Slide 1: FY09 Results Briefing
Click to edit Master title style For personal use only Reg Nelson Managing Director Hector Gordon Chief Executive Officer Kathryn Presser Chief Financial Officer
Slide 2: Important Notice
Click to edit&Master Disclaimer Important For personal use only title Notice style This presentation contains forward looking statements that are subject to risk factors associated with oil, gas, geothermal and related businesses. It is believed that the expectations reflected in these statements ar
Slide 3: FY09 Highlights
Click to FY09 Highlights edit Master title style For personal use only Record production and sales revenue Record NPAT of $260 million Normalised NPAT of $64 million, up 21% Sold Tipton West CSG asset for up to $400m 100% of debt repaid Continued success in Cooper Basin: Particularly W
Slide 4: Beach Strategy
Click toStrategy Beach edit Master title style For personal use only Consistent, targeted growth Long-term cash flow, production and reserves Value driven investments Maintain balanced portfolio Cooper Basin gas and oil Higher reward offshore Australia and international opportunities C
Slide 5: Production
Click to edit Master title style Production For personal use only Record production of Production (MMboe) 9.6 MMboe 12 Up 3% on FY08 10 Oil production increased 8 0.5 MMboe (18%) 6 7 6.5 6.3 Gas Oil Cooper Basin production 4 8.2 MMboe 2 1.4 2.4 2.8 3.3 0 FY10 production guidance FY06 FY07
Slide 6: Production: Cooper Basin continues to deliver
Click to edit Master title style Production For personal use only Cooper Basin continues to deliver Area FY09 FY08 Oil (MMbbl) Cooper & Eromanga Basins 2.5 2.0 Gippsland Basin 0.8 0.8 Total Oil 3.3 2.8 Sales Gas (PJ) Surat Basin* 3.4 3.0 Sales Gas & Ethane (PJ) Cooper Basin 28 30 LPG (kt) Cooper Bas
Slide 7: Reserves & Resources
Click to edit Reserves & Master Resources For personal use only title style 2P Reserves – 66 MMboe 5.9 MMboe added in Cooper Basin 2P Reserves & Contingent Resources: 359 MMboe 2.2 MMboe added in Egypt Tipton West divestment Contingent Resources – 293 MMboe Conventional Cooper Basin 84 MMboe
Slide 8: Reserves & Resources
Click to edit Reserves & Master Resources For personal use only title style Proved and Probable Reserves 30 June 2009 Area Oil Gas Liquids Gas Oil Equivalent (MMbbl) (MMboe ) (PJ) (MMboe ) Cooper/Eromanga Basin 14.3 7.4 228 61 Gippsland Basin 2.4 - - 2.4 Egypt 2.2 - - 2.2 Total 18.8 7.4 228 66 Conti
Slide 9: Overview of Results
Click to edit Overview ofMaster Resultstitle style For personal use only Positive impact of Tipton asset sale plus increased production FY09 Change Production 9.6 MMboe 3% Sales Revenue $581 million 3% Cash Flow from Operations $173 million (13)% EBITDAW $641 million 161% Net Profit After Tax $260 m
Slide 10: Sales Revenue
Sales Click toRevenue edit Master title style For personal use only Record sales revenue of $581 million, up 3% Average gas price $4.33/GJ, up 7% Average oil price A$93/bbl Received A$97/bbl after hedging Average Oil Price Sales Revenue $120 $700m $100 $600m $500m $80 $400m $60 A$/bbl $300m
Slide 11: Sales Revenue
Click toRevenue Sales edit Master title style For personal use only Sales revenue up due to increased volumes $800 $64.0 $17.6 $148.3 $5.6 $700 $78.1 Third Party Gas Prices $600 $564.4 FX Rates Purchases $581.4 $/GJ Volume / Mix AUD/USD FY08 $4.03 Liquids Prices $500 FY09 $4.33 FY08 $0.90 $ million
Slide 12: Earnings – Tipton West Sale
– Tipton Click to edit Earnings MasterWest For personal use only title style Sale An entry cost of $35 million, an exit price of up to $400 million Profit on sale of Tipton West: $million Proceeds 1 - Cash 260 - Arrow Energy shares 70 Profit on sale of Arrow shares 2 3 Less cost - Acquisition cost (
Slide 13: Net Profit After Tax
ClickProfit Net to edit After Master Tax title style For personal use only Normalised NPAT up 21% in a challenging global environment FY09 FY08 $million $million Net profit after tax 260 64 Remove unrealised commodity hedge loss / (gain) (50) 5 Remove commodity hedge close out 13 50 Remove asset sal
Slide 14: Normalised NPAT
Click to edit Master Normalised NPAT title style For personal use only Normalised Net Profit after Tax Comparison $140 $75.8 $10.7 $120 $14.4 Gross Profit $39.4 $100 Tax and Other $80 $million $64.2 $60 $52.9 Depreciation Hedging / FX $40 $20 $0 Normalised June 08 Normalised June 09 Page 14
Slide 15: Cash Flow
Click to Cash Flow edit Master title style For personal use only Strong end of year cash position FY09 FY08 $million $million Opening cash balance 376 75 Cash from operations 173 200 Development (Australia) (206) (211) Exploration and development (International) (35) (11) Exploration (Australia) (10
Slide 16: Debt & Dividends 2009
Click & Debt to Dividends edit Master title style For personal use only All outstanding debt repaid $136 million cash on hand at 30 June FY09 dividend of 3.75 cents per share: Interim 0.75 cent per share Final 1.00 cent per share (partially franked) Special 2.00 cents per share (fully fr
Slide 17: Hedging
Click to edit Master title style Hedging For personal use only Oil price floors and currency swaps only Oil Price: Floor Floor Total Hedged Period US$60/bbl US$80/bbl Volume WTI TAPIS (bbls) FY10 420,000 600,000 1,020,000 Currency: Collar Ceiling Total Hedged Period US$0.4988 to US$0.9150 Currency U
Slide 18: FY10 Outlook
Click to FY10 Outlook edit Master title style For personal use only FY10 production guidance approx 9.0 MMboe First oil from Egyptian ‘nearshore fields’ by early CY10 Key wells: Bass Basin: Spikey Beach-1 (exploration) Egypt: Teen-1 (exploration) and Burtocal appraisal wells A few other
Slide 19: For personal use only
Click to edit Master title style For personal use only 19