for personal use only - asx · for personal use only – extensive salt basin with prospective...

27
Growth through focused Oil & Gas exploration and production November Investor Presentation ASX Code: AVD For personal use only

Upload: voanh

Post on 18-Sep-2018

214 views

Category:

Documents


0 download

TRANSCRIPT

Page 1: For personal use only - ASX · For personal use only – Extensive salt basin with prospective levels both above and below the salt. – The prospective targets above salt have produced

Growth through focused Oil & Gas explorationand productionNovember Investor Presentation

ASX Code: AVD

For

per

sona

l use

onl

y

Page 2: For personal use only - ASX · For personal use only – Extensive salt basin with prospective levels both above and below the salt. – The prospective targets above salt have produced

SNAPSHOTAntilles represents anentry for investors intohigh value onshoreSouth American acreagein proven basins

Antilles strategy provenby acquisition of block inonshore Perusubsequently farmed outto Union Group largelycovering the well cost

Targeting countrieswhere the fiscal termsmean our projects workat current oil prices

Antilles has a strategictechnical relationshipwith geophysicalspecialist contractor toenable use of cuttingedge geophysicaltechnology

Established reputationwith small Australiancompanies, Karoon Gasand Pura Vida Energy, inaccessing high qualityacreage of same style –currently available in theSouth America

2

For

per

sona

l use

onl

y

Page 3: For personal use only - ASX · For personal use only – Extensive salt basin with prospective levels both above and below the salt. – The prospective targets above salt have produced

INVESTMENTTHEMES

• Proven board withcareer success atboth junior companyand major levelextensive industrynetworks, particularlyin Caribbean andSouth America

• Strategic industrypartnerships includingseismic, HSE anddrilling whichmitigates funding riskfor Antilles

• Large prospectiveacreage positionacquired onshorePeru (100% Equity)

• 2D Seismic datareprocessed, farmedout drilling cost

• Desirable fiscalregime/operationalsetting at current oilprices

• Global economicconditions and oil price exceptionalopportunity

3

For

per

sona

l use

onl

y

Page 4: For personal use only - ASX · For personal use only – Extensive salt basin with prospective levels both above and below the salt. – The prospective targets above salt have produced

* 16.6M Class A Performance Shares, 2.3M Class B Performance shares and 18M partly paid shares (1cpaid, 19c to be paid) on issue

CAPITAL STRUCTURE

Australian Listed Company ASX: AVD

Fully paid ordinary shares 53,539,066

Cash at Bank A$1.68M

Price A$0.036

Market Cap A$1.93M

Key Shareholders

Multi Client Geophysical 20%

Havoc Partners 7%

HSBC 3%

Management 11%

Top 20 Holders 46%

4

As of November 2, 2015

For

per

sona

l use

onl

y

Page 5: For personal use only - ASX · For personal use only – Extensive salt basin with prospective levels both above and below the salt. – The prospective targets above salt have produced

DIRECTORS & MANAGEMENT

5

PERSONNEL POSITION EXPERIENCE

Dr. Jack Hamilton Non-Executive Chairman Highly experienced executive and board director withover 25 years experience, previous director NW Shelffor WPL. Currently director of Duet Group, SXE.

David Ormerod Managing Director 25+ years oil and gas exploration experiencein capturing and operating new quality acreage.Former Technical Director Pura Vida Energy.

Gary Grubitz Non-Executive Director 35+ years oil and gas deep water explorationexperience in operating high quality acreage.Former Vice President Exploration, BHP.

Damian Black Non-Executive Director Extensive experience in corporate finance,specializing in resources/oil and gas sector.

Ranko Matic Company Secretary/CFO Extensive experience in corporate governance.

For

per

sona

l use

onl

y

Page 6: For personal use only - ASX · For personal use only – Extensive salt basin with prospective levels both above and below the salt. – The prospective targets above salt have produced

Pura Vida– Founder of the company and responsible for entry to Morocco– Entry to deep water Morocco ahead of the industry– Subsequently farmed out to FreePort McMoran for two wells, total value $230M– Drilling to start in Jan 2015– Entry to Gabon and Madagascar deep water blocks

Karoon– Responsible for entry into Santos Basin Brazil where Karoon successfully farmed out to

Pacific Rubiales and subsequently drilled three wells two of which were significantdiscoveries.

– Responsible for entry to Peru where Karoon has offshore and onshore acreage with drillingcommencing soon

BHP– Worked a variety of regions including GoM, West Africa, SE Asia, Brazil,– Multiple deep water wells drilled in variety of settings including same styles to target countries– Partnered with oil majors in number of JV’s including Exxon, Shell, BP

DAVID ORMEROD– A PROVEN TRACK RECORD

6

For

per

sona

l use

onl

y

Page 7: For personal use only - ASX · For personal use only – Extensive salt basin with prospective levels both above and below the salt. – The prospective targets above salt have produced

BHP - Team leader Atwater fold belt, 1995–2000– Worked large Gulf of Mexico AMI with BP– Opened Middle and Lower Miocene play in Green Canyon – the most significant new play in the

period– Made multi-hundred million barrel deepwater Miocene discoveries at Neptune, Atlantis, and Mad

Dog

BHP - Exploration Manager Gulf of Mexico, 2001–2006– Made multi-hundred million barrel deepwater discoveries at Cascade (operated), Puma, Chinook

(operated), Shenzi (operated), and Knotty Head– Opened Paleocene-Eocene play in Walker Ridge – the most significant new play in the period– Additional commercial discoveries: Boris, Vortex, Boris South, Tiger, Starlifter, Mustang, and Little

Burn– BHP added the highest value per exploration dollar spent over 10-year period from 1995 to 2005

BHP - VP Global Exploration, 2006–2013– Delivered multi-Tcf discoveries in Australia– Expanded deepwater portfolio in SE Asia, Latin America, and West Australia– Successful field extensions in Malaysia-Brunei

GARY GRUBITZ– EXCEPTIONAL EXPLORATION SUCCESS

7

For

per

sona

l use

onl

y

Page 8: For personal use only - ASX · For personal use only – Extensive salt basin with prospective levels both above and below the salt. – The prospective targets above salt have produced

Shell, 1981–2001– Oversaw operations of Shell’s oil refining and supply chain business in Australia/New

Zealand– Led major project developments in LNG in Australia

Woodside Energy, 2001–2006– Led the North West Shelf Gas / LNG Project ($1.8B Woodside revenue, $1.4-2 B pa in

spend and ~1000 employees)– Project development and investment commitment to Phase V LNG expansion

Liquid New Guinea Gas CEO & various board roles, 2006–2014– Led major project developments in LNG in Papua New Guinea– Clean Coal startup company advancing the technology and company development

JACK HAMILTON– OPERATIONAL AND DEVELOPMENT MANAGMENT

8F

or p

erso

nal u

se o

nly

Page 9: For personal use only - ASX · For personal use only – Extensive salt basin with prospective levels both above and below the salt. – The prospective targets above salt have produced

PERUVIANACTIVITY

Cepsa

Gran Tierra

Repsol

Karoon

Peru hasresources 15.4

TCF / 663MMBOPerupetro

Peru hasresources 15.4

TCF / 663MMBOPerupetro

Repsol

9

• Major producing areasin the onshoreMaranon Basin and tothe south in the UcalyiBasin

• Numerous smaller tomid cap companies

• Bid round 2014/15

For

per

sona

l use

onl

y

Page 10: For personal use only - ASX · For personal use only – Extensive salt basin with prospective levels both above and below the salt. – The prospective targets above salt have produced

Block 105:– Antilles delivers on the strategy on farmout of large, prospective acreage position

onshore Peru in Block 105 Southern Peru for earning a 50% equity for a 75% paying acarry on the upcoming well

– Partner is Union Oil & gas a Uruguayan multi billion dollar fund– Working hydrocarbon system present with historic oil production on the block– Recent 2D seismic data available for reprocessing/interpretation using modern

technology– High equity (100%) places Antilles in strong position with regards to potential future

farm-out– Low cost exploration and attractive fiscal termsSechura Basin TEA:– Antilles acquires rights to technical evaluation agreement in Peru– Working hydrocarbon system

10

ANTILLES PARTNERS ON POSITION IN PERUVIANPROJECTS

For

per

sona

l use

onl

y

Page 11: For personal use only - ASX · For personal use only – Extensive salt basin with prospective levels both above and below the salt. – The prospective targets above salt have produced

With the major road, rail link and new pipeline project, block 105 is in an ideal area fordevelopment and export of resources

11

LOCATION OF BLOCK 105LOCAL INFRASTRUCTURE AND DRILLING

B

BB

jjjjjjjjjjjPirin J

Pirin HPirin G

Coata 2XCoata 1X

Ayabacas 1X

GRUPO PETROLERO 156

SIBOIL DEL PERU 105

SIBOIL DEL PERU 105

LegendPipelines

Field

0 25 50 75 10012.5Kilometers

Sources: Esri, HERE, DeLorme, TomTom, Intermap, increment P Corp., GEBCO,USGS, FAO, NPS, NRCAN, GeoBase, IGN, Kadaster NL, Ordnance Survey, EsriJapan, METI, Esri China (Hong Kong), swisstopo, MapmyIndia, © OpenStreetMapcontributors, and the GIS User Community

For

per

sona

l use

onl

y

Page 12: For personal use only - ASX · For personal use only – Extensive salt basin with prospective levels both above and below the salt. – The prospective targets above salt have produced

The Pirin field and surface seeps being proximal to the existing seismicdatabase potentially provides Antilles with low risk drilling opportunitiesas a result of the planned seismic reprocessing.

12

EXISTING SEISMIC AND WELLSPIRIN OIL FIELD

B

BB

jjjjjjjjjjjPirin J

Pirin I

Pirin H

Pirin 1

Coata 2XCoata 1X

Ayabacas 1X

105

156

105

LegendRailways

Pipelines Peru

Existing seismic 105

New Seismic Survey

Pirin field produced around 300,000 barrels of 37 API oil Perupetro 2008

For

per

sona

l use

onl

y

Page 13: For personal use only - ASX · For personal use only – Extensive salt basin with prospective levels both above and below the salt. – The prospective targets above salt have produced

– Extensive salt basin with prospective levels both above and below the salt.

– The prospective targets above salt have produced at Pirin and the Maranon Basin whilethose below the salt produce at the Hunt operated LNG project to the north.

13

TOP SALT STRUCTURE MAP

B

B

B

jjjjjjjjjjjPirin I

Pirin HPirin G

Pirin C

Pirin B

Coata 2X

Coata 1X

Ayabacas 1X

105

LegendTop Salt

Railways

Pipelines Peru

Existing seismic 105

Top Salt.bilRGB

Red: Band_1

Green: Band_2

Blue: Band_30 5 10 15 202.5

Kilometers

Contour interval is 20 ms or ~40m in vertical relief

For

per

sona

l use

onl

y

Page 14: For personal use only - ASX · For personal use only – Extensive salt basin with prospective levels both above and below the salt. – The prospective targets above salt have produced

At Antilles we see an extensive salt basin with simple traps both above and below the salt. The prospective targetsabove salt are compressional anticlines while those below the salt simple tilted fault blocks as seen in many oilproducing basins worldwide where the Antilles team has worked.

14

SEISMIC LINE

Simple compressional fold

SaltSalt

SaltSalt

TrapTrap

TrapTrap

2 km200m

For

per

sona

l use

onl

y

Page 15: For personal use only - ASX · For personal use only – Extensive salt basin with prospective levels both above and below the salt. – The prospective targets above salt have produced

The block is currently in force majeure at the previous operators electionwhile engaging with local communities as required in Peru

– Work program is to drill on the existing seismic with partner Union Oil and gas which is apart of the multi billion dollar fund Union Group

– Expected cost of drilling US$3.0 million– This would meet the commitment for the 2nd term of the permit

15

WORK PROGRAM

For

per

sona

l use

onl

y

Page 16: For personal use only - ASX · For personal use only – Extensive salt basin with prospective levels both above and below the salt. – The prospective targets above salt have produced

The permit is a royalty tax regime– Royalty is 5% below 5,000 bopd and between 5% and 20% up to 100,000 bopd– 5% over riding royalty to previous operator– Tax rate of 32%– Additional profit tax based on R factor approximately 5%– NPV per barrel around US$10-15 for US$50 oil.

IN SUMMARY, A SIMPLE PROGRESSIVE FISCAL SYSTEM WHERETHE INVESTORS ARE REWARDED IN THE SUCCESS CASE

16

ECONOMIC TERMS

Royalty &Costs to Develop

Company

Tax

For

per

sona

l use

onl

y

Page 17: For personal use only - ASX · For personal use only – Extensive salt basin with prospective levels both above and below the salt. – The prospective targets above salt have produced

ANTILLES ACQUISITION OPPORTUNITIES

17

For

per

sona

l use

onl

y

Page 18: For personal use only - ASX · For personal use only – Extensive salt basin with prospective levels both above and below the salt. – The prospective targets above salt have produced

18

)=

Æ

B

BBB)=)=B

jB

B

)=

)=B)=j

)=)=

)=)=

)=

)=Æj)=

)=)=)=B)=B)=)=)=)=)=)=)=)=)=)=B)=)=)=)=)=)=)= )=)=)= )=)= j)=Bj

BB)=

)=

)=j)=!

)=

)=)=

!

)=B)=

!B

)=)=

BB

BÆBBÆBÆ !BB!BB)=

)=

)=BBjBB

BBBB

B)=

jB)=j)=)=)=)=)=)=)=)=

)=)=)=)=B

!

ÆB)=ÆBB)=

jB)=Æjj)=

!

j

)=)=)=)=)=j)=

)=B)=B)=

)=)=)=)=)=BBBj

)=

BB

j

BBjB)=)=)=

)=jj

)=)=B)=BBB)= !

B

!j)=BBBj)=B)=jB)=j)=)=B)=)=

B

)=B

jB!BB)=BBÆÆBB B

)=

jBj

BBB )=

j)=

)=)=

B

)=)=)=)=)=)=Æ

)=BB)=

B

)=B

B)=BB)=BB

jj)=)=)=)=)=)=

B)=B)=jj!)=jB

j

BBBBB

)=)=)=)=

ÆÆ

B

BB

B

B

BBB

)=

j

Æ

B

)=

!

B )=BB

)=)=

BB

)=

)=B

=BB

!B!

)=)=B)=)=

)=)=B)=)=

)=)=)=B)=)=)=BB)=jjjjjBBB)=jjj)=)=j

)= jj

ÆBjB

)=)=

B

)=

)=

)=

j

j)=)=)=)=

Æ

)=)=

)=B)=)=)=)=)=)=)=j)=

)=)=B)=)=B)=)=)=)=)=)=)=)=)=)=)=BB)=)=)=

B

)=

jBB)=

)=)=

!

BBBBBBB)=

)=)=

!

)=j)=)=)=B)=)=)=B)=BÆBÆjBÆB!)=)=

)=)=)=)=)=

j!)=)=B)=)=)=)=)=j)=

)=

B)=

jB

B B

B

B

B

j

)=)=

j

B

BBB BjBBÆ BBB

jBB!

B

B

)=)=)=)=)=)=)=)=)=)=)=)=)=!BB)=)=B)=)=)=B!BB)=)=B)=j)=)=)=)=B)=)=B)=)=jj)=j

)=)=j)=)=)=)=)=)=

BBBB j

B

B

B

B

B

B

BB)=

)=B

B

B!B

j

j

)=)=)=)=B

)=j)= jj)=)=jj

jÆj

j

Bjj)=)=

)=)=

BB)=B)=j)=Æ BB)=

BÆB)=BB

BB

Bj

)=BBÆ

)=)=)=B)=)=)=)=

0

)=)=)=

!j)=

B)=)=)=)=)=B)=BBÆ)=)=

)=B

)=)=)=)=B)=B)=Bj

)=)=)=)=)=)=

jBB j

j

BBBBj

)=jBB

B

BB

BBB)=)=Æ)=)=!

)=)=)=)=B)=)=)=)=)=BBB)=)=jB)=)=)=)=)=)= )=

)=)=BB

j

BB

B

B

!

B)=

jBjj)=!!

!

B

!!

!

!

!B

B

)=)=

BB B)=)=!

)=

)=

BB

B jB

)=

)=

)=

"

)=

)=

)=

"=

"

= ""Buho 1X

Piura 1

Paita 4

Paita 3

Paita 2

Paita 1

Lobo 1X

Colan 1X

Diucon 1X

Peoco 7-1

Nuto 5510

Nuto 5365Nuto 5085

Nuto 4760Nuto 4270

La Brea D

Boca 3575

Becara 1X

Abejas 1X

CISNE - 1X

La Isla 1x

Zorro 4095

Zorro 3560

Zorro 3495

Zorro 1721

Viru 5-X-1

Viru 4-X-2

Viru 4-X-1

Mochica 1X

Lucia 3995

La Huaca 1

Hilda 4520

Golf Pq 7a

Cas P75 2X

Viru 69-X-1

Viru 45-X-1

Tamarindo 3Tamarindo 2

P.G. 39-X-1

Golf P25 X2

Cuesta 4870

Btal L1 X15

Zapata PhX OZapata PhX N

Zapata PhX E

Zapata PhX A

Zapata NhX 7

Zapata NhX 6

Zapata NhX 4

Tamarindo 1XMirador 4750

Mirador 4510

La Brea 3685

La Brea 3555

Chir EX4 15X

Chira RC1-6XD

Mirador SX-38

Mirador NX-14

EXpecta 1-X-1San Alberto 2X

San Alberto 1X

Paita NpXb-24X

Lagunitos 5565

Lagunitos 4400

Epf-Belco 8 X2

Malacas Bp 5015

Epf-Belco 8a X3

Silla XXIV-07-1X

Providencia A4 1X

Aguila-XXIV-07-1xd

Mochica XIII-30-2X

Alvarez-Oveja 4505

Silla XXIV-07-1X ST

Pelusa 1 -1X (Litoral)

Portachuelo Oeste 4425

Sur Balcones Lit65 P34 3X

Lobitos Offshore MlX9 15X

XXII

XXI

XIII

Z-34

Z-2B

III

XXIV

Z-6

Z-45

XIII

IV

Z-6

XXVIII

VII

0 10 20 30 405Kilometers

Wells

<all other values>

ContStatus

"

B Dry

Æ Gas

#! Gas & cond

! Gas shows

= Not available

)= Oil

1 Oil & gas

0 Oil & gas shows

j Oil shows

AVD AOI

Fields

Magnetic Field RTP

RGB

Red: Band_1

Green: Band_2

Blue: Band_3

SECHURA BASIN TEA

– Sechura Basin has a proven source rock theMuerto Formation which has sourced the billionbarrels recovered from the oil fields to the west ofthe license area

– Good oil shows in the two wells proving the extentand presence of the source rock

– Large scale reservoirs– The inversion structures seen in the area generate

large scale structures which have substantialresource potential.

– The map of magnetic response indicates a majorhigh running through the centre of the blockassociated with an inversion tectonic trend

Antilles

For

per

sona

l use

onl

y

Page 19: For personal use only - ASX · For personal use only – Extensive salt basin with prospective levels both above and below the salt. – The prospective targets above salt have produced

CARIBBEAN/SOUTH AMERICA:“ANTILLES REGION”

• Stable democracies

• Sovereign risk amongstlowest in South America

• Significant production

• Good terms for oil

• Same system as seen inVenezuela whereresource is 135 BBO

• Antilles will chaseVenezuelan systemthrough the Caribbean

19

For

per

sona

l use

onl

y

Page 20: For personal use only - ASX · For personal use only – Extensive salt basin with prospective levels both above and below the salt. – The prospective targets above salt have produced

STRATEGICINDUSTRY

PARTNERSHIP

Strategic SeismicPartnership:established agreementswith key seismicgroups, exchangingequity position in theblock for seismic survey

Drilling: partnered witha large offshore drillingcompany for drilling,HSE management.Facilitates participationin deep water bidrounds

Deepens technical andcorporate capability

Significantly reducesfinancial risk forinvestors

20

For

per

sona

l use

onl

y

Page 21: For personal use only - ASX · For personal use only – Extensive salt basin with prospective levels both above and below the salt. – The prospective targets above salt have produced

– Positioned in the industry sweet spot

– Combining Geology & Geophysicsexpertise and Oil &Gas industryknowledge

– Plan surveys in close dialog with oilcompanies

– Charter marine seismic vessel

– Supervise acquisition and processingof seismic data

– Market and sell data as Multi Client

21

2D SEISMIC PROVIDER:MultiClient Geophysical ASA (MCG)

For

per

sona

l use

onl

y

Page 22: For personal use only - ASX · For personal use only – Extensive salt basin with prospective levels both above and below the salt. – The prospective targets above salt have produced

22

3D SEISMIC PARTNER: Polarcus Ltd.

For

per

sona

l use

onl

y

Page 23: For personal use only - ASX · For personal use only – Extensive salt basin with prospective levels both above and below the salt. – The prospective targets above salt have produced

ANTILLES DRILLING PARTNER: AGR

23

• Antilles entered into an MOU with AGR, an Oslo-listed oil and gas service company, to work together to assist in well planning, designand execution for the company and provide drilling capability to the company which is unique in the small cap sector.

For

per

sona

l use

onl

y

Page 24: For personal use only - ASX · For personal use only – Extensive salt basin with prospective levels both above and below the salt. – The prospective targets above salt have produced

• Surrounding blockstaken by BP, BHPand Anadarko

• BHP has committedto more than$US1 billion inexploration efforts(Trinidad Express)

• Antilles qualified to bidin Barbados

• Antilles targeting 500mmbo prospects withan NPV of ~$10 billionat $60 oil prices

EASTERNCARIBBEANACTIVITY

BHP

BHP

BHPBP

BHPBHP

Anadarko

BP

Venezuelahas around

135 BBO

Venezuelahas around

135 BBO

Trinidad hasaround 13

TCF / 1 BBO

Trinidad hasaround 13

TCF / 1 BBO

Exxon

24

For

per

sona

l use

onl

y

Page 25: For personal use only - ASX · For personal use only – Extensive salt basin with prospective levels both above and below the salt. – The prospective targets above salt have produced

Acreage acquisition in Peru – a proven play– Reprocessing of existing 2D illustrating the salt

play may lead to rapid partnering– Potential to farm out to attract a operator via

established relationships from Antilles team tolower risk and exposure

– Rig selected and Rig contractor identified– Drilling event will aim to deliver significant valueDeep Water Bidding Process Underway– Initial bids in place in proven productive fairways

25

KEY VALUE DRIVERS

For

per

sona

l use

onl

y

Page 26: For personal use only - ASX · For personal use only – Extensive salt basin with prospective levels both above and below the salt. – The prospective targets above salt have produced

IMPORTANT

THIS PRESENTATION HAS BEEN PREPARED BY ANTILLES OIL & GAS NL ("ANTILLES"). IT SHOULD NOT BE CONSIDERED AS AN OFFER OR INVITATIONTO SUBSCRIBE FOR OR PURCHASE ANY SHARES IN ANTILLES OR AS AN INDUCEMENT TO MAKE AN OFFER OR INVITATION WITH RESPECT TO THOSESECURITIES. NO AGREEMENT TO SUBSCRIBE FOR SHARES IN ANTILLES WILL BE ENTERED INTO ON THE BASIS OF THIS PRESENTATION.

THIS PRESENTATION CONTAINS FORWARD-LOOKING STATEMENTS THAT ARE NOT BASED ON HISTORICAL FACT, INCLUDING THOSE IDENTIFIED BYTHE USE OF FORWARD-LOOKING TERMINOLOGY CONTAINING SUCH WORD AS 'BELIEVES', 'MAY', 'WILL', 'ESTIMATES', 'CONTINUE', 'ANTICIPATES','INTENDS', 'EXPECTS, 'SHOULD', 'SCHEDULE', 'PROGRAM', 'POTENTIAL' OR THE NEGATIVES THEREOF AND WORDS OF SIMILAR IMPORT.

ANTILLES CAUTIONS THAT THESE FORWARD-LOOKING STATEMENTS ARE SUBJECT TO RISKS AND UNCERTAINTIES THAT COULD CAUSE ACTUALEVENTS OR RESULTS TO DIFFER MATERIALLY FROM THOSE EXPRESSED OR IMPLIED BY THE STATEMENTS. THE FORWARD LOOKING STATEMENTSARE EXPRESSLY SUBJECT TO THIS CAUTION. ANTILLES MAKES NO REPRESENTATION, WARRANTY (EXPRESS OR IMPLIED), OR ASSURANCE AS TOTHE COMPLETENESS OR ACCURACY OF THESE FORWARD-LOOKING STATEMENTS AND, ACCORDINGLY, EXPRESSES NO OPINION OR ANY OTHERFORM OF ASSURANCE REGARDING THEM. ANTILLES WILL NOT NECESSARILY PUBLISH UPDATES OR REVISIONS OF THESE FORWARD-LOOKINGSTATEMENTS TO REFLECT ANTILLES' CIRCUMSTANCES AFTER THE DATE HEREOF.

BY ITS VERY NATURE EXPLORATION AND DEVELOPMENT OF OIL AND GAS IS HIGH RISK AND IS NOT SUITABLE FOR CERTAIN INVESTORS. ANTILLESSHARES ARE A SPECULATIVE INVESTMENT. THERE ARE A NUMBER OF RISKS, BOTH SPECIFIC TO ANTILLES AND OF A GENERAL NATURE WHICH MAYAFFECT THE FUTURE OPERATING AND FINANCIAL PERFORMANCE OF ANTILLES AND THE VALUE OF AN INVESTMENT IN ANTILLES INCLUDING ANDNOT LIMITED TO ECONOMIC CONDITIONS, STOCK MARKET FLUCTUATIONS OIL AND GAS DEMAND AND PRICE MOVEMENTS, REGIONALINFRASTRUCTURE CONSTRAINTS, SECURING DRILLING RIGS, TIMING OF APPROVALS FROM RELEVANT AUTHORITIES, REGULATORY RISKS,OPERATIONAL RISKS, RELIANCE ON KEY PERSONNEL, FOREIGN CURRENCY FLUCTUATIONS, AND REGIONAL GEOPOLITICAL RISKS.

THIS PRESENTATION DOES NOT PURPORT TO BE ALL INCLUSIVE OR TO CONTAIN ALL INFORMATION WHICH YOU MAY REQUIRE IN ORDER TO MAKEAN INFORMED ASSESSMENT OF THE COMPANY'S PROSPECTS. YOU SHOULD CONDUCT YOUR OWN INVESTIGATION, PERFORM YOUR OWNANALYSIS, AND SEEK YOUR OWN ADVICE FROM YOUR PROFESSIONAL ADVISER BEFORE MAKING ANY INVESTMENT DECISION.

CAUTIONARY STATEMENT FOR PROSPECTIVE RESOURCE ESTIMATES - WITH RESPECT TO THE PROSPECTIVE RESOURCE ESTIMATES CONTAINEDWITHIN THIS REPORT, IT SHOULD BE NOTED THAT THE ESTIMATED QUANTITIES OF PETROLEUM THAT MAY POTENTIALLY BE RECOVERED BY THEFUTURE APPLICATION OF A DEVELOPMENT PROJECT MAY RELATE TO UNDISCOVERED ACCUMULATIONS. THESE ESTIMATES HAVE AN ASSOCIATEDRISK OF DISCOVERY AND RISK OF DEVELOPMENT. FURTHER EXPLORATION AND APPRAISAL IS REQUIRED TO DETERMINE THE EXISTENCE OF ASIGNIFICANT QUANTITY OF POTENTIALLY MOVEABLE HYDROCARBONS.

INFORMATION IN THIS REPORT RELATING TO HYDROCARBON RESOURCE ESTIMATES HAS BEEN COMPILED BY DAVID ORMEROD, THE ANTILLESMANAGING DIRECTOR. DAVID ORMEROD HAS OVER 25 YEARS OF EXPERIENCE IN PETROLEUM GEOPHYSICS AND GEOLOGY AND IS MEMBER OF THEAAPG. DAVID ORMEROD CONSENTS TO THE INCLUSION OF THE INFORMATION IN THIS REPORT RELATING TO HYDROCARBON PROSPECTIVERESOURCES IN THE FORM AND CONTEXT IN WHICH IT APPEARS. THE PROSPECTIVE RESOURCE ESTIMATES CONTAINED IN THIS REPORT ARE INACCORDANCE WITH THE STANDARD DEFINITIONS SET OUT BY THE SOCIETY OF PETROLEUM ENGINEERS, PETROLEUM RESOURCE MANAGEMENTSYSTEM.

26

For

per

sona

l use

onl

y

Page 27: For personal use only - ASX · For personal use only – Extensive salt basin with prospective levels both above and below the salt. – The prospective targets above salt have produced

ASX: AVD

CONTACT DETAILS:ANTILLES OIL AND GAS NL

SUITE 2316, LEVEL 23, HWT TOWERS,

SOUTHBANK, MELBOURNE, VIC 3006

T: +61 8 9226 4500

EMAIL: [email protected]

27F

or p

erso

nal u

se o

nly