Early results from initial drilling program validate value of large undeveloped oil position Investor Presentation 12 March 2019 ASX: ATS
Executive Summary Tuscaloosa Marine Shale (TMS) Portugal Appendix
Investment Highlights Large undeveloped TMS oil position with proven economics and multiple near term upside catalysts Asset is focused in production delineated core of the TMS First well in Australis drilling program under budget…
Corporate Overview Existing reserves, production and revenue with an institutionally supported register Founded in 2014 with significant capital contribution by Capital Structure (Mar 2019)(A) the founders & key management of Aurora…
Australis TMS Land Position During 2018 Australis has increased and extended the life of its core land position Australis TMS Position Australis TMS Map Land Position Jan 19 Jan 18 HBP (acres) 31,400 27,600 Total Core Area (net…
Initial Drilling Program Objectives & Results Initial well program seeks to demonstrate value proposition by repeating historical well performance at updated cost base. TMS Type Curve Wells Key objectives of TMS Drilling Program:…
Initial Drilling Program Results Stewart 30H-1 Australis first new well materially outperforming the TMS Type Curve Cumulative Oil Production: Stewart 30H-1 v TMS Type Curve Commenced oil production on 30 December 2018 40,000…
Initial Drilling Program Status All drilling and completion operations have been executed without any reportable safety or environmental incidents Drilling Operations Summary Running Casing on Stewart 30H-1 Well StatusA Lateral length…
Initial Drilling Program Costs and Schedule Extensive planning delivering on-time and on-budget program The drilling and completion timetable is ahead of schedule and costs are currently on budget - Stewart 30H-1 well D, C & T cost…
Pathway to Value TMS Core acreage has multiple catalysts to realise and increase value Value Catalysts Single Well Economics - Pre-tax NPV10 (US in millions) Type curves conservatively based on 3.4 14.1 Well historical average well…
Significant Underlying Value Australis continues to add oil inventory on a highly accretive basis Australis business strategy to accumulate oil Evolution of Oil Reserves and Resources(1) in the ground reflected in our substantial…
Summary Australis is positioned for significant value generation 1 Large Strategic Position in attractive oil weighted play Position of 110,000 net acres in the TMS core Initial production of Stewart 30H-1 highlighting increased…
Executive Summary Tuscaloosa Marine Shale (TMS) Portugal Appendix
What is the TMS The TMS is an emerging shale play: its core is comparable with other prolific unconventional plays in the US TMS Location Onshore basin - Louisiana and Mississippi. On trend with Eagle Ford Basin in Texas, similar…
Australis TMS Well Performance The 15 wells drilled in 2014/15 within Australis core acreage demonstrate significantly higher average productivity than the average of other TMS wells drilled in Mississippi Individual 24 Month…
TMS Core Type Curve ATS type curve is history matched to production from the most recent 15 Mississippi ATS wells Total oil production per well initial, 24 months (mbbls) Production profiles (see appendix for full data set and…
TMS Oil Productivity Compared to Permian The average production from Australis TMS wells drilled in 2014 are significantly higher than Permian wells drilled in the same year. Industry improvements since 2014 have yet to be applied to…
Capital Cost Profile of Early TMS Wells TMS well costs trending downwards over time in line with other plays The first well drilled and completed by Australis (Stewart 30H-1) cost US1,503 /ft which is the lowest cost per foot well…
Well Cost Overview The major US shale plays have seen significant cost declines, and initial costs from Australis current well program indicate this will be replicated in the TMS Comparable Plays Well Cost Trends10 TMS Drilling costs…
Austin Chalk Trend Following recent EOG well results, there is significant activity in the South West targeting Austin Chalk Austin Chalk Trend EOG drilled the Eagles Ranch 14H-1 well during Q3 2017 Public data indicates liquids…
Executive Summary Tuscaloosa Marine Shale (TMS) Portugal Appendix
Portugal Concessions Overview Australis owns two concessions onshore Portugal with significant development potential Asset Highlights Asset Location Significant Gas Large in-place discovered and tested gas Resource accumulation with 2C…
Portugal Prospectivity & Volumetrics Appraisal of a gas discovery with multiple nearby prospects and leads with a significant resource base Proposed Work Program Batalha Gas Discovery Batalha Concession Prospects Drill and test the…
Portugal Concessions Status Australis is working with Portuguese Authorities to achieve the necessary regulatory approvals to commence exploration and appraisal activity Work Program to Date Australis has completed a number of detailed…
Executive Summary Tuscaloosa Marine Shale (TMS) Portugal Appendix
Directors & Management Demonstrated track record in oil & gas John Stewart Ian Lusted Darren Wasylucha Non-Executive Chairman Managing Director & CEO Chief Corporate Officer 25 years in the upstream oil and gas industry 25years in…
TMS Core Type Curve Summary of monthly oil production data for the most recent 15 Encana drilled wells an initial drilling program wells Lewis 7- Pintard Lyons Pintard Longleaf Longleaf Mathis Mathis Lawson Ash 13H Ash 13H Sabine…
Single Well TMS Core Type Curve ATS type curve is history matched to production from the most recent 15 Mississippi wells (drilled by ECA, operated by ATS) TMS Core TC Assumptions TMS Core Type Curve v TMS Production 250,000 Oil EUR…
TMS Value Potential 410 future net well locations with strong economics Single Well Economics and Sensitivities Pre-tax NPV10 (US in millions) 11 million/well 10 million/well 9 million/well 14.1 13.2 12.2 4.0 4.0 10.7 4.0 9.7…
Single Well Economics IRR Sensitivities 410 future wells with attractive return profile Single Well Economics and Sensitivities Pre-tax IRR D, C & T 11 MM/well D, C & T 10 MM/well D, C & T 9 MM/well 113% 89% 79% 71% 62% 73%…
TMS Base Case Economics Key Assumptions The production and opex assumptions are based on history and the capex costs are current third party service providers estimates Base Case Assumptions* Production Forecast EUR (30 Years) 30,000…
Reserves and Resource Update Australis continues to grow reserves and resources As an ASX participant Australis reports to the TMS Reserves & Resource Estimates1 SPE PRMS which requires any undeveloped Net Oil reserves, that are to be…
Financial & Operational Summary Field Cashflow financing overhead and land capex program in 2018 Key Financial Metrics - 2018 Sales Volumes (WI before royalties) 506,000 bbls Realised Price US68.80 Sales Revenue US35 million Field…
TMS Crude Oil Price The premium pricing of LLS to other onshore US crude benchmarks is becoming increasingly more attractive Crude Oil Spot Price, Daily Settlement, US/bbl Because of the proximity of Australis wells to the St. James…
Footnotes 1. All estimates and risk factors taken from Ryder Scott, report prepared as at 31 December 2018 and generated for the Australis concessions to SPE standards. See ASX announcement released on 6 February 2019 titled Reserves…
Glossary Unit Measure Unit Measure B Prefix - Billions bbl Barrel of oil MM or mm Prefix - Millions boe Barrel of oil equivalent (1bbl = 6 mscf) M or m Prefix - Thousands scf Standard cubic foot of gas /d Suffix - per day Bcf Billion…
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