Good morning ladies and gentlemen, and thank you for taking the time to be here today. I declare open the 2017 Beach Energy Annual General Meeting. A quorum is present. As safety is one of our key values at Beach, I want to begin with a…
There are of course others with me on stage today. To make sure everybody knows who we are, moving down the line from my immediate right are: ? Matt Kay, Chief Executive Officer ? Colin Beckett, Deputy Chairman ? Richard Richards and…
Moving now to today?s presentation. At recent AGMs I have spoken of broad ranging actions and initiatives undertaken to ensure Beach remains profitable and cash generative at low oil prices. Such steps have included refinement of…
Our financial results were underpinned by outstanding performance in the field, across both operated and nonoperated ventures. Matt will talk to operations in more detail, but there are some highlights I would like to mention. We…
Turning now to a very exciting opportunity for Beach. We have communicated our four pillar growth strategy for some time, and demonstrated material progress against each pillar over recent years. An element of our strategy has been…
As always, focus and discipline will underpin our activity, and ultimately our success, in FY18. We have a major transaction to complete and integration of two complementary businesses to plan for and execute. Dedicated transition teams…
Thank you, Glenn. Good morning ladies and gentlemen. This time last year we were discussing the challenges of navigating low and volatile oil prices, including actions to ensure profitability and cash generation during such times.…
Our purpose at Beach is to deliver sustainable growth in shareholder value. To do this, four strategic pillars, which are likely well known to you, drive all decision making and serve as a roadmap for the future. Once again, we have…
As we focus on operating efficiencies and cost reductions, safety remains paramount at Beach. Continual improvement in process and procedures underpins our results, which was again on display in FY17. We recorded a fourth consecutive…
Glenn touched on key operational highlights, including record production, drilling success, facility expansions and cost reductions. I would emphasise that work in the field in FY17, and particularly in the second half of the year,…
This slide outlines another pleasing and significant result from FY17. We achieved a 7% increase in 2P oil and gas reserves, and a 179% 2P reserves replacement ratio. A number of factors contributed to our upward reserve revisions,…
Increased production, reduced costs, operational efficiencies and higher oil pricing were key drivers of our improved financial performance this past year. Underlying Net Profit After Tax increased 353% to $162 million, and our EBITDA…
The Cooper Basin JV has been transformed into a material cash generating unit. Santos as operator continues to impress with cost and capital efficiencies, and progress is ongoing. Combined with Beach?s ability to opt out of projects…
We will turn now to Lattice Energy. As Glenn mentioned, this is truly exciting and transformational opportunity for Beach. The transaction is fully aligned with our strategy and will propel Beach from a single-basin onshore producer, to…
This slide neatly captures the transformational nature of the transaction. Not only will the acquisition of Lattice provide a material uplift in production and reserves, it significantly diversifies our operations across multiple basins…
The Lattice acquisition allows Beach to become a true mid-cap oil and gas company, with production rivalling our larger peers. With Lattice?s portfolio of gas producing assets, our production mix will become more gas weighted, which…
Turning briefly to the underlying assets, we will boast significant production and processing infrastructure across Australia and New Zealand. Another key attraction of the acquisition is that by combining Beach and Lattice?s…
As well as an immediate uplift in capabilities, production and cash flow, the expanded asset portfolio provides value creation opportunities through near-term production and development projects. ? In the Cooper Basin, our development…
Our guidance in relation to pro forma FY18 production and capital expenditure currently reflects aggregation of standalone Beach and Lattice guidance. We previously provided Beach standalone production guidance of 10.0 to 10.6 million…
In closing, and to reiterate a key message for this AGM, our FY17 results demonstrate reward for significant hard work and effort over recent years, continued focus on core operations, and diligent execution of our growth strategy.…
Thank you, Matt. For further information and disclaimers in relation to the acquisition of Lattice Energy, please refer to this slide, or past presentations relating to the transaction.
That marks the conclusion of our webcast. Thanks to those who tuned in. Voting results for the upcoming resolutions will be lodged with the ASX as soon as possible.
Proxy votes - Beach has received 1,678,613,219 valid proxy votes - Represents 73.8% of total votes
Financial statements ? The first item of business is to receive and consider the financial statements and the reports of the directors and auditor for the financial year ended 30 June 2017
Resolution 1 Adoption of remuneration report (ENERGY 1ENERGY ? To consider and put to a non-binding vote the following resolution: \"That the remuneration report for the financial year ended 30 June 2017 be adopted.\"
Resolution 1 Adoption of remuneration report LjIBEACH VJENERGY For Against Open-Usable Total Valid Available Votes Abstain Adoption of remuneration report 1,658,331,806 13,350,937 6,930,476 1,678,613,219…
Resolution 2 LilBEACH Withdrawn .,IENERGY ? Withdrawn due to retirement of Ms Fiona Bennett, as announced on 7 November 2017
Resolution 3 Re-election of Colin Beckett as a director BEACH ENERGY ? To consider and, if thought fit, pass the following resolution as an ordinary resolution: \"That Colin Beckett, who retires by rotation pursuant to clause…
Resolution 3 Re-election of Colin Beckett as a director VIBEACH ENERGY For Against Open-Usable Total Valid Available Votes Abstain 1,628,326,653 42,004,514 7,336,666 1,677,667,833 Re-election of C D Beckett 97.07% 2.50%…
Resolution 4 Election of Richard Richards as a director (ENERGY IENERGY ? To consider and, if thought fit, pass the following resolution as an ordinary resolution: \"That Richard Richards, who was appointed as a director…
Resolution 4 Election of Richard Richards as a director BEACH ENERGY For Against Open-Usable Total Valid Available Votes Abstain Election of R1 Richards 1,624,950,381 48,402,975 7,270,621 1,680,623,977 3,766,422 96.69%…
Resolution 5 Election of Peter Moore as a director (ENERGY ENERGY ? To consider and, if thought fit, pass the following resolution as an ordinary resolution: \"That Peter Moore, who was appointed as a director subsequent to the…
Resolution 5 Election of Peter Moore as a director LjIBEACH (ENERGY For Against Open-Usable Total Valid Available Votes Abstain Election of P S Moore 1,671,843,016 1,545,359 7,372,708 1,680,761,083 3,629,316 99.48%…
Resolution 6 Approval of financial assistance in connection with the Lattice Acquisition BEACH ENERGY ? To consider, and if thought fit, pass the following resolution as a special resolution: \"That, in accordance with section…
Abstain Resolution 6 Approval of financial assistance in connection with the Lattice Acquisition BEACH ENERGY For Against Open-Usable Total Valid Available Votes Approval of financial 1,665,640,686 1,269,869 13,206,121…
BEACH ENERGY ANNUAL GENERAL MEETING QUESTIONS & MEETING CLOSE BEACH ENERGY LIMITED
BEACH ENERGY ANNUAL GENERAL MEETING BEACH ENERGY LIMITED Investor Relations Derek Piper Invests Relations Manager Mark Hollis Investor Relations Advisor Tel: .61 8 8338 2833 Tel: 61 8 8338 2833 F ax: 61 8 8338 2336…
Loading...
