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Info
Provided by: Bordeaux
Energy Inc.
Investor Relations:
604.639.4672
Market
Cap: 27.2 Million
Outstanding Shares: 151.3
Million |
"The Kupcake Prospect Leases are
immediately adjacent to the 100 million barrel Liberty Field
which is not yet in production and 20 km from the 13 billion
barrel Prudhoe Bay Field"
Overview:
Bordeaux Energy
Inc. (V.BDO)
is an oil and gas exploration company. The Company owns
the Aquitaine Maritime Exploration Permit, located
approximately 30 km offshore of Bordeaux, France.
Bordeaux Energy also is an a participation agreement
with Savant Alaska LLC under which Bordeaux will earn a
30% undivided interest in seven leases currently held
100% by Savant, located on and offshore the North Slope
of Alaska. The Leases are immediately adjacent to the
100 million barrel Liberty Field which is not yet in
production and 20 km from the 13 billion barrel Prudhoe
Bay Field.
Investment Highlights:
- The Kupcake Prospect Leases are
immediately adjacent to the 100 million barrel Liberty
Field which is not yet in production and 20 km from the
13 billion barrel Prudhoe Bay Field.
- BP first discovered the Liberty
Field in 1997. Plenty of exploration work is needed to
fully understand all the Oil and Gas potential in that
part of Alaska.
- It is estimated that a successful
stratigraphic test well at the Kupcake Prospect would
result in a new field discovery with a best estimate
prospective resources of 57,935 MSTB within the seven
Savant leases only.
- The Aquitaine Maritime Permit is a
large, well studied block previously estimated by Esso
to hold between 300 and 1.6 Billion bbls recoverable.
- There are three large refineries
within 200 km of the Aquitaine Maritime Permit.
- The Aquitaine Maritime Permit is
located in a G7 Country with zero political risk and is
focused on domestic resource development.
- Previous economic studies done on
the Orca well (Aquitaine Maritime Permit) alone estimate
peak cycle production rates of ~100,000 bbls per day,
with a life span of 33 years averaging approximately
23,000 bbls per day.
- The Onshore Basin extension has had
1.2 billion bbls of oil discovered and 350 MM bbl
produced to date near the Aquitaine Maritime Basin.
- The Aquitaine Maritime Permit
benefits from royalty free operations in offshore areas
of France.
Alaska Project - Kupcake
Prospect
In March 2006, Savant Alaska LLC, a
Denver based independent operator, acquired seven leases on
the Kupcake prospect (Figure 1) at a State of Alaska lease
sale with a total acreage of 14,646 gross acres. The Company
can earn a 30% interest in these leases by paying 40% of the
cost of the exploratory stratigraphic test well Kupcake #1
and 30% of the seismic and land costs to date. Combined
royalties on the leases are 20%. The Leases are immediately
adjacent to the 100 million barrel Liberty Field which is
not yet in production and 20 km from the 13 billion barrel
Prudhoe Bay Field.
For the Location of the Kupcake Prospect Area,
click here.
Bordeaux expects drilling of the
first exploratory well on the Leases will commence in
late-February 2008 and will take approximately 30 days to
reach target depth. The Exploratory Well will be drilled to
a depth of approximately 11,000 feet to test a prospect
identified by Savant on a large 3-D seismic survey that was
acquired in 1993 and 1995. The well is expected to cost a
total of US$16 million to drill, case and test, of which
Bordeaux's share will be US$6.4 million.
Under the Participation Agreement, the Company has the right
to earn an undivided 30% working interest in the Leases by
paying (a) 30% of the land and data costs (approximately
US$1,200,000), and (b) 40% of the costs and expenses of the
Exploratory Well up to a maximum cost of US$7,000,000, net
to Bordeaux after which Bordeaux will pay its proportionate
30% share of any additional costs. Upon completion of the
Exploratory Well, the Company will have earned an undivided
30% working interest in the Leases and each of the parties
must pay its participating interest share of the future
costs and expenses relating to the Leases.
Exploration History
In 1995, BP shot the NW Badami 3D seismic program and in
1996 acquired leases in the area. In 1997, BP drilled
Liberty #1 which resulted in a new field discovery in the
Kekiktuk Formation. In 1998, BP reprocessed the 3D survey
and mapped the Kupcake Prospect. However, BP allowed the
leases south of the Liberty Field to expire in 2005. Savant
Alaska then acquired seven of these leases in March, 2006.
Geology
The North Slope Basin is geographically located on Arctic
Coastal Plain of the State of Alaska and is bounded to the
south by the Brooks Mountain Range. The North Slope Basin
contains the major oil and gas fields of Alaska including
the supergiant Prudhoe Bay and Kuparuk River fields.
BP first discovered the Liberty Field in 1997, an oil field
adjoining and northeast of the Tigvariak fault that is
productive in the Ellesmerian Kekiktuk Formation with
estimated reserves of 120 MMSTB of recoverable oil. The
faults forming the graben are clearly visible on the 3D
seismic and the fill in the accomodation space is
interpreted to be reworked Kekiktuk sands derived from the
north and west and known as the Kemik Formation.
Prospective Resources
It is estimated that a successful stratigraphic test well
would result in a new field discovery with a best estimate
prospective resources of 57,935 MSTB within the seven Savant
leases only. Based on geological and geophysical mapping of
the prospect it could extend outside the seven leases
currently held and therefore the prospective resources
contained within the total prospect could be higher.
Low and high estimates of prospective resources were
obtained by varying net pay thickness and resulted in a low
estimate of prospective resources of 47,711 MSTB and a high
estimate of 68,158 MSTB on the Savant leases.
Productivity Estimates
It has been anticipated that in the best estimate case,
initial single well production from the Kemik Formation
would be 7000 STB/d then commence a gradual decline to an
eventual economic limit based on reported production history
from the analogous Pt. McIntyre Field. Over the life of the
field, five wells with a maximum production rate of 35,000
STB/d would produce the best estimate recoverable oil
resources of 57,935 MSTB per field. For the low estimate
case, five wells at a maximum production rate of 28,750
STB/d would produce the low estimate recoverable oil
resources of 47,711 MSTB. For the high estimate case, five
wells at a maximum production rate of 41,250 STB/d would
produce the high estimate recoverable oil resources of
68,158 MSTB.
Production is anticipated to commence from this block in
early 2011.
France Property - Aquitaine Maritime
Permit
The Aquitaine Maritime Permit is located
on the northern edge of the Parentis Sub-Basin and lies
20-80km offshore the coast of southern France. The nearest
city to the Permit is Bordeaux. The Parentis Sub-Basin is
the northern part of the Aquitaine Basin, which consists of
two Sub-Basins, Parentis in the north and Adour to the
south, separated by the Landes High.
For the location of the Aquitaine
Maritime Permit,
click here.
The Parentis Sub-Basin (the "PSB") extends partly over the
onshore where 11 fields, operated by Vermilion, have been
discovered containing more than 1.2 billion barrels of
original oil in place ("OOIP"), of which about 380 million
barrels has been produced.
The largest fields discovered onshore are Parentis, with
approximately 800 million barrels of OOIP, and Cazaux, with
about 160 million barrels of OOIP. While the onshore part of
the PSB has had a significant exploration effort and a
number of commercial discoveries have been made, the
offshore part of the PSB is largely unexplored. To date, the
Company believes that only twenty-three wells have been
drilled in the offshore (including the well drilled by the
Company in the summer of 2007), with twelve of these wells
encountering oil shows, seven having oil on test and two
with oil columns. Of these twenty-three wells, only two have
been drilled in the past twenty-four years and are therefore
likely to be the only wells that were drilled with the
benefit of 3-D seismic. However, there have been no
commercial accumulations of oil or gas discovered in the
offshore PSB.
Orca, the largest structure on the Aquitaine Maritime
Permit, was drilled by the Company and its partners during
August and September of 2007. The well encountered a thick
sealing element and a thick section of the target Aptian age
sandstones, however, no hydrocarbons were discovered and the
well was abandoned at a final depth of 2300 metres. Further
evaluation of the data gathered from this well, together
with integration of the Orca-1 well data with the 3-D
seismic, will provide a better understanding of the
potential of the remaining five, undrilled structures on the
Permit.
Resource Facts
|
Glossary of Terms:
|
| STB |
Stock Tank Barrels |
| MMSTB |
Millions of Stock
Tank Barrels |
| MSTB |
Thousands of Stock
Tank Barrels |
| BOED |
Barrels of Oil
Equivalent Per Day |
| BOE |
Barrels of Oil
Equivalent |
| BBLS |
Barrels |
| MMBO |
Million Barrels of
Oil |
| BBO |
Billion Barrels of
Oil |
| BOPD |
Barrels of Oil Per
Day |
Recent News and Press
Releases:
• Bordeaux Energy Inc.: Stock Options
Granted
CCNMatthews (Mon, Feb 4)
• Bordeaux Energy Inc.: Stock Options
Granted
CCNMatthews (Tue, Nov 27)
• Bordeaux Energy Inc. Announces
Change of Auditor
CCNMatthews (Fri, Jul 13)
• Bordeaux Energy Inc.: Stock Options
Granted
CCNMatthews (Thu, Jun 14)
• Bordeaux Energy Inc.: Stock Options
Granted
CCNMatthews (Wed, May 23)
• Bordeaux Energy Inc.: Stock Options
Granted
CCNMatthews (Fri, Apr 20)
• Bordeaux Energy Inc. Signs
Definitive Agreements Regarding the Aquitaine Maritime
Exploration Permit
CCNMatthews (Thu, Mar 29)
Management Team:
Geoff Carrington - President & CEO
Dr. Geoff Carrington earned his Ph.D. in geophysics from
Imperial College, London. He has worked only in the oil
industry and from 1987 has focused exclusively on
international projects. Dr. Carrington has lived in
Dubai and Malaysia during his 25+ year career and has
worked in many countries spanning most of the world's
petroliferous areas. He is a proven oil-finder with an
impressive track record in exploration, but also has
extensive experience in areas such as business
development, operations, contract negotiation and oil
and gas economics, amongst others. In his most recent
position as Executive VP with a public, junior
international oil and gas company, Dr. Carrington played
a large part in turning the company around and was
deeply involved in financings, shareholder relations and
strategic planning at the most senior level.
Kathleen Butt -- Chief
Financial Officer
Ms. Butt is a Chartered Accountant and holds a Bachelor
of Commerce degree from the University of British
Columbia. Over the past 10 years, Ms. Butt has worked in
the oil and gas industry with Duke Energy's Gas
Transmission Division. She held management positions in
various financial capacities including Manager of
Financial Reporting and, Manager of Forecasting and
Budgeting. Ms. Butt was also a tax manager with Ernst &
Young LLP (Vancouver), where she articled and obtained
her Chartered Accountant designation.
David Cohen -- Chairman of
the Board
Mr. Cohen currently serves as President and CEO of
Northern Orion Resources Inc. and as a board member of
public companies in the oil and gas and mining sector.
He has held senior operating, project development and
commercial positions with major global resource and
construction companies in the mining, petroleum and
construction sectors.
Headquarters:
Suite 220 - 1075 West Georgia St, Vancouver, BC Canada
V6E 3C9
|
Investor Relations:
604.639.4672
Email:
info@bordeauxenergy.net
|
website |
Stock Information:
Listing: TSX-V
Ticker Symbol:
V.BDO
Recent price: $ 0.18
|
BDO filings with SEDAR can be found
here.
All Fillings are current and the Company is fully
reporting. |
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