2010 Half Yearly Results Presentation 26 August 2010
Forward-looking statements This presentation may contain forward-looking statements and information that both represents management's current expectations or beliefs concerning future events and are subject to known and unknown…
Agenda Progress against strategy Simon Lockett Financial results Tony Durrant Exploration update Andrew Lodge Operations update Neil Hawkings Summary Simon Lockett 26 August 2010 Page 2
Progress towards 75,000 boepd Huntington Field development plan submitted Chim So Development drilling under way Gajah Baru Wellhead platform jacket built and in place 26 August 2010 Page 3
Delivering Asian projects to meet growing demand 26 August 2010 Page 4
Progress on the portfolio of development projects Solan Bream Project sanction by end 2010 Evaluating tender responses Fry Tender process under way North Pelikan, Sumatra Naga Block A Concept Progress selection towards…
Progress towards 200mmboe of discoveries Catcher Main and Catcher East 60-100mmboe (gross) Blbaer 15-75mmbo (gross) Catcher Exploration 150 mmboe (gross) potential remaining 26 August 2010 Page 6
Progress on acquisition / new ventures West Orkney Basin, Solan & 15/26c South Darag 26 August 2010 Page 7
Half yearly financial results 26 August 2010 Page 8
Production and pricing 6 months to 6 months to 30 Jun 2010 30 Jun 2009 Highlights Working Interest Production (kboepd) 46.6 39.7 Full-year 2010 guidance unchanged at around 44,000 boepd Entitlement Interest Production (kboepd) 42.6…
Income statement 6 months to 6 months to 30 Jun 2010 30 Jun 2009 Prior year comparatives are restated for m m acquisition fair value adjustments made in the 2009 year-end accounts Sales and other operating revenues 367 213 Cost of…
Cash flow 6 months to 6 months to 30 Jun 2010 30 Jun 2009 m m Cash flow from operations 273 142 Estimated Capex split (m) H1 2010 H1 2009 Taxation (51) (29) Development 142 69 Operating cash flow 222 113 Exploration 70 42…
Net debt and financial strength Movement in net debt 6 months to Balance sheet At 30 Jun 2010 June 2010 m m Opening net debt (316) Cash and cash equivalents* 449 Net cash out flow (8) Bank borrowings (569) Purchase of shares (12)…
Exploration update 26 August 2010 Page 13
Year to date exploration highlights Exploration and appraisal drilling Global exploration: Forecast resource additions (mmboe) Nine wells drilled, four successful 250 Discoveries at Catcher, Catcher East Target cumulative risked…
Exploration UK Oates Oates (P1620) Premier 50% equity and operator Well plugged and abandoned Pre-drill risk was trap integrity Post-drill analysis ongoing Focus on cause of amplitude response Oates Lessons learned will be…
Exploration UK Catcher Catcher (P1430) Premier equity 35% 30 API oil discovery in high quality sands Catcher Main and Catcher East discoveries Catcher Main appraised by Catcher SW Gross reserve estimate: 60-85-100 mmbo Catcher…
Exploration UK 28/9 exploration potential Rapide Varadero Catcher 40 mmbo North UK 28/9 (P1430) Premier equity 35% Overall block potential 300 mmbo recoverable Low risk, seismic amplitude support Cougar Three exploration wells are…
Exploration outlook Unrisked net potential new barrels over next 12 months of 300 mmboe 2010 2011 Asia Q3 Q4 Q1 Q2 Q3 Vietnam 07/03 Seismic Geowave Voyager CRD Appraisal Exploration well 104/109-05 Seismic Viking II Exploration well…
Exploration UK West Rochelle West Rochelle (P1298 & P1615) Premier equity 50% P1298 (15/26b), 25% P1615 (15/26c) Farmed into 15/26c to test western extension of the Rochelle discovery along the Kopervik pinchout margin West Rochelle…
Exploration Norway Grosbeak, Gnatcatcher Gnatcatcher/Grosbeak (PL378) Premier 20% equity (non-operated) Successful Grosbeak well completed in July 2009 Close to nearby infrastructure Oil in Middle Jurassic sandstones Estimated…
Appraisal Vietnam Block 07/03 C Rng C Rng Premier 30% equity, reserves estimate 10-60-80 mmbo gross resource Appraisal well planned for Q1 2011 CRV CRD / CRD North East CRD Discovery NW SE Anomalies associated Anomalies…
Exploration Vietnam Block 07/03 2011 exploration well (Block 07/03) Premier 30% equity Two potential drilling candidates identified on existing 3D, new 3D dataset available in Q1 2011 Reserves estimate 10-45-70 mmbo Targeting…
Exploration Indonesia Tuna Belut Laut Belut Laut (Tuna PSC) Premier 65% equity, reserves estimate 40-90-200 mmboe Targeting multiple stacked Tertiary reservoirs in fault dependent closure prospect is independent of Gajah Laut Utara…
Exploration Indonesia Tuna Gajah Laut Utara Gajah Laut Utara (Tuna PSC) Premier 65% equity, reserves estimate 65-160-350 mmboe Targeting multiple stacked Tertiary reservoirs in major fault dependent closure Amplitude supported at…
Exploration Indonesia Natuna Anoa Deep Anoa Deep (WL-5 extension) (Natuna PSC) Premier 28% equity, reserves estimate 47-57-90 bcf Targeting Lama Formation reservoirs in faulted structural closures directly underlying the West Lobe…
Exploration Indonesia Natuna Biawak Besar Biawak Besar (Natuna PSC) Premier 28% equity, reserves estimate 66-79-92 bcf Targeting Arang formation reservoirs in a stratigraphic trap off structure from the Iguana gas discovery. Seismic…
Exploration Outlook 18-22 exploration and appraisal wells planned over next 12 months North Sea UK: Up to four wells planned in greater Catcher area and a well on West Rochelle Norway: Gnatcatcher exploration and Grosbeak appraisal…
Operations update 26 August 2010 Page 28
Operations highlights 2010 production on track Gajah Baru 64% complete and WHP jacket installed Chim So 73% complete and WHP installed Good progress on Huntington Catcher added to development portfolio 26 August 2010 Page 29
Production update Production (working interest) (boepd) North Sea / W. Africa Middle East-Pakistan Asia 50,000 Full year production forecast 45,000 around 44,000 boepd 40,000 35,000 Singapore gas demand strong 30,000 25,000…
Natuna Block A gas sales forecast Block A development schematic Block A gas sales forecast BBtud Extra available 450 export capacity Exploration potential 400 Iguana Naga Gajah Baru 350 Bison Exploration rs Gajah…
Gajah Baru on schedule for October 2011 Pics of WHP and CPP jackets and Wellhead platform installation is ongoing topsideses requested by 23rd Aug West Callisto rig will start drilling in September from Bryce Walker: Central…
Chim So on schedule for first oil in July 2011 WHP jacket and topsides installed ENSCO 107 currently drilling development wells Gas export pipeline laid and tie-in under way FPSO mooring and mid-water arches installed FPSO…
Huntington on schedule for 2012 Letter of Intent signed with Sevan for provision of Voyageur FPSO Field development plan submitted to DECC Target date for project sanction 1 October 2010 Long-lead items being purchased Rig bids have…
Asia developments North Sumatra Block A (Indonesia) Dua PSC extension approval process remains ongoing Internal concept selection complete Optimisation of development plan has continued First gas 2013 C Rng 2009 discovery…
Norway developments Fry Bream Tenders received for production facilities Evaluating responses to ITT for production unit Leading option is a Sevan FPSO bridge-linked to a wellhead platform Impact of nearby exploration wells being…
UK developments Catcher Solan Preliminary studies will commence later this Option to participate in a 45 mmbbls fast track year leading to concept selection in 2011 (2012) development at 40% equity Multiple stand-alone facilities…
A path to 100,000 boepd Production Development capex (kboepd net) (m) 120 Future Asia developments 600 Future Asia developments Future Norway developments Future Norway developments Future UK developments Future UK developments…
Summary 26 August 2010 Page 39
Summary: delivering against strategy Target Production by region H1 2010 (kboepd) Build three quality businesses which deliver 100 kboepd from 400 mmbbls of reserves 15.2 20.1 Strategy Progress 46.6 Attain 75 kboepd from Chim So…
Appendix 26 August 2010 Page 41
HSE performance a top priority Recordable Incident Rate trend is Association of Oil and Gas Producers downwards Benchmarking Survey, 2009 Performance is top quartile in the industry Total recordable injury rate Challenge for staff…
Exploration UK Lacewing P1181 Lacewing Prospect Equity: Premier 57% Reservoir: Triassic Reserves range: 21-71-135 mmboe Net well cost: 35 million Plan to drill Q3/Q4 2011 subject to further peer review Lacewing Lacewing…
Exploration UK P1466 Bluebell P1466 Bluebell Prospect (15/24c,15/25f) Equity: Premier 100% Bluebell Reservoir: Palaeocene Forties reservoir Reserves range: 9 -19 - 31 mmboe Net well cost: 12.5 million Well spud date: has to be…
Exploration UK West Orkney Basin P1577: West Orkney Basin A A Terraces with probable Premier 100% Devonian source and 1,700 km2 acreage covering West Orkney Basin depo-centres reservoirs and probable Zechstein seal Shallow water,…
Exploration Norway Bream, Gardrofa Success at Gardrofa will lead to a new core area for Premier in Norway Bream (PL406) Brent age oil discovered 1971, close to Yme Field In 2009,17/12-4 and its sidetracks wells appraised this…
Exploration Norway Blbaer Blbaer (PL374) Premier 15% equity, operated by BG Well 34/5-1 proved 65m of gross oil bearing Cook Formation The 34/5-1 Sidetrack, drilled into a separate fault block was dry The gross resource range…
Exploration Vietnam Block 104-109/05 2011 Exploration Well (Block 104-109/05) Premier 50% equity 445km of 3D acquired Q3 2010 Potential drilling candidates to be matured on new 3D Reserves estimates to be determined Targeting…
Exploration Indonesia Buton Buton PSC Premier equity 30% Japex operator Lead B reserve estimates 35-100-300 mmboe High risk for oil, in fold belt theme Benteng prospect first to be drilled Drilling planned Q1 2011 NW BentengB…
2010/2011 drilling in Pakistan K25 K28 SW NE K25 Compartment: SW NE K28 Compartment: Premier 15.79% equity Premier 15.79% equity Reserves estimate Reserves estimate 1-2-4 mmboe 9 mmboe Targeting E-sand reservoir in Targeting…
26 August 2010 Page 51 www.premier-oil.com 26 August 2010
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