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Half Year Results FY2016 – Awe Limited

Awe Limited · Feb 24, 2016 · 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. Half Year Results FY2016 – Awe Limited – slide 1
  2. Half Year Results FY2016 – Awe Limited – slide 2
  3. Half Year Results FY2016 – Awe Limited – slide 3
    Reshaping AWE Focused on Australia Deliver production and revenue growth through Waitsia gas project Secondary focus New Zealand and Indonesia Focused on High Value Gas assets Targeting high margin, low cost gas developments Capture…
  4. Half Year Results FY2016 – Awe Limited – slide 4
    Concentrating on core markets 7
  5. Half Year Results FY2016 – Awe Limited – slide 5
    Key initiatives report card Initiative Action Status Certainty of cash flow Hedge oil production Yes Reduce/eliminate Reduce overheads by 20% in FY costs and 2016; further reductions next FY On track discretionary spending Implement…
  6. Half Year Results FY2016 – Awe Limited – slide 6
    Half year operational highlights Production and Development Production of 2.9 mmboe up 12% over previous corresponding period (pcp) - BassGas up 22%, Tui up 33% and Sugarloaf up 44% over pcp BassGas drilling program complete and both…
  7. Half Year Results FY2016 – Awe Limited – slide 7
    Half year financial performance Total Production for 1H FY2016 2.9 million BOE, up 12% on pcp1 Sales Revenue2 122 million, down 24% on pcp Operating costs 65 million, down 11% on pcp Field EBITDAX 57 million, down 35% on pcp Asset…
  8. Half Year Results FY2016 – Awe Limited – slide 8
    Health, Safety, Environment & Community Community and stakeholder relations activities continue to gain momentum, and have received positive feedback No Lost Time Injuries recorded in 1H FY 2015-16 No reportable environmental…
  9. Half Year Results FY2016 – Awe Limited – slide 9
    Outstanding Waitsia-1 flow test results Combined flow rate over 50 mmscf/d from two zones, constrained by production tubing diameter, achieved from Waitsia-1 Some of the best onshore well test results observed in Australia for the…
  10. Half Year Results FY2016 – Awe Limited – slide 10
    Sugarloaf sale announced in January Sale of AWEs Sugarloaf asset to US-based CEP II for US190M cash before tax Additional US9M payment to AWE for drilling costs incurred prior to the effective date (1 January 2016) US14M cash…
  11. Half Year Results FY2016 – Awe Limited – slide 11
    Guidance for FY2015-16 Guidance Half Year Actual Revised Guidance Key Indicator at 20/11/15 at 31/12/15 at 24/2/16 Production (million BOE) 5.1 5.6 2.9 4.9 5.1 Sales Revenue (m) 225 250 122 210 220 Development Expenditure (m) 155…
  12. Half Year Results FY2016 – Awe Limited – slide 12
    Total production Note: Numbers may not add due to rounding Solid first half production with 50:50 gas to liquids 16
  13. Half Year Results FY2016 – Awe Limited – slide 13
    Sales revenue Note: Numbers may not add due to rounding Sales revenue in 1H FY 2015-16 underpinned by oil hedging 17
  14. Half Year Results FY2016 – Awe Limited – slide 14
    Field EBITDAX New Zealand and WA impacted by lower oil prices 18
  15. Half Year Results FY2016 – Awe Limited – slide 15
    Earnings analysis Impairment of oil and gas assets reflects lower oil prices and reduced BassGas Reserves 19
  16. Half Year Results FY2016 – Awe Limited – slide 16
    Underlying NPAT reconciliation Half Year Half Year to Dec 2015 to Dec 2014 million million Statutory NPAT (273.9) (61.7) Adjusted for: Impairment of oil and gas assets 191.3 50.1 Gain on completion of sale of interest in BassGas…
  17. Half Year Results FY2016 – Awe Limited – slide 17
    Non-cash impairments Non-cash impairment Non-cash impairment Oil and gas assets before tax (A million) after tax (A million) Cliff Head Oil Project 14.6 14.6 Tui Area Oil Project 54.0 54.0 BassGas Project 126.4 88.5 Lengo 13.4…
  18. Half Year Results FY2016 – Awe Limited – slide 18
    Cash flow analysis Net cash from operating activities up 4% compared to corresponding period 22
  19. Half Year Results FY2016 – Awe Limited – slide 19
    Investment Analysis Development and exploration expenditure reducing in line with forecasts 23
  20. Half Year Results FY2016 – Awe Limited – slide 20
    Capex and exploration further reduced Full year capex on target for further reduction in FY 2015-16 24
  21. Half Year Results FY2016 – Awe Limited – slide 21
    Divesting assets to recycle capital Sale of 10% working interest in Sugarloaf AMI, onshore USA, for US190M - Eliminates significant recurring capex of up to 100M p.a. - Reduces exposure to low oil prices - Substantially strengthens…
  22. Half Year Results FY2016 – Awe Limited – slide 22
    Major developments reprioritised Casino Waitsia full Ande Ande Waitsia Stage 1A BassGas development field Lumut oil production compression drilling development project Potential exploration/appraisal success and 2C…
  23. Half Year Results FY2016 – Awe Limited – slide 23
    Capturing upside in domestic gas markets Indicative only for Waitsia Stage 1D & 2 based on current company modelling. Not a formal company forecast AWE preparing to re-contract significant gas volumes on east and west coast 28
  24. Half Year Results FY2016 – Awe Limited – slide 24
    Waitsia achieves FID for Stage 1A New long-term revenue stream for AWE - targeting first gas from Q3 CY2016 29
  25. Half Year Results FY2016 – Awe Limited – slide 25
    BassGas begins final phase of MLE West Telesto jack-up drilling rig Hook-up of compression and condensate pumping modules under way 30
  26. Half Year Results FY2016 – Awe Limited – slide 26
    AAL positioned for oil price upside FPSO & WHP tender processes well advanced; Operator planning appraisal well 1H CY 2016 31
  27. Half Year Results FY2016 – Awe Limited – slide 27
    Key milestones ahead Progress asset sales and recycle capital Sugarloaf sale scheduled to complete by end of March quarter 2016 Potential sale of 42.5% interest in Lengo gas project Potential sale of 57.5% interest in Cliff Head oil…
  28. Half Year Results FY2016 – Awe Limited – slide 28
    Summary Reshaping AWE for a low oil price environment Focused on Australia and high value gas projects Sale of Sugarloaf strengthens balance sheet - capacity and flexibility to fund and deliver planned development projects…
  29. Half Year Results FY2016 – Awe Limited – slide 29
    Production analysis 1H FY2015-16 1H FY15-16 Percentage 1H FY 14-15 Percentage REGION AND ASSETS Production of total Production of total Australia 000 BOE 000 BOE Bass Basin (BassGas) 756 26% 622 24% Otway Basin (Casino) 431 15% 579…
  30. Half Year Results FY2016 – Awe Limited – slide 30
    Half year earnings breakdown Half Year Half Year to Dec 2015 to Dec 2014 million million Sales Revenue 122.1 161.3 Operating Costs (64.9) (73.2) Amortisation (63.7) (60.3) Exploration costs expensed (16.8) (27.8) Asset…
  31. Half Year Results FY2016 – Awe Limited – slide 31
    Half year segmental reporting New South-East Western millions Total Zealand Australia Australia USA Indonesia Exploration Sales revenue 122.1 27.4 37.2 16.4 41.0 - - Production costs and royalties (64.9) (18.7) (13.8) (13.9)…
  32. Half Year Results FY2016 – Awe Limited – slide 32
    Half year cash flow analysis Half Year Half Year to Dec 2015 to Dec 2014 million million Opening cash 46.6 42.1 Net cash flow from operations* 29.3 28.1 Proceeds from sale of oil and gas assets - 64.0 Development spending (99.9)…
  33. Half Year Results FY2016 – Awe Limited – slide 33
    Balance Sheet summary 31 Dec 2015 30 Jun 2015 Balance sheet item million million Assets Cash and cash equivalents 30.1 46.6 Receivables and inventory 167.9 177.1 Derivative financial instruments 11.3 - Exploration and evaluation…
  34. Half Year Results FY2016 – Awe Limited – slide 34
    AWE 2P Reserves as at 31 December 2015 2P Reserves Project/Area Equity (million boe) 10.2 BassGas 35% 10.2 24.3 6.4 1.3 Otway Basin 25% 6.4 BassGas Cliff Head 57.5% 1.3 Otway Basin Cliff Head 17.1 Onshore PB 33-100% 17.1…
  35. Half Year Results FY2016 – Awe Limited – slide 35
    AWE 2C Resources as at 31 December 2015 2C Resources Project/Area Equity (million boe) Bass Basin 35-40% 30.8 9.5 Otway Basin 25% 1.3 10.0 30.8 Bass Basin Cliff Head 57.5% Nil Otway Basin Cliff Head Onshore PB 50-100% 53 17.5…
  36. Half Year Results FY2016 – Awe Limited – slide 36
    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…

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