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MEAP AND ENB EXPLORATION – Premier Oil

Premier Oil · Dec 1, 2011 · 59 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. MEAP AND ENB EXPLORATION – Premier Oil – slide 1
    MEAP and ENB Exploration
  2. MEAP AND ENB EXPLORATION – Premier Oil – slide 2
    Exploration in MEAP Genesis of Exploration New Business opportunities Rift and Frontal fold belt knowledge transfer Play based approach in chosen themes Focus on North and East Africa Preserving options in Northwest Africa…
  3. MEAP AND ENB EXPLORATION – Premier Oil – slide 3
    Genesis of Exploration New Business projects ENB projects have the following characteristics: Build on core competencies (rifts and Egyptian Assets fontal-fold belts) Complement Premiers business objectives Evolve through…
  4. MEAP AND ENB EXPLORATION – Premier Oil – slide 4
    MEAP Egypt developing a new core area Opportunity Build a core exploration position in rift basin geology- oil & liquid focus Recent political instability creates opportunities for companies that take a long-term view Evaluation…
  5. MEAP AND ENB EXPLORATION – Premier Oil – slide 5
    MEAP Egypt North Red Sea Premier 20% - Hess operated Farmed-in 2010 Drilled commitment well 2011 Cherry-1 play opener P&A with shows Remaining Work commitments Post-well & onshore geological studies Drill or drop option to June…
  6. MEAP AND ENB EXPLORATION – Premier Oil – slide 6
    MEAP Egypt South Darag Premier 100% - Operated Shallow Status Provisionally awarded 2009 Deep Awaiting ratification Work commitments (initial 3 yrs) Existing 3D Reprocessing 2D and 3D seismic data Minimum expenditure 2.5…
  7. MEAP AND ENB EXPLORATION – Premier Oil – slide 7
    Deepwater frontal fold-belt theme Eastern Mediterranean Objective Access high impact exploration plays in a deepwater frontal fold belt play Bidding Rounds expected in 2012 in Lebanon and Cyprus Joint Venture evaluation…
  8. MEAP AND ENB EXPLORATION – Premier Oil – slide 8
    MEAP Kenya L10A & L10B Awarded August 2011 (PMO 22.5% av) BG Operator, Cove in partnership Opportunity Participation in plays with multi billion gross resource potential- both oil and gas 2012 Planned Activity 2D & 3D delivery…
  9. MEAP AND ENB EXPLORATION – Premier Oil – slide 9
    MEAP Mauritania exploration Premier 6.23% - Tullow Operated 2012 3D New PSC awarded Gazetted 30th November 2011 Amalgamated PSC A&B into one new PSC Work commitments (initial 3 yrs) Chinguetti EEA Drill two wells (first to be…
  10. MEAP AND ENB EXPLORATION – Premier Oil – slide 10
    MEAP SADR Held in Force Majeure since 2005 Premier 50% (Ophir Operator 50%) Four blocks Encore 100% (one block) No progress on sovereignty issue expected in 2012 Encore 100% Opportunity Premier Commanding exploration position…
  11. MEAP AND ENB EXPLORATION – Premier Oil – slide 11
    Iraq 4th Round Rift and Frontal Fold-belt Themes Background Premier involved in Iraq Federal process for over six years Successfully pre-qualified as a non-operator in July 2011 Screened 4th Round acreage for oil prospectivity in…
  12. MEAP AND ENB EXPLORATION – Premier Oil – slide 12
    Pakistan assets conventional exploration Premier has added 600 bcf of net reserves through conventional exploration Exploration focussed to the Kirthar Frontal Fold-belt and Foreland basin The basin is now mature for conventional…
  13. MEAP AND ENB EXPLORATION – Premier Oil – slide 13
    Pakistan unconventional gas the opportunity Tight Gas New Government policy 40% uplift to 2009 gas prices Estimated GIIP 21 Tcf in Kirthar basin 2012 Pilot project in Kadanwari Access plan for high graded tight gas opportunities…
  14. MEAP AND ENB EXPLORATION – Premier Oil – slide 14
    Pakistan unconventional gas existing assets Unconventional gas study carried out in 2011 Kadanwari tight gas potential identified: Gross GIIP - 2.3 Tcf ( proven resource) Three pilot wells planned for 2012 Pilot wells success will…
  15. MEAP AND ENB EXPLORATION – Premier Oil – slide 15
    MEAP 2012 exploration activity 2012 Middle East & Africa Q1 Q2 Q3 Q4 North Red Sea Studies to confirm prospectivity Egypt South Darag Seismic reprocessing and studies Subject to contract Kenya L10A & B Seismic & interpretation…
  16. MEAP AND ENB EXPLORATION – Premier Oil – slide 16
    MEAP exploration strategic intent Deliver high impact organic growth opportunities in chosen geological themes Rifts and frontal fold-belts in Deep Water areas offshore Africa Rifts and fold belts in the Middle East/Southern Europe…
  17. MEAP AND ENB EXPLORATION – Premier Oil – slide 17
    NSBU Exploration
  18. MEAP AND ENB EXPLORATION – Premier Oil – slide 18
    Agenda NSBU Exploration Overview Unlocking the Eocene Leveraging the Geophysics 2011 Remaining Wells 2012 Tertiary Wells 2012 Mesozoic Wells The Future December 2011
  19. MEAP AND ENB EXPLORATION – Premier Oil – slide 19
    NSBU exploration overview December 2011
  20. MEAP AND ENB EXPLORATION – Premier Oil – slide 20
    Premier in the North Sea 2005 UK Production Led 2006 Enter Norway 2008 Exit SNS 2012 UK 27th Round Encore consolidation Drill 8 exploration wells Mature 8 prospects for drilling 2013 2009 OilExco 2010/11 Portfolio growth…
  21. MEAP AND ENB EXPLORATION – Premier Oil – slide 21
    Premier North Sea 2011 60 licences UK and Norway 32 exploration licences 16 operated exploration APA2011 licences Applications Sustained portfolio growth Norway APA applications Nexen Norge acquisition Greater Fyne Area…
  22. MEAP AND ENB EXPLORATION – Premier Oil – slide 22
    Premier North Sea 2012 (post Encore) 74 licences UK and Norway 2 pending Award 46 exploration licences 24 operated exploration licences 8 well program 2012 December 2011
  23. MEAP AND ENB EXPLORATION – Premier Oil – slide 23
    Drilling program 2011 - 2013 December 2011
  24. MEAP AND ENB EXPLORATION – Premier Oil – slide 24
    The prize Central North Sea Catcher Premier is building its North Sea Business in the two basins that have yet to mature December 2011
  25. MEAP AND ENB EXPLORATION – Premier Oil – slide 25
    The surprises Rapide JU1 Vincent Varadero Catcher North Cougar Tiger Catcher Burgman JU2 Carnaby Paso Bonneville Area Rocket December 2011
  26. MEAP AND ENB EXPLORATION – Premier Oil – slide 26
    The plan NV activity and focus in the North Sea Strategy: Acquisition in areas we know well and Greenfield growth in areas of expertise. Play Led Exploration Greater Catcher Area Study Eocene & Palaeocene Eocene Injectites Study CNS…
  27. MEAP AND ENB EXPLORATION – Premier Oil – slide 27
    Play led exploration Nexen acquisition December 2011
  28. MEAP AND ENB EXPLORATION – Premier Oil – slide 28
    APA 2011 applications APA 2011 Announced: 15th March Bid deadline: 14th September Call in meeting: 1st December 2011 Licence awards: January 2012 North Sea (Premier Operated) PMO 60%, Maersk 40% Hvitvis Block 16/10 (part) 15/22…
  29. MEAP AND ENB EXPLORATION – Premier Oil – slide 29
    Driving growth Identify Evaluate Drill Appraise Leads Prospects Mature Prospects Appraisal Entry Framing Acquire Licence Gate Noreco EOG1,2 Bridge Skeie APA 2011: 3 Drill Decision Gate Det Norske applications 27 Nexen…
  30. MEAP AND ENB EXPLORATION – Premier Oil – slide 30
    Unlocking the Eocene December 2011
  31. MEAP AND ENB EXPLORATION – Premier Oil – slide 31
    Catcher Blocks 28/9 and 28/10c overview Rapide JU1 Vincent Varadero Catcher North Cougar Tiger Catcher Burgman JU2 Carnaby Paso Bonneville Area Rocket December 2011
  32. MEAP AND ENB EXPLORATION – Premier Oil – slide 32
    W-E seismic line through Catcher and Varadero W Varadero Catcher Discovery Catcher East E 1.0 1.1 Horda 1.2 Top Cromarty 1.3 1.4 Balder 1.5 Lista 1.6 Chalk 1.7 1.8 1.9 2.0 Salt 2.1 2.2 Base Zechstein…
  33. MEAP AND ENB EXPLORATION – Premier Oil – slide 33
    Tay depositional system in Block 28/9 area (NC) Amplitude response due to HC filled Tay Sst 68 ft oil pay 22 ft gas pay (2 sands) 45 ft oil pay 10 ft gas pay 12 ft oil pay 64 ft oil pay Average impedance from CI…
  34. MEAP AND ENB EXPLORATION – Premier Oil – slide 34
    Coloured inversion line 28/9-1Y -28/9-3 S Catcher Catcher N N 1.0 1.1 1.2 1.3 1.4 1.5 Cromarty level amplitude 1.6 shut off at Catcher OWC Coloured Inversion Volume (AN) 1.7 December 2011
  35. MEAP AND ENB EXPLORATION – Premier Oil – slide 35
    Geobody extraction Varadero Tay reservoir December 2011
  36. MEAP AND ENB EXPLORATION – Premier Oil – slide 36
    Play led exploration Greater Catcher Area December 2011
  37. MEAP AND ENB EXPLORATION – Premier Oil – slide 37
    Regional understanding and data December 2011
  38. MEAP AND ENB EXPLORATION – Premier Oil – slide 38
    Stratigraphic summary and key horizons Partly Coverage Regional Coverage 2D&3D 2D&3D Seabed Nordland sst Top Oligocene T Tay sst Target T reservoir Top Cromarty T Top Balder Top Lista Top Chalk Target reservoir BCU…
  39. MEAP AND ENB EXPLORATION – Premier Oil – slide 39
    Leveraging the Geophysics Cyclone December 2011
  40. MEAP AND ENB EXPLORATION – Premier Oil – slide 40
    Architecture linking the geology and the geophysics Lithology projected aids sand identification Cut, fill and spill mechanism Cyclone sand lobe in slope perched basin Channels back filled Channels back filled s s nt bypa…
  41. MEAP AND ENB EXPLORATION – Premier Oil – slide 41
    Describing the trap A B C Up-dip Apron sands Up-dip Sediment Up-dip bypass zone up-dip pinchout bypass zone ponding bypass zone Balder Evidence of separate system Top Res to south Base Res Forties GOC Separate…
  42. MEAP AND ENB EXPLORATION – Premier Oil – slide 42
    2011- 2012 Tertiary wells December 2011
  43. MEAP AND ENB EXPLORATION – Premier Oil – slide 43
    Exploration UK Erne Erne (P1875) (21/29d) Premier 50% equity, block awarded in 2011 Provisional Gross prospective resource estimate (on block) Erne Prospect 10 / 18 / 35 mmboe Pre-drill Risk assessment- Low Risk Critical Risk…
  44. MEAP AND ENB EXPLORATION – Premier Oil – slide 44
    Erne update Erne (P1875) (21/29d) Proven at the well 50ft hydrocarbon column: 10ft gas 20ft oil OWC 4754 ft TVDSS Sidetracking to test separate GOC model and prove up-dip resource Top U Tay GOC OWC December 2011
  45. MEAP AND ENB EXPLORATION – Premier Oil – slide 45
    Exploration UK East Fyne East Fyne (P077) (21/28a) Premier 39.9% equity, block awarded in 1965 Provisional Gross prospective resource estimate (on block) East Fyne 9 / 12 / 16 mmboe Risk assessment- Low risk Critical Risk Factor:…
  46. MEAP AND ENB EXPLORATION – Premier Oil – slide 46
    Exploration UK Carnaby Carnaby (P1430) (28/9) Varadero Premier 35% equity, block awarded in 2007 Provisional Gross prospective resource estimate (on block) Burgman Catcher E 15 / 30 / 50 mmboe (Tay reservoir) Catcher Main Risk…
  47. MEAP AND ENB EXPLORATION – Premier Oil – slide 47
    Exploration UK Coaster EnCore Well Location Coaster (28/10a) A B EnCore 100% equity Provisional Gross prospective resource estimate (on block) 45/ 60 / 90 mmboe Risk assessment- High risk Critical Risk Factor: Seal (& Reservoir)…
  48. MEAP AND ENB EXPLORATION – Premier Oil – slide 48
    2012 Mesozoic wells December 2011
  49. MEAP AND ENB EXPLORATION – Premier Oil – slide 49
    Exploration UK Stingray Stingray (P1212) (15/13b) Stingray Premier 50% equity, block awarded in 2004 Provisional Gross prospective resource estimate (on block) 10 / 33 / 90 mmboe Risk assessment- Moderate risk Critical Risk Factor:…
  50. MEAP AND ENB EXPLORATION – Premier Oil – slide 50
    Exploration UK Lacewing Lacewing (P1181) (23/21 & 23/22b) Premier 50% & 57.5% equity, block awarded in 2004 Provisional Gross prospective resource estimate (on block) 71 mmboe Risk assessment- High risk Critical Risk Factor: Trap…
  51. MEAP AND ENB EXPLORATION – Premier Oil – slide 51
    Exploration Norway Luno II Greater Luno area Overview Luno II (PL359) (16/4) Premier 30% equity, block awarded in 2006 Luno Oil Discovery Provisional Gross prospective resource estimate (on block) 65-190mmboe in Jurassic / Triassic…
  52. MEAP AND ENB EXPLORATION – Premier Oil – slide 52
    The Future December 2011
  53. MEAP AND ENB EXPLORATION – Premier Oil – slide 53
    2013 drilling and beyond Identify Evaluate Drill Leads Prospects Mature Prospects Framing Acquire Licence Gate APA 2011: 3 Drill Decision Gate applications 27 submitted 50 Freki 9 Ronan 12 14 Eocene 3 Cringlettie Great…
  54. MEAP AND ENB EXPLORATION – Premier Oil – slide 54
    The intention Targeted play led exploration Leverage extensive datasets and geophysical expertise Building on the Catcher success Explore Mesozoic plays overlooked by the Majors Build a unique and valuable business in the…
  55. MEAP AND ENB EXPLORATION – Premier Oil – slide 55
    Wrap Up
  56. MEAP AND ENB EXPLORATION – Premier Oil – slide 56
    Exploration strategy Focus on geologies we know well Target best plays in basins of choice Invest 30% of annual cash flows in North exploration Sea Asia 240 MM in 2012- inclusive of New MEAP & Exploration Venture seed money &…
  57. MEAP AND ENB EXPLORATION – Premier Oil – slide 57
    On track to deliver 200 mmboe Exploration and appraisal drilling Global exploration: 70+ mmboe (2P +2C) added to-date Forecast resource additions (mmboe) Additional 50 mmboe of upside; subject to appraisal 250 45% exploration success…
  58. MEAP AND ENB EXPLORATION – Premier Oil – slide 58
    Exploration drilling Q4 2011 to Q2 2012 2011 2012 Asia Q4 Q1 Q2 Q3 Q4 250 mmboe net Vietnam Block 07/03 Silver Sillago unrisked resource CRD NE Appraisal Block 12W Chim Sao NW Appraisal ENSCO 107 2012 full year Indonesia Buton…
  59. MEAP AND ENB EXPLORATION – Premier Oil – slide 59
    www.premier-oil.com December 2011 December 2011

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