OIL SEARCH LIMITED 2005 Full Year Results A year of achievement 21st February 2006 1 2005 Results - Programme Achievements in 2005 Peter Botten Financial Summary Nigel Hartley Production & development Mark Wilson…
Achievements in 2005 3 2005 Achievements Record profit of US200.2m 87% increase on 2004 Shareholders rewarded by final dividend of US 3 cents plus US 2 cent special dividend, making US 7 cents for the year, representing a…
Top Quartile Total Shareholder Returns 4th out of % 120 ASX 150 5th out of 100 ASX 150 8th out of 80 ASX 150 107% 60 81% 40 67% 20 0 2003 2004 2005 5 2005 Achievements Profit driven by: Production - growth…
Oil Search Net Production 40,000 Kutubu Moran Gobe Main SE Gobe +17% Pre AGL Hides Nabrajah SEM 35,000 +10% -8% Post +6% AGL 30,000 +25% sale 25,000 +23% stb/d 20,000 15,000 10,000 5,000 0 2000 2001 2002 2003…
Net Profit After Tax = 102% CAGR in net profit over last four years 240 20 17.9 220 Net Profit 18 200 EPS 16 180 14 160 200.2 140 12 US cents USm 9.6 120 10 100 7.7 2H 8 80 136.3 4.5 6 60 107.3 85.7 1H 4 40…
Treasury Review 250 Cash Debt US212m in cash at end December, debt at US126m 200 Zero gearing based on net positive cash position 150 The Groups US debt USm facility was converted 100 into a totally revolving structure…
Accounting Changes Successful efforts accounting policy for exploration and evaluation expenditure adopted mid year. US37.3m expensed in 2005 compared to restated 2004 expense of US64.3m IFRS 3 Business Combinations applied,…
Production & Development 21 Oil Search 2005 Production % Change from 2004 Net Oil & 10.287 mmbbls Condensate +11% Production (28,183 bopd) Wet Gas 5.4 BCF -1% Production (14.9 mmscf/d) 12.174 mmboe Total Net BOE…
Oil Searchs Production Summary Gross PNG Oil Production (bopd) 140,000 Post-operatorship History Forecast programme has been 120,000 successful First production outside of PNG - Nabrajah Field in 100,000 Yemen OSH Operatorship…
Moran 2005 Summary Gross Oil Production (stb/d) 30,000 Gross production above 20,000 History Forecast bopd for most of 2H05, benefited from use of NW Moran flowline 25,000 24,000 bopd achieved for a short period Plant and…
SE Mananda Development 2005 Summary Despite significant weather related delays, Hegigio bridge construction was completed in November Pipeline construction completed by year end SEM 5 development well encountered reservoir low to…
SE Mananda Bridge 29 Yemen - Nabrajah 2005 Summary Commenced production through Early Production Facility in July At year end, was producing around 12,000 bopd from four wells in the Qishn and one Basement well,…
Nabrajah Appraisal Nab-9 being sidetracked into Bilqis-1 Surface location -2100 weathered Basement, where it -2100 Surface location Top Basement location Top Basement location is thought there may be better 0 0 -210 -200…
PNG Exploration 2005 Summary 140 km of seismic data recorded in foldbelt with no HSES incidents 5,700 km of airborne gravity and magnetic data recorded over Mogulu area Passive seismic project implemented 2004/2005 seismic used to…
Yemen Exploration 2005 Summary Focus on appraisal of the Basement play following Nabrajah-5 Masilah Basin Play Fairway success: 10,000 bopd from Basement/Kholan NABRAJAH section Successfully acquired 3 new exploration…
Egypt & Libya Egypt - East Ras Qattara 3D has substantially increased block potential 2 wells commencing 3Q06 Two Wells Egypt - Area A Acquired 6 exploration and producing assets from GeoPetrol in 4Q05: 15 well/3 years…
Our Gas Strategy Delivers Phase 1 Core value to be realised from PNG Gas Project sanction Strategy to align key stakeholders Market largely underwritten (towards 300 PJ pa likely) FEED essentially complete. Facilities optimisation/…
PNG Gas Project Outlook for 2006 Work has commenced on design optimisation Facilities expansion from 225 PJ pa capacity to 250-260 PJ pa, potentially more With capacity increase, costs likely to be higher than previously…
CNG to New Zealand 2005 Summary NZ energy debate intensified, driven by gas market issues Government now developing its energy strategy CNG vs LNG for gas imports CNG JV includes Oil Search, EnerSea & Itochu: 20 PJ pa per ship…
Other Gas Initiatives PNG has attracted more interest from the international community Existing opportunities continue to progress, complementary to PNG Gas, petrochemicals & CNG Interest from new industry proponents appears…
Operating Environment The pressures: Rising prices of oil services and equipment Reduced availability of oil industry equipment, delivery delays Shortage of well qualified people Oil Searchs approach: Alliancing with key…
Outlook - Production 2006 production outlook, post completion of AGL sale (which reduces 2006 production by around 3 mmbbl) is currently 11.0 11.5 mmboe Based on continued development activity at Kutubu and Gobe, positive impacts…
Outlook - Corporate Unhedged exposure to high oil prices Financially strong, with cash position bolstered by inflow of 396m from AGL last week Have more than sufficient funds to exploit expansion opportunities from existing…
2006 PNG Prospects* Arakubi 2Q, moderate risk, approx 19 mmbbl, 2 km from Kutubu/Usano Murray Deep 4Q06, moderate/high risk, approx 35 mmbbl, footwall play east of Bilip NW Paua 4Q, moderate/high risk, 50-100 mmbbl, NE of Moran…
Loading...
