AWE Limited Bruce Clement, Managing Director Citi Conference, 24 October 2012
About AWE ASX listed company, established in 1997 Market capitalisation of approximately 700 million Offices in Sydney, Perth, New Plymouth (NZ), Jakarta and Kuala Lumpur 56.1 million BOE of 2P Reserves plus 133 million BOE of 2C…
Focused on key energy markets Based in Australia, AWE is focused on delivering growth in key energy markets 4
Financial highlights FY 2011-12 4.7 million BOE production (including 6+ months shut-down at BassGas) 298.4 million sales revenue 188.7 million EBITDAX 300 million debt refinancing demonstrates cash flow strength 31% growth in total…
FY 2012-13 guidance Item 2012-13 Guidance 2011-12 Actual Production (million BOE) 4.5 to 5.0 4.69 Revenue (m) 250 to 280 298.4 Development expenditure (m) 190 to 220 171.5 Exploration expenditure (m) 50 39.2 Revenue guidance…
2P Reserves + 2C Resources AWE 2P Reserves and 2C Resources 189.1 million BOE 2P (as at 30 June 2012) Reserves plus 2C 200 2C Resource - US Gas & Condensate Resources 180 2C Resource - Indonesia Gas & Liquids Sugarloaf 31%…
AWE positioned for value and growth Deliver base Maximise Develop Grow through business near-field opportunities in exploration & opportunities New Energy acquisitions Focus on core Focus on delivery of Utilise skills from Identify…
Operational update Enhanced performance of production assets Successful workover at Cliff Head in FY2011-12 Accelerated development drilling campaign within Sugarloaf AMI yielding higher gas and condensate production, up 129% at 30…
Health, Safety and Environment HSEQ a key focus for AWE New corporate HSEQ manager appointed HSEQ staff for each AWE-operated project Actively working with stakeholders and partners on safety initiatives to improve performance…
Enhanced asset performance Cliff Head Oil Field Successful workover of Cliff Head-12 during FY2011-12 7.5% increase in production from prior year Planned workover of Cliff Head-9 to convert the well into a water injector in 2H12…
Enhanced asset performance Casino/Henry/Netherby Gas Fields Good production performance, meeting the long term contract Additional Load Factor gas sales achieved in 3Q12 Reviewing additional exploration/development opportunities…
BassGas MLE project status Quality long term gas & condensate asset Mid Life Enhancement Project (MLE) aims to extend field life and maximise resource recovery and operating cash flow Successful installation of accommodation module…
Eagle Ford Shale Sugarloaf AMI Marathon acquired operatorship in November 2011 - AWE holds 10% working interest in Sugarloaf AMI 2P Reserves of 9.7 million BOE, with further 2C Resources of 6.3 million BOE at 30 June 2012 Typical…
Eagle Ford Shale - Sugarloaf AMI Record production output achieved in 3Q12 with further drilling activity planned 15
Sugarloaf AMI further development Potential upside from further development opportunities Marathon evaluating tighter well spacing: Well testing pilot program underway Wells drilled at approximately 40 and 60 acre intervals…
A fresh look at the Perth Basin Perth Basin Shale and Tight Sands AWEs footprint in Perth Basin approximately 600,000 net acres under lease Taking a fresh look at data accumulated over last 20-30 years past drilling has intersected…
Perth Basin tight sands Senecio-2 (AWE 50%, AWE Operator) Tight sandstone gas play in production licences L1/L2 Successfully perforated a 5m interval and stimulated the Wagina and Dongara reservoir (2,643m to 2,685m) Latest flow…
Perth Basin shale gas Woodada Deep-1 (AWE 100%, AWE Operator) Underneath depleted Woodada gas field in production licence L5 Targeted Middle Carynginia from 2,370m to 2,425m and the Upper Carynginia from 2,283m to 2,330m both…
Perth Basin unconventional oil & gas Arrowsmith-2 (AWE 44.25%, NWE Operator) Located in exploration permit EP 413 5 zones tested hydrocarbon flow achieved from all zones Separate hydraulic fracture stimulations, plugs set between…
Growth into Asia - Indonesia Acquired growth assets in Asia through 100% ownership of Northwest Natuna and Anambas PSCs containing: Ande Ande Lumut oil field (76 million barrels estimated recoverable oil) Anambas gas discovery (60…
Ande Ande Lumut project overview Subsurface characteristics Estimated 76 million barrels recoverable oil (26% recovery factor) Oil column: up to 36 metres Oil characteristics (heavy crude) 15.5 deg API gravity; and 30 centipoise…
Ande Ande Lumut capex & farm down Capital expenditure Project POD requires capex of approximately 600 million plus leased FPSO Minor expenditure in FY2012-13 comprising staffing, WHP FEED (now bidding), FPSO Design Competition,…
Ande Ande Lumut current status Recruitment of key people for AAL project team completed Preliminary design work on FPSO and WHP completed WHP FEED currently bidding FPSO design competition tender documents completed and Tender…
Strategic initiatives = rebalanced portfolio Net 2P Reserves Net 2P Reserves (as at 30 June 2011) plus AAL Resource (as at 30 June 2012) 100 80 Oil, 50% 60 Oil, 13% Condensate, 15% million BOE LPG, 8% Condensate,…
AWE is well positioned for growth Strong core business performance in FY 2011-12 4.7 million BOE production (including 6+ months shut-down at BassGas) 298.4 million sales revenue 188.7 million EBITDAX 300 million debt refinancing…
2P reserves as at June 2012 BassGas Project/Area Equity 2P Reserves Otway Basin (million BOE) Cliff Head Onshore PB BassGas 46.25% 28.3 Tui Sugarloaf 9.7 Otway Basin 25.0% 9.3 3.1 Cliff Head 57.5% 3.3 2.4 28.3 Onshore PB 33-100%…
2C resources as at June 2012 Project/Area Equity 2C Resources (million BOE) Bass Basin Otway Basin Bass Basin 44.75 - 46.25% 37.3 Cliff Head Onshore PB Otway Basin 25.0% 4.8 Tui 30.9 Sugarloaf 37.3 Cliff Head 57.5% 1.2 AAL Other…
Domestic gas price upside AWE Net Australian Sales Gas Production Forecast (average TJ per day) 70 46% of AWEs Australian 2P 2P Reserves - Contracted 2P Reserves - Uncontracted gas reserves and 74% of 60 2P+2C gas resources are…
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