2010 Annual General Meeting Chairmans Address Jim McKerlie 23 N November b 2010
Welcome The world is moving so fast these days that a person who says it cant be done is generally interrupted by someone actually doing itit. Elb t Hubbard Elbert H bb d 1856 - 1915 2
This Time Last Year A year past weighed down but a year ahead with promise: by: 9 New board 8 Board revolt 9 New management 8 Beach takeover defence 9 Strategic focus 8 C t l off CER Control 9 Renewal 8 3D Oil takeover bid 9…
Accomplishments p Scorecard Share Price FY 2010 20 October 2010 19 Nov 2010 Production Revenues 2P/2C Oil Reserves 5 9 cents 5.9 A9 60m A9.60m 12 7 MMboe 12.7 +107% Market Cap Cash & Receivables FY 2010 19 Nov 2010 30…
Our accomplishments p - a stable board Jim McKerlie Brad Lingo Managing Choo Beng Kai Fiona Robertson Ross Wecker Chairman Director Non-Executive Director Non-Executive Director Non-Executive Director Extensive experience as More…
Board Committees Audit and Risk Committee Remuneration and Nomination Committee Technical Committee 6
Accomplishments p - Strong g MD and Management g Team Brad Lingo Managing Director With more than 25 years of oil and gas experience, Brad has been involved in all phases of the oil and gas business and project development,…
Accomplishment Finding the People to Deliver the Projects 8
Accomplishment p Disposal p of Circumpacific p ((Canada)) We are due to receive the proceeds of disposal 12 month VWAP prior to announcement was CDN 9 cents per share DLS sold its 80% interest for CDN 18 cents per share share,…
Accomplishment p Proposed p Merger g with Innamincka Proposal INP to merge with DLS via a scheme of arrangement Terms 2.5 2 5 Drillsearch shares for each Innamincka share Board Recommendation Unanimously y recommended by y…
Accomplishments p - 2P/2C Growth 11
Major j Exploration p Success - Chiton Oil Celebratory memorabilia for shareholders (It is Chiton not Chilton) We added an L because we all Love this company 12
Challenges g Water, Water and More Water 13
Challenges g Water, Water and More Water PEL 91 was our major drilling program for this year Four or five well due to start in April/May 2010 Now scheduled to start January 2011 Sale of inventory held in storage Deferred from mid…
Our Past Year Success, Weather, Taxes & Fear AGM & announce 5-well oil drilling programme for April/May 2010 Cooper Basin flooding Cooper Basin postpones 5-well oil flooding begins drilling programme Govt Chiton…
The Year Ahead Our Business Focus Creating shareholder value (long term and sustainable) Through oil & gas exploration and development Organic through our discoveries Acquisition q where value can be created - assets and…
Too Many y Pieces of Paper p in The Market 17
Consolidation An Important Part of our Maturing as a Company We currently have 2.1 billion shares out there There will be another 653 million shares post INP merger Institutional investors and other majors majors who are interested…
Employer p y of Choice It is a war for talent Must make DLS a place quality people want to be Must make sure there is alignment between shareholders, board, senior management and the team People coming in from merger activity…
Improved p Shareholder and Investor Relations Developing an improved website and on-line communications More efficient way to keep shareholders up to date Will supplement pp the paper p p based medium 20
VALE Peter Simpson, former Chairman of Drillsearch 1959 - 2010 21
Thanks To fellow board members Retiring and new company secretary MD Management The Drillsearch team And to you (my customers) Our Shareholders 22
A Positive Future It may have been wet in the Cooper Basin But we have been extremely busy Our house is in good order And the foundations are laid for a very rewarding future And to go into more detail of this I now pass you to…
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