Beach Energy Limited · ASX:BPT
Beach Energy — Shareholder Meeting (November 2003)
19 slides from Beach Energy's shareholder meeting presentation, Nov 20, 2003
Slide 1: Annual General Meeting 20 November 2003
Annual General Meeting 20 November 2003 Mr Reg Nelson Managing Director 17
Slide 2: Reserves Growth
Reserves Growth Millions of barrels Resarves:{mmbhi}: Annual Production mmbbl) Reserves:Annual Production = 5:1 ~ Thank you, Mr Chairman. Ladies and Gentlemen: Firstly, may | draw your attention to the growth in Beach’s 2P reserves base. You can see the effect of the Bodalla acquisition in the 2001/
Slide 3: Balanced Asset Portfolio
Balanced Asset Portfolio iparalicnal eoniro st 0 60% lew isk but Sedat d : substantial mwatils ‘9 Exeuclenced workers silty (0 add value Scmonlenien oummork << 4 | Operational presence | : Lower waneporl costs Local markets : FQ. Suing ot successful gaa ‘aia Mlesor G2 Success dicts $0. suleea ‘lscen
Slide 4: Upside in Existing Fields
Upside in Existing Fields > Better technology to unlock new reserves 3D seismic for better structural definition Better drilling & completion:techniques > Better cost:control & value adding The ability to add value to existing production is clearly demonstrated by what we've achieved in the Bodalla
Slide 5: Ongoing Development of Oil Assets
Ongoing Development of Oil Assets Bodaiia Oilfields (100% Beach) 2 Since acquisition (July 2002) URimate recoverable reserves up by 10% costs down by 17% Further. Development.Potential 3D Seismic completed Nov 2002 4 new wells Sep/Dec 2003 New incremental reserves Further Exploration Potential. Beac
Slide 6: Queensland Fields Upgrade
Queensland Fields Upgrade Sep — Dec 2003 Program has. potential ic ada ovary) ip barrels of increinental reserves: “Low risk «Rapid production Sta + Low incremental costs igh NPY per barrel By the end of December this year, we will have completed 4 new wells in the Kenmore Field and potentially adde
Slide 7: 3D seismic — A Valuable Tool
3D seismic — A Valuable Tool 3D seismic has already proved its worth to us in discovering new gas fields in the Otway Basin in Victoria. Its use in the Bodalla Block has given us a much better understanding of the overall geological structures. 23
Slide 8: Kenmore 3D Seismic
Kenmore 3D Seismic Kenmore-30; The black dots on the main diagram here indicate the locations of producing wells. The bulk of these are clustered around the central feature of the map — historically the area delineated by older 2D seismic and the main centre for production. However, there are areas
Slide 9: Unexplored Areas Upside
Unexplored Areas Upside The new regions of the South Australian Cooper offer, we believe significant upside. As you know, this has been a particular focus for Beach since 1996, in preparation for Santos's 1999 relinquishment. 25
Slide 10: Unexplored Areas Upside
Unexplored Areas Upside > Focus for Beach since 1996 Key people recruited Ke on afd operational pre > First drilling in 2002 — new plays & fairways over large geographical area Quick ard profitable cashflow. Numerous follow-up targets = Unprecedented level of activity Compared to industry peers Ten
Slide 11: Cooper-Eromanga Drilling Locations for 2003
Cooper-Eromanga Drilling Locations for 2003 This map shows just how extensive geographically our program has been this year. 27
Slide 12: Greatly Enhanced Prospectivity
Greatly Enhanced Prospectivity g program has greatly enhanced the prospectivity of large a rely explored regions of the Co r Basin in SA Sellieks: 1? Oi: flow: at 2200 bopd Maslins#15:10:5 barrels of oi! on DS) Aidinga- 1¥ producing 80 bopd Henley- 1; 2-3 barrets of ail on Our 2002 drilling program
Slide 13: Patchawarra West Flank
Patchawarra West Flank Firstly, let's look at the Patchawarra West Flank. Noteworthy discoveries are Santos's Lake Hope oilfields, that have produced nearly 12 million barrels of oil to date. Sellicks-1 was our second commercial success after Acrasia-1 last year, followed by Christies-1 this year. H
Slide 14: Unravelling the Plumbing
Unravelling the Plumbing > The Risks e.g., Sellicks-1 pre-drill Seal risk (Pies) success PrrapXPresXP coaXPeharge = 34% 30 But the region is full of complexities and a large part of our efforts must address a better understanding of how — and where — and when - oil has moved through the various rock
Slide 15: What Have We Learned From New Drilling?
What Have We Learned From New Drilling? “Lith Oo Ol present i Moanaxt&:Brightonet What did we learn from this year’s efforts in the Patchawarra West Flank? We drilled 4 wells and had one commercial success. At a success rate of 25%, that is still better than the 20% historical average. As we examine
Slide 16: Trapping Mechanisms
Trapping Mechanisms Christies Moana Sellicks Large style traps style traps style traps ttt structures to west with good oil charge potential Dee Sins Cokeniau ) SSS EE Gon. ixtoenmric Eenaw Soettars Seeasthacn eestirn deers This diagram shows the conceptual plays in cross-section. 32
Slide 17: Southern Cooper Prospectivity
Southern Cooper Prospectivity Very little previous exploration Aldinga, Henley and Maslins oil recoveries have greatly enhanced prospectivity of southern flanks Large structures There is also a wealth of prospects and leads along the southern Cooper flanks, although the unknowns and risks are probab
Slide 18: What Have We Learned From New Drilling?
What Have We Learned From New Drilling? What have we learned from our program there this year? It’s still very early days. Waitpinga-1 was designed to test a large structure in the lobe of the Cooper Basin known as the Milpera Embayment. Seismic data suggested that a good thickness of Cooper Basin r
Slide 19: Prime Position Offers Opportunities
Prime Position Offers Opportunities 2 Beach‘s prime position in the Cooper/Eromanga: involved in ery & production in Gid.since 1980s SA focus since 1995 Leader in new entrants. People with great knowledge and experience Low cast base > Extremely well-placed to maximise opportunities: Farm In oppdrtu