Central Petroleum Limited · ASX:CTP
Central Petroleum — FY2022 Earnings Presentation
14 slides from Central Petroleum's earnings presentation, Sep 21, 2022
Slide 1: Annual Results and Activity Update
Annual Results and Activity Update 21 September 2022 Central Petroleum Limited (ASX:CTP)
Slide 2: FY2022 Highlights
FY2022 Highlights Completed sale of 50% of interests in Amadeus Basin • Recognised $36.6 million book profit on sale • NZOG / Cue are funding Central’s share of over $100 million in development and exploration in the permits Steady underlying production and revenues • New Mereenie production wells b
Slide 3: Headline Results
Headline Results Sales volume 6.3 PJe • Down 39% (2% down on like-for-like basis) • Reflects 50% reduction in ownership interest from October 2021 Sales revenues $42.2m • Down 30% (up 12.7% on a like-for-like basis) • Stronger commodity prices • 15% of gas sold into east coast spot gas market EBITDA
Slide 4: Solid Operational Performance
Solid Operational Performance Sales prices $6.73 / GJe $5.83 in FY2021 ✓ Gas prices up 15.4% due to spot markets / contract escalation Operating costs ✓ Higher oil prices $3.39 / GJe $2.81 in FY2021 ➢ Includes transportation costs for new sales contract and spot sales ➢ Increased royalties on higher
Slide 5: Financial Security
Financial Security Reduction and extension of debt facility Maturing facility New facility Net debt $10.2m (down $4.8m) Expiry 30 September 2022 30 September 2025 Loan Balance $30.8m Principal repayments $2.0m per quarter $1.125m per quarter Early termination fee Lesser of: Nil Facility extended • 2
Slide 6: New Contracts in Strong Gas Markets
New Contracts in Strong Gas Markets Term gas markets remain strong Existing gas contracts escalate with inflation Very strong market interest in new firm gas contracts from 2023 New firm gas sales agreements + 3.15 PJ* over 4 years from 1 Jan 2022 + 0.9125 PJ* during 2025 New access to east coast sp
Slide 7: Drilling Program Update
Drilling Program Update PV12 drilling progress • 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 • Revised exploration target in lower Pacoota P2/P3 Sandstone
Slide 8: Sub-salt Exploration Program Update
Sub-salt Exploration Program Update Key activities underway Santos (operator) has commenced procurement, rig contracting, approvals Three wells commencing in 2023 Dukas, Mt Kitty and Mahler Targeting helium, naturally-occurring hydrogen and hydrocarbons Peak farm-out Peak Helium will fund Central’s
Slide 9: Near-term activity (CTP Share)
Near-term activity (CTP Share) Zevon seismic (100%) Palm Valley #12 drilling (50%) Mereenie production Subsalt Gas, helium and enhancement (25%) Targeting near-term production hydrogen target Planning underway for: through P1 appraisal currently Seismic planned 2023 underway • up to 6 well recomplet
Slide 10: Appendix: Reserves and Resources Information
Appendix 1 Reserves and Resources Information
Slide 11: Appendix 1: Reserves and Resources information
Appendix 1: Reserves and Resources information 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 Valley PJ 11.3 12.7 6.8
Slide 12: Appendix 1: Reserves and Resources information
Appendix 1: Reserves and Resources information 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 Recoverable Recoverable
Slide 13: Notice and Legal Disclaimer
Notice and Legal Disclaimer 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 (“Company”). This presen
Slide 14: Contact and Further Information
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 Executive Officer 14