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2010 Earnings Call – Roc Oil

Roc Oil · Feb 25, 2011 · 19 slides

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Slides

  1. 2010 Earnings Call – Roc Oil – slide 1
    Roc Oil Company Limited (ROC) 25 February 2011 ASX RELEASE 2010 ANNUAL FINANCIAL RESULTS: PRESENTATION AND WEBCAST A copy of ROC's 2010 Annual Financial Results presentation is attached. The live webcast of the 2010 Annual…
  2. 2010 Earnings Call – Roc Oil – slide 2
    Roc Oil Company Limited 2010 Financial Results Presentation Presented by Alan Linn Chief Executive Officer Anthony Neilson Chief Financial Officer
  3. 2010 Earnings Call – Roc Oil – slide 3
    2010 Key Messages Underlying business performed broadly in line with expectations Production of 3.1 MMBOE (8,483 BOEPD) was within guidance Sales of US235.4 million (average realised oil price of US78.60/BBL before hedging) Trading…
  4. 2010 Earnings Call – Roc Oil – slide 4
    FY10 Financial Results overview Anthony Neilson (CFO) 3
  5. 2010 Earnings Call – Roc Oil – slide 5
    Key Financial Summary 2010 2009 Working Interest Production (MMBOE) 3.10 3.66 % Government share of production 6.6 4.7 Sales Volume (MMBOE) 3.01 3.61 Sales Revenue (USM) 235.4 204.5 Operating Cash Flow (USM) 58.4 91.4…
  6. 2010 Earnings Call – Roc Oil – slide 6
    Operational Results 3.1 MMBOE (8,483 BOEPD); 15% lower compared to 2009 Production 99% of production was oil Zhao Dong development drilling completed within budget Development Beibu Gulf project approval progressed (FID now…
  7. 2010 Earnings Call – Roc Oil – slide 7
    Financial Results USM Comment Sales Revenue 235.4 Average realised oil price of US78.60/BBL (before hedging) Production costs of US67.7 million (US21.87/BOE) Trading Profit 69.1 Amortisation of US76.9 million (US24.84/BOE)…
  8. 2010 Earnings Call – Roc Oil – slide 8
    Significant Items Non-Cash Adjustments BMG impairment of US44.2 million Relates to the decision to enter into the NPP that resulted in the reduction of 0.7 MMBBL 2P Reserves. This figure consists primarily of all remaining assets…
  9. 2010 Earnings Call – Roc Oil – slide 9
    Hedging Remaining hedge positions from 1 January 2011 to 31 December 2011 are 875,997 Brent Oil Price Swaps, at a weighted average Brent price of US63.71/BBL. 5% of remaining 2P reserves hedged Majority of 2011 hedges settled during…
  10. 2010 Earnings Call – Roc Oil – slide 10
    Segment Results Zhao Cliff Head Blane Enoch Chinguetti BMG Total Dong USM Sales 112.4 43.2 35.0 15.3 8.1 21.4 235.4 Production Costs (16.7) (11.7) (5.1) (1.4) (3.2) (29.6) (67.7) Amortisation (46.8) (10.0) (9.2) (3.2) (1.5) (6.2)…
  11. 2010 Earnings Call – Roc Oil – slide 11
    Profit and Loss 2010 2009 USM USM Sales 235.4 204.5 Trading Profit 69.1 35.4 EBITDAX + Impairments 114.2 86.6 Exploration Expense (20.5) (7.1) EBITDA + Impairments 93.7 79.5 Amortisation/Depreciation (77.6) (91.6) Impairments…
  12. 2010 Earnings Call – Roc Oil – slide 12
    Normalised NPAT 2010 2009 USM USM NPAT (35.9) (115.4) Adjustment for Significant Items (after tax) Unrealised Derivative (Gains)/Loss (3.9) 49.7 Gain on sale of WA-351-P (15.8) - BWO settlement 16.0 - Historic FX loss on…
  13. 2010 Earnings Call – Roc Oil – slide 13
    Cashflow 2010 2009 USM USM Opening Cash 67.1 54.3 Net Cash from Operating Activities 58.4 91.4 Net Repayments of Borrowings - (120.0) Investment Activities Development Expenditure (27.6) (87.8) Initially Capitalised Exploration…
  14. 2010 Earnings Call – Roc Oil – slide 14
    Balance Sheet 2010 2009 USM USM Cash Assets 81.0 67.1 Capitalised Exploration Expenditure 4.9 16.1 Oil and Gas Assets 247.6 244.6 Interest Bearing Debt (49.7) (49.2) Net Deferred Tax Liability (34.4) (26.9) Derivative Liability…
  15. 2010 Earnings Call – Roc Oil – slide 15
    2P Reserves MMBOE Working Interest 2P Reserves: 16.2 MMBOE (as at 31 December 2010) 16 Converted from 2C Resources to 4.7 2P Reserves on FID of project FY10 opening 12 balance was 0.6 0.4 0.2 13.9 MMBOE 1.8 2P Reserve…
  16. 2010 Earnings Call – Roc Oil – slide 16
    A unique strategy for growth Alan Linn (CEO) 15
  17. 2010 Earnings Call – Roc Oil – slide 17
    A unique set of competitive advantages for a mid-sized company Operational experience Technical capabilities Industry relationships Geographically focused 16
  18. 2010 Earnings Call – Roc Oil – slide 18
    Priority objectives in 2011 Meet 2011 targets Production between 7,000-8,000 BOEPD Capital expenditure…
  19. 2010 Earnings Call – Roc Oil – slide 19
    www.rocoil.com.au For further information contact: Matthew Gerber General Manager, Corporate Affairs & Planning +61 2 8023 2000 mgerberrocoil.com.au

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