ASX Announcement 24 December 2013

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ASX Announcement 24 December 2013 ASX Announcement 24 December 2013 Sunbird and Eskom sign Memorandum of Understanding to progress gas supply from Ibhubesi Gas Project in South Africa • Parties to jointly investigate development of Ibhubesi Gas Project (IGP) for the potential supply of gas to Eskom’s Ankerlig Power Station Southern African gas explorer and developer, Sunbird Energy Ltd (ASX:SNY) is pleased to announce it has signed a Memorandum of Understanding (MoU) with the South African State owned power utility Eskom to jointly investigate gas supply from the offshore Ibhubesi Gas Project (IGP or the Project), South Africa’s largest proven gas field to Eskom’s 1,300 MW Ankerlig Power Station. Under the MoU, Sunbird and Eskom have agreed to jointly investigate the economic and commercial viability of the development of the Ibhubesi Gas Field in the 5,000 km2 Production Right Block 2A, located off the west coast of South Africa. Sunbird Energy Chairman, Kerwin Rana, said that the MoU with Eskom is a very significant milestone in the development of Ibhubesi. “We are delighted to be working with Eskom to progress this nationally significant project of domestic gas supply for South Africa. Additionally, we acknowledge the support of our joint venture partner in the project PetroSA (24%), the national oil company of South Africa, as well as our South African black empowerment partner Umbono Capital, in bringing these discussions to this important stage,” Mr Rana said. “This MoU sets the framework under which Eskom and Sunbird will jointly investigate the development of the Ibhubesi Gas Project for the delivery of an indigenous gas supply to the energy constrained west coast of South Africa.” Eskom is the owner of the Ankerlig Power Station and is advancing planning for the supply and delivery of natural gas to the plant to replace the existing high cost diesel feed stock. Eskom is also currently developing plans to convert the plant from an Open Cycle Gas Turbine (OCGT) to Close Cycle Gas Turbine (CCGT) facility. Under the MoU, Sunbird will undertake the following activities to investigate indigenous gas sales from the Ibhubesi Gas Project to Eskom’s Ankerlig Power Station: For personal use only • Complete the field development plan for the Ibhubesi Gas Project; and • Complete the Front End Engineering and Design (FEED) for the Ibhubesi Gas Project. Sunbird Energy Ltd – ACN 150 956 773 Level 1, 50 Ord Street, West Perth, WA 6005 1 www.sunbirdenergy.com.au T: +61 (0) 8 9463 3260 F: +61 (0) 8 9462 6630 Under the MoU, Eskom will undertake the following activities to investigate indigenous gas sales from the Ibhubesi Gas Project to Eskom’s Ankerlig Power Station: • Complete the necessary studies to determine the work required, including the governance process (approvals), for the replacement of the existing diesel feed stock with indigenous natural gas, along with the OCGT conversion project. • Determine the procurement process necessary for a formal gas sales agreement to be entered into in respect of the Ibhubesi Gas Project. The MoU also sees the establishment of a Working Group, with representatives from both parties who will progress the objectives of the MoU. Competent Person Statement The reserves and resource estimates used in this announcement were compiled by Tim Hower (Registered Professional Engineer (Colorado #9597), and member of the Society of Petroleum Engineers) of MHA Petroleum Consultants LLC and are consistent with the definitions of proved, probable, and possible hydrocarbon reserves and resources that appear in the ASX Listing Rules with effect from 1 December 2013. Mr Hower is qualified in accordance with the requirements of ASX listing rule 5.42 and has consented to the use of the reserves and resource figures in the form and context in which they appear in this announcement. ASX Listing Rule 5.43 Statement Sunbird Energy Ltd declares that the reserves and resource estimates used in this announcement were announced by Sunbird Energy Ltd to the Australian Securities Exchange (ASX) on 4 June 2013 (Original Announcement) and is not aware of any new information or data that materially affects the information provided in the Original Announcement and confirms that all the material assumptions and technical parameters underpinning the estimates in the Original Announcement continue to apply and have not materially changed. ** ENDS ** For further information please visit www.sunbirdenergy.com.au or contact: Kerwin Rana Chairman, Sunbird Energy Ltd Tel: +27 82 958 7251 Will Barker Managing Director, Sunbird Energy Ltd Tel: +27 82 361 1342 Colin Hay Media Contact, PPR Tel: +61 8 9388 0944 For personal use only Sunbird Energy Ltd – ACN 150 956 773 Level 1, 50 Ord Street, West Perth, WA 6005 2 www.sunbirdenergy.com.au T: +61 (0) 8 9463 3260 F: +61 (0) 8 9462 6630 About Sunbird Energy Ltd Sunbird Energy Ltd is an ASX-listed (ASX:SNY) gas explorer and developer focused on southern Africa where limited domestic gas supply and growing energy needs have created significant opportunity for the development of large scale energy projects. Sunbird has received government approval for its acquisition of a 76% stake in the Ibhubesi Gas Project offshore of the west coast of South Africa. The transaction gives Sunbird the right to operate and develop the Ibhubesi Gas Project, South Africa’s largest undeveloped gas field. The Ibhubesi Gas Project has multiple development opportunities including gas fired power projects to supply the high value South African energy market. Sunbird also has a portfolio of five Coal Bed Methane (CBM) projects covering an extensive area (10,070km2) of prospective coal basins across in South Africa and Botswana. Sunbird is conducting a phased exploration program that will define the resource base and demonstrate the commercial potential of its portfolio of CBM assets, which contain a Best Estimate Gas in Place of 5.3 Tcf (trillion cubic feet). About the Ibhubesi Gas Project The Ibhubesi Gas Project (IGP) is South Africa’s largest undeveloped gas field, with 1P reserves of 210 Bcf and 2P reserves of 540 Bcf. The Project is located 380km north of Cape Town in Block 2A, a Production Right covering 5,000km2. The IGP is situated in the offshore Orange Basin, approximately 70 km off the coast in water depths of 250 metres. The IGP has had a high success rate from drilling with 7 gas discoveries resulting from 11 wells. The Project is covered by 1,770 km2 of 3D seismic and many thousands of km of 2D seismic. Over US$125 million (R1.2 billion) has been spent on exploration and appraisal of the project since 2000. Since announcing the acquisition in December of 2012, Sunbird has rapidly progressed the development of the IGP delivering a series of major milestones, including: o Completed Feasibility Studies confirming technical and commercial viability of the Project; o Received Independent certification of the maiden reserves for the field, 540 Bcf (2P); o Successfully completed Concept Select engineering studies; o Secured funding from the US Trade and Development Agency for advancement of the Field Development Plan; and For personal use only o Secured approval from the South African Government for the transfer of the 76% participating title holder interest in Block 2A providing Sunbird with the entitlement for sole operatorship of the Project. The successful development of Ibhubesi could potentially see the replacement of high cost diesel as the current feed stock thereby assisting in meeting the Country’s growing energy needs, improving Sunbird Energy Ltd – ACN 150 956 773 Level 1, 50 Ord Street, West Perth, WA 6005 3 www.sunbirdenergy.com.au T: +61 (0) 8 9463 3260 F: +61 (0) 8 9462 6630 its energy security, create a new industry and local jobs and provide numerous additional benefits including: o The Project is a Strategic Infrastructure Project (SIP5) under the Presidential Infrastructure Coordination Commission o The Project will establish the first critical pipeline infrastructure in the Orange Basin providing a route to market and encourage further exploration and development o Will provide significant revenue to the government in the form of royalties, corporate and payroll taxes and State participation o Significant direct and indirect job creation during construction and production phases leading to the development of local skills and enterprise o Significant Black Economic Empowerment (BEE) and State participation in the Project with BEE groups hold (indirectly) 27% and PetroSA of 24% o Balance of Trade benefits from the replacement of imported diesel, which is indexed to $US and the oil price, with a domestic gas source o Reduction in greenhouse gas and CO2 emissions through the utilisation of gas as a fuel source About Eskom Eskom, South Africa’s State owned energy company, is the largest producer of electricity in Africa, is one of the world’s largest utilities in terms of generation capacity and sales. Eskom generates approximately 95% of the electricity used in South Africa and approximately 45% of the electricity used in Africa. Eskom generates, transmits and distributes electricity to industrial, mining, commercial, agricultural and residential customers and redistributors. Additional power stations and major power lines are being built to meet rising electricity demand in South Africa. Eskom will continue to focus on improving and strengthening its core business of electricity generation, transmission, trading and distribution. About the Ankerlig Power Station The Ankerlig Power Station is a 1,350 MW open cycle gas turbine facility located in Atlantis Industria, approximately 40 km north of Cape Town. The plant was originally constructed in 2007 to cope with the increasing power demands of the Western Cape during periods of peak power demands. The facility has nine turbines and was designed to be powered by either natural gas or liquid fuel, kerosene or diesel.
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