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2010 HALF YEAR RESULTS – Oil Search Limited

Oil Search Limited · Aug 24, 2010 · 22 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. 2010 HALF YEAR RESULTS – Oil Search Limited – slide 1
    OIL SEARCH LIMITED 2010 Half Year Results 24 August 2010 1 2010 Half Year Results Agenda Performance Summary Peter Botten Financial Overview Zlatko Todorcevski PNG LNG Project Phil Bainbridge Growth Opportunities Phil…
  2. 2010 HALF YEAR RESULTS – Oil Search Limited – slide 2
    Performance Summary 3 2010 First Half Performance Summary Strong profit result with NPAT of US52.9 million, 49% higher than in 2009 PNG LNG Project construction making good progress. Project on track, target first LNG in 2014…
  3. 2010 HALF YEAR RESULTS – Oil Search Limited – slide 3
    Strong Share Price Performance 9.00 Share price (rebased to OSH) 8.00 7.00 6.00 Oil Search 5.00 Santos WTI oil 4.00 Woodside ASX 100 3.00 2.00 1.00 0.00 Jan 06 Jul 06 Jan 07 Jul 07 Jan 08 Jul 08 Jan 09 Jul 09…
  4. 2010 HALF YEAR RESULTS – Oil Search Limited – slide 4
    Financial Overview 7 2010 First Half Performance 1H10 1H09 (USm) Revenue 276.6 +49% 185.1 Cash Expenses (47.8) (41.7) EBITDAX 228.8 +60% 143.4 Non-cash Items (25.2) (50.8) Exploration Expense (97.8) (18.3) Financing…
  5. 2010 HALF YEAR RESULTS – Oil Search Limited – slide 5
    Cash Earnings Performance % US/bbl 100 120 Oil Price 100 95 100 78 76 90 80 67 65 85 60 86% 86% 83% 83% 80 40 80% EBITDAX 75 Margin 20 70 0 2006 2007 2008 2009 1H10 Cash operating margin has improved in line with…
  6. 2010 HALF YEAR RESULTS – Oil Search Limited – slide 6
    Active Cost Management PNG capacity constraints placing pressure on costs 1H10 1H09 However, 1H10 costs/boe flat USm USm mainly due to limited work Field Costs programmes - Oil: PNG 29.6 32.1 US/boe Total cash costs per boe -…
  7. 2010 HALF YEAR RESULTS – Oil Search Limited – slide 7
    Treasury Update US1.418 billion in cash at end June 2010 Cash invested with highly rated bank counterparties (US- denominated short term deposits) US503m drawn down under LNG Project Finance facility, equivalent to 70% of spend to…
  8. 2010 HALF YEAR RESULTS – Oil Search Limited – slide 8
    PNG LNG Project Update 15 PNG LNG Project Overview Construction underway, major ramp up in activity levels following Financial Close in March 2010 First LNG sales targeted for 2014 Estimated investment for initial phase…
  9. 2010 HALF YEAR RESULTS – Oil Search Limited – slide 9
    PNG LNG Project Construction Activities Planned/Underway 17 2010 PNG LNG Project Activities Work to date has focused on: Opening supply routes (north, south, air bridge) Building/improving roads, bridges, camps, site…
  10. 2010 HALF YEAR RESULTS – Oil Search Limited – slide 10
    PNG LNG Logistics 19 PNG LNG Project - Highlands Highway Bridge construction 20
  11. 2010 HALF YEAR RESULTS – Oil Search Limited – slide 11
    PNG LNG Project Komo Airfield Site 21 PNG LNG Project Kopi Wharf 22
  12. 2010 HALF YEAR RESULTS – Oil Search Limited – slide 12
    PNG LNG - Plant site 23 PNG LNG Project Training Centre, Port Moresby 24
  13. 2010 HALF YEAR RESULTS – Oil Search Limited – slide 13
    PNG LNG Project Graduates 25 Mananda-5 Growth Opportunities 26
  14. 2010 HALF YEAR RESULTS – Oil Search Limited – slide 14
    PNG Gas Growth Key strategic priority for Oil Search is to grow gas business in PNG, with LNG the optimum commercialisation route PNG LNG will provide infrastructure and capacity to facilitate expansion and provide excellent cost…
  15. 2010 HALF YEAR RESULTS – Oil Search Limited – slide 15
    PNG LNG Dedicated Fields Potential upside possible in all PNG LNG fields Near term focus on: Associated Gas Fields (Kutubu/Moran/Gobe/Agogo) Recent wells and additional production history indicate increased gas resource.…
  16. 2010 HALF YEAR RESULTS – Oil Search Limited – slide 16
    Offshore Exploration PPL 234/244 High Oil Search equity positions (post Talisman PPL239/244 asset swap) 3D seismic being conducted in 2 phases. Will be complete by 4Q10 Other Offshore Actively pursuing farm-ins to additional…
  17. 2010 HALF YEAR RESULTS – Oil Search Limited – slide 17
    PNG CSG Exploration CSG effort run as small low cost team Three firm wells 4 commencing September Low cost wells, high risk, 1 potentially large prize Preliminary results by end 2010 2 3 6 5 30km 33 MENA…
  18. 2010 HALF YEAR RESULTS – Oil Search Limited – slide 18
    Production 35 Production Summary Oil Search Net Production (mmboe) 6.0 MENA Hides GTE 5.0 SE Mananda SE Gobe 4.0 Gobe Main Moran Kutubu 3.0 2.0 1.0 0 1H 07 2H 07 1H 08 2H 08 1H 09 2H 09 1H 10 36
  19. 2010 HALF YEAR RESULTS – Oil Search Limited – slide 19
    1H10 Performance Excellent safety performance Production 3.95 mmboe (3.81 mmboe in 1H09) Kutubu and Agogo Production enhanced by 1,500 bopd from ADT2 ST3 well Sustained contribution from new development wells drilled in 2008/09,…
  20. 2010 HALF YEAR RESULTS – Oil Search Limited – slide 20
    2010/11 Development & Near- Field Appraisal Drilling Activity PPL260 PRL02 Hides PPL239 PDL1 PRL11 Juha Angore PRL 12 Moran: PRL12 PDL6 PDL5 2010 : 1 well PPL233 2011: 1 well PPL219 Kutubu: SE Mananda 2011: 1 well…
  21. 2010 HALF YEAR RESULTS – Oil Search Limited – slide 21
    Strategic Review 41 Strategic Review Major strategic review underway to optimise growth path and prepare for substantial production and revenue growth. Dedicated review team in place Focus areas : PNG oil and gas operations…
  22. 2010 HALF YEAR RESULTS – Oil Search Limited – slide 22
    Summary PNG LNG T1/2 construction progressing steadily, timing and budget estimates unchanged. Project is in good hands With PNG LNG underway, new OSH strategic objective is LNG expansion: De-risking/appraisal of existing gas…

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