2013 FULL YEAR RESULTS PRESENTATION Wednesday, 26 February 2014 Beibu Gulf, Offshore China Alan Linn Chief Executive Officer Anthony Neilson Chief Financial Officer
2013 HIGHLIGHTS Consistent delivery of operational performance, underpinning another very positive financial result PRODUCTION 2.7 MMBOE (7,263 BOEPD); at the higher end of 2013 production guidance of between 6,500 and 7,500 BOEPD…
FINANCIAL OVERVIEW Zhao Dong, Offshore China Anthony Neilson Chief Financial Officer
FINANCIAL RESULTS Continuing profitability with NPAT US45.2m FY13 Comment USM Sales Revenue 251.0 Average realised oil price of US104.61/BBL. Sales 2.4 MMBOE Production costs of US51.0 million (US19.26/BOE) Gross Profit 96.1…
KEY FINANCIAL METRICS FY13 FY12 % Change Working Interest Production (MMBOE) 2.7 2.4 12 % Government Share of Production 7.8 9.6 (1.8) Sales Volume (MMBOE) 2.4 2.1 12 Sales Revenue (USM) 251.0 242.1 4 Operating Cash Flow…
SEGMENT RESULTS All operating assets are performing reliably and generating an average gross profit of US36 per BOE Beibu USM Zhao Dong Cliff Head Blane Enoch2 Total Gulf1 Sales 134.7 57.2 41.1 18.1 - 251.0 Production Costs 20.3…
PROFIT & LOSS Continuing profitability supported by reliable operating performance USM FY13 FY12 % Change Sales 251.0 242.1 4 Gross Profit 96.1 106.2 (9) EBITDAX + IImpairment i t 160 0 160.0 175 2 175.2 (9) Exploration Expense…
PROFIT & LOSS KEY MOVEMENTS USm 80 28.2 15.3 70 61.0 19.2 60 3.4 6.9 5.3 4.6 3.2 1.5 4.8 4 8 50 45.2 40 30 20 10 0 2012 NPAT Decrease in Increase in Increase in Increase in Decrease Decrease in Impairment Decrease…
CASH FLOW Current net cash position provides capacity for funding existing projects and new opportunities In USM FY13 FY12 Opening Cash 56.8 39.6 Net Cash from Operating Activities 101.5 126.3 N t Borrowings Net B i - (15 0)…
SIGNIFICANT CASHFLOW FROM OPERATIONS USM 140 126.3 -36.0 120 16.1 101.5 100 0.7 -11.0 10.3 -2.5 -2.3 80 60 40 20 0 Opening Cash flow Decrease in Cash Decrease in Increase in Increase in Net Increase in Decrease in…
BALANCE SHEET Net assets increase by 22% USM 31 Dec 2013 31 Dec 2012 Cash Assets 65.1 56.8 Capitalised Exploration Expenditure 0.6 1.1 Oil and d Gas G Assets A t 227 2 227.2 237 3 237.3 Net Deferred Tax Liability (0.5)…
HEDGING & TAXES Hedging + No hedging activity occurred during the period to 31 December 2013 Taxes, levies and royalties + Total tax expense of US16.5 US16 5 million relates to: Current tax payable of US29.4 million comprising:…
ROC ASSET UPDATE OBJECTIVES & STRATEGY Cliff Head, Offshore Western Australia Alan Linn Chief Executive Officer
HSEC PERFORMANCE From an overall process safety and asset integrity perspective ROC operated assets recorded their best ever performance in 2013 2 2013 LTIFR Health & Safety + ROC Asset Integrity Management system integration…
RESERVES SUMMARY Economic Interest Reserves and Resources (MMBOE) 40 37.8MMBOE1 2P Reserves, 12 2MMBOE 12.2MMBOE 35 30 Best Estimate UK Prospective 23.6MMBOE 2014 25 Australia Resources, 37.8MMBOE1 2C Resources, 20 China 23…
PRODUCTION ASSETS (net to ROC) Production 7,263 BOEPD; delivering at high end of full year guidance Av. Working interest ASSET production PERFORMANCE AND OPERATIONAL STRATEGY BOEPD 2013 CHINA Reliable operating performance Zhao…
CHINA ZHAO DONG Zhao Dong Oil Fields, Bohai Bay (C&D Oil Fields ROC: 24.5% & Operator; C4 Oil Field ROC: 11 667% unitised & Operator; Zhanghai ROC: 39.2% 11.667% 39 2% & Operator) + Production rates for the year supported by the 2…
CHINA - BEIBU GULF WZ 6-12 and WZ 12-8 West Oil Field Production & Development (ROC: 19 19.6%) 6%) + Development fully completed ahead of schedule and budget + First oil production commenced in March 2013, with all 15 wells on…
CHINA 09/05 Block 09/05, Bohai Bay (ROC:100% & Operator) + 335km 335k 2 block, bl k located l t d 15km 15k north th from f th the Zhao Zh D Dong blocks + Initial three year exploration period includes the acquisition of…
MALAYSIA - Balai Cluster Balai Cluster Risk Service Contract, Offshore Sarawak, Malaysia (ROC: 48% equity investment in BCP) + Completed drilling of fifth and final well in pre-development phase in June + EPV Balai Mutiara…
2014 OBJECTIVES AND GUIDANCE OBJECTIVE MEASURE Continue implementation of ROC ROCss process safety and asset integrity management HSE systems Operational Achieve five year OGP averages (Asia & Australasia) for TRIFR and LTIFR…
SUMMARY AND LOOKING AHEAD + Delivered strong operating and financial performance + Strong balance sheet + Third year of successive profitability + Substantial opportunity to grow value of the business leveraging existing portfolio of…
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