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2015 Financial Results – Cooper Energy Limited

Cooper Energy Limited · Aug 17, 2015 · 36 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. 2015 Financial Results – Cooper Energy Limited – slide 1
    Orbost gas plant 17 August 2015
  2. 2015 Financial Results – Cooper Energy Limited – slide 2
    1. 1 FY15 results reflect impacts of lower oil prices and revenue and long term upside from strongest ever Reserves and Resources and the foothold established in eastern Australia gas 2. 2 Gas strategy results have COE now set as a…
  3. 2015 Financial Results – Cooper Energy Limited – slide 3
    Revenue of 39.1 million, down 46% on lower oil prices and volumes Significant non-operating items of (62.2) million, mainly impairments to Tunisia announced at half year Statutory net loss after tax (63.5) million vs FY14 profit of…
  4. 2015 Financial Results – Cooper Energy Limited – slide 4
    million unless otherwise indicated FY15 FY 14 change Production MMbbl 0.48 0.59 (20)% Sales volume MMbbl 0.46 0.58 (21)% Sales revenue 39.1 72.3 (46)% Oil price average A/bbl 85.48 124.10 (31)% Gross profit 14.1 46.2 (69)% Gross…
  5. 2015 Financial Results – Cooper Energy Limited – slide 5
    million, 12 months ending 30 June 2015 2014 Net profit/(loss) after tax (63.5) 22.0 Adjusted for: Discontinued operations 47.6 0.2 Impairments 22.7 3.1 Accounting gain on associate (0.3) - Fair value gain on disposal of available…
  6. 2015 Financial Results – Cooper Energy Limited – slide 6
    million Underlying net profit after tax million 25.3 -22.5 -10.7 (1.3) +1.0 -1.3 -1.1 +1.3 - 0.9 +7.6 FY14 Sales revenue Sales revenue Cost of Sales Other revenue Exploration FX movement Growth related Tax expense FY15…
  7. 2015 Financial Results – Cooper Energy Limited – slide 7
    FY 15 million Oil Sales revenue 39.1 Gross profit 14.1 Gross profit / Sales revenue 36% Exploration expense 2.3 General Admin1 3.0 Underlying EBITDA 17.0 Underlying PBT 8.1 Income tax (2.4) Oil Underlying NPAT 5.7 Gas1…
  8. 2015 Financial Results – Cooper Energy Limited – slide 8
    million Total cash & investments = 22.5 (11.3) 75.1m 26.0 Total cash & Investments (at (10.7) investments = fair value) 41.3m 1.5 51.1 (27.4) 49.1 1.9 Investments (at 15.4 0.3 39.4 fair value) Cash & Cash & deposits…
  9. 2015 Financial Results – Cooper Energy Limited – slide 9
    Total Recordable Case Frequency Rate (TRCFR) Events per million hours worked (incl. Indonesia) FY15 TRCFR1 of 4.2 compared to 2.1 at June 14 10 Single lost time injury, 4 recordable incidents during the year Continuous Improvement…
  10. 2015 Financial Results – Cooper Energy Limited – slide 10
    0.05 0.59 0.52 0.02 0.54 0.47 0.49 0.48 0.46 0.08 0.41 0.40 Indonesia Cooper Basin FY10 FY11 FY12 FY13 FY14 FY15 FY13 FY14 FY15 FY15 production of 0.48 MMbbl vs revised guidance of 0.47 0.50 MMbbl Cooper Basin development…
  11. 2015 Financial Results – Cooper Energy Limited – slide 11
    Proved & Probable (2P) reserves Contingent Resources (2C) MMbbl MMboe 17.0 Tunisia 3.08 2.6 Indonesia 2.01 0.48 1.53 17.0 Gippsland Basin Cooper Basin 18.0 38.4 5.7 30-Jun-14 Production Revisions 30-Jun-15 30-Jun-13…
  12. 2015 Financial Results – Cooper Energy Limited – slide 12
    PEL 92 key outcomes: Oil production of 400 kbbls, total operating cost of 35/bbl including transport and royalties 6 FY15 wells: 2 successful wells (Callawonga 10 & 11); 4 unsuccessful 2P reserve additions replaced 120% of years…
  13. 2015 Financial Results – Cooper Energy Limited – slide 13
    Full year production up from 55 kbbls to 75 kbbls Total operating cost of A45/bbl including transport Bunian-3 development well success : - TRM3 Sand developed and new K1 gas and oil pool discovered - KSO Reserves increased from 0.5…
  14. 2015 Financial Results – Cooper Energy Limited – slide 14
    Portfolio in place Acquired 50% of VIC/RL3 including Sole gas field Acquired 50% of Orbost gas plant Completed transfer of VIC/L 26, L27,L28 (BMG) Resources increased Increased gas 2C Contingent Resources from 78 PJ to 197 PJ Project…
  15. 2015 Financial Results – Cooper Energy Limited – slide 15
    Expenditure Wells Total Exp. Dev. Exp Dev 0.59 0.52 Australia 0.55 0.49 0.48 to 0.41 0.45 Cooper Basin 7 2 5 2 2 Otway Basin 1 1 - - - Gippsland Basin2 252 25 - - - Indonesia 5 2 3 - 1 Tunisia 1 1 1 - Total 393 31 8 2 3…
  16. 2015 Financial Results – Cooper Energy Limited – slide 16
    Funding strategy Operating Funding analysis and strategy completed in phases including post-Gippsland cash flow developments (with Grant Samuel advising) 40 Multiple funding options available including asset divestments and…
  17. 2015 Financial Results – Cooper Energy Limited – slide 17
    FY15 results show impact of lower revenue and impairments and increased expenditure on gas FY16 production around or above FY15 levels and expected to be cash generating: oil production costs are A38/bbl Fully funded for FY16 capital…
  18. 2015 Financial Results – Cooper Energy Limited – slide 18
    Appendices
  19. 2015 Financial Results – Cooper Energy Limited – slide 19
    Petroleum Reserves at 30 June 2015 (MMbbl) Category Proved (1P) Proved plus Probable (2P) Proved, Probable plus Possible (3P) Australia Indonesia Total Australia Indonesia Total Australia Indonesia Total Developed 0.84 0.62 1.46…
  20. 2015 Financial Results – Cooper Energy Limited – slide 20
    Callawonga Orbost gas plant Production 500,000 bbls pa Gippsland Basin gas & liquids resources Total Operating Cost1: Sole gas field in FEED Cooper Basin A35/bbl; Indo A45 bbl Manta gas field opportunity Cooper Basin 65%, Indonesia…
  21. 2015 Financial Results – Cooper Energy Limited – slide 21
    Location License Operator Sept Qtr Dec Qtr March Qtr June Qtr 2 development wells and 2 exploration wells, 2 PEL 92 Beach contingent wells, seismic processing Cooper PEL 90, 100,110 Senex 2 contingent wells & seismic processing…
  22. 2015 Financial Results – Cooper Energy Limited – slide 22
    Total Shareholder Return and Health Safety Environment Community Strategy High margin oil Fundamentals focus: market, technical, cost & commercial Gas portfolio Leverage and grow strengths People Funding Assets Extensive…
  23. 2015 Financial Results – Cooper Energy Limited – slide 23
    800 Contracted supply from: 700 Forecast east coast domestic demand Gippsland 600 Otway 500 Bass 400 Sydney Basin Contract opportunity 300 Cooper 200 Surat-Bowen 100 Domestic demand (AEMO) 0 2015 2016 2017 2018…
  24. 2015 Financial Results – Cooper Energy Limited – slide 24
    Shale Liquids content Inerts content e.g. CO2, N2 Size/economy of scale CSG Community & approvals Tight conventional Access to infrastructure Distance/cost to market Conventional Gippsland Basin Gas: Sole & Manta 25
  25. 2015 Financial Results – Cooper Energy Limited – slide 25
    Market-driven approach Building customer relationships Gas sales terms being negotiated Pipeline transport expertise Otway Basin Gippsland Basin Ideally located: close to markets and pipelines Eastern Australias largest gas…
  26. 2015 Financial Results – Cooper Energy Limited – slide 26
    to Melbourne Eastern Gas Pipeline to Sydney Orbost Gas Hub COE 50%, STO 50% Sole Gas field COE 50%, STO 50% & Operator Patricia Baleen (depleted) (STO 100%) 211* PJ Longtom (SVW 100%) 2.6 *MM bbls 106* PJ Manta Gas field…
  27. 2015 Financial Results – Cooper Energy Limited – slide 27
    Sole Gas Field ( COE 50%, Santos 50% and Operator) Contingent Resources (2C) of 211 PJ 1 Sole gas field in FEED for development to supply gas from Jan quarter 2019 FEED expected to complete/proceed to FID in Sept quarter 2016 Sole Gas…
  28. 2015 Financial Results – Cooper Energy Limited – slide 28
    Gas resource of 106 PJ 2C Contingent and Risked Prospective Resource of 10 PJ1 COE Business Case identified economic opportunity Preferred option utilises synergies with adjacent Sole project and Orbost Gas Hub: 2 well subsea…
  29. 2015 Financial Results – Cooper Energy Limited – slide 29
    Working towards FID with a defined resources base and customer support Current position Next steps Project Sole project in FEED Sole FID due Sept Qtr 2016 development BMG Business Case highlights Manta opportunity Manta appraisal…
  30. 2015 Financial Results – Cooper Energy Limited – slide 30
    Indicative gross PJ 60 Gippsland gas projects can produce approximately 320 PJ (gross) from current projects 50 Peak production close to 50 PJ p.a and plateaus for 4-5 years 23 23 23 23 from FY22 40 Gas price of 8/GJ generates 380…
  31. 2015 Financial Results – Cooper Energy Limited – slide 31
    Early modelling pre-FEED shows promising economic Sole + Manta indicative gross revenue at forecast price range million profile Annual revenue Cumulative revenue generated Prices of 6 - 9GJ anticipated and in line with current…
  32. 2015 Financial Results – Cooper Energy Limited – slide 32
    FID First Gas Gas Production FID Business First Gas Case Prod'n Manta-3 Sole Development Manta Development Sole Manta Gas Sales Agreements Sole Gas Sales Agreements LOIs Sole Reserves Manta Reserves Booking…
  33. 2015 Financial Results – Cooper Energy Limited – slide 33
    Indicative net production (mmboe) 6 5 4 Manta - Liquids 3 Manta - Gas 2 Sole - gas Existing2 Cooper Basin & Indonesia - oil 1 1 Indicativeonly and subject to key milestone achievement and joint venture 0 decision FY16 FY17…
  34. 2015 Financial Results – Cooper Energy Limited – slide 34
    Analysis of Jolly-1 and Bungaloo-1 well data in PEL 495 and PRL 32 has confirmed; deep conventional gas play in Lower Sawpit Formation Casterton Formation unconventional shale gas play Application submitted for consolidation of…
  35. 2015 Financial Results – Cooper Energy Limited – slide 35
    3 permits covering 12,600 km2 Hammamet West oil discovery - gross contingent resource estimated to be 12.6 MMboe (1C) to 110.4 MMboe (3C)1 - oil development opportunity Multiple prospects Divestment plan Portfolio to be divested…
  36. 2015 Financial Results – Cooper Energy Limited – slide 36
    Australian dollars unless specified otherwise bbls barrels boe barrel of oil equivalent bopd barrel of oil per day EBITDA earnings before interest, tax, depreciation and amortisation FEED Front end engineering and design kbbls…

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