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TRANSCRIPT
Investor Presentation10 August 2015
ABN 38 112 566 499
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This presentation does not constitute investment advice. Neither this presentation not the information contained in it constitutes an offer, invitation, solicitation or recommendation in relation to the purchase or sale of shares in Elk Petroleum Ltd – ABN (the “Company”) - in any jurisdiction.
Shareholders should not rely on this presentation. This presentation does not take into account any person’s particular investment objectives, financial resources or other relevant circumstances and the opinions and recommendations in this presentation are not intended to represent recommendations of particular investments to particular persons. All securities transactions involve risks, which include (among others) the risk of adverse or unanticipated market, financial or political developments.
The information set out in this presentation does not purport to be all inclusive or to contain all the information which its recipients may require in order to make an informed assessment of the Company. You should conduct your own investigations and perform your own analysis in order to satisfy yourself as to the accuracy and completeness of the information, statements and opinions contained in this presentation.
To the fullest extent permitted by law, the Company does not make any representation or warranty, express or implied, as to the accuracy or completeness of any information, statements, opinions, estimates, forecasts or other representations contained in this presentation. No responsibility for any errors or omissions from this presentation arising out of the negligence or otherwise is accepted.
This presentation may include forward looking statements. Forward looking statements are only predictions and are subject to risks, uncertainties and assumptions which are outside the control of the Company. These risks, uncertainties and assumptions include commodity prices, currency fluctuations, economic and financial market conditions in various countries and regions, environmental risks and legislative, fiscal or regulatory developments, political risks, project delay or advancement, approvals and cost estimates.
Actual values, results or events may be materially different to those expressed or implied in this presentation. Any forward looking statements in this presentation speak only at the date of issue of this presentation. Subject to any continuing obligations under applicable law and the ASX Listing Rules, the Company does not undertake any obligation to update or revise any information or any of the forward looking statements in this presentation or an changes in events, conditions or circumstances on which any such forward looking statement is based.
The reserves and resources assessment follows the guidelines set forth by the Society of Petroleum Engineers – Petroleum Resource Management System (SPE-PRMS).
The Reserves and Contingent Resources in this announcement relating to the Grieve CO2 EOR project, operated by Denbury Resources, is based on an independent reviewand audit conducted by Pressler Petroleum Consultants, Inc. and fairly represents the information and supporting documentation reviewed. The review and audit was carriedout in accordance with the SPE Reserves Auditing Standards and the SPE-PRMS guidelines under the supervision of Mr. Grant Olsen, a Director of Pressler PetroleumConsultants, Inc., an independent petroleum advisory firm. Mr. Olsen is a Registered Professional Engineer in the State of Texas and his qualifications include a Bachelor ofScience and Master of Science (both in Petroleum Engineering) from Texas A&M University. He has more than 10 years of relevant experience. Mr. Olsen is a member ofthe Society of Petroleum Engineers (SPE) and an Associate Member of the Society of Petroleum Evaluation Engineers. Mr. Olsen meets the requirements of QualifiedPetroleum Reserve and Resource Evaluator as defined in Chapter 19 of the ASX Listing Rules and consents to the inclusion of this information in this report.
The information in this presentation that relates to Reserve and Contingent Resources estimates for the Grieve CO2 EOR project and the Contingent Resource estimates forthe Singleton CO2 EOR project have been compiled or in the case of the Singleton CO2 EOR project prepared by Mr. Brian Dolan, COO and VP-Engineering of ElkPetroleum USA who is a qualified person as defined under the ASX Listing Rule 5.11 and has consented to the use of the reserves figures in the form and context in whichthey appear in this presentation. Mr. Dolan is a full-time employee of the company. Mr. Dolan earned a degree in Mechanical Engineering from the University of Colorado atBoulder and has more than 23 years of relevant experience. Mr. Dolan has sufficient experience that is relevant to the company’s Reserves and Resources to qualify as aReserves and Resources Evaluator as defined in the ASX Listing Rules. Mr. Dolan consents to the inclusion in this presentation of the matters based on the information inthe form and context in which it appears
Disclaimer & Important Notice
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Elk Petroleum – Where we are
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ELK PROJECTS
Grieve Singleton
Location of current CO2 EOR projects and pipeline infrastructure Source: NETL 2010
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Corporate Summary
Only ASX-listed Enhanced Oil Recovery (EOR) company
Focused on oil field redevelopment with proven technologies
Key projects in proven EOR production fairways
Committed to delivering current US projects
Near term potential to capture additional growth projects
Longer-term growth bringing core EOR expertise into untapped maturing Australasian oil provinces
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Capital Structure
ASX code ELK
Ordinary Shares 201.1m
52-week Low-High (A$ cps) 0.02-0.11
Market cap @ 6.5cps A$13m
Enterprise Value (USD 1: AUD 0.73) A$36m
Cash (30 June 2015) A$1.6m
Reserves + Resources (2P+2C)* ~6.5 mmbls
Reserves and Resources for the Grieve Project were the subject of the Company’s ASX Announcement of 29 January 2015. This presentation includes the first announcement of Contingent Resources for the Singleton CO2 EOR Project and these details are included in slide 44.
Major shareholdersRobert Healy 25.23%
Begley Superannuation 11.52%
Republic Investment Management Pte. Ltd 10.89%
HSBC (Including Republic Investment Management) 9.9%
Board & Management 3.4% - Pre Placement7.0% - Post Placement
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Elk one-year share price chart12-months ending 6 August 2015
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Investment Case
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• Strong leadership with proven track record of value creation
• Extensive experience and expertise in Enhanced Oil Recovery (EOR)
• Existing US assets provide strong foundation
• Significant further EOR project growth potential in core areas
• Current oil price environment presents unique opportunity for low cost EOR project asset accumulation
• Significant opportunity to apply EOR in largely untapped areas of Australia, Indonesia and Malaysia
• Focused and differentiated strategy to deliver shareholder value
• Strong news flow pipeline to first oil - targeted for early CY2017For
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Managing Director & Chief Executive
Brad Lingo Appointed 1 August 2015
Former MD & CEO of Drillsearch Energy 15-fold increase in market valuation / 8-fold increase in share price
Became Australia’s 3rd largest onshore oil producer
Finance - successfully raised ~A$450m in equity and debt
Delivered 29 new conventional discoveries
Drilled 98 wells over 6-years with 73% success rate
Oversaw the production commencement of 12 new fields
Expertise: Proven upstream/midstream oil & gas company building track record
Business development, New Ventures, M&A and corporate finance
Experience: Tenneco Energy
El Paso Corporation
Sunshine Gas
Commonwealth Bank of Australia (SVP & Head of Oil & Gas)
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Enhanced & Improved Oil RecoveryEOR / IOR Overview
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What is EOR / IOR ?
EOR/IOR are proven approaches successfully deployed for over 40 years
Substantially increase overall oil recovery from & productive life of fields
Deliver attractive economics even in low oil price markets
Used extensively in North America & Middle East
Largely under-utilized in Australasia
Widely implemented techniques include: CO2 injection Chemical injection Nitrogen injection Waterfloods Natural Gas injection Steamfloods
20-25%
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Primary Recovery Secondary Recovery - IOR
Tertiary Recovery - EOR Remaining Oil
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Our Focus
Source: Advances in Enhanced Oil Recovery Processes – Romero-Zeron – University of New Brunswick (2012)
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How does CO2 EOR work?
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Proven technology and most commonly-used form of EOR
Accounts for nearly 60% of EOR production in the US
Frequently sourced from existing natural fields with high CO2 contents
CO2 can be supplied from man-made sources such as power plants
Known as ‘Green Oil’ due to ability to sequester CO2
Currently only profitable carbon capture & storage (CCS) without subsidy
Recognising cost of carbon will only further enhance CO2 EOR potential
Secure CO2supply
Transport via pipeline
or truckInject into
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Strategy for Value Creation
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Global EOR potential
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Global EOR market*• Projected to grow at
8.8% CAGR• Estimated to be
worth $34.4bn by 2019
*BCC Research, August 2013
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Market Opportunity - US
Proven technology projected to deliver substantial growth in oil recovery and production from existing fields
First commercial CO2 EOR production commenced in 1972
~100bn to 160bn barrels of stranded oil forecast for recovery by EOR technology*
1.5bn barrels produced through CO2 EOR over past 25 years**
*US Department of Energy**Visiongain Research, October 2014
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Market Opportunity – Wyoming
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2630
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542431
191 46 29
Cumulative Oil Production (MMBO)Basin Name Total CO2 EOR Candidate ReservoirsPowder River 289Bighorn 105Wind River 45Greater Green River 49Overthrust Belt 12Laramie 11Denver-Cheyene 6
Source: SPE-122921-MS-Estimates of Potential CO2 Demand for CO2 EOR in Wyoming Basins
Rockies Region contains ~2-6bn technically recoverable barrels through CO2 EOR*
*2013 Dept. of Energy NETL Next Gen EOR
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Market Opportunity – Australasia
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Source: SPE-165487-Opportunities and Challenges of CO2 Flooding in Indonesia
“”To date the recovery has been only 3-4% of the original-oil-in-place, and simulation studies indicate a recovery at abandonment ofsome 5-10%. Hence, it is envisaged that a suitable EOR schememay help improve recovery. With a suitable gas injection process, itis estimated that the ultimate recovery would increase to 20-30%implying that some 2.5 MMstb of oil could be recovered.
Company Fields Resevoirs Miscible ImmisibleMedco 14 76 18 25Conoco Philips 8 27 18 5EP Prabumulih 3 59 55 0Ubep Adera 3 181 181 0Ubep Ramba 12 8 6 2Ubep Limau 3 10 10 0Prabumulih & Pendopo 10 154 92 62TAC / KSO 5 20 2 2Pertamina 5 36 1 16Total 63 571 383 112
Screening Criteria for CO2 Injection in South Sumatera
Source: SPE-88451-Technical Evaluation of CO2 Flood for EOR Benefitsin the Cooper Basin, South Australia
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Elk’s EOR Capabilities
10-years focused EOR experience in a proven EOR production fairway
JV with leading US independent entirely focused on CO2 EOR project development
Established relationships with CO2 suppliers, pipelines & EOR engineering and oil field service companies
Secured CO2 supply and access to necessary infrastructure to deliver key Grieve Project
Existing supply arrangement could provide access to additional CO2 supply for growth in current and new projects
Key personnel with track record of EOR field screening, selection and development experience across multiple technologies – Water flood, CO2, Chemical, Thermal
Established second EOR growth production fairway – Denver-Julesburg Basin –rejuvenating mature oil assets through CO2 EOR from man-made sources
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Current Projects
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Elk Petroleum – Where we are
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ELK PROJECTS
Grieve Singleton
Location of current CO2 EOR projects and pipeline infrastructure Source: NETL 2010
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Where we are….
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Flagship Grieve Oil Field CO2 EOR Development
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Elk (35%) / Denbury Resources (65% & operator)
2P Reserves 12.0 mmbbls (gross) 3.5 mmbbls (Elk net WI after royalties)
Estimated Gross Project Cost = ~US$100m Gross Project Investment to date = US$75m Elk Estimated Net CAPEX to First Oil = US$35m Elk Remaining CAPEX = US$12-13m Investment to date includes CAPEX/OPEX & CO2
Project approximately 70% complete to first oil
Major remaining project works
Construct Operator processing/recompression facilities
Scheduled to commence late 2015
Attractive economics and material cash flow outlook
Near-term opportunity to increase JV interest & resume operatorship
Grieve CO2 EOR Project - Overview
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Source: Elk ASX Release 29 January 2015 – Grieve Reserve Update
Reserve Summary as 31 December 2014
Scenario Net Oil to Elk(Mbbls)
Capital Expenditures(US$MM)
2P (Probable Reserves) 3,455 25.8
3P (Probable + Possible Reserves) 4,660 22.4
3C (Contingent Resources) 4,685 21.1
Source: Elk ASX Release 29 January 2015 – Grieve Reserve Update
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Grieve CO2 EOR Project – A Field-level View
* Based on Elk’s own estimates
Central Facilities Location- Office- Power- Oil storage- Processing & compression- Distribution and gathering manifold centre
CO2MeteringStation
Project Update:- CO2 injection started March 2013- CO2 injection at 40 MMCFD- Water well completed April 2013- Water injection at 17 MBPD
First Oil expected Q1 2017
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Grieve CO2 EOR Project – Milestones Achieved
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Work Completed New injection and production wells
In-field CO2/water injection& Oil production flow lines
Power supply from local grid installed
Site works & production manifold
3-mile CO2 supply line
Elk-owned crude oil export pipeline upgrade
Reservoir re-pressurizing 10+ million barrels of water injected
17+ Bcf of CO2 injected
Est 30 BCF CO2 required to achieve first oil
Currently injecting CO2 at 40 MMCFD
Reservoir pressure rising in line or ahead forecast
First oil expected early 2017
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Grieve Field Re-pressurisation – Actual vs Projected
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MMP = 2256 Psig
BHP is at Free Flowing
First Oil March 2017 BHP = 3180
Last Survey Date June 24, 2015
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Grieve CO2 EOR Project – Remaining Steps to First Oil
Construction of oil processing & CO2 recompression facilities
Scheduled to commence in late 2015
Additional facility construction cost to be borne by operator
Continue injection of water and CO2 to re-pressurize the reservoir
Upgrade water injection system capacity scheduled to be increased to 38,000 BWPD
Facilities construction expected to be finished for first oil in Q1 CY2017
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Access to Markets - Grieve Crude Oil Export Pipeline
Grieve Crude Oil Export Pipeline owned 100% by Elk Enables Grieve oil production to be directly shipped to Casper Refinery avoiding costly transport BLM Grieve Project Environmental Approvals only allow oil export via pipeline – not trucking Pipeline commissioning works now scheduled to be likely undertaken in 1st half 2016 Discussions on-going with prospective 3rd parties – shippers & potential pipeline purchasers Significant potential for Elk to monetise the pipeline resulting in a material cash inflow
Refinery
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Grieve CO2 EOR Project – How does the Project look economically?
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Evaluation is based on Reserves announced in ASX Release of 29 Jan 2015
Project economics reflect current field development plan and timing of first oil Q1 CY2017
2P Reserves Case based on Pressler 2P reserves estimates of 12.0 mmbbls
3P Reserves Case recovers 16.1 mmbbls under the current field development plan through achieving higher recovery factors
3C Contingent Resource Case recovers 16.3 mmbbls reflecting use of greater CO2 volumes in the EOR field redevelopment
2P Reserves Case is based on an overall field development scenario utilizing less CO2 volumes than previous Company 2P development scenarios
2P Case is inherently conservative in terms of volumes recovered
Significant upside in project economics can be realized by expanding the CO2 flood to recover additional oil and from oil price increases
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Singleton Oil Field CO2 EOR Development
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Corn Ethanol Producers – A Potential New Large-Scale CO2 Supply
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Denver-Julesburg Basin – Significant Growth Area for Elk
DJ Basin has over 1000 oil fields (shown in yellow) in Colorado and Nebraska
Intensive drilling activity began in 1950
DJ Basin was the most active drilling area in the Rockies from 1950 to 1966
More than 52,000 wells drilled
Primary producing formation is the Lower Cretaceous Muddy (“J”) Sandstone – same as Grieve
Conventional “J” sandstone reservoirs are stratigraphic traps – same as Grieve
Water flooding of the “J” reservoirs began in the early 1960’s
Most fields are nearing end of secondary recovery efforts and approaching abandonment without EOR
DJ Basin is a mature oil basin that has not had any tertiary oil recovery projects
Bridgeport CO2 Supply
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Singleton Oil Field – D-J Basin Entry & Strong CO2 EOR Candidate
100% Elk-owned & operated project
Contingent Resources
2C = 3.0 mmbbls
3C = 4.0 mmbbls
Excellent sand quality
Setting ideal for CO2-oil miscibility
Modest acquisition cost
Existing wells available for field redevelopment
Expect rapid response to injected CO2
Field in close proximity to CO2 supply source
Potential to develop in conjunction with near-by satellite fields to improve overall economics
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Singleton Unit - J Sand Isopach
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Singleton Oil Field – Green Oil Production
CO2 supply comes from Bridgeport Corn Ethanol Plant
Project uses man-made CO2 from industrial process which is otherwise vented
Project effectively acts as a Carbon Capture & Storage Project
Capture of CO2 through EOR results in more CO2 captured than generated from oil produced
Environmental benefits contribute to overall economic potential from Carbon Negative Oil
“Green” Carbon Negative Oil from CO2EOR production attracts sale premium
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Source: K.Y. Hornafius, J.S. Hornafius / International Journal of Greenhouse Gas Control 37 (2015) 492-503
Four to six barrels of liquid CO2 at reservoir conditions (0.5 to 0.7metric tons) are needed to recover one barrel of oil in a CO2-EORproject. The carbon dioxide created by combustion of one barrel of oil(~0.43 metric tons) is less than the amount of CO2 sequestered.F
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Singleton Oil Field – Green Oil Production
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Source: K.Y. Hornafius, J.S. Hornafius / International Journal of Greenhouse Gas Control 37 (2015) 492-503
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Singleton AOI CO2 EOR Development Hub
Area of Interest (AOI) has 10 oil fields
AOI Fields produced a combined 51 mmbbls
AOI Goal to develop 5 largest fields on a staged CO2 project
AOI Indicative CO2 EOR Potential 25 mmbbls
Potential Bridgeport CO2-source sufficient to supply AOI Hub
Development of CO2 EOR Hub markedly improves overall economics
Singleton
Bridgeport
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Singleton CO2 EOR Project Economics
Singleton stand-aloneReserves – Development Case MI3 (2014)
Resources – 3C (mmbbls) 4.0
Gross Project Investment (US$ million) 48
Capex + Opex (US$/bbl) 42
F&D (US$/bbl) 15
Undiscounted PV (US$ million) 47
Undiscounted PIR 1.0
Discounted PV10% (US$ million) 10
Discounted PIR 0.2
IRR% 15
Based on the oil price forecast provided in Appendix slide page 42
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Investment Summary
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Core Assets Lay Foundation for Growth
Deliver First Oil from Grieve Project by Early 2017 Existing interest in Grieve expected to deliver significant operating cash flow
Delivers long-life reserves with gradual decline to supports other projects
Focused on resolution of historical issues with JV Partner giving rise to opportunity to acquire 100% of project
Additional JV interest would significantly increase Company’s production and operating cash flow
Deliver Singleton bio-CO2 EOR project and other AOI Fields Existing interest in Singleton expected to average ~1100 BOPD over first 5-years
Delivers long-life reserves with gradual decline to supports other projects
Acquire additional Nebraska AOI Fields & commence staged development
Acquire Additional Wyoming CO2 EOR Project currently on market Debt-distressed operators currently exiting CO2 EOR pre-development assets
Provides growth path with remaining Grieve CO2 contract rights
Potential to build production in Wyoming to 8,800 BOPD within 5-years
Expand bio-CO2 EOR operations from Nebraska into Colorado Use Singleton & AOI Fields as anchor to secure larger CO2 supplies
Acquire additional suitable fields in the DJ Basin CO2 EOR fairway
With anchor CO2 Supply & DJ Basin Fields sponsor Nebraska-to-Colorado CO2 EOR pipeline project
Commence development the DJ Basin fields along the CO2 EOR pipeline corridor
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Near-term Activity Pipeline
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CY2015 CY2016 CY2017
Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
Commence construction of Grieve Facility
Potential acquisition of additional Grieve interest
Complete Singleton bio-CO2 EOR prefeasibility study
Secure support from CSM for final pre-FID Singleton pilot
Grieve Field re-pressurisation complete
Commence commissioning of Grieve Facility
First oil production - Grieve Co2 EOR Project
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Path to Production
Elk now attracting significant institutional investor support to see it well positioned to deliver Grieve Project and grow beyond
Secure funding for development of Grieve CO2 EOR Project
Multiple options via debt, equity & internal JV funding mechanisms
Board & Management committed to participation in funding
Elk focused on executing funding option that delivers shareholder value
Significant first oil production from Grieve CO2 EOR Project targeted within next 12-18 months
Shareholder value to be delivered through both capital appreciation and payment of dividends as material production and cash flows commence
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Contact:Level 9, 341 George St, Sydney, 2000
02 9299 9690
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Appendix
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Board & Management
Neale TaylorNon-Executive Director and Chairman, Melbourne
Over 40 years of technical, operating and commercial experience in oil and gas exploration, production, planning and evaluation, acquisition and joint venture management with major industry players, including Esso Australia. Former Chairman of Tap Oil Ltd, former CEO of Nexus Energy Ltd and Cambrian Oil & Gas PLC
Matthew HealyNon-Executive Director, Sydney
Mr Healy currently holds a management position at one of Australia’s foremost property development and infrastructure groups, is an active investor in the resources sector and has over 15 years of experience working in management and operational roles.
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Scott HornafiusPresident – Elk Petroleum USA (Elk wholly owned US subsidiary, Denver)
Over 29 years of exploration, technical, management, and funding experience in the oil and gas industry including 16 years with Mobil in the US, PNG and UK before founding MegaEnergy in 2000. As President of MegaEnergy, he was responsible for joint ventures involving play identification, land acquisitions, drilling and development programs and major funding programs and developed a 100,000 acre position in the Marcellus shale prior to being sold for over $100 million. He is a founding Director of Canning Petroleum Pty Ltd, which now holds very large onshore permit areas in Western Australia.
Brad LingoManaging Director and Chief Executive Officer, Sydney
Over 25 years of experience in all phases of the oil & gas business ranging from business development, new ventures, exploration, development and production as well as mergers and acquisitions, equity capital raising and debt financing for both listed and private companies. Currently Chairman of Mont Dór Petroleum, a private oil & gas exploration and production company with operations in Indonesia and New Zealand and the former Managing Director & CEO of Drillsearch Energy Ltd and former CEO of Sunshine Gas Ltd.
Tim HargreavesNon-Executive Director, Sydney
Over 35 years experience in technical and managerial roles in the petroleum and mining sectors in Asia and the Middle East for major companies including BHP, Fletcher Challenge and Union Texas Petroleum as well as start ups and small to mid-sized independents. He has led successful exploration and commercialisation campaigns in Pakistan and Egypt, which were dependent upon technical and commercial innovation in complex regulatory environments. Since 2009 he has been Research Director of Resources for Republic Investment Management, a Singapore-based investment fund, which is a major investor in ELK and the major participant in the Convertible Loan recently raised by the Company and, until recently, he was a Director of The Environmental Group Limited (ASX : EGL).
Russell KrauseNon-Executive Director, Melbourne
Over 25 years experience in Stockbroking and Investment Management with a primary focus on the resources sector. He has held a number of Directorships and Senior Management positions with a number of Australia’s leading firms, including firms with US oil and gas assets. For the past ten years he has worked on a number of North American oil and gas projects in relation to Capital Raising and Corporate Advisory.
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Grieve CO2 EOR Project Economics – Oil Price Forecast
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Singleton CO2 EOR Project – Contingent Resources
Elk holds 100% of the working interest in Singleton Unit in Nebraska
Elk assumed ownership of the Singleton Unit in May 2014
The Singleton Oil Field was discovered by Sinclair Oil in 1955 and commenced oil production in 1957
Production continued on a secondary water flood basis through 2013
Over this period, the Singleton Oil Field produced ~10.9 mmbbls of 37.5 API oil and 2020 MMCF of gas
Elk engaged MI3 Petroleum Engineering in 2013 for evaluation of the Singleton Oil Field as a future CO2 EOR project
Elk’s internal studies and MI3 have identified 3 primary oil pay intervals in the Muddy Formation – J1, J2 and J3 sands
Studies have indicated that the J1 and J2 sands have excellent rock properties for a CO2 EOR project
Studies indicate that Singleton oil properties are ideal for a miscible CO2 EOR project, with most likely reserves of 3.0 MMBO in the J1 and J2 sands, and with a high side case of 4.0 MMBO if J3 sands are included in the assessment
The Company has determined that based on the geotechnical evaluation and reservoir studies and simulations undertaken by the Company and with MI3 that the Singleton Unit may be redeveloped through the use of CO2 enhanced oil recovery, a proven tertiary oil recovery and production process
In parallel with these studies, the Company has secured a conditional CO2 supply contract sufficient to satisfy the amount of CO2 required to implement this project
Water injection has resumed to assist with the re-pressurization of the field in advance of undertaking an expanded CO2 EOR pilot project
Singleton CO2 EOR Project As of 30 June 2015
Gross Contingent Resources
Resource Category 1C 2C 3C
Mmbbls - 3.0 4.0
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The above estimate of Contingent Resources for the Singleton Unit isbased on a potential redevelopment of the field through a CO2 EORProject.
This Contingent Resources assessment follows the guidelines set forth bythe Society of Petroleum Engineers – Petroleum Resource ManagementSystem (SPE-PRMS).The Contingent Resources have been assessedusing deterministic methods.
The estimate of the Singleton Unit on this basis has been prepared by Mr.Brian Dolan, COO and VP-Engineering of Elk Petroleum USA who is aqualified person as defined under the ASX Listing Rule 5.11 and hasconsented to the use of the reserves figures in the form and context inwhich they appear in this presentation.
Mr. Dolan is a full-time employee of the company. Mr. Dolan earned adegree in Mechanical Engineering from the University of Colorado atBoulder and has more than 24 years of relevant experience.
Mr. Dolan has sufficient experience that is relevant to the company’sReserves and Resources to qualify as a Reserves and ResourcesEvaluator as defined in the ASX Listing Rules. Mr. Dolan consents to theinclusion in this presentation of the matters based on the information in theform and context in which it appears.
For
per
sona
l use
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Primary & Secondary Oil Recovery Processes
44
Source: Advances in Enhanced Oil Recovery Processes – Romero-Zeron – University of New Brunswick (2012)
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sona
l use
onl
y
EOR Processes
45
Source: Advances in Enhanced Oil Recovery Processes – Romero-Zeron – University of New Brunswick (2012)
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per
sona
l use
onl
y