Amplitude Energy Limited · ASX:AEL
Amplitude Energy — H1 FY23 Earnings Presentation
31 slides from Amplitude Energy's earnings presentation, Feb 28, 2023
Slide 1: Half-Year FY23 Results Presentation
Orbost, Victoria 28 February 2023 Half-Year FY23 Results Presentation
Slide 2: H1 FY23 highlights
Key highlights Results review OGPP integration Outlook H1 FY23 highlights Record first half production; revenue; u-EBITDAX; and operating cashflow Lost time incidents TRIFR1 Production Outstanding safety performance 0 0.00 1.82 +16% cases (industry 7.38) MMboe Record Revenue Underlying EBITDAX Opera
Slide 3: Health, safety, environment and community
Key highlights Results review OGPP integration Outlook Health, safety, environment and community Industry leading results though disciplined operations Safety metrics H1 FY23 H1 FY22 Safety ✓ Zero lost time injuries (H1 FY22: zero) Hours worked 102,958 122,057 ✓ Decrease in rolling 12 month TRIFR1 t
Slide 4: Government intervention
Key highlights Results review OGPP integration Outlook Government intervention Mandatory Code is a threat to required future gas supply The Eastern Australian domestic gas market currently faces four key issues “….. analysis by the Australian ▪ Existing fields (i.e. supply) in natural decline Compet
Slide 5: South Australia electricity supply
Key highlights Results review OGPP integration Outlook South Australia electricity supply SA energy mix is a window to the future, where gas remains key amidst variable renewables South Australian electricity supply by type, last week1 MW 4,000 Imports Gas Wind Solar 3,500 3,000 2,500 2,000 1,500 1,
Slide 6: Record production & financial metrics
Key highlights Results review OGPP integration Outlook Record production & financial metrics Step change in operating cashflow, continued deleveraging $ million unless indicated H1 FY23 H1 FY22 Change ▪ Gas revenue up 8% to $95.7 million; oil and condensate revenue down 17% to $5.5 million Productio
Slide 7: Gippsland Basin
Key highlights Results review OGPP integration Outlook Gippsland Basin Sole production/Orbost Gas Processing Plant* OGPP* average processing rate TJ/d ▪ Q1 FY23 average rate 51 TJ/d — 56 TJ/d (average) processing rate in September ▪ Q2 FY23 impacted by unplanned plant outages and maintenance 65 — 44
Slide 8: Otway Basin
Key highlights Results review OGPP integration Outlook Otway Basin CHN production/Athena Gas Plant 100 AGP average processing rate (100% gross), TJ/d ▪ Q1 FY23 quarter performance slightly above budget 80 90 — processing rate 25 TJ/d (100% gross) ▪ Q2 FY23 19 TJ/d (100% gross) impacted by planned 10
Slide 9: Record u-EBITDAX/operating cash generation
Key highlights Results review OGPP integration Outlook Record u-EBITDAX/operating cash generation u-EBITDAX—bridge from H1 FY22 to H1 FY23 A$ million 80 ▪ Record u-EBITDAX/cash generation ▪ Gross margin expansion 5.1 — lower third-party gas purchases due 60 25.3 (29.8) to higher processing rates at
Slide 10: Group cash—bridge from June 2022 to December 2022
Key highlights Results review OGPP integration Outlook Group cash—bridge from June 2022 to December 2022 Substantial operating cashflow generation A$ million Net proceeds from retail portion received on 13 July 57.6 OGPP fixed payment at financial close of acquisition 210.0 247.0 (8.9) (3.4) (3.9) (
Slide 11: Dramatically improved liquidity position
Key highlights Results review OGPP integration Outlook Dramatically improved liquidity position New debt facility executed in July 2022 A$ million ▪ $400 million facility + $20 million working capital facility executed in July 2022 158.0 120.0 — improved terms, including lower 20.0 cost of funds 9.6
Slide 12: FY23 guidance
Key highlights Results review OGPP integration Outlook FY23 guidance Production and u-EBITDAX range has been narrowed, slight reduction at bottom end FY23 production impacted by plant performance Production, MMboe ▪ Recent processing rates at OGPP* below forecast ▪ Polishing unit offline since mid-D
Slide 13: FY23 guidance
Key highlights Results review OGPP integration Outlook FY23 guidance Capex range has been narrowed and now includes capitalised costs of transition FY23 capex Capex + Orbost transition spend (mix of capex & expense), A$ million ▪ ~$20 million OGPP integration budget was explicitly excluded from cape
Slide 14: Basker Manta Gummy abandonment
Key highlights Results review OGPP integration Outlook Basker Manta Gummy abandonment Gippsland Basin subsea decommissioning on track ▪ Decommissioning seven wells and associated subsea infrastructure ▪ Helix Q7000 intervention vessel contracted — terms agreed in Sep 2020 ▪ Plan to plug the BMG well
Slide 15: Transition of operatorship at OGPP
Key highlights Results review OGPP integration Outlook Transition of operatorship at OGPP Transfer of the MHFL remains on track for Q4 FY23 ▪ Regulators engaged and in support of process for all license transfer plans ▪ Landholder engagement ongoing ▪ Transition costs tracking ~20% below budget ▪ Ex
Slide 16: OGPP performance improvement plan
Key highlights Results review OGPP integration Outlook OGPP performance improvement plan Work and projects to increase stability and average rate Target average processing rate1 ▪ Cooper Energy operational leadership Improved operational ▪ Drive disciplined operating culture discipline High 50’s ▪ R
Slide 17: Reserves, 2C resource & prospective resource
Key highlights Results review OGPP integration Outlook Reserves, 2C resource & prospective resource High quality portfolio of development and exploration opportunities adjacent to gas short market Adelaide NSW SA VIC Melbourne Otway1 MMboe (net equity) Gippsland2 MMboe (net equity) Bass Strait Orbos
Slide 18: Energy transition strategy
Key highlights Results review OGPP integration Outlook Energy transition strategy Growth while supporting decarbonisation and maintaining net zero certification Three pronged approach to maintain net zero certification in step with the portfolio of growth projects ▪ Scope-1, scope-2 and controllable
Slide 19: Cooper Energy's strategic position as a domestic gas producer
Key highlights Results review OGPP integration Outlook Cooper Energy’s strategic position as a domestic gas producer Immediate focus on fixing Orbost and catalyzing near term organic growth Outstanding ✓ Structurally short supply South-east Australia gas market market fundamentals ✓ Cooper Energy co
Slide 20: Appendix
Appendix
Slide 21: Markets update
Markets update Spot gas prices & South-east Australian gas supply gap LTM Spot gas prices ($/GJ)1 Southern states forecast supply/demand, ACCC (PJ pa)2,3 500 60 Victorian spot price Southern states demand (2023 ACCC Progressive Change) 375 40 Southern states demand 250 (2023 ACCC Step Change) Total
Slide 22: Twin hub access to South-east Australia gas market
Twin hub access to South-east Australia gas market Strengthened operating expertise across integrated upstream and midstream gas projects Otway Basin Adelaide Gippsland Basin NSW • Cooper Energy – 50% and operator • 100% owned and operated by Cooper Energy Ownership SA Ownership (post transfer of Ma
Slide 23: Otway Basin gas hub
Otway Basin gas hub Foundation to develop Cooper Energy’s proven and prospective Otway gas portfolio Otway phase-3 development ▪ Development of Annie gas discovery 64.8 PJ 2C (100% basis)1 through Athena ▪ Drilling campaign based around Annie + 2 low-risk exploration wells, close to market and fast
Slide 24: Gippsland Basin gas hub
Gippsland Basin gas hub Foundation to develop Cooper Energy’s proven and prospective Gippsland gas portfolio Manta Contingent Resource estimates1 1C 2C 3C Gas PJ 78 121 190 Condensate MMbbl 2.2 3.4 5.4 • Future development option, COE interest 100% • Manta-3 appraisal well planned in future campaign
Slide 25: Growth pathway: maturing a broad portfolio of opportunities
Growth pathway: maturing a broad portfolio of opportunities High graded offshore exploration and appraisal prospects to feed Cooper Energy’s twin gas hubs Development / Future exploration options1 Near Term Exploration1 Appraisal2 Production3 Higher risk Chimaera Manta Deep East Wobbegong Isabella E
Slide 26: OGPP transaction consideration/payments
OGPP transaction consideration/payments Deferred payments linked to plant performance during transition Transaction consideration/payments (A$ million) Average rate 1st 2nd 3rd 4th during APA Upfront deferred deferred performance performance Total • APA operate the plant between 28 payment considera
Slide 27: Cooper Energy tenements
Cooper Energy tenements1 Summary Otway Basin (Victoria and Offshore) Otway Basin (Onshore South Australia and Victoria) Gippsland Basin (Victoria) Cooper Basin (South Australia) 27
Slide 28: Abbreviations
Abbreviations $ Australian dollars PPL Petroleum Production Licence APA APA Group (ASX: APA) PRL Petroleum Retention Lease bbl Barrels scf Standard cubic feet of gas Bcf Billion cubic feet of gas TJ Terajoules bopd Barrels of oil per day YTD Year to date Cooper Energy Cooper Energy Limited ABN 93 09
Slide 29: Disclaimer
Disclaimer 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 require in order to determin
Slide 30: Footnotes
Footnotes By page Slide 2 1. Total recordable injury frequency rate (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 Slide 3 1. Total recordable injury frequ
Slide 31: Footnotes (cont'd)
Footnotes (cont’d) By page Slide 24 1. Contingent Resource for the Manta gas and liquids resource was announced to ASX on 12 August 2019 2. Prospective Resources of the unrisked volume estimated to be recoverable from the prospect attributable to the Cooper Energy joint venture interest. The estimat