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Investor Presentation February 2006 Placing and Admission The Team Johnny Greenall - Non-Executive Chairman Stockbroker with more than 40 years experience Steve Boldy ... – PowerPoint PPT presentation

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Title: Investor Presentation


1
  • Investor Presentation
  • February 2006

2
  • This information contained in this document is
    derived from a draft admission document which is
    in the course of preparation and which is itself
    subject of updating, completion, revision,
    verification and amendment. It has been prepared
    by and is the sole responsibility of Lansdowne
    Oil Gas plc (Company). This document
    comprises a financial promotion and has been
    approved for issue for the purposes of Section 21
    Financial Services and Markets Act 2000 by John
    East Partners Limited, which is authorised and
    regulated by the Financial Services Authority and
    is acting as nominated adviser and broker to the
    Company in connection with the proposed admission
    of its entire issued and to be issued share
    capital to trading on the AIM market of London
    Stock Exchange plc (Admission) and a placing of
    its Ordinary Shares, issued and to be issued,
    (Placing). This document does not constitute,
    or form part of, any offer or invitation to sell
    or issue, purchase or subscribe for, any shares
    in the Company nor shall this document or any
    part of it, or the fact of its distribution, form
    the basis of, or be relied on in connection with,
    any contract therefor. In particular, this
    document may refer to certain events as having
    occurred which may not have occurred on the date
    it is published but which are expected to occur
    prior to the publication of the final document
    relating to the Placing and Admission
    (Document).
  • Recipients of this document who decide to
    subscribe for securities of the Company following
    the publication of the Document are reminded that
    any application so to subscribe for or purchase
    may only be made on the basis of the information
    contained in the Document, which may be different
    from the information contained in this document
    and will contain additional information. No
    reliance may be placed for any purpose whatsoever
    on the information contained in this document or
    on its completeness.
  •  
  • This document is being provided to recipients
    solely for their information and on the basis
    that they will keep confidential any information
    contained herein or otherwise made available,
    whether oral or in writing, in connection with
    the Company. Unless or until the final Document
    is published, the information contained in this
    document is confidential and must not be copied,
    published, reproduced, distributed or passed in
    whole or in part to others at any time without
    the prior written consent of John East Partners
    Limited, as agent for the Company.
  •  
  • This document should not be distributed directly
    or indirectly to any persons with addresses in
    the United States, Canada, Japan, South Africa or
    Australia or their respective territories and
    possessions, or to any corporation, partnership
    or other entity created or organised under the
    laws thereof, or in any other country outside the
    United Kingdom where such distribution may lead
    to a breach of any legal or regulatory
    requirement. United States means the United
    States of America, each of its states, its
    territories and possessions and the District of
    Columbia. The Ordinary Shares have not been and
    will not be registered under the United States
    Securities Act of 1933, as amended (the US
    Securities Act), or the relevant Canadian,
    Japanese, South African or Australian securities
    legislation and therefore the Ordinary Shares may
    not be offered, sold, transferred or delivered
    directly or indirectly in the United States or
    Canada, Japan, South Africa or Australia or their
    respective territories and possessions, except
    pursuant to an exemption from, or in a
    transaction not subject to, the registration
    requirements of the relevant jurisdiction.
    Ordinary Shares may be offered to certain persons
    in the United States at the sole discretion of
    the Company in a manner designed not to
    contravene the laws of any part of the United
    States or to require registration of the Ordinary
    Shares under the US Securities Act and, in
    particular, may be offered to qualified
    institutional buyers (as defined in Rule 144A
    under the US Securities Act) in reliance on the
    exemption from the registration requirement of
    the US Securities Act provided by Rule 144A or in
    offshore transaction made in reliance on
    Regulation S under the US Securities Act.
  •  
  • No representation or warranty, expressed or
    implied, is made or given by or on behalf of the
    Company or John East Partners Limited or any of
    their respective directors, officers, partners,
    employees or advisers or any other person as to
    the accuracy of the completeness of the
    information or opinions contained herein and no
    responsibility or liability is accepted by any of
    them for any such information or opinions.
  •  
  • John East Partners Limited is acting only for
    the Company and Ramco Oil Gas Limited in
    connection with the Placing and Admission and is
    not acting for or advising any other person or
    treating any other person as their customer in
    relation thereto and will not be responsible for
    providing the protections afforded to their
    customers or for advising any other person in
    relation to the matters contained herein or on
    any matters concerning the Placing and Admission.
    The information contained in this document has
    been prepared solely for the purposes of the
    Placing and Admission and is not intended to
    inform or be relied upon by any subsequent
    purchasers of Ordinary Shares (whether on or off
    exchange) and accordingly no duty of care is
    accepted in relation to them.

3
Placing and Admission
  • Placing to raise 7.5 million Placing on
    behalf of Ramco Energy plc to raise 3 million
    and Admission to AIM

4
The Team
  • Johnny Greenall - Non-Executive Chairman
  • Stockbroker with more than 40 years experience
  • Steve Boldy Chief Executive Officer
  • Geologist with 25 years experience
  • 3 ½ years - PAD Dublin
  • 19 years - Amerada Hess
  • 3 years - Ramco Dublin Ireland
  • Chris Moar - Finance Director Company Secretary
  • CA with 18 years post - qualification experience
  • 3 years - Ernst Young
  • 3 years - Baker Oil Tools
  • 12 years - Ramco
  • Viscount Tim Torrington Non - Executive
    Director
  • Geologist with 40 years experience in resources
    sector
  • Steven Bertram Non- Executive Director
  • Managing Director of Ramco Energy plc

5
Strategy
  • Create value through discovery of oil and gas on
    Irish continental shelf
  • Exploration/Appraisal Promoter
  • Focused on shallow water /low cost/high value
    opportunities
  • Farm-out to achieve drilling and reduce risk
  • Retain 15 30 non - operated interest post
    farm-out
  • Objective multiwell programme in 2006/2007
  • Inishbeg offshore Donegal (carried through well
    retaining 19.25 post well)
  • Seven Heads Oil (potentially carried through well
    retaining 29.6 post well)
  • Rosscarbery
  • Midleton

6
Lansdowne position in Ramco Group
100
c. 55
  • All Irish exploration assets in Lansdowne
  • Stephen Boldy sole Lansdowne employee
  • Relationship agreement with Ramco to ensure arms
    length terms
  • Board controlled by non Ramco directors

7
Lansdowne Pre-IPO Fundraising
  • Lansdowne has raised c.750,000 in a pre-IPO
    funding from major institutions
  • Application of funds
  • Accelerate work programme on existing portfolio

8
Why Ireland?
  • Proven petroleum systems
  • Excellent fiscal terms allow robust returns for
    companies potentially resulting in high value
    reserves
  • Extensive acreage available
  • Extensive released well and seismic database
    available at low cost
  • Shallow water and shallow targets provide low
    cost opportunities
  • Competition currently less intense than UK Sector
  • Build upon established good relations with
    Government and other stakeholders

9
Oil Gas Market Fundamentals
  • Oil
  • Oil price recently at record high
  • Demand continuing to grow driven by China / India
  • Limited additional supply capacity
  • Long term outlook for oil prices now very bullish

10
Oil Gas Market Fundamentals
  • Gas
  • Healthy gas market in Ireland with prices linked,
    but at premium to, UK National Balancing Point
    (NBP) Price
  • Strong growth in gas demand mainly driven by
    increased demand for natural gas fired
    electricity generation
  • Since 2001 Ireland has been importing more than
    80 of gas through interconnector from UK
  • UK expected to import approximately 40 of UK gas
    supply by 2010
  • Security of supply an increasing concern, driving
    the search for indigenous gas

11
Ireland - Gas fuels the economy
TPER Total Primary Energy Requirement
Source IOOA 2003
12
Gas Imports and Indigenous Supply Split
(1995 2004)

Source IOOA/CER
13
Irish Gas Market Demand
Source CER 2005 Gas Capacity Statement 2005
14
Getting Gas to Market
  • Transmission network extends from the Inch
    terminal to Moffat
  • Extension planned to Mayo for Corrib gas
  • BGÉ owns and operates the system
  • Access governed by the European Gas Directive
    (98/30/C)

Irish Gas Transmission System
15
Ireland Oil Gas Opportunity
Gas Gross prospective resources (BCF) Prospective resources net to Lansdowne (BCF) Lansdowne NPV15 (US Million) Lansdowne NPV10 (US Million)
Donegal 1,229 236 119 200
Celtic Sea 152 131 155 194
Total Gas 1,381 367 274 394
Oil Gross contingent resources (mmstb) Contingent resources net to Lansdowne (mmstb)
Seven Heads 79 23 72 104
Total Oil Gas 346 498
Assumptions Gas 30p per therm Oil 35 per
barrel Extracted from Scott Pickford Valuation
Report
16
Donegal Basin - Opportunity
17
Donegal Basin Summary
  • Exploration Licence 1/05 awarded January 2005
  • Lansdowne carried through well to test Inishbeg
    Prospect, retaining 19.25 interest post -
    exploration well
  • Well expected to commence operations in June 2006
  • Inishbeg Prospect
  • Large, four-way dip-closed anticline structure
  • Shallow water c. 100m
  • Inishtrahull follow-on opportunity
  • Donegal Licensing Round underway closing March
    2006
  • Considering making an application

18
Donegal Basin Opportunity
Prospect Chance of success Gross prospective resources (BCF) Prospective resources net to Lansdowne (BCF) Lansdowne NPV15 (US Million)
Inishbeg 12.5 873 168 93
Inishtrahull 12.5 356 68 26
Total 1,229 236 119
Assumption Gas 30p per therm Extracted from
Scott Pickford Valuation Report
19
Celtic Sea Opportunity Cretaceous Gas Fairway
Midleton
East Kinsale
Rosscarbery
Seven Heads Oil
20
Celtic Sea Opportunity - Gas
Prospect Chance of success Gross prospective resources (BCF) Prospective resources net to Lansdowne (BCF) Lansdowne NPV15 (US Million)
Midleton 32 44 44 56
Rosscarbery Greensand Wealden 19 35 86 66 76
East Kinsale 20 22 21 23
Total 152 131 155
Assumption Gas 30p per therm Extracted from
Scott Pickford Valuation Report
21
Celtic Sea Opportunity - Oil
  • Seven Heads Oil Licensing Option
  • Three wells have tested oil (39 to 42 degree API)
    at rates between 1300 and 1600 bopd
  • High wax 12 to 22 by weight
  • Shallow water (300ft) and shallow reservoirs
    (4500 to 7000ft)
  • Scott Pickford state Most likely 513 million
    barrels in place

22
Celtic Sea Opportunity - Oil
  • Seven Heads Oil Licensing Option
  • Lansdowne being carried through work programme
  • Potential carry through appraisal well
  • Lansdowne 29.6 equity post - appraisal well
  • Best Case
  • Two Phase development
  • Well Head Production Platforms with minimum
    facilities
  • Leased FPSO with heated storage
  • Contingent Resources of 79 mmbo, 23 mmbo net to
    Lansdowne
  • Lansdowne net NPV15 72 million

23
Lansdowne Fund Raising
  • Propose raising 7.5 million (before expenses)
    for 32 of Lansdowne, valuing pre-money Lansdowne
    at 16 million
  • Application of funds
  • Working capital through completion of technical
    studies and farm-out
  • Seed capital for new promote ventures in
  • Ireland
  • UKCS
  • Significant proportion of net proceeds of Placing
    may be utilised to fund a proportion of drilling
    costs to maintain higher interest

24
Lansdowne Low Cost Operation
  • Steve Boldy only full - time employee
  • Continue to utilise Dublin serviced office with
    low overheads
  • Management, Finance and Administration support to
    be provided by experienced Ramco Aberdeen team on
    part time basis
  • Geoscience support to continue to be provided by
    external consultants Merlin Energy
  • Approach allows a significant part of new funds
    to be applied to evaluate and move forward
    existing and new venture exploration and
    appraisal opportunities

25
Summary
  • Exploration opportunity for high value gas and
    oil reserves
  • Established position in Ireland
  • Experienced Management Team
  • Mature Prospect Inventory
  • First two farm-outs in place
  • Carried drilling planned in 2006
  • Additional New Venture opportunities identified

26
  • Investor Presentation
  • February 2006
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