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AWE Limited Annual General Meeting
27 November 2013
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Opening Welcome
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Opening Welcome, AWE Limited’s 2013 AGM
3 Bruce Phillips, Chairman
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Introduction of directors Bruce Clement, Managing Director David McEvoy
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Andy Hogendijk Kenneth Williams
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Introduction of directors Vijoleta Braach-Maksvytis Raymond Betros
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Karen Penrose Neville Kelly, Company Secretary
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Indonesian Advisory Board Members Introduction
Evita Herawati Legowo
• Evita is the former Director General of Oil & Gas of the Ministry of Energy and Mineral Resources (2008-2012).
• She was a Commissioner of PT Pertamina (Persero) from May 2010 to April 2013.
• Evita received a Dr. Ing. in Oil Chemicals from Technische Universität Clausthal Germany in 1991.
• She also currently serves as a lecturer at the Swiss German University in Jakarta and is a Commissioner and adviser for a number of Indonesian and international companies.
Evita Herawati Legowo
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Indonesian Advisory Board Members Introduction
Suwito Anggoro • Suwito is CEO of PT Austindo Nusantara
Jaya (Food, Agro & Renewable Energy).
• Previous roles include Commissioner and then Deputy President Director of PT ANJ, President Director of Chevron Pacific Indonesia (CPI) and before that as Senior Vice President Exploration, Production & Technology (EPT), Business Development & Non-Operated Joint Ventures (CPI).
• Suwito holds a degree in electrical engineering from the Bandung Institute of Technology, Bandung (1979), a Master of Science in Power System Engineering from Union College, Schenectady, New York (1986) and achieved a certification in International Business Management from University of Michigan, Ann Arbor in 2000.
Suwito Anggoro
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Today’s formal business
Notice of meeting Accounts and reports Chairman’s address Managing Director’s report Questions
Resolution 1 - Remuneration report Resolution 2(A) - re-election of Vijoleta Braach-Maksvytis as a
director Resolution 2(B) – re-election of Kenneth Williams as a director Resolution 2(C) – election of Karen Penrose as a director Resolution 3 - Issue of Cash Share Rights Closure
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AWE on course Bruce Phillips,
Chairman
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US shale growth has driven down US gas and oil prices
10 Source: Bloomberg
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AWE performance vs ASX indices
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AWE relative to peers
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Source: Bloomberg, Company filings. Notes: (1) Peer group includes Horizon, Beach, TAP, Aurora, Senex, Drillsearch, NZOG, Nexus, ROC Oil (not in that order). (2) Enterprise Value as of 18-Nov-13
Source: Bloomberg, Company filings. Notes: (1) Peer group includes Horizon, Beach, Aurora, Senex, Drillsearch, NZOG, Nexus, ROC Oil (not in that order). (2) Reserve Life = 2P Reserves / annualised production.
AWE cheapest of its peers
Long reserves life compared to peers
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A year of achievement
Bruce Clement, Managing Director
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Disclaimer This presentation may contain forward looking statements that are subject to risk factors associated with the oil and gas businesses. It is believed that the expectations reflected in these statements are reasonable but they may be affected by a variety of variables and changes in underlying assumptions which could cause actual results or trends to differ materially, including but not limited to: price fluctuations, actual demand, currency fluctuations, drilling and production results, reserve estimates, loss of market, industry competition, environmental risks, physical risks, legislative, fiscal and regulatory developments, economic and financial market conditions in various countries and regions, political risks, project delay or advancement, approvals and cost estimates.
This presentation may also contain non-IFRS measures that are unaudited but are derived from and reconciled to the audited accounts. All references to dollars, cents or $ in this presentation are to Australian currency, unless otherwise stated.
The reserve and resource information contained in this report is based on information compiled by Neil Tupper (General Manager, Exploration & Geoscience) and Ian Palmer (General Manager, Development). Mr Tupper is a Geologist with a Masters Degree in Sedimentology and has over 30 years’ experience in petroleum exploration. Mr Palmer holds a Bachelor Degree in Engineering and has 32 years’ experience in the practice of petroleum engineering. Both have consented in writing to the inclusion of this information in the format and context in which it appears.
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Agenda
• Highlights
• Financials
• Operations
• Growth Projects
• Future Direction
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A year of achievement
Strong operational and financial performance
in FY 2012-13
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Highlights for FY 2012-13
Sustainability
Reserves
Production
AAL Selldown
Growth Projects
Unconventional
• Safety performance improved substantially, no reportable environmental incidents, positive community engagement
• 2P Reserves more than doubled to 110.4 mmBOE in the 6 months to 30 June 2013
• Production up 6% to 5.0 mmBOE, strong revenue and cash flow
• AAL oil project significantly enhanced; sale of 50% interest for USD188 million subsequent to year end
• Sugarloaf production up 273%, 2P Reserves increased 52%, cash positive in FY2013-14
• AAL POD optimised, 2P recoverable oil up 33% to 101 million barrels gross, booked 50mmbbls to 2P Reserves
• BassGas achieves FID for development drilling in 2014
• Perth Basin unconventional gas testing delivers positive results
• Senecio stage 1 development under way
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Strong financial performance AWE met or exceeded its financial targets • Sales Revenue $301 million • Field EBITDAX $185 million • EBIT $61 million • Statutory NPAT $20 million • Operating cashflow $118 million
after tax Sound balance sheet at 30 June • Cash $41 million • Debt $78 million • Undrawn facilities $222 million
• Note: excludes proceeds from AAL sale
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Strong operating performance
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AWE has a balanced operating portfolio • Strong performance from
South Eastern Australia and the USA offset declining oil production from New Zealand and Western Australia
Focused on cost control • Disciplined exploration
program capped at $50m per year
• Development expenditure well planned and managed
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Operational review
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AWE focused on oil and high value gas
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Contribution by asset
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Bass Gas (46.25%) Production: 1.2 MMBOE 2P Reserves: 27.9 MMBOE
Casino/Henry (25%) Production: 1.4 MMBOE 2P Reserves: 10.9 MMBOE
Onshore Perth Basin (33-100%), some Operated Production: 0.5 MMBOE 2P Reserves:1.9 MMBOE
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Contribution by asset
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Tui Oil Fields (42.5%), Operator Production: 0.7 MMBOE 2P Reserves: 2.5 MMBOE
Cliff Head Oil Field (57.5%) Production: 0.6 MMBOE 2P Reserves: 2.7 MMBOE
Sugarloaf AMI (10%, net ~7.5% after royalties) Production: 0.7 MMBOE 2P Reserves:14.8 MMBOE
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Reserves doubled in 6 months to 30 June
Reserves at 30 June 2013 represent more than 20 years of production at current rates
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2P Reserves weighted towards liquids
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Reserves will reduce after AAL sale by approximately 25 mmbbls, but AWE received USD100 million cash before tax and USD88 million capex carry, cost recoverable to AWE
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Safety gains reflect operational performance
Improved safety performance reflects well managed operations • Corporate HSE manager appointed • Renewed focus on contractor performance • No LTI’s in past 12 months has reduced rolling rate to zero • No reportable environmental incidents
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Positive stakeholder engagement
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AWE’s approach to community stakeholder engagement stands on four key pillars OPERATIONAL EXCELLENCE • Health, safety and environmental
management • Application of best available
technologies • Extensive risk assessment and
management
OPEN ENGAGEMENT • Honest, transparent, timely and
relevant • Community right to know • Community right to a say • Always consider community needs
and expectations
BEYOND COMPLIANCE • Compliance is the minimum standard • Environmental management goes
beyond compliance • Priority given to community and
stakeholder engagement
RETURNS TO THE COMMUNITY • Open negotiations and fair
compensation to landowners • Economic benefit from direct and
indirect local employment • Social investments and sponsorship
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Experienced management team
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AWE Key Executives Bruce Clement • Managing Director
• Engineer with 30+ years’ of technical, financial and management O&G experience in Australia and internationally
Ayten Saridas • Chief Financial Officer • 20+ years’ experience in corporate finance, treasury and financial
risk management in resources and financial markets
Dennis Washer • Chief Operating Officer, General Manager New Zealand • 30+ years’ management experience in international O&G industry
Neil Tupper • General Manager, Exploration and Geoscience • 30+ years’ experience in Australian and international O&G
exploration and production
Michael Drew • General Counsel, General Manager Commercial • Extensive major law firm and O&G experience in Australia, UK,
Russia, Canada and the USA.
Neville Kelly • Company Secretary, General Manager Corporate • 30+ years’ financial, commercial and company secretarial
experience in the upstream O&G
Ian Palmer • General Manager Development • 30+ years’ engineering, operational and project management
experience in upstream O&G
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Growth initiatives
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AWE delivers transformative project Significantly enhanced AAL Plan of Development • Constructed new reservoir model
following comprehensive review of subsurface data
• Improved facilities design to handle high water cut and initial production rates above 25,000 bopd
• Improved drilling and completion design
• Total wells reduced from 43 to 33 with longer horizontal reach and increased reservoir contact
Delivered • K-Sand gross recoverable oil up
33% to 101 mmbbls (2P) • Additional gross recoverable
36 mmbbls in G-Sand (2C, not included in POD)
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Sale of AAL oil project is complete AWE crystallises value in AAL asset • Acquired 100% of Northwest Natuna
and Anambas PSCs in February 2012 for US$139 million
• Sold 50% interest in Northwest Natuna PSC to Santos for US$188 million in August 2013
• Expected to generate estimated unaudited profit of approximately A$60 million
• Operatorship has transferred to Santos
• FID planned for 1H 2014 and First Oil in 2016
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Sugarloaf shale oil and gas Quality Eagle Ford shale play highly leveraged to liquids • Reported production up 273% year
on year • Current production approximately
2,300 boepd net at 30 September • Cash flow positive in 2013-14 • Net 2P Reserves increased 53% to
14.8 mmBOE at 30 June 2013 • Net 2C Contingent Resources now
5.0 mmBOE with upside potential • Further growth potential being
realised: − Preliminary results positive from down-
spacing pilot wells drilled in 2013 − Austin Chalk initial well performance
similar to Eagle Ford wells
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Sugarloaf AMI, Texas, USA
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AWE’s leveraged to rising gas markets
Substantial uncontracted domestic gas position • Industry experts expect the
domestic gas price to rise sharply over the next 5-10 years as demand for LNG plants increases
• Over 50% of AWE’s 2P gas reserves is uncontracted
• None of AWE’s 2C gas resources are contracted
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Substantial east coast gas potential Significant exploration, appraisal and development opportunities in Otway and Bass Basins • BassGas expansion opportunity to
include Trefoil, White Ibis and Rockhopper discoveries
• Casino/Henry addition of Blackwatch discovery
• Vic/P67 – La Bella discovery and exploration potential
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Perth Basin unconventional gas Momentum building • AWE is accelerating unconventional
gas activity in calendar 2014 − 2-4 wells planned − Arrowsmith-2 evaluation − 3D seismic planned
• Basin dominant position with extensive acreage - 3,380 Km2 across 10 licences
• Existing gas plants and pipeline infrastructure improves opportunity for commercialisation
• Positive outlook for gas markets
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UNCONVENTIONAL GAS PLAY FAIRWAY
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Perth Basin near term activity Accelerating activity in Perth Basin in 2014 • Opportunity for early
commercialisation in northern licences
• Plans to drill up to 3 wells − Senecio − Corybas − Synaphea
• Substantial contingent and potential resources identified
• Senecio first stage development drilling
• Geothermal opportunity being considered subject to significant government financial assistance
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Indonesia appraisal & exploration Indonesia remains a key platform for AWE’s expansion into Asia • Lengo-2 (Bulu PSC, 42.5%) − Achieved gas flow rates of 4.5 mmscf/d
for DST1 and 21.2 mmscf/d for DST2 − Operator assessing commercialisation − Draft POD prepared and gas marketing
opportunities being developed
• North Madura PSC (50%, Operator) − Evaluating opportunity to drill Dyah-1
exploration well
• Indonesian unconventional gas − Shale gas study assessed and approved
by regulator − Award subject to finalisation of PSC terms
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Business development LaBella (Vic/P67) • Farmed in for 60% working interest in
La Bella gas field, offshore Victoria and Operatorship
• Adjacent to Vic/P44 (Casino) • Acquisition of 3D Seismic under way • AWE’s carry capped at US$1.8 million • Peer company paid 2x more per %
point than AWE to farm in
Tui (PMP38158) • Acquired additional interest in Tui oil
project and Oi exploration well from Mitsui for US$6.4 million
• Drilling 2 wells in early 2014 − Pateke-4H development well − Oi exploration well
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Kan Tan IV offload in Admiralty Bay, New Zealand
CGG Viking 2 acquiring La Bella 3D seismic survey
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Future direction
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Core strengths • Engineering and geoscience
technical excellence • Extensive financial and commercial
capabilities and discipline • Strong board and management • Ability to identify and acquire assets
with significant upside potential • Robust balance sheet and strong
cash flow from a portfolio of assets
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• Targeting early involvement in projects where AWE can add substantial value
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Delivering our strategy
Leverage skills from unconventional into new opportunities • Continue Perth Basin shale testing at Arrowsmith-2 and drill Drover-1 • Develop Ande Ande Lumut oil project with Santos • Midwest Geothermal Power Project will deliver valuable well data in Perth Basin
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Identify and pursue selective growth assets
Deliver opportunit-ies near existing infrastructure
Optimise core asset production performance
Deliver base business
Maximise near-field opportunities
Develop new ventures and opportunities
Grow through exploration & acquisitions
Leverage skills from unconventional into new opportunities
LEVERAGE OUR CORE STRENGTHS
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Plan to double production in 3-5 years
Note: Based on Brent oil price of USD100 per bbl, illustrative model only and not formal company guidance
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Plan to double production in 3-5 years
Ande Ande Lumut production uplift
Note: Based on Brent oil price of USD100 per bbl, illustrative model only and not formal company guidance
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Plan to double production in 3-5 years
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Ande Ande Lumut production uplift
2C Contingent Resources
Note: Based on Brent oil price of USD100 per bbl, illustrative model only and not formal company guidance
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Cash flow growth
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AWE has financial capacity to deliver growth
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Looking ahead – calendar 2014
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• La Bella 3D Seismic acquisition
• NZ exploration and development drilling
• Perth Basin exploration and appraisal drilling
• BassGas development drilling
• AAL Final Investment Decision
• Sugarloaf development drilling
• Indonesia exploration drilling
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Guidance FY2013-14
Aiming to improve on production and revenue performance
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Key Indicator Guidance FY2013-14
Production (million BOE) 5.0 – 5.5
Revenue ($m) 290 – 320
Development expenditure ($m) 160 – 180
Exploration expenditure ($m) 50
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Summary
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• Highlights: Achieved our goals across the business in FY2012-13
• Financial: Strong performance and discipline Sound foundation for growth
• Operations: Meeting or exceeding targets Portfolio of assets performing well
• Growth Projects: In place, substantial size and gaining momentum
• Future Direction: Clear strategy and plans are in place Goals to double production and triple operating cash flow by 2017
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Thank you
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Accounts and reports Questions
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Remuneration report Resolution 1, adopt remuneration report
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Remuneration report Resolution 1, adopt remuneration report • This resolution is an advisory resolution
Proxies for 314,566,428 Proxies against 5,101,031 Proxies undirected 1,907,760 Proxies abstained 1,766,690
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Re-election and election of directors
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Election of directors Resolution 2(a) That Dr Vijoleta Braach-Maksvytis be re-elected as a director of the Company
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Election of directors Resolution 2 (a), that Dr Vijoleta Braach-Maksvytis be re-elected as a director of the Company • This resolution is an ordinary resolution
Proxies for 318,406,147 Proxies against 1,537,646 Proxies undirected 1,973,739 Proxies abstained 1,595,756
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Election of directors Resolution 2(b) That Mr Kenneth Williams be re-elected as a director of the Company
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Election of directors Resolution 2 (b), that Mr Kenneth Williams be re-elected as a director of the Company • This resolution is an ordinary resolution
Proxies for 316,381,135 Proxies against 3,547,689 Proxies undirected 1,993,739 Proxies abstained 1,590,725
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Election of directors Resolution 2(c) That Ms Karen Penrose be elected as a director of the Company
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Election of directors Resolution 2 (c), that Ms Karen Penrose be elected as a director of the Company • This resolution is an ordinary resolution
Proxies for 317,174,193 Proxies against 2,663,934 Proxies undirected 2,025,299 Proxies abstained 1,649,862
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Issue of Cash Share Rights
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Issue of Cash Share Rights Resolution 3 (a), regarding the issue of 427,474 cash share rights to the Managing Director, Mr Bruce Clement. To be tested against performance related vesting conditions at
30 June 2016. This resolution involves the issue of 213,737 Absolute TSR
cash share rights and 213,737 Relative TSR cash share rights.
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Issue of Cash Share Rights Resolution 3 (a), regarding the issue of 427,474 cash share rights to the Managing Director, Mr Bruce Clement. • This resolution is an ordinary resolution
Proxies for 315,766,068 Proxies against 3,772,057 Proxies undirected 1,909,652 Proxies abstained 2,065,511
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Closure Download and view AGM presentation at www.awexplore.com
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AWE thanks you for your attendance today
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