2007 Preliminary Results Presentation 13th March 2008
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…
Agenda Strategy and highlights Simon Lockett 2007 Financial results Tony Durrant Production and development update Neil Hawkings Exploration update Robin Allan Summary Simon Lockett 13th March 2008
Strategy and highlights 13th March 2008
2007 highlights Delivered value through acquisitions Signed gas sales agreements Advanced development projects Added significant reserves and resources 13th March 2008
Strategy Strategy Progress Targeting On target to deliver production growth 50,000 boepd by to 50,000 bopd by end 2010 with end 2010 potential to achieve 80,000 boepd in High impact 2012 exploration programme within 13…
2007 regional highlights North Sea Completion of Scott acquisition and infill well programme Kyle gas lift project completed Bream licences awarded Fry development planning progressed Qualified as an operator to work in the…
2007 regional highlights Middle East/Pakistan Record production from Pakistan (12,700 boepd) Project to increase Qadirpur capacity to 600 mmscfd progressed Qadirpur Deep well drilled, now awaiting testing Kadanwari K-18…
2007 financial results 13th March 2008
2007 financial highlights Up 8% to 35.8 kboepd Production (2006 - 33.0 kboepd) Reserves Up 39% to 212 mmboe (2006 152 mmboe) Up 35% to 219 million Operating profit (2006 - 163 million) Up 10% to 270 million Operating…
Production and income statement 12 months to 12 months to 31 Dec 2007 31 Dec 2006 Highlights Working Interest Production (kboepd) 35.8 33.0 In line with Brent average oil price Entitlement Interest Production (kboepd) 31.5 28.9 Realised…
Hedging No changes in underlying hedge position Minimal cash impact during 2007 HSFO (1 month average) 2007 Cap 500 Oil (6 month average) 2007 Cap 100 (/tonne) 1 month average (Brent ) 6 month average 600 Floor 245 120 Floor 39.90…
Cashflow 12 months to 12 months to 31 Dec 2007 31 Dec 2006 Regional split (m) m m Operating Cashflow Capex Cash flow from operations 360 361 North Sea 97 104 Taxation (90) (116) Asia 101 109 Operating cash flow 270 245 MEP 59 24…
Premiers financial strength Strong balance sheet position (332m cash at 31 Dec 2007) Pre-funded 1bn capital programme, even at much lower oil prices: 7-year 250m convertible issued on favourable terms in May 2007 Undrawn bank…
Production and development update 13th March 2008
Producing fields update Production (Working Interest) Asia North Sea (boepd) Pakistan Production run rates are touching 12,000 boepd West Africa Strong production from Scott and Kyle North Sea Scott infill programme expected Q4 2008…
Field development schedule 2008 2009 2010 2011 Gajah Baru Alur Siwah Chim So / Dua Fry Study Design Execute Operated Non-operated Project Concept Project First Initiation Selection Sanction Production 13th March 2008
Asia Indonesia - Gajah Baru Gas contract update HoA for a DCQ of 90 bbtud to Sembgas was signed in November 2007 HoAs for up to 40 bbtud to Batam for power generation were signed in December 2007 Fully termed GSA was initialled…
Asia Indonesia - North Sumatra Block A GSA signed with PIM for the sale of 110 Bbtud in December 2007 Plan of Development has been approved by BPMigas Engineering/subsurface work underway to optimise development Negotiations…
Asia Vietnam - Block 12W RAR has been approved. Outline Development Plan has been submitted. Final Development Plan approval expected mid year First production from Phase 1 Development is targeted for mid 2010 from Chim So Chim So…
North Sea Norway - Fry EPCIC contract has been tendered Availability of a suitable JUDPSO is limited, installation planned for autumn 2011 Project costs have risen in line with industry cost environment Preferred supplier…
Illustrative project metrics Net Peak Net Capex Opex/boe Premier Working 2008-11 Equity Interest Interest Production kboepd m % Indonesia: 7 180 7 28.67 GSA2 Indonesia: 11 210 4 41.667 North Sumatra Block A Vietnam: 14 340…
Opex forecast per boe ( per boe) 12.0 10.0 8.0 6.0 4.0 2.0 0.0 2008 2009 2010 2011 2012 13th March 2008
Other contingent resource projects North Sea Bream Further Scott Infill Wytch Farm Beacon Wytch Farm EOR Kyle K16 Fife Redevelopment West Africa Chinguetti Phase 3 Banda Tiof Middle East/Pakistan Qadirpur Deep Asia NSBA…
End 2007 2P reserves and contingent resources North Sea Asia MEP West Africa Total 2P Reserves On production 21.7 36.5 48.7 1.0 107.9 Approved for 2.8 24.9 5.9 1.0 34.7 development Justified for 2.7 62.9 2.1 1.3 68.9…
Year end 2006 vs 2007 reserves and resources 2P Reserves and Contingent Resources (mmboe) 400 Contingent Resources 350 Acquisitions Additions and Revisions 300 Production Reserves 250 200 150 100 50 0 2006 Production…
Exploration update 13th March 2008
2008 exploration and appraisal drilling North Sea Bream appraisal Norway - 20% Sparrow UK - 25% West Africa Banda appraisal Mauritania - 4.62% Frida Congo - 58.5% Middle East/Pakistan Al Amir 2 Egypt - 10% Al Amir 3 Egypt - 10%…
North Sea Norway - Bream appraisal Letfetti Brisling Bream 18/10-1 PL407 PL406 18/10-1 ext Bream update Alsvid Undeveloped Brent age oil field discovered 1971 Appraisal well and contingent test planned June 2008…
West Africa Congo - Marine Block IX - Frida Frida 2 km Block Marine IX Frida update Farmout nearing completion current interest 58.5% Well planned Q4 2008/Q1 2009 260 mmbbls gross prospect size Cretaceous target (1 in 7…
Asia Vietnam initial 2008 programme Block 12W 37.5% operated equity Jackup Wilboss on location 11th March Chim So Appraisal Chim Ung North Chim Cng Up to 2 year programme 13th March 2008
Asia Vietnam Chim So Chim Cng Chim So Chim Ung Block 12W 37.5% operated equity Block 12W program targeting 200 mmbbls 13th March 2008
Asia Vietnam Chim Ung 12W-CU-1X Proposed well location Chim Cng Top Dua M Dua MDS 5 Chim So Chim Ung Chim Ung Chim Boi Chim Se Block 12W 37.5% operated equity Chim Ung (Falcon) Area Depth Map Block 12W…
Asia Vietnam Chim Cng 12W-CC-1X Proposed well location Chim En Chim Cng Chim Cng Chim So Chim Chim En Cng Chim Ung 12W-CC-1X Block 12W 37.5% operated equity Chim Cng / Chim En Top MDS-5 Depth Map Block 12W…
2009 exploration drilling North Sea Gardrofa (Norway) West Africa Ida (Congo) Asia Block 07/03 drilling (Vietnam) Tuna drilling (Indonesia) Buton drilling (Indonesia) North Sumatra Block A drilling (Indonesia) 13th…
West Africa Congo - Marine Block IX - Ida Ida 2 km Block Marine IX Ida update Farmout nearing completion current interest 58.5% Operated well planned Q4 2008/Q1 2009 320 mmbbls gross prospect size Cretaceous target (1 in 7…
West Africa Congo - Sidewinder North Sidewinder Block Marine IX Sidewinder Joint study over Tertiary prospects completed with SNPC in 2007 Tertiary targets (1 in 3 commercial success rate) Sidewinder 13th March 2008
Asia Indonesia - North Sumatra Block A Structure Map showing the main carbonate build-ups on structural highs in the block Alur Siwah field Matang prospect North Sumatra Block A Exploration 41.67% equity interest 2 wells…
Asia Indonesia - Tuna NW Gajah Laut SE 10km Tuna 65% operated interest Farm out planned First wells expected in 2009 Unrisked potential of 1.5bn barrels gross Possible logistical synergies with planned 2009 Vietnam…
Asia Vietnam - 2009 programme Block 07/03 45% operated interest 2 wells planned 2009 21 leads identified Unrisked potential of 3bn barrels gross Rig identified and negotiations at an advanced stage Planning to farm down…
Asia Vietnam - 2009 programme - Silver Sillago NW Silver Sillago SE Silver Sillago 45% operated interest Well candidate for 2009 Potential of 300 mmbbls 5 km 13th March 2008
Asia Vietnam - 2009 programme - Blue Marlin W Blue Marlin E Blue Marlin 45% operated interest Well candidate for 2009 Potential of 500 mmboe 13th March 2008
Asia Vietnam - Block 104-109/05 Licence awarded February 2008 50% operated interest 9,087 square kilometres 2006 Technical Cooperation agreement with Petrovietnam identified 21 leads Water depths of 20-60 metres Firm commitment…
Exploration drilling schedule 2008 2009 2009 M/East & Pakistan MAR APR MAY JUN JUL AUG SEP OCT NOV DEC 1H 2H Egypt : NW Gemsa Al Amir SE-1X Gemsa Well-2 West Africa Congo: Marine IX Frida Ida Mauritania : PSC-A Banda Appraisal Asia…
Summary Major progress in 2007: Delivered value through acquisitions Signed gas sales agreements Advanced development projects Added significant reserves and resources On target to deliver 50,000 boepd by end 2010 Potential to…
th www.premier-oil.com 13 March 2008 13th March 2008
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