licence pl001, north falkland basin - argos resources · 2013. 3. 10. · cprs attribute 396 mmb...
TRANSCRIPT
Licence PL001, North Falkland Basin De-risked Prospects Next Door to Sea Lion
APPEX, 7th March 2013
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Location & Licence Maps
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The Prize FI Government Fiscal Take
0%
20
%40
%60
%80
%10
0%
(Source: Bernstein Research 2012)
Iraq
Kazakhstan
Nigeria
Algeria
Norway
Angola Congo
Brazil USA
UK
Falklands
• 26% CT & 9% Royalty
• High net-back to Licensees
• NPV10/BBL >$12 at $100/bbl oil price
• Sea Lion 2C 320 MMBO; NPV10 > $4.1 billion
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Drilling History 1998 6 wells drilled, 5 encountered oil and gas shows. Both Argos wells had oil shows
All encountered a world class Early Cretaceous oil source rock up to 1,000m thick
Higher organic carbon content than North Sea oil source rocks
Estimate over 70 billion barrels of oil generated
No prospects tested within or below source rock
Gas discovery in Johnson indicated an additional older, deeper source rock
2010/2011 15 wells drilled; 7 exploration; 8 appraisal
Multiple successes: • 1 oil discovery, Sea Lion
• 2 oil & gas discoveries, Casper & Casper South
• 2 gas condensate discoveries, Beverley & Liz
CPRs attribute 396 MMB oil & 1.145 TCF gas 2C recoverable resources
Potentially a bypassed major oil province
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Operating Conditions, NFB
(WOW – Waiting on Weather)
(Source: AGR)
2010/11 Operating Experience
• Water depths 400-500m
• Typical cost c.US $30m/well (@
$275K/day rig rate)
• Downtime for weather: 2 days/well
• Downtime for logistics: zero
WOW Vs. North Sea
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Argos Licence 2011 CPR Prospect Overview
22 stratigraphic prospects
6 structural prospects
2.1 billion barrels Most Likely prospective resource; 7.3 billion barrels Upside
Since 2011,over 30 new prospects added. New CPR commissioned
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Paleogeography
Upper Early Post-Rift
Time of deposition of Sea Lion sands Lower Early Post-Rift, pre-Sea Lion sands
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GeoSeismic Section
Argos Eastern Graben Prospects
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Argos prospects are analogues to Sea Lion stacked fans
ARG (Mar 2012)
RKH (Feb 2012)
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Rhea
Stack MMBO
P90 66
P50 346
P10 1,198
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Rhea Stack (Selene, Kratos D&E, Rhea & Poseidon B,C,D&E)
Selene
Kratos
Rhea
Poseidon
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Helios
Stack MMBO
P90 61
P50 790
P10 2,990
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Helios Maximum Fan Extent W – E Line
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Big Metis - Poseidon
24,600 acres 8,730 acres
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Tyche
6,029 acres
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Big Selene
19,172 acres
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Summary
Potential of Argos Licence PL001
• Adjacent to Sea Lion / A significant piece of Johnson – A Good Address
• Rich in sands and rich in prospects, supported by excellent 3D seismic data
• Several prospects with seismic anomalies similar to Sea Lion
• Vertical wells & simple side-tracks can test multiple targets
• Ongoing work is identifying significant additional prospectivity
Operating Environment
• Top Quartile Fiscal Terms
• Transparent & Supportive Business Environment
• Infrastructure & Logistics Established for Year-Round Operations
• Sea Lion Success will Stimulate Further Exploration