Amplitude Energy Limited · ASX:AEL
Amplitude Energy — FY2014 Earnings Presentation
32 slides from Amplitude Energy's earnings presentation, Feb 11, 2016
Slide 1: 2014 Results and 2015 Outlook
ss COOPER 2014 Results and 2015 Outlook & ENERGY 18 August 2014
Slide 2: Webcast and conference call details
Webcast http://event.on24.com/r.htm?e=830422&s=1&k=674DE1C2F46781B08CFBD05CFA1CD96C Conference call Conference ID number: 8107 0716 Australia: Toll free: 1800 123 296 International dial- in Toll: + 61 2 8038 5221 - (can be used if dialing from international location) Toll free: Canada 1855 5616 766
Slide 3: Disclaimer
The information in this presentation: • Is not an offer or recommendation to purchase or subscribe for shares in Cooper Energy Limited or to retain or sell any shares that are currently held. • Does not take into account the individual investment objectives or the financial situation of investors. •
Slide 4: Cooper Energy has had its best year yet
1. Cooper Energy has had its best year yet with its strongest financial and production results and substantially increased resources. 2. The base ingredients for the gas strategy are in place and execution is accelerating. We have started the work to commercialise our Gippsland Basin gas resource an
Slide 5: FY14 highlights
• Revenue of $72.3 million, up 35% • Net profit after tax $22.0 million up from $1.3 million • Underlying net profit after tax of $25.3 million, up from $ 12.7 million • Cash and investments of $75.1 million up from $68.1 million • Safety improvement resulted in LTIFR of 0.8 and met annual target •
Slide 6: FY14 financial summary
$ million unless otherwise indicated FY 14 FY13 Production MMbbl 0.59 0.49 ▲ 20% Sales volume MMbbl 0.58 0.48 ▲ 21% Oil price average AUD$/bbl 124.08 112.31 ▲ 10% Sales revenue 72.3 53.4 ▲ 35% Other revenue 2.8 2.3 ▲ 22% Net profit after tax 22.0 1.3 ▲ 1,592% Underlying NPAT 25.3 12.7 ▲ 99% Underlyi
Slide 7: Underlying NPAT movement
$ million +6.9 +1.7 -2.5 +0.5 -2.6 -3.4 25.3 +12.0 12.7 FY13 Sales revenue - Sales revenue - Cost of Sales Other revenue Offices & salaries1 Other costs Tax expense FY14 volume price 1. Salaries net of recharges 7
Slide 8: Cash and investments movement
$ million 81.0 32.4 1.4 98.2 49.3 Total cash & Total cash & 0.3 investments: 75.1 investments: 68.1 Investments at Investments at fair value 26.0 fair value1 20.2 Cash & deposits 47.9 0.1 0.3 49.1 Cash & deposits Cash from Investing, operations Financing & FX + $50.3m - $49.5m Jun-13 Receipts Paymen
Slide 9: FY14 production vs initial guidance
0.05 0.59 0.52 0.02 0.54 0.49 0.47 0.49 0.46 0.41 Indonesia Cooper Basin FY09 FY10 FY11 FY12 FY13 FY14 FY13 FY14 • FY14 production of 0.59 MMbbl vs initial guidance of 0.54 – 0.58 MMbbl • Cooper Basin: some production was deferred to FY14 from FY13 pipeline interruptions • Indonesia: value addition
Slide 10: Safety performance: LTIFR
12 month rolling Lost Time Injury Frequency Rate • FY14 LTIFR of 0.8 from 1.75 at June 13 APPEA and Cooper Energy • Hours worked increased 148% 2.5 − increased from 0.48 to 1.19 million hours • 1 lost time injury for year: allergic reaction 2.0 Cooper Energy • Matching APPEA FY13 industry average 1.
Slide 11: Exploration wells and seismic investment
Conventional exploration wells spudded Seismic acquired and processed Number $ million invested 10 4.6 8 3.7 6 6 2.5 4 3 1.5 .06 2010 2011 2012 2013 2014 2015P 2010 2011 2012 2013 2014 • FY14 exploration featured reduced oil exploration wells and continued investment in seismic • 3 conventional oil
Slide 12: Reserves and Contingent Resources
Proved & Probable (2P) reserves Contingent Resources (2C) MMbbl MMboe 2.16 17.0 0.59 0.45 2.01 Tunisia 18.0 Gippsland Basin Cooper Basin 5.7 30-Jun-13 0 Production 0 Revisions 30-Jun-14 30-Jun-13 30-Jun-14 Reserves1 Contingent Resources2 MMbbl at 30 June 2014 1P 2P 3P MMboe at 30 June 2014 1C 2C 3C
Slide 13: Cooper Basin
• Oil production up 17% – increased from 0.46 MMbbl to 0.54 MMbbl • Patchawarra Formation oil pool discovery at Worrior • 3 unsuccessful exploration wells • Dundinna seismic survey (PELs 90, 100 & 110) acquired – to target drilling in northern permits • PEL 92 Joint Venture increased tenure – conver
Slide 14: Otway Basin
• Expanded acreage coverage of Penola Trough – traded 35% PEL 495 for 30% PEL 494 & PRL 32 – zero net cost to Cooper Energy • Jolly-1 and Bungaloo-1 deep wells – confirmed location of Casterton Formation unconventional play – identified deep conventional gas play – shale gas potential reinforced • C
Slide 15: Gippsland Basin: BMG acquisition
• Acquired 65% interest and operatorship at low cost – $1 million initial payment and – $5 million conditional on hydrocarbon production • Sub-sea infrastructure in place from previous life as oil project with gas injection • Pre-acquisition review indicates commercial gas development probable at fo
Slide 16: Basker and Manta contingent resource and commercialisation
Reserves determination Basker & Manta - existing 1C 2C 3C - 3rd party gas Contingent Resource1 (P90) (P50) (P10) - exploration (100% JV) Gas Bcf1 63 104 181 Optimum Funding development Liquids MMbbls 4 7 11 concept Total MMboe 17 28 47 Bcf: Conversion factor to PJ is 1 Bcf = 1.153 PJ. Business case
Slide 17: Indonesia production
• Annual production increased from 25 kbbls to 55 kbbls • Successful workovers – Tangai-1 increased water disposal capacity – Tangai-3 (August 14) increased production and 2 new horizons successfully tested – Farmout prospective Merangin III in FY15 • 2D Seismic survey in Sumbagsel prior to FY15 far
Slide 18: FY14 results and advancing in FY15
Element FY14 results Advancing in FY15 through: Record FY14 production Drilling on 3D seismic in PEL 100,100 and PEL 92 Limited oil exploration drilling unsuccessful Worrior appraisal Strong cash generating oil Dundinna seismic in northern permits Evaluating opportunities business Worrior Patchawarr
Slide 19: Exploration expenditure by region
1 Otway Tunisia Cooper Basin 5 Indonesia 2 Cooper Basin 100,110 Indonesia 3 4 Cooper Basin PEL 92 Gippsland Otway FY14 FY15 Plan $ million Cooper 7 Gippsland 6 Otway 1 Indonesia 7 Tunisia 3 Total exploration 24 19
Slide 20: FY15 guidance and expenditure
Expenditure Wells # 0.59 Total Exp. Dev. Exp Dev 0.52 0.49 0.50 – 0.56 Australia 0.41 • Cooper Basin 15 7 10 9 6 • Otway Basin 1 1 - - - • Gippsland Basin 6 6 - - - Indonesia 13 7 6 1 2 Tunisia 1 3 3 - - - Total 40 24 16 10 8 FY11 FY12 FY13 FY14 FY15g • FY15 production guidance 0.50 MMbbl - 0.56 MMb
Slide 21: Summary and outlook
Cooper Energy commences FY15 in a strong financial position with cash and financial assets exceeding $75 million and bank facilities Production guidance for FY15 of 500 – 560 MMbbls has the company set for its second highest annual output yet Large exploration program targeting increased reserves an
Slide 22: Shbd
Shbd r] OOPER NERGY mm
Slide 23: Appendices
• Reconciliation of statutory and underlying profit • PEL 92 conversion to Retention Leases • FY14 major activities program • Presenters • Petroleum reserves • Contingent resources • Abbreviations 23
Slide 24: Reconciliation of statutory and underlying profit
$ million 12 months ending 30 June 2014 2013 Net profit after tax 22.0 1.3 Adjusted for: Impairment of exploration assets held for sale 0.2 0.4 Impairment of available for sale investments 3.1 0.0 PRRT deferred tax asset derecognised/ (recognised) - 11.0 Underlying net profit after tax 25.3 12.7 24
Slide 25: PEL 92 conversion to Retention Licences
The PEL 92 Joint Venture has been granted 20 Petroleum Retention Licences (PRLs 85 -104) covering the entire 1,884 km2 area of what was previously PEL 92. PRLs 85-104 were granted for 5 year terms, all commencing 6 June 2014, with the joint venture holding rights of renewal. For the purposes of simp
Slide 26: FY15 major activities program
Location License Operator Sept Qtr Dec Qtr March Qtr June Qtr Carryover wells and reprocessing in H1. 4 PEL 92 Beach Reprocessing exploration wells, 3 development wells in H2 Cooper PEL 90, 100,110 Senex 5 exploration wells PPL 207 Senex 250 km 2 3D seismic, 3 development wells 3D Seismic PEL 495/49
Slide 27: Petroleum Reserves as at 30 June 2014
Petroleum Reserves as at 30 June 2014 MMbbl Proved, Probable & Proved (1P) Proved & Probable (2P) Possible (3P) Cooper Basin 0.71 1.54 2.61 Indonesia 0.14 0.47 0.81 Total 0.85 2.01 3.42 Note: Reserves include Cooper Energy’s share of future crude fuel usage in the Cooper Basin. The estimated fuel us
Slide 28: Contingent Resources as at 30 June 2014
Contingent Resources as at 30 June 2014 MMboe 1C 2C 3C Cooper Basin 0.0 0.01 0.03 Gippsland Basin (BMG) 10.8 18.0 30.6 Tunisia (Hammamet West & Tazerka) 9.0 17.0 39.5 Total 19.8 35.1 70.1 Note: The Contingent Resource assessment includes resources in the, Hammamet West Field, in the Bargou Permit, o
Slide 29: Presenters
Presenters David P. Maxwell Jason de Ross Managing Director Chief Financial Officer Andrew Thomas David Maxwell joined Cooper Energy in Jason de Ross joined Cooper Energy in Exploration Manager September 2011, bringing over 25 years’ September 2012, bringing 20 years’ Andrew Thomas joined Cooper Ene
Slide 30: Abbreviations
bbls barrels of oil boe barrel of oil equivalent bopd barrel of oil per day EBITDA earnings before interest, tax, depreciation and amortisation kbbls thousand barrels LTIFR Lost Time Injury Frequency Rate. Lost Time Incidents per million man hours worked MMbbl million barrels of oil MMboe million ba
Slide 31: Contact details
Website: cooperenergy.com.au Investor relations: Don Murchland +61 439 300932 donm@cooperenergy.com.au Address: Cooper Energy Limited Level 10 Waymouth St Adelaide SA 5000 + 61 8 8100 4900 31
Slide 32: Shbd
Shbd r] OOPER NERGY mm