Agenda Highlights Simon Lockett Business Unit review Robin Allan Key projects Neil Hawkings Exploration Andrew Lodge Finance Tony Durrant Outlook Simon Lockett August 2013 // Page 2
Highlights Continuing Catcher, Bream 6 out of 7 record profits and Sea Lion exploration wells and growing projects moving successful cash flow forward Delivering on portfolio upgrade Ragnarrock Luno/Apollo Johan Sverdrup…
North Sea Production and development Strong performance from Wytch Farm, Scott Huntington impact on 2H; increase in cash flows Solan, Catcher and Bream progressed Exploration 100% drilling success rate in North Sea year-to-date…
North Sea Huntington Field performance First oil April 2013 Rates of up to 27 kboepd achieved Start-up problems with gas compression systems resolved Hydrocarbon blanketing system being commissioned Production restarted Forward…
North Sea Solan Key milestones First oil Q4 2014 Initial rate of 24 kbopd Development drilling Reservoir reached on prognosis in August 2nd phase to complete 2 producers mid-2014 Platform and subsea Installation of topsides,…
North Sea Catcher Subsurface and drilling FPSO and subsea Reservoir modelling near completion Competitive FPSO tender 15 producers and 8 water injectors Bids being evaluated Drilling starts 2015 Subsea EPCI contract issued for tender…
North Sea Bream Area Key milestones Bream Equity increased to 50% Mackerel Partnership interest aligned Herring Bream/Mackerel sanction 2014 FPSO and subsea Subsea tie-back to new FPSO Upside in Herring Assessing potential…
Pakistan Production Gas demand, revenues and cash flows remain strong Infill and step-out success Exploration Exploration success at K-32 and Badhra B North-2 8 consecutive E&A successes 6 E&A wells planned over next 18 months…
Vietnam Production and development Chim So oil production ahead of development plans Power upgrades to address gas production constraints Dua first oil 2014 1H Exploration Block 121 Ca Voi established working petroleum system…
Indonesia Production Singapore demand robust Take or pay contracts Strong performance from NSBA Anoa captured 44% of GSA1 Gajah Baru achieved record production rates Development Anoa Phase 4 successfully completed Exploration…
Sea Lion
Sea Lion studies Subsurface and drilling Latest modelling results 394 mmbbls Evaluating options to accelerate recovery Optimising drilling centres and trajectories FPSO and subsea Flow assurance manageable Gas lift selected…
Sea Lion phased development Initial development in the north 284 mmbbls from 30 development wells Initial rates 100 kboepd Gas cap is assumed in the west Followed by a southern development 110 mmbbls from 22 wells Will incorporate…
Sea Lion exploration drilling programme Opportunity to participate in rig share 3 slots included in EOI Positive responses received 3 well E&A programme with multiple stacked targets, including: Exploration well (Zebedee) to extend…
Sea Lion facility options and schedule Preparing for FEED FPSO Full Field Development Finalising basis of design Finalising build methodologies Studying a Tension Leg Platform (TLP) with drilling rig as alternative Reduced…
Exploration
2013 exploration drilling 6 out of 7 exploration wells successful Significant oil discovery at Luno II Near field discoveries in Indonesia, Pakistan and UK Triassic gas discovered at Lacewing Block 121 Ca Voi established Bredford…
2013 portfolio management Adding opportunities in under-explored plays in rift and frontal fold belt geologies 650 mmboe of net unrisked prospective resource added High grading portfolio through selective relinquishments or…
2013/14 indicative exploration drilling programme 2013 2014 P50 gross unrisked Equity Risk Country Block Well Q3 Q4 Q1 Q2 Q3 Q4 resources (mmboe) (%) Tuna Block Kuda Laut & Singa Laut Ocean General 60 High 65 Asia Indonesia NSBA…
Norway Luno II Luno II Discovery Luno II (Premier 30% equity) Potential Jurassic Sandstones South Significant oil discovery on south west North 2 R R R R margin of Utsira high Luno II discovery North 1 Central 1…
North Sea Bagpuss and Blofeld Blocks 13/24c & 13/25 Farmed in for 37.5% and operatorship Contains Bagpuss and the Blofeld prospect Heavy oil targets located on the Halibut Horst Well defined basement high within the Inner Moray…
Indonesia Lama play Lama play mapped throughout Premiers acreage 5 prospects and leads identified in NSBA Gross prospective resource Anoa North 2 TCF across area Anoa West Ratu Gajah Ratu Gajah-1 proposed location prospect…
Kenya exploration 21 prospects and leads identified over 3 play types Lower Cretaceous Turbidite plays (outboard) Miocene Carbonate play (inboard) Large Palaeocene to Lower Cretaceous lead (inboard) 2 wells planned for 2014…
Kenya Miocene Carbonate play Chatterer Sunbird South Sunbird Chatterer W E R Patch reefs on western margin Top build up horizon R R S R R R Turaco S S Tembo Trough, kitchen for hydrocarbon generation Premiers first…
Falklands exploration F1 - Jackie F2 - Hector F2 - Zebedee F3B - Parker F3E - Catriona F3G - Orinoco North 5 best prospects high graded 3 wells planned for late 2014/2015 Multiple reservoir targets August 2013 // Page 26
Falklands Zebedee prospect Zebedee prospect Onlaps the Sea Lion field Onlapped by the Casper South discovery Extends the proven SLMC (F2 sequence) play Gross prospective resource (F2) 28-46-150 mmboe (low risk) Gross prospective…
Brazil exploration new country entry Awarded 3 blocks in Brazils 11th Bid Round Under-explored, proven deep water basins offshore NE Brazil 5 year exploration periods 3D seismic acquisition planned for 2014 in each block…
Brazil exploration new country entry High impact emergent plays FZA-M-90 Pecem oil discovery north east of Block 717 R Oil discovered on trend to Block 90 Top Rift / Base Drift R R Plays targeted are above and within S…
Finance
Income Statement 6 months to 6 months to Highlights 30 June 2013 30 June 2012 Operating costs (US/bbl) 58.4 1H 2013 1H 2012 Working Interest production (kboepd) 58.6 UK 39.0 33.5 Entitlement production (kboepd) 53.1 52.4 Indonesia…
Cash Flow Statement 6 months to 6 months to Highlights 30 Jun 2013 30 Jun 2012 m m Capital expenditure (m) Cash flow from operations 502 466 2013 Taxation (117) (141) 1H FY (e) Exploration 147 250 Operating cash flow 385 325…
Liquidity and balance sheet position At 30 Jun 2013 At 31 Dec2012 Debt maturity profile USm USm (including Letters of Credit) Cash 182 187 Bank debt (700) (500) Bonds (576) (578) Convertibles (222) 1 (220) Net debt position…
Forward investment plans Funding outlook Development Capex (US million) Phasing subject to final sanction 1800 decisions Sea Lion Standby Sea Lion Premier Financial profile largely unchanged 1600 Premier Other 2013-15 cash flow…
Outlook
Outlook Rising cash flow as Huntington issues resolved 2014 new projects maintain growth profile Moving to sanction: Catcher, Bream and Sea Lion Continuing portfolio improvement Key wells: Tuna block, Luno II appraisal, Kenya…
Loading...
