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2003 INTERIM RESULTS PRESENTATION – Premier Oil

Premier Oil · Sep 1, 2003 · 45 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. 2003 INTERIM RESULTS PRESENTATION – Premier Oil – slide 1
    2003 Interim Results Presentation 18 September 2003
  2. 2003 INTERIM RESULTS PRESENTATION – Premier Oil – slide 2
    Presentation Introduction Sir David John Results and Restructuring John van der Welle Operations Simon Lockett Exploration and Business Development Robin Allan Summary and Outlook Charles Jamieson 2003 Interim Results…
  3. 2003 INTERIM RESULTS PRESENTATION – Premier Oil – slide 3
    Results and Restructuring 2003 Interim Results Presentation 3
  4. 2003 INTERIM RESULTS PRESENTATION – Premier Oil – slide 4
    Results Highlights Record production and profits Producing assets performing well Strong operating cash generation Disposal of non-core assets Restructuring completed West African Fusion deal Exciting new exploration…
  5. 2003 INTERIM RESULTS PRESENTATION – Premier Oil – slide 5
    Financial Highlights (pre-restructuring) Production 62.0 mboed (2002: 50.2 mboed) up 24% Turnover 146.1m (2002: 115.2m) up 27% Operating profit 81.1m (2002: 52.7m) up 54% Net profit after tax 44.0m (2002: 15.3m) up 188%…
  6. 2003 INTERIM RESULTS PRESENTATION – Premier Oil – slide 6
    Accounting for the Restructuring Economic effective date 30 September 2002 - ignored Completion date 12 September 2003, i.e. post mid-year, pre-interims announcement key accounting date Results include profits etc. from assets…
  7. 2003 INTERIM RESULTS PRESENTATION – Premier Oil – slide 7
    Profit & Loss Account (pre-restructuring) Half year to Half year to Half year to 30 June 2003 30 June 2003 30 June 2002 Ongoing Reported Production (mboepd) 35.3 62.0 50.2 Working interest production Realised oil price (/bbl) 26.36…
  8. 2003 INTERIM RESULTS PRESENTATION – Premier Oil – slide 8
    Cashflow (pre-restructuring) Half year to Half year to Half year to 30 June 2003 30 June 2003 30 June 2002 (As reported) (Incl JVs) (Incl JVs) m m m Net cashflow from operations 91 127 80 Increase in line with higher net revenues…
  9. 2003 INTERIM RESULTS PRESENTATION – Premier Oil – slide 9
    Restructuring 670 million transfer of Myanmar and Indonesian assets Cancellation of Hess and Petronas shares Announced 16 September 2002 Indonesia Government approval March 2003 Myanmar Government approval June 2003 US…
  10. 2003 INTERIM RESULTS PRESENTATION – Premier Oil – slide 10
    Proforma Balance Sheet (post restructuring) Proforma Balance Balance Sheet at Impact of sheet at 30 June 2003 restructuring 30 June 2003 m m m Cash (including JVs) 102 (57) 45 Debt (including JVs) (275) 214 (61) Net debt…
  11. 2003 INTERIM RESULTS PRESENTATION – Premier Oil – slide 11
    Post Restructuring Reserves & Production Premier 2P Reserves 204 mmboe (1) Working Interest Production 60,000 Assets Sold in Restructuring Retained Assets 50,000 Oil Barrels of oil equivalent per day 18% 40,000…
  12. 2003 INTERIM RESULTS PRESENTATION – Premier Oil – slide 12
    OPERATIONS Operations 2003 Interim Results Presentation 12
  13. 2003 INTERIM RESULTS PRESENTATION – Premier Oil – slide 13
    Post Restructuring Reserves & Production Premier 2P Reserves 204 mmboe (1) Working Interest Production 60,000 Indonesia 2nd Gas Sale 10% Assets Sold in Restructuring Indonesia 2nd Gas Sale Mauritania 3% Mauritania 50,000 Indonesia…
  14. 2003 INTERIM RESULTS PRESENTATION – Premier Oil – slide 14
    Production Operations - UK 16,200 boepd, an expected 10% decline on the previous year Wytch Farm decline rate reduced through infill drilling of multilateral sidetracks improving the gross field rate 6,000 bopd to around 50,000…
  15. 2003 INTERIM RESULTS PRESENTATION – Premier Oil – slide 15
    Production Operations - Indonesia 22,800 boepd up from 17,500 boepd last time Higher than expected demand from the gas buyers in Singapore Two years continuous operations without an LTI Commercial discussions ongoing to sell…
  16. 2003 INTERIM RESULTS PRESENTATION – Premier Oil – slide 16
    Production Operations - Pakistan 6,900 boepd, an increase of 25% on last year Bhit fully commissioned ahead of schedule and on budget Zamzama development to deliver up to 320 mmscfd, onstream on time and budget Commissioning of…
  17. 2003 INTERIM RESULTS PRESENTATION – Premier Oil – slide 17
    EXPLORATION & BUSINESS DEVELOPMENT Exploration and Business Development 2003 Interim Results Presentation 17
  18. 2003 INTERIM RESULTS PRESENTATION – Premier Oil – slide 18
    Business Development Update UK UK Asia Asia UK UK licence licence P1048 P1048 Pakistan Pakistan farm farm inin (Reach) (Reach) preparing preparing for for Chung Chung 1Q 1Q 21st 21st round round licence licence new new…
  19. 2003 INTERIM RESULTS PRESENTATION – Premier Oil – slide 19
    UK 39/2b, 39/7 - 30%: Operator - Tullow Blocks adjacent to our Fife Area interests 2003/4 seismic reprocessing and studies work programme Potential to add value to Fife asset P1048 - 50%: Operator - Premier (20/10b, 21/6a,…
  20. 2003 INTERIM RESULTS PRESENTATION – Premier Oil – slide 20
    UK Criollo-1 Prospect Volgian Volgian Fan Fan Time Time Interval Interval Map Map Criollo Criollo Volgian Volgian Channel Channel Mustang Mustang Seismic Seismic indicates indicates Mustang Mustang and…
  21. 2003 INTERIM RESULTS PRESENTATION – Premier Oil – slide 21
    Africa Mauritania PSC B - 6%: Operator - Woodside Tiof-1 and Poune-1 wells 3Q and 4Q 2003 Prospects of 146 and 153m bbls potential PSC B - 6%: Operator - Woodside Chinguetti-4 appraisal Currently drilling PSC A - 3%:…
  22. 2003 INTERIM RESULTS PRESENTATION – Premier Oil – slide 22
    Africa Mauritania Poun Poun Tiof Tiof Chinguetti Chinguetti Banda Banda Banda Poune Poune Tiof Tiof Chinguetti Chinguetti Western Western Knob Knob Diapir Diapir Province Province 2003 Interim Results…
  23. 2003 INTERIM RESULTS PRESENTATION – Premier Oil – slide 23
    Africa Guinea Bissau Bissau Socio-Economic Programme Completed project to re-furbish paediatric ward of Bissau Hospital Part of Premiers on-going world-wide CSR programme Sinapa Block - 70%: Operator - Premier Sinapa-2 well…
  24. 2003 INTERIM RESULTS PRESENTATION – Premier Oil – slide 24
    Africa Guinea Bissau Sinapa-2 Well Top Top Reservoir Reservoir 3D 3D Regional Regional Visualisation Map Visualisation Map + + + Sinapa-2 + + + Well + + + + + Block 4A + + + + + + + Block 5A + + + + + + SALT + Block…
  25. 2003 INTERIM RESULTS PRESENTATION – Premier Oil – slide 25
    Africa Gabon Iris & Themis Marin - 18%: Operator - Fusion Iris and Themis wells 1st-2nd Q 2004 Potential Reserve 40m bbls Block potential 200m bbls Dussafu Licence - 25%: Operator - Sasol Dussafu-1 well 1st half 2004…
  26. 2003 INTERIM RESULTS PRESENTATION – Premier Oil – slide 26
    Africa SADR UN Resolution 1495 (2003) Adopted by the Security Council at its 4801st meeting on 31 July 2003 commitment to assist the parties to achieve a just, lasting and mutually acceptable solution, which will provide for the…
  27. 2003 INTERIM RESULTS PRESENTATION – Premier Oil – slide 27
    Asia Pakistan Kadanwari - 15.8%: Operator - AGIP Kadanwari West K-14 well 3Q 2003 Potential reserve 150 BCF Zamzama - 9.38%: Operator - BHP Zamzama East-1 3Q 2003 Potential reserve 400 BCF Indus 2365 Offshore - 23.75%:…
  28. 2003 INTERIM RESULTS PRESENTATION – Premier Oil – slide 28
    Asia Pakistan Dumbar Block Satellite Satellite Image Image of of Dumbar Dumbar Block Block and and Kirthar Kirthar Fold Fold Belt Belt Bhit Bhit Badhra Badhra Chung-1 Chung-1 Zirkani-1 Zirkani-1 2003 Interim…
  29. 2003 INTERIM RESULTS PRESENTATION – Premier Oil – slide 29
    Asia Pakistan Zamzama East ZZ-4/ST3 ZZ-3 ZZ-5 ZZ-2 ZZ-1/ST1 Proposed ZZ-East Footwall Footwallplay playto toZamzama ZamzamaField Field Potential spill point to footwall Untested Footwall Producing zone of Zamzama…
  30. 2003 INTERIM RESULTS PRESENTATION – Premier Oil – slide 30
    Asia India Jaipur Block - 38%: Operator - Premier 2003 seismic programme; acquired 118 km 2D under budget and with no LTIs Significant improvement in sub-thrust imaging achieved Jaipur Block - 38%: Operator - Premier…
  31. 2003 INTERIM RESULTS PRESENTATION – Premier Oil – slide 31
    Asia India Jaipur AAP-ON-94/1 AAP-ON-94/1 Jaipur Jaipur Jaipur: Jaipur: 2003 2003 Seismic Seismic Programme Programme and and Leads Leads CR-ON-90/1 CR-ON-90/1 Cachar Cachar 2003 Interim Results Presentation 31
  32. 2003 INTERIM RESULTS PRESENTATION – Premier Oil – slide 32
    Asia India Cachar Block AAP-ON-94/1 AAP-ON-94/1 Jaipur Jaipur N.E. India CR-ON-90/1 CR-ON-90/1 Cachar Cachar Bangladesh A A A A Target: Target: Rengi Rengi Fm. Fm. 2003 Interim Results Presentation 32
  33. 2003 INTERIM RESULTS PRESENTATION – Premier Oil – slide 33
    Asia Indonesia Area IV - 28.67%: Operator - Premier 2003 wells Kuda Nil and Binturong both encountered oil and gas Reviewing reservoir model to evaluate remaining potential in Block Natuna Sea Block A - 28.67%: Operator -…
  34. 2003 INTERIM RESULTS PRESENTATION – Premier Oil – slide 34
    Asia Philippines Regional strategy Premier is seeking attractive exploration opportunities in acreage that has been overlooked and not explored with modern technology Of the many Philippine basins, the Ragay Gulf seems to offer…
  35. 2003 INTERIM RESULTS PRESENTATION – Premier Oil – slide 35
    Planned Exploration and Appraisal Activity 2003 2004 Sept Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Pakistan Chung-1 Pakistan: Kadanwari West Pakistan: ASIA Zamzama East-1 India: Jaipur-1 Indonesia Bekantan-1…
  36. 2003 INTERIM RESULTS PRESENTATION – Premier Oil – slide 36
    SUMMARY AND OUTLOOK Summary and Outlook 2003 Interim Results Presentation 36
  37. 2003 INTERIM RESULTS PRESENTATION – Premier Oil – slide 37
    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 Realise early value for shareholders 2003…
  38. 2003 INTERIM RESULTS PRESENTATION – Premier Oil – slide 38
    New Premier Working Interest Production Forecast 40,000 equivalent per day 30,000 Barrels of oil Financially strong business 20,000 10,000 Total 2P reserves of 200 mmboe 0 2003 2004 2005 2006 2007 Production of…
  39. 2003 INTERIM RESULTS PRESENTATION – Premier Oil – slide 39
    12 Month Forward Plan Pakistan Pakistan Chung-1 Chung-1 UKCS UKCS Kadanwari Kadanwari West West K14 K14 Criollo-1 Criollo-1 Zamzama East Zamzama East Mauritania NE NE India India Mauritania Jaipur-1 Chinguetti-4…
  40. 2003 INTERIM RESULTS PRESENTATION – Premier Oil – slide 40
    New Premier Independent Premier well positioned to deliver Strong cashflow Virtually debt free Real asset value Significant upside 2003/2004 exploration programme 2003 Interim Results Presentation 40
  41. 2003 INTERIM RESULTS PRESENTATION – Premier Oil – slide 41
    2003 Interim Results Presentation 18 September 2003
  42. 2003 INTERIM RESULTS PRESENTATION – Premier Oil – slide 42
    APPENDIX Appendix 2003 Interim Results Presentation 42
  43. 2003 INTERIM RESULTS PRESENTATION – Premier Oil – slide 43
    Production Analysis Half year to 30 June 2003 2002 (1) 2001 (1) (1) (mboepd) (mboepd) (mboepd) UK 16.2 18.5 18.4 Pakistan 6.9 5.6 5.7 Myanmar 15.9 11.2 6.6 Indonesia 22.8 18.3 10.2 Total 62.0 53.6 40.9 % Gas 69% 60%…
  44. 2003 INTERIM RESULTS PRESENTATION – Premier Oil – slide 44
    Balance Sheet (pre-restructuring) 30 June 30 June 31 December 2003 2003 2002 (As reported) (Incl JVs) (Incl JVs) m m m Cash 69 102 167 Debt (198) (275) (417) Net debt (129) (173) (250) Shareholders funds 352 352 312 Gearing…
  45. 2003 INTERIM RESULTS PRESENTATION – Premier Oil – slide 45
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