technical advisory committee - ane.na · pdf file27 february 2015 africa new energies limited...
TRANSCRIPT
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Africa New Energies Limited Technical Advisory Committee Meeting Slide number 127 February 2015
Technical Advisory Committee
February 2015 update
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Africa New Energies Limited Technical Advisory Committee Meeting Slide number 227 February 2015
TAC presentation summary
Introduction to ANE’s new hydrocarbons
methodology
Prospectivity Overview of the Nama Basin
Satellite report
Geochemical and radiometric methods
Financial overview
Training
Work program and budget for 2015/16
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Africa New Energies Limited Technical Advisory Committee Meeting Slide number 327 February 2015
Three competitive advantages
Technology - Unique surface based
exploration method triples probability of
success at 1/10th of the cost
Community - Alignment with local
communities and host governments –
delivers fiscal terms and geological insight
Financial engineering using innovation tax
breaks, entrepreneurial support and grants
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Africa New Energies Limited Technical Advisory Committee Meeting Slide number 427 February 2015
The founding shareholders
Stephen Larkin - CEO & Co-founder Chartere Accountant with a extensive experience technology innovation
Created the integrated exploration algorithm with Brendon Raw
UN advisor to African governments on energy self-sufficiency
Brendon Raw - CTO & Co-founder Leading Rapid Application Developer with BP and Trafigura
Invented the Prophecy Virtual Smart Grid Solar System with Stephen Larkin
Seed investor in Quirk, Africa’s largest digital marketing agency
Peter Hutchison – Director and Geologist
BP regional geologist for Africa at the age of 26 after Magnus Discovery
Senior executive at BP and VP of exploration for BP’s Canadian and Egypt operations
Made multiple discoveries as an entrepreneur using satellite technology
Richard Jones - Legal Director
Head of Legal Department in BP Exploration
First Russian country manager for BP
Advisor to top performing AIM stocks Quadrise and Nautical Petroleum
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Africa New Energies Limited Technical Advisory Committee Meeting Slide number 527 February 2015
The surface exploration phenomenon
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Africa New Energies Limited Technical Advisory Committee Meeting Slide number 627 February 2015
Measurably effects of hydrocarbon microseepage
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Africa New Energies Limited Technical Advisory Committee Meeting Slide number 727 February 2015
Key layers of evidence
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Africa New Energies Limited Technical Advisory Committee Meeting Slide number 827 February 2015
3X chance of success at 1/10th of cost
$20m
$40m
$60m
$80m
$100m
$120m
$140m
10% 20% 30% 40% 50% 60% 70% 80% 90% 100%
Rig mobilisation$8m quoted
Exp
lora
tio
n E
xpen
dit
ure
Probability of Discovery (Px)
Traditional
Our method
Iterative process –radiometrics, ground
tellurics, geochemistry, slim
hole drilling
Drill 3 wells, expect 2 discoveries –
approach 80% probability once
multiple discoveries
Satellite and airborne survey
Drill 4 wells, expect 1 discovery at Px 20% -
25%
3D seismic
2D seismic
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Africa New Energies Limited Technical Advisory Committee Meeting Slide number 927 February 2015
Cross referencing surface data
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Africa New Energies Limited Technical Advisory Committee Meeting Slide number 1027 February 2015
Surface Manifestations of Microseepage
Geochemical reading shows that
paraffin levels are >100 times the
expected background readings
Radiometric readings show a 50% drop-off
of Potassium40
coinciding with the satellite edge of the
field
Visual evidence of bleaching of red earths
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Africa New Energies Limited Technical Advisory Committee Meeting Slide number 1127 February 2015
Gore Sorber
1000 0 1000 2000 3000
metres
Scale 1:50000
GORE-SORBER Exploration SurveyR
W.L. GORE & ASSOCIATES, INC.100 CHESAPEAKE BOULEVARD
ELKTON,MD 21921
USA
(410) 392-7600
Petroproduccion Ecuador
Sansahuari-Cuyabeno Prospect, Ecuador
Plate 1: Singue-1 Oil-like Signature (Model 2)
DATE DRAWN: November 15, 2001
REV. DATE:
DRAWN BY: RF
REV. #:
ORIG. CAD:
PROJECT NUMBER:
SITE CODE:
GORE-SORBER
GORE-SORBER
GORE-SORBER
Exploration Survey
Module
IS REG. PAT. & T.M. OFF.
IS A REGISTERED SERVICE MARK OF W.L. GORE & ASSOCIATES
IS A REGISTERED TRADEMARK OF W.L. GORE & ASSOCIATES
2001 W.L. GORE & ASSOCIATESC
THIS DRAWING AND ANY ATTACHMENTS HAVE BEEN PRODUCED FOR THE SOLE USE OF THE RECIPIENT AND MUST NOT BE USED, REUSED, REPRODUCED, MODIFIED OR COPIED IN ANY MANNER WITHOUT THE PROPER WRITTEN APPROVAL OF W.L. GORE & ASSOCIATES. THIS DRAWING MAY CONTAIN CONFIDENTIAL AND PROPRIETARY INFORMATION OF W.L. GORE & ASSOCIATES. ANY UNAUTHORIZED USE OF THIS DRAWING IS STRICTLY PROHIBITED.
NOTES & DEFINITIONS
Geochemical Model: The geochemical difference in surface soil gas signature between
analogous production and background (dry) areas, as defined by groups of model set samples.
This model is used to classify membership of the survey grid samples based on the degree of
similarity to the geochemical signatures of 'production' and 'background'.
Probability Value: The percent probability that the surface geochemical character matches
that modeled over a producing reservoir(s); or in the case of a frontier survey, model set samples
which are selected as exhibiting petroleum-like character.
Anomalous Threshold: The modeled probability value at or above which the geochemical feature
is most likely indicative of petroliferous accumulations
Geochemical Feature: Any collection of contoured surface values which seem to exhibit a common
influence and which may include probability values above and below the anomalous threshold.
NOTE:
This map illustrates a computer-generated contour surface of probability values calculated for each
sample location. Probability values are most accurate AT THE SAMPLED LOCATIONS. The contour
surface developed between the data points is an estimate of the probability and is subject to
uncertainty, which increases with distance from each sample location. Further resolution
of the contoured surface may be appropriate through additional soil gas sampling depending on
the end-use of the data.
15.017.520.022.525.027.530.032.535.037.540.042.545.047.550.052.555.057.560.062.565.067.570.072.575.077.580.082.585.087.590.092.595.0
Threshold value=82
Probability%
0 100
0
30
60
10%
30%
50%
70%
90%
Frequency Distribution for Survey Samples
Probability Value
Fre
qu
en
cy
Thre
sho
ld v
alu
e
PROJECTION INFORMATION
Projection: PSAD56 / UTM zone 18N
Ellipsoid: PSAD56
Major axis: 6378388
Ellipticity: 0.08199188998
Prime meridian: 0
Projection Method: TransverseMercator
Coordinate Units: m (=1 meters)
Local Datum: PSAD56toWGS84(2)
dX, dY, dZ: -270, 188, -388
Rx, Ry, Rz: 0, 0, 0
Scale: 0
LEGEND
Probability ValueSample Number
Oil well
Dry well
10
005
00
01
00
100
00
100
150
00
10
02000
01
00
250
00
10
005
00
01
00
10
00
01
00
15
000
10
0200
00
10
0250
00
355000 360000
355000 360000
15.0
20.0
25.0
30.0
35.0
40.0
45.0
50.0
55.0
60.0
65.0
70.0
75.0
80.0
85.0
90.0
95.0
Probability%
OIL Well
DRY Well
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Africa New Energies Limited Technical Advisory Committee Meeting Slide number 1227 February 2015
Ground Tellurics
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Africa New Energies Limited Technical Advisory Committee Meeting Slide number 1327 February 2015
Stratigraphic drilling vs conventional
Metric Traditional Modified slim well
Time to mobilise rig 1- 4 years to onshore Africa 3-6 months
Cost of mobilisation and drilling, 2,600 meter well
Mob/Demob = $8,000k Modification = $0k
Drilling = $10,000k Total = $18,000k
Mob/Demob = $250kModification = $150k
Drilling =$2,850kTotal =$3,200k
Timelines Wait – 2-4 year yearsMobilisation – 6 months
Drilling 28 daysTotal – minimum 3 years
Wait – 3 monthsMobilisation 2 weeks
Drilling 150 daysTotal - maximum 1 year
Quality of data Mud log Core library
Completion options 8 inch diameter = completion for production on
discovery
3 inchesCan ream to 4.5 inch
Modest Production 1 7/8 inch casing
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Africa New Energies Limited Technical Advisory Committee Meeting Slide number 1427 February 2015
Key Milestones Achieved
Research and
Development
(UN study)
May 2011 toApril 2012
Feb 2012 toApril 2013
Applied forExclusive License
Fundraisingstarts
April 2013
June 2013 to April 2012
Exclusive License awarded22,000 sq. km
£1.0 million raisedSatellite indicates
potential giant province
Sept 2013
Oct 2013 to Dec 2014
Compiled 7 layers of pre-drilling evidence
Prospective resource >1.6 bnbarrels
Completed program commitments contracted to Namibian government – 33
months early
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Africa New Energies Limited Technical Advisory Committee Meeting Slide number 1527 February 2015
Prospectivity Overview of the Nama Basin
Roger Swart
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Africa New Energies Limited Technical Advisory Committee Meeting Slide number 1627 February 2015
Geology of eastern Namibia
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Africa New Energies Limited Technical Advisory Committee Meeting Slide number 1727 February 2015
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Africa New Energies Limited Technical Advisory Committee Meeting Slide number 1827 February 2015
NAMA
2219/2319
Geological Survey of
Namibia
Regional Setting
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Africa New Energies Limited Technical Advisory Committee Meeting Slide number 1927 February 2015
Geological Survey of
Namibia
Zaris
Witputs
Osis Ridge
Witvlei2219/2319
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Africa New Energies Limited Technical Advisory Committee Meeting Slide number 2027 February 2015
Kamtsas
BlaubekerTahiti
Gobabis
Constance
Simmenau
Bildah
La Fraque
Okambara
Weissberg
Zenana
Grunental
Za
ris
Da
bis
Bu
sch
ma
nsklip
pe
Co
urt
Na
ma
Witvle
i
100m
Witvlei Subbasin
From: Grotzinger,
2010From: Hegenberger, 1993
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Africa New Energies Limited Technical Advisory Committee Meeting Slide number 2127 February 2015
Kamtsas
Nama
22S22S
19E
20E
24S
24S19E
20E
20km
Karoo sub-crop
Stormberg
sub-crop
Nama Gp
Witvlei Gp
Kamtsas Fm
Nama/Witvlei/Kamtsas
sub-crop
Karoo Sub-crop
Kalkrand Sub-crop
Simplified geology
From Geological Survey
of Namibia maps
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Africa New Energies Limited Technical Advisory Committee Meeting Slide number 2227 February 2015
Kamtsas BlaubekerTahiti
GobabisConstance
Simmenau
Bildah
La Fraque
OkambaraWeissberg Zenana
Grunental
200m
10km
Line of section
After Hegenberger, 1993
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Africa New Energies Limited Technical Advisory Committee Meeting Slide number 2327 February 2015
KamtsasBlaubekerTahiti
Gobabis
Constance
Simmenau
Bildah
La Fraque
Okambara
Weissberg
Zenana
Grunental
Za
ris
Da
bis
Bu
sch
ma
nsklip
pe
Co
urt
Na
ma
Witvle
i
100m
Blaubeker:
Glacial unit c. 730Ma
(Sturtian), transgression
associated with deglaciation
produced potential source
rocks (Craig et al., 2013)
Stromatolitic units as source
rocks?
Potential reservoirs
throughout
~ 730Ma
~ 560Ma
Possible petroleum systems
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Africa New Energies Limited Technical Advisory Committee Meeting Slide number 2427 February 2015
The Karoo
Within block
Miller, 2008
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Africa New Energies Limited Technical Advisory Committee Meeting Slide number 2527 February 2015
Karoo petroleum systems
• Coals known in Namibia & Botswana
• Black shales? Whitehill not known in east
• Little maturity data available
• Currently not in oil window
• But…..
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Africa New Energies Limited Technical Advisory Committee Meeting Slide number 2627 February 2015
Nama Basin – depth to magnetic basement
From Corner, 2008, in Miller
Deep zone in similar location to “Carboniferous syncline” mapped by Kingsley, 1984
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Africa New Energies Limited Technical Advisory Committee Meeting Slide number 2727 February 2015
GRACE gravity data – free air
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Africa New Energies Limited Technical Advisory Committee Meeting Slide number 2827 February 2015
GRACE gravity data – free air & Karoo rifts
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Africa New Energies Limited Technical Advisory Committee Meeting Slide number 2927 February 2015
GRACE gravity data – free air & Karoo rifts
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Africa New Energies Limited Technical Advisory Committee Meeting Slide number 3027 February 2015
Nama Basin – depth to magnetic basement
From Corner, 2008, in Miller
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Africa New Energies Limited Technical Advisory Committee Meeting Slide number 3127 February 2015
GRACE gravity data – N-S gravity low?
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Africa New Energies Limited Technical Advisory Committee Meeting Slide number 3227 February 2015
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Africa New Energies Limited Technical Advisory Committee Meeting Slide number 3327 February 2015
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Africa New Energies Limited Technical Advisory Committee Meeting Slide number 3427 February 2015
Summary
• Known outcrop geology restricted
• Potential for deep (rifted?) sedimentary basins in south-eastern
portions
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Africa New Energies Limited Technical Advisory Committee Meeting Slide number 3527 February 2015
The Scotforth Satellite Report
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Africa New Energies Limited Technical Advisory Committee Meeting Slide number 3627 February 2015
Success rate of satellite analysis in hydrocarbon discovery
10%
Range of 62% to
80% success rate
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
Off satellite anomalies Positive satellite anomalies
Perc
enta
ge o
f w
ells
resultin
g in c
om
merc
ial
dis
cove
ry
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Africa New Energies Limited Technical Advisory Committee Meeting Slide number 3727 February 2015
Atrush - Kurdistan
Where has the technology worked before?
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Africa New Energies Limited Technical Advisory Committee Meeting Slide number 3827 February 2015
Ekales - Kenya
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Africa New Energies Limited Technical Advisory Committee Meeting Slide number 3927 February 2015
The Giant
HQA with over 1 billion Boe
PRP
(gross unrisked)
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Africa New Energies Limited Technical Advisory Committee Meeting Slide number 4027 February 2015
The Giant vs the M25
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Africa New Energies Limited Technical Advisory Committee Meeting Slide number 4127 February 2015
Aminius
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Africa New Energies Limited Technical Advisory Committee Meeting Slide number 4227 February 2015
Prospective resources – Top 7
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Africa New Energies Limited Technical Advisory Committee Meeting Slide number 4327 February 2015
Geochemistry
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Africa New Energies Limited Technical Advisory Committee Meeting Slide number 4427 February 2015
Why use surface geochemistry
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
Positive geochemical anomaly + 2nd cross referenced technology test
Single metric test - positive anomaly
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Africa New Energies Limited Technical Advisory Committee Meeting Slide number 4527 February 2015
Lognormal paraffin distributions
East Namibia Background
y = 0.1921e2.4784x
R² = 0.9674
0.0
0.1
1.0
10.0
100.0
1,000.0
0.0% 20.0% 40.0% 60.0% 80.0% 100.0%
n-P
araf
fins
C2-C
4
Cumulative probability by ascending order of n-Paraffin results
n-Paraffins C2-C4 concentration
Blocks 2219 and 2319
n-Paraffin C2-C4 (Background)
n-Paraffin C2-C4 (Significant)
Expon. (n-Paraffin C2-C4 (Background))
The breakout from the background trend, shows the cut-off between the background and the significant levels of n-paraffins in the soils.
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Africa New Energies Limited Technical Advisory Committee Meeting Slide number 4627 February 2015
Predicting the nature of hydrocarbons
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Africa New Energies Limited Technical Advisory Committee Meeting Slide number 4727 February 2015
The Halo Effect - Ochu Juan Field
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Africa New Energies Limited Technical Advisory Committee Meeting Slide number 4827 February 2015
Financial Overview
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Africa New Energies Limited Technical Advisory Committee Meeting Slide number 4927 February 2015
Finances raised and deployed
Founders
R&D -
04 - 11,
£704k,
27%
Founders
loans -
11 - 14,
£324k,
12%Equity - seed
capital round,
£105k, 4%
Equity -
second
capital
round,
£1,256k,
48%
Consultin
g sales,
£43k,
1%
3rd party
creditors,
£104k,
4%
Sharehol
der
loans,
£97k,
4%
Sources of funds
Research
and
development
written off,
£704k, 27%
License
commitm
ents,
£307k,
12%Exploration costs, local
office and program set
up costs, £1,173k, 44%
Corporate
finance,
legal and
professio
nal costs,
£164k,
6%
O&M,
£285k,
11%
Use of funds
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Africa New Energies Limited Technical Advisory Committee Meeting Slide number 5027 February 2015
Immediate plans
Raise estimated £8.5MFull tensor gravity gradiometryProspectivity synthesis
Jul 2015 to Mar 2016
Jan 2015 to Jun 2015
Raise £1.65MComplete geochemical analysisGround magnetotelluricsComplete and synthesis pre-drilling activitiesCompetent persons report
By 2017
Achieve share priceappreciation multi-foldCommercial development andmonetization options
Drill first three exploration wellsTarget early discovery/(ies)
April 2016 to March 2017
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Africa New Energies Limited Technical Advisory Committee Meeting Slide number 5127 February 2015
Target capital expenditure
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Africa New Energies Limited Technical Advisory Committee Meeting Slide number 5227 February 2015
Progression of resource classification
Current
prospectiveContingent
Proven
Undeveloped
Proven
producingUnrisked mean prospective
scenario0.011 2.83 4.04 8.85
0.011
2.83
4.04
8.85
0.00
1.00
2.00
3.00
4.00
5.00
6.00
7.00
8.00
9.00
10.00
Exp
ecte
d s
hare
price p
er barrel
Nam
ibia
n f
iscal te
rms a
nd local ext
raction c
osts
Value per barrelbased on progressive resource reclassification
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Africa New Energies Limited Technical Advisory Committee Meeting Slide number 5327 February 2015
Training
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Africa New Energies Limited Technical Advisory Committee Meeting Slide number 5427 February 2015
Working with the community
Collection,
$75, 37%
Lab analysis,
$75, 38%
Reporting,
$50, 25%
Traditional - $200 per sample
Collecti
on, 40,
53%
Lab
analysis
, 36, 47%
Reporting, 0,
0%
ANE - $62 per sample
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Africa New Energies Limited Technical Advisory Committee Meeting Slide number 5527 February 2015
Community Permaculture Project
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Africa New Energies Limited Technical Advisory Committee Meeting Slide number 5627 February 2015
The community’s biggest problem
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Africa New Energies Limited Technical Advisory Committee Meeting Slide number 5727 February 2015
What is permaculture?
A set of design principles that copies natural
systems and apply those principles to
produce food/energy in a sustainable way.
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Africa New Energies Limited Technical Advisory Committee Meeting Slide number 5827 February 2015
Why permacultuire
Natural systems are the most efficient and
simple way of creating fertility.
These systems are not reliant on modern
infrastructure and are therefore accessible to
isolated communities with a limited capital
resources
In the long term permaculture is the most
water-efficient form of agriculture known
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Africa New Energies Limited Technical Advisory Committee Meeting Slide number 5927 February 2015
Top 7 community benefits
Food security: Giving the community the skills to grow their own food -
reducing the need for food aid, improving their quality of life.
Water security: Designing the landscape to capture and store water. Using
Ferro-cement tanks to store rain water for use of drinking and crops.
Soil building: Using mulching techniques and planting of specific nitrogen
fixing trees and ground covers allows for nutrient recycling.
Carbon capturing: Propagation of trees and using no-tilling techniques.
Health benefits: Introducing the community to a varied nutritional diet.
Sanitation: Use and treatment of grey water in food producing systems as
well as composting of animal waste through worm farming to reduce
places where insects breed and spread disease.
Education: Permaculture gives people pattern literacy enabling them to read
the environment and land use patterns for long term sustainability.
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Africa New Energies Limited Technical Advisory Committee Meeting Slide number 6027 February 2015
Contour Swales capturing rain water
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Africa New Energies Limited Technical Advisory Committee Meeting Slide number 6127 February 2015
Low cost Ferro-cement water tanks
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Africa New Energies Limited Technical Advisory Committee Meeting Slide number 6227 February 2015
Mulch protecting soil & feeding microbial life
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Africa New Energies Limited Technical Advisory Committee Meeting Slide number 6327 February 2015
Earthworm processing animal and plant waste
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Africa New Energies Limited Technical Advisory Committee Meeting Slide number 6427 February 2015
Turning Deserts into Food Forests
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Africa New Energies Limited Technical Advisory Committee Meeting Slide number 6527 February 2015
ANE’s first project – near Aminius
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Africa New Energies Limited Technical Advisory Committee Meeting Slide number 6627 February 2015
Questions