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…
Target and strategy Exploration is a fundamental part of Premiers growth strategy Target Build three quality businesses which deliver 100 kboepd from 400 mmbbls of reserves Strategy Attain 75 kboepd from 2P reserves of 265…
Exploration Targets Add 200 mmboe net reserves by 2015 Global Exploration: 2009 Forecast 2C resource additions (mmboe) Premier added 20 mmboe to 45 mmboe of net 400 resources Success Case/NV Unrisked 5 exploration and 2 appraisal wells…
Premier Petroleum basin focus The majority of the worlds petroleum resources are found in 3 basin types: Rift Basins: e.g. North Sea, SE Asia, onshore Africa and West Siberia Passive Margins: e.g. West Africa / SE Brazil, NW Australia…
Exploration Historic performance Premier Discoveries 1986-2009* (net mmboe) 800 Annual discoveries Premier began exploring in 1986, initially via entry Cumulative annual into SE Asia 700 discoveries To date Premier has discovered net…
Exploration strategy The goal is to deliver 200mmboe 2P reserves through the drill bit focussing on areas where we have demonstrated skills and expertise Near-term programme Asia: Nam Con Son Basin (Vietnam and Indonesia) North Sea:…
Exploration outlook January 2010 Unrisked net potential of 350mmboe 2010 Asia Q1 Q2 Q3 Q4 Vietnam 07/03 Seismic (contingent) 104/109-05 Seismic Indonesia Tuna Prospect A Prospect B Buton Lead B North Sea Norway PL374S (34/2,5)…
Exploration Vietnam / Indonesia Nam Con Son An integrated play-based approach to exploration Premier equities 07/03: 30% and operator Tuna: 65% and operator, target equity 40% pre-drill Prospectivity 10-15 leads and prospects C Rng…
Exploration Block 07/03 CRD discovery and CRV Amplitude analysis of 3D is potentially the key to unlocking the prize CRV CRD / CRD North East CRD Discovery NW SE Anomalies associated Anomalies associated with Hydrocarbons with…
Exploration Tuna Regional prospectivity Plan to drill 2 prospects in Q3/Q4 2010 Singa / Kuda Laut Cacing Laut Gajah Laut Utara NW Base Muda SE MMU Arang Top Oil Expulsion Gabus Thermally Thermally Mature Source…
Exploration North Sea Premiers rift basin expertise is being applied to the North Sea Active 2010 programme targeting 50- 200 mmboe net to Premier: Blbaer Gnatcatcher Prospect Potential (mmboe gross) Gnatcatcher 31-60 mmboe…
Exploration Huntington, Moth and Oates Building a new core area in the UK Central North Sea Rift basin Huntington Premier equity in Block 22/14b is 40% Concept selection process ongoing First production forecast for 2012 Unitization…
Exploration UK Oates Oates (P1620) NW Oates SE Premier 50% equity and operator Reserve estimate 25-65-107 mmboe Amplitude supported stratigraphic trap Low to moderate risk for oil and gas Drilling planned late Q2/Early Q3 2010…
Exploration Norway Blbaer Blbaer (PL374) Premier 15% equity Operated by BG Reserves estimate 15-30-75 mmboe Moderate risk for oil Well status: drilling Jordbaer project moving forward Blbaer Jordbaer January 2010 Page 14
Exploration Norway Greater Luno Greater Luno (Pl 359) Premier 30% equity Operated by Lundin Targeting basement and possible Jurassic sandstones related to the Luno discovery (95 mmboe) on adjacent Lundin-operated block Estimated…
Exploration Norway Bream, Gardrofa Success at Gardrofa will lead to a new core area for Premier in Norway Bream (PL 406) Brent age oil discovered 1971, close to Yme Field In 2009,17/12-4 and its sidetracks wells appraised this…
Exploration challenges 1. Access to new opportunities in themes of choice 2. Maintaining exploration focus/discipline 3. Managing the natural tension between growth ambitions and the production/development of existing resources 4.…
Exploration strategy The goal is to deliver 200mmboe 2P reserves through the drill bit focussing on areas where we have demonstrated skills and expertise Near-term programme Asia: Nam Con Son Basin (Vietnam and Indonesia) North Sea:…
Look forward End 2010 End 2012 Stable production from established Significantly increased reserve base assets Run-rate production of 75 kboepd with Development drilling commenced on key related cash flow expansion projects in…
Appendix January 2010 Page 20
Exploration Norway Grosbeak, Gnatcatcher Gnatcatcher/Grosbeak (PL 378) Premier 20% equity (non-operated) Successful Grosbeak well completed in July 2009 Close to nearby infrastructure Oil in Middle Jurassic sandstones Estimated…
Exploration UK Bugle North Bugle North (P815) Premier 41% equity, likely to move to 50% Nexen operator Nearfield exploration opportunity Gross reserves estimate 7-17-39 mmboe Adjacent Bugle discovery flowed 7,398 bopd and 9.06…
Exploration UK Moth Moth (P1181) 50% equity in 23/21 57.5% operated equity in 23/22b 70% operated equity in 7/7d and 7/10a Moth discovery max flow rate 24.4 mmscfd gas and 2460 bopd Appraisal of Moth and potentially a deep…
Exploration UK Catcher Catcher (P1430) Premier equity 50% Encore operator Reserves estimates 18-25-33 mmboe Low risk for gas Drilling planned Q2 2010 Blocks 28/9 & 10c Top Cromarty depth Map W Catcher E Phase Change…
Exploration Indonesia Buton Buton PSC Premier equity 30% Japex operator Lead B reserve estimates 35-100-300 mmboe High risk for oil Prospect maturation ongoing Drilling planned Q4 2010/Q1 2011 NW Lead BB SE 0 5000…
Premier Oil a snapshot 2009 2009 Production by region Production by type Commodity price exposure (kboepd) 2009 2013 39% 61% 62% 38% 16.0 17.2 15.5 21.0 44.2 77.4 11.0 North Sea / West Africa 41.0 Oil Direct oil price linked…
January 2010 Page 27 www.premier-oil.com January 2010
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