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2009 HALF YEAR RESULTS – Oil Search Limited

Oil Search Limited · Aug 25, 2009 · 20 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. 2009 HALF YEAR RESULTS – Oil Search Limited – slide 1
    OIL SEARCH LIMITED 2009 Half Year Results 25 August 2009 1 2009 Half Year Results Agenda Performance Summary Peter Botten Financial Overview Zlatko Todorcevski PNG LNG Project Phil Bainbridge Operations Review Phil…
  2. 2009 HALF YEAR RESULTS – Oil Search Limited – slide 2
    Performance Summary 3 2009 First Half Performance Summary Sound operating performance in 1H09, despite challenging conditions NPAT of US35.6 million. Result largely driven by lower oil prices. Average realised price of…
  3. 2009 HALF YEAR RESULTS – Oil Search Limited – slide 3
    2009 First Half Performance Summary Oil Search at an advanced stage of finalising terms for a sale of an effective interest in PDL 2, including a 3.5% interest in the PNG LNG Project, to International Petroleum Investment…
  4. 2009 HALF YEAR RESULTS – Oil Search Limited – slide 4
    Potential Asset Sale Oil Search is at an advanced stage of finalising terms for the sale of an effective interest in PDL 2, including a 3.5% interest in the PNG LNG Project to IPIC Terms of transaction largely agreed, subject to…
  5. 2009 HALF YEAR RESULTS – Oil Search Limited – slide 5
    World Class Safety Performance, 1998 - 2008 Total Recordable Incidents (TRIs) of 1.1 in 1H09 14 12.7 12 10.6 10.7 TRI / 1,000,000 Hours 9.8 10 Australian Companies (APPEA) 9.4 9.3 8.5 9.1 8 7.8 8.2 7.0 7.3 6.3 6.8…
  6. 2009 HALF YEAR RESULTS – Oil Search Limited – slide 6
    2009 First Half Performance 1H09 1H08 (USm) Revenue 185.1 -60% 466.7 Cash Expenses (41.7) (56.0) EBITDAX 143.4 -65% 410.7 Non-cash items (50.8) (68.7) Exploration Expense (18.3) (70.6) Interest income/(expense) (1.7) 2.9…
  7. 2009 HALF YEAR RESULTS – Oil Search Limited – slide 7
    1H09 EBIT Drivers 400 USm (236.9) 350 17.9 52.3 14.3 Amortisation Cash Opex 300 271.3 Oil Price Expense 250 Exploration 200 1H08 EBIT 150 (39.6) Volumes Impact of Oil 100 crude underlift (5.0)…
  8. 2009 HALF YEAR RESULTS – Oil Search Limited – slide 8
    Operating Cash Flows USm Investing cash outflows 750 included US86m on production and 625 (209) US119m exploration & 82 evaluation (incl PNG 500 LNG) 375 2 Operating cashflow included US20m of tax 535 paid (with 2nd PNG…
  9. 2009 HALF YEAR RESULTS – Oil Search Limited – slide 9
    Capital Outlook Update USm 1HA 2HF FY09F Investing : Exploration 34 86 120 PNG LNG 89 171 260 Other gas commercialisation 1 2 3 Development/Production 98 52 150 Corporate (inc rigs) 7 0 7 Financing : Dividends 0* 0* 0* *…
  10. 2009 HALF YEAR RESULTS – Oil Search Limited – slide 10
    PNG LNG Project - Summary All targeted milestones achieved, including: Umbrella Benefits Sharing Agreement signed Markets alignment on commercial terms with customers, covering full 6.3 MTPA capacity Early Works approvals and…
  11. 2009 HALF YEAR RESULTS – Oil Search Limited – slide 11
    Project Update FEED/Early Works FEED Bids for major supply contracts starting to come in. Technical and commercial analysis expected to be completed by end 3Q09, contractor selection (with award conditional on FID) in 4Q09 Early…
  12. 2009 HALF YEAR RESULTS – Oil Search Limited – slide 12
    Project Update In-country issues Umbrella Benefits Sharing Agreement UBSA signed in May in Kokopo Defines how range of benefits will be shared between governments (national, provincial, local) and landowners Individual…
  13. 2009 HALF YEAR RESULTS – Oil Search Limited – slide 13
    LNG Expansion PNG LNG Infrastructure will provide substantial cost synergies for further LNG expansion Studies underway on third train, focusing on:- Timing Cost synergies Resource requirements Economics Key requirement is…
  14. 2009 HALF YEAR RESULTS – Oil Search Limited – slide 14
    Production Summary Oil Search Net Production (mmboe) 6.0 MENA Hides GTE 5.0 SE Mananda SE Gobe 4.0 Gobe Main Moran Kutubu 3.0 2.0 1.0 0 1H 06 2H 06 1H 07 2H 07 1H 08 2H 08 1H 09 27 1H09 Performance…
  15. 2009 HALF YEAR RESULTS – Oil Search Limited – slide 15
    Field Development Drilling Activity PPL260 PRL02 Hides PPL239 PDL1 PRL11 Juha Angore PRL 12 Moran: PRL12 PDL6 PDL5 2009 : 1 well PPL233 2010: 2 wells PPL219 Kutubu: SE Mananda 2009 : 2 wells PPL219 2010: 1 well Agogo:…
  16. 2009 HALF YEAR RESULTS – Oil Search Limited – slide 16
    FY09 Production Outlook Production guidance for 2009 of 8.0 8.3 mmboe 2H09 production expected to be higher than 1H due to: Resumption of production from M6 Full period of production from new Moran development well M14 Full period…
  17. 2009 HALF YEAR RESULTS – Oil Search Limited – slide 17
    PNG Exploration 2010/11 PPL260 Kelebo / Kopiago gas test PRL03 PPL260 2010/11 Huria Fold Belt gas test CSG PRL02 PDL1 PRL11 2011/12 Distal 7 Licences PPL239 PRL12 PDL6 PDL5 Foldbelt Oil Play 6S PPL233 2011/12…
  18. 2009 HALF YEAR RESULTS – Oil Search Limited – slide 18
    Block K42 Kurdistan Seismic Option Agreement with Kurdistan Regional Government (KRG) over Block K42 in North-East Iraq K42 block covers 511 square kilometres and lies in south-eastern section of Zagros Fold Belt adjacent to Pulkhana…
  19. 2009 HALF YEAR RESULTS – Oil Search Limited – slide 19
    2009 Strategic Review Status Strategic Review well advanced, recognising:- PNG LNG is company and country transformational Revised operating philosophy in oil field operations Gas supply to LNG Value of gas Facility life and…
  20. 2009 HALF YEAR RESULTS – Oil Search Limited – slide 20
    Summary Focus for 2H 2009 is delivery of PNG LNG FID by year end Substantial work taking place, Project remains on track for year end sanction Potential sale of effective PDL 2 interest provides Balance Sheet strength, to drive…

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