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AWE Limited Valuation Report, August 2010 - Strategic and Operational Analysis
GlobalData, August 2010, Pages: 75
AWE Limited Valuation Report, August 2010 - Strategic and Operational Analysis
Summary
AWE Limited (AWE) is an independent energy company engaged in exploration, development and production of crude oil, natural gas and natural gas liquids. The company owns a diverse and balanced crude oil and natural gas portfolio globally. AWE has producing assets in South East Australia, Western Australia, and New Zealand. Its South East Australia assets contributed around 43.5% of the company’s total production, followed by 33.7% and 22.6% by its New Zealand and Western Australia assets respectively, in 2010. Apart from its producing assets, the company has been executing extensive exploration programs, mainly in Indonesia, New Zealand and Yemen. AWE has a strategy of exploring the acreages adjacent to its existing producing assets in order to boost its shareholder value.
Scope
- Investment Thesis: This section highlights the companies new ventures, liquidity issues, assets analysis, hedging, new projects details, capex funding, geographical results of oil and gas operations, and other related analysis.
- Goals and Strategies: Provide highlights on their existing and upcoming challenges with the possible strategies.
- SWOT: This section highlights the companies internal strength, weakness, opportunities and threats to better understand their position in the market
- Production and Development profile: This section highlights the companies’ forecasted crude oil and natural gas production from their existing and upcoming assets. It also covers the detailed information and analysis on the producing and development assets.
- Exploration and M&A trends: This section includes exploration assets information resulted due to new discoveries, new drilling and other activities. Additionally, M&A section highlights the companies’ recent assets transactions, joint ventures, acquisition, and divestment activities during the specified period.
- Financial Forecast and Valuation: This section highlights the detailed financial forecast of the companies for coming five years. This section also provides intrinsic value of the companies’ by using different valuation techniques.
- Peer Group: This section compares peer group performance with the main companies on the basis of share prices, financial ratios, operational and financial parameters and other related activities.
Reasons to buy
- The report will enhance the decision-making capability in a more rapid and time sensitive manner. It will allow you to:
- Provide detailed analysis to those who are interested in knowing the companies’ existing and future business strategies.
- Provide in-depth analysis on the companies E&P profiles along with the exploration and M&A updates.
- Provide valuable insights to those who are tracking oil and gas markets and wants to know the intrinsic value of the companies.
- Use the analysis for strategy and planning, M&A identifications, and competitor analysis.
1 Table of contents
1.1 List of Tables
1.2 List of Figures
2 AWE Limited, Company Overview
3 AWE Limited, Investment Summary
3.1 AWE’s Long Term Growth Dependent Upon its Exploration Program; Disappointing 2010 Exploration Results
3.2 Increasing Focus on the Potential in Unconventional Oil and Gas to Drive Shareholders Value; Could be a Risky Drive
3.2.1 Onshore Perth Basin, Western Australia
3.2.2 Sugarloaf Area of Mutual Interest (AMI), the US
3.3 BassGas Project, the Long Term Driver For AWE Whereas Long Term Production at Tui Project seems Unappealing
4 AWE Limited, SWOT Analysis
4.1 Strengths
4.1.1 Balanced Approach towards Exploration and Acquisition
4.1.2 Sustainable Liquidity Coupled with Unlevered Capital Structure
4.2 Weakness
4.2.1 Lacking Technical Expertise to Develop Unconventional Plays
4.3 Opportunities
4.3.1 Exposure in Unconventional Oil and Gas
4.3.2 Acquisition of Interest in T18/P Permit
4.4 Threats
4.4.1 Declining Production from the Tui Project due to Natural Decline
4.4.2 Disappointing 2010 Exploration Program
5 AWE Limited, Goals and Strategies
5.1 Increasing its Focus to Tap Potential in Unconventional Oil and Gas
5.2 Resuming its Exploration Program Despite Discouraging Results in 2010
6 AWE Limited, Production and Development Overview
6.1 Production Profile
6.2 Production and Development Overview
6.2.1 BassGas Project, South East Australia
6.2.2 Otway Basin, South East Australia
6.2.3 The Cliff Head Project, Perth Basin, offshore Western Australia
6.2.4 Perth Basin, onshore Western Australia
6.2.5 Taranaki Basin, offshore North Island
6.2.6 Summary of Producing Assets
7 AWE Limited, Exploration Overview
7.1 Exploration Profile
7.1.1 Bass Basin, Offshore Tasmania
7.1.2 Otway Basin, Offshore Victoria
7.1.3 Onshore Perth Basin, Western Australia
7.1.4 Taranaki Basin, New Zealand
7.1.5 Indonesian Exploration Project
7.1.6 Yemen Exploration Project
7.1.7 Argentina Gas Project
7.1.8 Summary of Exploration Assets
8 AWE Limited, M&A Profile
9 AWE LImited, Forecast Production and Financial Statements
9.1 Income Statement (2008–2015)
9.2 Balance Sheet (2008–2015)
9.3 Cash Flow Statement (2008–2015)
9.4 Financial Ratios
10 AWE Limited, Valuation
10.1 Net Asset Value
11 AWE Limited, Peer Comparision
11.1 Share Price Performance
11.2 Operational and Financial Performance
11.3 Key Financial and Operational Ratio
12 AWE Limited, Key Risks
12.1 Political Instability
12.2 Fluctuating Crude oil and natural gas prices
12.3 Reserves and Drilling operations
12.4 Competition
12.5 Significant Exposure Across trading, treasury and foreign exchange Risk
13 AWE Limited, Detailed Financial and Operational Metrics
13.1 AWE Limited, Total Oil and Gas, Reserves and Production
13.1.1 Total Crude Oil and Natural Gas Production and Reserves Trend, 2004-2009
13.1.2 Total Crude Oil & Natural Gas Production and Reserves by Country/Region, 2004-2009
13.1.3 Total Crude Oil and Natural Gas Reserve Changes, 2004-2009
13.2 AWE Limited,Crude Oil/Liquids Production and Reserve
13.2.1 Crude Oil/Liquids Production and Reserve Trend, 2004-2009
13.2.2 Crude Oil Production and Reserves by Country/Region, 2004-2009
13.2.3 Crude Oil/Liquids Reserve Changes, 2004-2009
13.3 AWE Limited,Natural Gas Production and Reserve
13.3.1 Natural Gas Production and Reserve Trend, 2004-2009
13.3.2 Natural Gas Production and Reserves, By Country/Region, 2004-2009
13.3.3 Natural Gas Reserve Changes, 2004-2009
13.4 AWE Limited,Total Crude Oil and Natural Gas Reserves Life Index
13.4.1 Total Crude Oil and Natural Gas Reserves Life Index, 2004-2009
13.4.2 Total Crude Oil and Natural Gas Reserves Life Index, By Country/Region, 2004-2009
13.5 AWE Limited, E&P Costs Trends
13.5.1 Upstream Capital Expenditure, 2004-2009
13.5.2 Acquisition Costs by Country/Region, 2004-2009
13.5.3 Exploration and Development Costs, By Country/Region, 2004-2009
13.6 AWE Limited, Results of Oil & Gas Operations Trend
13.6.1 Oil and Gas Revenue and Expenses, 2004-2009
13.6.2 Oil and Gas Revenue and Expenses, By Country/Region, 2004-2009
13.7 AWE Limited,Oil and Gas Performance Metrics
14 Appendix
14.1 Methodology
14.1.1 Coverage
14.1.2 Secondary Research
14.1.3 Primary Research
14.2 Data Sources
14.2.1 Company Source
14.2.2 SEC/Other Regulatory Filings
14.2.3 Agency Reports
14.2.4 Other Sources
14.3 Methodology for Company Valuation
14.4 Expert Panel Validation
14.5 Units of Measure
14.6 About Us
14.7 Disclosure
14.8 Disclaimer
Increasing Focus on the Potential in Unconventional Oil and Gas to Drive Shareholders Value; Could be a Risky Drive
AWE has been increasing its focus on unconventional shale plays in order to drive the shareholders value. Currently, AWE has been targeting both onshore Perth Basin, Australia, and in the US. Onshore Perth Basin, Australia, has been an emerging region for natural gas where shale gas is being sought in a strong gas market. In the US, the company has interest in Sugarloaf AMI, a shale formation underlying the prospective Austin Chalk formation.
Onshore Perth Basin, Western Australia
AWE has interest in the northern part of the onshore Perth Basin, which is around 300km north of Perth. AWE acquired operations in the onshore Perth Basin through the merger with Arc Energy Limited. Following the merger, AWE owns various operated and non operated interests ranging from 33% to 100% in around 11 oil and gas fields. The merger with Arc Energy also provided AWE with interest in existing infrastructure supporting these assets. During 2010, the fields in onshore Perth Basin contributed a modest level of production through the year, totaling 0.42 MMbbl of oil and condensate and 4.4 Bcf of natural gas. AWE holds net acres of around 620,000 in the North Perth Basin. AWE is in a particularly strong position because the company’s acreage contains three shale sequences that are present throughout the basin – the Kockatea Shale, the Carynginia Formation and the Irwin River Coal Measures (IRCM).
During the quarter ended June 2010, the net average production was around 450 bbl per day and 3.1 MMcf of gas per day. As at June 30, 2009, the estimated net remaining probable and possible (2P) reserves were 0.4 MMbbl of oil and 15.9 Bcf of natural gas. The oil and condensate production from onshore Perth Basin is transported to the Kwinana oil refinery, located south of Perth. Thereafter, gas production is gathered at four gas processing facilities and injected into the Parmelia Pipeline for transport to various customers. The drilling at onshore Perth Basin gives transportation advantage to AWE as it is connected by an underutilized pipeline to the Perth market, where strong demand for natural gas is predicted. AWE conducted a 4-well drilling program during 2009 to provide additional production and to test some unexplored prospects in the onshore Perth Basin. The company reported the initial production from Carybas – 1 well during Q4, 2010, whereas the production from new discovery well Redback South – 1 got delayed due to a leaking in packer seal assembly. The company has been planning to assess the remaining prospect to evaluate some of the new opportunities in the basin.
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