 5,500 *WHL Energy internal analysis All Prospects/Leads** 3,500 **NETHERLAND SEWELL, & ACCOCIATES

35 Top of the Karoo Formation Mahe Island

36 Independent Volumetrics Highlight Huge Potential The top ten leads identified by ISIS, based on historic data, are listed in the table below. ISIS estimated geological probability of success ( POS ) ranging from 6.3% to 11.8% for these leads, which we view as encouraging considering the nature and quality of the data available. Indications are that the current seismic is of excellent quality and will result in increased POS as risks associated with structural closure and geological modelling are decreased. Top 10 Leads identified from seismic - WHL Location of Leads identified from seismic - WHL We have summarised the leads from each area with some assumptions around recovery and post farmout working interest in the following table

37 What WHL has done Seychelles Acquired PetroQuest International (100%). PetroQuest International holds 100% of Seychelles PSA Reprocessed PetroQuest Seismic Acquired 2000 Km new seismic Interpretation of seismic confirmed and defined the size and scope of the prospects What WHL is doing Seychelles Seeking a farm-in partner to drill one of several prospects Seeking a farm-in partner to shoot 3-D seismic over best 2-D defined prospects The Seychelles - attractive terms for exploration An under explored area with large oil prone, petroleum potential that is subject to excellent conditions : Attractive fiscal terms Contractor take circa 50% Top industry quartile Pragmatic, business oriented government Strategic 17,345 km² acreage position Modest work commitments Main items 2,000km 2D seismic and 1 well Giant scale structures Emerging deep water potential Benign geologic and metocean conditions Advanced targets drillable with a conventional jack up Well costs <$20 million) A committed partner in WHL that has invested in the necessary, ground - breaking geoscience Petroquest International - seismic survey 17,000 Sq. Km

38 Gas flaring at Kronos -1 Well Gas flaring at Zephyros -1 Well 3D seismic over permit WA-482-P Gas flaring at Longtom 3 Well Transocean Legend spuds Proteus-1 in Browse Basin Proteus-1 in Browse Basin

39 Proteus-1ST2 location could flow at commercial rates in excess of 100 MMscf/d.

40 Liberty Petroleum Corporation North Black Canyon Highway Suite #540 Phoenix Arizona Phone Fax