Central Petroleum Limited · ASX:CTP
Central Petroleum — Shareholder Meeting (November 2022)
16 slides from Central Petroleum's shareholder meeting presentation, Nov 10, 2022
Slide 1: Annual General Meeting 10 November 2022
For personal use only Annual General Meeting 10 November 2022 Central Petroleum Limited (ASX:CTP)
Slide 2: Year in Review
Year in Review For personal use only Underlying production and revenues: $42m revenue and reserves upgrade Markets: Strong gas market and new access to spot sales Exploration program: Pivot from deeps exploration to production New production to come online: PV12 rig test flowed at approx 12 TJ/day R
Slide 3: Solid Operational Performance
Solid Operational Performance For personal use only Steady performance ➢ Sales revenue (FY2022): $42.2m ➢ Profit on partial asset sale: $36.6m ➢ Strong markets: Realised gas price up 15% on FY2021 Offset by operating headwinds • General inflationary pressures • Increased NT regulations and charges •
Slide 4: Capital Structure
Capital Structure For personal use only Reduction and extension of debt facility Former facility New facility Net debt $15.1m (30 Sept 2022) Expiry 30 September 2022 30 September 2025 Loan Balance $30.6m Principal repayments $2.0m per quarter $1.125m per quarter Early termination fee Lesser of: Nil
Slide 5: Positioning To Benefit From Strong Gas Markets
Positioning To Benefit From Strong Gas Markets For personal use only Term gas markets remain strong Existing gas contracts escalate with inflation Very strong market interest in new firm gas contracts from 2023 Spot market average has increased by approx. $10 GJ New firm gas sales agreements + 3.15
Slide 6: Climate Change and Regulation Risk
Climate Change and Regulation Risk For personal use only Insert stunning landscape photo ? Supporting Australians Central’s gas provides reliable and affordable energy to Australians Reducing Emissions while new energy sources are developed: Active projects underway to reduce Central’s emissions: •
Slide 7: Exploration Program Pivots Toward Production
Exploration Program Pivots Toward Production For personal use only Palm Valley 12 exploration drilling • Original target (PV Deep) at 3,560m • Difficult drilling conditions – heavily fractured zones resulted in lost circulation of drilling fluids; hard rock resulted in slow rate of penetration • Rev
Slide 8: Range CSG Pilot
Range CSG Pilot For personal use only New pilot wells Two new step-out pilot wells (Range 9 and 10) were drilled in February Production testing Range 9 and 10 commenced testing in April with one of the original pilot wells (Range-6) Gas breakthrough was observed immediately upon commencement of pump
Slide 9: Program Expanded to Sub-salt Exploration Wells
Program Expanded to 3 Sub-salt Exploration Wells For personal use only Key activities underway Santos (operator) has commenced procurement, rig contracting, approvals Three wells commencing in 2023 Over $70 million investment in three permits Dukas, Mt Kitty and Mahler Targeting helium, naturally-oc
Slide 10: Near-term activity
Near-term activity For personal use only Zevon seismic (100%) Mereenie production Palm Valley #12 (50%) Subsalt Gas, helium and enhancement (25%) hydrogen target Gas flows tested at Planning underway for: Seismic planned 2023 approximately 12 TJ/day • up to 6 well recompletions(4) Farm-out candidate
Slide 11: The year ahead
The year ahead For personal use only Central is well positioned to take advantage of strong domestic gas markets and a major 3 well sub-salt exploration program Increasing production to supply strong gas markets • PV12 well online this quarter • Mereenie recompletions in 1H CY2023* • Mereenie develo
Slide 12: Appendix: Reserves and Resources Information
For personal use only Appendix 1 Reserves and Resources Information
Slide 13: Appendix 1: Reserves and Resources information
Appendix 1: Reserves and Resources information For personal use only Reserves and contingent resources Reserves Contingent Resources Proved Proved & Best estimate Central – existing fields Probable (Central share) Units 1P 2P 2C Mereenie oil mmbbl 0.37 0.41 0.05 Mereenie gas PJ 30.5 39.2 45.6 Palm V
Slide 14: Appendix 1: Reserves and Resources information
Appendix 1: Reserves and Resources information For personal use only Prospective Resources – Amadeus exploration targets (Central Share) Low Estimate Best Estimate High Estimate Mean Resources Estimates Target Permit P90 P50 P10 The volumes of Prospective Lead / Prospect Permit formation Interest Re
Slide 15: Notice and Legal Disclaimer
Notice and Legal Disclaimer For personal use only To the maximum extent permitted by law: This presentation is not intended for prospective investors and does not purport to provide all of the information an interested party may require in order to investigate the affairs of Central Petroleum Ltd (“
Slide 16: Contact and Further Information
For personal use only Level 7, 369 Ann Street Brisbane QLD 4000 Contact and Australia Further Information +61 (0)7 3181 3800 info@centralpetroleum.com.au This presentation was approved and authorised for www.centralpetroleum.com.au release to ASX by Leon Devaney, Managing Director and Chief Executiv
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