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NOVEMBER 2009 ANNUAL GENERAL MEETING – Beach Energy Limited

Beach Energy Limited · Nov 26, 2009 · 51 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. NOVEMBER 2009 ANNUAL GENERAL MEETING – Beach Energy Limited – slide 1
    Bob Kennedy, Chairman Reg Nelson, Managing Director 1
  2. NOVEMBER 2009 ANNUAL GENERAL MEETING – Beach Energy Limited – slide 2
    Mr Bob Kennedy 3
  3. NOVEMBER 2009 ANNUAL GENERAL MEETING – Beach Energy Limited – slide 3
    According to the Financial Review, 2009 was a year in which most companies Experienced shrinking operations Delivered lower earnings Announced lower profits Cut back on dividend payments Encountered problems with debt and…
  4. NOVEMBER 2009 ANNUAL GENERAL MEETING – Beach Energy Limited – slide 4
    Against the trend, Beach Had record production of oil and gas Had improved earnings Announced a record profit Increased its dividend payments Became debt free with substantial cash reserves Growth through prudent management…
  5. NOVEMBER 2009 ANNUAL GENERAL MEETING – Beach Energy Limited – slide 5
    Extracts from BRW Special Edition Fast 100, 29 October 2009: The BRW Fast 100 List proves that capable business people are successful in both good and bad times (editorial). Few match the Fast 100 in terms of optimism, zeal,…
  6. NOVEMBER 2009 ANNUAL GENERAL MEETING – Beach Energy Limited – slide 6
    the business chiefs throughout the year constantly struggled to remember the big picture. Those who did who occasionally stepped away from the daily running of the business are in a stronger position heading into the upturn.…
  7. NOVEMBER 2009 ANNUAL GENERAL MEETING – Beach Energy Limited – slide 7
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  8. NOVEMBER 2009 ANNUAL GENERAL MEETING – Beach Energy Limited – slide 8
    Beach Petroleum (BPT) has balance sheet strength and a long term production and earnings profile superior to its mid-cap peers. Oliver Foster, Euroz Securities Limited, September 2009
  9. NOVEMBER 2009 ANNUAL GENERAL MEETING – Beach Energy Limited – slide 9
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  10. NOVEMBER 2009 ANNUAL GENERAL MEETING – Beach Energy Limited – slide 10
    Record NPAT of 260 million Normalised NPAT of 64 million (21% increase on FY08) Record sales revenue of 581 million Record production of 9.6 MMboe: Approximately 26,300 boed FY09 dividend of 3.75 cents per share: Interim dividend…
  11. NOVEMBER 2009 ANNUAL GENERAL MEETING – Beach Energy Limited – slide 11
    BenDadleh, our first apprentice, a proud representative of the Dieri people 12
  12. NOVEMBER 2009 ANNUAL GENERAL MEETING – Beach Energy Limited – slide 12
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  13. NOVEMBER 2009 ANNUAL GENERAL MEETING – Beach Energy Limited – slide 13
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  14. NOVEMBER 2009 ANNUAL GENERAL MEETING – Beach Energy Limited – slide 14
    New name Beach Energy ASX Energy Index vs BPT Last 60 Days Continuing as an oil producer 9.00% Investment in emerging 6.00% technology 3.00% Focus on gas % Movement 0.00% Reliable dividends -3.00% Consistent production…
  15. NOVEMBER 2009 ANNUAL GENERAL MEETING – Beach Energy Limited – slide 15
    Mr Reg Nelson 16
  16. NOVEMBER 2009 ANNUAL GENERAL MEETING – Beach Energy Limited – slide 16
    Highlights of the year in review Reserves and resources for future development Strategy Next two to five years Next five to ten years
  17. NOVEMBER 2009 ANNUAL GENERAL MEETING – Beach Energy Limited – slide 17
    Record production 10 Total for year of 9.6 MMboe 9 (approximately 26,300 boepd) 8 Oil & gas liquids accounted for 43% MMboe per year 7 of production (approximately 6 11,300 boepd) 5 85.4% from Cooper 4 Oil component…
  18. NOVEMBER 2009 ANNUAL GENERAL MEETING – Beach Energy Limited – slide 18
    Cooper Oil and Gas Ongoing western flank oil exploration success: Three new oil discoveries in PEL 92 (Butlers, Perlubie, Perlubie South) Nearly 10 MMbbl in total discovered in eight years (4.4 MMbbl produced to date) Beach owns 75%…
  19. NOVEMBER 2009 ANNUAL GENERAL MEETING – Beach Energy Limited – slide 19
    Tipton West coal seam gas Successful sale of assets for up to 400 million (from initial investment of 35 million) Large gas/condensate targets New 3D seismic to define Pandora Field gas resource in Gulf of Papua (PNG)…
  20. NOVEMBER 2009 ANNUAL GENERAL MEETING – Beach Energy Limited – slide 20
    Egypt Oil Nearshore oil fields in Gulf of Suez being developed, first production 2010 (targeting 10 to 20 MMbbl potential) Gippsland Oil Development program commenced in June 2009 Production vessels returned mid November 2009 from…
  21. NOVEMBER 2009 ANNUAL GENERAL MEETING – Beach Energy Limited – slide 21
    2P Reserves 66 MMboe Cooper Basin 61 MMboe 2P Reserves & Contingent Resources: 359 MMboe Gippsland & Egypt 5 MMboe Total Oil - 19 MMbbl (28%) Contingent Resources 293 MMboe Cooper Basin 263 MMboe Conventional 84 MMboe…
  22. NOVEMBER 2009 ANNUAL GENERAL MEETING – Beach Energy Limited – slide 22
    The next ten years Accelerated growth Balanced portfolio risk / reward approach 60% low risk 30% moderate risk 10% higher risk Maintain low exposure to debt 23
  23. NOVEMBER 2009 ANNUAL GENERAL MEETING – Beach Energy Limited – slide 23
    Aim: Double (or treble) production and reserves Risk/Reward Exploration Development Low (60*) Continued oil & gas discoveries in Develop large contingent Cooper with aim to add up to 20 conventional gas resource of approx. MMboe new…
  24. NOVEMBER 2009 ANNUAL GENERAL MEETING – Beach Energy Limited – slide 24
    Highly prospective region with long established industry and favourable legislative and fiscal regime Home to giant oil fields (500 to 800 million barrels) such as Morgan, July & Ramadan) First oil production from North…
  25. NOVEMBER 2009 ANNUAL GENERAL MEETING – Beach Energy Limited – slide 25
    Aim: Continue to build reserves & production by multiples Risk/Reward Exploration Development Low (60*) Continued oil explorationin Cooper Develop large contingent shale gas and unconventional gas in Cooper resource in Cooper and…
  26. NOVEMBER 2009 ANNUAL GENERAL MEETING – Beach Energy Limited – slide 26
    Finalisation of Production Sharing Agreement in FY10 (Beach 100%) Under-explored, emerging hydrocarbon province with high potential & known natural oil seeps Large oil discoveries in recent years in to the north in Uganda…
  27. NOVEMBER 2009 ANNUAL GENERAL MEETING – Beach Energy Limited – slide 27
    What is Shale Gas Main unconventional gas sources in the Cooper are shale gas, tight gas and deep coal gas Shales are typically high porosity, low permeability rocks that are often the source of oil and gas generated in a…
  28. NOVEMBER 2009 ANNUAL GENERAL MEETING – Beach Energy Limited – slide 28
    Expectations for shale gas: Following the US example: Shale gas in the US has US Unconventional Gas Outlook followed coal seam gas Unconventional gas is a growing part of US domestic gas production Gas demand to grow strongly as…
  29. NOVEMBER 2009 ANNUAL GENERAL MEETING – Beach Energy Limited – slide 29
    Cooper Basin Shale Gas Another example of Beach thinking ahead of the pack Beach has recorded Cooper contingent gas resource of 263 MMboe (1.5 TCF), shale gas resource could be much larger Pipelines are in place to deliver gas from…
  30. NOVEMBER 2009 ANNUAL GENERAL MEETING – Beach Energy Limited – slide 30
    Preparing for Commercialisation Nappamerri Trough farmins to build a dominant position Sundance Energy Limited alliance for unconventional oil and gas Rentech agreement to evaluate feasibility of applying the Rentech Process to…
  31. NOVEMBER 2009 ANNUAL GENERAL MEETING – Beach Energy Limited – slide 31
    Consistent, targeted growth Long-term cash flow, production and reserves Value driven investments At least double (or treble) production over next 2-5 years Thinking ahead of the pack: Early entry, low risk, high return (e.g., CSG…
  32. NOVEMBER 2009 ANNUAL GENERAL MEETING – Beach Energy Limited – slide 32
    Beach Energy Limited Highlights our fundamental strategy of investing in affordable low pollutant energy A more modern label Continued sound decision making in a new world of energy opportunities 33
  33. NOVEMBER 2009 ANNUAL GENERAL MEETING – Beach Energy Limited – slide 33
    Resolutions for voting 34
  34. NOVEMBER 2009 ANNUAL GENERAL MEETING – Beach Energy Limited – slide 34
    Beach has received 2,497 valid proxy votes This represents 41.33% of the Votes 35
  35. NOVEMBER 2009 ANNUAL GENERAL MEETING – Beach Energy Limited – slide 35
    Toconsider and put to a non-binding vote the following resolution: That the remuneration report for the financial year ended 30 June 2009 be adopted 36
  36. NOVEMBER 2009 ANNUAL GENERAL MEETING – Beach Energy Limited – slide 36
    For Against Open Total Abstain Total (Usable) Valid number of At Available valid Discretion Votes proxy of Proxy votes Adopt Remuneration Report 362,897,185 66,648,790 11,308,027 440,854,002 2,855,363 443,709,365 82.31% 15.12%…
  37. NOVEMBER 2009 ANNUAL GENERAL MEETING – Beach Energy Limited – slide 37
    To consider and, if thought fit, pass the following resolution as an ordinary resolution: That Mr Robert Michael Kennedy, who retires by rotation pursuant to the constitution of Beach and who, being eligible, offers himself for…
  38. NOVEMBER 2009 ANNUAL GENERAL MEETING – Beach Energy Limited – slide 38
    For Against Open Total Abstain Total (Usable) Valid number of At Available valid Discretion Votes proxy of Proxy votes Re-election of Mr 365,524,643 62,013,528 11,160,510 438,698,681 5,010,684 443,709,365 Kennedy 83.32% 14.14%…
  39. NOVEMBER 2009 ANNUAL GENERAL MEETING – Beach Energy Limited – slide 39
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  40. NOVEMBER 2009 ANNUAL GENERAL MEETING – Beach Energy Limited – slide 40
    To consider and, if thought fit, pass the following resolution as an ordinary resolution: That Mr Glenn Stuart Davis, who retires by rotation pursuant to the constitution of Beach and who, being eligible, offers himself for…
  41. NOVEMBER 2009 ANNUAL GENERAL MEETING – Beach Energy Limited – slide 41
    For Against Open Total Abstain Total (Usable) Valid number of At Available valid Discretion Votes proxy of Proxy votes received Re-election of Mr Davis 367,507,778 59,751,035 11,194,942 438,453,755 5,255,610 443,709,365 83.82%…
  42. NOVEMBER 2009 ANNUAL GENERAL MEETING – Beach Energy Limited – slide 42
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  43. NOVEMBER 2009 ANNUAL GENERAL MEETING – Beach Energy Limited – slide 43
    Toconsider and, if thought fit, pass the following as a special resolution: That, the name of the Company be changed to Beach Energy Limited 44
  44. NOVEMBER 2009 ANNUAL GENERAL MEETING – Beach Energy Limited – slide 44
    For Against Open Total Abstain Total (Usable) Valid number of At Available valid Discretion Votes proxy of Proxy votes received Change of Name 425,644,066 4,557,696 10,972,513 441,174,275 2,535,180 443,709,455 96.48% 1.03%…
  45. NOVEMBER 2009 ANNUAL GENERAL MEETING – Beach Energy Limited – slide 45
    To consider and if thought fit pass the following resolution as an ordinary resolution: That the issue of securities in Beach to participants under Beach's Employee Incentive Plan the principal terms of which are set out in the…
  46. NOVEMBER 2009 ANNUAL GENERAL MEETING – Beach Energy Limited – slide 46
    For Against Open Total Abstain Total (Usable) Valid number of At Available valid Discretion Votes proxy of Proxy votes received Approval of 410,067,487 15,622,677 11,209,433 436,899,597 3,743,521 440,643,118 securities under the…
  47. NOVEMBER 2009 ANNUAL GENERAL MEETING – Beach Energy Limited – slide 47
    To consider and, if thought fit, pass the following resolution as an ordinary resolution: That the issue of securities in Beach to participants under Beach's Long Term Incentive Plan, the principal terms of which are set out in the…
  48. NOVEMBER 2009 ANNUAL GENERAL MEETING – Beach Energy Limited – slide 48
    For Against Open Total Abstain Total (Usable) Valid number of At Available valid Discretion Votes proxy of Proxy votes received Approval of 408,745,500 16,806,956 11,190,482 436,742,938 3,900,180 440,643,118 securities under the…
  49. NOVEMBER 2009 ANNUAL GENERAL MEETING – Beach Energy Limited – slide 49
    To consider and if thought fit, pass the following resolution as a special resolution: That Clause 6.4 of Beach's constitution is reinstated in the constitution for a further three years after the date of this annual general…
  50. NOVEMBER 2009 ANNUAL GENERAL MEETING – Beach Energy Limited – slide 50
    For Against Open Total Abstain Total (Usable) Valid number of At Available valid Discretion Votes proxy of Proxy votes received Re- instatement 415,858,490 13,038,408 11,476,161 440,373,059 3,225,291 443,598,350 of partial takeover…
  51. NOVEMBER 2009 ANNUAL GENERAL MEETING – Beach Energy Limited – slide 51
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