Delivering growth: focused on the future Bruce Clement, Managing Director Macquarie Australian Equities Conference Sydney, 7 May 2015
Agenda 3Q Highlights Strategy Update Growth Projects Outlook 3
3Q Highlights For the period to 31 March 2015 4
3Q FY2014-15 Highlights Production FY2014-15 YTD production of 3.67 mmboe, in line with full year guidance Development Pateke-4H on production at Tui; initial performance exceeding expectations BassGas JV commenced drilling Yolla-5…
3Q FY2014-15 financial performance Item FY2014-15 year to date (9 months) Total production 3.67 mmboe, down 15% on pcp Sales Revenue 202 million, down 25% on pcp Field Opex 100 million, up 11% on pcp Field EBITDAX 103 million, down 42%…
Good HSE performance * APPEA Total Recordable Injury Rate (2013-2014) is 3.79 injuries per million hours worked, 23% lower than the previous reporting year (which was 4.9). No Lost Time Injuries and no reportable environmental…
Strong base of Reserves & Resources More than 16 years of 2P production* * Based on nominal annual production of 5.0 million BOE AWE has a large asset base with substantial growth projects built into 2C Resources 8
Potential to double 2P Reserves AWE has the potential to double 2P Reserves in the near to medium term 9
Guidance maintained for FY2014-15 Guidance YTD as at Key Indicator FY2014-15 31 Mar 2015 Production (million BOE) 4.6 5.1 3.7 Sales Revenue (m) 290 - 320 202 Development Expenditure (m) 220 - 250 172 Exploration Expenditure (m)…
Strategy Update 11
Geographic spread reflects market focus 12
Strategy built on 3 core platforms Focused on markets with Australia High Value Gas pricing and Indonesia demand upside Long term price Indonesia, upside; China Oil favourable New Zealand currency Australia Liquids rich;…
AWE well positioned for low oil prices Operations Diversified asset Disciplined continue to portfolio provides financial perform well optionality management Production on Ability to prioritise Focused on track to achieve…
Managing a low oil price environment Production assets production remains economic for all assets at current commodity prices; good balance of liquids and gas Revenue replacement lower oil and condensate revenues to be offset over…
AWE targeting high value gas markets Substantial uncontracted domestic gas position Industry experts forecast the domestic gas price to rise over the next 5-10 years Two-thirds of AWEs Australian 2P gas reserves are uncontracted…
Prioritising development projects Complete current commitments to deliver production growth: o Pateke-4H well at Tui oil fields on production from April 2015 o BassGas MLE development drilling to increase production from Yolla platform…
High value gas projects prioritised Prioritise new gas projects to deliver medium term growth AWE remains focused on achieving 10 mmboe production goal by the end of 2018 Lengo offshore gas project Ande Ande development Lumut oil…
Growth Projects 19
Increased Tui production in CY 2015 Pateke-4H development well brought onto production in April 2015 Initial well performance from Pateke- 4H ahead of expectations Tui field currently producing around 7,500 bopd Water cut…
More upside at Sugarloaf Eagle Ford horizontal and Liquids-rich sweet spot in the Eagle Ford that vertical well spacing provides good returns, even at current low oil prices Operator targeting gross well costs of US6.3m/well At 31…
BassGas MLE on track Heavy lift phase successfully completed in December 2014 Tie-in and commissioning of gas compression and condensate pumping modules to start mid CY 2015 Drilling of 2 development wells (Yolla 5 and 6) has…
AAL moves into tendering phase 100 mmbbl gross recoverable oil field development, offshore Indonesia FPSO and well head platform tender plans approved by Indonesian government Progress AAL well head platform and FPSO tendering…
Waitsia early development potential Early conventional gas development opportunity close to existing gas plant and pipeline infrastructure Potential low cost development in strong WA domestic market gas marketing has commenced…
Senecio and Waitsia initial volumes Table 1. Initial gross 2C Contingent Resources estimates for the Senecio and Waitsia Fields Field Reservoir Interval Original Gas in Place (Bcf) Recoverable (Bcf) P90 P50 P10 P90 P50 P10…
Gas discovery at Irwin-1 32m gas column in the Dongara/Wagina tight gas reservoir Gas/water contact interpreted at 3,085m TVDSS Initial estimated gross 149 Bcf of gas 2C Contingent Resource in the Dongara/Wagina in Irwin and…
Lengo achieves POD approval Indonesian government has approved the Plan of Development for the Lengo gas project in the Bulu PSC offshore East Java POD comprises four development wells, an unmanned well head platform, and a 20-inch,…
Outlook 28
Looking ahead near term catalysts Exciting developments in the onshore Perth Basin o Senecio-3 conventional flow test of Kingia interval confirms commercial potential of Waitsia gas field o Two new appraisal wells planned for Waitsia…
Summary Highlights: Continued to achieve milestones on major growth projects Production on track to meet guidance Potential for significant 2P Reserves growth Further Perth Basin exploration success Financial: Focused on reducing…
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