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MACQUARIE CONFERENCE – Awe Limited

Awe Limited · May 2, 2013 · 42 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. MACQUARIE CONFERENCE – Awe Limited – slide 1
    AWE Limited Bruce Clement, Managing Director Macquarie Conference, 2 May 2013
  2. MACQUARIE CONFERENCE – Awe Limited – slide 2
    AWE Limited overview Australian energy company AWE performance vs ASX Energy Index 120 focused on upstream oil and gas (Index 100 at 1-Jan-13) and related energy opportunities 115 110 Portfolio of production, exploration 105…
  3. MACQUARIE CONFERENCE – Awe Limited – slide 3
    Strategic, regional focus Conventional and unconventional O&G assets in Australia, NZ, USA and Indonesia 4
  4. MACQUARIE CONFERENCE – Awe Limited – slide 4
    3Q Update (as at 31 March 2013) On target to achieve 2012-13 operational goals Production steady at 1.3 million BOE, YTD 3.7 million BOE Sales revenue of 77 million, YTD 222 million Field EBITDAX up to 49 million, YTD 141 million…
  5. MACQUARIE CONFERENCE – Awe Limited – slide 5
    3Q production summary REGION AND ASSET INTEREST 3Q PRODUCTION YEAR TO DATE PRODUCTION 3 months to March 2013 9 months to March 2013 Australia BassGas 46.25% 379 769 Casino/Henry 25% 348 1,115 Cliff Head 57.5% 136 442 Perth…
  6. MACQUARIE CONFERENCE – Awe Limited – slide 6
    YTD performance summary YTD Cumulative Performance Summary 250 4000 3500 200 3000 2500 150 A million '000 BOE 2000 100 1500 1000 50 500 0 0 YTD Q1 YTD Q2 YTD Q3 Sales (A million) EBITDAX (A million)…
  7. MACQUARIE CONFERENCE – Awe Limited – slide 7
    3Q Update (as at 31 March 2013) On target with delivery of major growth projects Sugarloaf wells to be drilled in 2013 increased to 37 with at least 2 in the Austin Chalk; test results for tighter well spacing due mid-year Ande Ande…
  8. MACQUARIE CONFERENCE – Awe Limited – slide 8
    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…
  9. MACQUARIE CONFERENCE – Awe Limited – slide 9
    Creating shareholder value Shareholder value creation will be achieved by focusing on: Optimise Focus on production delivering Achieving growth through and opportunities delivery of current portfolio performance near existing from…
  10. MACQUARIE CONFERENCE – Awe Limited – slide 10
    Growth built into asset portfolio AWE 2P Reserves and 2C Resources (as at 31 December 2012) 200 Sugarloaf 180 Anambas and Lengo, Indonesia 160 140 Development projects will Australian Gas Trefoil, White Ibis, Rockhopper,…
  11. MACQUARIE CONFERENCE – Awe Limited – slide 11
    Major development projects
  12. MACQUARIE CONFERENCE – Awe Limited – slide 12
    Ande Ande Lumut (100%, Operator) AAL oil project is located in the North West Natuna PSC, Indonesia 76 million barrels of recoverable oil (gross, 2C estimate) AWE has significantly improved the project development plan including…
  13. MACQUARIE CONFERENCE – Awe Limited – slide 13
    Ande Ande Lumut (100%, Operator) AAL Development Concept Source: AWE Limited Approved POD comprises 600 million gross capex plus leased FPSO (AWEs capex commitment will reduce after farm-out) FPSO bridge linked to WHP, up to 40…
  14. MACQUARIE CONFERENCE – Awe Limited – slide 14
    Sugarloaf AMI (10%, net 7.5% after royalties) Independent review of reserves by D&M complete - 2P Reserves increased by 6.4 MMBOE, or 67%, to 15.9 MMBOE Production up 282% YTD v prior year 81 wells (gross) online at end of March…
  15. MACQUARIE CONFERENCE – Awe Limited – slide 15
    BassGas (46.25%) Yolla-3 workover successful and production resumed in April; Yolla-4 wireline underway Aim to restore full production and access additional reservoir zones Working with Operator to de-risk engineering and…
  16. MACQUARIE CONFERENCE – Awe Limited – slide 16
    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…
  17. MACQUARIE CONFERENCE – Awe Limited – slide 17
    Funding a growth platform Forecast Annual Operating Cash Flow, Capex and Exploration 2P plus 2C AAL (50%), Sugarloaf and Pateke Cash Inflows 400 Sale of 50% AAL, at book value 300 Operating Cashflow 1 Cash Outflows 200…
  18. MACQUARIE CONFERENCE – Awe Limited – slide 18
    Production and geographic shift FY 2016-17 production outlook FY 2011-12 actual production 5% 14% 20% 4% 34% 47% 76% Australia New Zealand USA Australia New Zealand USA Indonesia NOTES: 1. Based on 2P Reserves…
  19. MACQUARIE CONFERENCE – Awe Limited – slide 19
    Exploration & Appraisal
  20. MACQUARIE CONFERENCE – Awe Limited – slide 20
    Exploration activity increasing REGION AND ASSET INTEREST EXPLORATION/APPRAISAL ACTIVITY Australia Perth Basin* 33-100% Senecio tight gas development feasibility study substantially complete Promising results from shale gas and tight…
  21. MACQUARIE CONFERENCE – Awe Limited – slide 21
    Perth Basin - Senecio-2 (50%, Operator) 50-100 Bcf tight gas opportunity Development feasibility study substantially complete reviewing preliminary findings Completion of study expected in 4Q, work on environmental approvals has…
  22. MACQUARIE CONFERENCE – Awe Limited – slide 22
    Perth Basin - Arrowsmith-2 (44.25%) 5 shale gas and tight gas zones fracture stimulated, hydrocarbons recovered from all zones, plugs set between zones High Cliff Sandstone achieved maximum gas flow rate of 0.78 MMscf/d Kockatea…
  23. MACQUARIE CONFERENCE – Awe Limited – slide 23
    Indonesia and New Zealand Lengo-2 appraisal well drilling underway in the Bulu PSC (42.5%), offshore Indonesia Reviewing field development options for Anambas gas discovery (100%, Operator), including possible farm-out to undertake…
  24. MACQUARIE CONFERENCE – Awe Limited – slide 24
    Activity summary 2013 calendar year Region Asset Activity Description Q1 Q2 Q3 Q4 Australia BassGas O Yolla-3 workover & Yolla-4 wireline D MLE sequencing decision* Casino/Henry E/A 3D Reprocessing Cliff Head O Evaluation of CH9…
  25. MACQUARIE CONFERENCE – Awe Limited – slide 25
    AWE delivering on growth initiatives Well funded with strong operating cash flows Development pipeline funded through operating cash flows and modest debt facility Growth drivers already built into exciting portfolio of 2C Resources…
  26. MACQUARIE CONFERENCE – Awe Limited – slide 26
    Thank You Questions
  27. MACQUARIE CONFERENCE – Awe Limited – slide 27
    Appendix Half Year Financials and supplementary information
  28. MACQUARIE CONFERENCE – Awe Limited – slide 28
    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…
  29. MACQUARIE CONFERENCE – Awe Limited – slide 29
    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…
  30. MACQUARIE CONFERENCE – Awe Limited – slide 30
    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…
  31. MACQUARIE CONFERENCE – Awe Limited – slide 31
    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…
  32. MACQUARIE CONFERENCE – Awe Limited – slide 32
    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…
  33. MACQUARIE CONFERENCE – Awe Limited – slide 33
    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…
  34. MACQUARIE CONFERENCE – Awe Limited – slide 34
    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…
  35. MACQUARIE CONFERENCE – Awe Limited – slide 35
    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) -…
  36. MACQUARIE CONFERENCE – Awe Limited – slide 36
    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…
  37. MACQUARIE CONFERENCE – Awe Limited – slide 37
    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…
  38. MACQUARIE CONFERENCE – Awe Limited – slide 38
    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…
  39. MACQUARIE CONFERENCE – Awe Limited – slide 39
    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…
  40. MACQUARIE CONFERENCE – Awe Limited – slide 40
    Strong Board and Management Non-executive Directors Senior Management Bruce Phillips Chairman Bruce Clement Managing Director 30+ years of oil & gas technical, financial and Engineer with 30+ years experience in oil & gas managerial…
  41. MACQUARIE CONFERENCE – Awe Limited – slide 41
    AWE 2P Reserves as at 31 December 2012 2P Reserves Project/Area Equity (million boe) BassGas Otway Basin BassGas 46.25% 27.9 Cliff Head Onshore PB Tui Otway Basin 25.0% 8.5 15.9 Sugarloaf Cliff Head 57.5% 2.9 27.9 Onshore PB…
  42. MACQUARIE CONFERENCE – Awe Limited – slide 42
    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 30.9 Sugarloaf Cliff Head 57.5% 1.2 37.3…

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