2002 PRELIMINARY RESULTS PRESENTATION 25 MARCH 2003
2002 Preliminary Results Presentation PRESENTATION Introduction Sir David John Results and Restructuring John van der Welle Exploration Update Neil Hodgson Business Development Robin Allan Summary and Outlook Charles…
2002 Preliminary Results Presentation RESULTS Make a Difference 3
2002 Preliminary Results Presentation FINANCIAL HIGHLIGHTS Production 53.6 mboed (2001: 40.9 mboed) up 31% Turnover 263.1m (2001: 213.8m) up 23% Operating profit(1) 117.2m (2001: 88.6m) up 32% Net profit after tax 25.0m (2001:…
2002 Preliminary Results Presentation 4 YEAR RECORD Working Interest Production Reported Profit After Tax 60 30 55 20 50 10 45 mboepd 0 m 40 -10 35 30 -20 25 -30 20 -40 1999 2000 2001 2002 1999 2000 2001…
2002 Preliminary Results Presentation OPERATIONAL HIGHLIGHTS Production up 31% on 2001 7% above target range of 45-50 mboepd Record levels of over 60 mboepd in Nov/Dec Higher volumes in Myanmar and Indonesia Cost reduction drive…
2002 Preliminary Results Presentation PROFIT & LOSS ACCOUNT 2002 2001 Production (working interest) (mboepd) 53.6 40.9 Realised oil price (/bbl) 24.3 25.2 Higher production and Realised gas price (/mcf) 3.44 2.97 strong gas prices…
2002 Preliminary Results Presentation CASHFLOW 2002 2002 2001 (As reported) (Incl. JVs) (Incl. JVs) m m m Net cash flow from operations 124 184 152 Increase in line with higher net revenues Net interest (17) (26) (34) Taxation (21)…
2002 Preliminary Results Presentation RESTRUCTURING Make a Difference 9
2002 Preliminary Results Presentation RESTRUCTURING DEAL Transformation into a fully independent E&P company Transfer of Myanmar and just over half of Indonesian West Natuna block A to Petronas and Hess Cancellation of Hess' and…
2002 Preliminary Results Presentation COMPLETION Completion imminent: Achieved Signature of framework agreement and 16 September 2002 210m bridge facility EGM shareholder approval 5 November 2002 Yetagun partners participation…
2002 Preliminary Results Presentation PROFORMA BALANCE SHEET Balance Proforma Balance Sheet at Impact of Sheet at 31 December 2002 Restructuring 31 December 2002 m m m Cash (including JVs) 167 (139) 28 Debt (including JVs)…
2002 Preliminary Results Presentation VALUATION ROLL FORWARD Core Net Asset Value of Proven and Probable reserves (excluding exploration and appraisal, technical reserves and other upsides) 31 December 2002 (3) 30 September 2002 (2)…
2002 Preliminary Results Presentation POST RESTRUCTURING RESERVES AND PRODUCTION Premier 2P Reserves 203 mmboe Working Interest Production (2) Annualised Assets sold UK Indonesia 40,000 Retained assets 16% 52% 35,000 30,000…
2002 Preliminary Results Presentation EXPLORATION Make a Difference 15
2002 Preliminary Results Presentation EXPLORATION DRILLING UPDATE Playmaker 204/16-1 High Impact UK 204/16-1 Indonesia Area IV Kuda Nil-1 Pakistan Binturong-1 Dumbar Kirthar Benir-2 Hallel-1 Zirkani-1 Make a…
2002 Preliminary Results Presentation PAKISTAN EXPLORATION 2003 UPDATE: DUMBAR Zamzama Field: 2.4 TCF P2 Reserves (Premier Discovery 1998) Bhit Field Badhra Field Zirkani-1 Bhandak-A Benir-2 encountered gas in the…
2002 Preliminary Results Presentation GUINEA BISSAU EXPLORATION 2003: SINAPA Sinapa-2 Location Dome Flore 800m BOIP Discovery Senegal Guinea-Bissau Bissau Sinapa Block 2 Premier Block 5a Premier e Block 4a Lin…
2002 Preliminary Results Presentation GABON EXPLORATION 2003 PHENIX Currently finalising negotiations converting Phenix TEA into a PSC Expect to spud Dusafu well 4th quarter 2003 Oil fields Mayumba Prospects/Leads Phenix…
2002 Preliminary Results Presentation BUSINESS DEVELOPMENT Make a Difference 21
2002 Preliminary Results Presentation STRATEGY IMPLEMENTATION Delivery of exploration success Play-makers Quality Commercial deal-making: Value adding through smart acquisitions Optimising the portfolio: - Lower R/P ratio -…
2002 Preliminary Results Presentation BUSINESS DEVELOPMENT SOUTH AND SOUTH-EAST ASIA Exploit competitive advantage Grow organically from exploration Seek out and acquire properties where we can add value Make a…
2002 Preliminary Results Presentation BUSINESS DEVELOPMENT - UK Twin strategy: Maintain / build our North Sea production Selective exploration Premier competitive edge: Long experience Extensive data-base Favourable tax…
2002 Preliminary Results Presentation BUSINESS DEVELOPMENT WEST AFRICA Vast range of opportunities: Foothold in Gabon, Guinea Bissau Opportunities in an advanced state Focus is on playmakers and value-additive production…
2002 Preliminary Results Presentation GEOGRAPHIC FOCUS Premiers strategy will remain principally focused on our 3 UK core areas: UK: Growing and extending the business to retain a significant UK South and base South East…
2002 Preliminary Results Presentation SUMMARY AND OUTLOOK Make a Difference 27
2002 Preliminary Results Presentation 2002 ACHIEVEMENTS 2002 A watershed year culmination of 4 years of financial and operational achievement. Very strong 2002 performance Production ahead of expectation at 54 mboepd Increased…
2002 Preliminary Results Presentation PREMIER STRATEGY High impact explorer and commercial dealmaker Base business - e.g. 35-50,000 boepd Cycle out/farm down assets when significant growth potential has been exploited…
2002 Preliminary Results Presentation OUTLOOK Premier goals Increasing value Closing value gap By Significant exploration success Active portfolio management Financial / operational strength + independence = flexibility…
2002 PRELIMINARY RESULTS PRESENTATION 25 MARCH 2003
2002 Preliminary Results Presentation APPENDIX Make a Difference 32
2002 Preliminary Results Presentation PLANNED EXPLORATION ACTIVITY 2003 2004 Jan Feb Mar Apr May Jun Jul Aug Sept Oct Nov Dec Jan Feb Pakistan: Zirkani-1 Pakistan: CONTINGENT APPRAISAL SEISMIC Dumbar-1 Pakistan: CONTINGENT…
2002 Preliminary Results Presentation PRODUCTION ANALYSIS 2003 YTD 2002 2001 (mboepd) (mboepd) (mboepd) UK 18.3 18.5 18.4 Pakistan 6.2 5.6 5.7 Myanmar 14.2 11.2 6.6 Indonesia 23.5 18.3 10.2 Total 62.2 53.6 40.9 % Gas 66.5…
Loading...
