agosto 2011 1 - iapg · 2011-09-12 · the corporation ’s actual results, performance or...
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1Agosto 2011
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Forward Looking Statements
This presentation includes forward-looking statements, which are statements other than of historical fact, such as information regarding drilling potential and production forecasts. Factors that could cause actual results to differ materially from our expectations include exploration and development risks, commodity prices and operating hazards.
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and operating hazards.
A barrel of oil equivalent (boe), derived by converting gas to oil in the ratio of six thousand cubic feet of gas to one barrel of oil, may be misleading, particularly if used in isolation. A boe conversion is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead.
This slide is limited as to space in order to be readable if projected. Please review detailed risks and limitations statements at the end of this document.
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• Agenda– Quienes somos– Por qué en la Cuenca Neuquina y
particularmente en Neuquén?– La Cuenca Neuquina como oportunidad para – La Cuenca Neuquina como oportunidad para
Madalena.– Los Bloques en donde Madalena explora en
el contexto de los recursos no convencionales– Exposición de los bloques en los que
participa Madalena3
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Quienes somos?
• MADALENA AUSTRAL S.A. es una empresa argentina subsidiaria de Madalena Ventures Inc.
• Madalena Ventures Inc. es una empresa • Madalena Ventures Inc. es una empresa Canadiense que cotiza en la bolsa de Toronto (TSX) y cuyo directorio está compuesto por profesionales de larga trayectoria en la industria petrolera.
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Directorio de Madalena Ventures Inc.io
Dwayne Warkentin: President and Chief Executive Officer, Director
Anthony J. Potter: Vice President Finance and Chief Financial Officer, Director_____________________________________________________________________
Ray Smith: Chairman, Madalena Ventures Inc. andPresident and CEO, Bellatrix Exploration Ltd.
Quienes somos?
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President and CEO, Bellatrix Exploration Ltd.
Barry Larson: VP and COO, Parex Resources Inc. (formerly Petro Andina)
Michael J. Lock: President, Upsilon Holdings Ltd.
Keith Macdonald: President, Bamako Investment Management Ltd.
Jay Reid: Partner, Burnet, Duckworth and Palmer LLP
Ving Woo: Vice-President, Engineering and COO, Bellatrix Exploration Ltd.
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Objetivos Multiples
Areas en Neuquén
Know-How
Canada Argentina
Internacional
Quienes somos?
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Etapas de desarrollo
ExploraciónExplotación
Petróleo y Gas No ConvencionalPetróleo y Gas Convencional
Areas en NeuquénI. Coiron AmargoII. CuramhueleIII. Cortadera
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• Fuente del 50% de la producción de petróleo y gas en el país.
• Oleoductos, gasoductos e infraestructura disponible.
• Infraestructura de servicios desarrollada.
Por qué en la Cuenca Neuquina y particularmente en Neuquén?
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• Gobierno Provincial abierto a la industria con entendimiento de las necesidades de desarrollo de la misma.
• Madalena explora desde el año 2007 en tres Bloques con un total de 1132 km2:
I- COIRON AMARGO (35% después de FO)II- CURAMHUELE (90%)III- CORTADERA (40% después de FO)
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Roca Madre & Yacimiento
La Cuenca Neuquina como oportunidad para Madalena.
8Gas y Petróleo Convencional Tight Sands Shale Oil & Gas
• Vaca Muerta Petróleo
• Vaca Muerta Gas• S. Blancas P&G• L. Troncoso P&G• Avile P&G• Lotena Gas
• Mulichinco-Gas• Lotena-Gas• Quintuco Petróleo
• Agrio Inf.-Petróleo• Lajas-Gas
Yacimientos Entrampados
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SSSS
La Cuenca Neuquina como oportunidad para Madalena.
9Petróleo Petroleo y GasGas
SSSS
SSSS
SSSS
S Lutitas (Rocas Madre)
PetróleoGas
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Los Bloques en donde Madalena explora en el contexto de los recursos no convencionales (Vaca Muerta)
Una de las Principales Rocas Madre de la Cuenca Neuquina:
• Espesor: de 50-100m en el Este hasta ~+500m en el Oeste• Total Carbón Orgánico (TOC) - excelenteentre 2 y 7%• Ventana de maduración con Petróleo en el
Propenso a Petróleo
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• Ventana de maduración con Petróleo en el Este y con gas en el Oeste. (9,000 km2)
• El enfoque del crecimiento de Madalena esta planteado así:
- Bloque Coirón Amargo en la ventana rica en Petróleo- En los bloques Cortadera y Curamhuele en la ventana de Gas
Propenso a Gas
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Coirón Amargo
1- Convencional:- Sierras Blancas Crudo Liviano & Gas (al menos 8 estructuras identificadas)
2- Shale Oil:- Vaca Muerta (100m espesor promedio con 40m de sección
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- Vaca Muerta (100m espesor promedio con 40m de sección saturada de petróleo presumiblemente en todo el bloque)
3- Tight Sands: - Quintuco (Manifestaciones de petróleo en el bloque y yacimientos en producción alrededor)- Lotena - Gas (Yacimientos de Gas a los lados Este y Oeste del bloque)- Lajas (Potencial de gas mas profundo)
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Coiron Amargo (Contexto regional)
Area: 405 km²
• Porcentaje de Participación en el Bloque : 35%
• Zonas Principales:- Sierras Blancas Crudo Liviano- Vaca Muerta Shale Oil
• Zonas secundarias:- Lotena - gas de fracturas- Quintuco - potencial de petróleo
Entre LomasQuintuco
Desarrollo con pozos Horizontales 18 MM boe APCO et al
Borde MochoSierra Blancas3 MM boe
Charco BayoBorde Montuos Sierras BlancasSierras Blancas 300 MM boe12 MM boe
BandurriaQuintuco Disc Loma Jarillosa
Sierras Blancas Charco del Palenque
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petróleo
• Cercanía a yacimientos prolíficos de petróleo y gas natural siguiendo estructuras falladas.
• Pozos de alta productividad Cercanos a Coirón Amargo
• Descubrimientos recientes de Petróleo no convencional en Vaca Muerta en bloques cercanos a Coirón Amargo.
2 MM Sierras Blancas DiscLa JarillaLoma Montosa
560 240 6MM boeboepd boepd 337
boepdPuesto Silva OesteLotena
1 MM boe216
boepd
Loma De La LataSierras Blancas1,700 MM boe
Lindero AtrevesadoLotena35 MM boe
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Coiron Amargo (Proyectos Convencionales a Sierras Blancas)
• Reinterpretación de sísmica 3D.
• Cinco pozos perforados en estructuras diferentes en Sierras Blancas, cuatro en el
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Sierras Blancas, cuatro en el norte y una en el sur.
• 100% de éxito.
• El desarrollo será una combinación de pozos verticales y horizontales.
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Coirón Amargo (Proyecto no convencional - Shale Oil Vaca Muerta)
• 68 kilómetros lineales de fallas existentes identificadas, mejorando el fracturamiento natural.
• Productor vertical 10 km al norte con >720 mbbls producidos en 1 pozo 38 API
DST BdLT
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• YPF esta perforando pozos a Vaca Muerta con objetivo Petróleo a ~10 km hacia el Suroeste
• YPF ha perforado pozos con objetivo gas no convencional anunciando recursos potenciales de 4.5 TCF
DST BdLT
42 API
Productores recientes.
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Coirón Amargo (Proyecto no convencional - Shale Oil Vaca Muerta)
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Pozo CAS x-1 – Candidato para fractura en Vaca Muerta
• ~140 m Espesor Total
• ~40 m de Alta Calidad:
– Carbón Orgánico Total (TOC) arriba de 7%
Coirón Amargo (Proyecto no convencional - Shale Oil Vaca Muerta)
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7%
– Excelente Potencial de Hidrocarburos
– Manifestación de hidrocarburos durante la perforación.
– Maduración en la ventana de Petróleo
– Respuesta positiva a estimulación con ácido. ~1-5 m3/d surgente.
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Coirón Amargo (Proyecto no convencional - Shale Oil Vaca Muerta)
Abundantes manifestaciones de hidrocarburos durante la perforación
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Curamhuele y Cortadera en contexto regional
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Curamhuele y CortaderaMadalena realizó extenso estudio de geología de superficie en la región
Troncoso
5
10
15
20
25
30
Por
osity
(%
)
Troncoso – Eólico:• Espesor Promedio: 18 m• Porosidad: 10-22%• Permeabilidad hasta 550 md • El espesor podría ser el doble.
12-28 MMbbls OOIP/640 acres
FluvialEólico
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0
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15
Avile
0
5
10
15
20
25
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1 2 3 4 5 6 7 8 9 10 11 12
Por
osity
(%
)Avile - Eólico:• Espesor 10-35m, promedio 18 m.• Porosidad: 10-27%• Perm hasta 1800 md
7-22-66 MMbbls OOIP/640 acres
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Curamhuele y CortaderaMadalena realizó extenso estudio de geología de superficie en la región
Mulichinco
0
5
10
15
20
25
30
1 2 3 4 5
Por
osity
(%
)
Mulichinco- Abanico Aluvial:• Espesor 30-50 m • 200 m bruto en secuencias apiladas • Porosidad 5-7%, permeabilidad por fracturas.•>25+++ BCF OGIP/640 Acres• Yapai X-1 Pozo de gas rico en
25-60 BCF OGIP/Section
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• Yapai X-1 Pozo de gas rico en líquidos.• Cortadera CorS X-1 perforó esta zona recientemente.
Agrio Inferior:• Formación marina somera• 100+ m Espesor bruto• Porosidad 4-7%, perm. Por frac• Curamhuele X-1 Pozo de crudo liviano.
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Curamhuele
1- Convencional- Troncoso Inferior y Avilé
2- Tight Sands- Agrio Inferior.- Mulichinco: (Yapai x-1 y Curamhuele x-1 comprobaron
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Curamhuele x-1 comprobaron producción)
3- Shale Gas:- Vaca Muerta: (Espesor de 200 a 400m en el bloque)
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Curamhuele
• Madalena realizó una sísmica 3D sobre 120 km2 del área
• Se perforaron dos pozos en base a los resultados de la sísmica y la información resultados de la sísmica y la información disponible del área:– Curamhuele.x-1001– Yapai.x-1001
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Curamhuele (Proyecto convencional)Perforación Curamhuele.x-1001
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Curamhuele (Proyecto convencional)Perforación Yapai.x-1001
500
0
-500
Malargüe
NW SEMadalena - Yapai X-1001 <400m> San Jorge - Yapai X-1
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-2500
-2000
-1500
-1000
Agrio Inferior
Mulichinco
Vaca Muerta
Agrio Superior
-3000
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Curamhuele (Proyecto no convencional)Ensayo del Yp.x-1 Mulichico – Tight Sand
Instalaciones de producción Filo
Morado
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Cortadera
1- Convencional:- Troncoso y Avile: (Trabajo de campo muestra muy buenos espesores y calidad de reservorio en los afloramientos dentro del bloque)
2- Tight Sands
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2- Tight Sands- Mulichinco: (200m, gas probado en bloques aledaños. Quintuco: Puede ser promisorio.
3- Shale Gas:- Vaca Muerta: (300 – 500+) Operadores grandes alrededor del bloque.
CorS- X1
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Cortadera
• Madalena realizó una sísmica 3D de 115 km2 en la zona sur del bloque.
• Se realizó el procesamiento y un largo trabajo de interpretación.trabajo de interpretación.
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Cortadera
CorS.X-1 Pozo con objetivos de tight gas y shale gas.
• Objetivos Principales:– Mulichinco: – Vaca Muerta:
• Otros:
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•– Quintuco– Tordillo
• Sísmica 3D adicional al futuro.
•Pozo en faja plegada con objetivos convencionales de P&G aun no se ha perforado en el bloque.
CorS.x-1
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Madalena Resumen de los 3 Bloques
• Área Bruta ~1100 km2, Área Neta ~500 km2, todos con hidrocarburos probados y objetivos perforables identificados.
• Todos los bloques en la Cuenca de Neuquén
• Múltiples formaciones objetivo : Convencional y no convencional
• Prospectos de diferente tipo: Trampas estructurales y estratigráficas,
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• Prospectos de diferente tipo: Trampas estructurales y estratigráficas, amplios prospectos en roca madre.
• Diversidad de productos: Petróleo, Gas, Condensado.
• Con operadores grandes entrando en el área se espera aceleramiento en el crecimiento de servicios para prospectos no convencionales de petróleo y gas.
• La escases de hidrocarburos significa mayores costos de importación augurando incentivos y crecimiento de Exploración y Producción local.
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Bloque I - Coirón Amargo:• Transición de exploración a desarrollo mediante perforación y construcción
de instalaciones de producción.• Evaluar la formación Vaca Muerta mediante perforación y fracturamiento.
Bloque II - Curamhuele:• Perforar zonas de truncamiento y faja plegada (Curamhuele x-1001 y Yapai
x-1001).
Madalena 2011 - 2012 Activity
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x-1001).• Evaluar Yapai x-1001 e iniciar desarrollo si es el caso.• Establecer producción temprana y generar flujo de caja.• Adquirir sísmica 3D en la parte sur del bloque.
Bloque III - Cortadera:• Perforar Mulichinco – tigh sand & Vaca Muerta – Roca Madre (CorS x-1)• Probar el recurso potencial de tight sand y shale. (CorS x-1)
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Forward Looking Information and Statements
The information in this presentation contains certain forward-looking statements. These statements relate to future events or our future performance. All statements other than statements of historical fact may be forward-looking statements. Forward-looking statements are often, but not always, identified by the use of words such as "seek", "anticipate", "plan", "continue", "estimate", "approximate", "expect", "may", "will", "project", "predict", "potential", "targeting", "intend", "could", "might", "should", "believe", "would" and similar expressions. These statements involve substantial known and unknown risks and uncertainties, certain of which are beyond the Corporation’s control, including: the impact of general economic conditions; industry conditions; changes in laws and regulations including the adoption of new environmental laws and regulations and changes in how they are interpreted and enforced; fluctuations in commodity prices and foreign exchange and interest rates; stock market volatility and market valuations; volatility in market prices for oil and natural gas; liabilities inherent in oil and natural gas operations; uncertainties associated with estimating oil and natural gas reserves; competition for, among other things, capital, acquisitions, of reserves, undeveloped lands and skilled personnel; incorrect assessments
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inherent in oil and natural gas operations; uncertainties associated with estimating oil and natural gas reserves; competition for, among other things, capital, acquisitions, of reserves, undeveloped lands and skilled personnel; incorrect assessments of the value of acquisitions; changes in income tax laws or changes in tax laws and incentive programs relating to the oil and gas industry ; geological, technical, drilling and processing problems and other difficulties in producing petroleum reserves; and obtaining required approvals of regulatory authorities.
The Corporation’s actual results, performance or achievement could differ materially from those expressed in, or implied by, such forward-looking statements and, accordingly, no assurances can be given that any of the events anticipated by the forward-looking statements will transpire or occur or, if any of them do, what benefits that the Corporation will derive from them. These statements are subject to certain risks and uncertainties and may be based on assumptions that could cause actual results to differ materially from those anticipated or implied in the forward-looking statements. The Corporation’s forward-looking statements are expressly qualified in their entirety by this cautionary statement. The forward-looking information and statements contained in this presentation speak only as of the date hereof, and the Corporation assumes no obligation to publicly update or revise them to reflect new events or circumstances, except as may be required pursuant to applicable laws. Except as required by law, the Corporation undertakes no obligation to publicly update or revise any forward-looking statements. Investors are encouraged to review and consider the additional risk factors set forth in the Corporation's Annual Information Form which is available on SEDAR at www.sedar.com.
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Oil and Gas Disclosures
All amounts in this presentation are stated in Canadian dollars unless otherwise specified. In accordance with Canadian practice, reserve and similar volumes and production volumes and revenues are reported on a gross basis, before deduction of royalties, unless otherwise stated.
Where applicable, natural gas has been converted to barrels of oil equivalent ("BOE") based on 6 Mcf:1 BOE. The BOE rate is based on an energy equivalent conversion method primarily applicable at the burner tip and does not represent a value equivalent at the wellhead. Use of BOE in isolation may be misleading.
This presentation may also contain references to "PIIP" and the term "recoverable", which are not and should not be confused with references to oil and gas reserves.
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references to oil and gas reserves.
PIIP is that quantity of petroleum that is estimated to exist originally in naturally occurring accumulations. It includes that quantity of petroleum that is estimated, as of a given date, to be contained in known accumulations, prior to production, plus those estimated quantities in accumulations yet to be discovered. PIIP is comprised of Discovered PIIP and Undiscovered PIIP
Discovered PIIP is that quantity of petroleum that is estimated, as of a given date, to be contained in known accumulations prior to production
All references throughout this presentation referring to oil and natural gas reserves and production rates have been obtained from the National Secretary of Energy of Argentina and are stated as proven plus probable reserves. The estimates of proven plus probablereserves have not been prepared in accordance with the Canadian Oil and Gas Evaluation Handbook (the "COGE Handbook") or National Instrument 51-101 Standards of Disclosure for Oil and Gas Activities ("NI 51-101") and the Corporation cannot confirm whether such estimates have been prepared by a person who meets the definition of a "qualified reserves evaluator" in NI 51-101; therefore, the estimates may differ materially from estimates prepared in accordance with the COGE Handbook and NI 51-101.