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2011 Full Year Financial Results – Tap Oil

Tap Oil · Feb 29, 2012 · 17 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. 2011 Full Year Financial Results – Tap Oil – slide 1
    2011 Results Presentation 29 February 2012 www tapoil com au www.tapoil.com.au This presentation contains some references to forward looking assumptions, representations, estimates, budgets, and outcomes. These are uncertain by…
  2. 2011 Full Year Financial Results – Tap Oil – slide 2
    2011 Overview Tap has continued its strategy of refocusing and commercialising our asset portfolio The 2011 financial statements reflect the significant changes made to the Tap p asset p portfolio during g the yyear Writedowns…
  3. 2011 Full Year Financial Results – Tap Oil – slide 3
    2011 Results Highlights 280% increase in 2P reserves due to the booking g of 6.1 mmbbls of 2P oil reserves at Manora Net profit after tax from continuing operations of 4.9 million Cash flow from operations of 26.3 million Cash…
  4. 2011 Full Year Financial Results – Tap Oil – slide 4
    2012 So Far Material Subsequent Events Sale of WA-191-P for 21.7 million Sale of participating interest in HJV for US10 million which will remove all litigation exposure, including the Burrup gas sales agreement action Imminent…
  5. 2011 Full Year Financial Results – Tap Oil – slide 5
    Breakdown of Results 2011 2010 % million million change Oil and gas production (mmboe) 0.8 1.1 -27% Sales revenue* 64.2 73.6 -13% Gross profit* 12.4 14.7 -16% EBITDAX (incl. impairments)* (5.7) 20.3 n/a Net loss before tax*…
  6. 2011 Full Year Financial Results – Tap Oil – slide 6
    Exploration and Impairment Expenses 2011 2010 million million Exploration and Impairment Expenses Exploration impairment/write downs Block M Brunei 6.5 28.7 SC 41 - 20.3 T/47P (3.3) 12.9 WA-191-P (3.5) Rangkas 38 3.8 HJV (TP/8…
  7. 2011 Full Year Financial Results – Tap Oil – slide 7
    Production Assets 2011 2010 % change HJV Production (net to Tap) Liquids production declined declined, HJV liquids (000 bbls) 154 200 -23% but still ahead of budget WBT oil (000 bbls) 155 262 -41% Gas sales delivered in line Total…
  8. 2011 Full Year Financial Results – Tap Oil – slide 8
    Third Party Gas Contracts Third Party Gas Contracts 2011 2010 % change Volume sold (TJ) 3,762 3,940 -5% Volume sold (000 boe) 555 581 -4% Revenue ( million) 27.6 25.0 10% Throughout 2011, several gas customers experienced…
  9. 2011 Full Year Financial Results – Tap Oil – slide 9
    Forward Strategy Focus on Three Core Asset Areas 1. Thailand Manora oil development p FID mid-2012 Exploration up to three wells in the second half of 2012 2 Carnarvon Basin 2. Basin, Western Australia WA-351-P: LNG scale gas…
  10. 2011 Full Year Financial Results – Tap Oil – slide 10
    Plenty of Near Term Activity Indicative Timing Tap Project Share Q1 Q2 Q3 Q4 Australia Carnarvon Basin Drilling WA-290-P 10% WA 351 P WA-351-P 20% Drilling Thailand Manora 30%* FID Drilling Exploration 30%* Ghana 1…
  11. 2011 Full Year Financial Results – Tap Oil – slide 11
    Appendices The audited annual financial report p for the financial yyear ended 31 December 2011 accompanies p this announcement and is available at the Tap Oil website at www.tapoil.com.au. Please refer to the audited financial…
  12. 2011 Full Year Financial Results – Tap Oil – slide 12
    2011 Results Breakdown 1 2011 2010 % million million Change Revenue 64.2 73.6 -13% C h operating Cash ti costst (28 1) (28.1) (31 2) (31.2) -10% 10% Cash gross profit 36.1 42.4 -15% Net admin costs (excl. depn) (10.8) (8.1)…
  13. 2011 Full Year Financial Results – Tap Oil – slide 13
    2011 Results Breakdown 2 2011 2010 Continuing Discontinued Continuing Discontinued Total Total Operations p Operations p Operations p Operations p million illi million illi million million million million Revenue 39.4 24.8…
  14. 2011 Full Year Financial Results – Tap Oil – slide 14
    2011 Results Breakdown 3 2011 2010 Continuing Discontinued Continuing Discontinued Total Total Operations Operations Operations Operations million million million million million million Oil and gas production (mmboe) 0.2 0.6 0.8…
  15. 2011 Full Year Financial Results – Tap Oil – slide 15
    2011 Results Breakdown 4 2011 2010 % change Balance Sheet ( million) Cash* 81.8 98.9 -17% Capitalised Exploration Expenditure 141.2 109.6 29% Property, Plant & Equipment 4.8 77.4 -94% Total Assets 301.1 325.1 -7% Debt - - - Total…
  16. 2011 Full Year Financial Results – Tap Oil – slide 16
    2011 Results Breakdown 5 Production Volumes 2011 2010 % change P d ti Production Oil & Condensate (mmbbls): : HJV 0.2 0.2 0% : Woollybutt 0.2 0.3 -33% Sales Gas (PJ): : HJV 3.6 4.1 -12% 12% Total (mmboe) 0.8 1.1 -27% Reserves…
  17. 2011 Full Year Financial Results – Tap Oil – slide 17
    2011 Revenue Breakdown 2011 2010 Continuing Discontinued Continuing Discontinued Total Total Operations Operations Operations Operations Sales Revenue : Oil and Condensate 10.5 17.0 27.5 22.5 17.8 40.3 : Gas 27 5 27.5 48 4.8…

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