BEACH ENERGY LIMITED Good morning ladies and gentlemen and thank you for taking the time to be here today. I declare open the 2015 Beach Energy Annual General Meeting. A quorum is present.
As safety is one of our key values at Beach, I want to begin with a safety message. In the unlikely event of an emergency evacuation you will hear a 'whoop whoop' alarm. On hearing that alarm please evacuate in a calm manner through the exits and follow the instructions from the Convention Centre staff who will direct you to a safe assembly point.
Very important to us at Beach are our relationships with the traditional custodians of Australia. We acknowledge that we are meeting today on the traditional country of the Kaurna People of the Adelaide Plain and we pay our respect to their Elders past, present and future. We also recognise and respect their cultural heritage, beliefs and spiritual relationship with the land and acknowledge that they are of continuing importance to the Kaurna People today.
A few housekeeping matters for good order:
If you haven't already done so could you please turn your mobile phone to silent.
I would also ask you to note that any unauthorised recording or photography during the course of the meeting today is prohibited. The presentations are being recorded and will be available on the Beach website after the meeting.
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ENERGYCompliance statements •1BEACH
DisclaimerThis presentation contains forward looking statements that are subject to risk factors associated with oil,gas and related 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 assumptions which could cause actual results or trends to differ materially, including, but not limited to: price fluctuations, actual demand, currency fluctuations, drilling and production results, reserve estimates, loss of market, industry competition, environmental risks, physical risks, legislative, fiscal and regulatory developments, economic and financial market conditions in various countries and regions, political risks, project delays or advancements, approvals and cost estimates.
All references to dollars, cents or $ in this presentation are to Australian currency, unless otherwise stated. References to 'Beach' may be references to Beach Energy Limited or its applicable subsidiaries.
Unless otherwise noted, all references to reserves and resources figures are as at 30 June 2015 and represent Beach's share.
Competent Persons StatementThe reserves and resources information in this presentation is based on, and fairly represents, information and supporting documentation prepared by,or under the supervision of, Mr Tony Lake (Reservoir Engineering Manager). Mr Lake is an employee of Beach Energy Limited and has a BE (Mech) degree from the University of Adelaide and is a member of the Society of Petroleum Engineers (SPE).The reserves and resources information in this presentation has been issued with the prior written consent of Mr Lake in the form and context in which it appears.
There are of course a few others on stage here with me today. To make sure everybody knows who we are, moving down the line from my immediate right are:
Neil Gibbins - Acting Chief Executive Officer
Our non‐executive directors - Fiona Bennett, Doug Schwebel, Colin Beckett, Belinda Robinson and John Butler
To John's right, our two joint company secretaries - Kathryn Presser and Cathy Oster
And unfortunately Rob Cole cannot be with us today
As you are aware, Fiona and Doug are seeking your approval for re‐election to the Board today, and Colin and Rob are seeking your approval for election to the Board.
This time last year I touched on the evolving new world of lower oil prices. One year later, we face even lower prices, with oil having fallen 60% since the beginning of FY15, and continuing uncertainty within global commodity markets. Despite that Beach responded and produced a sound underlying result in 2015.
That result was not produced by chance or good fortune. Beach boasts a resilient business model, and many in our team have survived past downturns. So during today's meeting I'd like you to keep in mind four key points that reinforce our continued strong operating performance during these challenging times:
Firstly, it has, and continues to be, a challenging macro environment for the energy sector. The majority of participants in the global energy industry, like us, are working through the many and varied challenges that these times offer up.
Secondly, Beach's safety‐first culture has delivered outstanding safety results. We have now achieved over 12 months of lost time injury free operations - an excellent result which Neil will talk to in more detail shortly.
Thirdly, our business model is resilient. We have a clearly articulated strategy which we are executing and we are confident it will deliver sustained growth in shareholder value.
And lastly, our financial strength, which has been proven over time, underpins our operations and is allowing us to pursue growth opportunities as and when they arise.
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