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FY 2009 RESULTS – Awe Limited

Awe Limited · Aug 25, 2009 · 35 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. FY 2009 RESULTS – Awe Limited – slide 1
    FY2009 Results AUSTRALIAN WORLDWIDE EXPLORATION
  2. FY 2009 RESULTS – Awe Limited – slide 2
    FY2009 summary Strong base business performance in a challenging year Delivered base production Grew reserves Excellent safety performance ARC merger Outstanding cash and balance sheet position NPAT reduced Delivering solid…
  3. FY 2009 RESULTS – Awe Limited – slide 3
    2009 full year results June 2008 June 2009 Change Production (million BOE) 9.88 8.75 -11% Sales revenue ( million) 821.2 589.6 -28% EBITDAX 738.7 476.0 -36% EBIT 503.6 209.2 -58% NPAT 264.4 88.6 -66% Net exceptional items (9.0)…
  4. FY 2009 RESULTS – Awe Limited – slide 4
    Key factors in the results Fall in oil prices: A113 (2008), A93 (2009) Fixed costs Reduced oil production Tax and royalty provisions 4
  5. FY 2009 RESULTS – Awe Limited – slide 5
    Highlights Delivered: Robust core production Strong cash flow Increased reserves by 30% Reserves replacement ratio 279% Strengthened balance sheet Debt position maintained at nil Mitsui alliance in Europe More recently: Board…
  6. FY 2009 RESULTS – Awe Limited – slide 6
    30% growth in 2P reserves 80 70 60 15.4 Million barrels oil equivalent 50 8.7 9.0 40 68.9 30 53.2 20 10 0 Reserves as of Production Discoveries & ARC merger Reserves as of 30 June 2008 additions 30 June 2009 Reserves…
  7. FY 2009 RESULTS – Awe Limited – slide 7
    Sustainability Zero lost time injuries (LTIs) Strong environmental performance Reputation solid Within our communities With governments 7
  8. FY 2009 RESULTS – Awe Limited – slide 8
    Delivering on strategy AUSTRALIAN WORLDWIDE EXPLORATION
  9. FY 2009 RESULTS – Awe Limited – slide 9
    Strategy Grow shareholder returns through exploration and swift responses to opportunities 1. Deliver base business 2. Deliver near-field opportunities 3. Grow through exploration and selective acquisition 9
  10. FY 2009 RESULTS – Awe Limited – slide 10
    Long term reserves ensure continued strong production 10
  11. FY 2009 RESULTS – Awe Limited – slide 11
    Strong balance sheet and cash to fund exploration and acquisitions 11
  12. FY 2009 RESULTS – Awe Limited – slide 12
    Deliver near-field opportunities AUSTRALIAN WORLDWIDE EXPLORATION
  13. FY 2009 RESULTS – Awe Limited – slide 13
    Tui expansion Four potential targets Three extensions to Tui Kahu Two wells in 2009/2010 Potential development wells Kahu East 5 m contours 13
  14. FY 2009 RESULTS – Awe Limited – slide 14
    BassGas [Heading] Facilities upgrade in 2010 Trefoil appraisal of 2006 discovery Rockhopper -1 100 million boe resource potential 14
  15. FY 2009 RESULTS – Awe Limited – slide 15
    Casino expansion Connection of Henry and Netherby gas fields underway Ability to tie back additional discoveries in future 15
  16. FY 2009 RESULTS – Awe Limited – slide 16
    Near-field opportunities support production base 16
  17. FY 2009 RESULTS – Awe Limited – slide 17
    Growing through exploration AUSTRALIAN WORLDWIDE EXPLORATION
  18. FY 2009 RESULTS – Awe Limited – slide 18
    FY2010 drilling program - quality prospects AWE Well Name Basin Title Target share Timing Australia Trefoil-2 Bass T/18P Gas 47.5% 3Q 09 Rockhopper-1 Bass T/18P Gas 47.5% 4Q 09 Redback South-1 Perth L11 Gas 33.3% 3Q 09 New…
  19. FY 2009 RESULTS – Awe Limited – slide 19
    New Zealand potential Three new plays in Taranaki and Canterbury basins Commanding position in Taranaki Two new permits added in 2008/2009 19
  20. FY 2009 RESULTS – Awe Limited – slide 20
    Taranaki Basin North Cape oil play Initial test Hoki - 1 300 million barrel resource potential Four follow up prospects Moki oil play Test with Tuatara - 1 in current program 100 million barrel resource potential Bahamas…
  21. FY 2009 RESULTS – Awe Limited – slide 21
    North Cape oil play Hoki - 1 will test this new Hestia play Multiple follow up prospects Vesta Hoki Hoki-1 Tamure Lower North Cape Sand Tikati Takapou North Cretaceous sands 50 m contours 21
  22. FY 2009 RESULTS – Awe Limited – slide 22
    Canterbury Basin Proven hydrocarbon potential Barque prospect 150 million boe resource potential Possible drill 2010/2011 Barque prospect 22
  23. FY 2009 RESULTS – Awe Limited – slide 23
    Indonesia: three years acreage consolidation coming to fruition Lengo gas discovery in 2008 Multiple follow up prospects to be evaluated in 2010 Pinnacle reef oil drill Q1 2010 Highly probable if one prospect is successful, many…
  24. FY 2009 RESULTS – Awe Limited – slide 24
    Kujung pinnacle and coalesced reef trend in Bulu and Terumbu blocks Kujung pinnacle reefs Kujung coalesced reefs 24
  25. FY 2009 RESULTS – Awe Limited – slide 25
    Yemen Fractured basement play in Block 7 Exploration well late 2009 Resource potential 25 million barrels 25
  26. FY 2009 RESULTS – Awe Limited – slide 26
    Exploration offers major upside Multiple opportunities for success this year and for future Current program is potentially transformational Any single success would be significant 26
  27. FY 2009 RESULTS – Awe Limited – slide 27
    FY2010 diversified program AWE Well Name Basin Title Target share Timing Australia Trefoil-2 Bass T/18P Gas 47.5% 3Q 09 Rockhopper-1 Bass T/18P Gas 47.5% 4Q 09 Redback South-1 Perth L11 Gas 33.3% 3Q 09 New Zealand Hoki-1…
  28. FY 2009 RESULTS – Awe Limited – slide 28
    Summary Strong base business performance in a challenging year Outstanding cash and balance sheet position Solid near-field opportunities Expanded exploration program to offer major upside Searching for acquisition…
  29. FY 2009 RESULTS – Awe Limited – slide 29
    Appendices AUSTRALIAN WORLDWIDE EXPLORATION
  30. FY 2009 RESULTS – Awe Limited – slide 30
    2009 full year results June 2008 June 2009 Change Sales revenue ( million) 821.2 589.6 -28% EBITDAX (field only) 738.7 476.0 -36% Exploration write-offs 80.5 66.3 -18% D&A 133.6 128.6 -4% Pretax profit 504.0 213.1 -58% PRRT/APR…
  31. FY 2009 RESULTS – Awe Limited – slide 31
    Summary production June 2008 June 2009 Change Gas production (PJ) 15.6 18.4 +18% LPG production (tonnes) 13,197 19,802 +50% Condensate production (barrels) 238,000 298,000 +25% Oil production (barrels) 6,876,000 5,149,000…
  32. FY 2009 RESULTS – Awe Limited – slide 32
    Summary of exceptional items millions Item Profit/ Comment Tax Net (Loss) Foreign exchange gain 13.5 (4.0) 9.5 Gain on US cash holdings Oil hedge gain 8.7 (2.6) 6.1 Gain on closure of Arc hedge book Merger costs (13.7) 4.1…
  33. FY 2009 RESULTS – Awe Limited – slide 33
    Summary of reserves Reserves Project Equity (million boe) BassGas 42.5% 29.8 Tui Otway 25.0% 19.8 Basin Perth BassGas Perth Various 7.8 Basin Basin Tui 42.5% 11.6 Otway Basin Total 68.9 34
  34. FY 2009 RESULTS – Awe Limited – slide 34
    Guidance for 2009/2010 year Oil and gas production million boe 7.0 Sales revenue million 400 Exploration capital million 175 Development capital million 125 35
  35. FY 2009 RESULTS – Awe Limited – slide 35
    Tuatara 1 target same sand as Maari development Moki sands Maari 36

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