Discovering Hidden Value SPE London Annual Conference and Exhibition Dr Mike Watts, May 2013 Discovering Hidden Value
Creating Value Through Exploration Led Growth Experienced exploration and production (E&P) operator FTSE 250 London listed Company (CNE) post 4.5billion sale of majority stake in Create Indian business Value Business model Explore…
Business Model for Growth and Re-gearing Realise Value Realise Value Return Value to Shareholders Create Value Create Value Create Value Discovering Hidden Value SPE London Annual Conference and Exhibition,…
Cairn as Operator Focused Pioneer Explorer Cairn aims to be the Operator of choice for Rapid, safe and efficient explorer unlocking new frontier areas safe technically robust evaluation and exploitation of oil and gas Vision and…
Cairn Example Flagship Projects Delivered Quickly and Safely Gas Exploration Sangu Development Sign PSC Gas Discovery plan approved First gas and Development Apr 94 Jan 96 Jan 97 Jun 98 Sangu, Bangladesh Shallow Water Jan 95 Jan…
Value Creation and Realisation in South Asia 350,000 Value creation Value Realisation 300,000 300,000 Cairn / Vedanta Transaction cedes control boepd 250,000 More than 40 Discoveries of CIL IPO of CIL subsidiary 200,000…
Exploration Led Growth Strategy Asset base Ireland Norway Frontier basin exploration: UK West Greenland Spain Multiple emerging play types South Greenland along the Atlantic Margin and Mediterranean basin India Mature basin…
Geological Focus Play fairway analysis in frontier basins associated with supercontinent break-up Norway UK Ireland West Greenland Spain South Greenland India Plate reconstruction (PLATES/UTIG, 2009) Morocco Senegal…
Morocco Frontier Exploration Atlantic Margin Nova Scotia Offshore Activity Morocco and Nova Scotia frontier Shell, BP, Chevron, conjugate margins Exxon, and EnCana Schematic Plate Reconstruction - After Luheshi 2012 Extensive…
Morocco Foum Draa Atlantic Margin Foum Draa Offshore 1-3 3 deepwater wells shallower than L.Cret TDs Spain Shell (2) and Vanco, drilled 2004 Extensive historic dataset including 3D seismic Several deepwater prospects identified…
Morocco Juby Maritime Atlantic Margin Juby Maritime I-III Canary Islands Juby Maritime I - III New Cap Juby discovery (Esso 1968/1969) Tan Tan-1 3D seismic Acquired (MO-002 well tested 2,377 bopd 12 API oil Q4 2012 from Upper…
Senegal Frontier Exploration Atlantic Margin Frontier Atlantic Margin basin Tiof Banda Chinguetti Proven hydrocarbon system Tevet Substantial acreage position Mauritania Mauritania Faucon 7,490 km Shell Conjugate Margin…
Senegal Frontier Exploration Atlantic Margin Mesozoic Petroleum system established offshore by Rufisque Dome wells Shelf No deepwater wells offshore Senegal north of Gambia Main source rocks; World class Turonian source rock…
Ireland Exploration and Appraisal Offshore West of Ireland farm-in, subject to regulatory approval Cairn Operator (38%) FEL 2/04 and FEL 4/08 (1,241 km2) Licensing Option 11/2 (1,512 km2) JV Partners: Chrysaor , Providence…
Greenland Frontier Exploration Atlantic Margin First phase exploration completed: Extensive knowledge, database and operating capability Primary area North East Bid Rounds 2D seismic 85,000 km of focus Pitu 3 and 4 2 x 3D seismic…
Mediterranean Spain France Frontier contract terms (100% interest) Nordeste Valencia Basin Barcelona Licence Spain Applications 3D seismic planned 2013 Drilling targeted for 2014/2015 subject to necessary AM1 AM2 approvals…
Exploration, Appraisal and Pre-Development UK and Norway North Sea Kakelborg 33/5 & 33/6b Tybalt Active new business programme to 211/8c & 211/13c Timon Huggorm 35/9b 33/9 expand and replenish portfolio with 211/11b & 21/16b…
Current Snapshot of Prospect Inventory PoGS vs. Gross Unrisked - All Prospects - Current Bubble Size 70% 61 Prospects Proportional to (plus 124 prospects and leads still Net To Cairn being worked on but not shown) Risked…
Current Snapshot of Prospect Inventory PoCS vs. Gross Unrisked - All Prospects - Current Bubble Size 70% 61 Prospects Proportional to (plus 124 prospects and leads still Net To Cairn being worked on but not shown) Risked…
Conclusion Create Value Re-geared structure for maximum exposure to organic growth potential Targeting multi-well drilling programme in Create the coming 18 months Value Explore Discover Invest Acquire Add Value Portfolio…
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