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SAPEX Limited

SAPEX Limited. COMPANY PRESENTATION July 2006. SAPEX COMPANY OBJECTIVES. Become a successful and significant explorer and producer of oil & gas in South Australia: 1: discover, develop & produce oil 2: discover, produce coal-seam-gas (CSG) 3: possibly develop/commercialize coal

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SAPEX Limited

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  1. SAPEX Limited COMPANY PRESENTATION July 2006 SAPEX Limited

  2. SAPEX COMPANY OBJECTIVES • Become a successful and significant explorer and producer of oil & gas in South Australia: • 1: discover, develop & produce oil • 2: discover, produce coal-seam-gas (CSG) • 3: possibly develop/commercialize coal • Act responsibly with respect to Aboriginal Heritage and the environment. SAPEX Limited

  3. SAPEX --- Introduction (1) • Andrew Andrejewskis • Managing Director • Geologist, 30+ years in petroleum industry, 10 years in SA & NT Government, senior management. • Worked throughout Australia, New Zealand & other overseas areas on petroleum projects. SAPEX Limited

  4. SAPEX --- Introduction (2) • Board of Directors & technical advisers combined have more than 100 years of practical petroleum industry experience. • The Board has members with many years of legal, financial and management experience in resource companies. • Company will be based in Adelaide • SAPEX currently is unlisted, public company. SAPEX Limited

  5. Location of PEL’s Arckaringa Basin SAPEX Limited

  6. Arckaringa Basin SAPEX Limited

  7. Capital to fund Company Operations • SAPEX has capital to fund: • Negotiations to reach agreement with Native Title Claimants then obtain grant of PEL’s in Arckaringa Basin • Preliminary planning for exploration programs • Will secure funds from public investors for exploration, which starts when PEL’s granted. SAPEX Limited

  8. Petroleum Exploration • High risk: - only 10% is successful • Exploration very expensive; different from minerals: • Seismic survey: 500km: ~ $2.5 million • Petroleum Exploration Well: ~$1.2-1.8 million • CSG well: ~ $100-200 thousand • Seismic surveys and drilling must be done to find oil & gas • BUT no guarantee of success. SAPEX Limited

  9. Arckaringa Basin Exploration Programs • “Frontier Basin” i.e. unexplored • Need to define prospects for drilling and find new prospects • Plan seismic surveys of approx. 300 km detail prospect and 500 km regional in Year 1; cost $4-5 million • Drill 2-3 oil exploration wells about end Year 1 - Year 2 (when drilling rigs available) • cost: ~ $2.5 million (2 wells) • CSG wells: drill 4-6 pilot wells in Year 1- Year 2; • cost: $400,000-600,000 +. SAPEX Limited

  10. SAPEX is Committed to: • Protection of Aboriginal Heritage and obtaining clearances • Protection of Environment • Fulfilling requirements of SA Legislation and regulations for rehabilitation of land • Conduct heritage surveys, protect important Aboriginal sites & objects • Promote training & employment opportunities for Aboriginal people where possible SAPEX Limited

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