Forward looking statements This presentation may contain forward-looking statements and information that both represents management's current expectations or beliefs concerning future events and are subject to known and unknown…
Exploration strategy Focus on geologies we know well Target best plays in basins of choice North Sea Asia Play master approach MEAP & Exploration New Invest 30% of annual cash flows in Business exploration RIFT setting -…
Progress towards 200 mmboe of discoveries Exploration and appraisal drilling-2011 Global exploration: Discoveries at Burgman & Erne in the UK, K27 in Pakistan Forecast resource additions (mmboe) North West of Chim So and Chim Sao deep…
Exploration organisation Exploration Chief Geoscientist (Asia) Director S. Carney A. Lodge Chief Geophysicist Geophysical Chief N. Oates Advisor Co-ordinator Geoscientist B. Anderson C. Johns Chief Development Geologist R.…
Exploration organisation building for the future Premier Oil recruitment since 2009 Origin of recruits 25% increase in Premier geoscientists Consultancy, 4 Major, 6 25% 37% Longer term consultants replaced by Premier personnel…
Premier Oil: Explorer network Community linking experienced explorers in offices around the globe Knowledge capture and transfer within and between business units Mentoring and coaching by the experienced staff Network leader:…
Prospective resource portfolio Unrisked prospective resource portfolio 2000 mmboe Unrisked Resource Portfolio 500 mmboe in prospects Discovered resource under appraisal 38 mmboe 1,500 mmboe in leads Portfolio increased from 2010…
Prospective resource portfolio RISCs view RISC evaluated prospects & leads in Premiers portfolio planned to be drilled in the next 3 years Evaluation excluded Kenya, South Darag in Egypt, West of Orkney acreage the UK and dependent…
Progress towards 200 mmboe of discoveries Evaluate Drill Appraise Leads Prospects Mature Prospects Appraisal Total Unrisked: 1500 Total Unrisked: 370 Total Unrisked: 130 Total: 38 Total Risked :180 Total Risked: 90 Total Risked: 50…
Encore acquisition adds to the overall porfolio Evaluate Drill Appraise Leads Prospects Mature Prospects Appraisal Total Unrisked: 1345 Total Unrisked: 420 Total Unrisked: 160 Total: 38 Total Risked :153 Total Risked: 90 Total Risked:…
Nexen Norge acquisition impacts Premiers lead portfolio Evaluate Drill Appraise Leads Prospects Mature Prospects Appraisal Total Unrisked: 1500 Total Unrisked: 420 Total Unrisked: 160 Total: 38 Total Risked :180 Total Risked: 90 Total…
Exploration drilling Q4 2011 to Q2 2012 Asia 2011 Q4 Q1 Q2 2012 Q3 Q4 250 mmboe net Vietnam Block 07/03 Silver Sillago unrisked resource CRD NE Appraisal Block 12W Chim Sao NW Appraisal ENSCO 107 2012 full year Buton Benteng-1…
Internal Processes and Risk Management
Internal processes and risk management Functional management: aiming for technical excellence and consistency in our prospect evaluations Uncertainty and Risk Play Fairway Analysis and Risking Prospect Analysis and Risking…
Uncertainty and risk management December 2011
SPE resource classifications This figure shows the current SPE definitions, which Premier uses for its resource and reserves assessments Mature Prospect - drill-ready Prospect Prospect - being matured Lead Play P90 P50…
Uncertainty and Risk As explorers we need to estimate the likely hydrocarbon volumes in our prospects and the risk on finding such volumes. There is Uncertainty in estimating the pre-drill Volumetric range: what magnitude could a…
Play Fairway Analysis R R C C R C R C S R S R C S S Play Fairway: the regional distribution of a target reservoir and seal pair that can access migrating hydrocarbons December 2011
Play fairway exploration approach Geological evaluation is from plate and basin scale to play fairway to prospect level Exploration risk reduction is through evaluation of all petroleum system elements to determine a basins sweet…
Risk evaluation estimating prospect Ph Our Prospect Risk (Ph) is derived by combining the Low Risk 35% Play Risk, from our CRS mapping, with the risk thats specific to our prospect. Moderate Risk 20-35% Iguana-1 Biawak Besar (TD…
Risk modification for DHIs In prospects where we have an apparent DHI (Direct Hydrocarbon Indicator) Premier uses the SAAM (Systematic Amplitude Analysis Module) software. In this software all the factors contributing to the…
Risk evaluation estimating prospect Ph Our Prospect Risk (Ph) is derived by combining the Low Risk 35% Play Risk, from our CRS mapping, with the risk thats specific to our prospect. Moderate Risk 20-35% Iguana-1 Biawak Besar (TD…
Volumetrics mapping uncertainties December 2011
Volumetrics uncertainties in net:gross and porosity Interpreted well log showing proportions of sandstone reservoir section (yellow), non- reservoir shales (grey) and porosity (blue) Microscope thin- section showing mineral…
Volumetrics Monte Carlo methodology Forecast: STOIIP 3,000 Trials Frequency Chart 20 Outliers GRV .025 74 .019 55.5 .012 37 .006 18.5 N:G .000 0 0 175 350 525 700 MMstb GRV x conversion factor x n:g x x (1-Sw) STOIIP -…
Volumetrics volume range Reverse Cumulative Frequency Distribution 100% 5000 P90 75% 50% P50 Mean 25% P10 0% 0 30.00 40.00 50.00 60.00 70.00 mmbbl From this the probability of a particular volume can be read and the…
Exploration processes and guidelines December 2011
Exploration Management System The Exploration Process PORTFOLIO IDENTIFY EVALUATE DRILL APPRAISE DECISION The EMS, a subset of Premiers Business Management System, sets out procedures and guidelines for Premiers Exploration teams…
Exploration guidelines General Peer Reviews G&G Exploration Management Peer Review Guidelines Prospect Volumetrics Guidelines System Corporate Investment Peer Review Process Flow Play Risk Assessment Guidelines Diagram Key…
Functional management To ensure high quality technical work leading to continued advancement of our portfolio Identify Evaluate Drill Appraise New Ventures Leads Prospects Asia Mature Prospects Licence Rounds Appraisal .…
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