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CREDIT SUISSE 17TH ANNUAL ASIAN INVESTMENT CONFERENCE – Oil Search Limited

Oil Search Limited · Mar 25, 2014 · 33 slides

Investor presentation from the Shale Experts oil & gas presentation and slide database. Every page is imaged and its text indexed for search across operators, plays, basins and time.

Slides

  1. CREDIT SUISSE 17TH ANNUAL ASIAN INVESTMENT CONFERENCE – Oil Search Limited – slide 1
    Credit Suisse 17th Annual Asian Investment Conference March 2014 Oil Search Limited ARBN 055 079 868
  2. CREDIT SUISSE 17TH ANNUAL ASIAN INVESTMENT CONFERENCE – Oil Search Limited – slide 2
    Oil Search Profile Established in Papua New Guinea (PNG) in 1929 Market capitalisation A12.9bn (US11.7bn) Listed on ASX (Share Code OSH) Erbil Tunis and POMSOX, plus ADR programme Sulaymaniyah Tunisia (Share Code OISHY) Iraq…
  3. CREDIT SUISSE 17TH ANNUAL ASIAN INVESTMENT CONFERENCE – Oil Search Limited – slide 3
    Oil Search Licence Interests, PNG Pnyang Juha North PPL260 Hides PRL3 Juha 260 Angore PDL8 PRL11 PDL9 Moran Proposed Juha PDL1 PPL277 Facility PDL6 Agogo PDL7 233 PDL5 Hides Gas PPL 233 219 Kutubu Conditioning Plant…
  4. CREDIT SUISSE 17TH ANNUAL ASIAN INVESTMENT CONFERENCE – Oil Search Limited – slide 4
    2013 Full Year Results - Highlights 2013 production of 6.74 mmboe, 6% higher than 2012 production and slightly above 6.2 6.7 mmboe guidance NPAT of US205.7 million, up 17% year-on-year, underpinned by strong oil sales volumes, lower…
  5. CREDIT SUISSE 17TH ANNUAL ASIAN INVESTMENT CONFERENCE – Oil Search Limited – slide 5
    PNG LNG Project Angore Juha Hides Juha Facility Hides Gas Conditioning Plant Moran Komo Airfield Kutubu Agogo Gobe Main Onshore pipeline and Infrastructure Kumul Terminal Oil Pipeline PNG LNG LNG Facility Gas…
  6. CREDIT SUISSE 17TH ANNUAL ASIAN INVESTMENT CONFERENCE – Oil Search Limited – slide 6
    2013 Project Milestones Currently 95% complete LNG plant: Completed construction of Train 1, LNG storage tanks and jetty Commencement of commissioning activities on Train 1 and common process and utilities areas in September Onshore…
  7. CREDIT SUISSE 17TH ANNUAL ASIAN INVESTMENT CONFERENCE – Oil Search Limited – slide 7
    Hides Development Drilling Hides GTE Plant PDL 1/7 Hides Field 8 New Production Wells Hides Nogoli Camp PDL 8 Angore Field 2 New Wells Hides Gas Conditioning Plant Komo Airfield Construction of access roads and…
  8. CREDIT SUISSE 17TH ANNUAL ASIAN INVESTMENT CONFERENCE – Oil Search Limited – slide 8
    PNG LNG Plant site January 2014 8
  9. CREDIT SUISSE 17TH ANNUAL ASIAN INVESTMENT CONFERENCE – Oil Search Limited – slide 9
    Hides Gas Conditioning Plant January 2014 9
  10. CREDIT SUISSE 17TH ANNUAL ASIAN INVESTMENT CONFERENCE – Oil Search Limited – slide 10
    Rig 702 on Hides Wellpad D January 2014 10
  11. CREDIT SUISSE 17TH ANNUAL ASIAN INVESTMENT CONFERENCE – Oil Search Limited – slide 11
    2014 Focus Items Finalise construction of LNG Plant Train 2 and commission remainder of LNG Plant Finish construction and commissioning of the HGCP and tie in production wells Continue drilling operations Begin production from…
  12. CREDIT SUISSE 17TH ANNUAL ASIAN INVESTMENT CONFERENCE – Oil Search Limited – slide 12
    Gas Growth Strategy OSH looking to leverage LNG infrastructure and skills: Brownfield LNG expansion offers potential high return growth opportunity PNG LNG site has capacity to accommodate additional train/s Upside in 1P reserves at…
  13. CREDIT SUISSE 17TH ANNUAL ASIAN INVESTMENT CONFERENCE – Oil Search Limited – slide 13
    Pnyang - PRL 3 Key resource to support potential LNG expansion: Total 2C recoverable gas resources in Pnyang field of 2.5 tcf Acquisition of second phase of additional seismic in PRL 3 complete, with data processing underway Concept…
  14. CREDIT SUISSE 17TH ANNUAL ASIAN INVESTMENT CONFERENCE – Oil Search Limited – slide 14
    Hides 5 (Hides Deep) PDL 1 NW Hides 5 SE Hides G Hides 1 Hides 2 Hides 3 Hides 4 Hides Field PDL 9 PDL 1 PDL 8 PRL 11 PPL 277 Ieru JUHA NORTH PDL 7 Toro ANGORE Koi-Iange PDL 7 PDL 8 5km PPL 219 PPL 233 Hides 5…
  15. CREDIT SUISSE 17TH ANNUAL ASIAN INVESTMENT CONFERENCE – Oil Search Limited – slide 15
    Elk/Antelope - PRL 15 PPL 339 Acquisition of 22.835% gross interest in PRL 15, Triceratops containing Elk/Antelope gas discoveries, through PPL 277 PPL238 Lae acquisition of Pac LNG (completed 13 March 2014) 337 PRL 39 339 339…
  16. CREDIT SUISSE 17TH ANNUAL ASIAN INVESTMENT CONFERENCE – Oil Search Limited – slide 16
    PNG Permits Pnyang Juha North Proximity of Elk / Antelope to Oil PRL3 Juha PPL260 Hides Searchs existing assets PRL 15 located close to Angore 260 PDL8 OSHs existing assets PRL11 PDL9 Moran Proposed Juha PDL1 Facility…
  17. CREDIT SUISSE 17TH ANNUAL ASIAN INVESTMENT CONFERENCE – Oil Search Limited – slide 17
    PRL 15, Elk/Antelope Gas Fields PRL 15, located in Papuan Basin, contains Elk/Antelope gas fields, largest undeveloped gas resource in PNG Gross Elk/Antelope 2C contingent resources estimated by OSH at 5.3 tcf of raw gas including 75…
  18. CREDIT SUISSE 17TH ANNUAL ASIAN INVESTMENT CONFERENCE – Oil Search Limited – slide 18
    Exposure to Substantial Upside PPL 339 Substantial exploration and appraisal upside in Triceratops PPL 277 PPL238 PRL 15: Lae 337 PRL 39 339 Range of material prospects and leads identified 339 PPL237 Elk/Antelope…
  19. CREDIT SUISSE 17TH ANNUAL ASIAN INVESTMENT CONFERENCE – Oil Search Limited – slide 19
    PRL 15 Funding Arrangements Acquisition funded by placement of 149.39 million shares to PNG Government at A8.20 per share…
  20. CREDIT SUISSE 17TH ANNUAL ASIAN INVESTMENT CONFERENCE – Oil Search Limited – slide 20
    Gulf of Papua Discoveries Triceratops 339 339 Gas discovered at both Flinders and Hagana Elk/Antelope wells in PPL 244 339 PRL15 Drill results proved Plio-Pleistocene turbidite play fairway in Gulf of Papua Uramu Well data…
  21. CREDIT SUISSE 17TH ANNUAL ASIAN INVESTMENT CONFERENCE – Oil Search Limited – slide 21
    Strong Production Performance in 2013 PPL260 PDL9 Juha North Hides 2013 production of 6.74 mmboe, PDL1 PRL Juha PDL 11 6% higher than in 2012 and PDL8 PRL PPL277 7 11 Angore slightly above guidance of PDL6 PDL5 PDL7 PPL233…
  22. CREDIT SUISSE 17TH ANNUAL ASIAN INVESTMENT CONFERENCE – Oil Search Limited – slide 22
    Production Outlook Underlying production from oil fields Net Production (mmboe) expected to remain strong in 2014: 30 PNG LNG (T1+T2)(1,3) Hides GTE(3) 6.4 6.9 mmboe, up slightly from SE Mananda 25 Gobe 2013 Moran(2) Kutubu(2)…
  23. CREDIT SUISSE 17TH ANNUAL ASIAN INVESTMENT CONFERENCE – Oil Search Limited – slide 23
    Mananda Development PPL 219 NW SE M 3X M 5 M6 Mananda 7 M 4X SEM 2X SEM 1X Successful Mananda 6 appraisal well drilled in 2Q13 extended Mananda 5 discovery 8km to SE Schematic cross-section NW SE Application for development licence…
  24. CREDIT SUISSE 17TH ANNUAL ASIAN INVESTMENT CONFERENCE – Oil Search Limited – slide 24
    Oil Discovery at Taza, Kurdistan: Appraisal Underway Taza discovery report submitted to KRG in July 2013. Appraisal programme approved by MNR in December Jambur Kor Mor Based on initial exploration programme, booked 51.5 mmbbl net…
  25. CREDIT SUISSE 17TH ANNUAL ASIAN INVESTMENT CONFERENCE – Oil Search Limited – slide 25
    Taza PSC Oil discovery Taza PSC (OSH 60% Operator, Total 20%, KRG 20%) Light oil proven across Jeribe/Dhiban and Euphrates/Kirkuk intervals Testing of 150m interval across the Jeribe/Dhiban and Euphrates/Kirkuk sections flowed up…
  26. CREDIT SUISSE 17TH ANNUAL ASIAN INVESTMENT CONFERENCE – Oil Search Limited – slide 26
    Looking ahead: 2008 Strategy Delivered Key objectives of 2008 strategic plan have been delivered: Field development activities continue to mitigate PNG production natural decline. Smooth transition to gas for commissioning of PNG LNG…
  27. CREDIT SUISSE 17TH ANNUAL ASIAN INVESTMENT CONFERENCE – Oil Search Limited – slide 27
    Positioning for Next Phase of Growth Corporate transformation underway: First LNG sales will change production and cash flows radically New set of obligations with supply of gas to PNG LNG Several potential growth projects in PNG plus…
  28. CREDIT SUISSE 17TH ANNUAL ASIAN INVESTMENT CONFERENCE – Oil Search Limited – slide 28
    Summary PNG LNG 95% complete, on track for first LNG deliveries in mid 14 within revised budget: Transformational for OSHs production and cashflow profile Moving forward on LNG expansion plans: Proven Pnyang resource Drilling to…
  29. CREDIT SUISSE 17TH ANNUAL ASIAN INVESTMENT CONFERENCE – Oil Search Limited – slide 29
    Appendix 1: Key metrics Production (mmboe) NPAT (USm) 8.1 7.7 6.7 6.4 6.7 202.5 205.7 185.6 175.8 133.7 2009 2010 2011 2012 2013 2009 2010 2011 2012 2013 Oil Price (US/bbl) DPS (US cents) 116 114 111 76 65 4 4 4 4 4…
  30. CREDIT SUISSE 17TH ANNUAL ASIAN INVESTMENT CONFERENCE – Oil Search Limited – slide 30
    Appendix 2: Treasury Update Total liquidity of US509.7 million at end December Cash (USm) comprising US209.7 million cash and US300 1,289 1,265 million available under non-amortising corporate 1,047 revolving facility 488 US260…
  31. CREDIT SUISSE 17TH ANNUAL ASIAN INVESTMENT CONFERENCE – Oil Search Limited – slide 31
    Appendix 3: Investment Outlook USm 2,000 Other PP&E 1,861 1,800 Production 1,673 Guidance Range PNG LNG 1,568 1,600 (US1,215 1,495m) Exploration & Evaluation 1,400 1,364 US25 35m 1,200 US130 170m 1,000 800 US700 850m 586…
  32. CREDIT SUISSE 17TH ANNUAL ASIAN INVESTMENT CONFERENCE – Oil Search Limited – slide 32
    Appendix 4: 2014 Guidance Summary Production Current operations (oil and GTE) 6.4 6.9 mmboe1 PNG LNG Project LNG 26 38 bcf Liquids 1.3 1.8 mmbbl Total PNG LNG Project 6.4 9.3 mmboe1 Total Production 13 16 mmboe Operating Costs…
  33. CREDIT SUISSE 17TH ANNUAL ASIAN INVESTMENT CONFERENCE – Oil Search Limited – slide 33
    Appendix 5: Reserves and Resources at 31 December 2013 2013 reporting modified to align with new ASX listing rules Total proven and probable (2P) oil reserves and contingent oil resources (2C) up 34% to 179 mmbbl: 51.5 mmbbl…

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