1 FY17 half year results and WSGP investment decision Ian Davies, Managing Director and CEO Graham Yerbury, Chief Financial Officer 21 February 2017
2 Agenda Performance overview Financial results EIG transaction and capital raising Project updates Spotlight on WSGP Summary Appendix and WSGP reference data This page: livestock in the Western Surat Gas Project area…
3 Performance overview Ian Davies, Managing Director and CEO Glenora block, Western Surat Gas Project
Strategic priorities 4 Achieve continued strong operational Leverage financial strength and performance from core Cooper Basin flexibility to actively progress high oil portfolio quality growth projects Accelerate delivery of the…
FY17 half year business overview 5 Improved safety performance, with Total Recordable Injury Frequency Rate down 11% to 2.74 Corporate Strong financial position, cash balance of 83 million and additional undrawn bank facilities of…
Outlook 6 FY17 forecast oil and gas production reflects a An improving commodity price outlook and strong contribution from base oil portfolio. New oil strong east coast gas demand supports the wells to come online in Q3 FY17, no…
7 Financial results Graham Yerbury, Chief Financial Officer
Key financial headlines 8 H1 FY17 H1 FY16 Change Production (mmboe) 0.41 0.54 (24%) Sales volumes (mmboe) 0.39 0.52 (25%) Average realised oil price ( per barrel) 59 71 (17%) Capital spend ( million) 24.7 17.3 43% Sales revenue (…
Margins from oil sales 9 Oil sales margins for the half year impacted by: Oil margins ( per barrel sold) Lower oil price received 97 Hedge premium payable with prudent oil price risk management strategy Hedging 36.9 71 Higher…
Underlying NPAT reconciliation 10 Movement in underlying net profit after tax ( million) 20 15 10 5.2 5 (8.6) 0 2.5 -5 (6.2 ) 1.4 -10 (7.8) -15 (3.7) 1 Underlying H1 Sales revenue - A Sales revenue - Cost of sales…
Operating cash reconciliation 11 Movement in opening and closing cash balance ( million) 200 160 Institutional 22.8 equity raise Up to 95m proceeds 120 with SPP (13.2) (2.9) 3.3 underway 80 (21.7) (3.1) (4.8) 102.4 109.1 82.8 40…
12 EIG transaction and Ian Davies, Managing Director and CEO capital raising
Transaction and capital raising: structure 13 EIG and Senex Institutional Share Purchase Plan strategic arrangement Placement EIG has become a substantial A55 million successfully Offer for eligible shareholders shareholder…
Transaction and capital raising: strategic rationale 14 Building a long term relationship with a respected global energy investor To drive value from Senexs suite of growth projects Accelerating the Western Surat Gas Project To…
15 Project updates Ian Davies, Managing Director and CEO
Cooper Basin oil program 16 During H1 FY17: Strong production and cost control delivered from base oil portfolio Progressed field development planning activities Commenced FY17 drilling campaign Ongoing strategy: High margin core…
Cooper Basin gas program 17 During H1 FY17: Unconventional gas project with Origin Energy: preparations to drill high impact gas exploration well Silver Star-1 in the Patchawarra Trough Ongoing strategy: Targeting material…
Western Surat Gas Project 18 During H1 FY17: Commenced appraisal testing on the Glenora pilot Continued field development planning and completed pre-sanction activities for first material investment decision Commenced plug,…
19 Spotlight on the Ian Davies, Managing Director and CEO Western Surat Gas Project
Western Surat Gas Project: Delivering material gas 20 Senex has sanctioned a 50 million investment in a 30 well work program with Indicative gas production profile1 Gas Rate (mmboe/year) Gas Rate (TJ/d) 20 1.2 associated…
21 Western Surat Gas Project: Phase 2 work program Prioritising the drill ready Eos and Glenora blocks Expected capital investment of 50 million on: 30 wells to be drilled on Eos and Glenora Gathering into three interconnected…
Western Surat Gas Project: Full field development 22 30 well work program (Phase 2) in 2017 Additional 30 50 wells to be sanctioned for Phase 31 Project to support up to 425 wells in total over 20+ years Opportunities for value…
23 FY17 first half Ian Davies, Managing Director and CEO summary
FY17 first half summary 24 Oil business continues to perform Solid production and cost control from base oil business given the significant reduction in capex over the last two years Major investment decision on Western Surat Gas…
Contact and Further Information 25 Investor Ian Davies Media Rhianne Bell Enquiries Managing Director Enquiries Corporate Communications Manager (07) 3335 9000 (07) 3335 9859 Tess Palmer Investor Relations Manager (07) 3335…
Appendix: Net profit after tax and EBITDAX 26 H1 FY17 H1 FY16 H1 FY17 H1 FY16 Revenue 22.8 36.8 Statutory net profit (loss) after tax (8.8) (27.1) Operating costs (13.2) (16.0) Add/(less): Gain on sale of Maisey block - 38.2 Net…
Western Surat Gas Project: reference data 27 Resource 49 PJ of net proved (1P) reserves Surat Basin reserves 427 PJ of net proved and probable (2P) reserves Infrastructure Pipeline from the Glenora pilot to the GLNG low pressure…
Western Surat Gas Project: reference data 28 Market Pilot Gas Exploring all marketing options for pilot gas prior to first FID GSA for gas from the Western Surat Gas Project area over a 20-year contract term GSA provides for, at…
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