Corporate Presentation 10.2013

Corporate Presentation
10.2013
Elevator Pitch: Why invest in Activa Resources?
Activa in short
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Operating in one of the most dynamic oil and gas markets in the world
Main asset OSR-Halliday is in sweet-spot of one of America‘s best oil plays
25% p.a. revenue growth since 2010 set to be maintained in 2014-2016
Production consistently raised to 340 BOED
Monthly revenues at record level exceeding EUR 600,000
USD 89 million value of proven reserves (PV10) – 117% growth since 2009
Management is executing a well-defined growth strategy with its existing project portfolio
Project portfolio combines high-potential assets which can be developed in a low-risk strategy
OSR-Halliday:
Activa‘s main
producing asset
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First 5 horizontal wells successfully drilled and on production, thus significantly de-risking the asset
Potential for 20 million barrels primary production from 56 wells from main Woodbine formation
Additional potential from other horizons
6th horizontal well to spud in October 2013, further wells in 2014
M&A activity suggests implied potential value of up to EUR 12 per Activa Resources share
Strategy
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Focus on developing oil assets and hold natural gas leases for future development
Develop and exit individual projects at multiples of invested dollars
Risk-minimisation by ensuring projects are quickly self-funding
Increased focus on high-potential opportunities and continued sales of non-core assets
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Contents
Elevator Pitch: why invest in Activa Resources? .....……2
1. General Information ..…………………………...…….4
2. Projects ...…...………………………………….……..7
3. Facts and Figures ..…………………………………23
 Financial data ......……..………………..…....24
 Shares ...……………………………………….27
 Bonds ..………………………………………...28
4. Strategy and Outlook ..………………………………29
5. Contact ……………………………………………….33
Glossary
1P
2P
-
3P
-
BOE BCF -
Proven oil and natural gas reserves
Proven and probable oil and natural gas
reserves
Proven, probable and possible oil and
natural gas reserves
Barrels of oil equivalent
Billion cubic feet
Disclaimer
This document includes forward-looking statements. Forward-looking statements include, but are not limited to, statements concerning estimates of expected drilling
and development wells and associated costs, statements relating to estimates of, and increases in, production, cash flows and values and other statements which are
not historical facts. When used in this document, the words such as "could," "plan," "estimate," "expect," "intend," "may," "potential," "should," and similar expressions
are forward-looking statements. Although Activa believes that its expectations reflected in these forward-looking statements are reasonable, such statements involve
risks and uncertainties and no assurance can be given that actual results will be consistent with these forward-looking statements. Important factors that could cause
actual results to differ from these forward-looking statements include the potential that the Company's projects will experience technological and mechanical
problems, that geological conditions in the reservoir may not result in commercial levels of oil and gas production, that changes in product prices can have a material
impact and that Activa fails to raise sufficient capital to adequately fund its activities.
3
1. General Information
Drilling activity 2006-2013
4
1. Group Structure and Management
Corporate structure
Activa Resources AG
(Holding company)
Head Office:
Bad Homburg, Germany
100%
Activa Resources, LLC
(Exploration and production company)
San Antonio,Texas, USA
Oil and Natural Gas Interests
Information about Activa Resources group
 Established producer of oil and natural gas in North America
 Operations in San Antonio, Texas
 Listed on Frankfurt Stock Exchange (Entry Standard)
 Management are significant shareholders
 Employees: 9 (excl. field staff)
Management
 Leigh A. Hooper, Activa Resources AG
 12 years oil industry and 16 years
investment banking experience
 John w. Hayes, President, Activa Resources, LLC
 26 years oil industry experience at well
known and reputable industry players
Key employees
 Douglas Coyle - Vice President and Exploration Manager
 John Bockelmen - Geologist
 Kass Copelin - Senior Production and Operations Engineer
Supervisory Board (Non-executive directors)
 Walter Blumenthal (Chairman)
 Axel Vedder (Deputy Chairman)
 Dr. Gerd Escher
5
1. The US oil market
 North America is experiencing a major
renaissance of its oil and gas industry
 Oil production rising dramatically for the first
time in 40 years
 Some of the biggest newly discovered oil
fields are in North America
US Rig Count, August 2013*
Why?
 “State of the Art“-technology (Horizontal Drilling +
Fracturing)
 The world‘s largest market for oil and natural gas products
 Long standing property ownership rights and protection
 High drilling success rates
 Highly developed infrastructure
 Highest prices for oil and gas
 No political risk
 Favourable tax treatment
Worldwide Rotary Rig Count, July 2013
1.800
USA
Latin America
900
0
Oil
1,776
418
Canada
Middle East
399
379
Asia Pacific
Europe
Africa
World
241
139
128
3,480
51% of all rigs are in
operation in the US
Natural Gas
6
2. Projects
Drilling activity at OSR-Halliday 2008-2013
7
2. Project overview
Projects
 5 main projects with currrent field and drilling
operations (OSR-Halliday, Adams Ranch, Gray
Waterflood, Project X, Halls Bayou)
 2 high potential natural gas projects on hold (Loma
Field and Montgomery County)
 Drilling rights covering 30,054 acres
 Location: Gulf Coast, USA (mainly Texas)
 All projects in recognised oil basins with long
production histories
Key information
 Production since 2005: EUR 24.6 million
 Production 2012
 Volume: 106,501 BOE
Split: 47.5% oil, 52,5% natural gas and NGL‘s
 Revenues: EUR 4.9 million
 4 projects account for 90% of current daily production of 340
BOE
 Medium term potential: daily production rates of 3,000 BOE
 1P PV10 reserve value: USD 89 million*
 2P PV10 reserve value: USD 193 million*
Primary objectives
 Grow production and revenues by further development of existing project portfolio
 Implement broad drilling programme (new wells and recompletions) to grow reserves
 Clear focus on oil assets
 Retain natural gas assets for future recovery in gas pricing
 Build on expertise and experience from OSR-Halliday to develop new horizontal drilling plays
 Minimise front-end investment risk
* PV10 value as at 1st January 2013
8
2. Activa‘s Oil and Natural Gas Project Portfolio
OSR-Halliday (Interest: 22%)
Mainly oil
Current daily production: 270 BOE*
Potential daily production: 1,760 BOE*
Halls Bayou (Anteil: ca. 20%)
Oil and natural gas
Current daily production : 0 BOE*
Drilling to commence 2014
LOUISIANA
TEXAS
Main projects (in production)
Other projects (in production)
Awaiting development
Adams Ranch (Interest: 82-100%)
Mainly oil
Current daily production: 30 BOE*
Potential daily production: 800 BOE*
* Based on Activa Resources NRI
Gray Waterflood (Interest: 60%)
Mainly oil
Current daily production: 12 BOE*
Potential daily production: 480 BOE*
Project X (Interest : 100%)
Mainly oil
Current daily production : 0 BOE*
Note: More information will follow
9
2. Oil and natural gas production and revenue split in 2012
Production
volume
OSR-Halliday
Loma Field
Adams Ranch
Gray Waterflood
Rest**
Total
2012
in BOE
53,289
23,127
5,854
2,171
22,060
106,501
Production
revenues
Mix
53.8% 46.2%
Oil
Production
volume
OSR-Halliday
Loma Field
Adams Ranch
Gray Waterflood
Rest**
Total
2013 H1
in BOE
25,896
4,591
5,143
949
6,441
43,020
Mix
48.7% 51.3%
OSR-Halliday
Loma Field
Adams Ranch
Gray Waterflood
Rest**
Total
2012
in USD
4,223,042
801,243
Mix
18.4% 81.6%
210,938
217,478
723,216
6,175,917
Natural gas
Production
revenues
OSR-Halliday
Loma Field
Adams Ranch
Gray Waterflood
Rest**
Total
2013 H1
in USD
2,133,993
171,714
205,133
102,234
164,564
2,777,638
Mix
18.1% 81.9%
* based on Activa‘s respective Net Revenue Interest
** includes CERF, Hogg Heaven, Hidalgo Frio
10
2. OSR-Halliday - Location in the Woodbine/Eaglebine
Woodbine / Eaglebine belong to the top “Exploration Plays“ in North America
Goldman Sachs Research
May 2012:
 Woodbine one of top US oil plays
 Horizontal well results in
Woodbine/ Eaglebine play very
encouraging
 Current drillng activities mainly in
Grimes, Madison, Leon,
Robertson and Brazos Counties
(2.4 million acres)
 OSR-Halliday is in sweet spot of
Woodbine play
 Main attraction is “multi-zone
potential” – Austin Chalk/
Woodbine zones and
Eagleford/Georgetown/Buda and
deep gas zones
Source: National Atlas of the United States, http://nationalatlas.gov, Goldman Sachs Research estimates
11
2. OSR-Halliday - Overview
 Production since 1960: approx 13.5 million BOE (8.5% of
Original Oil In Place in Woodbine Formation)
 48 vertical wells on production
 5 new horizontal wells drilled and on production since 2010
 Next new horizontal well to spud Autumn 2013
 Drilling programme to continue in 2014
 Build up of field infrastructure / participation in new regional
3D seismic survey
 Activa‘s WI: 22 %
 Potential: 56 horizontal wells (Woodbine alone)
 Economically producible reserves
 Approx. 20 million BO (“Primary Recovery
Methods“)
 14 - 28 million BO (waterflooding, CO2Injection)
 Additional potential in Eagleford and other horizons
million BOE
Annual production* (BOE) at OSR-Halliday and impact of first 3 horizontal wells
0.3
0,3
273,514 BOE
Total to date:
Approx.13.5 million BOE
0.2
0,2
Vertical wells
0.1
0,1
Horizontal
wells
0,00
1961-2006
Ø per year
2007
2008
2009
2010
2011
2012
* Excluding natural gas liquids
12
2. OSR-Halliday and regional horizontal wells
PMO-CRESHAM 1H
Production: 10/01/2011
Cum. Oil: 36,245
Eaglebine/Dexter
PMO-SHERMAN 1H
Production: 08/01/2011
Oil Cum.: 6,333
FURIE -BARNES 1H
Production: 08/01/2011
Cum. Oil.:3,970
ALLIED WALLPATH 1H
Production: 04/01/2011
Oil Cum.: 53,983
ENCANA-CRESHAM UNIT 1H
Permit: 12/12/2012
ENCANA-CRESHAM UNIT 2H
Permit: 12/12/2012
ENCANA-CRESHAM TRUST 3H
Production: 11/01/2011
Cum. Oil: 19,294
ALLIED OP-5H
Permit: 10/11/2011
PMO-CRESHAM A 1H
Permit: 12/05/2012
Reported IP 800
FMD-CLAYTON 1H
Production: 12/01/2011
Cum. Oil: 2,213
PMO-MANNING 1H
Production: 07/01/2011
Cum. Oil: 29,756
PMO-EASTERLING 1H
Permit: 01/01/2012
PMO-BUNYARD 1H
Production: 11/01/2011
PMO-PATRICK 1H
Permit: 12/01/2012
PMO-CARR-COLEMAN 2H
Permit: 03/16/2012
PMO-CARR-COLEMAN 1H
Production 06/01/2011
Oil: 11,693
PMO-CARR-WARD
Production: 12/01/2010
Cum. Oil: 119,177
Activa 3
On production: 04/2011
EUR 300,000 BOE
Activa 1
On production: 10/2010
EUR 250,000 BOE
RIPLEY OIL
Eaglebine Order
PMO-HOMER-COLEMAN 1H
Production: 01/31/2011
Cum. Oil: 34.573
Activa Resources wells at OSR
Activa‘s planned horizontal wells at OSR
Wells drilled by other operators
EUR
Estimated Ultimate Recovery
CHESAPEAKE- MCVEY UNIT A 2H
Production 10/01/2011
Oil Cum.: 20,508
Activa 4
On production: 04/2013
SAMSON-BLAKENEY 1H
SPUD 12/09/2011
CHESAPEAKE-BULLARD 1H
Production 10/01/2011
Oil Cum.: 48,999
Activa 5
On production: 06/2013
Activa 2
On production: 10/2011
EUR 400,000 BOE
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2. OSR-Halliday - recent drilling activity south side
Halcon
Samantha Rizzio Oil & Gas
2nd horizontal well
(September 2011)
SL
SL
Horizontal well IP rates at OSRHalliday
 1st well: 463 BOED (north)
 2nd well: 700 BOED (south)
 3rd well: 340 BOED (north)
 4th well: 700+ BOED (south)
 5th well: 600 BOED (south)
Chesapeake
Bullard 1H
OSR-HALLIDAY UNIT
SL
1H 2H 3H
5th horizontal
Well (2013)
4th horizontal well (2013)
SL
Decker Sheldon Unit
1H
(January 2013)
Southern tip of the
OSR-Halliday field
Next spud date:
 6th well: October 2013
IP rates of other operators
 Decker Sheldon Unit 1H:
500 BOE/Tag
 Chesapeake Bullard 1H:
700 BOE/Tag
 Halcon: n.a.
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2. OSR-Halliday - well performance to date
Well
Name
Location First
Production
IP Rate
(BOE)
Production to date*
(BO)
Est. EUR
(BO)
1
12H
North
September 2010
463
56,000
165,000
Lateral orientation poor
2
110-2H South
September 2011
700
129,000
310,000
"Competing" with CHK well
3
1-3H
North
April 2012
340
75,000
344,000
Producing from half of lateral
4
96-4H
South
May 2013
700
28,000
361,000
No issues
5
105-5H South
June 2013
600
21,000
370,000
No issues
* Thru May 2013
Stated volumes do not including natural gas and natural gas liquids
EUR = Estimated Ultimate Recovery
15
2. OSR-Halliday field visit 1 November 2012
Walter Blumenthal, Kass Copelin, Leigh A. Hooper,
John Hayes
:
Kass Copelin, Leigh A. Hooper, Walter Blumenthal
16
2. Regional 3-D seismic survey covering OSR-Halliday
A new regional 3D seismic survey is currently being shot to better define the geological structures in the
Woodbine and the additional zones above and below the Woodbine
ONE MILE OFFSET
29,661 ac.
(46.35 sq. mi.)
OSR-HALLIDAY UNIT
12,791 ac. in shoot
(19.99 sq. mi.)
Summary
 300 square miles covering OSRHalliday and surrounding region
 Coordinated by Halcon and
ENXP
 Activa will have full access to
data and will conduct its own
interpretation work
 Cost to Activa for the data:
approx. USD 100,000
 Data expected year-end 2013
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2. OSR-Halliday formations - production and potential
Wilcox
potential undefined
Austin
potential undefined
Woodbine
Dexter
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20
OOIP:
148 Mio.
BOE
30
potential undefined
Conventional
Dexter
potential undefined
Unconventional
Buda
potential undefined
Georgetown
potential undefined
Edwards
potential undefined
Glen Rose
potential undefined
Bossier
potential undefined
Historical
production
Primary reserves
Secondary and
tertiary reserves*
Wilcox Sands
 Oil show in the 67-12, productive at Day Dome
Austin Chalk
 Oil - Proven OSR pay (100-1)
Woodbine Sands
 Oil - Proven OSR pay
 Main OSR-Halliday Pay
 Oil – Proven OSR pay
 Woodbine Stray Sands
 Oil – Proven OSR pay
Dexter Sands
 Conventional Play
 Oil - Proven OSR pay (Valence #1 Marshall – 637,824 BO)
 Unconventional Play
 Oil - Proven on trend, shows at OSR, Dst Oil (114-2)
Buda Lime
 Oil - Proven OSR pay (Endeavor #1 McVey – 3,455 BO)
Georgetown Lime
 Oil - ML Shows Decker/Gas Show 105-1
 Unproven at OSR/Proven on Trend
Edwards Lime
 Oil/Gas with liquids - Unproven at OSR/Proven on Trend
Glen Rose Lime
 Gas with liquids- Proven on Trend
 Good tests but Unproven at OSR (105-1 1.75mmcfpd)
Bossier Sands
 Dry Gas Unproven at OSR/Proven on Trend
(Encana #1 Gresham 2.4 Bcf Act.)
* From waterflooding and CO2 Injektion
18
2. OSR-Halliday - horizontal well typical production profile
Year 1
Year 2
Year 3
Year 4
Year 5
Oil production (BOE)
Nat. gas production (BOE)
Production Total (BOE)
98.185
29.537
127.722
43.800
13.110
56.910
26.280
8.000
34.280
19.345
5.833
25.178
15.330
4.500
19.830
20 Year
Total
299.300
87.813
387.113
Total production
revenues (USD)
Production Tax (USD)
Landowner (USD)
Operating expense (USD)
EBITDA (USD)
DD&A
EBIT (USD)
10.254.410
522.975
2.050.882
120.000
7.560.553
1.968.293
5.472.260
4.571.280
233.135
914.256
30.000
3.393.889
878.049
2.485.840
2.749.200
140.209
549.840
30.000
2.029.151
526.829
1.472.322
2.021.050
103.074
404.210
30.000
1.483.766
387.805
1.065.962
1.595.700
81.381
319.140
30.000
1.165.179
307.317
827.862
31.152.040
1.588.754
6.230.408
690.000
22.642.878
6.000.000
15.952.878
Year 1
Year 2
Year 3
Year 4
Year 5
1.663.322
1.223.031
1.203.897
885.219
746.656
549.011
546.885
402.121
446.413
328.245
323.911
238.170
326.429
240.021
234.512
172.435
256.339
188.485
182.130
133.919
20 Year
Total
4.981.433
3.662.818
3.509.633
2.580.613
ACTIVA RESOURCES
SHARE
EBITDA (USD)
EBITDA (EUR)
EBIT (USD)
EBIT (EUR)
Assumptions: Gross share of Activa:
Oil price (WTI):
Gas price (Henry Hub):
Production Tax:
CAPEX:
EUR/USD:
22%
USD 90
USD 8 (upward adjustment to reflect value of natural gas liquids)
5.1%
USD 6 million
USD 1.36
19
2. OSR-Halliday - value creation since 2007 acquisition
2007
2008-2009
2010
2011/2012
2013e
USD 200 million +
Value
OSR-Halliday Field
(100%)
USD 45 million
USD 15 million
Activa Resources
working interest in
OSR-Halliday
Purchase of
32%
for USD 5 million
Milestones
50 legacy
vertical wells
on production
32%
Sale of
10% interest
for USD 4.5 million
New vertical well
First horizontal well
New field analysis
and report
22%
22%
2nd and 3rd
horizontal wells
4th, 5th and 6th
horizontal wells
Increase in
regional activity
Increase in
field production
capacity
Since acquiring its interest in 2007 Activa and its partners have increased the value of
the field by a factor of 10 to 20 – in addition to producing significant volumes of oil,
natural gas and natural gas liquids.
20
2. Key Projects - Adams Ranch and Gray Waterflood
Adams Ranch (Activa WI: 82%)
 Historically a natural gas producer but with significant
heavy oil at 400ft. in the Escondido Formation
 Oil in place: 13 million BOE
 Thereof waterflooding potential: 4 million BOE
 Ahead of waterflooding approval (pending) Activa is drilling
numerous 400 ft wells
 Drilling costs per well: USD 30,000
 Current field production: approx. 50 BOE
 Development is currrently self-financed
 Waterflooding to raise recovery volumes from 3,000 to
15,000 per well
2012 Operations
 10 new Escondido wells drilled
 1 Austin Chalk test well (at 1,200 ft.) – on production
since December 2012
 1 Olmos test well (at 900 ft.) – on production since
December 2012
Gray Waterflood (Activa WI: 60%)
 Historical production since 1910 approx. 10 million BOE
 Additional potential from waterflooding: 2 million BOE
 Re-Entry of a vertical wellbore in 2011 confirmed geological
assumptions
 Production revenues from the Re-Entry well are covering
waterflooding pilot project
2012 Operations
 Continuous production from Re-Entry well and water
injektion well drilled
 August 2012: waterflooding approval received
 Dezember 2012: water injection operations commence
2013 Operations
 10 additional Escondido wells drilled in Q2
2013 Operations
 Water injection proceeding (likely thru Q4)
 Initial interpretation of pilot project at year-end
21
2. Key Projects - Montgomery County and Halls Bayou
Montgomery County, Texas
 Working interest: currently 50%
 Current production: 0 BOE
 Potential: 79.2 million BOE (Natural Gas) + 12.8 million
BOE (Oil + Liquids)*
THE MONTGOMERY COUNTY PROSPECT IS READY TO
DRILL. IT WILL BE DRILLED WHEN US NATURAL GAS PRICES
HAVE STABILISED ABOVE USD 4
Halls Bayou, Texas
 Working interest: currently 50 %
 Current production: 0 BOE
 Potential: 7.5 million BOE (Natural Gas) + 2.2 million BOE
(Oil) + 2 million BOE (Liquids)*
ACTIVA HAS COMPLETED ALL DRILLING PREPARATIONS.
FIRST WELL SCHEDULED FOR Q1 2014
 Higher-risk internally generated drilling prospect
 Prospective in the same formations as the recently
announced wildcat Midway-Navarro Liquids play
developed by Halcon Resources
 4,300 acres - seismic data reprocessed and
interpreted
 Expansion potential to 20,000+ acres
 Initial vertical well will test several zones down to
14,500 ft.
 Initial project as part of Joint Development Agreement with
Aurora Resources
 Activa provides technical and marketing support for the
projects in return for 50% of each project
 1,200 acres leased in an area on trend with Activa’s Loma
project in Galveston County.
 Multiple wells and additional prospects
 Potential of first 3 prospects: approx. 11.7 million BOE
* Based on 8/8ths
22
3. Facts & Figures
Field Operations 2006-2010
23
3. Group financial data 2010 - 2012
Key figures (in Euro)
2012
2011
2010
4,852,478
3,926,375
3,039,234
143,430
0
2,118,968
EBITDA*
1,503,114
1,166,692
2,114,049
Net profit
-797,830
-2,047,409
-192,029
26%
34%
29%
13,659,476
13,022,242
13,104,967
5,203,833
5,178,833
3,729,446
9
7
7
IFRS
Revenues from the production of oil and gas
Other operating income
Equity ratio
Balance sheet total
Number of shares (31.12.)
Number of employees**
*
**
Earnings before interest, tax, depreciation and amortization
Average
24
3. Long-term financial summary
Oil and natural gas production revenues and oil price
5.000
5,000
Thsd. EUR
Group EBITDA
WTI
EUR in USD
4.9 m
150
4.000
4,000
100
3,000
3.000
2,000
2.000
50
1,000
1.000
0
00
2005 2006 2007 2008 2009 2010 2011 2012
in TEUR
EUR
1.5 m
3,000
3.000
2,000
2.000
1,000
1.000
00
-1,000
-1.000
-2,000
-2.000
-3,000
-3.000
2005 2006 2007 2008 2009 2010 2011 2012
+29% +25%
EBIT
Capitalised drilling rights, drilling and completion costs
Thsd. EUR
1,000
1.000
Thsd. EUR
20,000
20.000
00
15,000
15.000
-1,000
-1.000
10,000
10.000
-2,000
-2.000
5,000
5.000
-3,000
-3.000
-4,000
-4.000
2005 2006 2007 2008 2009 2010 2011 2012
00
2005 2006 2007 2008 2009 2010 2011 2012
25
3. Oil and natural gas reserves
Oil reserves (1P)
in million Barrels
Natural gas reserves (1P)
in billion cubic feet
3
9
+117%
2
6
1
3
0
0
01/2009
01/2010
01/2011
01/2012
01/2013
01/2009
01/2010
01/2011
01/2012
01/2013
Oil reserves (2P-proven and probable)
in million Barrels
Natural gas reserves (2P-proven and probable)
in billion cubic feet
6
12
+140%
4
8
2
4
0
0
01/2009
01/2010
01/2011
01/2012
01/2013
01/2009
01/2010
01/2011
01/2012
01/2013
26
3. Shares
Key information
 ISIN
 German Sec. No.
 Ticker
 Shares outstanding
 Share capital
 Transparency level
 Market segment
 Designated Sponsor
 Investor Relations
Shareholder Structure
DE0007471377
747137
NXI
5,203,833*
EUR 5,203,833*
Entry Standard
Open Market
Koch Bank, Frankfurt
GFEI, Frankfurt
Share performance since 2012 (Xetra)
3,00 €
3.00
Management
Closely-held
DWS Investment GmbH
Asset Managers
Private Investors
Others (unknown)
2.00
2,00 €
Price details (Xetra)
Current
Market Cap*
52 week high
52 week low
1.00
1,00 €
0€
0,00
2012
EUR 2.40
EUR 12.48 million
EUR 2.74
EUR 1.95
2013
* Shares outstanding / share capital according to corporate register
27
3. Activa Resources AG corporate bonds
8% Corporate Bond 2010/2014
 ISIN
DE000A1E8Q94
 Issue volume
EUR 1.75 million
 Maturity
December 2014
 Par value
EUR 100
 Interest premium
at maturity (agio)
5%
Corporate Bond price since issue (Frankfurt Stock Exchange)
110
in %
100
90
80
70
Dec-10
8% Convertible Bond 2011/2014
 ISIN
DE000A1KQ086
 Initial issue volume
EUR 3.12 million
 Converted to date
EUR 0.73 million
 Currrent outstanding
EUR 2.39 million
 Maturity
December 2014
 Par value
EUR 2
 Conversion price
EUR 2 per share
 Interest premium
at maturity (agio)
10%
Dec-11
Dec-12
Convertible Bond price since issue (Frankfurt Stock Exchange)
in %
140
130
120
110
100
90
80
Apr. 11
Apr. 12
Apr. 13
28
4. Strategy and Outlook
Field Operations 2006-2012
29
29
4. Strategy
OSR-Halliday
Further development of field with 6th horizontal well in 2013 H2 and 3 further horizontal
wells in 2014
Develop 2 waterflood
Adams Ranch and Gray Waterflood
projects
Invest selectively in new
Montgomery County and Halls Bayou
opportunities to enhance
Continued work on project pipeline
growth potential
Develop new horizontal play (Project X)
Initial prospects are ready to drill
Build on Activa's experience and
competence in developing horizontal
plays
Sale of “Non-core Assets“
2011
Big Mule sold for USD 100,000
Well performance below expectations
2012
Bright Properties sold for
Working interests too small
USD 300,000 (ROI 2,6 : 1)
2013
CERF/Navaro County sold for
Of no strategic value to Activa
USD 575,000 (ROI 3 : 1)
Building in-house technical
t
Mai 12
John Bockelmen, Geologist
Sep 12
Kass Copelin, Production and Operations Engineer
30
4. Drilling programme 2013
Project
Q4 2012
OSR-Halliday
1 horizontal well
Loma Field
New salt water
disposal well
Adams Ranch
5 new oil wells
drilled
Gray Waterflood
Commence water
injection
Q1 2013
Q2 2013
Q3 2013
1 horizontal well
Q4 2013
Capex (Activa's
share)
1 horizontal well
USD 1.2 million
per well
USD 0.2 million
10 new oil wells
drilled
USD 0.5 million
(Pilotproject)
Water injection
Conclude water
injection and
evaluate results
Montgomery
County
Drilling operations to commence when US
natural gas prices recover
Halls Bayou
Prepare to drill first
well
Project X
USD 400,000
(Pilot)
Drill initial vertical
well as precursor
for identifying field
development
potential
31
4. Outlook
Oil and natural gas production revenues (EUR millions)
>+25%
12
6
+15%
4
5
+26%
+30%
3.0
>+25%
7
+25%
8
EBITDA (EUR millions)
>+25%
4
4.9
>+15%
3
3.9
+34%
2
1
0
1.1
1.5
0*
0
2010
2012
2014e
medium-term 35 years
2010
2012
2014e
medium-term 35 years
* Excluding extraordinary effect from the sale of 10 % of the shares in OSR-Halliday
Earnings per share (EUR)
Group net income (EUR millions)
6
1
3
0.5
1
0
00
-0.2
2010
-0.46
-0.15
2010
2011
2012
-0.8
-2.1
-3
-0.05
2011
2012
2013e
2014e
mediumterm 3-5
years
-1
-0.5
2013e
2014e
mediumterm 3-5
years
32
5. Contact
Head Office
Activa Resources AG
Hessenring 107
61348 Bad Homburg
www.activaresources.com
Investor Relations
GFEI Aktiengesellschaft
Am Hauptbahnhof 6
60329 Frankfurt am Main
www.gfei.de
Telefon: +49 (0) 6172 - 483 23 52
Fax: +49 (0) 6172 - 483 23 53
Email: [email protected]
Telefon: +49 (0) 69 - 743 037 00
Fax: +49 (0) 69 - 743 037 22
Email: [email protected]
2013 Corporate Diary
22 January 2013
February 2013
7 May 2013
June 2013
2 August 2013
September 2013
5-6 December 2013 -
CEO Presentation, Prior-Börse Capital Markets Conference, Frankfurt
NAPE, Houston
CEO Presentation, Deutsche Börse Spring Conference, Frankfurt
Annual Report 2012
AGM in Bad Homburg
Interim Report 2013
CEO Presentation, Munich Capital Markets Conference, Munich
Regular publications
Corporate News
Activa Resources Quarterly Newsletter
33
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