ASX Release 29 July 2009 General Meeting Presentation Attached is a copy of the presentation to shareholders for today’s General Meeting at 10am. A copy of this presentation will also be available on the Company’s website www.audax.com.au. Yours faithfully Gary Roper Chairman Directors Di Mr Gary Roper Chairman Mr Paul Fink Technical Director Company Secretary Peter I id P t Ironside 2 Proxies Received The Company has received 37 proxies 50,583,362 shares. representing 50 583 362 shares 3 Resolution 1 Ratification of the issue of shares “That, for the purpose of ASX Listing Rule 7.4 and for all other purposes, the shareholders ratify the issue of 29,613,982 fully paid ordinary shares in the capital of the Company on the terms and conditions Statement” set out in the Explanatory S 4 Resolution 1 Proxy details: For 50,554,362 Against 29,000 Abstain Nil Open Nil 5 Resolution 2 Approval of Future Issue of Shares “That, for the purpose of Listing Rule 7.1 d for ll th the directors of and f all other purposes, th di t f the Company be authorised to issue up to 30,000,000 30 000 000 fully paid ordinary shares in the capital of the Company on the terms and conditions set out in the Explanatory Statement” 6 Resolution 2 Proxy details: For 50,429,362 Against 154,000 Abstain Nil Open Nil 7 AUSTRALIA VIENNA Romania: AMI Italy: GRPU15 Tunisia: Kerkouane & Chorbane WA Mining PEL 182 PERTH EUROPE & NORTH AFRICA SUMMARY NEAR TERM GROWTH Large Size Company Maker: Italy & Tunisia Offshore: Sambuca Prospect Mid - Large Size Company Maker: Tunisia Offshore: Dougga Gas & Condensate Development Mid Size Company Makers: Tunisia Onshore: Chorbane Exploration Romania10th Round: AMI Nexus & NZOG Low Risk Asset Foundation: Basin, Australia: PEL 182 Cooper Basin Vanessa gas / condensate discovery Monetize WA gold mining tenements spin off / divest STRATEGY TWO PRONGED APPROACH Grow the European and North African oil and gas business in order to expose shareholders to the lucrative European energy market Promote existing Australian energy, gold and base f metal portfolio to capitalize on the high commodity price environment. AuDAX PHILOSOPHY AuDAX is operator of all oil and gas assets AuDAX has superior fiscal terms in all countries where active AuDAX applies state of the art technology for risk reduction and prospect generation SHARE PRICE PERFORMANCE WER SIGNS OIL PRICE JOA DECLINE WORLDWIDE MELTDOWN WER FARM IN NZOG REPLACING KIK PGS MOU SHARE PURCHASE PLAN ACHIEVEMENTS 2009 PGS. Sambuca Area farmout to WEH (40% to fund100%) & MoU with PGS Drilling team established and preparations underway for drilling Sambuca in Tunisia in 2010 Dougga gas condensate field independent resource review by Tracs: 75 mmboe net to AuDAX (mean case) Chorbane (Tunisia onshore) favorable PSC finalized & bond posted, waiting for signing ceremony with minister NZOG joins Romania AMI; prospectivity studies completed on Petrom (OMV) relinquished (May 2009) exploration areas New PEL-182 operator: suspension & reduced work commitment; Vanessa evaluation & upside mapping, new prospect inventory and new risk – reducing processing sequence HIGHLIGHTS: NEAR TERM ACTIVITY Drilling management t D illi in Tunisian & t team i T i i Vienna office prepares f Vi ffi for Sambuca drilling Sign drilling contract (LOI) for semi – sub rig in Q4 2009 Farm – out further 15% of Sambuca Prospect area and continue (remaining) Kerkouane farmout efforts Drill Sambuca in Q1 – Q2 2010 Chorbane drilling location maturation in 2010 for Q1 2011 drilling Prepare for Romanian bidding in Q1 2011 FORECAST: 2009 – 2011 HIGHLIGHTS 2009 2010 2011 H2 H1 H2 H1 H2 PGS FARM – IN (under negotiation) SAMBUCA DRILLING LOI 3D GEOSTREAMER ACQUISITION FARM OUT ADDITIONAL 15% OF SAMBUCA (retain 30%) ( ) DRILL SAMBUCA PROSPECT FARM OUT REMAINDER OF KERKOUANE (incl. Dougga) DRILL DOUGGA APPRAISAL PSC SIGNING CEREMONY FARM OUT 50% REPROCESSING & MATURE BEST PROSPECT EXPLORATION WELL ADVANCED RISK REDUCED DRILLING INVENTORY REPROCESSING MONETIZE VANESSA EXPLORATION OR DISCOVERY AREA APPRAISAL WELL IDENTIFY MOST 1ST PROSPECTIVE OBTAIN 2 – 3 EXPLORATION LICENSES EXPLORATION AREAS WELL AuDAX Indicative Value Value add per share Sambuca 365 Sicily Channel cents/share Tunisia onshore 51 Australia cents/share 416 Total cents/share Assumptions: NPV10 $13/bbl @ $50 oil share base 230 million shares Post farm – out Sicily Channel: reduction from currently 100% to 35% equity RESOURCE BASE HIGHLIGHTS Sicily channel 700 million barrels resource* Onshore Tunisia illi barrels resource* 100 million b l * * Unrisked most likely recoverable resources, net to AuDAX at current equity levels (i.e. 70% in Sicily Channel, 50% in Chorbane). VIENNA PERTH EXPLORATION & DEVELOPMENT KEY PROJECTS EUROPE & NORTH AFRICA OFFSHORE ITALY & TUNISIA ROMANIA AMI SAMBUCA PROSPECT VIENNA Bidding in 2010 COMPLETE FARMOUT Target 2 – 3 licenses DRILL IN 2010 Drill by 2011 SUCCESS: FIND 270 MMBOE IMPACT PER SHARE: IMPACT PER SHARE: +365 cents future growth ONSHORE TUNISIA SIDI DAHER PROSPECT COMMENCE FARMOUT DRILL IN 2010-2011 SUCCESS: FIND 40 MMBOE IMPACT PER SHARE: +51 cents KEY PROJECTS AUSTRALIA COOPER BASIN VANESSA DISCOVERY MONETIZIATION New Resource Estimates SUCCESS: DEVELOP 22 BCF (Vanessa + satellites) IMPACT PER SHARE: early cash flow PERTH WA MINERAL TENEMENTS Gold Price Increase shifts economic limits SUCCESS: farmout or spin out IMPACT PER SHARE: cash position TUNISIA & ITALY TUNISIA & ITALY ASSETS y y Tunisia & Italy: Sicily Channel Blocks ITALY CHORBANE BLOCK 100% AuDAX ALGERIA LIBYA SICILY CHANNEL PROSPECTS Sambuca-Over thrust (17) C B Cap-Bon – M Mare (77) North Sambuca Sambuca (270) g ( ) Carthage (79) Menzel-Termine (57) Dougga – North (70) Galliano (122) Dougga (75) Sambuca Farm out Area (15 sqkm) N. Zibibbo (20) Tazerka-North (24) Under Explored: 4,500 km2 surrounded by oil & gas fields. Only 2 wells on both permits. Prospects [mmboe] Covered by excellent 2004 – 2005 2D seismic, mainly tilted horst blocks with compressive reactivation Tranche 2 Prospects Covered by older, variable quality seismic, mainly very large thrust related anticlines SAMBUCA PROJECT SUMMARY UNIQUE OPPORTUNITY IN POLTICALLY VERY STABLE PRODUCING OFFSHORE OIL & GAS AREAS OF TUNISIA AND ITALY: NEVER BEFORE DID ONE COMPANY HOLD BOTH LICENSES COVERING THE SAMBUCA PROSPECT AND PREPARE FOR DRILLING THE SAMBUCA PROSPECT HAS NOT BEEN SEEN BEFORE DUE TO LACK OF SEISMIC DATA ACROSS THE ITALY – TUNISIA INTERNATIONAL BORDER LARGEST UNDRILLED STRUCTURE IN MEDITERRANEAN LARGE RESERVES POTENTIAL WITH UPSIDE FOR GIANT FIELD CATEGORY: 270 MMBOE to 640 MMBOE THREE SHOTS WITH ONE WELL: CHANCE FOR AT LEAST ONE DISCOVERY IMPROVES SHALLOW OIL PROSPECTS (PRIMARY – TARGET: Birsa sandstones) + DEEPER GAS – CONDENSATE TARGET (SECONDARY TARGET: Abiod carbonates) SECONDARY BUT PROVEN GAS CONDENSATE TARGET RESOURCES COMBINED ABIOD RESERVOIR P50 RECOVERABLE RESOURCES: 70 MMBLS CONDENSATE , 50 MMBLS LPG 910 BCF SALES GAS Sambuca: Dougga Discovery : *270 MMBOE *75 MMBOE SECONDARY TARGET: LARGE OFFSHORE GAS CONDENSATE DEVELOPMENT PRELIMINARY WELL LOCATION IN TUNISIA northeast SEABOTTOM: 626 m TVDSS BIRSA: 1375 m TVDSS MID BIRSA: 1499 m TVDSS southwest AIN GRAB: 1874 m TVDSS ABIOD: 2383 m TVDSS GE04-1 COMMERCIAL SUMMARY 18 TO 24 MMUS$ DRILLING COST 60,000 100,000 PEAK PRODUCTION RATE OF 60 000 TO 100 000 BARRELS OF OIL PER DAY IN P50 SUCCESS CASE GROSS REVENUE OF 4 MILLION US$ PER DAY (40 US$ oil price, peak rate) to NPV(10%) BETWEEN 1 t 5 BILLION US$ TIMELINE: FIRST OIL TARGET IN Q1 2012 Dougga-1 Sambuca DRILL IN Q1-Q2 2010 SUBJECT TO RIG AVAILABILITY APPRAISAL & DEVELOPMENT DRILLING IN 2010 TO 2011 Birsa Oil Reservoir FACILITIES DEVELOPMENT 2011 TO 2012 Abiod Gas Condensate RECENT DEVELOPMENTS 40% of Sambuca field area farmed out to WEH: WEH is a private investment company f Sicily Ch l t b f d tt 15% of Si il Channel acreage to be farmed out to PGS (currently MoU) status PGS is world leader in offshore 3D seismic: Direct access to leading edge technology ALL: On a carry basis, AuDAX remains operator SAMBUCA 150 SQKM FARM –IN AREA PGS GEOSTREAMER TECHNOLOGY, SOURCE: PGS DRILLING: DOUGGA & SAMBUCA SICILY (ITALY) Q1-2 2010: DRILL SAMBUCA OIL PROSPECT 270 mboe resource potential (P50) 640 mboe resource potential (P10) 2010 - 2011: APPRAISE DOUGGA DISCOVERY 29 mmbbls condensate, 420 bcf sales gas TUNISIA DOUGGA & SAMBUCA Dougga Appraisal: Sambuca: 270 75 mmboe mmboe NEAR TOP ABIOD 3D DEPTH MAP DOUGGA & SAMBUCA SEISMIC LINE Dougga- Sambuca Discovery Prospect : (100 MMBOE) 270 MMBOE Birsa Oil Reservoir Grab Oil Ain G O Proven Abiod Abiod Gas Gas Condensate Condensate IN COMBINATION WITH NEARBY DOUGGA (10 KM) THE MEAN GAS CONDENSATE RESOURCE FOR THE ABIOD ALONE IS: 70 MMBBLS CONDENSATE 910 BCF SALES GAS DOUGGA-2 APPRAISAL WELL Appraisal: Discovery: Dougga-2 Dougga-1 southwest BIRSA Ain grab ABIOD Note clear up-dip section at Abiod level west of Dougga-1: Large upside potential: more than 500 meters of gas condensate column. POSSIBLE BIRSA OIL RIM IN DOUGGA Birsa Gas - Cap Birsa OIL RIM? SAMBUCA Ain Grab – DEPTH DOUGGA DEVELOPMENT Conceptual Study: FPSO development . Dry raw gas stream to onshore separation and CO2 removal plant, approx. 40 km (BG - Miskar: 130 km offshore!) 4 well development with total off take rate of approx. 100 mmscf/d 12,000 barrels condensate per day + LPG and power export Conventional & Proven Technology Dougga Gas Condensate Field: H Large & Attractive Satellite Structures H1 Tunisia Italy Pantelleria Graben DOUGGA - NORTH Composite Dougga-1 line H H4 H3 10 km DOUGGA NORTH: NILDE OIL FIELD ANALOGY E SE Dougga-1 Seismic Line from Kerkouane Block Geologic Section through Nilde field Nilde Oilfield in Italy, approx. 60 km further North ONSHORE TUNISIA: CHORBANE Chorbane Sidi Behara Sidi El Itayem Sfax ITALY Chaal Mahares CHORBANE BLOCK ALGERIA LIBYA CHORBANE: SIDI DAHER PROSPECT 20-80 k Closure, 20 – 80 mbbls recoverable 20 80 km2 Cl bbl bl oil resource range, Tcf range deeper gas potential Objectives: Eocene Nummulitic Reservoirs Abiod Limestone 140m thick at REF-1. Potential for southwards strat trap on crest of horst Bireno is 88m at REF-1 The Zebbag is likely to be an important reservoir with 95m of good development in REF-1 Serdj Formation Lower Nara Formation is gas-bearing along strike Eocene Jurassic Candax Chaal Field 200 bcf in Chorbane? Valued at 200 million USD (Orion Securities) CHORBANE: SIDI DAHER PROSPECT SIDI DAHER NARA PROSPECT SIDI DAHER NARA PROSPECT 60 SQKM ‐ 350 BCF MEAN REC. RESOURCES CHAKER‐1 CHAKER‐1 HKS 1 HKS‐1 HKS‐1 SIDI DAHER ABIOD PROSPECT, CHAAL FIELD CHAAL FIELD 25 SQKM – 40 MMBLS MEAN RESERVES 25 SQKM 40 MMBLS MEAN RESERVES Gore Sober DHI G S b CHORBANE: SIDI DAHER PROSPECT NEAR TOP ABIOD 25 sqkm closure SMS-1 CHAKER-1 Gore Sober DHI HKS-1 25 sqkm closure Chaal Field TUNISIA & ITALY SUMMARY Three C Th Maker Projects i proven petroleum province Company M k P j in l i ready to drill Large number of follow up prospects (1 billion bbls most likely unrisked total resources) close to facilities New Development: Strong encouragement from Tunisian government to develop gas resource Good fiscal terms in Tunisia (PSC) and outstanding terms in offshore Italy (Royalty) Excellent Infrastructure Stable countries Right Time – Right Place ALGERIA LIBYA ROMANIA UNIQUE WINDOW OF OPPORTUNITY Petrom & Romgas Relinquishment announced in May 2008 Datarooms for first tranche of bidding opening soon (August 2009)\ AuDAX operated AMI (NZOG & Nexus) well prepared The creaming curves of this prolific province are still heading upwards AREA ON TREND WITH GIANTS RIGHT TIME – RIGHT PLACE 983MMbbls (In Place) Pl ) 428MMbbls (In Place) 1734MMbbls (In Place) 449 BCF (In Place) AUSTRALIA COOPER BASIN (South Australia) Vanessa gas field & satellite structures • AuDAX operated • Gas discovery – V Vanessa 1 – Flowed gas from 2 zones at combined rate of 9mmscf/d; condensate shows! – Undamaged rates significantly higher! • t t Oil recovery on test – Emily 1 – Potential up-dip oil accumulation • Mature basin – discoveries easily monetized • Monetize Discoveries & explore for low risk prospects COOPER BASIN VALUE CREATION Inherited Seismic Dataset: No closure over a AuDAX reprocessing: Closure over field proven field! Test - Reprocessing over a proven Cooper Basin discovery The conventional remaining Cooper basin prospects are generally small and need reliable risk reduction in order to become commercial successes A DAX h f ll tested i i data i ti This AuDAX has successfully t t d a new seismic d t processing routine. Thi ultimately enhances the value of the prospect portfolio through risk reduction WESTERN AUSTRALIA MINERALS INTERESTS S i off Spin ff Western Australia: Marymia Gold Development Area 7 K5 Area 6 FORECAST: 2009 – 2011 HIGHLIGHTS 2009 2010 2011 H2 H1 H2 H1 H2 PGS FARM – IN (under negotiation) SAMBUCA DRILLING LOI 3D GEOSTREAMER ACQUISITION FARM OUT ADDITIONAL 15% OF SAMBUCA (retain 30%) ( ) DRILL SAMBUCA PROSPECT FARM OUT REMAINDER OF KERKOUANE (incl. Dougga) DRILL DOUGGA APPRAISAL PSC SIGNING CEREMONY FARM OUT 50% REPROCESSING & MATURE BEST PROSPECT EXPLORATION WELL ADVANCED REPROCESSING RISK REDUCED DRILLING INVENTORY MONETIZE VANESSA EXPLORATION OR DISCOVERY AREA APPRAISAL WELL IDENTIFY MOST PROSPECTIVE AREAS 1ST OBTAIN 2 – 3 EXPLORATION LICENSES EXPLORATION WELL AuDAX Indicative Value OFFSHORE ITALY & TUNISIA ROMANIA AMI SAMBUCA PROSPECT VIENNA Bidding in 2010 COMPLETE FARMOUT Target 2 – 3 licenses DRILL IN 2010 V l add per share Value dd h SUCCESS: FIND 270 MMBOE IMPACT PER SHARE: +365 cents Drill by 2011 IMPACT PER SHARE: future growth Sambuca 365 ONSHORE TUNISIA Sicily Channel cents/share Tunisia onshore 51 SIDI DAHER PROSPECT COMMENCE FARMOUT DRILL IN 2010-2011 Australia cents/share SUCCESS: FIND 40 MMBOE IMPACT PER SHARE: +51 cents 416 Total COOPER BASIN cents/share VANESSA DISCOVERY MONETIZIATION New Resource Estimates SUCCESS: DEVELOP 22 BCF (Vanessa + satellites) IMPACT PER SHARE: early cash flow Assumptions: NPV10 $13/bbl @ $50 oil share base 220 million shares PERTH WA MINERAL TENEMENTS Post farm – out Sicily Channel: reduction from currently Gold Price Increase shifts economic limits 100% to 35% equity SUCCESS: farmout or spin out IMPACT PER SHARE: cash position CONTACT Wolfgang Zimmer: Managing Director Paul Fink: Technical Director Gary Roper: Chairman Office: Offi M St t Perth 610 Murray Street, P th Australia WA 6000 Ph: +61 8 9226 2822 Fax: +61 8 9226 5333 Website: www.audax.com Email: email@example.com wolfgang zimmer@audax-resources com firstname.lastname@example.org ASX Code: ADX DISCLAIMER This presentation contains forward looking statements that are subject to risk factors associated with the oil and gas industry. It is believed that the expectations reflected in these statements are reasonable, but they may be effected by a variety of variables which could cause materially, actual results or trends to differ materially including but not limited to: price fluctuations, actual demand, currency fluctuations, drilling and production results, commercialisation, development progress, operating results, reserve estimates, loss of market, industry competition, environmental risks, physical risks, legislative, fiscal and developments, regulatory developments economic and financial markets conditions in various countries, approvals and cost estimates.
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