US Investor Roadshow Bruce Clement, Managing Director Matthew Sullivan, Investor Relations 3-6 March 2014
Agenda About AWE Strategic Focus Highlights 1H 2013-14FY Financial Performance Growth Projects Outlook 3
About AWE Limited Australian energy company focused on upstream oil and gas and related energy opportunities Strategy focused on Oil, Oil-linked Gas, and Unconventionals Portfolio of production, exploration and development assets…
AWEs core strengths Engineering and geoscience technical excellence Extensive financial and commercial capabilities and discipline Strong board and management Ability to identify and acquire assets with significant upside…
Experienced Board and Management Non-executive Directors Executive Team Bruce Phillips Chairman Bruce Clement Managing Director 30+ years of O&G technical, financial and Engineer with 30+ years of technical, financial managerial…
Strategic Focus 7
Strategy focused on 3 core platforms Strong oil Indonesia prices; Oil favourable New Zealand Australia currency Leveraged to East Coast / rising prices & Australia Oil Linked Gas long term demand Liquids upside; USA…
Focused on oil and high value gas 9
Oil continues to perform Commodity prices 1 Jan 2013 = 1* 1.10 1.06 1.04 1.05 1.02 1.00 1.00 0.95 AUD/USD Index 0.98 0.90 0.96 0.85 0.94 0.80 0.92 0.75 0.90 0.70 0.88 0.65 0.86 1 Jan 13 23 Mar 13…
Leveraged to rising gas markets CGG Viking 2 acquiring La Substantial uncontracted Bella 3D seismic survey domestic gas position Industry experts forecast the domestic gas price to rise sharply over the next 5-10 years Over 50% of…
Portfolio of quality assets Asset % Location Status 2P 2C mmboe mmboe Tui 57.5** Taranaki Basin Production Oi 31.25** Taranaki Basin Exploration Oil 30.1 10.2 Cliff Head 57.5 Perth Basin Production AAL 50 Natuna Sea Development…
Highlights For the 6 months to 31 December 2013 13
Financial highlights 1H FY2013-14 1H13-14 Sales Revenue by Product Production 3.0 million BOE A million Sales Revenue 175 million 46 62 Field EBITDAX 117 million 18 EBIT 119 million 48 Statutory NPAT * 81.7 million Oil…
Balance Sheet and Funding Highly liquid balance sheet with significant capacity 78 million net cash with no drawn debt 300 million, 4-year, unsecured multicurrency bank loan facility Operating cash flows robust and reliable Sale of…
HSE remains a top priority AWE Operated 12 Month Rolling Average Performance Indicators 12 AWE LTIF Incidents per Million man hours 10 8 AWE TRIR 6 4 APPEA Total Recordable 2 Injury Rate (2012) 0 Continued…
Active portfolio management Sale of 50% interest in AAL oil project to Santos Sale of 50% interest in Northwest Natuna PSC, including AAL oil project, to Santos for USD188 million completed Operatorship transferred to Santos - strong…
More than 15 years of 2P production* AWE 2P Reserves and 2C Resources (as at 31 December 2013) 200 172.8 million boe 180 Sugarloaf 160 Anambas and Lengo, Indonesia 140 million BOE Australian Gas Trefoil, White Ibis,…
Pursuing reserves & resources growth Perth Basin unconventional prospective resources 11 TCF of gas and 31 million bbls of NGLs gross unconventional prospective resources estimated in southern onshore Perth Basin permits EP413, EP455,…
Financial Performance For the 6 months to 31 December 2013 20
Earnings analysis Net Profit after Tax for period ending 31 Dec 2013 200 175 180 160 140 97 119 120 59 12 AM 100 7 82 80 30 60 65 40 18 20 0 Revenue Field Opex Amortisation Exploration & Profit on sale Other…
Strong, robust cash flow & EBITDAX 22
Cash flow analysis Cash Flow for period ending 31 Dec 2013 250 101 7 200 150 91 80 AM 100 41 78 27 1 50 41 0 Opening Operating Disposals Acquisitions Borrowings Development Exploration Other Closing…
Growth Projects 24
Portfolio of growth opportunities Indonesia: Unconventional Gas Perth Basin Shale Gas Indonesia: Terembu PSC Indonesia: AAL oil project (G-Sand development) Shareholder Value Rising Indonesian Gas Prices BassBasin: Trefoil,…
Sugarloaf to accelerate drilling Sugarloaf AMI, Texas, USA Quality Eagle Ford shale play highly leveraged to liquids Half year production up 67% on pcp Drilling activity to increase by more than 100% in CY2014 Operator planning to…
Perth Basin gaining momentum Basin dominant position with excellent infrastructure Independent unconventional prospective resources estimate for EP413, EP455, L4 and L5 11 TCF of gas and 31 mmbbls of NGLs gross 9.2 TCF of gas and…
Substantial east coast gas potential Otway Basin Blackwatch discovery in VIC/RL12 close to existing infrastructure potential to tie back to Casino/Henry/Netherby Acquired 3D seismic over 928 km2 of VIC/P67, including La Bella…
Substantial east coast gas potential Bass Basin Drilling of 2 development wells at BassGas planned to access significant 2P Reserves JV in advanced negotiations to contract rig; targeting drilling during summer 2014-15 Drilling and…
New Zealand drilling campaign AWE increased share of Tui high quality, Operated asset Acquired additional 15% in Tui oil project (including Pateke-4H well) and 6.25% of Oi exploration well from Mitsui Now holds 57.5% of Tui and 31.25%…
Ande Ande Lumut oil project AWE crystallised value in AAL Sale of 50% interest in Northwest Natuna PSC, including AAL oil project, to Santos for USD 188 million Consideration comprised USD 100 million cash and USD 88 million cost…
Indonesia appraisal & exploration Indonesia remains a key platform for AWEs expansion into Asia Lengo-2 (Bulu PSC, 42.5%) Achieved gas flow rates of 4.5 mmscf/d for DST1 and 21.2 mmscf/d for DST2 Operator to undertake FEED and gas…
Outlook 33
Looking ahead potential catalysts New Zealand 2 well drilling campaign currently underway - Pateke-4H development well and Oi-1 exploration well Plan to drill 2-4 unconventional wells in Perth Basin in CY2014 - Senecio-3, Drover-1,…
Guidance FY2013-14 Guidance YTD Key Indicator FY2013-14 31 Dec 2013 Production (million BOE) 5.0 5.5 3.0 Revenue (m) 290 320 175 Development expenditure (m) 160 180 47.9 Exploration expenditure (m) 50 19.6 Production and…
Summary Highlights : Achieved major strategic goals across the business in 1H FY 2013-14 Financial: Strong and disciplined performance Highly liquid balance sheet with significant capacity Solid foundation for growth Continue to…
Questions
Appendix Half year financials and supplementary information 38
Half year production summary REGION AND ASSET INTEREST 1st HALF PREVIOUS FY2013-14 CORRESPONDING PRODUCTION PERIOD 6 months to 31 Dec 2013 6 months to 31 Dec 2012 Australia (000 BOE) (000 BOE) BassGas 46.25% 1,076 389…
Underlying profit reconciliation Half year to Half year to 31 Dec 2013 31 Dec 2012 million million Statutory net profit after tax 81.7 13.2 Adjusted for: Gain on sale of 50% interest in Northwest Natuna PSC (75.5) - Restructuring…
Half year earnings breakdown Half year to Half year to 31 Dec 2013 31 Dec 2012 million million Revenue 175.4 145.1 Operating Costs (58.5) (53.8) Amortisation (65.3) (45.4) Exploration costs expensed (17.6) (4.9) Asset…
Half year segmental reporting Half year to South- New Western United Exploration 31 December 2013 Total Eastern Zealand Australia States Activities millions Australia Sales revenue 175.4 33.4 67.3 37.1 37.6 - Production costs and…
Half year cash flow analysis Half year to Half year to 31 Dec 2013 31 Dec 2012 million million Opening cash 41.1 42.8 Net cash flow from operations* 72.9 39.4 Asset acquisitions (Tui) (7.2) - Asset disposals (AAL) 101.4 - Development…
AWE 2P Reserves as at 31 December 2013 2P Reserves Project/Area Equity (million boe) BassGas 46.25% 26.9 Otway Basin 25.0% 10.2 24.8 BassGas 26.9 Otway Basin Cliff Head 57.5% 2.4 Cliff Head Onshore PB 33-100% 1.7 Onshore PB Tui…
AWE 2C Resources as at 31 December 2013 2C Resources Project/Area Equity (million boe) Bass Basin 44.75-46.25% 36.0 Otway Basin 25.0% 1.8 Bass Basin Cliff Head 57.5% 0.6 29.1 Otway Basin 36.0 Cliff Head Onshore PB 50%-100% 7.1…
Loading...
