Funny how I find that out from Rhino Energy and not PFC.
Funny how Rhino Energy website is still down.
Very quiet considering we are long passed dates for closing 2nd tranche or at least an update with regards to the current dealings between PFC and Rhino.
This better be time worth waiting IMHO!!!!!!!!!!!!!!
Summary
• Over ½ Billion Barrels of oil in place on 14,560 acres.
• This development project currently produces over 600 bopd.
• Drill up to 150 wells in 4 years to increase oil rate Net to Rhino to over 3,000 bopd.
• Development wells cost <C$750,000 to drill, complete and commence production in
~3 weeks.
• Plan to double acreage within the next 6 months.
• Over 500 drilling locations identified with 100 wells ready to drill and 20 wells
licensed for immediate drilling.
• No abandonment liability with C$4.1M in credit.
Rhino Energy Limited
Investment Opportunity
Raising A$12M at A$0.10 per share to drill 12-14 wells to increase oil production prior to
an ASX Listing
Closing June 30th 2022
Summary
• Over ½ Billion Barrels of oil in place on 14,560 acres.
• This development project currently produces over 600 bopd.
• Drill up to 150 wells in 4 years to increase oil rate Net to Rhino to over 3,000 bopd.
• Development wells cost <C$750,000 to drill, complete and commence production in
~3 weeks.
• Plan to double acreage within the next 6 months.
• Over 500 drilling locations identified with 100 wells ready to drill and 20 wells
licensed for immediate drilling.
• No abandonment liability with C$4.1M in credit.
Business Highlights
An Australian energy company with a focus on low-risk oil and gas development projects in
North America.
Rhino Energy is currently in a joint venture with TSX:V listed Canadian oil and gas
exploration company PetroFrontier Corp for the development of projects in the Cold Lake
and Wabasca regions of Alberta, CA.
Cold Lake
The Cold Lake Interests include highly contiguous lease interests of approximately 16
sections in the Cold Lake area of north-eastern Alberta. Production from these lands in the
first quarter of 2016 reached approximately 340 barrels of oil per day, with current volumes
at over 600 barrels of oil per day.
There are existing wells that can be completed or worked over in the near term to increase
the current productive capacity with very low capital expenditures. Furthermore,
management believes that, on the existing land base, there are over 200 additional
potential drilling locations holding multi-zone potential for oil in the Mannville sequence
(Colony, Sparky, Rex, Lloyd and Cummings zones).
The Company is in the early stages of its development of these Cold Lake Interests.
Wabasca
In early 2018, the PetroFrontier entered into a development agreement with Bigstone Oil &
Gas Ltd., the wholly-owned energy company of the Bigstone Cree Nation. The agreement
provides for the development of an initial 3,040 acres of oil and gas rights from the surface
to the base of the Mannville in the Wabasca area of north-central Alberta (under lease to
Bigstone Oil).
PetroFrontier considers this opportunity to be analogous to the conventional cold-flow
heavy oil play being developed in the nearby Brintnell field. The prolific Brintnell field has
produced over 420 million barrels of oil and is currently producing approximately 65,000
barrels of oil per day.
This new core area for the PetroFrontier is within an area tightly held predominately by
large energy companies.
Rhino Energy and PetroFrontier have completed formal documentation and further funding
advance for development at Cold Lake and Wabasca.
Highlights
• Current production is ~600 bopd
• 10 producing wells
• Low-Risk, Low-Cost development potential
• Material Alberta Heavy Oil Project
• Over 1/2 billion Bbl OIP
• Strong First Nations Relationship
Environmental, Social and Governance
Rhino understands that strong environmental, social and governance performance is
essential for the success and growth of the Company’s business. The Company is committed
to managing its activities to minimise adverse workforce, community or environmental
impacts.
Rhino and its JV partners acknowledge the traditional
territories of the Bigfoot Cree and Cold Lake First Nations.
Through their JV partners Rhino maintains a very strong
relationship with the First Nations of the territories the
projects are on and continue to work alongside the Nations
in our activities.
Rhino is committed to the sustainable exploration and
production of oil and gas.
Ensuring that their policies with regards to the environment
and climate change are upheld.
Specifically, Rhino understands its obligations under the
Climate Change and Emissions Management Act of Alberta.
Rhino has comprehensive ESG policies within its corporate governance.
The policy provides guidance to the Company so it can regulate and provide adequate
management of Company activities to minimise the adverse effects on the workforce, the
community and the environment.
• Low Risk Oil and Gas Developments
• JV in Place
• Strong Team
• Building Company Value
Key Information
Shares on Issue
Current Fully Paid Ordinary “A” Class Shares 98,000,400
New Shares to be Issued under this Offer 120,000,000
Offer price per Share A$0.10
Total Shares on issue after this Offer 218,000,400
Amount to be raised under the Offer A$12,000,000
Implied capitalisation at the Offer Price A$21,800,040
NOTE: There are convertible notes, convertible at A10c/share to the amount of
$C2,000,000 and A$1,897,650 which, if exercised, will add approximately 40,926,340
shares to the register. It is intended to convert these and issue the shares at the time of
listing the company on the ASX.
Use of Funds
Capital Raised A$12,000,000
Drill 12-14 Production Wells A$9,300,000
Expenses of the offer (6%) A$720,000
Debt Repayment A$180,000
Admin/Overheads A$1,200,000
ASX Prospectus A$600,000
Executive Team
Tom Fontaine - Managing Director
Tom is a professional engineer with over 25 years’ experience starting, running and building
resource companies. He is currently a major shareholder and on the boards of several early stage
resource companies focused in Australia, Cuba, Africa and North America. He was a founder of Pure
Energy and helped build it into a $1 billion company in 4 years.
David Whitby - Executive Chairman
David is a senior executive with a reputation for building companies, creating value and driving
performance improvements in the oil and gas industry. His career has been focused on monetising
gas reserves in Indonesia. David was previously Managing Director of ASX listed Nido Petroleum
where he grew the company from a market capitalization of A$1m to A$600m transitioning the
company from a pure explorer to producer.
Blaise Thomas - Non Executive Director
Blaise has extensive experience in building and managing businesses gained from holding executive
and senior level management; consulting and advisory positions with both small to medium
enterprises, ASX listed national organizations and global blue-chip firms.
A successful career encompassing 25 + years in London, Europe and Australia, working within and
consulting to, Mining & Resource, Engineering, Technology, Investment Management and Financial
Services industries.
Clifton Mason - Executive Advisor
Clifton has 35 years of international oil & gas experience covering projects in Alaska, Colombia,
Egypt, Russia, United Kingdom and the Gulf of Mexico. He has a proven track record of successfully
leading large technical and operational organisations. He is the former Regional Operations
Manager for Apache in Egypt, the former Engineering VP and the Director of Petroleum Engineering
in BP’s Upstream Technology Group and the former Deputy Director of VNG (Vareyogan NefteGas).
Gregor Mawhinney - Executive Advisor
Gregor has over 40 years of experience in the petroleum industry with a strong operations
background. During his extensive career with international oil and gas operators he has successfully
led operations of various sizes and complexity both onshore and offshore as well as conventional
and non-conventional projects. He has worked as Field Manager of the Buzzard Field in the North
Sea for Nexen Inc., as an Operations Manager with Encana Corporation in Ecuadorand as the
Country Manager with Nexen in Yemen
Want to learn more?
View our Website https://www.rhinoenergy.com.au/
Or please contact:
Blaise Thomas
+61 (0)422 811 418
blaisekthomas@gmail.com
Tom Fontaine
+61 (0)411 610 006
tom.fontaine@rhinoenergy.com.au