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2011 HALF YEAR EARNINGS CALL – Roc Oil

Roc Oil · Aug 25, 2011 · 21 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. 2011 HALF YEAR EARNINGS CALL – Roc Oil – slide 1
    2011 Half Year Financial Results Presented by Alan Linn Chief Executive Officer Anthony Neilson Chief Financial Officer
  2. 2011 HALF YEAR EARNINGS CALL – Roc Oil – slide 2
    1H11 Key Messages Underlying business performed in line with expectations Production of 1.4 MMBOE (7,567 BOEPD) is within guidance Sales of US131.2 million (average realised oil price of US110.41/BBL before hedging) Trading profit of…
  3. 2011 HALF YEAR EARNINGS CALL – Roc Oil – slide 3
    1H11 Financial Results Overview Anthony Neilson (CFO) 3
  4. 2011 HALF YEAR EARNINGS CALL – Roc Oil – slide 4
    Key Financial Summary 1H11 2H10 1H10 Working Interest Production (MMBOE) 1.4 1.6 1.5 % Government share of production 5.6 8.5 4.6 Sales Volume (MMBOE) 1.2 1.7 1.3 Sales Revenue (USM) 131.2 135.2 100.2 Operating Cash Flow (USM)…
  5. 2011 HALF YEAR EARNINGS CALL – Roc Oil – slide 5
    Operational Results 1.4 MMBOE (7,567 BOEPD) Production 99% of production was oil Zhao Dong development drilling programme progressing as planned Development Appraisal well in new Zhao Dong block brought online in August Beibu Gulf…
  6. 2011 HALF YEAR EARNINGS CALL – Roc Oil – slide 6
    Financial Results USM Comment Sales Revenue 131.2 Average realised oil price of US110.41/BBL (before hedging) Production costs of US26.2 million (US19.16/BOE) Trading Profit 51.5 Amortisation of US42.3 million (US30.91/BOE)…
  7. 2011 HALF YEAR EARNINGS CALL – Roc Oil – slide 7
    Hedging Remaining hedge positions from 1 July 2011 to 31 December 2012 are 360,000 Brent Oil Price Swaps, at a weighted average Brent price of US84.58/BBL. The existing hedge book is largely unwound, with 2% of remaining 2P reserves…
  8. 2011 HALF YEAR EARNINGS CALL – Roc Oil – slide 8
    Segment Results Zhao Cliff Head Blane Enoch Chinguetti BMG Total Dong USM Sales 78.1 17.2 26.6 5.9 3.1 0.3 131.2 Production Costs (7.6) (12.8) (3.9) (0.4) (1.5) - (26.2) Amortisation (32.5) (2.9) (5.2) (1.1) (0.6) - (42.3)…
  9. 2011 HALF YEAR EARNINGS CALL – Roc Oil – slide 9
    Profit and Loss 1H11 2H10 1H10 USM USM USM Sales (including hedging loss) 131.0 135.2 100.2 Trading Profit 51.5 38.5 30.6 EBITDAX + Impairments 72.7 42.2 71.6 Exploration Expense (8.3) (17.8) (2.7) EBITDA + Impairments 64.4 24.8…
  10. 2011 HALF YEAR EARNINGS CALL – Roc Oil – slide 10
    P&L Movements USM P&L Movement from 1H10 to 1H11 (USM) 60 50 43.7 (12.9) 40 (11.4) 30 1.6 (22.6) 20 8.7 (5.6) 10 (10.3) 6.7 0 (4.5) (6.6) (10) NPAT 1H10 Realised Oil Sales Volume Chinese Levy OPEX Derivative…
  11. 2011 HALF YEAR EARNINGS CALL – Roc Oil – slide 11
    Cashflow 1H11 2H10 1H10 USM USM USM Opening Cash 81.0 102.2 67.1 Net Cash from Operating Activities 6.8 18.1 38.1 Net Repayments of Borrowings (45.0) - - Investment Activities Development Expenditure (7.7) (26.5) (1.1) Initially…
  12. 2011 HALF YEAR EARNINGS CALL – Roc Oil – slide 12
    Operating Cashflow Movements USM Operating Cashflow Movement from 1H10 to 1H11 (USM) 40 38.1 (21.9) 25 (14.0) 10 30.5 (6.1) 6.8 (10.7) (5) (9.1) (20) Operating Cashflow Derivative Payment BMG NPP Income Tax Paid…
  13. 2011 HALF YEAR EARNINGS CALL – Roc Oil – slide 13
    Balance Sheet 1H11 2H10 1H10 USM USM USM Cash Assets 43.4 81.0 102.2 Capitalised Exploration Expenditure 6.3 4.9 16.8 Oil and Gas Assets 215.6 247.6 219.7 Interest Bearing Debt (2.8) (49.7) (49.5) Net Deferred Tax Liability (33.0)…
  14. 2011 HALF YEAR EARNINGS CALL – Roc Oil – slide 14
    A unique strategy for growth Alan Linn (CEO) 14
  15. 2011 HALF YEAR EARNINGS CALL – Roc Oil – slide 15
    A unique set of competitive advantages for a mid-sized company Operational experience Technical capabilities Industry relationships Geographically focused 15
  16. 2011 HALF YEAR EARNINGS CALL – Roc Oil – slide 16
    Malaysia entry Small Field Risk Service Contract (SFRSC) for Balai Cluster fields awarded The Balai Cluster comprises a cluster of oil and gas fields in the areas around the Balai and West Acis discoveries Contractor group interests…
  17. 2011 HALF YEAR EARNINGS CALL – Roc Oil – slide 17
    Africa exit Africa exit will allow redeployment of capital and resources to pursue opportunities more consistent with ROCs strategy to generate future growth through exploration, appraisal and pre- development opportunities located in…
  18. 2011 HALF YEAR EARNINGS CALL – Roc Oil – slide 18
    China expansion An important element of ROCs strategy is to generate future growth through the commercialisation of near field opportunities through existing infrastructure. In March, the Zhao Dong block was expanded through the…
  19. 2011 HALF YEAR EARNINGS CALL – Roc Oil – slide 19
    ROCs 2011 achievements ROC has already delivered against the goals set as part of the renewed strategy. Appointed new CEO (Feb) FID for Beibu Gulf Project (Feb) Expanded Zhao Dong Block acreage (Mar) Sold onshore Angola asset…
  20. 2011 HALF YEAR EARNINGS CALL – Roc Oil – slide 20
    ROCs 2011 objectives Generate Conduct reviews and/or bid on new business opportunities Opportunities Deliver risked recoverable 2C resources from new exploration assets Capture Value Deliver new production or pre-development…
  21. 2011 HALF YEAR EARNINGS CALL – Roc Oil – slide 21
    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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