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MYANMAR OIL & GAS 2013Field Rehabilitation & Near Field Exploration in theField Rehabilitation & Near Field Exploration in the Central Myanmar Basin - Case Studies based on ROC's Experience in Malaysia, China & Australia
Dr. Pierre ELIETGM Exploration & Business Development25 September 2013
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CORE FOCUS ON SOUTH EAST ASIA, CHINA AND AUSTRALIA
Established hydrocarbon provinces Leverage ROC’s marginal/mature Leverage ROC s marginal/mature
field operations skills Established infrastructure and
markets
Competitive cost structure Continental shelf or onshore Near field tie in and accelerated Near field tie in and accelerated
production potential Established and competitive oil field
services
Significant exploration potential High quality hydrocarbon basins Commercial environment Commercial environment
encouraging new exploration Time lines from discovery to
production attractive
Roc Oil Company Limited (ROC) SLIDE 2
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COMPANY OVERVIEW
ASX-listed upstream company since 1999 Over 180 employees
Offices in Sydney, Perth, Beijing and Kuala Lumpur
O t d 20 424 b d i 1H13 Operated 20,424 boepd in 1H13
1H13 financial & operational summary Net profit of US$20.5 million
Sales revenue of US$114 1 million Sales revenue of US$114.1 million
Net production of 1.17 mmboe (6,478 boepd)
2P reserves of 15.0 MMBOE at end of 2012
100% 2P reserve replacement in 2012Cliff Head – Offshore Perth Basin Production costs of US$15.15/boe
Net cash of US$58.1 million at 30 June 2013
Undrawn debt facility of US$76.3 million at 30 June 2013
S fSuccessful exploration, appraisal and development activities Oil discoveries in Beibu Gulf (China); first oil produced March 2013
with development drilling now completed
Completed appraisal drilling at five wells at Balai Cluster (Malaysia) ; EPV final commissioning underway
Seismic acquisition complete on the 09/05 exploration licence in the Bohai Bay, (China)
Roc Oil Company Limited (ROC) SLIDE 3
Zhao Dong– Offshore China
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COMMUNITY RELATIONS
Our long-term success depends on our ability to build strong relationships and work collaboratively and transparently with our stakeholders - especially the communities in which we operate.p y p Engage with communities at all stages of
projects Support for local communities with underlying pp y g
focus on educational partnerships Seek to provide work experiences and
employment opportunities where possible Respect, Relationships & Responsibility
Roc Oil Company Limited (ROC) SLIDE 4
ROC’s Sustainable Practices Framework
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HSE PERFORMANCE
2 2013 LTIFR
Operational Safety Culture Process and operational safety a priority
1APPEA 5 year rolling average (1.0)
Process and operational safety a priority
Proactive and visible leadership
HSE metrics remain ahead of industry averages
H lth & S f t
0Jan-13 Feb-13 Mar-13 Apr-13 May-13 Jun-13
YTD LTIFR 12 month rolling average LTIFR
Health & Safety Implementation of the ROC Asset Integrity Management
system continues
Total Recordable Injury Frequency Rate (TRIFR) was 2.4
8
g gversus the APPEA five-year average of 5.4
Environment Zero significant oil spill incidents reported (>1 barrel)
2013 TRIFR
4
5
6
7
APPEA 5 year rolling average (5.4)
Zero significant oil spill incidents reported (>1 barrel)
Community Engage with communities at all stages of projects
0
1
2
3 Engage with communities at all stages of projects
Support for local communities with underlying focus on educational partnerships and fishing communities
Seek to provide work experiences and employment opportunities where possible 0
Jan-13 Feb-13 Mar-13 Apr-13 May-13 Jun-13
YTD TRIR 12 month rolling average TRIFR
opportunities where possible
SLIDE 5Roc Oil Company Limited (ROC)
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COMPETITIVE ADVANTAGES FOR A MID-SIZED COMPANY
13 years of operational experience ~21,000 BOPD ROC-operated production in
China and Australia in 1H13China and Australia in 1H13 Development and appraisal in China,
Malaysia and Australia Exploration experience in China, Australia,
NZ and AfricaNZ and Africa
Respected technical capabilities Full asset-cycle operator and extensive
explorerexplorer Integrated upstream service provider Sustainability – asset integrity management Strong focus on HSE
Established industry relationships With national oil companies such as
PetroChina, CNOOC and PETRONAS I d t t i l di Di l (M l i ) Industry partners including Dialog (Malaysia),
AWE, Beach Energy, Itochu, Sojitz and Horizon Oil
Roc Oil Company Limited (ROC) SLIDE 6
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SEISMIC AND DRILLING TRACK RECORD
11,601 line km operated 2D seismic 4,404km2 operated 3D seismic 189 ll 30 l i 28 i l d 131 d l ll
Is some of the text supposed to be bold in the table whilst
others aren’t? 189 wells - 30 exploration, 28 appraisal and 131 development wells 10 discoveries
Country Water Depth Operated Seismic Acquired Number of operated wells drilledCountry (m)
km 2D km2 3D Exploration Appraisal Development TotalSenegal Offshore - 1,523 - - - - -
Morocco Offshore - 1,448 - - - - -
Equatorial Guinea Offshore 1,500 - 1,403 1 - - 1
China Offshore 5 to 40 - 623 6 7 121 134
Malaysia Offshore 60 - - - 5 - 5
Australia Offshore 5 to 200 5,233 1,235 11 6 9 26
Angola Onshore - 722 618 7 3 - 10
UK Onshore - 200 490 3 4 1 8
Mongolia Onshore - 2,475 - 2 3 - 5
New Zealand Onshore - - 35 - - - -
TOTAL 11,601 4,404 30 28 131 189
Roc Oil Company Limited (ROC) SLIDE 7
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FOCUS & GROWTH STRATEGY
Deliver Existing ProductionFocus on existing assets and optimise
production performance
Our focus and value growth strategy:Our focus and value growth strategy:
Maximise Near-Field Opportunities
Deliver opportunities near to existing fields and basins
gy
Dedication to HSE and Asset Integrity
Management
R l d h
gy
Dedication to HSE and Asset Integrity
Management
R l d h
Develop Opportunities in New Ventures
Reserve replacement and resource growth
Production performance from existing assets
Securing additional acreage in key focus areas
Reserve replacement and resource growth
Production performance from existing assets
Securing additional acreage in key focus areas
Utilise Operator and regional skill to deliver new opportunities in focus areas
Leveraging proven capabilities and existing
relationships to secure new assets with focus
regions M i i i fi l di i li h l d i
Leveraging proven capabilities and existing
relationships to secure new assets with focus
regions M i i i fi l di i li h l d iGrow through Exploration and
AcquisitionsSelectively identify and pursue value
growth assets
Maintaining fiscal discipline to help drive
profitability and further value from the business
Maintaining fiscal discipline to help drive
profitability and further value from the business
SLIDE 8Roc Oil Company Limited (ROC)
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DEVELOP AND GROW – EXPLORATION & APPRAISAL
“Identify and secure value adding opportunities in established petroleum provinces across South East Asia, China and Australia”
09/05 3D seismic completed with processing commenced
Phase II development plan for WZ 12-8 East commenced with feasibility study underway
Possible extension to Zhao Dong licence China Possible extension to Zhao Dong licence
beyond 2018 Reviewing further acreage opportunities to
complement existing portfolio
Pre-qualified for the off-shore and onshore licensing round
Submitted bids for onshore licensing round Reviewing area potential for offshore round
Myanmar
BCP pre-development program progressing Appraisal; reviewing further acreage
potential in RSC’s Assessing current exploration licence
roundMalaysia
Pursuing mature field PSC redevelopment projects
Reviewing current acreage opportunities to complement existing portfolioAustralia
SLIDE 9
p g p
Roc Oil Company Limited (ROC)
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CHINA – ZHAO DONG OIL FIELDS
Location: Offshore Bohai Bay, China
Working Interest: C&D (+ERA) 24.5% Zhanghai and Chenghai Blocks 39.2% C4 Field 11.575% (unitised)
Operator: ROC
JV partners: PetroChina and Sinochem
Development:
4 linked platforms• Two for drilling and accommodation• Two for production and processing
C4 platforms connected by pipelines Oil and gas pipelines are both commissioned
2P Reserves:(at 31 Dec 2012)
5.6 mmboe net to ROC37% of 2P Reserves
1H13 Production Summary: 4,024 bopd net to ROC
Activities
Continual drilling program 09/05 Block seismic acquisition completed with
processing underway; exploration drilling scheduled for 2014
Roc Oil Company Limited (ROC) SLIDE 10
scheduled for 2014 Possible extension to licence beyond 2018
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CHINA – BEIBU GULF
Location: Offshore Beibu Gulf, China
Working interest: 19.6%
Operator: CNOOC
JV partners: CNOOC, Horizon, Majuko
Development: 10 development wells from WZ 6-12 platform 5 development wells from WZ 12-8 platform
WZ 12-8 WestWZ 12-8 East
2P Reserves:(at 31 Dec 12)
5.4 mmboe net to ROC 36% of 2P Reserves
1H13 Production Summary:
The operator achieved first oil during 1Q13 Currently producing ~15,000 bopd (gross) or
~2,940 net to ROC
Activities:
Final phase of development drilling on WZ 12-8 West Platform completed in August
Phase II development plan for WZ12-8 East, feasibility study underway
Roc Oil Company Limited (ROC) SLIDE 11
y y y
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MALAYSIA – BALAI CLUSTER
Location: A cluster of four discovered oil and gas fields; Balai, Bentara, West Acis and Spaoh
Incorporated JV
BC Petroleum:ROC 48%JV
equity partners:
ROC 48%Dialog 32% PETRONAS Carigali 20%
Pre-development phase commenced in 2H 2011 I t ll d f llh d l tf
Activities:
Installed four wellhead platforms Converted on Early Production Vessel (EPV) Concluded appraisal drilling five wells in the pre-
development phase in June EPV commence in field commissioning
Next steps:
EWT expected to commence in 2H Subject to EWT and commercial viability BCP plans to
submit an Field Development Plan (FDP) and move toward Final Investment Decision (FID) by December Next steps: ( ) y2013• Preliminary results are indicating a phased
development of the fields, with oil fields potentially developed first
ROC is pursuing further Malaysian growth opportunities in addition to the Balai Cluster Appraisal and development opportunities, including further RSCs Mature field rejuvenation projects
Roc Oil Company Limited (ROC) SLIDE 12
Shallow water exploration Primary focus upon opportunities with potential synergies with the
Balai Cluster
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AUSTRALIA – CLIFF HEAD
Cliff Head Oil field
Location: Offshore Perth Basin, Western Australia
Working Interest: 42.5%
Operator: ROC
D l t Unmanned platform Pi li t h t bili ti l tDevelopment: Pipeline to onshore stabilisation plant Oil trucked to BP refinery in Perth
2P Reserves:5.9 MMBOE(as at 31 December 2012)2P Reserves:
(at 31 Dec 12) 2.5 MMBOE net to ROC17% of 2P Reserves
1H13 Production 1,121 bopd net to ROCSummary:
Roc Oil Company Limited (ROC) SLIDE 13
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WHY MYANMAR?
Myanmar - USGS Resource Assessment Undiscovered Oil & GasOil & Gas
Oil Prospective Resource 100 mmbbls to 1.6 Billion
Gas Prospective Resource 4 to 45 tcf risked
Source: Eocene to Miocene Composite Total Petroleum System, Irrawaddy-Andaman and North Burma Geologic Provinces, Myanmar. By C.J.Wandrey. Petroleum Systems and Related Geologic Studies in Region 8 South Asia Edited by Craig J WandreySystems and Related Geologic Studies in Region 8, South Asia. Edited by Craig J. Wandrey.
A world class petroleum province
M lti l d t i ki t l t Multiple and extensive working petroleum systems
A good fit with ROC’s distinct exploration, appraisal and re-development capabilities
Within ROC’s identified growth region
Roc Oil Company Limited (ROC) SLIDE 14
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A WORLD CLASS HYDROCARBON DESTINATION
“Myanmar: world class petroleum province”
Established oil provinces Underexplored world class basins Moderate exploration outside main
fairways Opportunity for application of new
seismic and downhole technology Significant potential for new
offshore and onshore playsoffshore and onshore plays
“Exploration appraisalExploration, appraisal, re-development opportunities in Myanmar align with ROC’s distinct competitive advantages”.
Roc Oil Company Limited (ROC) SLIDE 15
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CONSIDERATIONS FOR COUNTRY ENTRY – THE CENTRAL MYANMAR BASIN
Regional Analysis Indicates
Evidence of working petroleum systems across a range of target basinsacross a range of target basins
Range of opportunity set from field re-development to near field exploration
Geological play ‘running room’ and repeatability
Ability to leverage appropriate technology t dd i ifi t j t lto add significant project value
Prospect and play materiality
Central Myanmar Basin
Despite being a long established oil province onshore Myanmar is moderately explored
There is moderate regional 2D seismic d li it d 3D
Roc Oil Company Limited (ROC) SLIDE 16
coverage and limited 3D seismic
Source: Google Earth and IHS
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DISTINCT COMPETITIVE POSITION
Regional focussed operator working in areas with proven basin potential
Established partnerships and strong working OCrelationships with NOC partners
Management team with track record of delivery
Ungeared, unhedged, profitable oil producer delivering Ungeared, unhedged, profitable oil producer delivering low risk revenue and free cash flow
Attractive appraisal and development portfolio
Significant near field and exploration potential within Significant near field and exploration potential within current portfolio and business development initiatives
Second Chinese asset Beibu Gulf in ramp up phase; Phase II feasibility study underway
09/05 Block seismic acquisition completed with processing commenced
Near field opportunities in Malaysia and pp yAustralia
Pursuing credible appraisal and development opportunities in South East Asia including Myanmar
Roc Oil Company Limited (ROC) SLIDE 17
Myanmar
Focused activities with a clear strategy to realise growth
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CONTACT
For further information:Renee JacobG MGroup Manager Investor Relations & Corporate Affairs+61 2 8023 [email protected]@rocoil.com.au
www.rocoil.com.au
The information in this presentation is an overview and does not contain all information necessary for investment decisions. In making investmentdecisions investors should rely on their own examination of ROC and consult with their own legal, tax, business and/or financial advisers in connectionwith 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 impliedis made as to the accuracy, correctness, completeness or adequacy of any statements, estimates, opinions or other information contained in this
t ti T th i t t itt d b l ROC it di t ffi l d t di l i li bilit f l dpresentation. To the maximum extent permitted by law, ROC, its directors, officers, employees and agents disclaim liability for any loss or damagewhich 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 orstatements about future matters for the purposes of the Corporations Act or any other applicable law. The occurrence of events in the future aresubject to risks, uncertainties and other factors that may cause ROC's actual results, performance or achievements to differ from those referred to inthis presentation. Accordingly, ROC, its directors, officers, employees and agents do not give any assurance or guarantee that the occurrence of theevents referred to in this presentation will actually occur as contemplated.
Roc Oil Company Limited (ROC) SLIDE 18
The reserve and resource information contained in this presentation is based on information compiled by Dr Pierre Eliet, General Manager -Exploration, Geoscience & Business Development, who is a full time employee of the Company. Dr Pierre Eliet (BA Earth Science), PhD (Geology).Is a Fellow of the Geological Society London (FGS), has more than 17 years relevant experience within the industry and consents to the informationin the form and context in which it appears.