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ASIA ROADSHOW – Awe Limited

Awe Limited · Nov 28, 2014 · 48 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. ASIA ROADSHOW – Awe Limited – slide 1
    Asia roadshow Bruce Clement, Managing Director 25-28 November, 2014
  2. ASIA ROADSHOW – Awe Limited – slide 2
    Agenda About AWE Strategy Growth projects Perth Basin discovery Australian gas markets Other opportunities Outlook Appendix 3
  3. ASIA ROADSHOW – Awe Limited – slide 3
    About AWE Limited Australian energy company focused on upstream oil and gas and related energy opportunities Strategy focused on Oil, High Value Gas, and Unconventionals Portfolio of production, exploration and development assets…
  4. ASIA ROADSHOW – Awe Limited – slide 4
    AWE is creating shareholder value Strong operating performance and financial results achieved in FY2013-14 Proactive management of portfolio of quality production, development and exploration assets Technical and commercial strength;…
  5. ASIA ROADSHOW – Awe Limited – slide 5
    AWE share price performance Price Performance (indexed as of 18/11/14) 145% 135% 125% 115% 105% 95% 85% 75% 02 Jan 14 07 Feb 14 14 Mar 14 22 Apr 14 28 May 14 03 Jul 14 07 Aug 14 11 Sep 14 16 Oct 14 AWE ASX…
  6. ASIA ROADSHOW – Awe Limited – slide 6
    Financial and Operational Highlights Excellent safety and environmental performance - No Lost Time Injuries (LTIs) - No reportable environment incidents Exceeded operational goals for the year, strong production and revenue Guidance…
  7. ASIA ROADSHOW – Awe Limited – slide 7
    Production and Revenue Total Production 5.6 million BOE, up 13% Sales Revenue 328.2 million, up 9% Operating cash flow 154.3 million, up 18% Statutory NPAT * 62.5 million, up 213% Average Realised Oil and Condensate Price 109…
  8. ASIA ROADSHOW – Awe Limited – slide 8
    EBITDAX and Investment Field EBITDAX 208.8 million, up 13% Development and Exploration investment Forecast to increase due to high activity levels at BassGas, Sugarloaf, Tui and the onshore Perth Basin Net Debt (at 30/9/14)* 9…
  9. ASIA ROADSHOW – Awe Limited – slide 9
    Strong Reserves and Resources base NOTE: No adjustment for sale of 11.25% of BassGas completed in November 2014. Does not include Waitsia 2C Resources of 24 mmboe More than 16 years of 2P production based on FY2013-14 production…
  10. ASIA ROADSHOW – Awe Limited – slide 10
    Strategy 11
  11. ASIA ROADSHOW – Awe Limited – slide 11
    Clear vision and strategy The Board and Management of AWE set ambitious, but achievable, five year growth targets at the end of 2013: Double production to 10 mmboe Triple Field EBITDAX to more than 500 million AWE aims to achieve…
  12. ASIA ROADSHOW – Awe Limited – slide 12
    Strategy built on three core platforms Generally strong Indonesia, China oil prices; Oil favourable New Zealand Australia currency Leveraged to pricing & Australia High Value Gas demand upside; Indonesia oil linked…
  13. ASIA ROADSHOW – Awe Limited – slide 13
    Growing presence in high value markets 14
  14. ASIA ROADSHOW – Awe Limited – slide 14
    Delivering growth over next 3-5 years AAL oil project development Perth Basin Senecio/Waitsia gas development Pateke tie-in to boost Tui production BassGas development wells and gas compression to access reserves…
  15. ASIA ROADSHOW – Awe Limited – slide 15
    Growth Projects 16
  16. ASIA ROADSHOW – Awe Limited – slide 16
    More upside potential at Sugarloaf Eagle Ford horizontal and Production from Sugarloaf up 31% in FY2013-14 vertical well spacing 2P + 2C increased by 82% during FY2013-14 following independent review As at 30 September, total of 154…
  17. ASIA ROADSHOW – Awe Limited – slide 17
    BassGas MLE development Achieved FID for 2 development wells in early 2015, drill rig contracted (capex net 75 million to AWE) Crane vessel contracted to undertake lift of gas compression and condensate pumping modules in late…
  18. ASIA ROADSHOW – Awe Limited – slide 18
    Ande Ande Lumut oil project Wellhead platform FEED completed FPSO tender plan approved by Indonesian government prequalification has commenced Operator has advised FID in late 2015/early 2016; working with Operate to bring forward…
  19. ASIA ROADSHOW – Awe Limited – slide 19
    Perth Basin Discovery 20
  20. ASIA ROADSHOW – Awe Limited – slide 20
    21 Oil and Gas in the Perth Basin AWE is not exploring for Coal Seam Gas which is close North Perth to surface and Basin involves conventional dewatering coal gas, tight gas seams to and shale gas is release gas. 2km below the…
  21. ASIA ROADSHOW – Awe Limited – slide 21
    Exciting discovery Waitsia gas field Senecio-3 delivers upside Senecio-3 well originally targeted Dongara and Wagina formations in the Senecio Field Better porosity and permeability than Senecio 2, evidence of improved quality…
  22. ASIA ROADSHOW – Awe Limited – slide 22
    Senecio-3 stratigraphy 23
  23. ASIA ROADSHOW – Awe Limited – slide 23
    Senecio and Waitsia initial volumes Table 1. Initial gross 2C Contingent Resources estimates for the Senecio and Waitsia Fields Field Reservoir Interval Original Gas in Place (Bcf) Recoverable (Bcf) P90 P50 P10 P90 P50 P10…
  24. ASIA ROADSHOW – Awe Limited – slide 24
    Early conventional development potential Early conventional gas development opportunity close to existing gas plant and pipeline infrastructure Potential low cost development in strong WA domestic market Conventional flow testing…
  25. ASIA ROADSHOW – Awe Limited – slide 25
    A new cornerstone growth asset Perth Basin has existing production, infrastructure and markets Multiple plays conventional and tight gas sandstones, oil and gas shales New Waitsia discovery is a potential conventional gas play with…
  26. ASIA ROADSHOW – Awe Limited – slide 26
    Forward work plan for the Perth Basin Q3 2014 Q4 2014 Q1 2015 Q2 2015 Drover-1 Core and data analysis Hydraulic stimulation (1 week) Senecio-3 Drill Flow test Analysis Irwin-1 Preparations Exploration Drilling Senecio/Waitsia…
  27. ASIA ROADSHOW – Awe Limited – slide 27
    Australian Gas Markets 28
  28. ASIA ROADSHOW – Awe Limited – slide 28
    Demand v supply: 2014 - 2020 Source: AWE, BREE Source: AWE, EnergyQuest Excludes Arrow LNG project Cooper Basin and Qld CSG critical to meeting increased demand 29
  29. ASIA ROADSHOW – Awe Limited – slide 29
    East coast gas price projections Eastern Australia wholesale gas price projections Source: BREE, Eastern Australian Domestic Gas Market Study, 2014 Potential supply/demand gap reflected in pricing volatility between 2014 and…
  30. ASIA ROADSHOW – Awe Limited – slide 30
    Demand v supply: 2014 - 2020 Source: AWE, EnergyQuest, IMO Source: AWE, IMO Export market to triple between 2014 and 2020 31
  31. ASIA ROADSHOW – Awe Limited – slide 31
    West coast gas price projections Forecast Average New Contract Gas Prices (real) for WA Domestic Market Source: IMO, Gas Statement of Opportunities, 2014 Forecast WA market price increase trending towards LNG export parity 32
  32. ASIA ROADSHOW – Awe Limited – slide 32
    AWE leveraged to rising gas prices Substantial uncontracted domestic gas position Industry experts forecast the domestic gas price to rise sharply over the next 5-10 years Two-thirds of AWEs Australian 2P gas reserves are…
  33. ASIA ROADSHOW – Awe Limited – slide 33
    Other Opportunities 34
  34. ASIA ROADSHOW – Awe Limited – slide 34
    Increased Tui production in CY2015 Pateke-4H development well completed and suspended Tie-back operations to Tui FPSO planned to commence in 1Q CY2015 Production from Pateke-4H likely to commence in 2Q CY2015 Estimated tie-back…
  35. ASIA ROADSHOW – Awe Limited – slide 35
    Leveraged to east coast gas price uplift Bass Basin Future expansion opportunities with Trefoil, White Ibis and Rockhopper Work continuing on a development feasibility study for Trefoil Net interest in T/18P (Trefoil) to be 40% once…
  36. ASIA ROADSHOW – Awe Limited – slide 36
    Good progress in Indonesia Lengo Gas Project Operator of Bulu PSC (Kris Energy) has submitted a POD to the regulator, SKK MIGAS, for approval Estimated 200 Bcf recoverable sales gas with good proximity to strengthening gas market…
  37. ASIA ROADSHOW – Awe Limited – slide 37
    New Exploration Permits Builds on AWEs exploration portfolio Exploration blocks in proven hydrocarbon basins Adjacent to existing fields, infrastructure and markets Kan Tan IV offload in Admiralty Bay, New Zealand Kan Tan…
  38. ASIA ROADSHOW – Awe Limited – slide 38
    Outlook 39
  39. ASIA ROADSHOW – Awe Limited – slide 39
    Guidance for FY2014-15 Guidance Key Indicator FY2014-15 Production (million BOE) 4.6 5.1 Sales Revenue (m) 290 - 320 Development Expenditure (m) 220 - 250 Exploration Expenditure (m) 50 - 75 Production guidance lower than…
  40. ASIA ROADSHOW – Awe Limited – slide 40
    Looking ahead near term catalysts Exciting developments in the onshore Perth Basin o Conventional flow test of Senecio/Waitsia; further appraisal drilling anticipated in 2015 o Irwin-1 well planned for 1H CY2015 targeting…
  41. ASIA ROADSHOW – Awe Limited – slide 41
    Appendix 42
  42. ASIA ROADSHOW – Awe Limited – slide 42
    AWE is focused on safety AWE Operated 12 Month Rolling Average Performance Indicators 10.0 9.0 AWE Lost Time Injury 8.0 Frequency Injuries per million man hours 7.0 6.0 AWE Total Recordable 5.0 Case Frequency 4.0…
  43. ASIA ROADSHOW – Awe Limited – slide 43
    Commitment to Sustainability Best ever safety performance in FY2013-14 o No Lost Time Injuries (LTI) o Over 2 years LTI-free Strong focus on environmental management o No reportable environmental incidents People o Launched…
  44. ASIA ROADSHOW – Awe Limited – slide 44
    Earnings analysis Sale of 50% of AAL contributed to strong result, offsetting higher exploration expense 45
  45. ASIA ROADSHOW – Awe Limited – slide 45
    Cash flow analysis Operating cash flow forecast to remain strong 46
  46. ASIA ROADSHOW – Awe Limited – slide 46
    Balance Sheet and Funding At 30 June 2014 Balance sheet item million Assets Cash and cash equivalents 42.1 Receivables and inventory 139.9 Exploration and evaluation assets 109.3 Oil and gas assets 802.1 Assets held for sale…
  47. ASIA ROADSHOW – Awe Limited – slide 47
    AWE 2P Reserves as at 30 June 2014 2P Reserves Project/Area Equity (million boe) BassGas 46.25% 26.0 Otway Basin 25.0% 9.7 Cliff Head 57.5% 2.6 Onshore PB 33-100% 2.1 Tui 57.5% 3.6 Sugarloaf 7.5%* 23.9 AAL 50%** 23.2 Total…
  48. ASIA ROADSHOW – Awe Limited – slide 48
    AWE 2C Resources as at 30 June 2014 2C Resources Project/Area Equity (million boe) Bass Basin 44.75-46.25% 36.0 Otway Basin 25.0% 1.8 Cliff Head 57.5% 0.6 Onshore PB 50%-100% 7.1 Tui 57.5% nil Sugarloaf 7.5%* 13.2 AAL 50.0%**…

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