AWE Limited - · PDF fileAWE Limited – overview ... AAL oil project is located in the...
Transcript of AWE Limited - · PDF fileAWE Limited – overview ... AAL oil project is located in the...
AWE Limited Bruce Clement, Managing Director
Macquarie Conference, 2 May 2013
For
per
sona
l use
onl
y
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 David Gaudoin (Vice President, Exploration & Development, Indonesia) and
Ian Palmer (General Manager, Development). Mr Gaudoin is a petroleum geologist,
holds a Masters Degree in Petroleum Geology, and has 23 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.
2
For
per
sona
l use
onl
y
AWE Limited – overview
Australian energy company focused on upstream oil and gas and related energy opportunities
Portfolio of production, exploration and development assets across Australia, NZ, USA and Indonesia
Listed on ASX (ASX: AWE), market capitalisation more than $650 million
Strong Board and Management
120 employees with offices in Sydney, Perth, New Plymouth (NZ) and Jakarta
522.1 million ordinary shares on issue
Based in Australia, focused on developing growth assets in key markets 3
Guidance for FY 2012-13 2012-13
Guidance
YTD at 31
March 2013
Production (million BOE) 4.9 to 5.3 3.7
Revenue ($m) 270 to 300 222
Development expenditure ($m) 150 to 180 120
Exploration expenditure ($m) 50 22
105
103
90
95
100
105
110
115
120
AWE ASX Energy Index
AWE performance vs ASX Energy Index (Index 100 at 1-Jan-13)
For
per
sona
l use
onl
y
Strategic, regional focus
Conventional and unconventional O&G assets in Australia, NZ, USA and Indonesia 4
For
per
sona
l use
onl
y
3Q Update (as at 31 March 2013)
On target to achieve 2012-13 operational goals
Production steady at 1.3 million BOE, YTD 3.7 million BOE
Sales revenue of $77 million, YTD $222 million
Field EBITDAX up to $49 million, YTD $141 million
Development expenditure $20 million, YTD $120 million
Exploration expenditure $6 million, YTD $22 million
Net debt reduced to $29 million, undrawn facilities totalled $212 million
Sugarloaf 2P Reserves up 67%, an increase of 6.4 million BOE
Improving safety performance & no reportable environmental incidents
On track to achieve full year production within guidance range of 4.9 – 5.3 MMBOE 5
For
per
sona
l use
onl
y
3Q production summary
YTD production comprised of 58% gas and 42% liquids 6
REGION AND ASSET INTEREST 3Q PRODUCTION YEAR TO DATE
PRODUCTION
3 months to March 2013 9 months to March 2013
Australia
BassGas 46.25% 379 769
Casino/Henry 25% 348 1,115
Cliff Head 57.5% 136 442
Perth Basin* 33-100% 110 335
New Zealand
Tui* 42.5% 148 536
USA
Sugarloaf 10%, net 7.5% 211 480
TOTAL (‘000 BOE) 1,333 3,677
*Denotes Operatorship (not all Perth Basin assets operated) For
per
sona
l use
onl
y
YTD performance summary
Strong production base delivers solid revenue and cash flows 7
0
500
1000
1500
2000
2500
3000
3500
4000
0
50
100
150
200
250
YTD Q1 YTD Q2 YTD Q3
'000 B
OE
A$ m
illio
n
YTD Cumulative Performance Summary
Sales (A$ million) EBITDAX (A$ million) Production ('000 BOE)
For
per
sona
l use
onl
y
3Q Update (as at 31 March 2013)
On target with delivery of major growth projects
Sugarloaf – wells to be drilled in 2013 increased to 37 with at least 2 in the Austin Chalk; test results for tighter well spacing due mid-year
Ande Ande Lumut (AAL) – major milestone achieved: regulator approval for tendering plan; entering FEED contracting stage for WHP and FPSO; preparing to farm out up to 50% of project with data room to open in June; FID on schedule and expected before end of 2013
WA Unconventional Gas – Senecio tight gas development feasibility study nearing completion; promising test results from Kockatea and Carynginia Shales at Arrowsmith-2
Focused Exploration Program – currently drilling Lengo-2 well in Indonesia; planning to drill Oi-1 exploration well in NZ before end 2013; pursuing additional conventional and unconventional opportunities in Perth Basin, South East Australia and Indonesia
AWE is well positioned to deliver growth from its development & exploration pipeline 8
For
per
sona
l use
onl
y
Building a growth platform
Production outlook reflects significant liquids growth & exposure to domestic gas prices
1
2
3
4
5
6
7
8
9
10
11
12
2012 2013 2014 2015 2016 2017 2018 2019 2020
millio
n B
OE
Production outlook: 2P Reserves plus 2C AAL (50%), Sugarloaf, Pateke, Lengo, Trefoil & Senecio
2C Trefoil, Lengo &Senecio
2C AAL, Sugarloaf& Pateke
Guidance Range
2P Reserves
Note: As at 31 December
2012, based on Brent oil
price of US$100 per bbl,
illustrative model only and
not formal company
guidance
9
For
per
sona
l use
onl
y
Creating shareholder value
Focused on delivering strategic initiatives to grow shareholder returns 10
• Identify, pursue and
develop quality assets
• Leverage core skills into new opportunities
• Focus on delivering
opportunities near existing infrastructure
• Optimise production and performance from core assets
Deliver Full Potential in
Base Business
Maximise Near Field
Opportunities
Grow through exploration
and acquisitions
Develop Opportunities in New Energy
Shareholder value creation will
be achieved by focusing on:
Achieving growth through
delivery of current portfolio
− Grow cash flows and
reserves through
existing assets and
opportunities
Achieving growth beyond
delivery of current portfolio
− Focus on where we
have advantage and
where new
opportunities are
available
For
per
sona
l use
onl
y
Growth built into asset portfolio
Development projects continue to enhance Reserves – Sugarloaf 2P Reserves up 6.4 MMBOE
0
20
40
60
80
100
120
140
160
180
200
millio
n
BO
E
Anambas and Lengo, Indonesia
Australian Gas
Australia & NZ Liquids
Ande Ande Lumut, Indonesia
AWE 2P Reserves and 2C Resources (as at 31 December 2012)
2P 2P+2C
Sugarloaf
Note: Includes 100% AAL but does not include Perth Basin shale
gas. Includes Sugarloaf 2P Reserves and 2C Resources upgrade
2P Reserves - Gas 2P Reserves - Gas
2P Reserves - Liquids 2P Reserves - Liquids
Development projects will drive 2P growth
Note: 2P Reserves at 31 December 2012 and including Sugarloaf
2P Reserves upgrade
11
Trefoil, White Ibis, Rockhopper, Netherby,
Blackwatch, Elegans, Senecio & Snottygobble
Trefoil, White Ibis, Rockhopper, Cliff Head 9,
Pateke & Amokura Infill
For
per
sona
l use
onl
y
Major development projects
For
per
sona
l use
onl
y
Ande Ande Lumut (100%, Operator)
AAL oil project is located in the North West
Natuna PSC, Indonesia
76 million barrels of recoverable oil (gross,
2C estimate)
AWE has significantly improved the project
development plan including subsurface work
and facilities design
Further upside potential from deeper G
Sand reservoir, exploration within PSC and
other opportunities adjacent to the PSC
Independent audit and certification of
Contingent Resources being done by RPS
Farm-out on track - data room opens in June
and FID scheduled for end of 2013
Data room opens in June, strong interest from potential investors 13
For
per
sona
l use
onl
y
Ande Ande Lumut (100%, Operator)
Approved POD comprises $600 million gross
capex plus leased FPSO (AWE’s capex
commitment will reduce after farm-out)
FPSO bridge linked to WHP, up to 40
horizontal wells, ESPs utilised
Capex spread over 4 years from 2014,
minimal costs pre FID (<$20 million)
Drilling comprises >60% of total capex, but
project will generate revenue and begin to self
fund soon after first oil
Achieved major milestone with regulator
approval of FPSO tender plan - now entering
FEED contracting stages for WHP and FPSO
Project can be funded from balance sheet & future operating cash flows 14
AAL Development Concept
Source: Genting POD
AAL Development Concept
Source: AWE Limited
For
per
sona
l use
onl
y
Sugarloaf AMI (10%, net 7.5% after royalties)
Independent review of reserves by D&M
complete - 2P Reserves increased by 6.4
MMBOE, or 67%, to 15.9 MMBOE
Production up 282% YTD v prior year
81 wells (gross) online at end of March
2013 with further 5 in progress
Typical well costs of US$8-9 million
Expected 37 new wells (gross) to be
drilled in calendar 2013
Upside potential being actively
pursued:
• Tighter well spacing
• Austin Chalk and deeper
shale plays
Recent Sugarloaf deals (non-AWE) demonstrate significant increase in value
Sugarloaf AMI
15
For
per
sona
l use
onl
y
BassGas (46.25%)
Yolla-3 workover successful and production
resumed in April; Yolla-4 wireline underway
Aim to restore full production and access
additional reservoir zones
Working with Operator to de-risk engineering and
planning for MLE development drilling and
compression installation
Development drilling provides well
redundancy and sustained
production capacity
Compression will maximise long
term reservoir performance
JV decision on sequencing and timing
of remaining MLE work expected
soon, with FID mid 2013
Long-term production asset with near-field opportunities
Jack-up drill rig alongside Yolla platform, August 2004
16
Compression module, October 2012
For
per
sona
l use
onl
y
Building a growth platform
Pateke, Senecio and Sugarloaf offer near-term enhancement to production
1
2
3
4
5
6
7
8
9
10
11
12
2012 2013 2014 2015 2016 2017 2018 2019 2020
millio
n B
OE
Production outlook: 2P Reserves plus 2C AAL (50%), Sugarloaf, Pateke, Lengo, Trefoil & Senecio
2C Trefoil, Lengo &Senecio
2C AAL, Sugarloaf& Pateke
Guidance Range
2P Reserves
Note: As at 31 December
2012, based on Brent oil
price of US$100 per bbl,
illustrative model only and
not formal company
guidance
17
For
per
sona
l use
onl
y
Funding a growth platform
AAL sell-down proceeds likely to be realised in FY 2013-14 18
-300
-200
-100
0
100
200
300
400
FY13 FY14 FY15 FY16 FY17 FY18
A$M
Forecast Annual Operating Cash Flow, Capex and Exploration 2P plus 2C AAL (50%), Sugarloaf and Pateke
Cash Inflows
Sale of 50% AAL, atbook value
Operating Cashflow
Cash Outflows
Exploration
Capex
Annual Net CashFlow from Assets
1
1 Sales revenue less
production cost, tax and
royalties but before
exploration expense.
Based on Brent oil price
of US$100 per barrel.
For
per
sona
l use
onl
y
Production and geographic shift
AAL project rebalances geographic spread and substantially increases oil production 19
NOTES: 1. Based on 2P Reserves Production Forecast + AAL (50%), Sugarloaf and Pateke
2. Based on Brent oil price of US$100 per bbl
3. Illustrative comparison only and not formal company guidance
AAL acquisition has materially altered the geographic spread of AWE’s future reserves and
resources
Asia is a key growth market and presents opportunity for AWE to leverage its key strengths
to drive growth in this region
4%
20%
76%
FY 2011-12 actual production
Australia New Zealand USA
34%
14% 5%
47%
FY 2016-17 production outlook
Australia New Zealand USA Indonesia
For
per
sona
l use
onl
y
Exploration & Appraisal
For
per
sona
l use
onl
y
Exploration activity increasing
Focused and disciplined approach to exploration and appraisal 21
REGION AND ASSET INTEREST EXPLORATION/APPRAISAL
ACTIVITY
Australia
Perth Basin* 33-100% • Senecio tight gas development feasibility study
substantially complete
• Promising results from shale gas and tight gas testing
program at Arrowsmith-2
• Evaluation of other opportunities using new 3D seismic
New Zealand
Tui* 42.5%** • Plan to drill Oi-1 exploration well in late 2013
Indonesia
Anambas* 100% • Planning farm out and further exploration and appraisal
drilling
Lengo 42.5% • Currently drilling Lengo-2 well
Indonesia Shale* TBA • Initial shale study complete
North West Natuna* 100% • Evaluating exploration potential of near field
opportunities
*Denotes Operatorship (not all Perth Basin assets operated) ** AWE currently has 25% equity in the Oi-1 well with the right to buy back to 42.5% equity
Exploration budget approximately $50 million per year
For
per
sona
l use
onl
y
Perth Basin - Senecio-2 (50%, Operator)
50-100 Bcf tight gas opportunity
Development feasibility study substantially
complete – reviewing preliminary findings
Completion of study expected in 4Q, work on
environmental approvals has commenced
Close proximity to existing infrastructure
improves economics
Flow test over 5m interval in Sept 2012
achieved stabilised gas rate of 1.35 MMscf/d
and produced 4.65 MMscf gas and ~65 bbls
of oil/condensate
Evaluating other tight gas opportunities within
the Perth Basin
Senecio offers significant Reserves potential, possible 50-100 Bcf recoverable gas field 22
For
per
sona
l use
onl
y
Perth Basin - Arrowsmith-2 (44.25%)
Potential farm out of shale assets once testing and evaluation complete
5 shale gas and tight gas zones fracture stimulated,
hydrocarbons recovered from all zones, plugs set
between zones
High Cliff Sandstone achieved maximum gas flow rate of
0.78 MMscf/d
Kockatea shale flowed back oil and gas
Carynginia produced initial maximum
gas flow rate of 0.35 MMscf/d
Well to be recompleted using smaller
tubing string - testing of Carynginia and
remaining zones through 2013
Evaluating potential acquisition of 3D
seismic in 2013
600,000 net acres held by AWE in Basin
23
For
per
sona
l use
onl
y
Indonesia and New Zealand
Lengo-2 appraisal well drilling underway in
the Bulu PSC (42.5%), offshore Indonesia
Reviewing field development options for
Anambas gas discovery (100%, Operator),
including possible farm-out to undertake
further exploration and appraisal drilling
Evaluating exploration potential of near
field opportunities in North West Natuna
PSC (100%, Operator)
Indonesian shale gas study completed –
awaiting regulator to progress next stage
Drilling program in New Zealand to start
late 2013 in Tui permit area, including the
Oi-1 exploration well (25%, Operator)
Adding value to 2C Resources to drive next growth phase
Kan Tan IV drilling rig
24
For
per
sona
l use
onl
y
Activity summary 2013 calendar year
Increasing activity levels will generate growth
Region Asset Activity Description Q1 Q2 Q3 Q4
Australia BassGas O Yolla-3 workover & Yolla-4 wireline
D MLE sequencing decision*
Casino/Henry E/A 3D Reprocessing
Cliff Head O Evaluation of CH9 injection conversion
Senecio-2 A Development feasibility study
Arrowsmith-2 E/A Shale gas and tight gas testing
New Zealand Tui/Pateke D Development drilling Pateke 4H
Oi E Exploration drilling Oi-1
USA Sugarloaf D Drill 37 wells in calendar 2013
A Evaluate tighter spacing, Austin Chalk
Indonesia AAL D Farm-out & FID
Lengo A Appraisal drilling Lengo-2
Anambas A Evaluation pre farm-out
Shale Study E/A Negotiations with regulator on next stage
Farm-out FID
O – Operations D – Development A – Appraisal E – Exploration * Compression installation/development drilling
25
For
per
sona
l use
onl
y
AWE delivering on growth initiatives
Well funded with strong operating cash flows
Development pipeline funded through operating cash flows and modest debt facility
Growth drivers already built into exciting portfolio of 2C Resources
Good balance of liquids and gas; leveraged to rising Australian gas prices
Conventional and unconventional asset plays
Expansion into Indonesia accelerating
Progressing AAL development project in Indonesia; sell-down up to 50% and FID in 2013
Unconventional oil and gas plays building momentum
Sugarloaf (Eagle Ford) outperforming; 2P Reserves increased 67% (+6.4MMBOE)
Promising test results from Perth Basin shale gas; tight gas feasibility study nearing completion
Early stage involvement in Indonesian shale
Focused and disciplined exploration and appraisal activity
Oi, Lengo and Anambas setting scene for next exploration drilling phase
AWE has positioned itself for a sustained period of growth 26
For
per
sona
l use
onl
y
Thank You Questions
For
per
sona
l use
onl
y
Appendix Half Year Financials and supplementary information
For
per
sona
l use
onl
y
Production performance
All production assets online, potential to further optimise asset performance
6.1 6.1
4.7
4.9-5.3
3.3 3.1
2.9
2.3
0
1
2
3
4
5
6
7
millio
n B
OE
Production for the period ending 31 December 2012
Gas
LPG
Condensate
Oil
Guidance Range
Full Year Production
FY10 FY13 FY12 FY11
H1 FY H1 FY H1 FY H1 FY (f)
29
For
per
sona
l use
onl
y
Sales Revenue
Average price for Brent oil over the half year was A$106
354
305 298
270-300
187
135
158 145
0
50
100
150
200
250
300
350
400
A$M
Sales Revenue for the period ending 31 December 2012
Gas
LPG
Condensate
Oil
Guidance Range
Full Year Revenue
FY10 FY13 FY12 FY11
H1 FY H1 FY H1 FY H1 FY (f)
30
For
per
sona
l use
onl
y
Earnings Analysis
Earnings impacted by lower production in the first half
145
35
13
54
45
5
6 4
18
0
20
40
60
80
100
120
140
160
Revenue Field Opex Amortisation Exploration &EvaluationExpenses
Other EBIT Net Interest Taxation NPAT
A$M
Net Profit after Tax for period ending 31 December 2012
31
For
per
sona
l use
onl
y
Field EBITDAX
BassGas shut-in impacted performance in South East Australia
37 35
28
4
34
17
26
14
0
5
10
15
20
25
30
35
40
New Zealand South-Eastern Australia Western Australia United States
A$M
Half Year Field EBITDAX for the period ending 31 December 2012
H1 2012 H1 2013
32
For
per
sona
l use
onl
y
Cash Flow Analysis
BassGas and Sugarloaf accounted for majority of development expenditure
43 40
44
77
102
22 1
0
20
40
60
80
100
120
140
160
180
Opening balance asat 30 Jun 2012
Operating cashflow*
Borrowings Development Exploration Other Closing balance asat 31 Dec 2012
A$M
Cash Flow for period ending 31 December 2012
*Cash flow from operating activities excludes exploration expense.
33
For
per
sona
l use
onl
y
Investment Expenditure
Development and exploration activity within guidance
55 57
172
60
32
8
142
67
39
16
200-230
0
50
100
150
200
250
FY10 FY11 FY12 FY13
A$M
Annual Capex plus Exploration Expenditure
Capital Expenditure Exploration FY Guidance Combined
BassGas
Sugarloaf
Other
34
For
per
sona
l use
onl
y
Half Year earnings breakdown
HY to
Dec 2012
$ million
HY to
Dec 2011
$ million
Revenue 146.0 158.6
Operating costs (53.8) (54.4)
Amortisation (45.4) (48.3)
Exploration costs expensed (4.9) (9.7)
Asset impairments/reversals - (4.2)
Net other (11.0) 7.9
Profit before tax 30.9 49.9
Tax (expense)/benefit (17.7) (20.2)
Statutory net profit 13.2 29.7
35
For
per
sona
l use
onl
y
Segmental reporting
$ millions Total New
Zealand
South-
Eastern
Australia
Western
Australia
United
States
Exploration
Activities
Sales revenue 145.1 44.9 35.3 42.0 22.9 -
Production costs and
royalties (53.8) (11.3) (18.1) (15.6) (8.8) -
Net field contribution 91.3 33.6 17.2 26.4 14.1 -
Amortisation (45.3) (9.1) (16.1) (9.6) (10.5) -
Exploration expenses (4.9) - - - - (4.9)
Segment Profit 41.1 24.5 1.1 16.8 3.6 (4.9)
Unallocated
income/(expenses) (10.2)
Net profit before tax 30.9
36
For
per
sona
l use
onl
y
Cash flow analysis
HY to
Dec 2012
$ million
HY to
Dec 2011
$ million
Opening Cash 42.8 117.2
Net cash flow from operations * 39.4 75.4
Asset disposals - -
Development spending (102.2) (43.7)
Exploration spending initially capitalised (17.1) (1.2)
Proceeds from borrowings 77.3 -
Other (0.6) 18.8
Closing Cash 39.6 166.5
* Includes exploration & evaluation costs (5.0) (7.6)
37
For
per
sona
l use
onl
y
Balance Sheet and Funding
Cash of $39.6 million at half year
Drawn debt of $93.8 million at half year
Net debt of $54.2 million, undrawn facilities of $206 million at half year
Conservative gearing ensures funding capacity for future activities
Balance Sheet Item 31 Dec 12 $million
Total Assets 1,134
Exploration and evaluation assets 95
Oil and gas assets 899
Total Liabilities 267
Interest bearing liabilities 91
Net Assets 867
38
For
per
sona
l use
onl
y
Energy price projections
Industry forecasts sustained high oil prices and strong domestic gas demand
Note: Annual average price for Brent crude oil on the Intercontinental exchange.
$0
$50
$100
$150
$200
$250
$300
2010 2015 2020 2025 2030 2035 2040
Oil
Pri
ce (
US
do
llars
pe
r b
arr
el)
Brent Oil Spot Price Projections (US EIA – Annual Energy Outlook 2013)
Brent Spot Price (nominal $/barrel)
Brent Spot Price (real 2011 $/barrel)
$0
$5
$10
$15
$20
2010-11 2015-16 2020-21 2025-26 2030-31
Gas P
rice (
Au
str
ali
an
do
llars
pe
r G
J)
Melbourne Wholesale Fuel Cost (Gas) Projections (ACIL Tasman)
Levelised price projections (nominal $/GJ)
Levelised price projections (real 2012-13 $/GJ)
The US Energy Administration continues to forecast strong oil price growth
(in real terms) over the next 30 years, even with substantially reduced
projected US imports
Whilst East Australian gas prices remain low compared to our Asian export
markets, most industry experts expect the domestic gas price to rise sharply
over the next 5-10 years as local supply increases to meet LNG exports
Note: AEMO NTNDP modelling Final June 2012 Melbourne Gas Price - Planning Scenario Sensitivity 4
39
For
per
sona
l use
onl
y
Domestic contracted sales gas
Substantial uncontracted domestic gas position with exposure to gas price growth
48% of AWE’s Australian
2P gas reserves and 76%
of 2P+2C gas resources
remain uncontracted
30 million BOE 2P
Australian gas reserves
Additional 34 million BOE
Australian 2C gas
resources
AWE is well placed to take
advantage of future gas
price opportunities
0
10
20
30
40
50
60
70
2013 2014 2015 2016 2017 2018 2019 2020
TJ/d
ay
Financial Year (June 30)
AWE Net Australian Sales Gas Production Forecast (average TJ per day)
2P Reserves - Contracted 2P Reserves - Uncontracted
2C Resource - Uncontracted 2C Resource Potential
40
For
per
sona
l use
onl
y
Strong Board and Management
Experienced team focused on maximising value and delivering growth
Non-executive Directors
Bruce Phillips • Chairman
• 30+ years’ of oil & gas technical, financial and
managerial experience
Andy Hogendijk • 30+ years’ of senior financial management
experience
• Chairman of the Audit and Governance
Committee
Dave McEvoy • 40+ years’ experience in international O&G
exploration and development
• Chairman of the Sustainability Committee
Ken Williams • 20+ years’ operational experience in
corporate finance, treasury and financial risk
management
• Chairman of the People Committee
Vijoleta Braach-
Maksvytis
• 20+ years’ experience in organisational
change, formation of cross-sectoral and global
partnerships, the commercialisation of
technology, and intellectual property strategy
Ray Betros • 30+ years’ experience specialising in
international business and project
development and technical management
Senior Management
Bruce Clement • Managing Director
• Engineer with 30+ years’ experience in oil & gas
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 and GM New Zealand
• 30+ years’ management experience in
international O&G industry
Dave Gaudoin • VP, Exploration & Development, Indonesia
• 20+ years’ of management & geoscience
experience with major international O&G
corporations
Neville Kelly • Company Secretary
• 30+ years’ of financial, commercial and company
secretarial experience in the upstream oil and
gas industry
Ian Palmer • General Manager Development
• 30+ years’ engineering, operational and project
management experience in upstream O&G
41
For
per
sona
l use
onl
y
AWE 2P Reserves as at 31 December 2012
Sustainable operating cash flow from existing 2P Reserves
2P Reserves
Project/Area Equity (million boe)
BassGas 46.25% 27.9
Otway Basin 25.0% 8.5
Cliff Head 57.5% 2.9
Onshore PB 33-100% 2.1
Tui 42.5% 2.8
Sugarloaf 7.5%* 15.9
Total 60.1
*Net Revenue Interest, post Royalty (Working Interest 10%), includes upgraded
2P Reserves
42
27.9
8.5
2.9
2.1
2.8
15.9
BassGas
Otway Basin
Cliff Head
Onshore PB
Tui
Sugarloaf
For
per
sona
l use
onl
y
AWE 2C Resources as at 31 December 2012
2C Resources increased following AAL acquisition
2C Resources
Project/Area Equity (million boe)
Bass Basin 44.75-46.25% 37.3
Otway Basin 25.0% 4.8
Cliff Head 57.5% 1.2
Onshore PB 50%-100% 8.2
Tui 42.5% 1.5
Sugarloaf 7.5%* 5.1
Ande Ande
Lumut 100% 43.0
Other Indonesia 42.5-100% 30.9
Total 132.0 *Net Revenue Interest, post Royalty (Working Interest 10%), includes upgraded
2C Resources
43
37.3
4.8
1.2 8.2
1.5 5.1 43
30.9
Bass Basin
Otway Basin
Cliff Head
Onshore PB
Tui
Sugarloaf
Ande Ande Lumut
Other Indonesia
For
per
sona
l use
onl
y