Beach Energy Limited · ASX:BPT
Beach Energy — Beach Petroleum — Investor Presentation (June 2008)
24 slides from Beach Energy's investor presentation, Jun 2, 2008
Slide 1: 2008 Investors Roadshow June 2008
For personal use only 2008 Investors Roadshow June 2008
Slide 2: Disclaimer and important notice
Disclaimer and For personal use only important notice Beach Petroleum has prepared this presentation based on information available to it. No representation or warranty, express or implied, is made as to the fairness, accuracy, completeness or correctness of the information, opinions and conclusions
Slide 3: Contents
For personal use only Contents Transaction Overview & benefits 1 Company overview 3 Portfolio of Producing Assets 6 Exploration Portfolio 8 Overview of Egyptian acquisitions 11 Beach appraisal and exploration program 16 Capital raising & timetable 17 Outlook for 2009 21
Slide 4: Transaction overview
1 Transaction overview For personal use only Equity Raising – approx Use of Proceeds: A$190m s.708 placement Approximately A$135 million for acquisition plus Share Purchase Plan: of and forward exploration/development 133.6 million shares representing current costs associated with a 20% interest in
Slide 5: Key benefits of transaction
2 Key benefits of transaction For personal use only Exposure to a suite of near term oil production and high impact exploration opportunities in highly prospective Egyptian basins. Assets with potential for ~8mmb 2P reserves in FY09. Exploration programme targeting >20mmb net in FY09. Further explor
Slide 6: Company overview
3 Company overview For personal use only Growing oil and gas production and exploration company. Ranked 5th in Australia based on reserves. Net reserves of approx 90mmboe (27% oil). Substantial additional resource base of ~170mmboe. Exploration portfolio with risked potential of ~100mmboe. FY2008 es
Slide 7: Proven investment discipline
4 Proven investment discipline For personal use only Acquisitions and organic growth have provided production growth and increased cash flow: Bodalla acquisition provided initial platform for growth. Prudent and profitable investment in BMG underpinned by partial sell down. Low cost entry into Surat
Slide 8: Strong Reserve and Production base
5 Reserve/production ratio of 9. For personal use only Delhi acquisition in 2007 added Strong Reserve significant reserves and production. Substantial additional resource and Production base base ~170mmboe. Reserves by Asset Production by Commodity 100 10 90 9 80 Total 89.6 Total 90.0 8 70 7 mmboe m
Slide 9: Portfolio of Producing Assets
6 For personal use only 1 2 Portfolio of Producing Assets 3 1. Cooper / Eromanga 3. Gippsland Oil Record Production. Producing ~10,000 bopd. Progressively ‘oilier’. Basker-6ST online 3rd Quarter. New FPSO under consideration. 2. Surat CSG Significant contingent Gas Resource. Producing 20mmcfd. Contr
Slide 10: Growth from Australian projects
7 Growth from For personal use only Australian projects Cooper/Eromanga Surat Coal Seam Gas Gippsland Oil Oil & Gas Est FY08 Prodn 0.4mmboe Est FY08 Prodn 0.8mmb Est FY08 Prodn 8.1mmboe Reserves ~20mmboe Reserves ~10mmb Reserves ~60mmboe Significant acreage Basker & Manta oil (25% oil) – 1,000 km².
Slide 11: Global exploration portfolio
8 Carnarvon Cooper Eromanga For personal use only Global exploration portfolio Bass & Otway Canterbury Basin Onshore Australia – low risk. Offshore Australia & International – medium Albania /high risk. Increasing international activity: Spain Egypt Tanzania Spain Egypt Albania Tanzania
Slide 12: High impact Australian exploration
9 High impact For personal use only Australian exploration Bass Basin: Peejay (50%) gross potential – 60mmb. Spikey Beach (80%) gross potential – 30mmb. Otway Basin: Fermat & Bernoulli prospects (50%) gross potential >1 TCF.
Slide 13: International projects
10 International projects For personal use only Egypt Albania Near term Exploration & Development Medium term exploration play Acquisition of 3 onshore and Deep water, high impact exploration play. offshore interests. 25% non-operated interest. Mix of exploration, appraisal and development. Potentia
Slide 14: Suite of New Egyptian Projects
11 Suite of New For personal use only Egyptian Projects
Slide 15: Three Egyptian acquisitions: North Shadwan
12 Three Egyptian acquisitions For personal use only North Shadwan – offshore Gulf of Suez: 20% from Tri-Ocean Energy. Purchase price US $110 million. Subject to government and JV pre-emptive rights. Nearby facilities & infrastructure. Three undeveloped oil discoveries, 2P reserves ~40 mmb: Further
Slide 16: Three Egyptian acquisitions: North Shadwan
13 Three Egyptian acquisitions For personal use only North Shadwan – offshore Gulf of Suez: 20% from Tri-Ocean Energy. Purchase price US $110 million. Subject to government and JV pre-emptive rights. Nearby facilities & infrastructure. Three undeveloped oil discoveries, 2P reserves ~40 mmb: Further
Slide 17: Three Egyptian acquisitions: South East July and North Qarun
14 Three Egyptian acquisitions For personal use only South East July Block – offshore Gulf of Suez: 20% from Santos, via farmin to July South-1 well. Subject to government pre-emptive right. Nearby facilities & infrastructure. July South-1 being drilled 4th quarter 2008: Potential 100 mmb. Further e
Slide 18: Three Egyptian acquisitions: South East July and North Qarun
15 Three Egyptian acquisitions For personal use only South East July Block – offshore Gulf of Suez: 20% from Santos, via farmin to July South-1 well. Subject to government pre-emptive right. Nearby facilities & infrastructure. July South-1 being drilled 4th quarter 2008: Potential 100 mmb. Further e
Slide 19: Appraisal and exploration programme
16 Appraisal and For personal use only exploration programme 2008 2009 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Cooper/Eromanga Ongoing exploration and development Gippsland Oil Basker-7 Manta ~3 Exp. well Surat CSG Ongoing exploration and development Spikey Bass Basin Peejay Beach Fermat / Otway Basin Bernoulli Nth SE
Slide 20: Details of Capital Raising
17 Details of Capital Raising For personal use only Placement: S.708 placement using full 15% capacity. 133.6 million shares at A$1.43 per share to raise approximately A$190 million. Share Purchase Plan (‘SPP’): Up to A$5,000 to existing holders on record date of 16 June 2008. Bonus Options: Issued
Slide 21: Expected use of funds
18 Expected use of funds For personal use only Share Placement expected to raise circa A$190 million. South East July, Approximately A$135 million for Nth Qarun & other acquisition of North Shadwan acquisitions and further Exploration and Development expenditure. Approximately A$55 million allocated
Slide 22: Alternative use of funds
19 Alternative use of funds For personal use only If JV pre-emptive rights are Other exploration exercised on North Shadwan, & development BPT may apply the funds in the following way: Approximately A$55 million for A$35m the acquisition of S.E. July, North Qarun and other acquisitions A$55m A$100m
Slide 23: Timetable
20 Timetable For personal use only Trading Halt Monday 2 June 2008 Road Show Singapore Monday 2 June 2008 Hong Kong Tuesday 3 June 2008 London Wednesday 4 June 2008 Thursday 5 June 2008 Sydney Monday 2 June 2008 Tuesday 3 June 2008 Wednesday 4 June 2008 Melbourne Thursday 5 June 2008 Institutional o
Slide 24: Outlook for FY09
21 Outlook for FY09 For personal use only Produce 8–10mmboe. Reserves by Asset Cooper Eromanga: 170 drill ~100 wells. 160 Exploration 150 140 Surat CSG: ongoing 130 development and 120 110 Contingent Resources exploration drilling. 100 90 Egypt 80 Total 89.6 Total 90.0 BMG 70 mmboe 60 Make FPSO comm