Good morning ladies and gentlemen, and thank you for taking the time to be here today. I declare open the 2016 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.

  • Lastly, the presentations are being recorded and will be available on the Beach website after the meeting.

    Our compliance statements are set out on slide 2 of today's presentation for those of you who wish to review them later.

    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:

  • Matt Kay, Chief Executive Officer

  • Colin Beckett, Deputy Chairman

  • Our non‐executive directors, Ryan Stokes, Fiona Bennett, Jim McKerlie, Doug Schwebel and Phil Bainbridge, and

  • Cathy Oster, Company Secretary

    As you are aware, I am seeking your approval for re‐election to the Board today, and Phil, Jim and Ryan are seeking your approval for election to the Board following their appointment by the Board earlier this year.

    This time last year we spoke of Beach positioning itself for a "lower for longer" oil price environment. Today, the "lower" part of this equation still holds true, and "longer" remains a topic of much debate and speculation.

    The 2016 year posed many challenges for the oil and gas industry. Our average realised oil price was down a third in FY16 compared with FY15, and down 52% from the highs of FY14. Beach has, however, responded strongly to these challenges.

    Meeting these challenges has seen significant beneficial change and transition in the business, which helped strengthen our financial position and greatly enhance our prospects for growth. We are producing operational and financial results which validate our strategy and efforts.

    Key events from the year in review include:

  • The successful merger with Drillsearch. That acquisition delivered 100% ownership of our core PEL 91 and PEL 106 Western Flank permits, and we are now benefiting from annual pre‐ tax cost savings of approximately $40 million.

  • Completion of an organisational design review and implementation of changes to our operating model. These changes better equip us to meet the challenges of the current oil price environment, and ensure we are appropriately resourced to deliver on our strategy.

  • We welcomed Matt Kay as our new CEO. Matt brought to Beach a wealth of experience from various roles within the oil and gas industry.

  • Changes at Board level, with a number of new directors joining. To those directors that departed, I thank you for your significant contributions. I would particularly like to acknowledge John Butler. John served for many years as a director through good times and bad. John, thank you for all of your years of service.

  • And while this activity was taking place, Beach continued to deliver operational excellence

Beach Energy Limited published this content on 10 November 2016 and is solely responsible for the information contained herein.
Distributed by Public, unedited and unaltered, on 09 November 2016 23:19:05 UTC.

Original documenthttp://www.beachenergy.com.au/irm/PDF/6357/AnnualGeneralMeetingPresentation

Public permalinkhttp://www.publicnow.com/view/B9A67B0CF3F1AC71209FA1E4CD5449DF673C9096