Corporate Presentation 10.2013
Transcrição
Corporate Presentation 10.2013
Corporate Presentation 10.2013 Elevator Pitch: Why invest in Activa Resources? Activa in short 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 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 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 2 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 13 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. 14 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 17 2. OSR-Halliday formations - production and potential Wilcox potential undefined Austin potential undefined Woodbine Dexter 14 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 33