Beach Energy Limited · ASX:BPT
Beach Energy — Beach Petroleum — Euroz Securities Limited Conference 2005
30 slides from Beach Energy's conference presentation, Mar 9, 2005
Slide 1: Beach Petroleum Limited
~ Beach Petroleum Limited March 2005. |
Slide 2: Recent Highlights
Recent Highlights Record half year net profit of $9.2 million Interim dividend of 1 cent per share Acquired 25% of Basker/Manta/Gummy offshore Gippsland (+ further 12.5% option) Acquired approx. 10% of Anzon Australia Ltd- Six out of s six wells in Qld sector of Cooper Basin. oN successful - =. New
Slide 3: Beach's growth strategy a focus
Beach's growth strategy a focus » Building blocks - strong cashflow generator. *Proven petroleum production provinces that are underexplored by world standards with -Rejuvenation potential after years of historical control by large. companies “Undeveloped fields offering medium risk, high potential
Slide 4: i Ml
i Ml fest _ al ~ a ieee, 8 i = “., Beriisettecttcntnenurentcnts tet es, a . PN : ] ES
Slide 5: Increasing High Equity Participation Commercial
we Increasing High Equity Participation Commercial Production | Discoveries | Cost Effective ~ ; { High Historic Success Strong Internal funding ~ Substantial Financial ——> | Exploration Growth Programme | Dividends/bonus options Return to Shareholders
Slide 6: Half Year Performance 2000-05
Halt Year Performance 2000-05 Half Year Performance 2000-2005 S$MICPS 4HOO 2H00 1H01 @Saies BEBIT OEPS ‘Dividend payments recommenced i in 2001/02, id payment made i in | November 2004
Slide 7: Strong Cashflows & Financial Depth
‘Strong Cashflows & Financial Depth Operating Cashflow Total Revenue oO 1999/00 2000/01. 2001/02 2002/03 2003/04 Net Profit After Tax .__ 1999/00 2001/02 2003/04 t =
Slide 8: Annual Production
Annual Production 4000000 5 : 900000 . yee 4 8000004 Dee de 700000- : | © Annual Production 600000- 500000 - || |W@H1 Production 400000- L ] _| || 2004-05 Full Year 300000 TFL Target - ‘Barrels oil equivalent 200000 | 100000 - y Le : j LD y : Average + sales price AS$60/bbI
Slide 9: Production & Reserves/Resource Growth
Production & Reserves/ Resource Growth < Gippsland Contingent gas/condensate i—_— Gippsland oil New Christies. j Discoveries/additions Millions of barrels of oil equivalent a ON FPO OON RO & /——. Annual production _
Slide 10: Location: South west Queensland
Location: South west Queensland Since acquisition (July 2002) * Produced 1.4 mmb. « 3D Seismic 11 wells drilled / 8 successes Increased reserves by 2.0 mmb Reduced costs by 17% . Exploration success at Coolum in Jan 2005. : )
Slide 11: Bodalla Allows Beach to be a Low Cost Operator
-Bodalla Allows Beach tobe a Low Cost Operator * Ownership 100% * Production for 2003-04 of 622,000 bbl (64% of total) * (04/05 forecast ~620,000 bbls) * Average oil price for H1 2004-05 A$60/bbI ¢-. Total Production & Transport Costs ~$11/bbl . ‘Royalty of 10% at well head «Typical time.to bring ne
Slide 12: Direct and Indirect Benefits from High Deliverability Gippsland Production
Direct and Indirect Benefits from High Deliverability Gippsiand Production o NHN FS SD CO 2005 2006 Annual Production (mmboe Indirectly to Beach via Anzon Strict | NB: Assumes Beach exercises 12.5% farmin option and there is full field development of P50 reserves plus development of Manta. Gummy gas
Slide 13: Millions of barrels per annum
Millions of barrels per annum 4.5 : Cooper + BMG New Discoveries? _ Gooper- _ Eromanga | success, _~=«C & BMG Gas/Condensate @ BMG Oil _ Consolidation _ ef Cooper- _ | Eromanga | i Cooper Production
Slide 14: Exploration
Slide 15: Recent Activity (since July 04)
7 GT ation Recent Activity (since July 04) = 12 Wells drilled ‘ : -CooperiEromanga Ze CX — _ 3 exploration/ 7 80% success rate wifi 8 product ae wel So _ Increased reserves by EE TT EAT TT TT TT TT TT EE - oo
Slide 16: Ce i
Ce i as) Ly c oe i ne Co Man i A a it iS Het Mineo OnE: il : Sy oo! . 7 _. 0 . : a i ie je eS ca ao S Doe! Ge o oo 8 ae a a ee Oo vCUrUrUrUrlrlrrrrr ee
Slide 17: Ponbonyiha
. ) Pon bonyiha
Slide 18: New Oil Pool Discoveries at Christies
‘New Oil Pool Discoveries at Christies Ownership: Beach 75% (operator) SOUTHEAST NORTHWEST ‘Christies structure appears to be fully charged with oil in various stacked reservoirs *New oil pool discoveries within’, _\ Namur. Sandstone Schomatic Cr¢ *High flow rates: stutnoracons haga *Stabilised flow
Slide 19: Flank Large Play
a Flank Large Play Highgraded Potential to North & Northwest of Christies Boomer Prospect AWA MIM MiG
Slide 20: Barpoono
| Barpoono Block (era
Slide 21: “ CO SE
y = “ CO SE Lo : . Te ees 7 : a) = i i—) = fin. ‘oe 1 intone Ce - i Co _ | i A - oe | - ee . . ] oo ae 0 oe Le 0 ay 6) ous | Offshore | Lae ee
Slide 22: Potential to yield a significant addition to Beach's reserves
«Potential to yield a significant »-. addition to Beach’s reserves “Approximately 11 km west of the producing Legendre Oil Field *Mean potential recoverable reserves estimated at 24 million _ barrels with a highside in excess : of 50 million barrels recognised oe cap (75m. column) encountered — poss
Slide 23: - : y _ eae ee Oe
en 7 ~ ~ . 7 _ _— -_ ie - : y _ eae ee Oe
Slide 24: Les. Gh LLL
{ 7 E Les. Gh LLL
Slide 25: BMG Project
Je eee “Ownership: Beach 25 % + 12.5% option; Anzon 75% (operator) «Beach owns approx, 10% of Anzon — a «Value to Beach can be » estimated by: ~~ *Market cap of AZA less | cash is market value of * » 75% of BMG *Value of Beach shareholding in AZA *Beach fully diluted “~~. issued capital of 332.8 mil
Slide 26: Potential to add a further million barrels oil production per year in 2006/07
Potential to add a further 2 million barrels oil production.per year in 2006/07 «More than doubles reserves base to nearly 10.5 million barrels of oil -Contingent gas/condensate resource of 4.8 million barrels of oil equivalent +~10% shareholding in AZA gives indirect exposure to a further 17.5 mmbb
Slide 27: Cowrie-1 well planned for early 2005
Cowrie-1 well planned for early 2005 - onshore north of Katnook | “> Gas Field +. Target up to 5 million barrels oil Beach has farmed in to to earn 17.5% VIC P/46 in the offshore Otway Basin for 3D.seismic prior to drilling large gas target in 2006 Exploration to’ resume north of Port Campbell.gas f
Slide 28: Vic P/ Prospects & Resource Estimates
vic P/ 46 Prospects & Resource Estimates jo ERRE 100% - ~ oe, raat Fermat Prospect Oe = Sad ak Areal Closure Target Mean recoverable By (sq km) resource estimate oe oS 22.2 Flaxman 262 BCF Fermat __. yy c ie : %, Twenaaiter 46.8 Waarre C 613 BCE SNP Embayment om we SS _ \ 32.4 Waarre A 468 BCE = ee
Slide 29: Beach Petroleum 2005 Drilling Program
Mal MAY BEACH PETROLEUM 2005 DRILLING PROGRAM _ APR UE | AUG SEP. OCT BSis Alt | Bayt RBt Aor-a Kiet yt 928 920 Kenmore 34 Coolum 1 Bodatia Sth 15 Almonta 1 Baystone 1 Red Banks 4 Acrasia 4 Kiana 1 Tyringa 1 Middleton 1 Boomer 1 PEL92B PEL92C Jackson 44 Jackson 45 100% 46.95% 100% 50% 25% 87.5% 25%
Slide 30: Disclaimer
Disclaimer This presentation may contain forward looking statements that are subject to risk factors associated with oil and gas businesses. It is believed that the expectations reflected in these statements are reasonable but they may be affected by a variety of variables and changes in underlying
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