AWE Limited 2012-13 Full Year Results 27 August 2013
Highlights Bruce Clement, Managing Director
FY2012-13 Highlights Strong financial performance, long term cash flow and sound balance sheet 2P Reserves more than doubled to 110.4 mmBOE since December 2012 Production up 6% to 5.0 mmBOE BassGas producing near plant capacity;…
FY2012-13 Financial Performance Sales Revenue 301 million Field EBITDAX 185 million EBIT 60.8 million Statutory NPAT 20.0 million Cash 41 million Debt 78 million Undrawn facilities 222 million Strong financial…
Ande Ande Lumut - Development AWE has delivered improved POD, increasing Reserves 6
Background Northwest Natuna PSC acquired Jan 2012 for USD139 million Original POD for 76 mmbbl (25,000 bopd), 43 well development of K-Sand AWE has significantly improved the AAL development K-Sand gross recoverable oil up 33% to 101…
Transaction Summary Sale and purchase agreement signed in August for the sale of 50% of Northwest Natuna PSC to a subsidiary of Santos Limited Sale includes transfer of Operatorship Consideration of USD188 million comprises:…
Sale Outcomes Major success for AWE, confirming strategy of original acquisition Potential for significant additional value to be realised on remaining 50% interest held by AWE Sale proceeds will strengthen balance sheet further…
Ande Ande Lumut - Location AWE has significantly enhanced and enlarged this oil development project 10
Production outlook post AAL sale 2C Contingent Resources Ande Ande Lumut production uplift Note: As at 30 June 2013, based on Brent oil price of USD100 per bbl, illustrative model only and not formal company guidance…
Guidance for FY 2013-14 2013-14 2012-13 Item Guidance Actual Production (million BOE) 5.0 5.5 5.0 Revenue (m) 290 320 301 Development expenditure (m) 160 180 143 Exploration expenditure (m) 50 34 Revenue guidance based…
Total production Production for period ending 30 June 2013 7 6.1 6 55.5 5.0 5 4.7 million BOE 4 3 2 1 0 FY11 FY12 FY13 FY14 Oil Condensate LPG Gas Forecast Production up 6% on 9 month contribution…
Sales Revenue Sales Revenue for period ending 30 June 2013 350 290320 305 298 301 300 250 200 AM 150 100 50 0 FY11 FY12 FY13 FY14 Oil Condensate LPG Gas Forecast Average realised price for Brent oil…
Earnings Analysis Net Profit after Tax for period ending 30 June 2013 350 301 300 250 200 AM 116 150 100 61 105 10 50 9 9 20 31 0 Revenue Field Opex Amortisation Exploration & Other EBIT Net Interest…
Field EBITDAX Field EBITDAX for the period ending 30 June 2013 FY12 188.6m FY13 185.0m 100 90 80 70 60 AM 50 86 40 30 62 60 49 20 41 33 34 10 8 0 Western Australia SouthEastern Australia New Zealand…
Cash Flow Analysis Cash Flow for period ending 30 June 2013 250 56 200 130 150 AM 100 153 50 43 41 35 0 Opening balance as at 1 Operating cash flow* Borrowings Development Exploration Closing balance as at…
Balance Sheet and Funding FY to Jun 2013 Balance sheet item million Total Assets 1,180 Exploration and evaluation assets 111 Oil and gas assets 927 Total Liabilities 291 Interest bearing liabilities 76 Net Assets 889 Operating…
AAL Selldown Treatment Consideration comprised of USD100 million on completion and capital carry of 13.75% of total capital costs up to a maximum of USD88 million Economic date of 1 July 2013 Unaudited pre-tax profit of…
Cash flow post AAL sale Forecast Annual Operating Cash Flow, Capex and Exploration (2P with AAL at 50% plus 2C Pateke and Senecio) 600 Cash Inflows 500 Sale of 50% AAL 400 Operating Cashflow (1) 300 Cash Outflows 200…
Operational outlook Bruce Clement, Managing Director
Strategic, regional focus Expansion into Asia creates value and increases available opportunities 24
Delivering our strategy Deliver base Maximise Develop new Grow through business near-field ventures and exploration & opportunities opportunities acquisitions Optimise core asset Deliver opportunit- Leverage skills from Identify and…
Delivering our strategy New Ventures Exploration Appraisal Development Production Actively seeking new Onshore Perth Basin Lengo BassGas Tui venture opportuniies Oi Senecio Tui (Pateke) Cliff Head Anambas AAL BassGas Sugarloaf…
Reserves have doubled 2P Reserves increased to 110.4 million bbls, more than 20 times 2013 production 27
Production shift underway 5.0 mmBOE 10 mmBOE NOTES: 1. Based on 2P Reserves Production Outlook + Sugarloaf and Pateke 2. Based on Brent oil price of USD100 per bbl 3. Illustrative comparison only and not formal company…
Ande Ande Lumut (100%, Operator*) Map of Top K-Sand with planned well intersections Recoverable oil in K-Sand up 33% from 76 to 101 mmbbls (gross, 2P) Additional 35 mmbbls recoverable oil in G-Sand classified as gross 2C Optimised…
Sugarloaf AMI (10%, net 7.5% after royalties) Production up 273% year on year; currently 2,000 boepd net Net 2P Reserves increased to 14.8 mmBOE at year end Net 2C Contingent Resources now 5.0 mmBOE with further upside potential…
BassGas (46.25%) Workovers of Yolla-3 and Yolla-4 wells Jack-up drill rig alongside Yolla platform, August 2004 successful, now producing near plant capacity FID for 2 development wells scheduled for September 2013 quarter…
Tui Oil Project (42.5%, Operator) Oi prospect located 12 kms northeast of Tui field Prospective Resource of 11 mmbbls of recoverable oil (gross, P50) Oi well to spud in early November, AWE participating at reduced equity level…
Perth Basin L1/L2, Senecio-2, 50% Operator Development feasibility study complete; AWE assessing development options Staged development likely - initial vertical well followed by hydraulically stimulated horizontal wells EP413,…
Indonesia Lengo-2, DST 2 flare, May 2013 Lengo-2 (Bulu PSC, 42.5%) achieved gas flow rates of 4.5 mmscf/d for DST1 and 21.2 mmscf/d for DST2 Results better than expected and operator assessing commercialisation Potential farm-out…
Unlocking the potential Sale of 50% of AAL creates value and adds flexibility AAL sale validates original strategy, demonstrates AWEs ability to create value Stronger balance sheet to leverage into new opportunities 2P Reserves and 2C…
Thank You Questions
Appendix Full year financials and supplementary information
Improved Safety Performance Focus on Health, Safety and Environment delivering positive results 38
4Q production summary REGION AND ASSET INTEREST 4Q PRODUCTION YEAR TO DATE PRODUCTION 3 months to June 2013 12 months to June 2013 Australia BassGas 46.25% 394 1,163 Casino/Henry 25% 292 1,407 Cliff Head 57.5% 140 582 Perth…
Full year earnings breakdown FY to Jun 2013 FY to Jun 2012 million million Revenue 301.8 299.7 Operating Costs (115.8) (101.8) Amortisation (105.0) (80.5) Exploration costs expensed (9.7) (36.5) Asset impairments/reversals - (138.2)…
Segmental reporting Total South- Western New United Exploration Eastern Australia Zealand States Activities Australia millions Sales revenue 300.5 82.8 79.6 82.9 55.2 - Production costs and royalties (115.8) (41.3) (30.6) (22.9)…
Cash flow analysis FY to Jun 2013 FY to Jun 2012 million million Opening cash 42.8 117.2 Net cash flow from operations* 118.2 123.9 Asset acquisitions (NW Natuna) - (135.2) Asset disposals - 108.8 Development spending (152.9) (152.4)…
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…
AWE 2P Reserves as at 30 June 2013 2P Reserves Project/Area Equity (million boe) BassGas Otway Basin BassGas 46.25% 27.9 27.9 Cliff Head Otway Basin 25.0% 10.9 Onshore PB Tui Cliff Head 57.5% 2.7 49.7 Sugarloaf Onshore PB 33-100%…
AWE 2C Resources as at 30 June 2013 2C Resources Project/Area Equity (million boe) Bass Basin Bass Basin 44.75-46.25% 36.0 Otway Basin Otway Basin 25.0% 1.8 Cliff Head 29.1 Onshore PB Cliff Head 57.5% 0.6 36.0 Tui Onshore PB…
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