2013-14 Full Year Results Bruce Clement, Managing Director Ayten Saridas, Chief Financial Officer 26 August 2014
Agenda Highlights Financial Performance Growth Strategy Major Projects Exploration and Appraisal Outlook 3
Highlights For the 12 months to 30 June 2014 4
AWE delivers foundations for growth Strong operating performance and financial results achieved in FY2013-14 Proactive management of portfolio of quality production, development and exploration assets Foundations established for…
Strong financial performance in FY13-14 Total Production 5.6 million BOE, up 13% Sales Revenue 328.2 million, up 9% Field EBITDAX 208.8 million, up 13% Statutory NPAT * 62.5 million, up 213% Net Cash 42 million Undrawn facilities 300…
Highlights and milestones Guidance Actual Key Indicator FY2013-14 FY2013-14 Production (million BOE) 5.0 5.5 5.6 Sales Revenue (m) 290 320 328 Development Expenditure (m) 160 180 144 Exploration Expenditure (m) 50 44 Ande…
Full year production up 13% AWE FY 2013-14 FY 2012-13 YEAR ON REGION AND ASSET SHARE PRODUCTION PRODUCTION YEAR Australia (000 BOE) (000 BOE) Change BassGas Project (Bass Basin) 46.25% 1,961 1,163 69% Casino Gas Project (Otway…
Active portfolio management Acquisitions Divestments Acquired additional 15% interest Sale of 50% interest in AAL oil in Tui oil project from Mitsui for project to Santos for US188m US6.4m Sale of 11.25% interest in Acquired…
HSE focus achieving positive results AWE Operated 12 Month Rolling Average Performance Indicators 10.0 9.0 AWE Lost Time Injury 8.0 Frequency Injuries per million man hours 7.0 6.0 AWE Total Recordable 5.0 Case…
More than 16 years of 2P production* * Based on FY2013-4 total annual production of 5.6 million BOE 2P Reserves weighted towards liquids and high value gas markets 11
Guidance for FY2014-15 Guidance Key Indicator FY2014-15 Production (million BOE) 4.6 5.1 Sales Revenue (m) 290 - 320 Development Expenditure (m) 220 - 250 Exploration Expenditure (m) 50 Production guidance lower than…
Financial Performance For the 12 months to 30 June 2014 13
Total production Strong production performance exceeded guidance in FY13-14 14
Sales revenue FY13-14 Sales Revenue reflects improved production and strong pricing from target markets 15
Earnings analysis Sale of 50% of AAL contributed to strong result, offsetting higher exploration expense 16
Underlying profit reconciliation Full year to Full year to 30 June 2014 30 June 2013 million million Statutory net profit after tax 62.5 20.0 Adjusted for: Gain on sale of 50% interest in Northwest Natuna PSC (75.5) - Restructuring…
Field EBITDAX 13% uplift reflects strong performances from long life assets, Sugarloaf and BassGas 18
Investment Analysis FY2014-15 planned capex funded from operating cash flow and existing debt facility 19
Balance Sheet and Funding FY 2013-14 Balance sheet item million Assets Cash and cash equivalents 42.1 Receivables and inventory 139.9 Exploration and evaluation assets 109.3 Oil and gas assets 802.1 Assets held for sale 84.3…
Growth Strategy 22
Strategy built on 3 core platforms Strong oil Indonesia, China prices; Oil favourable New Zealand Australia currency Leveraged to pricing & Australia High Value Gas demand upside; Indonesia oil linked Liquids rich;…
Growing presence in high value markets 24
The AWE Advantage Clear business strategy and goal Balanced portfolio with play diversity Multiple growth opportunities with infrastructure options Market access and attractive pricing Technical and commercial excellence Early…
Delivering growth Ande Ande Lumut oil Perth Basin project unconventional development gas Pateke tie-in to development boost Tui production BassGas development wells to access significant Note: Graphic representation only…
Forecast production outlook Achieve target of 10 mmbbl by 2018 Note: As at 30 June 2014, based on Brent Oil price of US100 per bbl, illustrative model only and not formal company guidance. Production Variance refers to…
Major Projects 28
More growth potential at Sugarloaf Sugarloaf AMI, Texas, USA Production from Sugarloaf up 31% over the previous financial year 2P + 2C increased by 82% following independent review 55 new wells spudded in FY2013-14 (37 in the 2H, 30…
BassGas MLE development Achieved FID for 2 development wells in summer of 2014-15 Jack up rig, West Telesto, contracted Capex estimate of 213 million gross (net 75 million to AWE at 35%*) Opportunity to accelerate remaining stages…
Increased Tui production in CY2015 Pateke-4H development well completed and suspended Tie-back operations to Tui FPSO planned to commence in 1Q CY2015 Production from Pateke-4H likely to commence in 2Q CY2015 Estimated tie-back…
Good progress on Ande Ande Lumut Wellhead platform FEED nearing completion Revised FPSO tender process to commence in 2H CY2014 FID planned for mid-2015 Targeting first oil in late 2017 JV considering G-Sand appraisal well in CY…
Exploration & Appraisal 33
Perth Basin drilling ahead 3 well unconventional gas drilling program under way Drover-1 vertical exploration well in EP455 spudded in June; well drilled and suspended pending data analysis Senecio-3 vertical appraisal well in…
Leveraged to gas price momentum Otway Basin In Vic/P44, Operator evaluating potential drilling opportunities for next phase of development In Vic/P67, AWE received fully processed 3D seismic volume in August Decision to proceed with…
Good progress in Indonesia Lengo Gas Project Operator of Bulu PSC (Kris Energy) has completed a Plan of Development Draft POD submitted to regulator, SKK Migas Estimated 200 Bcf recoverable sales gas Good proximity to strengthening…
New Exploration Permits Builds on AWEs exploration portfolio Exploration blocks in proven hydrocarbon basins Adjacent to existing fields, infrastructure and markets Kan Tan IV offload in Admiralty Bay, New Zealand Kan Tan…
Outlook 38
Looking ahead near term catalysts Drilling exploration well in 09/05 Block in Bohai Bay, China o First well spudded on 14 August; second well anticipated 3Q CY2015 Drilling three unconventional gas wells in Perth Basin in FY2014-15 o…
Summary Highlights: Achieved major strategic goals across the business Exceeded guidance for production and revenue 2P Reserves equal to 16 years production at current rates Financial: Reduced operating costs on per bbl basis…
Questions
Appendix Full year financials and supplementary information 42
Full year earnings breakdown Full Year to Full Year to 30 June 2014 30 June 2013 million million Sales revenue 328.2 300.5 Production costs and royalties (119.4) (115.8) Amortisation (117.6) (105.0) Exploration and evaluation…
Full year segmental reporting South- New Western United Exploration millions Total Eastern Zealand Australia States Activities Australia Sales revenue 328.2 61.6 124.5 68.3 73.8 - Production costs and royalties (119.4) (20.7)…
Full year cash flow analysis Full Year to Full Year to 30 June 2014 30 June 2013 million million Opening cash 41.1 42.8 Net cash flow from operations* 123.7 118.2 Asset acquisitions (additional share of Tui) (7.2) - Asset…
AWE 2P Reserves as at 30 June 2014 2P Reserves Project/Area Equity (million boe) BassGas 46.25% 26.0 Otway Basin 25.0% 9.7 Cliff Head 57.5% 2.6 Onshore PB 33-100% 2.1 Tui 57.5% 3.6 Sugarloaf 7.5%* 23.9 AAL 50%** 23.2 Total…
AWE 2C Resources as at 30 June 2014 2C Resources Project/Area Equity (million boe) Bass Basin 44.75-46.25% 36.0 Otway Basin 25.0% 1.8 Cliff Head 57.5% 0.6 Onshore PB 50%-100% 7.1 Tui 57.5% nil Sugarloaf 7.5%* 13.2 AAL 50.0%**…
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