2013 Half Year Results Presentation Wednesday, 28 August 2013 Alan Linn Chief Executive Officer Anthony Neilson Chief Financial Officer Beibu Gulf- PUQB Topside Installation
KEY HIGHLIGHTS Delivering value Production Prod ction of 6,478 6 478 BOEPD On track to meet full year guidance between 6,500 and 7,500 BOEPD Continuing profitability with US20.5 million net profit for half year Net cash of US58.1…
OPERATIONAL HIGHLIGHTS - 1H13 Consistent delivery of operational performance, underpinning very positive financial results 1.17 MMBOE (6,478 BOEPD); on track to deliver full year 2013 guidance PRODUCTION of 6,500 to 7,500 BOEPD…
2013 Half-Year Financial Results Anthony Neilson Chief Financial Officer Cliff Head offshore platform
FINANCIAL RESULTS 1H13 Continuing profitability with NPAT US20.5m and no significant items 1H13 Comment USM Sales Revenue 114.1 Average realised oil price of US104.21/BBL. Sales 1.1 MMBOE Production costs of US17 US17.8 8…
KEY FINANCIAL METRICS 1H13 2H12 1H12 Working Interest Production (MMBOE) 1.17 1.12 1.23 % Government Share of Production 6.7 13.5 6.1 Sales Volume (MMBOE) 1.10 0.99 1.15 Sales Revenue (USM) 114.1 106.8 135.3 Operating Cash…
SEGMENT RESULTS All operating assets are performing well with average gross profit of US42 per BOE Zhao Beibu USM Cliff Head Blane Enoch2 Total Dong Gulf1 Sales 68.4 11.8 21.6 12.3 - 114.1 Production Costs (7.3) (1.5) (6.8)…
CASH FLOW Healthy net cash position. Capacity to fund existing projects and new opportunities in focus regions I USM In 1H13 2H12 1H12 Opening Cash 56.8 49.3 39.6 Net Cash from Operating Activities 42.1 76.9 49.4 Net Borrowings -…
BALANCE SHEET Net assets increased by 10% since 31 December 2012 USM 30 June 2013 31 Dec 2012 30 June 2012 Cash Assets 58.1 56.8 49.3 Capitalised Exploration Expenditure 1.1 1.1 1.6 Oil and d Gas G Assets A t 237 6 237.6 237 3…
HEDGING & TAXES Hedging No hedging activity occurred during the period to 30 June 2013 Taxes, levies and royalties Total tax expense of US14 US14.2 2 million relates to: UK income taxes of US4.9 million (62% income tax rate)…
Asset Update, 2013 Objectives & Strategy Alan Linn Alan Linn Chief Executive Officer Chief Executive Officer
HSE PERFORMANCE 2 2013 LTIFR Health & Safety Implementation p of the ROC Asset Integrity g y Management system continues APPEA 5 year rolling average (1.0) 1 A Lost Time Injury (LTI) was sustained at Zhao Dong - Safety…
FOCUS & GROWTH STRATEGY Deliver Existing Production Focus on existing assets and optimise production performance Our focus and value growth strategy: Maximise Near-Field Opportunities Dedication to HSE and Asset Integrity…
PRODUCTION ASSETS (net to ROC) Production average 6,478 BOEPD; on track to deliver full year guidance supported by Beibu production & Zhao Dong drilling during 2H13 Average BOEPD PERFORMANCE/ ASSET 6 Mth ending OPERATIONAL STRATEGY…
CHINA ZHAO DONG & 09/05 Zhao Dong Oil Fields, Bohai Bay (C&D Oil Fields ROC: 24.5% & Operator; C4 Oil Field ROC: 11.575% unitised & Operator; Zhanghai ROC: 39.2% & Operator) Higher Hi h production d ti ratest forecast f t in i 2H13…
CHINA - BEIBU GULF WZ 6-12 and WZ 12-8 West Oil Field Production & Development (ROC: 19.6%) First oil sales commenced in 2Q13 Production from WZ6-12 field 10,000 BOPD (gross) Final phase of five development wells on WZ 12-8 West…
MALAYSIA - APPRAISAL PROGRESSING Balai Cluster Risk Service Contract, offshore Sarawak, Malaysia (ROC: 48% equity investment in BCP) Completed drilling of fifth and final well in pre- development phase in June EPV Balai Mutiara…
DEVELOP AND GROW EXPLORATION & APPRAISAL Identify and secure value adding opportunities in established petroleum provinces across South East Asia, China and Australia 09/05 Awarded in 2012, located 15km from Zhao Dong blocks China…
2013 & 2014 ACTIVITY SUMMARY 2013 2014 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q Exploration Bohai Bay Block H activity 09/05 seismic Well1 (EG) Bohai Bayy 09/052 Balai Cluster pre development activity Appraisal activity Zhao Dong (Zhanghai)…
DELIVERING ON 2013 OBJECTIVES OBJECTIVE MEASURE Same or better S b tt than th five fi year OGP averages (Asia (A i & Australasia) A t l i ) forf HSE TRIFR and LTIFR, including implementation of 2013 Corporate proactive…
LOOKING AHEAD Pursuing further value growth opportunities in the focus region, including: Exploration/appraisal and development opportunities across our key growth areas China, Malaysia, Myanmar and Australia Mature field…
Loading...
