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HALF YEAR RESULTS – Awe Limited

Awe Limited · Feb 26, 2013 · 47 slides

Investor presentation from the Shale Experts oil & gas presentation and slide database. Every page is imaged and its text indexed for search across operators, plays, basins and time.

Slides

  1. HALF YEAR RESULTS – Awe Limited – slide 1
    AWE Limited Half Year Results 26 February 2013
  2. HALF YEAR RESULTS – Awe Limited – slide 2
    Introduction & Highlights Bruce Clement Managing Director
  3. HALF YEAR RESULTS – Awe Limited – slide 3
    AWE Positioned for Growth Core portfolio of 2P Reserves, exciting 2C growth opportunities All production assets online; potential to further optimise production from some assets Good balance between gas & liquids; leveraged to…
  4. HALF YEAR RESULTS – Awe Limited – slide 4
    Reserves and Resources AWE 2P Reserves and 2C Resources (as at 31 December 2012) 200 Sugarloaf 180 Anambas and Lengo, Indonesia 160 140 Growth million BOE Australian Gas Opportunities 120 Australia & NZ Liquids…
  5. HALF YEAR RESULTS – Awe Limited – slide 5
    Strong Board and Management Board Management Bruce Phillips Chairman Bruce Clement Managing Director 30+ years of oil & gas technical, financial and Engineer with extensive management experience managerial experience in the Australian…
  6. HALF YEAR RESULTS – Awe Limited – slide 6
    Operational Highlights Production of 2.3 million BOE on track to meet guidance Sugarloaf production up 177% with 63 wells now online Production from Cliff Head and Casino exceeded forecast BassGas online in mid-October 2012; made…
  7. HALF YEAR RESULTS – Awe Limited – slide 7
    Safety, Environment and Community Improving safety performance - AWE community sponsored Special Childrens Extravaganza, NZ zero Lost Time Injuries in December quarter LTIFR and TRIFR measures continue to improve 365+ days…
  8. HALF YEAR RESULTS – Awe Limited – slide 8
    Production Performance Production for the period ending 31 December 2012 7 Gas LPG 6.1 6.1 6 Condensate 4.9-5.3 Oil 5 4.7 Guidance Range Full Year Production million BOE 4 3.3 3.1 3 2.9 2.3 2 1 0 H1 FY…
  9. HALF YEAR RESULTS – Awe Limited – slide 9
    Financial Highlights Sales revenue of 145.1 million sustained by high oil prices and strong domestic gas demand Field EBITDAX of 91.3 million Statutory NPAT of 13.2 million Net operating cash flow of 39.4 million, 44.4 million…
  10. HALF YEAR RESULTS – Awe Limited – slide 10
    Guidance for FY 2012-13 2012-13 Progress at Key Metric Guidance December Production (million BOE) 4.9 to 5.3 2.3 Revenue (m) 270 to 300 145.1 Development expenditure (m) 150 to 180 99.6 Exploration expenditure (m) 50 15.7…
  11. HALF YEAR RESULTS – Awe Limited – slide 11
    Financial Analysis Ayten Saridas Chief Financial Officer
  12. HALF YEAR RESULTS – Awe Limited – slide 12
    Sales Revenue Sales Revenue for the period ending 31 December 2012 400 Gas 354 LPG 350 Condensate 305 270-300 300 298 Oil 250 Guidance Range AM 200 Full Year Revenue 187 158 150 145 135 100 50 0 H1 FY H1…
  13. HALF YEAR RESULTS – Awe Limited – slide 13
    Earnings Analysis Net Profit after Tax for period ending 31 December 2012 160 145 140 120 100 54 AM 80 60 45 40 35 5 6 4 20 13 18 0 Revenue Field Opex Amortisation Exploration & Other EBIT Net Interest…
  14. HALF YEAR RESULTS – Awe Limited – slide 14
    Field EBITDAX Half Year Field EBITDAX for the period ending 31 December 2012 40 35 30 25 AM 20 37 34 35 15 28 26 10 17 14 5 4 0 New Zealand South-Eastern Australia Western Australia United States H1 2012…
  15. HALF YEAR RESULTS – Awe Limited – slide 15
    Cash Flow Analysis Cash Flow for period ending 31 December 2012 180 77 160 140 120 100 44 AM 80 60 102 43 40 40 22 1 20 0 Opening balance as Operating cash Borrowings Development Exploration Other Closing…
  16. HALF YEAR RESULTS – Awe Limited – slide 16
    Investment Expenditure Annual Capex plus Exploration Expenditure 250 200-230 200 39 150 AM 142 16 100 Other 67 8 172 Sugarloaf 32 50 BassGas 55 57 60 0 FY10 FY11 FY12 FY13 Capital Expenditure Exploration…
  17. HALF YEAR RESULTS – Awe Limited – slide 17
    Balance Sheet and Funding Balance Sheet Item 31 Dec 12 million Total Assets 1,134 Exploration and evaluation assets 95 Oil and gas assets 899 Total Liabilities 267 Interest bearing liabilities 91 Net Assets 867 Cash of 39.6 million…
  18. HALF YEAR RESULTS – Awe Limited – slide 18
    Strategy Update Bruce Clement Managing Director
  19. HALF YEAR RESULTS – Awe Limited – slide 19
    Focused on Key Energy Markets Based in Australia, AWE is focused on growing production capacity in key energy markets 20
  20. HALF YEAR RESULTS – Awe Limited – slide 20
    Committed to Value Creation Deliver base Maximise Grow through Develop business near-field exploration & opportunities in opportunities acquisitions New Energy Focus on core Focus on delivery of Identify and pursue Utilise skills…
  21. HALF YEAR RESULTS – Awe Limited – slide 21
    Strategic Growth Initiatives FY 2012-13 Managing portfolio sale / farmout of up to 50% of AAL Perth Basin Senecio tight gas feasibility study and shale gas testing Bulu PSC Lengo-2 appraisal well in 1H 2013 Sugarloaf evaluating…
  22. HALF YEAR RESULTS – Awe Limited – slide 22
    Building a Growth Platform Production outlook: 2P Reserves plus 2C AAL (50%), 12 Sugarloaf, Pateke, Lengo, Trefoil & Senecio 11 10 9 2C Trefoil, Lengo & Senecio 8 2C AAL, Sugarloaf million BOE 7 & Pateke 6 Guidance…
  23. HALF YEAR RESULTS – Awe Limited – slide 23
    Funding a Growth Platform Forecast Operating Cash Flow, Capex and Exploration 2P plus 2C AAL (50%), Sugarloaf and Pateke 400 Cash Inflows Sale of 50% AAL, at book 300 value Operating Cashflow1 200 Cash Outflows Exploration…
  24. HALF YEAR RESULTS – Awe Limited – slide 24
    Energy price projections Brent Oil Spot Price Projections Melbourne Wholesale Fuel Cost (Gas) Projections (US EIA Annual Energy Outlook 2013) (ACIL Tasman) 300 20 Gas Price (Australian dollars per GJ) Oil Price (US dollars per…
  25. HALF YEAR RESULTS – Awe Limited – slide 25
    Domestic contracted sales gas 48% of AWEs Australian AWE Net Australian Sales Gas Production Forecast 2P gas reserves and 76% (average TJ per day) 2P Reserves - Contracted 2P Reserves - Uncontracted of 2P+2C gas resources 2C Resource -…
  26. HALF YEAR RESULTS – Awe Limited – slide 26
    Operational Review Bruce Clement Managing Director
  27. HALF YEAR RESULTS – Awe Limited – slide 27
    Core Production Assets (net to AWE) Tui (42.5%, Operator) Cliff Head (57.5%) Casino & Henry (25%) Total production 388,000 BBL Total production 306,000 BBL Total production 767,000 BOE Approx. 2,100 BOPD Approx. 1,650 BOPD Approx.…
  28. HALF YEAR RESULTS – Awe Limited – slide 28
    BassGas update Yolla Platform Compression lift deferred, production restarted 14 October 2012 averaged 48 TJ per operational day and peaked at 57 TJ per day Yolla-3 currently shut in; workover scheduled to start this Quarter to…
  29. HALF YEAR RESULTS – Awe Limited – slide 29
    BassGas update JV decision on sequencing of work over 2013/14 and 2014/15 expected 1H calendar 2013 Compression should maximise output from existing wells; plant capacity 67 TJ/day Current well locations, May 2011 Jack-up drill rig…
  30. HALF YEAR RESULTS – Awe Limited – slide 30
    Ande Ande Lumut - background Acquired 100% of AAL in January 2012 along with 100% of Anambas for 139 million Significantly improved project development plan including subsurface understanding and facilities design Current book…
  31. HALF YEAR RESULTS – Awe Limited – slide 31
    Ande Ande Lumut project overview Estimated 76 million barrels recoverable oil (gross 2C) Oil column: up to 36 metres 15.5 deg API gravity and 30 centipoise viscosity Oil price expected to be at a small discount to Brent FPSO…
  32. HALF YEAR RESULTS – Awe Limited – slide 32
    Ande Ande Lumut capex & sell down Approved POD requires approx. 600 million capex + leased FPSO Minimal capex before FID; costs include staffing, WHP & FPSO design, engineering, subsurface Material capex not required until after…
  33. HALF YEAR RESULTS – Awe Limited – slide 33
    Sugarloaf AMI - Eagle Ford Shale Production up 177% for half year 10% interest, net 7.5% after royalties 63 wells (gross) online at end 2012 with further 12 in progress Typical well costs of US8-9 million Independent Reserves and…
  34. HALF YEAR RESULTS – Awe Limited – slide 34
    Sugarloaf AWE - NRI Production Dry Gas NGLs Oil + Condensate No. Wells Producing 70,000 120 60,000 100 50,000 Gross No. Wells Producing 80 Production (BOE/Month) 40,000 60 30,000 40 20,000 20 10,000 0…
  35. HALF YEAR RESULTS – Awe Limited – slide 35
    Senecio Tight Gas Discovery Development feasibility study underway Tight sandstone gas play in production licences L1/L2; AWE 50%, Operator Successfully perforated 5m interval in the Wagina-Dongara (2,643m to 2,685m) September…
  36. HALF YEAR RESULTS – Awe Limited – slide 36
    Arrowsmith-2 testing program Located in exploration permit EP 413, AWE 44.25% 5 zones fracture stimulated, hydrocarbon from all zones, plugs set between zones Kockatea flowed back oil and gas, High Cliff achieved stabilised gas…
  37. HALF YEAR RESULTS – Awe Limited – slide 37
    Exploration and Appraisal Focused and disciplined exploration program gaining momentum Lengo-2 appraisal well, located in the Bulu PSC, offshore Indonesia, planned for 1H 2013 Reviewing field development options for Anambas gas…
  38. HALF YEAR RESULTS – Awe Limited – slide 38
    Activity Summary 2013 Q1 Q2 Q3 Q4 Exploration Lengo Appraisal drilling & Appraisal Anambas Evaluation pre farm-out Oi Exploration drilling Development Sugarloaf Development drilling AAL Sell-down/farm-out & FID Sell-down/Farm-out…
  39. HALF YEAR RESULTS – Awe Limited – slide 39
    New Energy Developing approach to New Energy beyond current investment in unconventional gas Use AWEs O&G expertise to add value to new energy initiatives that have synergy with current or future activities Aim to position AWE for…
  40. HALF YEAR RESULTS – Awe Limited – slide 40
    FY 2012-13 goals Corporate & Operational Sustainability objectives continue safety improvement Production 4.9 5.3 million BOE Revenue 270 300 million Strategic Increased operatorship through AAL and Perth Basin Enhanced technical…
  41. HALF YEAR RESULTS – Awe Limited – slide 41
    Questions AWE Limited, Half Year Results
  42. HALF YEAR RESULTS – Awe Limited – slide 42
    Appendix AWE Limited, Half Year Results
  43. HALF YEAR RESULTS – Awe Limited – slide 43
    AWE 2P Reserves as at 31 December 2012 2P Reserves BassGas Project/Area Equity (million boe) Otway Basin Cliff Head BassGas 46.25% 27.9 Onshore PB Tui Otway Basin 25.0% 8.5 Sugarloaf 9.5 Cliff Head 57.5% 2.9 2.8 2.1 27.9…
  44. HALF YEAR RESULTS – Awe Limited – slide 44
    AWE 2C Resources as at 31 December 2012 2C Resources Project/Area Equity (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 Sugarloaf Cliff Head 57.5% 1.2 Ande Ande…
  45. HALF YEAR RESULTS – Awe Limited – slide 45
    Half Year earnings breakdown HY to HY to Dec 2012 Dec 2011 million million Revenue 146.0 158.6 Operating costs (53.8) (54.4) Amortisation (45.4) (48.3) Exploration costs expensed (4.9) (9.7) Asset impairments/reversals - (4.2) Net…
  46. HALF YEAR RESULTS – Awe Limited – slide 46
    Segmental reporting millions Total New South- Western United Exploration Zealand Eastern Australia States Activities Australia Sales revenue 145.1 44.9 35.3 42.0 22.9 - Production costs and (53.8) (11.3) (18.1) (15.6) (8.8) -…
  47. HALF YEAR RESULTS – Awe Limited – slide 47
    Cash flow analysis HY to HY to Dec 2012 Dec 2011 million million Opening Cash 42.8 117.2 Net cash flow from operations * 39.4 75.4 Asset disposals - - Development spending (102.2) (43.7) Exploration spending initially capitalised…

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