Beach Energy Limited · ASX:BPT
Beach Energy — Merger or Acquisition (September 2017)
93 slides from Beach Energy's merger presentation, Sep 28, 2017
Slide 1: Acquisition of Lattice Energy and Capital Raising
BEACH ENERGY LIMITED Acquisition of Lattice Energy and Capital Raising 28 September 2017 NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES
Slide 2: Contents
NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES Contents 1. Transaction overview 3 2. Investment highlights 9 3. Offer details 23 Appendix A: Overview of Beach Energy 29 Appendix B: Overview of Lattice Energy assets 31 Appendix C: Overview of material Lattice Energy offtake agreements 39 Append
Slide 3: Transaction Overview
NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES Acquisition of Lattice Energy and Capital Raising 1. TRANSACTION OVERVIEW BEACH ENERGY LIMITED 3
Slide 4: Transformational acquisition of Lattice Energy
NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES Transformational acquisition of Lattice Energy Beach Energy to acquire Lattice Energy for $1,585 million Transformational acquisition enhancing scale and diversity of operations Portfolio of producing assets underpinned by long term contracts de
Slide 5: Transformational acquisition of Lattice Energy
NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES Transformational acquisition of Lattice Energy Beach Energy to acquire Lattice Energy for $1,585 million Significant growth, scale Significantly expanded footprint across multiple basins, production hubs and jurisdictions and diversity Step-ch
Slide 6: Acquisition aligned with Beach strategy and core competencies
NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES Acquisition aligned with Beach strategy and core competencies Acquisition of Lattice Energy delivers on Beach’s four pillar growth strategy Beach’s core competencies Increased joint venture equity Two established producing Long operating his
Slide 7: Beach Energy to acquire Lattice Energy for $1,585 million
NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES Beach Energy to acquire Lattice Energy for $1,585 million Transaction overview Beach to acquire all of the shares in Lattice Energy, a wholly owned subsidiary of Origin Energy Limited, for $1,585 million (the “Transaction”) Acquisition price i
Slide 8: Beach Energy to acquire Lattice Energy for $1,585 million
NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES Beach Energy to acquire Lattice Energy for $1,585 million Transaction overview 3 for 14 pro-rata Entitlement Offer, at an offer price of $0.75 per share to raise approximately $301 million in equity capital 7.6% discount to TERP(1) of $0.812 bas
Slide 9: Investment Highlights
NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES Acquisition of Lattice Energy and Capital Raising 2. INVESTMENT HIGHLIGHTS BEACH ENERGY LIMITED 9
Slide 10: Transformational acquisition enhancing scale and diversity of operations
NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES Transformational acquisition enhancing scale and diversity of operations Expanded footprint with multiple production hubs and basin exposures Bonaparte Basin Cooper Basin Exploration, future development Cooper Basin(1) Status: Production / Develop
Slide 11: Diversification of production and reserves
NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES Transformational acquisition enhancing scale and diversity of operations (cont’d) Diversification of production and reserves FY17 Production (MMboe)(1) FY17 2P reserves (MMboe)(2) Beach Standalone Pro forma Beach and Lattice Beach Standalone Pro f
Slide 12: Creating the leading Australian mid-cap upstream oil & gas company
NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES Transformational acquisition enhancing scale and diversity of operations (cont’d) Creating the leading Australian mid-cap upstream oil & gas company Enterprise Value ($bn)(1,2) FY17 Production (MMboe)(3,4) 14.5 12.2 60 2.9 30 29 Oil: 21% Gas: 79%
Slide 13: Portfolio of producing assets underpinned by long term contracts
NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES Portfolio of producing assets underpinned by long term contracts delivering strong and stable cash flow with development upside Cooper Basin(1) Otway Basin(2) Bass Basin Taranaki Basin Non-operated oil & gas Operated Otway gas Operated BassGas Ope
Slide 14: Portfolio of producing assets with development upside (cont'd)
NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES Portfolio of producing assets underpinned by long term contracts delivering strong and stable cash flow with development upside (cont’d) Basin / Asset Development Objectives(1) Illustrative Timeline(1) FY18 FY19 FY20 FY21 • Expanded development op
Slide 15: Portfolio of producing assets underpinned by long term contracts (cont'd)
NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES Portfolio of producing assets underpinned by long term contracts delivering strong and stable cash flow with development upside (cont’d) Blended FY18 portfolio gas price in excess of Beach’s FY17 average realised gas price ($6.10/GJ) − Reflects
Slide 16: Significant portfolio upside through exploration, partnering and infrastructure
NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES Significant portfolio upside through exploration, strategic partnering and infrastructure ownership Cooper Basin • Multi-year operated oil and gas exploration underway • Near field exploration with • Cooper Basin JV Queensland gas exploration clos
Slide 17: Increased exposure to Australian east coast gas market
NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES Increased exposure to the strong market fundamentals of the Australian east coast gas market East coast sales gas production (PJe, FY17)(1,2,3) Beach to become a major supplier of gas to east and Beach Standalone Pro forma Beach and Lattice sout
Slide 18: Value creation through scale, operating capabilities and synergies
NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES Value creation through scale, operating capabilities and synergies Combined upstream capabilities and operations strengthen platform for sustainable growth A leading operator with scale, extensive operatorship Synergy potential post integration ca
Slide 19: Acquisition delivers reserves, operating cash flow and value per share accretion
NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES Acquisition delivers reserves, operating cash flow and value per share accretion; strongly supported by major shareholder, SGH Material reserves per ~155% 2P reserves accretive on a per share basis (reserves as at 30 June 2017) share accretion Str
Slide 20: Financial outlook
NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES Financial outlook FY18 capital expenditure guidance(1) Maintain financial strength $425 – $535 million • Lattice capital expenditure expected to be • FY18 production guidance of 24.9 to 27.2MMboe(2) within the range of $205 – $275 million • Pro fo
Slide 21: Free cash flow generation expected to support net gearing target
NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES Free cash flow generation expected to support a target net gearing ratio of <25% by end of FY19 Net gearing profile Strong de-gearing profile • Expect net gearing to reduce rapidly over next 4 years Potential to be in a net cash position as early
Slide 22: Transformational acquisition of Lattice Energy
NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES Transformational acquisition of Lattice Energy Beach Energy to acquire Lattice Energy for $1,585 million Transformational acquisition enhancing scale and diversity of operations Portfolio of producing assets underpinned by long term contracts de
Slide 23: Offer Details
NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES Acquisition of Lattice Energy and Capital Raising 3. OFFER DETAILS BEACH ENERGY LIMITED 23
Slide 24: Acquisition terms and funding
NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES Acquisition terms and funding Lattice acquisition price Total acquisition price of $1,585 million to be paid in cash at completion Up to $1,575 million from committed senior secured syndicated debt facilities to fund the balance of the acquisi
Slide 25: Acquisition terms and funding (cont'd)
NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES Acquisition terms and funding (cont’d) Committed senior secured syndicated debt facilities from ANZ, CBA and Credit Suisse, demonstrating strong support from existing and new lenders: Committed senior secured debt facilities: – Senior Secured
Slide 26: Beach Historical and Pro forma Combined Statement of Financial Position
NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES Beach Historical Consolidated Statement of Financial Position and Pro forma Historical Combined Statement of Financial Position Acquisition of Lattice Energy Lattice Energy Combined Combined Group As at 30 June 2017 ($m) Beach Historical(1) Entitl
Slide 27: Details of the Entitlement Offer
NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES Details of the Entitlement Offer 3 for 14 accelerated, non-renounceable entitlement offer to raise approximately $301 million Entitlement Offer $233 million of the Offer is fully underwritten by the Underwriters (1) type and size The remaini
Slide 28: Offer timetable
NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES Offer timetable Trading halt and announcement of Transaction and Entitlement Offer Thursday, 28 September 2017 Institutional Entitlement Offer and Bookbuild opens Thursday, 28 September 2017 Institutional Entitlement Offer and Bookbuild closes Fri
Slide 29: Appendix A: Overview of Beach Energy
NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES Acquisition of Lattice Energy and Capital Raising Appendix A: Overview of Beach Energy BEACH ENERGY LIMITED 29
Slide 30: Overview of Beach Energy
NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES Overview of Beach Energy Australia’s largest onshore oil producer, with a major gas business Core operations in the Cooper and Eromanga basins Western Flank Owner of strategic infrastructure linking production to key Gas and Gas Liquids ener
Slide 31: Appendix B: Overview of Lattice Energy assets
NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES Acquisition of Lattice Energy and Capital Raising Appendix B: Overview of Lattice Energy assets BEACH ENERGY LIMITED 31
Slide 32: Kupe Gas Project
NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES Kupe Gas Project Kupe is a long life gas and condensate field which supplies the New Zealand domestic market Overview Lattice holds an operated 50% interest in the Kupe gas project (PML38146) located offshore New Zealand in the Taranaki Basin
Slide 33: Otway Gas Project
NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES Otway Gas Project The Otway Gas Project includes ongoing production from the Thylacine and Geographe gas fields, with additional development options and adjacent exploration prospects Overview The Otway Gas Project consists of offshore gas field
Slide 34: Halladale, Speculant and Blackwatch
NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES Halladale, Speculant and Blackwatch The Halladale, Speculant and Blackwatch well sites are located onshore approximately 24km west of the Otway Gas Plant Overview The Halladale, Speculant and Blackwatch fields are located in the Otway basin howe
Slide 35: BassGas Project
NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES BassGas Project The BassGas project includes the Yolla field, the BassGas pipeline and Lang Lang gas plant as well as separate retention leases over the Trefoil, Rockhopper and White Ibis discoveries Overview The BassGas Project is a joint ventu
Slide 36: Cooper Basin
NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES Cooper Basin The Cooper Basin Joint Ventures own a significant number of onshore oil and gas fields, coupled with a profitable 3rd party oil and gas processing business utilising key joint venture owned infrastructure Overview The CBJV business
Slide 37: Waitsia
NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES Waitsia The Waitsia field was discovered in September 2014 Overview Lattice holds a non-operated 50% interest in the L1/L2 joint venture (AWE operated). The project consists of the Waitsia Gas Project (WGP), an interest in the Xyris Production F
Slide 38: Beharra Springs
NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES Beharra Springs Beharra Springs is a mature proven asset with future potential through a deep exploration target analogous to Waitsia Overview Lattice holds a 67% operated interest in the L11/EP320 joint venture The project consists of the Beh
Slide 39: Appendix C: Overview of material Lattice Energy offtake agreements
NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES Acquisition of Lattice Energy and Capital Raising Appendix C: Overview of material Lattice Energy offtake agreements BEACH ENERGY LIMITED 39
Slide 40: Overview of material Lattice Energy offtake agreements
NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES Overview of material Lattice Energy offtake agreements No. Agreement Type Term Volume Price Take-or-pay like considerations Otway Gas Project 1. Gas Sales Agreement – Gas Completion of the Lattice’s participating interest share of gas Fixed prices
Slide 41: Overview of material Lattice Energy offtake agreements (cont'd)
NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES Overview of material Lattice Energy offtake agreements (cont’d) No. Agreement Type Term Volume Price Take-or-pay like considerations HBWS 3. Gas Sales Agreement – Gas Completion of the Lattice’s participating interest share of gas Fixed prices wit
Slide 42: Overview of material Lattice Energy offtake agreements (cont'd)
NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES Overview of material Lattice Energy offtake agreements (cont’d) No. Agreement Type Term Volume Price Take-or-pay like considerations Cooper Basin 6. Gas Sales Agreement – Gas Completion of the Prior to 1 July 2021, Lattice’s participating Fixed pr
Slide 43: Appendix D: Footnotes
NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES Acquisition of Lattice Energy and Capital Raising Appendix D: Footnotes BEACH ENERGY LIMITED 43
Slide 44: Footnotes
NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES Footnotes Benaris Acquisition Note As announced to the ASX on 11 September 2017, Origin has entered into an agreement to acquire Benaris 27.77% interest in the Otway JV. The acquisition of Benaris’ interest by Origin will complete shortly after co
Slide 45: Footnotes (cont'd)
NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES Footnotes (cont’d) Page # Footnote # (1) Beach production: Information on Beach’s standalone production of 10.6MMboe is contained in Beach’s ASX announcement of 18 August 2017. Pro forma Beach and Lattice production: Based on information provided
Slide 46: Footnotes (cont'd)
NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES Footnotes (cont’d) Page # Footnote # 18 (1) Annual run-rate of $20 million synergies (pre-tax) post integration comprising overhead and corporate savings. 19 (1) Net gearing calculation is net debt / (net debt + book equity). (1) Beach’s FY18 capi
Slide 47: Appendix E: Important notices and disclaimers
NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES Acquisition of Lattice Energy and Capital Raising Appendix E: Important notices and disclaimers BEACH ENERGY LIMITED 47
Slide 48: Important notices and disclaimers
NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES Important notices and disclaimers This investor presentation (Presentation) has been prepared by Beach Energy Limited (ACN 007 617 969) (Beach) in relation to an accelerated non-renounceable entitlement offer under section 708AA of the Corporation
Slide 49: Important notices and disclaimers (cont'd)
NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES Important notices and disclaimers (cont’d) Industry data Certain market and industry data used in connection with this Presentation, including in relation other companies in Beach’s peer group, may have been obtained from public filings, research,
Slide 50: Important notices and disclaimers (cont'd)
NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES Important notices and disclaimers (cont’d) Financial information All references to dollars, cents or $ in this Presentation are to Australian currency, unless otherwise stated. Unless otherwise noted, all references to financial information are pr
Slide 51: Important notices and disclaimers (cont'd)
NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES Important notices and disclaimers (cont’d) Non-IFRS financial information Investors should be aware that certain financial data included in this Presentation are "non-IFRS financial information" under Regulatory Guide 230 Disclosing non-IFRS finan
Slide 52: Important notices and disclaimers (cont'd)
NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES Important notices and disclaimers (cont’d) Notes on reserves and resources statements As an Australian public company with securities listed on the ASX, the oil and gas reserves and resource estimates in this presentation are prepared in accordanc
Slide 53: Important notices and disclaimers (cont'd)
NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES Important notices and disclaimers (cont’d) Cautionary statement regarding reserve and resource estimates Investors should note that, although Beach’s oil and gas reserves and resource estimates have been prepared in accordance with the PRMS publis
Slide 54: Important notices and disclaimers (cont'd)
NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES Important notices and disclaimers (cont’d) Disclaimer Neither the Underwriters nor any of their affiliates or their respective related bodies corporate, or any of their respective directors, officers, partners, employees and agents (Underwriter Gr
Slide 55: Appendix F: Key risks
NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES Acquisition of Lattice Energy and Capital Raising Appendix F: Key risks BEACH ENERGY LIMITED 55
Slide 56: Key risk factors
NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES Key risk factors 1. Introduction This section discusses some of the key risks associated with an investment in shares in Beach. The risks may affect the future operating and financial performance of Beach and/or the value at which the New Shares m
Slide 57: Key risk factors (cont'd)
NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES Key risk factors (cont’d) 2. Key acquisition risks (cont’d) 2.2 Due diligence in relation to Lattice Beach undertook a due diligence process in respect of Lattice, which relied in part on the review of financial and other information provided by L
Slide 58: Key risk factors (cont'd)
NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES Key risk factors (cont’d) 2. Key acquisition risks (cont’d) 2.4 Historical environmental and other liabilities If the acquisition of Lattice completes, Beach will become directly or indirectly liable for any liabilities that Lattice has incurred i
Slide 59: Key risk factors (cont'd)
NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES Key risk factors (cont’d) 2. Key acquisition risks (cont’d) 2.5 Integration risk and capacity to comply with all regulatory requirements (cont’d) • unforeseen costs relating to integration of some systems processes and services of both of the busi
Slide 60: Key risk factors (cont'd)
NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES Key risk factors (cont’d) 2. Key acquisition risks (cont’d) 2.6 Contractual events on change of control A number of Lattice’s material contracts require Beach to seek the counterparty’s consent to the acquisition. If a contractual counterparty doe
Slide 61: Key risk factors (cont'd)
NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES Key risk factors (cont’d) 3. Key business risks of Beach (including Lattice) 3.1 Volatility in crude oil prices and changes in long-term gas prices The financial performance and results of Beach will be heavily influenced by the price realised for
Slide 62: Key risk factors (cont'd)
NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES Key risk factors (cont’d) 3. Key business risks of Beach (including Lattice) (cont’d) 3.2 Demand for energy and competition The demand for oil, gas and other products of Beach may be adversely affected by downturns in economic activity, competitio
Slide 63: Key risk factors (cont'd)
NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES Key risk factors (cont’d) 3. Key business risks of Beach (including Lattice) (cont’d) 3.6 Development activities Beach’s development activities may be delayed or may be unsuccessful for many reasons, including extreme weather conditions and weathe
Slide 64: Key risk factors (cont'd)
NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES Key risk factors (cont’d) 3. Key business risks of Beach (including Lattice) (cont’d) 3.9 Access to funding for continued operations and development (cont’d) The future prospects of Beach will be influenced by the ability of Beach to obtain fundin
Slide 65: Key risk factors (cont'd)
NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES Key risk factors (cont’d) 3. Key business risks of Beach (including Lattice) (cont’d) 3.12 Security of tenure The operating and financial performance of Beach, along with its future prospects, are subject to Beach maintaining secure tenure over it
Slide 66: Key risk factors (cont'd)
NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES Key risk factors (cont’d) 3. Key business risks of Beach (including Lattice) (cont’d) 3.14 Joint venture activities As is common in the oil and gas industry, Beach is a party to joint ventures and accordingly is subject to joint venture risks, whi
Slide 67: Key risk factors (cont'd)
NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES Key risk factors (cont’d) 3. Key business risks of Beach (including Lattice) (cont’d) 3.16 Regulatory risk and government moratoria on gas exploration and production Beach’s business activities are subject to the extensive laws and regulations whi
Slide 68: Key risk factors (cont'd)
NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES Key risk factors (cont’d) 3. Key business risks of Beach (including Lattice) (cont’d) 3.17 Health and safety The business of exploration, development, production and transportation of oil and gas involves a variety of risks to the health and safet
Slide 69: Key risk factors (cont'd)
NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES Key risk factors (cont’d) 3. Key business risks of Beach (including Lattice) (cont’d) 3.18 Environmental and climate change risk (cont’d) Beach recognises that the impact of climate change is a global challenge and that in a transition to a low-ca
Slide 70: Key risk factors (cont'd)
NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES Key risk factors (cont’d) 3. Key business risks of Beach (including Lattice) (cont’d) 3.20 Land access and Native Title risk Land access is critical to Beach’s operations. Beach may be required to obtain the consent of owners and occupiers of the
Slide 71: Key risk factors (cont'd)
NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES Key risk factors (cont’d) 3. Key business risks of Beach (including Lattice) (cont’d) 3.22 Claims, liability and litigation (cont’d) Beach may incur costs in making payments to settle any such claims or complying with any court order which may not
Slide 72: Key risk factors (cont'd)
NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES Key risk factors (cont’d) 3. Key business risks of Beach (including Lattice) (cont’d) 3.26 Dividends No assurances can be given in relation to the payment of future dividends. Future determinations as to the payment of Beach’s future dividends wil
Slide 73: Key risk factors (cont'd)
NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES Key risk factors (cont’d) 4. Share and Offer risks 4.1 Risks associated with an investment in shares There are general risks associated with investments in equity capital such as Beach shares. The trading price of Beach shares may fluctuate with m
Slide 74: Key risk factors (cont'd)
NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES Key risk factors (cont’d) 4. Share and Offer risks 4.2 Underwriting risk (Cont’d) Institutional Entitlement Offer The events which may trigger termination of the Underwriting Agreement in the period from execution of the Underwriting Agreement to
Slide 75: Key risk factors (cont'd)
NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES Key risk factors (cont’d) 4. Share and Offer risks 4.2 Underwriting risk (Cont’d) Retail Entitlement Offer In addition to the Institutional Entitlement Offer termination and restructure events, there are certain events which may occur in the perio
Slide 76: Key risk factors (cont'd)
NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES Key risk factors (cont’d) 4. Share and Offer risks (cont’d) 4.3 Dilution risk of not participating under the Offer Eligible shareholders should note that if they do not take up all or part of their entitlement under the Offer, then their percentag
Slide 77: Appendix G: International offer restrictions
NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES Acquisition of Lattice Energy and Capital Raising Appendix G: International offer restrictions BEACH ENERGY LIMITED 77
Slide 78: International offer restrictions
NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES International offer restrictions France This document is not being distributed in the context of a public offering of financial securities (offre au public de titres financiers) in France within the meaning of Article L.411-1 of the French Monetar
Slide 79: International offer restrictions (cont'd)
NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES International offer restrictions (cont’d) Hong Kong WARNING: This document has not been, and will not be, registered as a prospectus under the Companies (Winding Up and Miscellaneous Provisions) Ordinance (Cap. 32) of Hong Kong, nor has it been au
Slide 80: International offer restrictions (cont'd)
NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES International offer restrictions (cont’d) New Zealand This document has not been registered, filed with or approved by any New Zealand regulatory authority under the Financial Markets Conduct Act 2013 (the "FMC Act"). The New Shares are not being
Slide 81: International offer restrictions (cont'd)
NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES International offer restrictions (cont’d) Singapore This document and any other materials relating to the New Shares have not been, and will not be, lodged or registered as a prospectus in Singapore with the Monetary Authority of Singapore. Accord
Slide 82: International offer restrictions (cont'd)
NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES International offer restrictions (cont’d) United Kingdom Neither the information in this document nor any other document relating to the offer has been delivered for approval to the Financial Conduct Authority in the United Kingdom and no prospect
Slide 83: Appendix H: Pro forma balance sheet
NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES Acquisition of Lattice Energy and Capital Raising Appendix H: Pro forma balance sheet BEACH ENERGY LIMITED 83
Slide 84: Beach Historical and Pro Forma Combined Statement of Financial Position
NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES Beach Historical Consolidated Statement of Financial Position and Pro Forma Historical Combined Statement of Financial Position Set out on page 26 page is the summarised historical consolidated statement of financial position of Beach Energy Limit
Slide 85: Statement of Financial Position: Basis of Preparation
NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES Beach Historical Consolidated Statement of Financial Position and Pro Forma Historical Combined Statement of Financial Position (cont’d) Basis of Preparation The directors of Beach are responsible for the preparation and presentation of the Beach
Slide 86: Statement of Financial Position: Basis of Preparation (cont'd)
NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES Beach Historical Consolidated Statement of Financial Position and Pro Forma Historical Combined Statement of Financial Position (cont’d) Basis of Preparation (cont’d) The Lattice Energy Combined Financial Information was prepared in accordance wit
Slide 87: Statement of Financial Position: Basis of Preparation (cont'd)
NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES Beach Historical Consolidated Statement of Financial Position and Pro Forma Historical Combined Statement of Financial Position (cont’d) Basis of Preparation (cont’d) Pro Forma Historical Combined Statement of Financial Position The Pro Forma Hist
Slide 88: Significant Accounting Policies
NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES Beach Historical Consolidated Statement of Financial Position and Pro Forma Historical Combined Statement of Financial Position (cont’d) Significant Accounting Policies There are no significant differences in accounting policies between Beach and
Slide 89: Appendix I: Glossary
NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES Acquisition of Lattice Energy and Capital Raising Appendix I: Glossary BEACH ENERGY LIMITED 89
Slide 90: Glossary
NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES Glossary Defined Term Meaning A$ or $ Australian dollars 2C denotes the best estimate scenario of contingent resources 2P or 2P reserves is equivalent to the sum of proved reserves plus probable reserves. It denotes the best estimate scenario of r
Slide 91: Glossary (cont'd)
NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES Glossary (cont’d) Defined Term Meaning Lattice or Lattice Energy Lattice Energy Limited (formerly Origin Energy Resources Limited) (ACN 007 845 338) LC letter of credit LPG liquefied petroleum gas kT kilotonne MMboe million barrels of oil equivale
Slide 92: Glossary (cont'd)
NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES Glossary (cont’d) Defined Term Meaning PRMS the Petroleum Resources Management System sponsored by the Society of Petroleum Engineers, the American Association of Petroleum Geologists, the World Petroleum Council, the Society of Petroleum Evaluati
Slide 93: Investor Relations contact
NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES Acquisition of Lattice Energy and Capital Raising BEACH ENERGY LIMITED Investor Relations 25 Conyngham Street, Glenside SA 5065 Derek Piper Tel: +61 8 8338 2833 Investor Relations Manager Fax: +61 8 8338 2336 Tel: +61 8 8338 2833 www.beachenergy.c
Beach Energy — Merger or Acquisition (September 2017) on 6ix