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 2009 financial results Tony Durrant Operations update Neil Hawkings Exploration update Andrew Lodge Summary Simon Lockett 25th March 2010 Page 2
2009 highlights 21% increase in production and 23% increase in reserves and resources Continuing good progress on development projects Chim Sao, Gajah Baru on track for 2011 Acquisitions in UK and Vietnam successfully integrated…
Delivering against strategy Target Production 2P Reserves 2005-2009 (kboepd) 2005-2009 (mmboe) Build three quality businesses which deliver 100 kboepd from 400 mmbbls of reserves Strategy Progress Attain 75 kboepd from Chim Sao and…
2009 financial results 25th March 2010 Page 5
Production and income statement 12 months to 12 months to Highlights 31 Dec 2009 31 Dec 2008 Working Interest Production (kboepd) 44.2 36.5 Average Brent oil price was 61.7/bbl Entitlement Interest Production (kboepd) 40.2 31.8 (2008:…
Hedging Policy unchanged: secure cashflows via floors or forwards to fund investment programme even at low oil prices 2009 Impact No cash payments under collars Cash premia paid (Oilexco-related) 12.5 Mark-to-market movement…
Group taxation position 12 months to 12 months to UK Tax Allowance Position 31 Dec 2009 31 Dec 2008 at 31 Dec 2009 m m m Overseas 73.0 111.6 Allowances acquired 1199 UK Carried back to 2008 (47) PRT 23.2 34.0 Utilised in 2009…
Cash flow 12 months to 12 months to Estimated Capex split (m) 31 Dec 2009 31 Dec 2008 2009 2008 m m Development 195 127 Cash flow from operations 419 555 Exploration 108 90 Taxation (71) (203) 303 217 Operating cash flow 348 352…
Net debt and financial strength Movement in net debt Current balance sheet m m Opening net cash 117 Cash and equivalents* 251 Net cash out flow (673) Bank borrowings (353) Equity issued 240 Convertible loan 213 Closing net debt*…
Operations update 25th March 2010 Page 11
Operations highlights Oilexco integration complete GSA2 project sanction Chim So acquisition Chim So project sanction 25th March 2010 Page 12
Production update Production (working interest) (boepd) North Sea / W. Africa Middle East-Pakistan Full year production 44,200 boepd Asia 50,000 Continuing increases in gas demand 45,000 from Singapore and Pakistan 40,000 Gas…
Reserves and resources Reserves and contingent resources (mmboe) 500 2C contingent resources 450 2P reserves 213 400 350 300 250 255 200 150 100 50 0 2005 2006 2007 2008 Production Additions & Oilexco End 2009…
Chim So on schedule for first oil in July 2011 WHP jacket being installed in April ENSCO 107 drilling rig contracted and mobilising in June Platform topsides to be installed in July FPSO conversion underway vessel in Keppel shipyard…
Gajah Baru on schedule for October 2011 Wellhead platform jacket progressing well Rig tender complete and drilling starts in September Wellhead platform to be installed in September Central Processing Platform construction underway…
Huntington and North Sumatra Block A Huntington Focus has moved to FPV/FPSO development Negotiations with providers well underway Earliest possible first oil is late 2011 North Sumatra Block A PSC extension approval process…
Appraised development portfolio targeting 2013 Fry Bugle Alternative development Waiting on drilling results from Bugle North solutions being studied Integrate with other Scott subsea tie-backs Preliminary tenders expected in April…
Production and development forecast Production forecast* 2P reserves development capex forecast (kboepd net) Risked appraised developments (m) Huntington Huntington Asian developments Asian developments 90 On production 500 On…
Exploration Historic performance and future target Premier Discoveries 1986-2009 (net mmboe) 1000 Premier began exploring in 1986, initially via entry 900 Cumulative annual discoveries into SE Asia Historic performance Future…
Exploration Targets Add 200 mmboe bookable net reserves by 2015 from unrisked portfolio of 1bnboe Global exploration: 2010-2012 Forecast resource additions (mmboe) Unrisked prospect resource: 780 mmboe 500 Risked resource target: 144…
Exploration strategy The goal is to deliver 200mmboe bookable 2P reserves through the drill bit focusing on areas where we have demonstrated skills and expertise spend Near-term programme Asia: Nam Con Son Basin (Vietnam and…
Exploration outlook 2010 Unrisked net potential of 330 mmboe; 150mm expenditure pre-tax 2010 Asia Q1 Q2 Q3 Q4 Vietnam 07/03 Seismic (contingent) 104/109-05 Seismic Indonesia Tuna Prospect A Prospect B Buton Lead B North Sea…
Exploration North Sea Premiers rift basin expertise is being applied to the North Sea Active 2010 programme targeting 40-150 mmboe net to Premier: Blbaer Exploration Drilling Gnatcatcher Prospect Gross Potential Blbaer 15-75…
Exploration Norway Greater Luno Greater Luno (Pl 359) Premier 30% equity Operated by Lundin Well status: plugged and abandoned with minor shows Pre-drill risk: reservoir presence and effectiveness Post Drill analysis No Jurassic…
Exploration Norway Blbaer Blbaer (PL374) Premier 15% equity Operated by BG Reserves estimate 15-30-75 mmboe Well status: oil discovered in primary target, being appraised via sidetrack drilling Jordbaer project moving forward,…
Exploration UK Bugle Appraisal Bugle North (P815) Premier 50% Operated by Nexen Well costs equally shared between 15/23d and 15/23c partnerships High value near field exploration opportunity Bugle North Gross reserves estimate…
Exploration UK Oates Oates (P1620) Premier 50% equity and operator Reserve estimate 25-65-107 mmboe Amplitude supported stratigraphic trap Low to moderate risk for oil and gas Drilling planned June 2010 Follow up potential exists…
Exploration Norway Bream, Gardrofa Success at Gardrofa will lead to a new core area for Premier in Norway Bream (PL 406) Brent age oil discovered 1971, close to Yme Field In 2009,17/12-4 and its sidetracks wells appraised this…
Exploration Norway Grosbeak, Gnatcatcher Gnatcatcher/Grosbeak (PL 378) Premier 20% equity (non-operated) Successful Grosbeak well completed in July 2009 Close to nearby infrastructure Oil in Middle Jurassic sandstones Estimated…
Exploration Indonesia Tuna Tuna PSC Premier 65% equity Target equity pre-drill 40% Numerous drillable prospects being defined on 3D Reserves estimate 30-100-200 mmboe, per prospect Moderate risk for oil and gas 2 wells planned for…
New Business/Exploration Egypt South Darag South Darag Premier 100%, subject to government approvals Located in the Gulf of Suez rift basin, close to existing production facilities Three year initial term Planned exploration…
Exploration 2011 Outlook 12 Exploration & appraisal wells are planned, targeting net 250 mmboe of unrisked resource potential North Sea UK: Four exploration wells planned including appraisal of Moth and testing of the deeper Triassic…
Summary 25th March 2010 Page 36
Delivering against strategy Target Production 2P Reserves 2005-2009 (kboepd) 2005-2009 (mmboe) Build three quality businesses which deliver 100 kboepd from 400 mmbbls of reserves Strategy Progress Attain 75 kboepd from Chim Sao and…
Road map End 2010 End 2012 Stable production from established Run-rate production of 75 kboepd with assets related cash flow expansion Development drilling commenced on Follow-on portfolio of development key projects in Indonesia…
Appendix 25th March 2010 Page 39
End 2009 2P reserves and contingent resources North Sea/ Asia MEP Total W Africa 2P Reserves On production 39.1 33.4 21.8 94.4 Approved for 0.0 80.6 25.3 105.8 development Justified for 12.7 42.3 0.0 54.9 development Total…
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 Prospect maturation ongoing Drilling planned Q4 2010 / Q1 2011 NW Lead BB…
Exploration UK Catcher Catcher (P1430) Premier equity 50%, target equity 35% pre-drill Encore operator Reserves estimates 18-25-33 mmboe High risk for oil Drilling planned April 2010 Blocks 28/9 & 10c Top Cromarty depth Map W…
25th March 2010 Page 43 www.premier-oil.com 25th March 2010
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