September 2012 Investor roadshow - March 2012 September 2012 Beach Energy Limited Slide 1
Strategic, operational and financial overview September 2012 Slide 3
Company overview ASX 100 company Market Cap 1.6 billion* Financial FY12 NPAT of 164 million Cash at 30 June 2012 of 379 million Nil debt, 2017 convertible note of 150 million Undrawn 150 million multi-option finance facility…
Key FY13 operational activities September 2012 Slide 5
Underlying NPAT Underlying NPAT FY12 net profit after tax (NPAT) of 122 million 164 million Record FY12 underlying NPAT of 122 million, up by 190% on prior year, mainly due to: Increased sales predominantly driven by production…
Production FY12 production of 7.5 MMboe up by Actual and forecast production 14% on prior year, mainly due to: 9.0 MMboe Better operational access following Cooper Basin floods Successful Western Flank 8.5 MMboe development…
2P reserves Conventional reserves and resource 2P Reserves 93 MMboe1 approach validated by RISC Reserves growth continues the recent historic trend 92.8 MMboe Reserves growth drivers: SACB JV infill drilling program 77.4 MMboe…
1C, 2C and 3C contingent resources Unconventional resource independently 2C Contingent resource 466 MMboe1 assessed by DeGolyer and McNaughton Beach has adopted new SPE Petroleum Reserves Management System guidelines for booking…
FY13 Capital expenditure guidance Forecast FY13 FY13 FY13 reserves Forecast Forecast Forecast Seismic additions Capex (M) Wells 2D km 3D km2 MMbbl DEVELOPMENT Cooper Basin non-SACB JV 50 60 15 20 Cooper Basin SACB/SWQ JV 100…
The Eastern Australian gas market opportunity September 2012 Slide 11
Strategically located acreage Beach is well placed to supply gas to the market for generations to come September 2012 Slide 12
Eastern Australian gas markets are growing The clean energy future is likely to incorporate a larger role for natural gas Current domestic gas demand 715 petajoules (PJ) per annum: 100 PJ from Cooper Basin Domestic and LNG…
Cooper Basin a potential supply option for LNG Cooper Basin gas does not have Gladstone based LNG projects the potential challenges that may impact long-term coal seam gas developments in Queensland and New South Wales Benefits of…
An unconventional and logical thought process September 2012 Slide 15
PEL 218 and ATP 855P PEL 218 1,600 km2 Beach 100% (Permian) 2 Tcf of contingent resource booked in the Permian ATP 855P 1,670 km2 Beach 60% (operator), Icon Energy 40% First dedicated shale well in Q3 2012 SACB JV 7,100 km2 Beach…
Unconventional gas program to date PEL 218 1,600 km2 Beach 100% (Permian) Four vertical wells drilled Gas flow from first 2 wells up to 2 MMscfd per well ATP 855P 1,670 km2 Beach 60% (operator), Icon Energy 40% First vertical…
Shale and basin centred gas play Gas saturation expected through the Permian zone of the Nappamerri Trough September 2012 Slide 18
Beach operated program highlights to date Holdfast-1 and Encounter-1 gas flows up to 2.1 MMscfd, post fracture stimulation 480 metres of core recovered from both wells assisting technical analysis Seven stage fracture stimulation…
Advantages of Beachs Cooper Basin acreage Co-operative not competitive land use with pastoral owners and stakeholders Semi-desert country Relatively flat topography Well established gas infrastructure Three cemented casing strings…
FY13 unconventional drilling program September 2012 Slide 21
Next steps Drill vertical delineation wells to appraise shale and basin centred gas accumulation Design and drill horizontal wells Expand drilling program with up to six horizontal wells around Holdfast-1 and Encounter-1 to further…
SACB/SWQ JV Significant long-term resource potential September 2012 Slide 23
SACB/SWQ JV PEL 218 1,600 km2 Beach 100% (Permian) 2 Tcf of contingent resource booked in the Permian ATP 855P 1,670 km2 Beach 60% (operator), Icon Energy 40% First dedicated shale well in Q3 2012 SACB JV 7,100 km2 Beach 20.21%,…
SACB/SWQ JV Santos operated Equity interests of 20.21% for SACB JV and between 23.2% for SWQ JV FY12 net production of 4.8 MMboe Significant land holding of 26,800 km2 (gross) Cooper Basin cumulative gross production to date of…
Resource to reserve conversion Infill drilling with denser Infill drilling 40 vs 200 acre spacing well spacing moving towards 40 acres More focused fracture stimulation of individual zones More efficient wellbore hydraulics,…
Dominant Western Flank acreage position September 2012 Slide 27
Western Flank Cooper Basin 2013 net production target of 9,000 to 10,000 bopd from the Western Flank September 2012 Slide 28
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 Quick drill and tie-in periods…
PEL 91 Beach 40% (operator), Drillsearch 60% Bauer potential recoverable oil of 10+ MMbbls Production of 800 bopd (gross) from Bauer-1, targeting 2,000 bopd (gross) with trucking Hanson facility expected to be on-line 2H 2012 Chiton…
PEL 92 Beach 75% (operator), Cooper Energy 25% Current gross production of 5,000 bopd Gross production expected back at 6,000 bopd upon completion of Lycium-Moomba trunkline Butlers-2, -3, -4, Parsons-5, Germein-1 and Elliston-1…
PRL 15, PEL 104 and PEL 111 Beach 40%, Senex Energy 60% (operator) Focus on the Birkhead Formation Current gross production of 6,000 bopd from Growler and 250 bopd from Snatcher Recent exploration success with Mustang-1 FY13 capital…
PEL 106B and PEL 107 PEL 106B Beach 50% (operator), Drillsearch 50% First production in FY12 from the Middleton/ Brownlow production licence Fiberspar flexible pipeline reduced cost and accelerated pipe laying time Initial gross…
International - Chasing Big Oil and Rift Basins September 2012 Slide 34
Tanzania Lake Tanganyika South Block A significant acreage position in the prospective East African Rift September 2012 Slide 35
2D seismic survey Natural oil seeps on Lake Tanganyika (7,200 km2) indicate a working petroleum system Potential for large discoveries ( 200 MMbbl) Airborne gravity and hi-resolution aeromag data acquired in 2010 2,080 km 2D…
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 September 2012 Slide 37
Egypt A balanced portfolio of assets with growing oil production September 2012 Slide 38
North Shadwan concession Beach 20%, BP 50% (operator), Tri Ocean 30% NS 377 and NS 385 Near shore field NS 377 producing 1,000 bopd (gross) via pipeline to Ras Ghara facility NS 385 development well expected to spud Q3 2012 Total…
Abu Sennan concession Beach 22%, Kuwait Energy 50% (operator), Dover Investments 28% Four exploration wells successful, with combined total gross flow rate of 12,000 boepd (gross) New three well exploration program approved:…
Mesaha concession Beach 15%, Melrose 40% (operator), Hellenic 30%, Kuwait Energy 15% The largest concession area in Egypt at 42,700 km2 Possible rift basin similar to Gulf of Suez Potential for very large oil fields (100…
Appendices 1. General 2. Other operations September 2012 Slide 42
The Cooper Basin September 2012 Slide 43
EIA United States Gas Production Projection 2007 - Beach identified Australian shale opportunity 2000 2012 US Natural Gas Production 1990-2020 US Natural Gas Production 1990-2035 Sources: History: Advanced Resources International,…
Things you can find in your own backyard A relatively under-explored part of the Cooper Basin with enormous potential September 2012 Slide 45
Other operations September 2012 Slide 46
Other unconventional opportunities Otway Basin Conventional plays proven gas, Significant acreage positions in other (Beach 35-67%) condensate and oil prospective basins Moderate to high TOCs Further potential for gas and liquids Gas…
Bonaparte Basin Beach earning up to 90% of onshore and up to 55% 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 and Gippsland basins Otway gas and liquids Beach 35-67% Conventional plays proven gas, condensate and oil discoveries Casterton main source rock, Map with troughs shown and with most attractive permits outlines…
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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