Presentation is loading. Please wait.

Presentation is loading. Please wait.

Exploring New Frontiers. ney Jour The The Journey Exploring New Frontiers 25 July 2011Listed on the Main Market of the Malaysian Stock Exchange under.

Similar presentations


Presentation on theme: "Exploring New Frontiers. ney Jour The The Journey Exploring New Frontiers 25 July 2011Listed on the Main Market of the Malaysian Stock Exchange under."— Presentation transcript:

1 Exploring New Frontiers

2 ney Jour The The Journey Exploring New Frontiers 25 July 2011Listed on the Main Market of the Malaysian Stock Exchange under Special Purpose Acquisition Company (SPAC) listing rules. As a SPAC, Hibiscus Petroleum was subject to several operating restrictions and was required to make a substantial investment in an approved Qualifying Acquisition (QA) before being able to operate as a normal Main Market public company. 25 October 2011Announced acquisition of a 35% equity stake in Lime Petroleum PLC (Lime) as the QA 16 February 2012Received the Malaysian Securities Commissions approval on the Lime QA 21 March 2012Received shareholders approval on the Lime QA 12 April 2012Announced signing of an Exploration and Production Sharing Agreement between Limes 100% owned subsidiary, Baqal Petroleum and the Government of Ras-Al Khaimah in the United Arab Emirates for an on-shore concession 18 April 2012Announced the completion of the Lime QA. Company sheds SPAC status. 4 May 2012Signed transaction agreements between Lime and North Energy to participate in 4 Norwegian concessions 28 May 2012Announced various agreements in relation to the Petroci participation in Masirah Oil (Block 50 Oman) had been amended with favourable consequences to Lime and Hibiscus 2/3 August 2012Signed agreements for RM74.48 million in subscriptions for Convertible Redeemable Preference Shares (CRPS) 14 August 2012Signed agreements for the subscription of shares in 3D Oil Limited and acquisition of rights to exploration permit VIC / P57 in the Gippsland Basin, Australia Listed on the Main Market of the Malaysian Stock Exchange under Special Purpose Acquisition Company (SPAC) listing rules. As a SPAC, Hibiscus Petroleum was subject to several operating restrictions and was required to make a substantial investment in an approved Qualifying Acquisition (QA) before being able to operate as a normal Main Market public company. Hibiscus Petroleum executed agreements to acquire a 35% equity stake in Lime Petroleum PLC (Lime) as our Qualifying Acquisition (QA). At the time of signing, Lime had 3 concessions in the Middle East. On 12 April 2012, a fourth concession, also in the Middle East, was added to the Lime portfolio without any change to the purchase consideration. 1 st SPAC IPO 25 July 2011 Signed Lime Petroleum Agreements as QA 24 October st Listed E&P Company 18 April Additional Norwegian Concessions 4 May 2012 Launch Issue of CRPS 2/3 August D Oil Transaction 14 August 2012 Completion of the Lime transaction as the QA signified that the company was no longer a SPAC and became the first Malaysian listed Oil and Gas E&P company. Hibiscus, through its Lime investment, obtained exposure to 4 offshore concessions on the Norwegian Continental Shelf. To fund further growth opportunities, Hibiscus launched a Convertible Redeemable Preference Share (CRPS) scheme to raise up to RM210Mil. To date RM74.48 million has already been secured. Signed agreements for the subscription of shares in 3D Oil Limited and acquisition of rights to exploration permit VIC / P57 in the Gippsland Basin of Australia

3 Qualifying Acquisition High Impact Advanced Exploration to Build Value RISK PROFILE TIME IPO - SPAC High Low July 2011 Oct 2011 April 2012 Q2 / 2013 Development Assets Proven Resources to Build Balance Sheet Resilience and Mitigate Risk Production Assets Cashflow for Profitability and Sustainability Plan for Success Strategy for Exploration Assets Portfolio balancing will be the next thrust Strategy Exploring New Frontiers

4 The Lime Transaction Evolution Exploring New Frontiers Signing Deal Package Lime QA Transaction Announcement 25 October Concessions in Middle East Oman Block 50 (74 -> 35 %) RAK North Offshore (59 %) Sharjah (100 %) Rex Technology for 15 Countries in Middle East Project Management Contract to Hibiscus Total Consideration: US$ 55 mil for 35 % US$ 5 mil Discovery Bonus Approvals & Conditions Precedent Fulfillment Securities Commission Approval 16 February 2012 Shareholders EGM Approval 21 March 2012 Completion Deal Package Additional Concession in Middle East RAK Onshore (100 %) Letter of Intent for 4 Additional Concessions in Norway PL 503 (12.5 %) PL 518 (15 %) PL 526 (20 %) PL 530 (10 %) Use of Rex Technology for Norway Concessions No Change in Purchase Consideration Deal Closing 18 April 2012 On 2 May 2012, Norway LOI translated to Definitive Agreements. On 28 May 2012, Limes stake in Masirah Oil was finalized at 64 %. Mkt Cap: US$ 218 mil 5 Sept 2012

5 Lime Assets – Middle East Concessions Exploring New Frontiers RAK OFFSHORE RAK ONSHORE SHARJAH OFFSHORE OMAN BLOCK - 50 RAK OFFSHORE Dahan Petroleum Right Ally – 16 % Schroder – 25 % Lime – 59 % SHARJAH OFFSHORE Zubara Petroleum Lime – 100 % OMAN BLOCK 50 Masirah Oil Lime – 64 % Petroci – 36 % RAK ONSHORE Baqal Petroleum Lime – 100 % The Most Prolific Petroleum Basin In The World

6 Lime Assets – Norwegian Concessions Exploring New Frontiers PL 526 Vågar/Karl PL 503 Valberget PL 518 Zapffe PL 530 Heilo PL 518 Dong – 40% (OP) North Energy – 15% Sagex – 10% Discover -20 % Lime – 15 % PL 503 Lotos EP – 25% (OP) Edison -25% North Energy – 12% Skagen – 25% Lime – 13 % PL 530 GDF – 40% (OP) North Energy – 10% Discover -20% Rocksource – 20% Lime – 10 % PL 526 North Energy – 33.3% (OP) E.ON Ruhrgas – 33.3% Lime – 33.3 % A Mature First World Petroleum Producer

7 Exploring New Frontiers Value Enhancement

8 Exploring New Frontiers Value Enhancement ck 50 Blo Oman shore Off RAK jah r Sha shore on RAK ay w Nor

9 Qualifying Acquisition High Impact Advanced Exploration to Build Value RISK PROFILE TIME IPO - SPAC High Low July 2011 Oct 2011 April 2012 Q2 / 2013 Development Assets Proven Resources to Build Balance Sheet Resilience and Mitigate Risk Production Assets Cashflow for Profitability and Sustainability Plan for Success Strategy for Exploration Assets Portfolio balancing will be the next thrust Lime Transaction 3D Oil Transaction Strategy 3D Oil Transaction Exploring New Frontiers

10 3D Oil Transaction Exploring New Frontiers Hibiscus Petroleum Berhad (Hibiscus) Oceania Hibiscus Sdn Bhd (OHSB) Carnarvon Hibiscus Pty Ltd (Operator) 3D Oil Ltd (ASX Listed) Direct Investment in VIC/P57 [Unincorporated JV] AUD 27 MM – Farm-in Agreement for a 50.1 % stake in VIC/P57 AUD 2 MM – Subscription Agreement for placement of new shares in PLC 100% 13% 100% 49.9% 50.1% Regulated by a Joint Operating Agreement to be entered into by both parties Malaysia Australia As part of its portfolio balancing strategy, Hibiscus Petroleum, through Oceania Hibiscus and Carnarvon Hibiscus is proposing to: o Subscribe to 13% of the enlarged current share capital of 3D Oil Ltd. o acquire a 50.1% farm-in interest in VIC/P57 for AUD13.5 million and an additional contribution to project expenditure of AUD 13.5 MM (collectively referred to as the Proposed Transaction). o Hibiscus to be the Operator of the concession Total Hibiscus Petroleum commitment is AUD 29 MM Hibiscus Petroleum Berhad (Hibiscus) Oceania Hibiscus Sdn Bhd (OHSB) Carnarvon Hibiscus Pty Ltd (Operator) 3D Oil Ltd (ASX Listed) Direct Investment in VIC/P57 [Unincorporated JV] AUD 27 MM – Farm-in Agreement for a 50.1 % stake in VIC/P57 AUD 2 MM – Subscription Agreement for placement of new shares in PLC 100% 13% 100% 49.9% 50.1% Regulated by a Joint Operating Agreement to be entered into by both parties Malaysia Australia

11 Exploring New Frontiers Australias most prolific oil & gas basin, close to major existing infrastructure, including established oil & gas refineries Operations are made up of 18 platforms and several subsea tiebacks Over 30 fields including 3D Oils West Seahorse field make up the Bass Strait grouping The key assets within the permit are the (proven) West Seahorse Field, and two Exploration Prospects, Sea Lion and Felix. VIC/P57 West Seahorse Field Estimate of 7.3 MMbbls was done by RISC on behalf of Hibiscus Certification of 9.2 MMbbls was done by Gaffney Cline and Associates (engaged by 3D Oil) 3D Oil Transaction

12 The Future Exploring New Frontiers The Lime investment enters an important phase over the next 12 months. CRPS provides us with financial resources to balance our risk profile. First oil from VIC/P57 targeted for Q We continue to assess new opportunities. Thank you for your support.

13 Thank You Exploring New Frontiers


Download ppt "Exploring New Frontiers. ney Jour The The Journey Exploring New Frontiers 25 July 2011Listed on the Main Market of the Malaysian Stock Exchange under."

Similar presentations


Ads by Google