Full Year Results Period Ending June 2010 Reg Nelson, Managing Director Kathryn Presser, Chief Financial Officer Neil Gibbins, Chief Operating Officer 30 August 2010 1
Todays presentation Beachs current position FY 2010 production and reserves Financial results Operations update Outlook FY 2011 3
Beachs 30 June 2010 position: Strong balance sheet with high growth potential 2P reserves of 66 MMboe (unchanged from June 2009) Strong base Sustainable long-term oil and gas production business FY 2010 production 7.3 MMboe 170…
FY10 was a challenging year, but excellent progress on numerous fronts Successfully mitigated Cooper Basin flood impact to protect production 5
FY10 was a challenging year, but excellent progress on numerous fronts Expanded the unconventional footprint in high potential areas Entered into MOUs related to gas commercialisation Signed the Lake Tanganyika PSA in Tanzania…
FY 2010 production Area FY10* FY09 Oil (MMbbl) Cooper and Eromanga Basins 2.3 2.5 Gippsland Basin 0.3 0.8 Total Oil 2.6 3.3 Sales Gas & Ethane (PJ) Cooper & Surat** Basin 23.1 31.4 LPG (kt) Cooper Basin 45.8 52.0 Condensate…
Financial Results Kathryn Presser Chief Financial Officer 8 June 2010 Full Year Results
Overview of results Abnormal impact of a one in 40 year flood FY10 Change Sales volume 9.3 MMboe (11%) Sales revenue 487 million (16%) Cash flow from operations 128 million (26%) Net profit after tax 33 million (87%)…
Debt & dividends Continuing financial strength Nil debt and 170 million cash on hand at 30 June 2010 25 million in undrawn financing facilities Declared 1 cent per share, 50% franked, final dividend Substantial franking credits…
Net profit FY10 FY09 million million Net profit after tax 33 260 Remove unrealised commodity hedge loss/(gain) 5 (50) Remove commodity hedge close out - 13 Remove asset sales (55) (279) Remove exploration and asset write-downs 68…
Net profit Underlying net profit after tax comparison 120 17.3 10.1 100 48.3 20.6 Other expenses 80 and revenue Net financing costs 61.3 Million 60 Tax 40.8 40 Gross profit 20 20.5 million total decrease…
Gross profit Gross profit comparison 200 10.5 8.2 55.2 11.9 180 93.9 Cash 3rd party 160 production purchases Inventory costs 140 121.2 120 Million Depreciation 100 80 72.8 60 Sales revenue 40 48.4 million total…
Sales revenue Reduced price & volume Sales revenue 487 million, Oil Price down by 16% due to: 120 Lower oil price, down 7% 100 Cooper Basin flooding 80 Lower BMG production A/bbl 60 Sale of Tipton West 40 FY10 average…
Cash flow Continuing strong cash position FY10 FY09 million million Opening cash balance 136 376 Cash from operations 129 173 Development (112) (206) Exploration (International) (6) (35) Exploration (Australia) (29) (100)…
Current financial risk management Currency exchange rate protection Collar Collar Total US48 million (A54 million) US0.7500 US0.7150 Hedged in foreign exchange hedged Period to to Currency US0.8710 US0.8980 (USMillion) Aim to…
Operations Outlook Neil Gibbins Chief Operating Officer 18 June 2010 Full Year Results
30 June 2010 reserves & resources Steady state, pending further exploration success 2P Reserves: 2P Reserves & Contingent 66 MMboe Resources: 363 MMboe 2P Reserves are a fraction of the total resource base Cooper /…
FY11: Markedly increased drilling & key initiatives activity Project Q3 2010 Q4 2010 Q1 2011 Q2 2011 Drilling, fracture stimulation and Cooper Basin unconventional gas evaluation of Encounter-1 & Holdfast-1 exploration wells…
Cooper Basin: Nappamerri Trough shale gas First exploration well (Encounter-1) spud planned for September 2010: Immediately followed by Holdfast-1 Gas in place (GIP) measurement a key objective: Extensive coring Evaluate gas…
Egypt: Onshore acquisitions balance portfolio Enhanced portfolio of near- term development and exploration opportunities Significant oil potential in under-explored onshore concessions Longer-term upside via Mesaha Graben…
Egypt: Abu Sennan Concession Beach interest 22%* Numerous prospects with multiple target horizons 3D seismic coverage over entire concession Existing GPZZ discovery to ( 1600km2) be appraised *Subject to waiver of pre-emptive…
Tanzania: East African Rift Exploration underway Beach 100% Production Sharing Agreement signed June 2010 Significant success in nearby analogous areas (Uganda) Natural oil seeps on Lake Tanganyika indicate a working…
Tanzania: Lake Tanganyika natural oil seeps 25
FY 2011 indicative capital requirements FY11 Forecast million Development capital Cooper Basin 91 BMG 20 Egypt 5 Total development capital 116 Exploration capital Australasia & Unconventional * 117 International and new…
Summary Reg Nelson Managing Director 27 June 2010 Full Year Results
Beach Energy Sustainable underlying base business: Long-life reserves & resources Asset, product and market diversity At the forefront of developing an Australian shale gas industry Tangible growth potential targeting regionally…
Full Year Results Period Ending June 2010 Reg Nelson, Managing Director Kathryn Presser, Chief Financial Officer Neil Gibbins, Chief Operating Officer 30 August 2010 29
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