2001 PRELIMINARY RESULTS PRESENTATION 13th March 2002
2001 Preliminary Results Presentation PRESENTATION Introduction Sir David John Results John van der Welle Operations Richard Liddell Summary and Outlook Charles Jamieson Make a Difference
2001 Preliminary Results Presentation RESULTS Make a Difference
2001 Preliminary Results Presentation RESULTS OVERVIEW Production 40.9 mboed (2000: 27.3 mboed) up 50% Turnover 213.8m (2000: 115.7m) up 85% Operating profit(1) 88.6m (2000: 35.2m) up 152% Proforma(2) profit after tax 34.5m…
2001 Preliminary Results Presentation PROFIT & LOSS ACCOUNT 2001 2000 Production (mboepd) 40.9 27.3 Working interest volume Realised oil price (/bbl) 25.2 21.6 1999 hedging - no impact Realised gas price (/mcf) 2.97 2.64 in 2001 m…
2001 Preliminary Results Presentation PROFORMA NET PROFIT - TAKE OR PAY 2001 2000 m m Reported profit after tax 20.3 6.1 Deferred net profits on TOP 14.2 8.1 Proforma net profit 34.5 14.2 Cumulative deferred profits are 85%…
2001 Preliminary Results Presentation EXCEPTIONAL ITEMS 2001 m Gain on Pakistan joint venture restructuring 42 Exceptional provisions: Write-off Albania (18) Mark AWE shares to market value (8) FRS11 write-downs (16) Net…
2001 Preliminary Results Presentation CASHFLOW 2001 2001 2000 (As reported) (Incl. JVs) (Incl JVs) m m m Net cashflow from operations 111 152 52 Increase in line with higher net revenues Net interest (30) (34) (17) Taxation (23)…
2001 Preliminary Results Presentation OPERATIONS Make a Difference
2001 Preliminary Results Presentation OPERATIONS 2001 Performance Delivery Operations Highlights Production Reserves Make a Difference
2001 Preliminary Results Presentation 2001 PERFORMANCE DELIVERY Commercialising discoveries Zamzama development plan & GSA Qadirpur upgrade and GSA WNG 2nd sale development plan Creating new assets Developing assets Dumbar EIA…
2001 Preliminary Results Presentation DEVELOPING ASSETS INDONESIA New West Natuna gas platform installed May 2001 Commissioned ready for contract gas deliveries July All nominations to date successfully delivered MYANMAR…
2001 Preliminary Results Presentation COMMERCIALISING DISCOVERIES PAKISTAN - ZAMZAMA EWT commenced March 2001 Production expectations exceeded - 90 mmscfd Full field gas sales agreement signed Full field development commenced…
2001 Preliminary Results Presentation CREATING NEW ASSETS PAKISTAN - DUMBAR EXPLORATION LICENSE National Park EIA approved Seismic operations completed Drilling programme on target PAKISTAN - BOLAN EXPLORATION LICENSE Zarghun…
2001 Preliminary Results Presentation PRODUCTION OUTLOOK Achieved 40,000 boepd target as indicated in interim announcements Production in early 2002 over 49,000 boepd 100% availability of production facilities Production set to…
2001 Preliminary Results Presentation RESERVES MOVEMENTS End 2000 End 2001 Unbooked 114 mmboe Myanmar A 177 mmboe Block h ka ng ma Pa m za Myanmar Za t stnu Unbooked 177 mmboe Che 48 mmboe Pakistan 602…
2001 Preliminary Results Presentation SUMMARY AND OUTLOOK Make a Difference
2001 Preliminary Results Presentation PERFORMANCE REVIEW 2001 2001 OBJECTIVE DELIVERY 1. Improved financial returns - profits up 128% - cashflow up 76m 2. Strengthened finances - net debt down 95m - gearing down 40% - interest…
2001 Preliminary Results Presentation STRATEGIC FOCUS - 2002 Focus on early stage value creation exploration leverage commercialisation skills sell/farm-down projects early where possible selectively operate development and…
2001 Preliminary Results Presentation EXPLORATION FOCUS 2002 PROGRAMME Q1 Q2 Q3 Q4 PAKISTAN Zarghun North well GUINEA BISSAU Sinapa-1 well - drilling PAKISTAN Benir + Dumbar wells MYANMAR MF1 well INDONESIA…
2001 Preliminary Results Presentation MYANMAR EXPLORATION Myanmar Yetagun North Thailand Discovery MF-5 YANGON Yadana MF-1 MF-6 Yetagun Yetagun Wang Noi M12 M13 Yetagun Ratchaburi BANGKOK Yetagun Field M14 Mergui…
2001 Preliminary Results Presentation INDONESIA EXPLORATION Kakap Kakap Kelinci Kuda Nil Duyong Area Area IV IV Sapi Kerteh Kus Kus Malaysia Natuna Natuna A A Port Klang Premiers exploration drive in the Kuala Lumpur…
2001 Preliminary Results Presentation PAKISTAN EXPLORATION: 1 Targeting a gas play, this prospect is a large BOLAN EL structure adjacent to Premiers Zarghun South gas Zarghun Zarghun North North discovery of 1998. Quetta The…
2001 Preliminary Results Presentation PAKISTAN EXPLORATION: 2 Two exploration wells will be drilled in 2002 in the SNPA Dumbar block; Benir-2 and Dumbar-1 Badhra Large simple gas prone structures, proven Dumbar Dumbar reservoir…
2001 Preliminary Results Presentation GUINEA BISSAU EXPLORATION The farm-in agreement to Petrobank's Sinapa Permit (Block 2) signed 24/5/2001. Esperanca Permit (Blocks 4A & 5A) ratified 28/6/2001. The Sinapa-1 prospect has good…
2001 Preliminary Results Presentation SUMMARY 2001 Finances - confirmation of a corner turned Operations - continued performance delivery 2002 Restructuring - specific discussions in progress to achieve a result during 2002…
2001 PRELIMINARY RESULTS PRESENTATION 13th March 2002
2001 Preliminary Results Presentation APPENDIX Make a Difference
2001 Preliminary Results Presentation COMMERCIALISATION OF UNBOOKED RESERVES mmboe Pangkah - sold 35 Zamzama - booked 26 Total 61 Unbooked reserves - Block A, Chestnut 48 53% of unbooked reserves at start 2001 now…
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