FY 2011 Annual Results Briefing Presentation David Salisbury CEO, Craig Jones CFO 24 August 2011 New Zealand Oil & Gas Limited
FY 2011 Summary Kupe field Strong earnings Reserves confirmed Tui field Performing to expectations Reserves reduced Expanded Horizons Two new core areas established: Indonesia and Tunisia New Zealand exploration Seeking…
Financial Highlights New Zealand Oil & Gas Limited 3
FY 2011 Financial Results - Abnormals In NZ million 1H 2H FY 2011 PRCL related losses - Equity investment 77.1 - 77.1 - Net fair value loss on bonds 7.5 (1.1) 6.4 - Unsecured debt and interest 13.3 1.3 14.6 - Coal option 0.7 -…
FY 2011 Financial Results - Game of two halves In NZ million 1H 2H FY 2011 Revenue 40.5 66.0 106.5 EBITDAX* 15.4 43.1 58.5 Exploration write-offs (2.6) (0.8) (3.4) EBITDA 12.8 42.2 55.0 EBIT 0.9 31.7 32.6 Net Profit (Loss)…
FY 2011 Investment, Cash and Debt Investment during the year (NZ) Approx 33 million (FY 2010: 120 million) Pike River Coal loans 25 million Oil & Gas capex 4 million Exploration & Evaluation expenditure 4 million Cash Position…
Production Forecast Two existing fields providing long term cash flows 1.200 (millions of barrels of oil equivalent) 1.000 NZOG Production 0.800 0.600 Kupe Gas Kupe LPG 0.400 Kupe Oil Tui Oil 0.200 - FY2011…
Pike River Coal Ltd (In Receivership) NZOGs exposure as at 30 June 2011: 51.5m secured debt, including interest 14.6m unsecured debt, including interest (Fully impaired) Shareholding with book value 77.1m (Fully impaired) Mine…
Dividend Dividend policy is to distribute a reasonable proportion of profit, subject to the need to retain sufficient capital to meet investment requirements Following the substantial loss in first half year, Board did not intend…
Operational Highlights New Zealand Oil & Gas Limited 11
Kupe NZOGs largest revenue source FY11 Revenue: 66.33m FY11 Production (NZOGs 15% share) 2.63 PJ sales gas 11,200 tonnes 276,000 barrels of oil FY12 Production Forecast (NZOGs 15% share) 3 PJ sales gas 12,800 tonnes 320,000…
Tui FY11 Revenue: 40.14m FY11 Production (NZOGs 12.5% share): 350,000 barrels of oil Reduction in estimated initial developed proved and probable (2P) reserves Range of 40-42 mmbbls being independently reviewed Further work on…
NZ Exploration Portfolio Permit NZOG Stake Taranaki Basin PMP 38158 Tui 12.5% PML 38146 Kupe 15% PEP 51311 Kaupokonui 90% PEP 51988 Mangaa 100% PEP 38491 Albacore 100% PEP 51558 Kanuka 50% Canterbury Basin PEP 38259 Barque…
PEP 51311 Prospect is a stacked series of Miocene coastal sands Estimated mean prospective resources over 200 mmbbls NZOG seeking suitable drilling rig for this summer New Zealand Oil & Gas Limited 15
Expanded Horizons The number of available opportunities in New Zealand are limited Strategic intent to establish new core areas outside of New Zealand Ongoing assessment of overseas opportunities Two overseas areas of interest…
Tunisia Attracted to Tunisia due to its combination of good prospectivity, established exploration and production activity, reasonable fiscal terms, and ease of doing business Move towards more open democracy enhances its…
Tunisia Diodore prospecting permit awarded June 2011 2D seismic survey to be conducted this year Senior explorationist relocated to Tunis NZOG pursuing further opportunities New Zealand Oil & Gas Limited 18
Indonesia Indonesia has long oil and gas history but underexplored by western standards Contract terms and business climate has improved NZOG strategic relationship with Bukit Energy Portfolio of opportunities being pursued…
Indonesia Focus on Sumatra Joint Study Agreement (JSA) awarded in northern Sumatra Two farm-in offers made Other opportunities under assessment New Zealand Oil & Gas Limited 20
Returns for Shareholders Current market price significantly below analyst estimates of the core value of company Strong balance sheet can fund capital investment in growth and provide for dividend Dividend of 2 cents per ordinary…
Disclaimer New Zealand Oil & Gas Limited has prepared this presentation to provide information about the company. The information presented here does not, in any way, constitute investment advice. It is of a general nature and…
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