asx: scy for personal use only · leveraged for growth 4 100,000 km2 un-explored onshore...

January 2013

Investor Presentation

Leveraged for Growth

100,000 km2 oil exploration block in Sudan

Prospective resource of 1.5 billion barrels

Highly experienced Management Team in Perth and Khartoum

ASX: SCY

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Leveraged for Growth 2 www.siroccoenergy.com.au

Early Mover in Sudan

Capital Structure

Minimum Subscription

Maximum Subscription

Shares on issue at time of Prospectus

32,645,347 32,645,347

New Shares 20,652,174 35,652,174

Total Shares (undiluted) 53,297,521 68,297,521

Options (exercising $0.25 -$0.69)

6,456,525 6,831,525

Total Shares (Diluted) 59,754,046 75,129,046

Market Capitalization (Undiluted)

$10.7million $13.7 million

Highlights

49.9% shareholding in African focussed explorer holding a 75% working interest in highly prospective 100,000 km2 onshore exploration block in Sudan (37.4% beneficial share)

CPR indicates 1.5 billion barrel gross un-risked prospective resources

Block surrounded by multi-billion barrel oil producing provinces

Unexplored Mourdi and Mesaha sub-basins within block

Exploration activity in Sudan and neighbouring regions increasing, drilling in adjacent acreage in 2012 and 2013

Sirocco Energy Limited has recently changed its name from Agri Energy Limited

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Strong Leadership with a Track Record of Exploration Success

Dougal Ferguson

FINANCE DIRECTOR

Over 20 years’ corporate and financial experience in the oil and gas sector

Upstream technical, commercial and capital markets experience

Principal architect of merger acquisition by Salinas Energy of Neon Gas in 2010, resulting in ASX 300 Neon Energy (ASX:NEN)

Internationally has worked in commercial roles for Premier Oil plc, Hess Corporation in the United Kingdom, and Brightoil Petroleum Limited (HKSE)

Greg Channon

MANAGING DIRECTOR

Over 25 years’ experience in oil industry, most recently Executive Director of Brightoil Petroleum Limited (HKSE)

Trained across geoscience disciplines and as a qualified person

Previously held management roles with Santos, Fletcher Challenge Energy, Shell, Swift Energy, Salinas

Discoveries across Cooper Basin , Timor Sea, New Zealand and the USA

Michael Earle

JOC PRESIDENT

Based in Khartoum, Sudan

Petroleum Geologist with 28 years’ experience

PhD in geology from University of London

Worked for BP, Hess, Lasmo and OMV. International focus, with expatriate assignments completed in nine countries

Experienced in North Africa (Sudan, Libya and Egypt), Middle East, SE Asia and Europe

Pat Burke

NON-EXECUTIVE DIRECTOR

15 years legal experience with law firms and companies in Australia and Ireland

Expertise in corporate, commercial and securities law with an emphasis on capital raisings and mergers and acquisitions

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100,000 km2 un-explored onshore exploration block

Net 37.4% to Sirocco

Two sub-basins identified on gravity and existing seismic

“Early Mover” status in post-separation Sudan

Competitive process to win block, many international participants

Ground floor opportunity

low entry cost

US$2 million signature bonus (gross)

50 B bbls Reserves

10.6 B bbls Reserves

2.2 B bbls Reserves

1.9 B bbls Reserves

7.2 B bbls Reserves

6.0 B bbls Reserves

Block 14 – Sudan’s best exploration address with a 1.5 billion bbl resource

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Majors Now Targeting Region

Higher level of activity at the present time

Well in Block 12A (Al Qahtani and partners) to the south

El Mesaha Block (Petroceltic and partners) in Egypt are drilling immediately to the north

Majors returning to Libya

Further licencing activity in Chad and Sudan

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Independent Expert identifies 1.5 billion bbls

Estimated number of potential traps 30

Best estimate of trap size 50 mmbbls

Gross un-risked prospective resource 1,500 mmbbls

Net un-risked prospective resource (Sirocco at 37.4%) 560 mmbbls

Senergy (GB) Limited independently validates plays in Block 14

Frontier but potentially high reward hydrocarbon exploration acreage

Based on analogue with the Muzurq Basin, and an estimate that 25-35% of the entire block is prospective, Senergy estimate 30 traps can be identified

Predicted field size distribution of traps

Low (P90) 20 mmbbls

Best estimate 50 mmbbls

High (P10) 200 mmbbls

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De-risking Process to Increase Value

Significant de-risking can occur in Block 14 over 12-18 months The above de-risking can be realized prior to drilling a well reducing the risks of

dilution through raising capital

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The Mesaha Block in Egypt is adjacent to Block 14

Operated by Melrose Petroleum Plc, with partners Beach Energy Ltd, Hellenic Petroleum SA and Kufpec

2,500km seismic acquired in 2010–12, following basin definition by gravity in 2009

Mesaha-1 is designed as a combination structural and stratigraphic test to evaluate as much of the sedimentary package as possible

The drilling will assist in defining the prospectivity of the basin and the Block 14 potential

Near Term News Flow - El Mesaha Block Egypt

Source: From Petroceltic website

Mesaha-1

Proposed TD 3,000m

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Oil producing country with good infrastructure and systems

High prospectivity with country-wide exploration success >50%

Strong basin analogues in surrounding countries

Majors already exploring and producing:

CNPC

Petronas

ONGC

International contractors and service providers already in place

2012 Licensing Round attracted ~70 bidders, including many western companies. All blocks were awarded to international companies

Sudan’s Mature Oil Industry

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Block Data

gravity

340km x 229km

2D seismic

13 lines, ~1,200km

well

SW- 1 shallow stratigraphic well

Bouguer gravity data over western Block 14 shows two main depo-centres, identified as the Mourdi and Mesaha Sub-basins.

Mesaha Mesozoic Graben?

A

B

C

D

No Data

A B C D

Dep

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Gravity and Seismic Identifies Two Sub-Basins

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Over 1,000 boreholes drilled

Significant hydrocarbon indications from extensive micro-biological sampling over primary lead

Early indication of petroleum system in block

Microbiological Survey identifies Hydrocarbons

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Previous Field Activity

2005

Airborne gravity and magnetic survey in by Sudapet and Petro SA

2007-2008

1,200km seismic by Salima Operating Company (PetroSA)

Microbial geochemical survey

Ground gravity and magnetic survey

Geological surveys

Block 14 is remote, un-inhabited, safe, access all year round

Block 14 – Onshore, Safe, Accessible

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Block 14 minimum work commitments

Agreed minimum work program Estimated minimum

expenditure (100% (US$) Minimum expenditure

Sirocco share 41.6%1 (US$)

First 3 Year Commitment

Geology and geophysical studies and gravity 2,000,000 831,667

1,000km 2D seismic acquisition 3,000,000 1,247,500

Drill one exploration well 7,000,000 2,910,833

Minimum first commitment 2012–2015 12,000,000 4,990,000

1 Joint Venture: Earning Paying Statesman Resources Limited 37.6% 41.8% Sirocco Energy Limited 37.4% 41.6% Express Petroleum 15.0% 16.7% Sudapet (carried) 10.0% 0.0%

Statesman Africa Limited For

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Seeking Funding for an Active Exploration Program

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News Flow and Value Drivers

Q3 2012 Dec 2013

ASX re-compliance and prospectus

Technical desktop studies

Reinterpretation of seismic

New resource estimate Seismic acquisition

Procurement of Block 14 and signing of EPSA

Exploration well planning

Jan 2013 Jul 2013

Drilling in Block 12A

Publication of CPR 560 MMbbls prospective resource to Sirocco

El Mesaha drilling result Sudan Block 12A drilling Prospect generation

New resource estimate

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Experienced Leadership Team in Perth and Khartoum

Highly leveraged to potential oil province with 1.5 billion bbl prospective resource

Clear de-risking process to add significant value

Increasing Exploration Activity in the region

Why Invest in Sirocco?

How to Invest in Sirocco

Prospectus open until 31 January 2012

Available from www.siroccoenergy.com.au

For further information contact:

Greg Channon Managing Director

+61 404 879 307 [email protected]

Dougal Ferguson Finance Director


Chris Whiteman Advisor Taylor Collison


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http://www.siroccoenergy.com.au/


Certain statements contained in this presentation, including information as to the future financial or operating performance of SIROCCO ENERGY LIMITED (SIROCCO ENERGY) and its projects, are forward looking statements. Such forward looking statements:

are necessarily based upon a number of assumptions and estimates that, while considered reasonable by SIROCCO ENERGY, are inherently subject to significant technical, business, economic, competitive, political and social uncertainties and contingencies;

involve known and unknown risks and uncertainties that could cause actual events or results to differ materially from estimated or anticipated events or results reflected in such forward looking statements; and

may include, among other things, statements regarding targets, estimates and assumptions in respect of production, prices, operating costs, results, capital expenditures, reserves and resources and anticipated flow rates, and are or may be based on assumptions and estimates related to future technical, economic, market, political, social and other conditions

SIROCCO ENERGY disclaims any intent or obligation to update publicly any forward looking statements, whether as a result of new information, future events or otherwise.

All forward looking statements made in this presentation are qualified by the foregoing cautionary statements. Investors are cautioned that forward looking statements are not guarantees of future performance and accordingly investors are cautioned not to rely on forward looking statements due to the inherent uncertainty therein.

Disclaimer

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asx: scy for personal use only · leveraged for growth 4 100,000 km2 un-explored onshore...

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