Summary
Very Large Oil Resource – 619 MMbbls of oil – Best Estimate Prospective Resource level –Shallow Depths
October 2014 drilling activity e.g. Pryderi-1 – Potential NPV10 40 MMBBLS ~ $765m (100%) (fully funded by CalEnergy Farmout)
- IPB diluted interest 40% ($306m NPV)
- 27 Other follow up Prospects and Leads 2 Permits
Highly qualified Board & Management Team
Market Capitalisation at 29c, 15 July 2014: $32m
Strategy
Early entry with high equity strategic position
Manage downside risk:
- Gwydion –Mathonwy (GMG ) Potential commercialisation ~ 5 MMbbls Contingent, and 2 MMbbls Prospective, Oil Resources (P50) 100%
– New Ventures (Underway)
Early part of E&P life-cycle very high reward, but with a plan to manage risks
Operate only up to FID / Introduce Value Add Partners.
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