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ANNUAL GENERAL MEETING – Awe Limited

Awe Limited · Nov 27, 2013 · 62 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. ANNUAL GENERAL MEETING – Awe Limited – slide 1
    AWE Limited Annual General Meeting 27 November 2013
  2. ANNUAL GENERAL MEETING – Awe Limited – slide 2
    Opening Welcome
  3. ANNUAL GENERAL MEETING – Awe Limited – slide 3
    Opening Welcome, AWE Limiteds 2013 AGM Bruce Phillips, Chairman 3
  4. ANNUAL GENERAL MEETING – Awe Limited – slide 4
    Introduction of directors Bruce Clement, Managing Director David McEvoy Andy Hogendijk Kenneth Williams 4
  5. ANNUAL GENERAL MEETING – Awe Limited – slide 5
    Introduction of directors Vijoleta Braach-Maksvytis Raymond Betros Karen Penrose Neville Kelly, Company Secretary 5
  6. ANNUAL GENERAL MEETING – Awe Limited – slide 6
    Indonesian Advisory Board Members Introduction Evita Herawati Legowo Evita Herawati Legowo Evita is the former Director General of Oil & Gas of the Ministry of Energy and Mineral Resources (2008-2012). She was a Commissioner of PT…
  7. ANNUAL GENERAL MEETING – Awe Limited – slide 7
    Indonesian Advisory Board Members Introduction Suwito Anggoro Suwito Anggoro Suwito is CEO of PT Austindo Nusantara Jaya (Food, Agro & Renewable Energy). Previous roles include Commissioner and then Deputy President Director of PT…
  8. ANNUAL GENERAL MEETING – Awe Limited – slide 8
    Todays formal business Notice of meeting Accounts and reports Chairmans address Managing Directors report Questions Resolution 1 - Remuneration report Resolution 2(A) - re-election of Vijoleta Braach-Maksvytis as a director…
  9. ANNUAL GENERAL MEETING – Awe Limited – slide 9
    AWE on course Bruce Phillips, Chairman 9
  10. ANNUAL GENERAL MEETING – Awe Limited – slide 10
    US shale growth has driven down US gas and oil prices Source: Bloomberg 10
  11. ANNUAL GENERAL MEETING – Awe Limited – slide 11
    AWE performance vs ASX indices 11
  12. ANNUAL GENERAL MEETING – Awe Limited – slide 12
    AWE relative to peers Long reserves life compared to peers AWE cheapest of its peers Source: Bloomberg, Company filings. Notes: (1) Peer group includes Source: Bloomberg, Company filings. Notes: (1) Peer group includes…
  13. ANNUAL GENERAL MEETING – Awe Limited – slide 13
    A year of achievement Bruce Clement, Managing Director 13
  14. ANNUAL GENERAL MEETING – Awe Limited – slide 14
    Agenda Highlights Financials Operations Growth Projects Future Direction 15
  15. ANNUAL GENERAL MEETING – Awe Limited – slide 15
    A year of achievement Strong operational and financial performance in FY 2012-13 16
  16. ANNUAL GENERAL MEETING – Awe Limited – slide 16
    Highlights for FY 2012-13 Sustainability Safety performance improved substantially, no reportable environmental incidents, positive community engagement 2P Reserves more than doubled to 110.4 mmBOE in the 6 Reserves months to 30 June…
  17. ANNUAL GENERAL MEETING – Awe Limited – slide 17
    Strong financial performance AWE met or exceeded its financial targets Sales Revenue 301 million Field EBITDAX 185 million EBIT 61 million Statutory NPAT 20 million Operating cashflow 118 million after tax Sound balance sheet at…
  18. ANNUAL GENERAL MEETING – Awe Limited – slide 18
    Strong operating performance AWE has a balanced operating portfolio Strong performance from South Eastern Australia and the USA offset declining oil production from New Zealand and Western Australia Focused on cost control…
  19. ANNUAL GENERAL MEETING – Awe Limited – slide 19
    Operational review 20
  20. ANNUAL GENERAL MEETING – Awe Limited – slide 20
    AWE focused on oil and high value gas 21
  21. ANNUAL GENERAL MEETING – Awe Limited – slide 21
    Contribution by asset Bass Gas Onshore Perth Basin Casino/Henry (46.25%) (33-100%), some Operated (25%) Production: 1.2 MMBOE Production: 0.5 MMBOE Production: 1.4 MMBOE 2P Reserves: 27.9 MMBOE 2P Reserves:1.9 MMBOE 2P Reserves: 10.9…
  22. ANNUAL GENERAL MEETING – Awe Limited – slide 22
    Contribution by asset Cliff Head Oil Field Tui Oil Fields Sugarloaf AMI (57.5%) (42.5%), Operator (10%, net 7.5% after royalties) Production: 0.6 MMBOE Production: 0.7 MMBOE Production: 0.7 MMBOE 2P Reserves: 2.7 MMBOE 2P Reserves:…
  23. ANNUAL GENERAL MEETING – Awe Limited – slide 23
    Reserves doubled in 6 months to 30 June Reserves at 30 June 2013 represent more than 20 years of production at current rates 24
  24. ANNUAL GENERAL MEETING – Awe Limited – slide 24
    2P Reserves weighted towards liquids Reserves will reduce after AAL sale by approximately 25 mmbbls, but AWE received USD100 million cash before tax and USD88 million capex carry, cost recoverable to AWE 25
  25. ANNUAL GENERAL MEETING – Awe Limited – slide 25
    Safety gains reflect operational performance Improved safety performance reflects well managed operations Corporate HSE manager appointed Renewed focus on contractor performance No LTIs in past 12 months has reduced rolling rate to…
  26. ANNUAL GENERAL MEETING – Awe Limited – slide 26
    Positive stakeholder engagement AWEs approach to community stakeholder engagement stands on four key pillars OPERATIONAL EXCELLENCE OPEN ENGAGEMENT Health, safety and environmental Honest, transparent, timely and management relevant…
  27. ANNUAL GENERAL MEETING – Awe Limited – slide 27
    Experienced management team AWE Key Executives Bruce Clement Managing Director Engineer with 30+ years of technical, financial and management O&G experience in Australia and internationally Ayten Saridas Chief Financial Officer 20+…
  28. ANNUAL GENERAL MEETING – Awe Limited – slide 28
    Growth initiatives 29
  29. ANNUAL GENERAL MEETING – Awe Limited – slide 29
    AWE delivers transformative project Significantly enhanced AAL Plan of Development Constructed new reservoir model following comprehensive review of subsurface data Improved facilities design to handle high water cut and initial…
  30. ANNUAL GENERAL MEETING – Awe Limited – slide 30
    Sale of AAL oil project is complete AWE crystallises value in AAL asset Acquired 100% of Northwest Natuna and Anambas PSCs in February 2012 for US139 million Sold 50% interest in Northwest Natuna PSC to Santos for US188 million in…
  31. ANNUAL GENERAL MEETING – Awe Limited – slide 31
    Sugarloaf shale oil and gas Sugarloaf AMI, Texas, USA Quality Eagle Ford shale play highly leveraged to liquids Reported production up 273% year on year Current production approximately 2,300 boepd net at 30 September Cash flow…
  32. ANNUAL GENERAL MEETING – Awe Limited – slide 32
    AWEs leveraged to rising gas markets Substantial uncontracted domestic gas position Industry experts expect the domestic gas price to rise sharply over the next 5-10 years as demand for LNG plants increases Over 50% of AWEs 2P gas…
  33. ANNUAL GENERAL MEETING – Awe Limited – slide 33
    Substantial east coast gas potential Significant exploration, appraisal and development opportunities in Otway and Bass Basins BassGas expansion opportunity to include Trefoil, White Ibis and Rockhopper discoveries Casino/Henry…
  34. ANNUAL GENERAL MEETING – Awe Limited – slide 34
    Perth Basin unconventional gas Momentum building AWE is accelerating unconventional gas activity in calendar 2014 2-4 wells planned Arrowsmith-2 evaluation 3D seismic planned Basin dominant position with extensive acreage - 3,380…
  35. ANNUAL GENERAL MEETING – Awe Limited – slide 35
    Perth Basin near term activity Accelerating activity in Perth Basin in 2014 Opportunity for early commercialisation in northern licences Plans to drill up to 3 wells Senecio Corybas Synaphea Substantial contingent and potential…
  36. ANNUAL GENERAL MEETING – Awe Limited – slide 36
    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 assessing commercialisation…
  37. ANNUAL GENERAL MEETING – Awe Limited – slide 37
    Business development LaBella (Vic/P67) CGG Viking 2 acquiring La Bella 3D seismic survey Farmed in for 60% working interest in La Bella gas field, offshore Victoria and Operatorship Adjacent to Vic/P44 (Casino) Acquisition of 3D…
  38. ANNUAL GENERAL MEETING – Awe Limited – slide 38
    Future direction 39
  39. ANNUAL GENERAL MEETING – Awe Limited – slide 39
    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 potential…
  40. ANNUAL GENERAL MEETING – Awe Limited – slide 40
    Delivering our strategy Leverage skills from unconventional into new opportunities Deliver Continue Perth base Maximise Basin shale testing Develop new at Arrowsmith-2 and drill Drover-1 Grow through business Develop near-field…
  41. ANNUAL GENERAL MEETING – Awe Limited – slide 41
    Plan to double production in 3-5 years Note: Based on Brent oil price of USD100 per bbl, illustrative model only and not formal company guidance 42
  42. ANNUAL GENERAL MEETING – Awe Limited – slide 42
    Plan to double production in 3-5 years Ande Ande Lumut production uplift Note: Based on Brent oil price of USD100 per bbl, illustrative model only and not formal company guidance 43
  43. ANNUAL GENERAL MEETING – Awe Limited – slide 43
    Plan to double production in 3-5 years 2C Contingent Resources Ande Ande Lumut production uplift Note: Based on Brent oil price of USD100 per bbl, illustrative model only and not formal company guidance 44
  44. ANNUAL GENERAL MEETING – Awe Limited – slide 44
    Cash flow growth AWE has financial capacity to deliver growth 45
  45. ANNUAL GENERAL MEETING – Awe Limited – slide 45
    Looking ahead calendar 2014 La Bella 3D Seismic acquisition NZ exploration and development drilling Perth Basin exploration and appraisal drilling BassGas development drilling AAL Final Investment Decision Sugarloaf…
  46. ANNUAL GENERAL MEETING – Awe Limited – slide 46
    Guidance FY2013-14 Key Indicator Guidance FY2013-14 Production (million BOE) 5.0 5.5 Revenue (m) 290 320 Development expenditure (m) 160 180 Exploration expenditure (m) 50 Aiming to improve on production and revenue…
  47. ANNUAL GENERAL MEETING – Awe Limited – slide 47
    Summary Highlights: Achieved our goals across the business in FY2012-13 Financial: Strong performance and discipline Sound foundation for growth Operations: Meeting or exceeding targets Portfolio of assets performing well Growth…
  48. ANNUAL GENERAL MEETING – Awe Limited – slide 48
    Thank you
  49. ANNUAL GENERAL MEETING – Awe Limited – slide 49
    Accounts and reports Questions
  50. ANNUAL GENERAL MEETING – Awe Limited – slide 50
    Remuneration report Resolution 1, adopt remuneration report
  51. ANNUAL GENERAL MEETING – Awe Limited – slide 51
    Remuneration report Resolution 1, adopt remuneration report This resolution is an advisory resolution Proxies for 314,566,428 Proxies against 5,101,031 Proxies undirected 1,907,760 Proxies abstained 1,766,690 52
  52. ANNUAL GENERAL MEETING – Awe Limited – slide 52
    Re-election and election of directors
  53. ANNUAL GENERAL MEETING – Awe Limited – slide 53
    Election of directors Resolution 2(a) That Dr Vijoleta Braach-Maksvytis be re-elected as a director of the Company 54
  54. ANNUAL GENERAL MEETING – Awe Limited – slide 54
    Election of directors Resolution 2 (a), that Dr Vijoleta Braach-Maksvytis be re-elected as a director of the Company This resolution is an ordinary resolution Proxies for 318,406,147 Proxies against 1,537,646 Proxies undirected…
  55. ANNUAL GENERAL MEETING – Awe Limited – slide 55
    Election of directors Resolution 2(b) That Mr Kenneth Williams be re- elected as a director of the Company 56
  56. ANNUAL GENERAL MEETING – Awe Limited – slide 56
    Election of directors Resolution 2 (b), that Mr Kenneth Williams be re-elected as a director of the Company This resolution is an ordinary resolution Proxies for 316,381,135 Proxies against 3,547,689 Proxies undirected 1,993,739…
  57. ANNUAL GENERAL MEETING – Awe Limited – slide 57
    Election of directors Resolution 2(c) That Ms Karen Penrose be elected as a director of the Company 58
  58. ANNUAL GENERAL MEETING – Awe Limited – slide 58
    Election of directors Resolution 2 (c), that Ms Karen Penrose be elected as a director of the Company This resolution is an ordinary resolution Proxies for 317,174,193 Proxies against 2,663,934 Proxies undirected 2,025,299 Proxies…
  59. ANNUAL GENERAL MEETING – Awe Limited – slide 59
    Issue of Cash Share Rights
  60. ANNUAL GENERAL MEETING – Awe Limited – slide 60
    Issue of Cash Share Rights Resolution 3 (a), regarding the issue of 427,474 cash share rights to the Managing Director, Mr Bruce Clement. To be tested against performance related vesting conditions at 30 June 2016. This…
  61. ANNUAL GENERAL MEETING – Awe Limited – slide 61
    Issue of Cash Share Rights Resolution 3 (a), regarding the issue of 427,474 cash share rights to the Managing Director, Mr Bruce Clement. This resolution is an ordinary resolution Proxies for 315,766,068 Proxies against 3,772,057…
  62. ANNUAL GENERAL MEETING – Awe Limited – slide 62
    Closure Download and view AGM presentation at www.awexplore.com AWE thanks you for your attendance today 63

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