Skip to main content 76TH ANNUAL MEETING – Oil Search Limited Investor Presentation | Shale Experts
Loading...
Pm

76TH ANNUAL MEETING – Oil Search Limited

Oil Search Limited · May 4, 2007 · 45 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. 76TH ANNUAL MEETING – Oil Search Limited – slide 1
    OIL SEARCH LIMITED 76th Annual Meeting 4 May 2007 1
  2. 76TH ANNUAL MEETING – Oil Search Limited – slide 2
    Achievements in 2006 2
  3. 76TH ANNUAL MEETING – Oil Search Limited – slide 3
    2006 Achievements Record profit of US412.0m, including US258.4m net profit from sale of assets to AGL Core net profit of US207.5m, a 4% increase on 2005 Shareholders rewarded by final dividend of 4 US cents per share, making 8…
  4. 76TH ANNUAL MEETING – Oil Search Limited – slide 4
    2006 Achievements Gross PNG production increased by 5%. Oil Search net production down 16% due to AGL asset sale Record oil price achieved (over US67/bbl) resulting from strong demand for PNG light sweet crude Stable cost…
  5. 76TH ANNUAL MEETING – Oil Search Limited – slide 5
    Oil Search Net Production 40,000 Kutubu Moran Gobe Main SE Gobe Hides Nabrajah SEM 35,000 +10% Post AGL Forecast +6% 30,000 +25% sale 25,000 +23% stb/d 20,000 15,000 10,000 5,000 0 2000 2001 2002 2003 2004 2005…
  6. 76TH ANNUAL MEETING – Oil Search Limited – slide 6
    World Class HSES Performance 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 7.3 6.8 7.0 6 5.8 5.2…
  7. 76TH ANNUAL MEETING – Oil Search Limited – slide 7
    Share Price Performance OSH Relative Share Price Performance (last 3 years) 5.00 Share price (rebased to OSH) 4.50 4.00 OSH 3.50 3.00 WPL ASX200Energy 2.50 AWE ROC 2.00 WTI STO 1.50 1.00 0.50 May-04 Nov-04…
  8. 76TH ANNUAL MEETING – Oil Search Limited – slide 8
    Financial Results 8
  9. 76TH ANNUAL MEETING – Oil Search Limited – slide 9
    Net Profit After Tax 240 40 36.8 220 Net Profit 35 200 EPS* 207.5 180 200.2 30 160 25 US cents 140 USm 120 20 100 17.9 107.3 15 80 85.7 60 10 9.6 40 47.0 7.7 5 20 4.5 0 0 2002 2003 2004 2005 2006 Net…
  10. 76TH ANNUAL MEETING – Oil Search Limited – slide 10
    2006 Full Year Performance 2005 2006 Oil Sales (mmbbl) 10.84 9.17 Realised oil price (US/bbl) 58.06 67.22 (USm) Revenue 664.0 3% 644.5 Operating Expenses 109.7 103.8 EBITDAX 554.3 2% 540.8 NPAT (core) 200.2 4% 207.5 NPAT incl.…
  11. 76TH ANNUAL MEETING – Oil Search Limited – slide 11
    11 USm 0 50 100 150 200 250 300 350 400 450 2 0 0 200 O 5 il P ri ce O il 85 S al es (97) Ta ri ff s (10) In te A re m 24 st or ti sa ti 8 on E & E (9) Ta x 15…
  12. 76TH ANNUAL MEETING – Oil Search Limited – slide 12
    Cash Operating Expenses 2005 2006 PNG Oil Field US Costs per Barrel USm USm 7 Kumul 0.45 Field Costs Tariffs 0.82 - Oil: PNG 74.6 57.6 6 Tariffs 1.55 - Oil: MENA 3.1 12.4 Other Field 5 Costs 1.69 - Hides 4.0 6.5 Other…
  13. 76TH ANNUAL MEETING – Oil Search Limited – slide 13
    Operating Cash Flows 750 Operating cashflow 92 included US180m of tax 625 paid, a 22% increase on (226) the prior year 500 Investing inflows included AGL sale USm 399 375 proceeds of US371m, offset by outflows of 250…
  14. 76TH ANNUAL MEETING – Oil Search Limited – slide 14
    Treasury Review 500 Cash Debt Gearing Gearing % 400 40 300 30 USm 200 20 100 10 0 2003 2004 2005 2006 US478 million in cash at year end including JV balances , no debt Current cash position of US450 million following…
  15. 76TH ANNUAL MEETING – Oil Search Limited – slide 15
    2007 Capital Outlook USm 2006 2007 Actual Outlook Investing : Exploration 122 190 Development 144 126 Corporate 16 70 Financing : Dividends 101 45 * Debt Repayment 126 - *2006 final dividend only 15
  16. 76TH ANNUAL MEETING – Oil Search Limited – slide 16
    Strategy for Growth Deliver Value Substantial remaining potential in PNG oil fields Further development in Yemen & Egypt Cost controls and improved profitability Extract Value Commercialise OSHs 1 billion boe gas and liquids…
  17. 76TH ANNUAL MEETING – Oil Search Limited – slide 17
    Strategy for Growth Objective is to more than double Company value by 2010 17
  18. 76TH ANNUAL MEETING – Oil Search Limited – slide 18
    VALUE DELIVERY 18
  19. 76TH ANNUAL MEETING – Oil Search Limited – slide 19
    PNG Oil Production Highlights SE Mananda 2006: Came onstream in Mar Moran 06. Daily production at 4,000 2006: Production increased by 18% bopd by year end Three new wells came onstream 2007-2009: Continue field 2007-9: Development…
  20. 76TH ANNUAL MEETING – Oil Search Limited – slide 20
    PNG Oil Production Outlook 80,000 OSH Assumes 70,000 Field Operatorship 60,000 Oil Production (stb/d) Aspiration 50,000 I D nc 40,000 e v re el m o p en 30,000 m ta en l t 20,000 Decline before Oil Search…
  21. 76TH ANNUAL MEETING – Oil Search Limited – slide 21
    Yemen - Nabrajah Nabrajah gross production currently averaging 7,800 bopd Nab 13 appraisal well underway. Potential for future basement wells being evaluated, pending results from interpretation of 3D seismic and G&G studies.…
  22. 76TH ANNUAL MEETING – Oil Search Limited – slide 22
    Egypt Area A Area A - comprises 2 development leases (5 small Umm El Yusr Exploration oil fields) and four exploration leases Kareem, Yusr, Kheir & Shukheir Focus on increasing Development production, to assist funding…
  23. 76TH ANNUAL MEETING – Oil Search Limited – slide 23
    VALUE EXTRACTION 23
  24. 76TH ANNUAL MEETING – Oil Search Limited – slide 24
    Gas Commercialisation In late 2006, undertook major review of PNG Gas Project and other commercialisation options Change in focus to LNG & petrochemicals, which have access to high world gas and liquids pricing Scale of investment,…
  25. 76TH ANNUAL MEETING – Oil Search Limited – slide 25
    Pnyang Juha Angore Mogulu Existing gas fields, gas Iehi Korobosea exploration Barikewa Kimu and appraisal opportunities Uramu Pandora 25
  26. 76TH ANNUAL MEETING – Oil Search Limited – slide 26
    LNG for PNG Major growth in global LNG market and strong increase in gas prices over past 2 years makes LNG in PNG attractive Unprecedented interest from range of LNG developers PNG has all the requirements for LNG development:…
  27. 76TH ANNUAL MEETING – Oil Search Limited – slide 27
    LNG for PNG Competition to develop first plant Several development approaches being reviewed and matured Total value chain approach upstream, pipeline, plant, marketing/shipping ExxonMobil model Merchant plant approach specialist…
  28. 76TH ANNUAL MEETING – Oil Search Limited – slide 28
    Full Foldbelt 6.3Mtpa ExxonMobil LNG Option OSH has signed Cost Sharing 250 mmscfd (nominal) Juha Agreement with XOM and other JV partners to review Hides & 960 mmscfd Conditioning Plant LNG project based on Hides, Angore Juha and…
  29. 76TH ANNUAL MEETING – Oil Search Limited – slide 29
    LNG with BG OSH and BG have been working since mid- 2006 on evaluating LNG development options. Studies have included: Review of resource base Review of capital costs for 3.5 mtpa initial train plus expansion Review ideal project…
  30. 76TH ANNUAL MEETING – Oil Search Limited – slide 30
    LNG for Oil Search Oil Search objectives: Number of credible development options with excellent partners Striving for early development certainty and best long term value Excellent position in all major fields with likely interest…
  31. 76TH ANNUAL MEETING – Oil Search Limited – slide 31
    Petrochemicals Maturing opportunity to supply gas to petrochemicals and fertiliser plant in Port Moresby Production range 90 136 PJ pa Product price with linkage to international energy markets Strong fit to Kutubu field resource…
  32. 76TH ANNUAL MEETING – Oil Search Limited – slide 32
    Other complementary gas activities Significant expansion of appraisal and exploration programme for gas, aimed at increasing contractable gas Juha wells Kimu Korobosea Barikewa Potential Juha development despite J-5 results,…
  33. 76TH ANNUAL MEETING – Oil Search Limited – slide 33
    VALUE CREATION 33
  34. 76TH ANNUAL MEETING – Oil Search Limited – slide 34
    PNG Exploration Juha Oil exploration 40-50 mmbbl net risked NW Paua reserves being tested in 2007 Kutubu, Gas - Co-ordinated programme Arakubi to add reserves to support Mogulu commercialisation projects Cobra Mananda Attic PNG…
  35. 76TH ANNUAL MEETING – Oil Search Limited – slide 35
    Kutubu 2 PPL 219 WI % Oil Search 91.25 Merlin Petroleum 8.75% Kutubu 2 Close to Iagifu-Hedinia fields quick tie-in possible Inadequately tested by Kutubu 1X (1988) Only Toro logged, but Iagifu as secondary target Currently…
  36. 76TH ANNUAL MEETING – Oil Search Limited – slide 36
    PDL2 - Arakubi PDL2 WI % Line P N Oil Search 72.4* Depth 04-411 migra tion AGL 13.9 Merlin Petroleum 7.9 PRK 7.9 Arakubi structure Located 2km from infrastructure, and sits above and NE of Usano, Usano 2x block may share…
  37. 76TH ANNUAL MEETING – Oil Search Limited – slide 37
    MENA 2007 Remaining Drilling Programme Exploration: 4 wells in Egypt, 6 wells in Yemen and 1 in IRAQ Iraq have been drilled in current programme Total wells still to EGYPT be drilled: 24 15 Exp + 9 Dev Yemen: 3 Rigs Onshore…
  38. 76TH ANNUAL MEETING – Oil Search Limited – slide 38
    Egypt - East Ras Qattara Shahd 1 East Ras S N First well in ERQ Qattara programme Discovered minimum 15m oil pay in Upper & Lower Ghard-1 Bahariya Fm Discovery Ghard-1 Tested 1,517 bopd Shahd 1 combined 2 zones Discovery…
  39. 76TH ANNUAL MEETING – Oil Search Limited – slide 39
    Outlook 39
  40. 76TH ANNUAL MEETING – Oil Search Limited – slide 40
    Outlook - Production Production PNG development opportunities mean gross production can continue at around 50,000 bopd for at least three years Continuous Nabrajah area drilling programme is underway. 3D seismic has identified a…
  41. 76TH ANNUAL MEETING – Oil Search Limited – slide 41
    Outlook - Exploration 2007 biggest programme in Companys history MENA programme has potential to add to production, short lead times Most of PNG oil targets close to existing infrastructure Gas exploration/appraisal activity a…
  42. 76TH ANNUAL MEETING – Oil Search Limited – slide 42
    Outlook - Gas Gas Range of commercially attractive opportunities available OSH well placed competitively, with resources at Hides/Angore/Juha, Kutubu, Forelands fields, representing a spectrum of risks and rewards with options for…
  43. 76TH ANNUAL MEETING – Oil Search Limited – slide 43
    Outlook 40,000 35,000 MENA Production Net Oil Production (stb/d) 30,000 25,000 20,000 PNG Development 15,000 10,000 PNG Production 5,000 ACTUAL FORECAST - 1 6 9 2 7 8 0 3…
  44. 76TH ANNUAL MEETING – Oil Search Limited – slide 44
    Summary Oil Search remains on strong growth trajectory Existing oil production assets performing well, costs under control, extended production plateau Large discovered gas resource will be commercialised. 30% interest in LNG…
  45. 76TH ANNUAL MEETING – Oil Search Limited – slide 45
    OIL SEARCH LIMITED 45

From the store

Browse maps, data & reports in the Shale Experts store