OIL SEARCH LIMITED 2010 Annual Meeting 23 April 2010 1 2010 Annual Meeting Agenda 2009 Performance Summary 2009 Financial Results PNG LNG Project Gas Expansion Operations Review Outlook 2
2009 Performance Summary Highlight of 2009 was PNG LNG Project development decision: Less than two years from FEED to Sanction Transformational impact on Oil Search and PNG ExxonMobil quality operator Foundation for major LNG…
Strong Five Year Share Price Performance Annualised TSR for five years to end 2009 of 29.5% 7.00 Share price (rebased to OSH) Oil 6.00 Search 5.00 Woodside 4.00 WTI oil Santos 3.00 2.00 ASX 100 1.00 0.00 Jan…
Future Value Growth Driven by :- PNG LNG delivery Project optimisation Further LNG train development Reserve growth and exploration success Comprehensive programmes to deliver value through to PNG LNG first gas 7 2009…
2009 Cash Flows Operating cashflow USm included US79m of tax 1500 paid (inclusive of prior period tax recoveries) 1250 Investing cash outflows included US139m on production, US324m 1000 on exploration & 851 evaluation, including 750 PNG…
PNG LNG Project 13 PNG LNG Project World class Project Aligned joint venture ExxonMobil Operator excellent track record Supportive Government and communities Provides infrastructure for future growth Transformational…
PNG LNG Project the road to sanction 2008 Signed JOA, aligning JV partners in March Signed Gas Agreement with Govt in May Commenced FEED in May Commenced marketing discussions late 2008 Developed financing plan 2009 Submitted EIS…
PNG LNG Project Construction has commenced (roads, bridges, camps, site preparation and training facilities). First LNG sales expected 2014 Investment for initial phase estimated at US15 billion Mobilisation by key contractors of…
Gas Growth 19 PNG Gas Growth Key strategic priority for Oil Search is to grow gas business in PNG LNG remains optimum commercialisation route for additional gas PNG LNG will provide infrastructure and capacity to facilitate…
PNG Gas Growth Activities Two largely independent core gas development streams: PNG LNG dedicated fields Material core reserves Proven (1P) 300 mmboe (OSH share) all sold Proven & probable (2P) 500 mmboe (OSH share) Focus on…
PNG Oil Production (gross) 80,000 70,000 Added over 60,000 Oil Production (Bopd) 55mmstb compared to Chevron 50,000 P10 40,000 P50 30,000 Pre-OSH Decline 20,000 P90 10,000 0 2 5 8 4 0 1…
Oil development drilling continues to add value PNG Oil Fields Gross Ultimate Recoverable Reserves (pre-LNG) 560 540 1P Millions of Barrels 520 2P 500 480 460 440 2003 2004 2005 2006 2007 2008 2009 Since 2003,…
Reserves & Resources 31 December 2009 Six-fold increase in proven (1P) reserves, from 50 mmboe at end 2008 to 344 mmboe: PNG LNG Project reserve booking of 301 mmboe 2009 production of 8.1 mmboe Oil reserve additions at Kutubu, Gobe…
Exploration Outlook PNG: Exploration for gas key to driving LNG expansion Korka 1.3 tcf mean, drilling ahead in PPL 260 Huria seismic underway PDL 8 / PRL 11 Additional oil focused exploration in 2010: Wasuma discovered…
MENA 2010 Exploration Summary Le Kef Taj. + Le Kef 600km K42 Shakal 50km Tajerouine Shakal K42 200km Dubai Office Al Meashar (20%) Well Types 20 mmstb Commitment Jebel Milh (17%) Future Commitment 28 mmstb…
Outlook Oil Searchs core business in excellent shape to drive further value growth over next 3 years PNG LNG Project construction underway ExxonMobil quality operator for delivery Contractors mobilising Buyers secured, with pricing…
2010 Guidance Summary Production: 7.2 7.4 mmboe. Incremental activity in 2011 2013 expected to flatten decline curve Opex: US16-18/boe Increase due to FX, PNG inflation, increased spend to improve reliability & extend life and…
Summary PNG LNG Project sanctioned and construction underway Appraisal and exploration activity programme to prove up gas for T3/T4 commenced Core oil production remains solid. Focus on life extension, reliability and gas conservation A…
Loading...
