Amplitude Energy Limited · ASX:AEL
Amplitude Energy — Cooper Energy — Investor Presentation (June 2023)
22 slides from Amplitude Energy's investor presentation, Jun 7, 2023
Slide 1: Investor Presentation June 2023
For personal use only Biodiversity Project, Coorong, South Australia June 2023 Investor Presentation
Slide 2: Disclaimer
Disclaimer For personal use only This document contains summary information about Cooper Energy and its activities as at the date of this document and should not be considered to be comprehensive or to comprise all the information which a shareholder or potential investor in Cooper Energy may requir
Slide 3: Cooper Energy—snapshot
Cooper Energy—snapshot The pure play on the Australian East Coast gas market For personal use only Introduction Market capitalisation and share register at 31 Mar 2023 Domestic gas producer supplying structurally short Southeast Australia gas market Ticker ASX:COE Net zero1 since FY20 & certifie
Slide 4: South Australia electricity supply/energy mix
South Australia electricity supply/energy mix A window to the future, where gas remains key amidst variable renewables For personal use only South Australian electricity supply by type1 MW Imports Gas Battery (Discharging) Wind Solar 2,500 2,000 1,500 1,000 500 0 -500 -1,000 Tue 30/05/23 Wed 31/05/2
Slide 5: East Coast Australia gas supply continues to tighten
East Coast Australia gas supply continues to tighten Attractive gas market dynamics underwriting new developments For personal use only Southern states forecast supply/demand, AEMO (PJ pa)1 Spot gas prices LTM ($/GJ)2 500 Developed & committed 60 Anticipated Victorian spot price Sydney spot price Ot
Slide 6: Cooper Energy—the pure play on Australia's East Coast gas market
Cooper Energy—the pure play on Australia’s East Coast gas market Net zero1 today for organisational emissions and a bias to early life-cycle reserves For personal use only Gippsland, Otway & Bass Basins, net remaining WoodMac commercial reserves (MMboe)2 Gippsland Basin JV Cooper Energy is the numbe
Slide 7: Twin hub access to the Southeast Australian gas market
Twin hub access to the Southeast Australian gas market Reserves & resources that sit very close to market, with lower emissions intensity For personal use only Otway Basin Gippsland Basin Adelaide Cooper Energy 50% and operator 100% owned and operated by Cooper Energy NSW Ownership Mitsui E&P
Slide 8: Cash generation is highly geared to spot gas prices and operating rates
Cash generation is highly geared to spot gas prices and operating rates Fixed-cost base provides substantial operating leverage For personal use only Combined Sole + OGPP estimated contribution to Q4 FY23 EBITDAX, A$mm1 100 65 TJ/day Sole/OGPP Q4 FY23 EBITDAX ($mm) 80 60 TJ/day 60 55 TJ/day 50 TJ/da
Slide 9: Embedded strategic value of Athena Gas Plant
Embedded strategic value of Athena Gas Plant The approval challenges for new gas infrastructure are substantial For personal use only 1,000 Athena capacity: A$450—800mm estimated replacement cost1 150 TJ/d → (Insured value ~A$800mm) 800 Estimated plant capex (AGP analogues)1 Indicative 4-5 year esti
Slide 10: Sequencing of the next phase of growth
Sequencing of the next phase of growth Aligning partner, balance sheet, regulatory, and activity focus For personal use only Satisfactory resolution of the Federal Government’s Code of Conduct & Reasonable Price Mechanism Q4 FY23 Unlocking the BMG wells abandonment next phase of Otway partner alignm
Slide 11: Near term catalysts
Near term catalysts Key short and medium term corporate events For personal use only Quarterly update MHFL Orbost Performance improvement initiatives High 50’s TJ/d transferred Resolution of Fed. Draft released Gov. policy Peak spot pricing Peak winter demand FY23 results & FY24 guidance Otway partn
Slide 12: Cooper Energy's strategic positioning as a domestic gas producer
Cooper Energy’s strategic positioning as a domestic gas producer Immediate focus on fixing Orbost and catalysing near term organic growth For personal use only Base business is set with Visible near term growth in Outstanding market integrated & operated twin Otway, close to market and fundamentals
Slide 13: Appendix
For personal use only Appendix
Slide 14: Increasing exposure to higher term and spot gas prices
Increasing exposure to higher term and spot gas prices Group annual contracted gas quantities (Gippsland/Sole1 + Otway/Casino Henry Netherby) For personal use only TJ/day PJ/annum Existing price (indexed) 2 (approximately) 30 Buyer extension option 3 82 Price re-openers begin in Jan 2024 Capped pric
Slide 15: Cooper Energy—net zero since FY20
Cooper Energy—net zero1 since FY20 Independently verified and certified by Climate Active For personal use only Committed to maintaining net zero1 status via three pillar approach Net Zero1 Enabler Leverage carbon neutral benefits Differentiated access to capital to fund further growth Inves
Slide 16: OGPP performance improvement plan
OGPP performance improvement plan Work and projects to increase stability and average rate Target average processing rate1 For personal use only Cooper Energy operational leadership Improved operational Drive disciplined operating culture discipline High 50’s Raise operator capability Now to D
Slide 17: Otway Basin gas hub
Otway Basin gas hub Foundation to develop Cooper Energy’s proven and prospective Otway gas portfolio For personal use only Otway phase-3 development Development of Annie gas discovery 64.8 PJ 2C (100% basis)1 through Athena Drilling campaign based around Annie + 2 low-risk exploration wells, clo
Slide 18: Exploration success rates in the Offshore Otway Basin are world class
Exploration success rates in the Offshore Otway Basin are world class 94% success rate for seismic amplitude supported prospects For personal use only Waarre Formation seismic amplitude map showing target prospects • 29 exploration wells drilled in the Offshore Otway Basin — 16 gas field discoveries
Slide 19: Gippsland Basin gas hub
Gippsland Basin gas hub Foundation to develop Cooper Energy’s proven and prospective Gippsland gas portfolio For personal use only Manta Contingent Resource estimates1 1C 2C 3C Gas PJ 78 121 190 Condensate MMbbl 2.2 3.4 5.4 • Future development option, COE interest 100% • Manta-3 appraisal well plan
Slide 20: Growth pathway: maturing a broad portfolio of opportunities
Growth pathway: maturing a broad portfolio of opportunities High graded offshore exploration and appraisal prospects Development / For personal use only Future exploration options1 Near Term Exploration1 Appraisal2 Production3 Higher risk Chimaera East Manta Deep Gummy Deep Wobbegong Elanora Heera L
Slide 21: Footnotes
Footnotes By page For personal use only Slide 3 1. Scope 1, Scope 2 and controllable Scope 3 emissions. See page 15 of Cooper Energy 2022 Sustainability Report for further information Slide 4 1. Source: www.opennem.org.au Slide 5 1. Source: Cooper Energy analysis of 2023 AEMO GSOO Report 2. AEMO dat
Slide 22: Footnotes (cont'd)
Footnotes (cont’d) By page For personal use only Slide 15 1. Scope 1, Scope 2 and controllable Scope 3 emissions. See page 15 of Cooper Energy 2022 Sustainability Report for further information. Slide 16 1. This is not formal production guidance for Sole/Orbost Slide 17 1. Annie 2C resource included