Central Petroleum Limited · ASX:CTP
Central Petroleum — Shareholder Meeting (November 2020)
26 slides from Central Petroleum's shareholder meeting presentation, Nov 10, 2020
Slide 1: Annual General Meeting 10 November 2020
For personal use only Annual General Meeting 10 November 2020 Central Petroleum Limited (ASX:CTP)
Slide 2: Company Snapshot
Company Snapshot For personal use only Brisbane head office / NT Operations * 92 employees 12.3 PJE of sales FY2020 $65M sales revenue FY2020 4 $5.4M maiden profit after tax in FY2020 $87M market cap Top10 1 shareholders Reserves Unit 1P 2P 2C Net debt2 23% Gas PJ 123 155 240 $45M 34% Equity3 Oil MM
Slide 3: Balanced Corporate Strategy
Balanced Corporate Strategy For personal use only Large under-explored portfolio Amadeus exploration programme Range Gas Project Production assets: Mereenie + Palm Valley + Dingo CENTRAL PETROLEUM LIMITED (ASX:CTP) 3
Slide 4: Production Assets
Production Assets For personal use only Production assets: Mereenie + Palm Valley + Dingo CENTRAL PETROLEUM LIMITED (ASX:CTP) 4
Slide 5: Proven Producing Fields
Proven Producing Fields For personal use only • Central is the largest on-shore gas producer in the Northern Territory • 45TJ/d of installed plant capacity (net to Central) • Mereenie and Palm Valley have been producing for decades • Surrounded by Central’s basin-wide exploration portfolio CENTRAL P
Slide 6: Strong Record of Growth
Strong Record of Growth For personal use only • Record annual sales volumes and revenues in FY2020 (triple that of 2017) despite challenging market conditions in 2H • Over 10 years of gas reserves at current production rates: 16% reserves upgrade at 30 June 2020 (155 PJ 2P gas reserves) • Solid fina
Slide 7: Quarterly Gas Sales
Quarterly Gas Sales For personal use only • Given timing, FY results have hidden FY 2020 FY 2019 key impacts on gas sales • Impact of NGP visible from Q3 FY2019 COVID-19 market downturn • CY2019 gas sales volumes hit a Northern Gas record average of 3.1 PJ / Qtr1 Pipeline opens • COVID and market do
Slide 8: Gas Sales Contracting Strategy
Gas Sales Contracting Strategy For personal use only • Sales volumes in CY20 reflect a portfolio of fixed-price, long-term gas supply agreements • Contract strategy creates revenue stability, (94% of September quarter sales under term GSAs) • Contracted position extends past 2025 • Strong interest f
Slide 9: Finance Facility Extended
Finance Facility Extended For personal use only • Debt position as at 30 September 2020: • Total debt facility of $69.8m Extended by 12 months • Net debt of $44.6M • Facility term extended to September 2022 • Debt repayment profile restructured to facilitate growth in 2021. • Contracted gas sales pr
Slide 10: Range Gas Project
Range Gas Project For personal use only Range Gas Project CENTRAL PETROLEUM LIMITED (ASX:CTP) 10
Slide 11: Range Gas Project – proceeding to FID
Range Gas Project – proceeding to FID For personal use only • Joint venture with Incitec Pivot (50% interest) • 77km2 with 270 PJ development-pending 2C contingent gas resource* • Surrounded by major CSG developments and infrastructure • Potential to almost double Central’s 2P reserves base and annu
Slide 12: Amadeus Basin: exploration targets
Amadeus Basin: exploration targets For personal use only Large under-explored portfolio Amadeus exploration programme CENTRAL PETROLEUM LIMITED (ASX:CTP) 12
Slide 13: Exploration activity in 2021 and 2022
Exploration activity in 2021 and 2022 For personal use only Targeting Lower Risk 647 PJ A Mereenie Stairway (2C 54 PJ) Additional horizon at Mereenie with the potential to convert existing 2C to 2P B Palm Valley Deep (target 123 PJ) Testing deeper reservoir (proven at Dingo) in existing field C Oran
Slide 14: Amadeus Basin: Major Emerging Gas Basin
Amadeus Basin: Major Emerging Gas Basin For personal use only Large under-explored portfolio Amadeus exploration programme CENTRAL PETROLEUM LIMITED (ASX:CTP) 14
Slide 15: Federal Energy Plan (New Gas Supply Needed)
Federal Energy Plan (New Gas Supply Needed) For personal use only ➢ Transition path to renewables ➢ Gas-fired recovery ➢ Gas Supply Hubs to improve Amadeus Basin market liquidity Emerging as Key Cost-Efficient Gas ➢ Promote large emerging gas Supply basins for new supply ➢ New pipelines for efficien
Slide 16: The Amadeus Basin
The For personal use only Amadeus Basin 30 years of proven commercial production 200 PJ of existing uncontracted 2P reserves Large underexplored basin (53 Tcf total resource*) Conventional gas focus, with large unconventional upside * total Amadeus 2C resources and prospective resources from EnergyQ
Slide 17: Snapshot of the funnel of defined opportunities
Snapshot of the funnel of defined opportunities Unrisked Gross in BCF, Gas Only Amadeus Basin – Primary Targets only For personal use only Legend Indicative 10 BCF Indicative 100 BCF Indicative 1000 BCF 5X Current snapshot of the funnel of opportunities based on the portfolio at 10 November 2020 gro
Slide 18: Amadeus Basin: Emerging Basin Attributes
Amadeus Basin: Emerging Basin Attributes For personal use only ➢ Proven low-cost conventional production for over 30 years ➢ Large underexplored basin (53 TCF total resources*) ➢ Smaller surface footprint (vs unconventional) ➢ Lower water usage / production (vs unconventional) ➢ No fracking planned
Slide 19: Amadeus to Moomba Gas Pipeline
Amadeus to Moomba Gas Pipeline For personal use only Amadeus to Moomba Gas Pipeline (AMGP) MOU with Macquarie Mereenie and Australian Gas Infrastructure Group (AGIG) to progress towards FID a new gas pipeline between the Amadeus Basin and Moomba. • 950km 16-inch diameter pipeline (less than half the
Slide 20: A new paradigm for the Amadeus Basin
A new paradigm for the Amadeus Basin For personal use only Large Multi TCF targets – potential to mitigate south-east gas shortages under-explored portfolio Amadeus – Clear price signals to stimulate exploration and Amadeus exploration appraisal across the basin Moomba Gas programme Pipeline Re-rate
Slide 21: Key accomplishments
Key accomplishments For personal use only ➢ Record sales, revenues, EBITDAX and maiden net profit ➢ Solid and resilient operations through COVID and downturn Large under-explored ➢ Funded field development to return capacity to target plateau portfolio ➢ New gas sale agreements Amadeus exploration ➢
Slide 22: The Year Ahead - Key Activity Targets (CY 2021)
The Year Ahead - Key Activity Targets (CY 2021) For personal use only Q1 Q2 Q3 Q4 Amadeus to Moomba Company-wide Gas Pipeline FID Dukas well design Dukas planning and prep for 2022 drill decision Basin-wide Zevon planning and seismic Farm-out completes Near/in-field Execute Amadeus exploration progr
Slide 23: Positioned for a big 2021
Positioned for a big 2021 For personal use only ➢ Quality production assets ➢ Range Gas Project ➢ Company-changing exploration ➢ Emerging Amadeus Basin ➢ Amadeus to Moomba Gas Pipeline ➢ Significant news flow in next 12 months ➢ Strong Board / proven Management Team to deliver strategy CENTRAL PETRO
Slide 24: Notice and legal disclaimer
Notice and legal disclaimer For personal use only To the maximum extent permitted by law: This presentation is not intended for prospective investors and does not purport to provide all of the information an interested party may require in order to investigate the affairs of Central Petroleum Ltd (“
Slide 25: Appendix: Reserves and resources information
Appendix: Reserves and resources information For personal use only Prospective Resources – Amadeus exploration targets Low Best High Mean Resources Estimates The volumes of Prospective Resources Estimate Estimate Estimate included in this presentation represent the Target Depth Permit Lead / Prospec
Slide 26: Contact and Further Information
For personal use only Level 7, 369 Ann Street Brisbane QLD 4000 Australia Contact and Further +61 (0)7 3181 3800 Information This ASX announcement was approved and authorised for release by Leon Devaney, Managing Director info@centralpetroleum.com.au and Chief Executive Officer Investor and Media In
Central Petroleum — Shareholder Meeting (November 2020) on 6ix