EnQuests Strategy UKCS focused production and development To become one of the UK's leading independent oil and gas production and development companies Vision To become a technical leader in integrated development To maximise…
Operational Results Strong production performance in H1 Net production (boepd) 18,708 11,707 9,144 6,828 4,504 5,060 3,998 881 Thistle/Deveron The Dons Heather/Broom Total H1'09 H1'10 4
2010 Asset Production & Increased Guidance 62N Annualised net production by asset 211/1a, 2a & 3a 0 km 100 (boepd) W. Don & Don SW 211/17 Thistle Heather & Broom Assets 2008 2009 2010E Shetland 3/11a Heather/Broom 7,550…
Strong Operational Performance Thistle/Deveron Production ahead of expectations, highest since Feb 2005 Drilling expected to commence in Q3, for first time in over 20 years The Dons Up and over now installed Outstanding drilling…
Reported Financials for Half Year to 30 June 2010 US dollars Strong cash flow and balance sheet Cash generated from operations was 133m Free cash flow of 68m 76m cash & cash equivalents at 30 June 2010 Reported…
Transition Post IPO business transformation proceeding well Rigorous performance management Integration on track Adjacent PEDL/Lundin offices in Aberdeen shortly to merge Integration of office functions well advanced: IT/Systems…
Business Development Encouraged by high level of dialogue with sellers Attracted by EnQuests technical capability and financial strength Being pro-active but rigorous and selective Active in 26th licensing round Announced KUFPEC…
Agreed Acquisition of Stratic Increases EnQuests North Sea 2P reserves by 7.27 million boe Price equates to US11.2 per barrel of 2P reserves Adjusted for tax losses Consolidates position in West Don to 45% Providing c.900 net…
EnQuest Financial Highlights Chief Financial Officer Jonathan Swinney
Acquisition Accounting Summary EnQuest acquisition of Lundin North Sea (LNS) is a corporate re- structure for accounting purposes LNS is the continuing entity and the accounting acquirer of Petrofac Energy Developments (PEDL) Income…
Acquisition Accounting Goodwill US dollars Fair value recognised on acquisition m Unaudited Assets (including fair value uplift) 633.2 Liabilities (218.7) Total identifiable net assets at fair value 414.5 Purchase consideration…
Reported Income Statement Half year ended 30 June 2010 Half year ended 30 June 2010 2009 US dollars Exceptional costs and Reported in Business performance depletion of period fair value uplift m m m m Unaudited Unaudited Unaudited…
Summary Income Statement Half year ended 30 June Pro-forma* Reported US dollars (pre-exceptionals and fair value (pre-exceptionals and fair value adjustments) adjustments) Half Year ended 30 June Half Year ended 30 June 2010 2009…
Pro-Forma Financial Performance Indicators Pre-exceptionals and fair value adjustments US dollars H110 H109 Change m m Unaudited Unaudited % Production (boepd) 18,708 11,707 59.8 Average realised price per barrel () 78.18 54.96…
Reported Balance Sheet Half year consolidated balance sheet 30 June 2010 31 December 2009 US dollars m m Unaudited Unaudited ASSETS Non-current assets Property, plant and equipment 1,025.5 518.6 Goodwill 98.6 - Intangible assets 48.3…
Reported Cash Flow For the half year ended 30 June 2010 USm 131.6 133.3 (2.1) 11.0 * 12.7* 76.4 (73.7) 7.9 Cash & Pre-tax operating Tax paid Capex Financing & Other Cash & equivalents cash flow equivalents 1 January 30…
Pro-forma Capex of 95.3m in the Half Year USm 40.7 36.8 16.2 1.5 Thistle/Deveron The Dons Heather/Broom Exploration & Appraisal 19
Exceptionals US dollars Non-cash items 25.0m Scolty exploration write off 6.8m Depletion of PEDL fair value uplift Cash item 9.6m Cost incurred at the time of flotation 20
Finance Summary & Full Year Outlook Production delivery was overriding factor driving good financial performance ahead of our expectations Full year capex in line with our expectations and likely to be around 240m DD&A Increased…
EnQuest Producing Assets Operatorship driving delivery of results 2 Net reserves (MMbbl) Contingent Resources 3 Field (first oil) Operator Working interest 2P (MMbbl) 2C BP 1% Thistle/Deveron 99% EnQuest 31.6 14.9 (1978)…
Net Production (boepd) H1'09 H1'10 18,708 11,707 9,144 6,828 5,060 4,504 3,998 881 Thistle/Deveron The Dons Heather/Broom Total 24
Operations Highlights Thistle/Deveron Production ahead of plan Improved power generation and hence higher water injection volumes Workover of well A46 adds 600 boepd June monthly average production of 5,454 boepd, highest since…
Operations Highlights The Don Fields Production well ahead of plan Transferred from tanker loading to export via Thistle Commenced water injection successfully S2Z well initial production over net 9,000 boepd and ahead of plan S5…
Don Southwest Area Well Locations S6 Horst Injector S1 (DR4) Horst Prod S5 Production S3 (DR5) Horst Appraisal S3Z (DR5Z) Injection S2 (DR2) and S2Z (DR2Z) Prod S4Z (DR3Z) Appraisal S4 (DR3) Injection Area H…
West Don Area Well Locations 211/18a-W3 Inj 211/18a-W1 Prod 211/18a-W2 Prod 211/18a-W4 Prod Ariel Appraisal 29
Operations Highlights Heather / Broom Production close to plan year to date BR7 NWT well and sidetrack disappointing, tophole suspended for future use Broom pipeline improvement project Pipeline laid and trenched Pipeline tie in…
2010 Drilling Programme Performance contributes to increased guidance J F M A M J J A S O N D Thistle Don Southwest S5 A46 Jet Pump Budget days 53 Thistle Abandonments Actual days 41 Thistle SFB-P1 Thistle Don Southwest S6…
EnQuest Conclusions Chief Executive Amjad Bseisu
Targeting Production Growth bbl/d 40,000 2P production Organic Business Development 35,000 30,000 Increased 2010 Guidance 25,000 20,000 15,000 10,000 5,000 0 2009 2010 2011 2012 2013 2014 Source: 2P Production taken…
Summary Delivery against targets Increase in full year production guidance to net 20,000 boepd Active drilling programme in H210 Thistle rig ready for first drilling in over 20 years Strong financials Confidence that this is…
Definition of Pro-forma in these Materials Detailed pro-forma note; in April 2010 the newly incorporated independent entity EnQuest PLC acquired the demerged UK North Sea assets of Petrofac Limited and Lundin Petroleum AB…
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