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General Meeting – Awe Limited

Awe Limited · Nov 24, 2017 · 59 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. General Meeting – Awe Limited – slide 1
    AWE Limited ANNUAL GENERAL MEETING 24 November 2017
  2. General Meeting – Awe Limited – slide 2
    Welcome AWE Limiteds 2017 AGM
  3. General Meeting – Awe Limited – slide 3
    Introduction to directors BRUCE PHILLIPS, NON EXECUTIVE CHAIRMAN DAVID BIGGS, CEO & MANAGING DIRECTOR 3
  4. General Meeting – Awe Limited – slide 4
    Introduction to directors DAVID MCEVOY KENNETH WILLIAMS RAYMOND BETROS 4
  5. General Meeting – Awe Limited – slide 5
    Introduction to directors KAREN PENROSE ANDREW RIGG NEVILLE KELLY, COMPANY SECRETARY 5
  6. General Meeting – Awe Limited – slide 6
    Todays formal business AGENDA Notice of meeting Accounts and reports Chairmans Address CEO & Managing Directors report Chairman Elects Address Questions Resolution 1 Remuneration report Resolution 2(A) re-election of Kenneth…
  7. General Meeting – Awe Limited – slide 7
    Bruce Phillips Chairmans Address
  8. General Meeting – Awe Limited – slide 8
    8
  9. General Meeting – Awe Limited – slide 9
    Waitsia-4 drilling 9
  10. General Meeting – Awe Limited – slide 10
    Xyris Production Facility, WA 10
  11. General Meeting – Awe Limited – slide 11
    Waitsia-2 flow test 11
  12. General Meeting – Awe Limited – slide 12
    12
  13. General Meeting – Awe Limited – slide 13
    Lang Lang gas plant 13
  14. General Meeting – Awe Limited – slide 14
    Tui FPSO, Umuroa 14
  15. General Meeting – Awe Limited – slide 15
    Bruce Phillips Chairmans Address
  16. General Meeting – Awe Limited – slide 16
    David Biggs CEO & Managing Director
  17. General Meeting – Awe Limited – slide 17
    Agenda 1 FY17 in Review 2 Strategy 3 Capital Raise 4 Major Projects 5 Summary Photo: Waitsia 4 Appraisal well 18
  18. General Meeting – Awe Limited – slide 18
    FY17 in Review
  19. General Meeting – Awe Limited – slide 19
    Key achievements in FY17 Base Business Development Projects Portfolio Management Safety - strong safety performance Waitsia Stage 1A - delivered on time Tui oil fields successfully divested maintained and under budget late life asset…
  20. General Meeting – Awe Limited – slide 20
    FY17 Guidance Scorecard AWES OPERATING PERFORMANCE IN LINE WITH GUIDANCE 2P Reserves Net Loss FY17 EBITDAX FY17 Guidance Actual Production (MMboe) 2.7 - 2.8 2.75 100 - 110 105 Revenue (m) 50 - 60 40 Production Operating…
  21. General Meeting – Awe Limited – slide 21
    Financial overview RESULT IMPACTED BY ASSET SALES, AAL IMPAIRMENTS AND WRITE DOWNS m (unless otherwise indicated) FY17 FY16 Change Production (MMboe) 2.75 5.02 45% Average realised liquids price1 (A/bbl) 62.9 57.5 9% Sales…
  22. General Meeting – Awe Limited – slide 22
    Health, Safety, Environment & Community HSEC ARE CRITICAL TO AWE MAINTAINING ITS POSITION AS A TRUSTED OPERATOR No Lost Time Injuries recorded in FY17 894 days injury free to 20 November 2017 No significant environmental incidents in…
  23. General Meeting – Awe Limited – slide 23
    Reserves and Resources PORTFOLIO OF 2P AND 2C ASSETS REMAINS STRONG AWE 2P Reserves and 2C Resources (as at 30 June 2017) 120 109.5 109.5 100 Ande Ande Lumut 2C Resources - Liquids (AAL) 80 MMboe 60 51.9 2P Reserves -…
  24. General Meeting – Awe Limited – slide 24
    FY18 YTD Highlights Outstanding flow test results from Waitsia-2, 3 & 4 (up to 90 MMscf/d) Independent review by RISC increases Waitsia 2P Reserves to 811PJ West Coast (gross); 78% higher than AWEs 2P Waitsia Reserves as at 30 June…
  25. General Meeting – Awe Limited – slide 25
    Strategy
  26. General Meeting – Awe Limited – slide 26
    Focused on domestic and regional opportunities PROGRESSING DOMESTIC GAS AND REGIONAL OIL ASSETS WA OFFICE PERTH 27
  27. General Meeting – Awe Limited – slide 27
    Working to unlock further value 1 Waitsia Stage 1A Maximise production and BassGas compression revenue Recontract Casino gas production in FY18 Recontract BassGas production in FY19 2 Waitsia Stage 2 Deliver development Casino…
  28. General Meeting – Awe Limited – slide 28
    AWEs clear goals AIMING TO DOUBLE RESERVES, PRODUCTION AND REVENUE BY FY21 FY21 goals were adjusted in August to reflect the delays to AAL AWE has set the following clear goals: To double reserves To double production To…
  29. General Meeting – Awe Limited – slide 29
    Capital Raise
  30. General Meeting – Awe Limited – slide 30
    Successful capital raise SUCCESSFULLY RAISED A38 MILLION VIA INSTITUTIONAL PLACEMENT Strengthen AWEs balance sheet Provide greater financial strength in negotiating commercial arrangements for Waitsia Stage 2 project construction,…
  31. General Meeting – Awe Limited – slide 31
    Share Purchase Plan Share Purchase Plan (SPP) to provide eligible Australian and New Zealand shareholders with an opportunity to participate Eligible Australian and New Zealand shareholders can subscribe for shares up to the value of…
  32. General Meeting – Awe Limited – slide 32
    Major Projects
  33. General Meeting – Awe Limited – slide 33
    1 Onshore Perth Basin Waitsia Gas Project Waitsia-4
  34. General Meeting – Awe Limited – slide 34
    Waitsia: Update RISC independent review increases 2P Reserves to 811 PJ (gross) Represents 78% increase on AWEs Waitsia 2P Reserves at 30 June 2017 On this basis, one of the largest onshore gas fields discovered in Australia AWE…
  35. General Meeting – Awe Limited – slide 35
    Independent reserves review at Waitsia RISC HAS ESTIMATED GROSS WAITSIA 2P RESERVES AT 811 PJ - A 78% INCREASE RISC estimated Reserves and Contingent Resources for the Waitsia gas field Sales Product Unit 1P 2P 3P 2C Gross sales gas…
  36. General Meeting – Awe Limited – slide 36
    Waitsia Stage 2 Scorecard MATERIAL PROGRESS ON KEY DEVELOPMENT WORK STREAMS 2017 2018 1 RISC certify 2P Waitsia-3 & -4 Latest RISC review considerably Subsurface Reserves to underpin drilling results increased 2P 10yr project…
  37. General Meeting – Awe Limited – slide 37
    Greater Waitsia exciting exploration potential FURTHER DEVELOPMENT POTENTIAL IN WAITSIA BEYOND STAGE 2 1 AWE has the largest 2 Kingia and HCSS horizons 3 Beharra Springs Deep exploration acreage position in the AWE holds…
  38. General Meeting – Awe Limited – slide 38
    2 East Coast Gas Casino and BassGas Lang Lang gas plant
  39. General Meeting – Awe Limited – slide 39
    Casino: Update CASINO WELL PLACED TO LEVERAGE UPSIDE IN EAST COAST GAS PRICES Casino gas marketing progress has been positive with the JV looking to recontract gas in Q1 2018 Revenue step up from new gas contract pricing expected…
  40. General Meeting – Awe Limited – slide 40
    BassGass: Update 23% IMPROVEMENT IN PRODUCTION IN LAST QUARTER FOLLOWING SUCCESSFUL MLE START UP Final stage of Mid Life Enhancement (MLE) project (compression hook-up) completed in June 2017 Following a brief period of commissioning,…
  41. General Meeting – Awe Limited – slide 41
    3 Indonesia Ande Ande Lumut (AAL) Drilling AAL-4XST1 Appraisal Well
  42. General Meeting – Awe Limited – slide 42
    AAL: Update STRENGTHENING OIL PRICE IS POSITIVE FOR A FUTURE AAL DEVELOPMENT Combined K and G sand creates additional value for development Improved oil quality in K and G sands increases forecast revenues from the project and reduces…
  43. General Meeting – Awe Limited – slide 43
    Summary
  44. General Meeting – Awe Limited – slide 44
    Summary GROWTH FROM WAITSIA, EXPOSURE TO STRONG EAST COAST GAS MARKETS, AN OPTION ON OIL PRICE 1 Waitsia Stage 2 Project - building momentum to FID Reserves sufficient 2P Reserves in place for 10 year project (Stage 2) and beyond…
  45. General Meeting – Awe Limited – slide 45
    THANK YOU 46 46
  46. General Meeting – Awe Limited – slide 46
    Kenneth Williams Chairman Elect Address
  47. General Meeting – Awe Limited – slide 47
    Accounts and Reports QUESTIONS
  48. General Meeting – Awe Limited – slide 48
    Remuneration Report RESOLUTION 1, ADOPT REMUNERATION REPORT Source: 49
  49. General Meeting – Awe Limited – slide 49
    Remuneration Report RESOLUTION 1, ADOPT REMUNERATION REPORT This resolution is an advisory resolution. Proxies for 250,438,577 (98.1%) Proxies against 3,455,089 (1.4%) Proxies undirected 1,302,766 (0.5%) Proxies abstained…
  50. General Meeting – Awe Limited – slide 50
    Re-election and Election of Directors RESOLUTION 2(A) That Mr Kenneth Williams be re-elected as a director of the Company Source: 51
  51. General Meeting – Awe Limited – slide 51
    Re-election and Election of Directors RESOLUTION 2(A), RE-ELECTION OF KENNETH WILLIAMS AS A DIRECTOR OF THE COMPANY This resolution is an ordinary resolution. Proxies for 252,678,949 (98.1%) Proxies against 3,455,089 (1.4%)…
  52. General Meeting – Awe Limited – slide 52
    Re-election and Election of Directors RESOLUTION 2(B) That Mr Andrew Rigg be elected as a director of the Company Source: 53
  53. General Meeting – Awe Limited – slide 53
    Re-election and Election of Directors RESOLUTION 2(B), ELECTION OF ANDREW RIGG AS A DIRECTOR OF THE COMPANY This resolution is an ordinary resolution. Proxies for 253,621,550 (99.2%) Proxies against 1,572,441 (0.2%) Proxies…
  54. General Meeting – Awe Limited – slide 54
    Issue of Cash Share Rights RESOLUTION 3, REGARDING THE ISSUE OF 1,258,992 CASH SHARE RIGHTS TO CEO & MANAGING DIRECTOR, DAVID BIGGS To be tested against performance related vesting conditions at 30 June 2020. This resolution…
  55. General Meeting – Awe Limited – slide 55
    Issue of Cash Share Rights RESOLUTION 3, REGARDING THE ISSUE OF 1,258,992 CASH SHARE RIGHTS TO CEO & MANAGING DIRECTOR, DAVID BIGGS This resolution is an ordinary resolution. Proxies for 248,330,382 (97.4%) Proxies against…
  56. General Meeting – Awe Limited – slide 56
    Poll
  57. General Meeting – Awe Limited – slide 57
    Closure AWE thanks you for your attendance Download and view AGM presentation at www.awexplore.com Source:
  58. General Meeting – Awe Limited – slide 58
    Reserves and Contingent Resources The Reserves and Contingent Resources in this report are based on and fairly represent information and supporting documentation prepared by and under the supervision of qualified petroleum Reserves and…
  59. General Meeting – Awe Limited – slide 59
    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 (PJ) =…

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