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Full Year Results - 2014-2015 – Awe Limited

Awe Limited · Aug 24, 2015 · 49 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. Full Year Results - 2014-2015 – Awe Limited – slide 1
    2014-15 Full Year Results Bruce Clement, Managing Director Ayten Saridas, Chief Financial Officer 24 August 2015
  2. Full Year Results - 2014-2015 – Awe Limited – slide 2
    Agenda Highlights Reserves & Resources Financial Performance Strategic Initiatives Growth Projects Outlook 3
  3. Full Year Results - 2014-2015 – Awe Limited – slide 3
    Highlights For the 12 months to 30 June 2015 4
  4. Full Year Results - 2014-2015 – Awe Limited – slide 4
    Operating highlights Production and Development Net 2P Reserves increased by 25%, or 23 mmboe, to 114 mmboe; more than 22 years production (based on FY 2014-15) Sugarloaf production up 54% for FY 2014-15 Early oil production from…
  5. Full Year Results - 2014-2015 – Awe Limited – slide 5
    Focused on delivery Key Indicator Guidance FY 2014-15 Actual FY 2014-15 Production (million BOE) 4.6 5.1 5.1 Sales Revenue (m) 290 320 284 Development Expenditure (m) 220 250 243 Exploration Expenditure (m) 50-75 63 Achieved…
  6. Full Year Results - 2014-2015 – Awe Limited – slide 6
    Financial summary Total Production for FY 2014-15 5.1 million BOE, down 9% on pcp Sales Revenue 284 million, down 14% on pcp Field EBITDAX 143 million, down 31% on pcp Statutory net loss after tax 230 million Underlying net loss…
  7. Full Year Results - 2014-2015 – Awe Limited – slide 7
    Disciplined financial management In a low oil price environment, AWE aims to achieve its annual targets and strategic goals by: Maximising operating cash flows Maintaining balance sheet flexibility Actively assessing returns on…
  8. Full Year Results - 2014-2015 – Awe Limited – slide 8
    Health, safety and environment * 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). Two Lost Time Injuries recorded in 4Q FY…
  9. Full Year Results - 2014-2015 – Awe Limited – slide 9
    Reserves & Resources As at 30 June 2015 10
  10. Full Year Results - 2014-2015 – Awe Limited – slide 10
    Reserves & Resources continue to grow Note: Includes recently announced changes to onshore Perth Basin net 2P Reserves and 2C Contingent Resources announced 21 August 2015 More than 22 years of 2P production (based on current…
  11. Full Year Results - 2014-2015 – Awe Limited – slide 11
    Potential to increase 2P Reserves Ability to convert majority of 2C Resources into 2P Reserves in short to medium term 12
  12. Full Year Results - 2014-2015 – Awe Limited – slide 12
    Latest Perth Basin 2P and 2C estimates Onshore Perth Basin represents substantial gross 2P Reserves and 2C Contingent Resources with 721 Bcf of gas (359 Bcf of gas or 65 mmboe net to AWE) booked: o Waitsia gross 2P plus 2C now 484 Bcf…
  13. Full Year Results - 2014-2015 – Awe Limited – slide 13
    Financial Performance For the 12 months to 30 June 2015 14
  14. Full Year Results - 2014-2015 – Awe Limited – slide 14
    Earnings analysis Non-cash impairments INSERT andTEXT low oil WHEN prices DATA severely AVAILABLE impacted full year results 15
  15. Full Year Results - 2014-2015 – Awe Limited – slide 15
    Underlying NPAT reconciliation Full year to Full year to 30 June 2015 30 June 2014 million million Statutory NPAT (230.2) 62.5 Less non-recurring items (after tax): Impairment 157.5 - Perth Basin restoration costs 8.6 - Write…
  16. Full Year Results - 2014-2015 – Awe Limited – slide 16
    Non-cash impairments Non-cash impairment Non-cash impairment Oil producing asset before tax after tax Cliff Head Oil Project 26.9 million 11.3 million Tui Area Oil Project 67.4 million 39.5 million BassGas Project 150.7 million…
  17. Full Year Results - 2014-2015 – Awe Limited – slide 17
    Total production Solid operating performance in FY15 saw production at the top end of guidance 18
  18. Full Year Results - 2014-2015 – Awe Limited – slide 18
    Sales revenue Note: Guidance based on Brent oil price of US50/bbl Sales revenue 2% below guidance but positive result given low oil prices 19
  19. Full Year Results - 2014-2015 – Awe Limited – slide 19
    Field EBITDAX Australian operations impacted by reduced production at BassGas and Cliff Head 20
  20. Full Year Results - 2014-2015 – Awe Limited – slide 20
    Cash flow analysis Borrowings increased to offset decline in oil revenues during peak investment spend 21
  21. Full Year Results - 2014-2015 – Awe Limited – slide 21
    Investment Analysis Total investment expenditure forecast to decrease by 37% - 47% in FY16 22
  22. Full Year Results - 2014-2015 – Awe Limited – slide 22
    Maintain tight financial discipline Maintain flexible balance sheet o Hedge production where appropriate o Exercise discretion on development costs if required o Carefully assess growth opportunities before committing to expansion o…
  23. Full Year Results - 2014-2015 – Awe Limited – slide 23
    Strategic Initiatives 24
  24. Full Year Results - 2014-2015 – Awe Limited – slide 24
    Tougher operating environment Brent / WTI Oil Prices (US/bbl) AUD/USD 120 0.95 100 0.90 80 0.85 60 40 0.80 20 0.75 0 0.70 Brent WTI LNG East Asia Index (US/mmbtu) China YoY GDP Growth (%) 7.6 15 7.5 14 7.4 13 7.3 12 7.2…
  25. Full Year Results - 2014-2015 – Awe Limited – slide 25
    Diverse product mix provides stability 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…
  26. Full Year Results - 2014-2015 – Awe Limited – slide 26
    Development portfolio re-prioritised AWE remains focused on achieving annual production goal of 10 mmboe by the end of 2018 Waitsia development given high priority and early stage production targeting mid-2016 Lengo offshore Large…
  27. Full Year Results - 2014-2015 – Awe Limited – slide 27
    Capture value in gas markets Industry experts forecast domestic gas prices to rise over the next 5-10 years Ability to market sole or joint in all markets Good opportunities emerging among Indicative only for…
  28. Full Year Results - 2014-2015 – Awe Limited – slide 28
    Growth Projects 29
  29. Full Year Results - 2014-2015 – Awe Limited – slide 29
    Waitsia moves into development phase Very successful three well drilling program confirmed two significant commercial plays: o Kingia/High Cliff conventional gas play (Senecio-3, Waitsia-1 and 2) o Dongara/Wagina tight gas play…
  30. Full Year Results - 2014-2015 – Awe Limited – slide 30
    BassGas increases production Drilling of two development wells (Yolla-5 and 6) completed and Yolla-6 brought onto production in July 2015 Expect full field production following demobilisation of drilling rig in Q3 CY2015 Heavy lift…
  31. Full Year Results - 2014-2015 – Awe Limited – slide 31
    Inventory builds at Sugarloaf Prime US unconventional assets continue to Eagle Ford horizontal and provide good returns at current low oil prices vertical well spacing Sugarloaf is some of the best liquids-rich unconventional acreage…
  32. Full Year Results - 2014-2015 – Awe Limited – slide 32
    AAL continues to make progress 100 mmbbl gross recoverable oil field development (K-Sand), offshore Indonesia FPSO and well head platform tender plans approved by Indonesian government FEED process well advanced Well head platform…
  33. Full Year Results - 2014-2015 – Awe Limited – slide 33
    Lengo gas project gaining momentum 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…
  34. Full Year Results - 2014-2015 – Awe Limited – slide 34
    Outlook 35
  35. Full Year Results - 2014-2015 – Awe Limited – slide 35
    Guidance for FY2015-16 Guidance Key Indicator FY2015-16 Production (million BOE) 5.1 5.6 Sales Revenue (m) 225 - 250 Development Expenditure (m) 135 - 165 Exploration Expenditure (m) 25 Note: Guidance prepared using Brent…
  36. Full Year Results - 2014-2015 – Awe Limited – slide 36
    Looking ahead growth projects First production from Waitsia; accelerating activity in the onshore Perth Basin o Low cost, early conventional production from existing wells by mid-2016 o Gas marketing for larger resource base under way…
  37. Full Year Results - 2014-2015 – Awe Limited – slide 37
    Summary Excellent base of high quality 2P Reserves and 2C Contingent Resources with further upside potential Four cornerstone growth assets and substantial inventory of opportunities Focused on cost control and financial…
  38. Full Year Results - 2014-2015 – Awe Limited – slide 38
    Questions
  39. Full Year Results - 2014-2015 – Awe Limited – slide 39
    Appendix Full year financials and supplementary information 40
  40. Full Year Results - 2014-2015 – Awe Limited – slide 40
    Geographic diversity 41
  41. Full Year Results - 2014-2015 – Awe Limited – slide 41
    Production analysis FY 2014-15 Percentage FY 2013-14 Percentage REGION AND ASSETS Production of total Production of total Australia 000 BOE % 000 BOE % Bass Basin (BassGas) 1,093 21.5% 1,961 35.0% Otway Basin (Casino) 1,072 21.0%…
  42. Full Year Results - 2014-2015 – Awe Limited – slide 42
    Full year earnings breakdown Full year to Full year to 30 Jun 2015 30 Jun 2014 million million Revenue 283.7 329.3 Operating Costs (140.5) (119.4) Amortisation (119.1) (117.6) Exploration costs expensed (37.6) (39.8) Asset…
  43. Full Year Results - 2014-2015 – Awe Limited – slide 43
    Full year segmental reporting Total New Zealand South-Eastern Western United States Exploration Australia Australia millions 2015 2014 2015 2014 2015 2014 2015 2014 2015 2014 2015 2014 Sales revenue 283.7 328.3 80.9 61.6 70.8…
  44. Full Year Results - 2014-2015 – Awe Limited – slide 44
    Full year cash flow analysis Full year to Full year to 30 June 2015 30 June 2014 million million Opening cash 42.1 41.1 Net cash flow from operations* 62.2 123.7 Asset acquisitions (12.2) (7.2) Asset disposals 56.3 102.8…
  45. Full Year Results - 2014-2015 – Awe Limited – slide 45
    Balance Sheet summary Full year to Full year to 30 Jun 2015 30 Jun 2014 Balance sheet item million million Assets Cash and cash equivalents 46.6 42.1 Receivables and inventory 177.1 139.9 Exploration and evaluation assets 69.1…
  46. Full Year Results - 2014-2015 – Awe Limited – slide 46
    AWE 2P Reserves as at 30 June 2015 2P Reserves Project/Area Equity (million boe) 13.4 BassGas 35% 13.4 23.0 8.2 BassGas Otway Basin 25% 8.2 1.6 Otway Basin Cliff Head 57.5% 1.6 Cliff Head Onshore PB Onshore PB 33-100% 17.4 17.4…
  47. Full Year Results - 2014-2015 – Awe Limited – slide 47
    AWE 2C Resources as at 30 June 2015 2C Resources Project/Area Equity (million boe) 9.5 Bass Basin 35% 30.8 9.6 30.8 Bass Basin Otway Basin 25% 1.3 Otway Basin Cliff Head 57.5% 0.6 17.1 Cliff Head Onshore PB 1.3 Onshore PB 33-100%…
  48. Full Year Results - 2014-2015 – Awe Limited – slide 48
    Conversion Tables Volume 1 cubic metre = 1 kilolitre = 35.3 cubic feet = 6.29 barrels 1 megalitre = 1,000 cubic metres Energy Value 1,000 standard cubic feet of sales gas yields about 1.055 gigajoules (GJ) of heat 1 petajoule…
  49. Full Year Results - 2014-2015 – Awe Limited – slide 49
    Glossary AAL Ande Ande Lumut LPG Liquefied Petroleum Gas AMI Area of Mutual Interest LTI Lost Time Injuries Bcf Billion cubic feet MLE Mid Life Enhancement BOE Barrels of Oil Equivalent MMBOE Million Barrels of Oil Equivalent Bbls…

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