Amplitude Energy Limited · ASX:AEL
Amplitude Energy — Cooper Energy — Shareholder Meeting (November 2009)
42 slides from Amplitude Energy's shareholder meeting presentation, Nov 25, 2009
Slide 1: AGM Presentation November 2009
For personal use only AGM Presentation November 2009 Michael Scott, Managing Director © Cooper Energy Limited
Slide 2: Disclaimer
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 For personal use only sell any shares that are currently held. • Does not take into account the individual investment objectives or the fi
Slide 3: Company Snapshot
3 For personal use only Company Snapshot
Slide 4: Directors and Management
Directors and Management Respected and experienced personnel. BOARD MANAGEMENT For personal use only Chairman Chief Financial Officer Laurie Shervington John Baillie LLB, SIA (Aff), MAICD B.Com., MBA, ICA, MAICD Lawyer Accountant Managing Director Exploration Manager Michael Scott Conrad Todd B.Sc.
Slide 5: Global Activities Snapshot
Global Activities Snapshot A multi asset cash generating company with proven success Locations For personal use only Headquarters - Perth, Australia Operations – Jakarta, Indonesia Representation – Tunis, Tunisia Exploration Australia 5 Cooper Basin exploration permits (19.165%-30%) 1 Otway Basin ex
Slide 6: Capital
Capital A liquid, well traded and non-dominated capital structure. For personal use only • Recently entered the ASX300 Cooper Energy Issued Shares (COE) 350 300 Issued Securities (Million) 250 • 292 million shares on issue 200 150 • 19 million options held by Directors and 100 50 staff 0 • Top 20 ho
Slide 7: Dividend Policy
Dividend Policy We are a small E&P growth stock that requires cash to grow. For personal use only • Dividend Policy is clearly articulated on our website. • We are a small E&P stock that will only consider a dividend when we have sufficient longevity of production revenue to support our funding need
Slide 8: Cash Earmarked
Cash Earmarked Exploration is expensive but subsequent development is even more expensive. For personal use only • Funds are earmarked for exploration and, in success case, development. CASH • Makes no financial or business sense to Funds streamed release funds and then request them back at a to fun
Slide 9: The Last Financial Year
For personal use only The Last Financial Year 9
Slide 10: Key Performance Measures
Key Performance Measures A number of measures are tracked annually. For personal use only Explore Appraise Define Design Construct Produce Sell Exploration Success Reserves Production Volumes Production Reserves Revenue Replacement EBITDAX Ratio Cash “We believe that, for a small E&P company, these
Slide 11: Exploration Success
Exploration Success Exploration success leads to reserves and future production capacity. Cooper Energy Total Well Participation For personal use only 14 12 • Well numbers maintained at a level that is 10 acceptable for the Company size: 3-6 8 exploration wells per year. Wells 6 4 • Exploration well
Slide 12: Reserves
Reserves Reserves leads to production and future revenue capacity. Cooper Energy Developed Recoverable Oil (P50) For personal use only 2.5 Recoverable Oil (Million Barrels) 2.0 1.5 1.0 0.5 0.0 30 June 2005 30 June 2006 30 June 2007 30 June 2008 30 June 2009 End Financial Year • Record reserves deliv
Slide 13: Production Volumes
Production Volumes Production leads to revenue and future activity capacity. Cooper Energy Annual Oil Production For personal use only 600,000 500,000 Production (Barrels) 400,000 300,000 200,000 100,000 - 2004-2005 2005-2006 2006-2007 2007-2008 2008-2009 Financial Year • Record production delivered
Slide 14: Reserves Replacement Ratio
Reserves Replacement Ratio Greater than 100% replaces our production for the year. Cooper Energy Reserves Replacement Ratio For personal use only 2.5 Reserves Replacement Ratio 2.0 1.5 1.0 0.5 0.0 30 June 2005 30 June 2006 30 June 2007 30 June 2008 30 June 2009 End Financial Year • Reserves replacem
Slide 15: Production Revenue
Production Revenue Production revenue underpins our expenditures. Cooper Energy Oil Sales For personal use only 50 45 40 Sales (A$ Million) 35 30 25 20 15 10 5 0 2004-2005 2005-2006 2006-2007 2007-2008 2008-2009 Financial Year • Oil sales maintained at a high level due to increase in production leve
Slide 16: EBITDAX
EBITDAX Net production revenue demonstrates our financial capacity each year. Cooper Energy EBITDAX For personal use only 30 25 EBITDAX (A$ million) 20 15 10 5 0 2004-2005 2005-2006 2006-2007 2007-2008 2008-2009 Financial Year • EBITDAX maintained at A$25+ million giving the Company the financial ca
Slide 17: Cash
Cash Increasing cash shows prudent financial management. Cooper Energy Cash For personal use only 100 90 80 Cash (A$ Million) 70 60 50 40 30 20 10 0 30 June 2005 30 June 2006 30 June 2007 30 June 2008 30 June 2009 End Financial Year • Record cash delivered demonstrating prudent management of Company
Slide 18: External Performance Comparisons
External Performance Comparisons ASX indices provide a comparison with the arithmetic averages. For personal use only Units FY05 FY06 FY07 FY08 FY09 FY08 to FY09 change CAPITAL 1 year performance 5 year performance Share price A$ per share 0.255 0.535 0.790 0.465 0.450 -3% q 76% p Issued shares mill
Slide 19: Performance Summary
Performance Summary Company in strongest ever position – cash, reserves, production, portfolio. For personal use only • Cash, reserves, production, portfolio of opportunities – at highest ever. • One and five year key measures resulted in a positive or steady result. • Reserves increases positioning
Slide 20: The Next Operations
For personal use only The Next Operations 20
Slide 21: Near-Term Activity (2010+)
Near-Term Activity (2010+) Progressing a number of opportunities within our portfolio, with more to follow. For personal use only Tunisia Indonesia Fuchsia-1 Gigir East-1 Menzel Horr-1 Hammamet West Australia PEL92 Offices Exploration Production Cooper Basin, Australia (5) Perth, WA (Headquarters) O
Slide 22: Cooper Basin, Australia
For personal use only Cooper Basin, Australia 22
Slide 23: Australia – PEL92: Exploration Drilling
Australia – PEL92: Exploration Drilling (COE 25%) Potential early 2010 drilling and defining mid-2010 drilling by shooting further 3D. • Planning to shoot further 2D (229 km) For personal use only and 3D (211 km2) seismic to identify the next round of drilling targets for 2010. • At A$1.5-A$2.0 mill
Slide 24: Tunisia
24 For personal use only Tunisia
Slide 25: Tunisia – Fuchsia-1 Exploration Well
Tunisia – Fuchsia-1 Exploration Well (COE 35%) Success in Fuschia would deliver an attractive offshore oil development. Cost: <US$15 million (100%) For personal use only Prize: 28-46-78 MMBO (P90-P50-P10, 100% JV, undiscovered recoverable oil) COS: 17% Well depth: 2,900 metres (85 m water) Target re
Slide 26: Tunisia – Menzel Horr Prospect
Tunisia – Menzel Horr Prospect (COE 100%) Success in Menzel Horr would deliver an attractive onshore oil development. Cost: ~US$5 million (100%) For personal use only Prize: 11-24-47 MMBO (P90-P50-P10, 100% JV, undiscovered recoverable oil) COS: 30% Well depth: 2,400 metres Target reservoir: Multipl
Slide 27: Tunisia – Hammamet West Oil Field Appraisal
Tunisia – Hammamet West Oil Field Appraisal (COE 100%) Success in Hammamet West would deliver an attractive offshore oil development. Hammamet West-1 (1967): 7 m of oil on rock in Birsa For personal use only Hammamet West-2 (1990): 192 m of oil in Abiod Hammamet West-2 recovered 27-33 API oil from A
Slide 28: Indonesia
28 For personal use only Indonesia
Slide 29: Indonesia – Gigir East-1 Exploration Well
Indonesia – Gigir East-1 Exploration Well (COE 30%) Success in Gigir East would deliver a high value onshore gas development. Cost: <US$5 million (100%) For personal use only Prize: 5-32-71 BSCF (P90-P50-P10, 100% JV, undiscovered recoverable gas) COS: 37% Well depth: 1,234 metres Target reservoir:
Slide 30: Summary
30 For personal use only Summary
Slide 31: High Impact Drilling Being Pursued
High Impact Drilling Being Pursued Several company changing and value-adding opportunities are being pursued. OIL For personal use only Fuchsia-1 46 MMBO recoverable oil Operator (SVI) Gulf of Hammamet target (P50) currently reviewing Tunisia (COE share 16 MMBO, options to lock in a [Early 2010] >A$
Slide 32: 2010 Drilling Event Windows
2010 Drilling Event Windows A number of wells under pursuit – the targets have different maturity levels. For personal use only Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec High certainty and plans Gigir-1 mature Indonesia Critical Factor: Completion of rig and material tendering process Fuchsia-
Slide 33: Forward Outlook
Forward Outlook Company in strongest ever position and delivering quality opportunities. For personal use only • Cash, recoverable oil and high margin production underpin our value. • Robust strategy in place to deliver “measured pace” growth. • International and domestic exploration portfolio conti
Slide 34: Pre-AGM Questions
34 For personal use only Pre-AGM Questions
Slide 35: Shareholders Pre-AGM Questions
Shareholders Pre-AGM Questions Shareholders invited to submit questions prior to the AGM. For personal use only Addressed in slides #7 and #8. Cooper Energy is When will you be paying a a speculative growth stock, no dividend or capital Dividend dividend? repayment is currently planned. Salaries are
Slide 36: Shareholders Pre-AGM Questions
Shareholders Pre-AGM Questions Shareholders invited to submit questions prior to the AGM. For personal use only The areas are primarily chosen on hydrocarbon Why are you in the areas prospectivity. Other considerations include: Operations you are in? political stability, fiscal take, cost and ease o
Slide 37: Shareholders Pre-AGM Questions
Shareholders Pre-AGM Questions Shareholders invited to submit questions prior to the AGM. For personal use only The carbon tracking scheme (ETS) is at present What impact will the carbon only an administrative reporting burden (time and Carbon tax tracking scheme have? cost) on corporate Australia.
Slide 38: Any other questions before moving to the AGM Items of Business?
For personal use only Any other questions before moving to the AGM Items of Business? 38
Slide 39: AGM Items of Business
For personal use only AGM Items of Business 39
Slide 40: AGM Items of Business
AGM Items of Business Four matters of business proposed. For personal use only 1. Re-election of Mr Gregory G. The Board recommends that Mr G.G. Hancock Hancock. is retained as an Executive Director. 2. Re-election of Mr Stephen The Board recommends that Mr S. Abbot is Abbot. retained as a Non-Execu
Slide 41: AGM Items of Business – Proxies Received
AGM Items of Business – Proxies Received Proxies received prior to the meeting demonstrate shareholder support. For personal use only For Against Abstain Open 1. Re-election of Mr Gregory G. 80,007,328 5,756,443 9,892,878 2,089,905 Hancock. 2. Re-election of Mr Stephen 84,013,480 1,744,555 9,898,614
Slide 42: www.cooperenergy.com.au
For personal use only www.cooperenergy.com.au “Infinite potential, solid results”