Slide 1: FY23 full year results and FY24 outlook
For personal use only Orbost GasEast Orbost, Processing Plant Gippsland 29 August 2023 FY23 full year results and FY24 outlook
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: Year in review
For personal use only 01 Year in review
Slide 4: Record FY23 production and u-EBITDAX
Year in review Financial highlights Growth & FY24 guidance Record FY23 production and u-EBITDAX Underpinned by strong safety and environmental performance For personal use only Lost time incidents TRIFR1 Net organisational emissions2 0 4.38 0 Safety and environment cases (industry 5.68) tonnes (FY23
Slide 5: Health, safety, environment and community
Year in review Financial highlights Growth & FY24 guidance Health, safety, environment and community Results ahead of industry benchmarks through disciplined operations For personal use only Safety Safety metrics FY22 FY23 Zero lost time injuries Hours worked 220,238 228,483 One medical treatmen
Slide 6: Organisational changes
Year in review Financial highlights Growth & FY24 guidance Organisational changes Refreshed executive team For personal use only Jane Norman Managing Director & Chief Executive Officer Chad Wilson Dan Young Andrew Thomas Eddy Glavas Nathan Childs Ying Luo Nicole Ortigosa Chief Chief Chief Chief Chie
Slide 7: Orbost gas processing plant
Year in review Financial highlights Growth & FY24 guidance Orbost gas processing plant Improving stability following transfer of operatorship For personal use only OGPP average processing rate, TJ/d FY23 average processing rate 47.1 TJ/d1 (FY22 42.5 TJ/d) 48.2 excluding — Contracted average annual
Slide 8: Athena gas plant
Year in review Financial highlights Growth & FY24 guidance Athena gas plant Longstanding compressor reliability issue resolved in May 2023 For personal use only Athena average processing rate, TJ/d (100% gross) 30 FY23 average processing rate 21.4 TJ/d (100% gross) Planned annual — FY22 average pr
Slide 9: Non-operated production and other activities
Year in review Financial highlights Growth & FY24 guidance Non-operated production and other activities Focus on safe completion of BMG decommissioning on-time & company-wide cost reductions For personal use only Cooper Basin oil BMG wells decommissioning Cost reductions Divestment of non-core ass
Slide 10: Government policy support for domestic gas producers
Year in review Financial highlights Growth & FY24 guidance Government policy support for domestic gas producers Encouraging mid cap operators focussed on domestic supply For personal use only Key details Carve out for domestic suppliers with production of <100 PJ/y — Cooper Energy eligible for exe
Slide 11: FY23 highlights
Year in review Financial highlights Growth & FY24 guidance FY23 highlights Focus on operational excellence to maximise production and cashflow For personal use only Record annual production: 7.8% to 3.56 MMboe FY23 Performance Record annual u-EBITDAX: 35.4% to $109.3mm Record annual operat
Slide 12: Financial highlights
02 For personal use only Financial highlights
Slide 13: Record production & financial metrics
Year in review Financial highlights Growth & FY24 guidance Record production & financial metrics Step change in operating cashflow, continued deleveraging For personal use only $mm unless indicated FY22 FY23 Change Production 8% due to improved OGPP performance Revenue 4% due to lower sales
Slide 14: Record u-EBITDAX
Year in review Financial highlights Growth & FY24 guidance Record u-EBITDAX u-EBITDAX—bridge from FY22 For personal use only A$mm FY23 record u-EBITDAX Lower sales volumes offset by fewer gas purchases and higher 33.3 realised prices 54.0 3.6 5.0 Lower tolling costs as a result of 4.3 OGPP acq
Slide 15: Group cash bridge from June 2022 to June 2023
Year in review Financial highlights Growth & FY24 guidance Group cash—bridge from June 2022 to June 2023 Cash flow generation impacted by BMG restoration and capex For personal use only A$mm 0.5 Restoration cash flows primarily relate to costs associated with BMG Capex includes costs associated with
Slide 16: Growth, FY24 guidance & wrap-up
03 For personal use only Growth, FY24 guidance & wrap-up
Slide 17: Focus on delivering business priorities
Year in review Financial highlights Growth & FY24 guidance Focus on delivering business priorities Positioning for the next phase of growth in FY24 Q1 FY24 Q2 FY24 Q3 FY24 Q4 FY24 For personal use only Orbost Orbost performance improvement plan Mid case avg: mid 50’s TJ/d High case avg: high 50’s TJ
Slide 18: Orbost performance improvement plan
Year in review Financial highlights Growth & FY24 guidance Orbost performance improvement plan Incremental improvements from identified workstreams For personal use only Orbost production potential, TJ/d 70 66 Operations excellence 63 60 62 — Improve underlying reliability performance FY23 Average
Slide 19: Basker Manta Gummy wells abandonment in Q2 FY24
Year in review Financial highlights Growth & FY24 guidance Basker Manta Gummy wells abandonment in Q2 FY24 Gippsland Basin subsea decommissioning on track For personal use only BMG Other near term decommissioning activity Helix nomination of Q7000 arrival window: 1 – 30 Sep Within next 5 years — S
Slide 20: Progressing new gas supply to the short domestic market
Year in review Financial highlights Growth & FY24 guidance Progressing new gas supply to the short domestic market Clear pathway to commercialisation via Athena Gas Plant For personal use only Immediate priority focus — Completion of BMG wells decommissioning & OGPP performance improvement initiat
Slide 21: FY24 guidance: production, production expenses & capex
Year in review Financial highlights Growth & FY24 guidance FY24 guidance: production, production expenses & capex Focus on higher gas production, completing BMG wells abandonment and driving cost efficiencies For personal use only Production: 58.5 – 65.2 TJe/day1 FY24 production expenses: $60—68mm2
Slide 22: Outlook for production expenses
Year in review Financial highlights Growth & FY24 guidance Outlook for production expenses1 Expectations for FY24 and beyond For personal use only FY24 production expenses, A$mm Key drivers for changes to production expenses 75 Upstream costs remain in line with FY23 Higher maintenance costs, in
Slide 23: FY24 outlook for net debt & leverage
Year in review Financial highlights Growth & FY24 guidance FY24—outlook for net debt & leverage Peak in Q2 FY24 due to BMG wells decommissioning For personal use only 300 5.0 Senior secured reserve based loan (RBL) Strong group of eight banks — Mix of domestic and international banks active in t
Slide 24: Operational excellence to drive improved production and cashflow
Year in review Financial highlights Growth & FY24 guidance Operational excellence to drive improved production and cashflow FY24 key corporate priorities For personal use only Orbost performance Delivery of BMG improvement plan abandonment FY24 cost-out Positioning for growth Orbost Gas Processing P
Slide 25: Appendices
For personal use only 04 Appendices
Slide 26: Positioned to support further integration of variable renewables
Positioned to support further integration of variable renewables South Australia is a window into the future role of gas supply in Southeast Australia’s power mix For personal use only South Australian electricity supply by type (~70% renewables annually), MW1 Exports Imports Battery (Discharging) W
Slide 27: Otway Basin gas hub: visible near-term growth
Otway Basin gas hub—visible near-term growth Six prospects identified with high assessed chance of geological success For personal use only Otway phase-3 development Development of Annie gas discovery 64.6 PJ 2C (100% basis)1 through Athena Drilling campaign based around Annie + 2 low-risk explo
Slide 28: 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 and Gummy contingent resource 1C 2C 3C estimates (COE 100% interest)1 Gas PJ 95 185 343 Condensate MMbbl 2.5 4.9 9.7 Future development option, COE interest 100
Slide 29: Positioned to capture long-term supply gap
Positioned to capture long-term supply gap Market supports long-term growth opportunities at LNG import parity For personal use only Southern states forecast supply/demand (source: AEMO), PJ/year1 Gippsland, Otway & Bass Basins, WM commercial reserves (PJe)2 500 Developed & committed 3,524 Anticipat
Slide 30: Reconciliations
Reconciliations Underlying adjustments include restoration, OGPP reconfiguration and NOGA levy For personal use only $mm FY22 FY23 $mm FY22 FY23 Underlying net profit / (loss) after tax 14.4 (5.6) Statutory net profit / (loss) after tax (10.6) (68.5) Adjusted for: Adjusted for: Net finance costs 9.1
Slide 31: June 2023 2P reserves & 2C resources
June 2023 2P reserves & 2C resources1 Overview For personal use only MMboe 48.4 12.0 2P revisions 0.2 — FY23 production 39.5 0.5 36.3 36.9 0.0 — Extension to end of field life 0.3 3.6 0.2 timing for CHN/Athena Sole 2P reduced by production only Updated assessment of Manta Hub — Increase of mea
Slide 32: Multiple growth opportunities within portfolio
Multiple growth opportunities within portfolio High graded offshore exploration and appraisal prospects to backfill existing infrastructure Development / For personal use only Future exploration options1 Near term exploration1 appraisal2 Production3 Manta Deep Higher risk Chimaera East Gummy Deep Wo
Slide 33: Reserves and Contingent Resources at June 2023
Reserves and Contingent Resources at 30 June 2023 1P (Proved) 2P (Proved & Probable) 3P (Proved, Probable & Possible) Reserves1 Cooper Otway Gippsland Total Cooper Otway Gippsland Total Cooper Otway Gippsland Total For personal use only Developed Sales gas PJ 0.0 16.0 132.5 148.6 0.0 19.5 195.2 214.
Slide 34: Notes on calculation of Reserves and Contingent Resources
Notes on calculation of Reserves and Contingent Resources Cooper Energy prepares its petroleum Reserves and Contingent Resources in accordance with the definitions and guidelines in the Society of Petroleum Engineers (SPE) 2018 Petroleum Resources Management System (PRMS). The estimates of petroleum
Slide 35: Abbreviations
Abbreviations For personal use only $ Australian dollars APA APA Group (ASX: APA) ASX Australian Securities Exchange bbl Barrels Bcf Billion cubic feet of gas Cooper Energy or Company Cooper Energy Limited ABN 93 096 170 295 FEED Front End Engineering and Design FID Final Investment Decision GSA Gas
Slide 36: Footnotes
Footnotes By page For personal use only Slide 4 1. TRIFR is recordable incidents (Medical Treatment Injuries + Restricted Work/Transfer Case + Lost Time Injuries + Fatalities) per million hours worked. Calculated on a rolling 12-month basis 2. Organisational carbon emissions voluntarily fully offset
Slide 37: Footnotes
Footnotes By page For personal use only Slide 29 1. Cooper Energy analysis of 2023 AEMO GSOO Report 2. Wood Mackenzie Upstream Australasia Insight Report (July 2021). Amounts shown here are Wood Mackenzie assessed commercial reserves. Wood Mackenzie Disclaimer: The data and information provided by W