Skip to main content 2013 FULL YEAR RESULTS SUMMARY AND ACQUISITION – Oil Search Limited Investor Presentation | Shale Experts
Loading...
Pm

2013 FULL YEAR RESULTS SUMMARY AND ACQUISITION – Oil Search Limited

Oil Search Limited · Feb 27, 2014 · 32 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. 2013 FULL YEAR RESULTS SUMMARY AND ACQUISITION – Oil Search Limited – slide 1
    2013 Full Year Results Summary and Acquisition of Interest in PRL 15 Please go to www.oilsearch.com for the complete 2013 Full Year Results presentation Oil Search Limited 27 February 2014 ARBN 055 079 868
  2. 2013 FULL YEAR RESULTS SUMMARY AND ACQUISITION – Oil Search Limited – slide 2
    2013 Full Year Results - Highlights 2013 production of 6.74 mmboe, 6% higher than 2012 production and slightly above 6.2 6.7 mmboe guidance NPAT of US205.7 million, up 17% year-on-year, underpinned by strong oil sales volumes, lower…
  3. 2013 FULL YEAR RESULTS SUMMARY AND ACQUISITION – Oil Search Limited – slide 3
    2013 Financial Performance USm 2012 2013 Full year revenue up 6% due to higher sales Revenue 724.6 766.3 volumes, offset by slightly lower oil prices Cash expenses/BD (200.3) (213.9) Higher cash expenses reflects increase in EBITDAX1…
  4. 2013 FULL YEAR RESULTS SUMMARY AND ACQUISITION – Oil Search Limited – slide 4
    Growth in Operating Cash Flows Operating cash flows strong, supported by higher USm sales volumes, timing of cash receipts and lower 2,000 1,008 tax payments 1,800 Investment spend driven by PNG LNG 1,600 development and pursuit of…
  5. 2013 FULL YEAR RESULTS SUMMARY AND ACQUISITION – Oil Search Limited – slide 5
    Treasury Update Cash (USm) Total liquidity of US509.7 million at end December comprising US209.7 million cash and US300 1,289 1,265 million available under non-amortising corporate 1,047 revolving facility 488 US260 million…
  6. 2013 FULL YEAR RESULTS SUMMARY AND ACQUISITION – Oil Search Limited – slide 6
    Investment Outlook USm 2,000 Other PP&E 1,861 1,800 Production 1,673 Guidance Range PNG LNG 1,568 1,600 (US1,215 1,495m) Exploration & Evaluation 1,400 1,364 US25 35m 1,200 US130 170m 1,000 800 US700 850m 586 600 400…
  7. 2013 FULL YEAR RESULTS SUMMARY AND ACQUISITION – Oil Search Limited – slide 7
    2014 Guidance Summary Production Current operations (oil and GTE) 6.4 6.9 mmboe1 PNG LNG Project LNG 26 38 bcf Liquids 1.3 1.8 mmbbl Total PNG LNG Project 6.4 9.3 mmboe1 Total Production 13 16 mmboe Operating Costs Normalised cash opex…
  8. 2013 FULL YEAR RESULTS SUMMARY AND ACQUISITION – Oil Search Limited – slide 8
    Strong Production Performance in 2013 PPL260 PDL9 Juha North Hides 2013 production of 6.74 mmboe, PDL1 PRL Juha PDL 11 6% higher than in 2012 and PDL8 PRL PPL277 7 11 Angore slightly above guidance of 6.2 PDL6 PDL5 PDL7…
  9. 2013 FULL YEAR RESULTS SUMMARY AND ACQUISITION – Oil Search Limited – slide 9
    Reserves and Resources at 31 December 2013 2013 reporting modified to align with new ASX listing rules Total proven and probable (2P) oil reserves and contingent oil resources (2C) up 34% to 179 mmbbl: 51.5 mmbbl contingent oil…
  10. 2013 FULL YEAR RESULTS SUMMARY AND ACQUISITION – Oil Search Limited – slide 10
    Production Outlook Underlying production from oil fields Net Production (mmboe) expected to remain strong in 2014: 30 PNG LNG (T1+T2)(1,3) Routine plant shutdowns required Hides GTE(3) SE Mananda during 2014 25 Gobe Moran(2) 6.4…
  11. 2013 FULL YEAR RESULTS SUMMARY AND ACQUISITION – Oil Search Limited – slide 11
    2013 PNG LNG Project Milestones PNG LNG Project now over 95% complete LNG plant: Completed construction of Train 1, LNG storage tanks and jetty Commencement of commissioning activities on Train 1 and common process and utilities…
  12. 2013 FULL YEAR RESULTS SUMMARY AND ACQUISITION – Oil Search Limited – slide 12
    PNG LNG Plant site January 2014 27 February 2014 12
  13. 2013 FULL YEAR RESULTS SUMMARY AND ACQUISITION – Oil Search Limited – slide 13
    Hides Gas Conditioning Plant January 2014 27 February 2014 13
  14. 2013 FULL YEAR RESULTS SUMMARY AND ACQUISITION – Oil Search Limited – slide 14
    Rig 702 on Hides Wellpad D January 2014 27 February 2014 14
  15. 2013 FULL YEAR RESULTS SUMMARY AND ACQUISITION – Oil Search Limited – slide 15
    2014 Focus Items Finalise construction of LNG Plant Train 2 and commission remainder of LNG Plant Finish construction and commissioning of the HGCP and tie in production wells Continue drilling operations Begin production from…
  16. 2013 FULL YEAR RESULTS SUMMARY AND ACQUISITION – Oil Search Limited – slide 16
    Gas Growth Strategy OSH looking to leverage LNG infrastructure and skills: Brownfield LNG expansion offers potential high return growth opportunity PNG LNG site has capacity to accommodate additional train/s Upside in 1P reserves at…
  17. 2013 FULL YEAR RESULTS SUMMARY AND ACQUISITION – Oil Search Limited – slide 17
    Pnyang - PRL 3 Key resource to support potential LNG expansion: Total 2C recoverable gas resources in Pnyang field of 2.5 tcf Acquisition of second phase of additional seismic in PRL 3 complete, with data processing underway Concept…
  18. 2013 FULL YEAR RESULTS SUMMARY AND ACQUISITION – Oil Search Limited – slide 18
    Hides 5 (Hides Deep) PDL 1 NW Hides 5 SE Hides G Hides 1 Hides 2 Hides 3 Hides 4 Hides Field PDL 9 PDL 1 PDL 8 PRL 11 PPL 277 Ieru JUHA NORTH PDL 7 Toro ANGORE Koi-Iange PDL 7 PDL 8 5km PPL 219 PPL 233 Hides 5…
  19. 2013 FULL YEAR RESULTS SUMMARY AND ACQUISITION – Oil Search Limited – slide 19
    Mananda Development PPL 219 NW SE M 3X M 5 M6 Mananda 7 M 4X SEM 2X SEM 1X Successful Mananda 6 appraisal well drilled in 2Q13 extended Mananda 5 discovery 8km to SE Application for development licence submitted Schematic…
  20. 2013 FULL YEAR RESULTS SUMMARY AND ACQUISITION – Oil Search Limited – slide 20
    Taza PSC, Kurdistan Taza 1 discovered oil across Jeribe/Dhiban and Euphrates/Kirkuk intervals in 2013, achieving flow rates up to 1,100 bopd (36 API); suspended for potential future re-entry Jambur Kor Mor Taza discovery report…
  21. 2013 FULL YEAR RESULTS SUMMARY AND ACQUISITION – Oil Search Limited – slide 21
    Acquisition of Interest in PRL 15 (Elk / Antelope) Oil Search Limited 27 February 2014 ARBN 055 079 868
  22. 2013 FULL YEAR RESULTS SUMMARY AND ACQUISITION – Oil Search Limited – slide 22
    Transaction Highlights Oil Search to acquire 22.835% gross interest in PRL 15, containing Elk/Antelope gas discoveries, for US900 million Acquisition HoA for exclusive negotiations to acquire interests in other exploration licences,…
  23. 2013 FULL YEAR RESULTS SUMMARY AND ACQUISITION – Oil Search Limited – slide 23
    Acquisition Summary Oil Search to acquire 22.835%1 gross interest in PRL 15, containing Elk/Antelope gas discoveries through acquisition of all shares in Pac LNG Group Companies Consideration: Upfront payment of US900m, payable at…
  24. 2013 FULL YEAR RESULTS SUMMARY AND ACQUISITION – Oil Search Limited – slide 24
    PNG Permits Pnyang Juha North Proximity of Elk / Antelope to Oil PRL3 Juha PPL260 Hides Searchs existing assets PRL 15 located close to Angore 260 PDL8 OSHs existing assets PRL11 PDL9 Moran Proposed Juha PDL1 Facility…
  25. 2013 FULL YEAR RESULTS SUMMARY AND ACQUISITION – Oil Search Limited – slide 25
    PRL 15, Elk/Antelope Gas Fields PRL 15, located in Papuan Basin, contains Elk/Antelope gas fields, largest undeveloped gas resource in PNG Gross Elk/Antelope 2C contingent resources estimated by Oil Search at 5.3 tcf of raw gas…
  26. 2013 FULL YEAR RESULTS SUMMARY AND ACQUISITION – Oil Search Limited – slide 26
    Exposure to Substantial Upside PPL 339 Substantial exploration and appraisal upside in PRL 15: Triceratops PPL 277 PPL238 Range of material prospects and leads identified Lae 337 PRL 39 338 339 339 Exploration well to spud…
  27. 2013 FULL YEAR RESULTS SUMMARY AND ACQUISITION – Oil Search Limited – slide 27
    Strategic Benefits of Transaction 22.835% gross interest in PRL 15, containing Elk/Antelope gas discoveries, largest undeveloped gas resource in PNG Subject to appraisal drilling, potential to underpin material and value accretive LNG…
  28. 2013 FULL YEAR RESULTS SUMMARY AND ACQUISITION – Oil Search Limited – slide 28
    Funding Arrangements Acquisition will be funded by placement of 149.39 million shares to PNG Government at A8.20 per share Placement is subject to final regulatory and financing approvals (expected to be received on or before 6 March…
  29. 2013 FULL YEAR RESULTS SUMMARY AND ACQUISITION – Oil Search Limited – slide 29
    Importance of PNG Government Placement Ensures continuation of PNG Governments strategic involvement in Oil Search, following maturing of exchangeable bonds: Govts 196.6 million shares will transfer to IPIC on 5 March IPIC has…
  30. 2013 FULL YEAR RESULTS SUMMARY AND ACQUISITION – Oil Search Limited – slide 30
    Looking ahead: 2008 Strategy Delivered Key objectives of 2008 strategic plan have been delivered: Field development activities continue to mitigate PNG production natural decline. Smooth transition to gas for commissioning of PNG LNG…
  31. 2013 FULL YEAR RESULTS SUMMARY AND ACQUISITION – Oil Search Limited – slide 31
    Positioning for Next Phase of Growth Corporate transformation underway: First LNG sales will change production and cash flows radically New set of obligations with supply of gas to PNG LNG Several potential growth projects in PNG and…
  32. 2013 FULL YEAR RESULTS SUMMARY AND ACQUISITION – Oil Search Limited – slide 32
    Summary PNG LNG 95% complete, on track for first LNG deliveries in 3Q14 within revised budget: Transformational for OSHs production and cashflow profile Moving forward on LNG expansion plans: Proven Pnyang resource Drilling to…

From the store

Browse maps, data & reports in the Shale Experts store