Investor Presentation MARCH 2015 Continuing to Deliver in a Challenging Market
Disclaimer and Important Notice Non-IFRS accounting financial information This release refers to Underlying NPAT (underlying net profit after tax), which is a non-IFRS accounting financial measure used by Drillsearch to provide greater…
Introduction to Drillsearch The only ASX200 company focused solely on the Cooper Basin * 4 DRILLSEARCH MARCH 2015 INVESTOR PRESENTATION
Clear Strategy Unconventional Longer-dated value opportunities Wet Gas Pathway to growth Oil Short-to-medium term cash generator Three growth platforms 5 DRILLSEARCH MARCH 2015 INVESTOR PRESENTATION
History of Production Growth Production Growth and FY2015 Guidance Australian Onshore Oil Producers (Q2FY2015) Average daily production* 1.54 mmboe of oil and wet gas production in HY2015 CostAustralias effective program…
Active Explorers Drillsearch Drilling Activity FY2010 FY2011 FY2012 FY2013 FY2014 H1 FY2015 FY2015 Guidance Capital Expenditure Am 8.9 17.7 37.7 143.4 95.7 95.6 150 to 165 * Cypress-1 operation suspended thus not included in…
Why the Cooper Basin Australias largest onshore oil and gas basin Extensive oil and gas infrastructure Connected to major domestic markets and LNG export terminals Historically under-explored and under-exploited Significant…
Why the Cooper Basin Four main Cooper Basin investment themes: Resurgence in oil production Rising East Coast gas demand Emerging Unconventional potential Consolidation A focused Cooper Basin company, leveraged to the key…
Robust Financial Position EPS positive in HY2015 Profitable at Statutory and Underlying NPAT levels Strong cash margins for Oil production Operating Cash Flow up 4% at 97.5 million Robust balance sheet 146.5 million of cash and…
Strong Cash Margins on Oil Production Oil Margins (A/bbls) Oil Margin 105 Average realised oil price down 17% USD Brent hedges implemented in response to market conditions Oil cash margin of 77 a barrel down in line with the…
Decisive Measures to Respond to Market Conditions Drillsearch Hedge Profile as of 19 February 2015 Additional Hedging US70/bbl and US90/bbl Puts implemented for remainder of FY2015 Hedge protection extends into FY2016 Gross hedge…
Operational Review Protecting a Robust Core Consistent strategy and single basin High focus Continued quality operating portfolio success Strong Solid margins liquidity and position production Deliberate approach to…
Operational Review Outcomes Strategy confirmed Prioritisation of capital and activity Conventional over Unconventional Near-term production, cash flow and reserves replacement Reduce corporate and operating cost base Target…
Prioritising the Asset Base 3 Northern Wet Gas 4 Western Flank Oil PEL 182 1 - Western Flank Oil (formerly PEL 91) 3 Northern Wet Gas 2 - Western Wet Gas PELs 101 & 570 Focusing our spend in a capital constrained…
Quality Growth Assets Across the Portfolio Continue to seek partner for Flax Proof of Concept Risk Central Cooper Unconventional Production Flax / Northern Cooper Gas & Liquids assets Northern Cooper Wet Gas Western Flank…
Western Flank Oil Key Cash Flow Engine Current production: 2P Reserves* and Production (net) on the Western Flank Oil Production of 11,565 barrels of oil a day Fairway (former PEL 91) (DLS 60%) (gross) in Q2 FY2015 15 oil…
Western Flank Oil FY2015 Pad Drilling at Bauer Location for Q3 Ensign Rig 930 campaign Bauer-15 Bauer wells 20-23 Bauer Processing Facility Ensign Rig 965 Bauer-16 to -19 multi-well drill pad Photograph shows…
Western Flank Oil Ongoing Connections Program Investment in infrastructure improves economics of future discoveries 19 DRILLSEARCH MARCH 2015 INVESTOR PRESENTATION
Western Cooper Wet Gas Joint Venture with Beach Current production: Production of 0.18 mmboe in the first half (net to DLS, 50% stake) from Brownlow, Middleton and Canunda Development program to support future production:…
Western Cooper Wet Gas Joint Venture with Santos Exploration Connection and Sales Three discoveries from first four wells: Connection strategy to be decided on Varanus South-1 completion of drilling campaign Yarowinnie South-1 Nulla…
Northern Cooper Wet Gas Vanessa and PEL 101 Vanessa-1 discovery successfully tested in Q2 FY2015 Gas flowed at average rate of 5.0 mmscf/d with 15 barrels per mmscf/d of condensate Operator progressing plans for tie-in, expected in…
Unconventional Joint Venture with QGC Current drilling program completed in ATP 940 (DLS 40%) four wells to target depth Charal-1 test ongoing peak flow rate of 0.95 mmscf/d recorded Anakin-1 testing underway Two-year permit…
FY2015 Activity FY2015 FY2016 Permit Operator Total Sept Dec Mar Jun Sept Q Q Q Q Q OIL Western Flank - PELs 91 & 182 BPT/SXY 19 300km2 Jasmine 3D acquisition Seismic acquisition and processing 500km2 Solidus 3D acquisition…
Key Takeaways Strong operating performance with solid production and exploration success Robust cash position, despite weaker oil price and significantly higher capex Reprioritisation of activity for remainder of FY2015;…
Appendix
Corporate Information Financial Drillsearch Shareholder Type as at 30 Jan 2015 ASX Ticker DLS S&P/ASX Index ASX 200 Market Cap (Am) 452 Shares on Issue (m) 461 Share Price (2 Mar 2015) (A/sh) 0.98 Cash (31 Dec 2014) (Am) 146.5 30…
Reserves and Resources as at 30 June 2014 As a result of the arithmetic aggregation of the field totals, the aggregate 1P estimate may be conservative and the aggregate 3P estimate optimistic, as the arithmetic method does not account…
HY2015 Balance Sheet HY2015 FY2014 Mov't HY2015 Balance Sheet m m % Cash & Trade Debtors 204.4 237.6 (14%) Drillsearch remains highly liquid with E&E Assets & O&G Assets 463.9 413.1 12% significant net current assets Derivatives…
HY2015 Results Financial and Operating Headlines Unit HY2015 HY2014 % Change Production mmboe 1.5 1.8 (13%) Revenue m 146.7 200.3 (27%) Impairments & Write-Offs m 61.8 0.4 n/m NPAT - Reported m 14.3 35.5 (60%) - Underlying* m…
HY2015 Cash Flow, Cash Balance and Liquidity Facilities commence amortisation H2 FY2015 Strong liquidity remains after heavy investment in HY2015 31 DRILLSEARCH MARCH 2015 INVESTOR PRESENTATION
HY2015 Oil Operating Margins Oil Margins (A/bbls) Margins including approach to DD&A: Average realised oil price: 126 Western Flank DD&A comprises 5/bbl of 105 costs incurred as at end FY2014, with the remaining 13/bbl…
HY2015 Gas Operating Margins Gas Margins (A/boe) Average realised gas basket price: 46 Gas Margin Average realised Gas basket price down 17% to 38.3/boe from 46.1/boe in the comparable period; Decrease in realised liquids…
HEAD OFFICE LEVEL 18 321 KENT STREET SYDNEY NSW 2000 PH: +61 2 9249 9600 FX: + 61 2 9249 9630 E: ADMINDRILLSEARCH.COM.AU W: WWW.DRILLSEARCH.COM.AU Please contact for further information DUDLEY WHITE GM CORPORATE COMMUNICATIONS
Loading...
