Central Petroleum Limited · ASX:CTP
Central Petroleum — Shareholder Meeting (November 2023)
18 slides from Central Petroleum's shareholder meeting presentation, Nov 14, 2023
Slide 1: 2023 Annual General Meeting
For personal use only 2023 Annual General Meeting 14 November 2023 Central Petroleum Limited (ASX:CTP)
Slide 2: Year in review
Year in review Highlights Challenges • • Cost escalation For personal use only Solid underlying revenue and $39.3m revenue (FY23); performance • Margin per unit uncreased 18% • Increased regulation and compliance costs • Added 5.9 PJ of 2P gas reserves (up 8% before production) • Excellent safety re
Slide 3: Solid underlying operational performance (FY2023)
Solid underlying operational performance (FY2023) Improving performance Sales volume 4.8 PJe ➢ Sales revenue: $39.2m (inc $1m Take-or-pay) • Down 23% on FY2022 For personal use only ➢ Strong markets: Realised gas price up 17% on FY2022, at $7.90/GJe • Down 3% from FY2022 (adjusted for current owners
Slide 4: Balance Sheet Improvements
Balance Sheet Improvements Strong position to cover growth opportunities and flexibility to integrate strategic review outcomes Strong cash position For personal use only Cash balance $12.5m (at 30 September) Range sale proceeds of $12.5m due on completion (end of November) Reduced Debt with undrawn
Slide 5: Turning the corner on debt and gas-in-kind liabilities
Turning the corner on debt and gas-in-kind liabilities For personal use only Pre-Sale Acquisition Funding: Pre-sold gas will be fully-delivered by 31 December (free cash flows to be boosted by more than $6m* / year Down 60% since 2019 from January 2024) Down 36% from 2023 GBA Over-lift Funding: Over
Slide 6: Gas Markets
Gas Markets Short Term Trading Market Pricing* Central's firm contracted gas volumes 5.0 35 Sydney 4.5 For personal use only 30 Brisbane 4.0 (Wallumbilla) 25 3.5 Petajoules (PJ) 3.0 (A$/GJ - exante) 20 2.5 15 2.0 1.5 10 1.0 5 0.5 - - CY2023 CY2024 CY2025 CY2026 Nov 22 Dec 22 Jan 23 Feb 23Mar 23 Apr
Slide 7: Palm Valley production and reserves boost
Palm Valley production and reserves boost PV12 well: 12 months on production ➢ Produced at over 10 TJ/day, doubling PV field production Possible new Palm Valley development well locations1 For personal use only ➢ Total 12 months production circa 2.7 PJ, generating $15m in revenue (100% JV) ➢ Increas
Slide 8: Southern Amadeus Sub-salt Exploration
Southern Amadeus Sub-salt Exploration Hydrogen / Helium / Hydrocarbons For personal use only Drill-ready sub-salt targets • Jacko Bore-2: lateral designed for flow testing of existing helium discovery (9% measured helium) • Dukas-2: targeting fractured basement through thinner salt • Zevon: Large pr
Slide 9: Zevon (EP115)
Zevon (EP115) Multi-tcf potential for hydrocarbon gases, helium and hydrogen For personal use only • 12-month permit extension has been granted • Central holds a 100% interest • Current 30km seismic program underway • Results expected to also help interpret previous seismic data • Program expected t
Slide 10: Range sale
Range sale For personal use only ▪ Sale of Range announced on 13 November 2023 ▪ $12.5m to be received on completion (end of November) ▪ Profit of circa $12.5m expected ▪ First outcome under the Strategic Review ▪ Releases capital for balance of portfolio CENTRAL PETROLEUM LIMITED (ASX:CTP) 10
Slide 11: Key challenges
Key challenges For personal use only • General cost escalation • Climate Change / Net Zero narratives • Increased regulation and compliance costs • New NT Royalty regime • New NT fees and charges • Equity and debt capital market retreat • Gas market uncertainty / volatility • Investment uncertainty
Slide 12: Pipeline of growth opportunities
Pipeline of growth opportunities Mereenie production Palm Valley production Subsalt exploration Near field exploration For personal use only • New crestal • New production Targeting: helium, • Mamlambo oil development wells wells (next 2 naturally-occurring • Orange (2 under planning) locations iden
Slide 13: The year ahead – Keys to Success
The year ahead – Keys to Success ✓ Deliver strong operating results For personal use only ✓ New term gas contracts & improved portfolio pricing ✓ Progress opportunities to increase production ▪ Mereenie development wells ▪ Palm Valley appraisal wells ▪ Stairway appraisal wells ▪ Helium recover unit
Slide 14: Appendix: Reserves and Resources Information
For personal use only Appendix 1 Reserves and Resources Information CENTRAL PETROLEUM LIMITED (ASX:CTP) 14
Slide 15: Appendix 1: Reserves and Resources information
Appendix 1: Reserves and Resources information Reserves and contingent resources Reserves Contingent Resources For personal use only Proved Proved & Best estimate Central – existing producing fields Probable (Central share) Units 1P 2P 2C Mereenie oil mmbbl 0.34 0.38 0.05 Mereenie gas PJ 28.7 37.5 4
Slide 16: Appendix 1: Resources information
Appendix 1: Resources information Prospective Resources Units Low Estimate Best Estimate High Estimate Mean Prospective Resources For personal use only Dukas (EP112) Central 35% interest The volumes of Prospective Resources included in this report Helium Bcf 6.0 39.9 165.2 69.7 represent the unriske
Slide 17: 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 18: Contact and Further Information
Level 7, 369 Ann Street Brisbane QLD 4000 For personal use only Contact and Australia Further Information +61 (0)7 3181 3800 info@centralpetroleum.com.au Investor and Media Inquiries: Leon Devaney (MD and CEO) +61 (07) 3181 3800 This presentation was approved and authorised for www.centralpetroleum.
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