Corporate Strategy progress review ATS has maintained and executed on a clear strategy summary of progress and remaining steps Acquire and Demonstrate Identify Aggregate Asset Value Realise Value A Tier 1 oil asset with attractive Two…
Why we like the TMS Core The TMS core has a number of unique advantages that are sought by US shale industry players when seeking to replace depleting Tier 1 oil inventory Highly Productive Proven oil productivity is on par or better…
TMS production compares favourably with other basins TMS Type Curve wells productivity outperforms many of the other USA liquid rich plays 2014 TMS Type Curve v 2017 Basin Average (Cum. Oil Production) The 2014 drilled TMS wells (15…
Significant oil reserve and resource position in TMS Significant scale based on 250 acre well spacing and modest EUR's Australis TMS Reserves (only 42,000 acres…
Consistent pricing with operating performance upside The TMS crude generates industry leading pricing and netbacks high quality oil in the right location Australis operates 37 producing wells Q3 2019 Realised Price & Netback (US/boe)…
Australis Initial Drilling Program The Australis Initial Drilling Program sought to replicate the productivity achieved by the Encana 2014 program Australis drilled 6 new wells during 2018/2019 locations shown on the above map in…
Consistent oil productivity achieved Australis wells demonstrate productivity consistent with the TMS Type Curve The primary objective of the Australis Initial Drilling Cumulative Oil Production v TMS Type Curve (per 000 lateral ft)…
The Australis Initial Drilling Program Progress The 15 wells drilled by Encana in 2014, which Completed Lateral Length (ft) contribute to the TMS Type Curve, averaged 7,254 10,000 ft of completed lateral length. The first 6 wells…
TMS drilling challenges The historical drilling issues & review of the Australis Initial Drilling Program (IDP) Challenge Status Solution 1 Well bore stability Resolved Ability to define operating Utilised 3D Mechanical Earth Model…
Australis Initial Drilling Program Objectives and Results Most objectives achieved and Stewart and Taylor demonstrated highly productive and lower cost wells can be delivered. Repeatable lateral length was a challenge Key IDP…
Well Costs Continued Improvement Achievable When planned drilling procedures consistently applied, Australis wells demonstrated improved cost and performance TMS total well costs 2011 2014 compared to the Stewart and Taylor wells…
Well Costs Compared to Productivity When planned drilling procedures applied consistently, Australis wells demonstrate improved cost and performance The graph below shows the well capex divided by the total production in the first 6…
Balance Sheet Flexibility Flexible capital position enables Australis to manage the TMS asset until the market rebounds 1 Robust Balance Sheet 31 December 2019 Cash position of US16 million Total debt of US33 million (net debt US17…
Financial Performance Q4 Balance sheet flexibility and production netbacks provides cashflow for G&A Cash flow from operations continues Key Metrics Unit Q4 2019 Q3 2019 Qtr on Qtr 2019 to grow and funds G&A, land leasing and finance…
US Shale Industry Transition Underway Historical production growth levels at risk - positive for the Australis strategy US Onshore Rig Count Production growth from US shale industry 2,000 80 is under significant pressure: 1,800 70…
US Shale Industry Opportunity in Diminishing Inventory The industry transition underway highlights the value of the Australis acreage in the TMS core Industry commentaryA highlighting the likelihood of a production growth slowdown in…
Strategy Next Steps Implement learnings, maintain financial flexibility and development optionality Capture all learnings in the basis of design engineering document and rig operating procedures Implement outcomes of the IDP…
Summary Experienced team and strategy will ultimately drive shareholder returns. Proven Execution Capability Shareholder Return Driven Board and management were the Board and management own 11% of the founders and key executives of…
Additional Information 21
Directors & Management Jon Stewart Alan Watson Steve Scudamore Non-Executive Chairman Non-Executive Director Non-Executive Director 25 years in the upstream oil and gas industry 30 years previous experience in international Over 3…
TMS is an undeveloped Tier 1 oil shale play On trend with Eagle Ford Basin in Texas, similar depositional history and age TMS Location Onshore basin - Louisiana and Mississippi. On trend with Eagle Ford Basin in Texas, similar…
Core Area Definition targeting the right geology Individual 24 Month Cumulative Production Per Well All MS TMS Wells Core area defined through production results 350,000 Best performing wells have delineated the core area All wells…
Large contiguous land position Size and Flexibility Core TMS Land Position Majority of 115,000 acre lease position held without short or medium term drilling obligations Held by Production 37,700 net acres 18% 33% Large drilling…
Proximity to accessible infrastructure & premium pricing A key differentiator for the TMS compared to other US unconventional plays The TMS produces a light sweet crude (3841 deg API) TMS Infrastructure that achieves LLS pricing, i.e.…
Large well inventory each with attractive economics Australis has 425 net well locations - each with a base value of US6.3 million (excluding upside) Single Well Economics NPV10A (US million) 3.4 14.1 Stewart well at 60/bbl WTI…
The TMS Type Curve The TMS Type Curve is the average production profile of all 15 wells drilled by Encana (the previous operator) in 2014 Total oil production per well - initial 24 months (mbbls) 2014 Australis wells - Production…
Single Well TMS Type Curve TMS Type Curve is an absolute history match to averaged empirical data TMS Type Curve Assumptions TMS Core Type Curve v TMS Production Oil EUR 610 Mbbls 250,000 Gas EUR 159 MMscf 200,000 Oil…
TMS Base Case Economics Key Assumptions The production and opex assumptions are based on history and the capex costs are current development projections Base Case Assumptions* Production Forecast EUR (30 Years) 30,000 700,000 Gas 0.16…
TMS Reserves & Resources1,2 As an ASX participant Australis reports to the SPE PRMS Net Oil1,2 which requires any undeveloped reserves, that are to be 2018 Ryder Scott Reserves Estimate (MMbbls) assessed for reserves classification,…
Portugal Prospectivity & Volumetrics Proposed Work Program Batalha Gas Discovery Batalha Concession Prospects Drill and test the gas discovery with a vertical well Drill and core a deep Lamede well in a Lower Jurassic depocenter…
Units & Abbreviations 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…
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