March 2013 Investor roadshow - March 2012 March 2013 Beach Energy Limited Slide 1
General overview March 2013 Slide 3
Company overview ASX 100 oil and gas explorer and producer, market capitalisation A1.8 billion Strong balance sheet cash of A343 million (at 31 December 2012) and undrawn debt facility of A150 million 1H FY13: underlying NPAT 61…
Key FY13 operational activities March 2013 Slide 5
Actual and forecast production 8.5 MMboe 8.1 MMboe 7.5 MMboe 6.6 MMboe Gas* 4.3-4.5 MMboe Gas* (25-26 PJe) 4.8 MMboe Gas* (28 PJe) 4.5 MMboe (26 PJe) Oil Oil 3.8-4.0 MMbbl Oil 2.7 MMbbl 2.1 MMbbl * Gas and gas…
2P reserves and 2C contingent resources 2P: 93 MMboe 2P and 2C: 559 MMboe 448 MMboe 73 MMboe 93 MMboe 20 MMboe 18 MMboe Oil Gas and Gas Liquids 2P Reserves Gas and Gas Liquids Oil Large reserve and resource base…
FY13 Capital expenditure guidance Forecast 1H FY13 FY13 FY13 FY13 reserves Actuals Forecast Forecast Forecast Seismic additions (M) (M) (1) Wells 2D km 3D km2 MMboe DEVELOPMENT Cooper Basin non-SACB JV 37 50 55 12 15 Cooper…
Eastern Australian gas markets are growing Existing domestic east coast contracts Projected east coast total demand Source: Core Energy Group, July 2012 The clean energy future is likely to incorporate a larger role for natural…
Beach projected gas opportunities Beach operated - PEL 106B - unconventional SACB JV/SWQ JV - conventional - unconventional New gas pricing paradigm (6-9/GJ) Legacy gas contracts expiring over the next couple of years…
PEL 218 and ATP 855 farm-out to Chevron March 2013 Slide 11
PEL 218 and ATP 855 farm-out to Chevron World class JV partner reinforces SA and Qld Cooper Basin gas potential March 2013 Slide 12
Background and rationale Beach has led the way in Nappamerri Trough unconventional exploration Early identification of the potential of PEL 218 and ATP 855 Initial success with off-structure exploration wells and flow tests…
Transaction highlights and overview The introduction of a world class joint venture partner with: Global experience and leading technical capability A long and successful history in Australian exploration and gas development Beach…
Transaction consideration summary Subject to joint venture approvals, the key work program elements envisaged across the two permits involve an initial exploration program to be followed by pilot production programs PEL 218…
Why Chevron Unconventional resource experience USA and Canada (Duvernay, Marcellus, Utica, Wolfcamp) Poland, Romania, China, Lithuania and Argentina Exposure to 7 million net acres Technical capability and gas development…
Cooper Basin Unconventional exploration March 2013 Slide 17
Unconventional acreage and timeline March 2013 Slide 18
Unconventional gas program PEL 218 1,600 km2 Beach 100% (Permian) Six vertical wells drilled, two being drilled (one horizontal) Gas flow from first three wells in excess of 2 MMscfd per well ATP 855 1,670 km2 Beach 60%…
Program highlights to date Holdfast-1, Encounter-1 proved up the shale play with flow rates at up to 2.1 MMscfd Moonta-1 proved up the basin centred gas concept throughout the Patchawarra, with gas flow rates at up to 2.6 MMscfd…
Moomba-191 Initial flow rate 3 MMscfd Average flow rate over first month 2.7 MMscfd, and 2.5 MMscfd at year end Early stage recovery estimates are 1.5 bcf Indicates continuation of unconventional gas trending West of PEL 218 in…
Fracture stimulation stages March 2013 Slide 22
Cooper Basin Western Flank March 2013 Slide 23
Western Flank oil Western Flank oil is a core contributor to Beach due to: Sales in Brent High net back per barrel of A85* (including opex, royalties and transportation costs) Strong equity positions in significant and prospective…
Investment in infrastructure Net production of 9,000 to 10,000 bopd from the Western Flank expected in Q2 2013 March 2013 Slide 25
PEL 91 Beach 40% (operator), Drillsearch 60% Bauer potential recoverable oil of 10+ MMbbls Current production of 3,200 bopd (gross) from two wells Targeting 10,000 bopd (gross) in Q2 2013 when Bauer-Lycium flowline operational…
PEL 92 Beach 75% (operator), Cooper Energy 25% Current gross production of 5,200 bopd Gross production expected to reach 7,000 bopd in Q2 2013 Rincon 3D to delineate the Rincon discovery and evaluate additional exploration…
PRL 15, PEL 104 and PEL 111 Beach 40%, Senex Energy 60% (operator) Focus on the Birkhead formation Current gross production of 3,500 bopd from Growler and 600 bopd from Snatcher Eight wells drilled in FY13 to date: Five appraisal…
PEL 106B and PEL 107 PEL 106B Beach 50% (operator), Drillsearch 50% First production in FY12 from the Middleton/Brownlow production licence Initial gross flow rates of 25 MMscfd (15 TJd sales gas and 325 bbld LPG and condensate)…
SACB JV & SWQ JVs and Infrastructure March 2013 Slide 31
SACB JV and SWQ JVs Significant equity interest in the SACB JV (Beach 20.21%) and SWQ JVs (Beach 20-40%) Area covered by JVs 26,800 km2 JVs equity interests include: Moomba and Ballera processing facilities All gathering systems…
SACB JV infill drilling program Resource to reserve conversion drivers: Infill drilling 40 vs 200 acre spacing Infill drilling with denser well spacing moving towards 40 acres More focused fracture stimulation of individual zones…
Other Australia Bonaparte Basin Otway Basin March 2013 Slide 34
Bonaparte Basin Beach earning up to 90% of onshore and up to 50% of offshore areas Underexplored to date due to lack of quality modern seismic Conventional and deep unconventional targets Highly prospective as a result of:…
Otway Basin - PEL 495 Beach paying 70% of Sawpit-2 well costs to earn 35% Spudded 19 February 2013 Located in the Penola Trough/Otway Basin Two main targets: Oil in the Sawpit Sandstone Unconventional potential of the Lower…
International assets Tanzania Egypt Romania March 2013 Slide 37
Tanzania Lake Tanganyika South Block A significant acreage position in the prospective East African Rift March 2013 Slide 38
2D seismic survey Natural oil seeps in Lake Tanganyika indicate a working petroleum system South block area 7,200 km2 Potential for large discoveries ( 200 MMbbl) Airborne gravity and hi-resolution aeromag data acquired in 2010…
Lake Tanganyika South Block potential play types Potential targets from recently acquired 2D seismic, red = gas, green = oil Direct hydrocarbon indicators consistent with an active petroleum system March 2013 Slide 40
Egypt A balanced portfolio of assets with growing oil production March 2013 Slide 41
North Shadwan concession Beach 20%, BP 50% (operator), Tri Ocean 30% On-shore to off-shore developments NS 377-3 intersected 145 metre oil column and cased as first production well for field NS 377-5 intersected 107 metre oil…
Abu Sennan concession Beach 22%, Kuwait Energy 50% (operator), Dover Investments 28% Four exploration wells successful New three well exploration program approved: First well, ASA-ST2, reached TD of 3,576 metres Second well,…
Mesaha concession Beach 15%, Melrose 40% (operator), Hellenic 30%, Kuwait Energy 15% The largest concession area in Egypt at 42,700 km2 Potential for large oil fields (100 MMbbl+) 2,885 kilometres of regional and infill 2D…
EGPC international bid round 2011 El Qaa Plain bidding group: Beach 25%, Dana Petroleum (operator) 37.5% and Petroceltic 37.5% Total area of 1,823 km2 1,519 kilometres of 2D seismic by BP and Conoco in early 80s 11 wells drilled…
Romania Est Cobalcesu block Post Beach farm-in: Beach 30%, Melrose 40% (operator), Petromar 30% Est Cobalcescu block is 1,000 km2, with 3D seismic over block being processed Water…
ExxonMobil Domino-1 discovery N Est Cobalcescu Domino 1 S N S March 2013 Slide 47
Contact Information Head office 25 Conyngham Street Glenside SA 5065 Tel: +61 8 8338 2833 Fax: +61 8 8338 2336 Website: www.beachenergy.com.au Chris Jamieson General Manager Investor Relations Tel: +61 8 8338 2833 Mob: +61 8 (0)487 173…
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