Thank you Mr. Chairman I would also like to thank all of our shareholder in attendance for braving the weather today. I think you will find this report on our performance for the past year and the road ahead for the company very…
The past financial year has been a year of delivering performance broadly across each of our growth platforms Our Western Flank Conventional Oil has delivered exceptional exploration success with multiple discoveries We are well on…
I thought it would be valuable to review where we started from and the plans we set out to deliver to shareholders at the 2009 AGM 2years ago. This slide is taken from the 2009 AGM Managing Directors Report and in summary set our next…
In terms of specifics we outlined some very clear plans in terms of drilling and other key activities we were targeting to undertake to deliver value to shareholders The plan we set out was outlined in this slide from the Managing…
Given the support and endorsement we received from our shareholders as the ultimate owners of the company for the growth plan we set out in 2009 I think it is quite important to review how well we have tracked to the plan we set out…
In delivering success Drillsearch has had a very good run with the drill bit. Over the last 3 years we have drilled 12 exploration wells and delivered 7 new oil discoveries and 2 wet gas discoveries an overall exploration drilling…
Our focus is clearly on increasing reserves, increasing production and increasing cash flow. The results of this drilling success and the results of our wet gas commercialization efforts volumes for themselves in delivering this…
Now in terms of delivering increasing production we have delivered our first oil production in the Western Flank with the Chiton Oil Field and the future looks very bright going ahead. The development program is well advanced to bring…
We are also delivering production growth in our Wet Gas business. Our Wet Gas Pilot Project developing the Middleton and Brownlow Wet Gas Fields is nearing completion. We are in the very last stages of finalizing gas sale agreement…
Now what does this all mean going forward. With the increase in reserves and the development of our new oil discoveries and the Wet Gas Pilot Project Drillsearch is going to see a very significant increase in overall production for the…
In all delivering increasing reserves, increasing production and ultimately increasing cash flow is delivering increases in shareholder value. In this table we can see how Drillsearch has delivered some quite dramatic positive…
As in 2009 I want to leave you with a summary our next steps for each of our businesses are set out in this slide This is our forward plan and we see that by delivering on it we should deliver strong shareholder value We look forward…
Now where does this leave us in terms of the way forward. This table quite simply outlines our forward plan and activity for our three main businesses Oil Wet Gas, and Unconventional 13
In terms of near terms catalysts for shareholders to watch for going forward: The start of the Wet Gas Project Completion of the Gaffney Cline reserves review and what we expect to be further material reserves upgrades Putting…
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