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GOOD OIL CONFERENCE – Oil Search Limited

Oil Search Limited · Sep 5, 2007 · 38 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. GOOD OIL CONFERENCE – Oil Search Limited – slide 1
    OIL SEARCH LIMITED Good Oil Conference September 2007 1
  2. GOOD OIL CONFERENCE – Oil Search Limited – slide 2
    Overview Growth driven by commercialistion of discovered 1bnboe gas and associated liquids Significant progress on LNG and other options Core business progressing well PNG production sustained for 2+ years Contribution growing…
  3. GOOD OIL CONFERENCE – Oil Search Limited – slide 3
    Oil Search Where We Operate 3
  4. GOOD OIL CONFERENCE – Oil Search Limited – slide 4
    World Class Safety Performance Better than Industry Peers Total Recordable Incidents (TRIs) 1998 2006 14 OSH OGP APPEA 12.7 12 TRI / 1,000,000 Hours 10.6 10.7 9.4 10 Australian Companies 9.1 9.8 9.3 8.3 8 8.5 8.2 7.8…
  5. GOOD OIL CONFERENCE – Oil Search Limited – slide 5
    Underlying Operations are sound USm 350 323.3 300 305.4 EBITDAX 276.8 250 Revenue 249.8 233.4 266.9 242.2 200 188.3 Operating 170.9 Cash Flow 150 136.1 167.4 130.5 115.3 100 Net Profit 63.9 50 46.9 41.7 0 1H 04 1H…
  6. GOOD OIL CONFERENCE – Oil Search Limited – slide 6
    Some Cost Pressures 1H06 1H07 PNG Oil Field US Costs per Barrel USm USm 8 Field Costs 7 Tariffs 1.00 - Oil: PNG 22.2 28.4 Tariffs - Oil: MENA 5.9 8.0 6 0.82 Other Field - Hides 2.3 2.8 5 Other Field Costs 2.09 Costs 1.69…
  7. GOOD OIL CONFERENCE – Oil Search Limited – slide 7
    7 Share and indices prices (rebased to 100) Pa la din 100% 150% 200% 250% 300% 0 100 200 300 400 500 600 50% 0% Re so ur ce s Jul-02 242% Zin W ife or ley x Pa 125% Ca r so ns…
  8. GOOD OIL CONFERENCE – Oil Search Limited – slide 8
    Strategy for Growth Deliver maximum value from existing production assets (production and cost focus) Extract value from existing discovered gas and liquids resource Create value from exploration success and acquisitions to…
  9. GOOD OIL CONFERENCE – Oil Search Limited – slide 9
    DELIVER VALUE 9
  10. GOOD OIL CONFERENCE – Oil Search Limited – slide 10
    Oil Search Net Production 40,000 Kutubu Moran Gobe Main SE Gobe Hides Nabrajah SEM Area A ERQ 35,000 +10% 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 2004…
  11. GOOD OIL CONFERENCE – Oil Search Limited – slide 11
    Field Development Drilling Activity Moran: 2008 development: 3 wells Agogo: 2008 development: 1 well potential Kutubu: 2008 development: 2-3 wells SE Gobe: 2008 development: Usano: 1 well potential 2007-8 development…
  12. GOOD OIL CONFERENCE – Oil Search Limited – slide 12
    Usano Development Potential Usano well SE nose Likely Usano well 2007-8 Arakubi Kutubu Field IDTG Arakubi 1 Pad Location UDT2 pad UDT1 pad UDTC UDT3A pad UDTG UDTD Usano East UDTB Block UDT7 Usano Main UDTJ UDTE…
  13. GOOD OIL CONFERENCE – Oil Search Limited – slide 13
    Kutubu Development Possible IDT-11 twin (Iagifu target) Remapping and simulation support IDT 23ST2: strong a Hedinia Digimu performance infill well indicates potential for at least one additional well +/- appraisal…
  14. GOOD OIL CONFERENCE – Oil Search Limited – slide 14
    PNG Oil Production Outlook (gross bopd) 80,000 OSH Assumes Added over 34mmbbls 70,000 Field Operatorship in production 2003-06 60,000 Oil Production (stb/d) 50,000 40,000 P10 30,000 P50 20,000 P90 Decline before…
  15. GOOD OIL CONFERENCE – Oil Search Limited – slide 15
    Egypt Area A Production Oil Search shares in production above specified base production level 8,000 Since August, have been in sharing P50 territory. This result has been achieved even with a 2 month delay to the start of 7,000…
  16. GOOD OIL CONFERENCE – Oil Search Limited – slide 16
    Yemen Nabrajah Production Nabrajah-15 well has proven a new terrace/compartment within 9,000 P50 the field 8,000 Field reserves currently being evaluated by NSA. Anticipate an 7,000 increase in certified reserves Gross Oil…
  17. GOOD OIL CONFERENCE – Oil Search Limited – slide 17
    EXTRACT VALUE 17
  18. GOOD OIL CONFERENCE – Oil Search Limited – slide 18
    Gas Commercialisation Strong momentum building for world scale LNG project operated by ExxonMobil. Oil Search interest 30% Studies ongoing with BG Group Work underscoring viability of PNG LNG development Strong market demand…
  19. GOOD OIL CONFERENCE – Oil Search Limited – slide 19
    PNGs Competitive Advantage Quality and location of resource makes PNG very competitive in project line up for a 2012 2014 development timetable Advantages of LNG from PNG Highlands: Substantial certified reserve base, sufficient to…
  20. GOOD OIL CONFERENCE – Oil Search Limited – slide 20
    Comparative LNG Pricing LNG (/mmbtu) 14 12 Crude Oil Parity 10 NWS Recent Contracting 8 6 NWS Traditional Contracting 4 2 0 15 20 25 30 35 40 45 50 55 60 65 70 JCC (/b) 20 Source: FACTS Global Energy
  21. GOOD OIL CONFERENCE – Oil Search Limited – slide 21
    Key Gas Fields in PNG Hides / Angore Fields (OSH Juha Hides 27.5%/52.5%) Hides 5.3 tcf of 2P resource, 3P upside to 10 tcf Angore Angore 1.2 tcf Kutubu Complex Fields (OSH - 60.0%) 1.5 tcf plus liquids, largely developed Key…
  22. GOOD OIL CONFERENCE – Oil Search Limited – slide 22
    LNG with ExxonMobil ExxonMobil Pre-FEED review progressing well - strong momentum build Kutubu/Agogo/Moran/Gobe Main participants have joined Hides/Angore/Juha JVs in LNG studies. OSHs funding share has increased to 36.6%. Interest…
  23. GOOD OIL CONFERENCE – Oil Search Limited – slide 23
    Full foldbelt 6.3 mtpa ExxonMobil LNG option Estimated capital Juha 250 mmscfd (nominal) 75km cost (USbn): Hides & 960 mmscfd Conditioning Plant Angore - Upstream & 8-inch condensate line Pipeline 5.0 66 km 14-inch gas line…
  24. GOOD OIL CONFERENCE – Oil Search Limited – slide 24
    Other Complementary Gas Activities Core focus to develop ancillary gas business complementary to LNG Active programme to secure and/or find further certifiable reserves Reviewing options for early pipeline development in…
  25. GOOD OIL CONFERENCE – Oil Search Limited – slide 25
    CREATE VALUE 25
  26. GOOD OIL CONFERENCE – Oil Search Limited – slide 26
    PNG Exploration Juha Oil - Remaining 2007 programme testing 40 mmbbl net risked reserves NW Paua Gas exploration/appraisal to Arakubi add reserves to support Mananda Attic commercialisation projects Cobra PNG 2007 exploration…
  27. GOOD OIL CONFERENCE – Oil Search Limited – slide 27
    Juha Update PRL 2 WI % Oil Search 31.5 ExxonMobil 56.0 Juha-3X Juha 4ST1 Merlin Petroleum 12.5 Juha 5 Juha-2X Juha 5 well confirms GWC for Juha main pool Juha 4ST1 proves PRL2 Juha-1X separate pool to the east Awaiting…
  28. GOOD OIL CONFERENCE – Oil Search Limited – slide 28
    PDL 2 - Arakubi 10km PDL 2 WI % Line P N Oil Search 60.0 Depth 04-411 migra tion ExxonMobil 14.5* Moran AGL 11.9 SE Mananda Paua Merlin Petroleum 6.8 Arakubi structure PRK 6.8 APF * ExxonMobil did not participate in…
  29. GOOD OIL CONFERENCE – Oil Search Limited – slide 29
    PPL 233 NW Paua 10km PPL 233 WI % PDL5 PPL233 L ine PN Oil Search 52.5 Depth 04-411 mig NW PAUA ration Esso Highlands 47.5% Moran Highly prospective SE Mananda Paua structure adjacent to Moran Arakubi structure Digimu target…
  30. GOOD OIL CONFERENCE – Oil Search Limited – slide 30
    PPL240 - Korobosea PPL240 WI % KOROBOSEA Oil Search 90.0 Gedd 10% Korobosea well will test KIMU prospect along trend from Kimu gas discovery Prospect is well defined by seismic (9 lines of good PRL08 quality) Reservoir known…
  31. GOOD OIL CONFERENCE – Oil Search Limited – slide 31
    Yemen Exploration Remaining 2007 Activity 5 Exploration Wells testing total 130mmbbl BLOCK 35 50km 1 Nabrajah Appraisal 400+sqkm 3D in Block 3 BLOCK 7 Reeb-1 currently drilling (75mmbbl, COS=21%) NABRAJAH Dahgah-1…
  32. GOOD OIL CONFERENCE – Oil Search Limited – slide 32
    Egypt - East Ras Qattara 3 wells drilled to date 5km 3 discoveries at 4 stratigraphic levels Development plans Ghard-1 submitted for Shahd and Discovery Ghard Production in 4Q 07 No reserve additions booked Rana-1 to date…
  33. GOOD OIL CONFERENCE – Oil Search Limited – slide 33
    Strategic Review Company has embarked on major Strategic Review, focussing on: Maximising value from existing oil fields Extended field life management Oil and gas operational interface and value impact Operational cost and…
  34. GOOD OIL CONFERENCE – Oil Search Limited – slide 34
    Outlook 34
  35. GOOD OIL CONFERENCE – Oil Search Limited – slide 35
    Outlook for 2007 Operational Production expected to be between 9.5 10.0 mmboe Kutubu and Moran fields performing well, but no new development wells expected onstream in PNG in 2007. Focus in 2008 Rising production from MENA…
  36. GOOD OIL CONFERENCE – Oil Search Limited – slide 36
    Outlook beyond 2007 80,000 PNG LNG Gas Liquids Oil Production (bopd) 60,000 40,000 MENA PNG LNG Gas Development MENA Explo ration 20,000 PNG E xplora tion PNG Development 0 9 1 3 5 7 0…
  37. GOOD OIL CONFERENCE – Oil Search Limited – slide 37
    Summary Continuing to generate strong cash flows from operations underlying business is robust Commercialising gas resource remains Oil Searchs highest priority PNG LNG provides attractive returns, progressing steadily with…
  38. GOOD OIL CONFERENCE – Oil Search Limited – slide 38
    OIL SEARCH LIMITED 38

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