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2011 FIRST HALF RESULTS – Oil Search Limited

Oil Search Limited · Aug 23, 2011 · 26 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. 2011 FIRST HALF RESULTS – Oil Search Limited – slide 1
    OIL SEARCH LIMITED 1 2011 First Half Results Agenda Performance Summary Peter Botten Financial Overview Zlatko Todorcevski PNG LNG Project Update Peter Botten Gas Expansion & Exploration Phil Bainbridge Operations Review…
  2. 2011 FIRST HALF RESULTS – Oil Search Limited – slide 2
    2011 Half Year Results Performance Summary Peter Botten Financial Overview Zlatko Todorcevski PNG LNG Project Update Peter Botten Gas Expansion & Exploration Phil Bainbridge Operations Review Richard Robinson Strategic Review Peter…
  3. 2011 FIRST HALF RESULTS – Oil Search Limited – slide 3
    Safety Performance Total Recordable Injury Frequency Rate of 1.47 in 1H11 12 10.6 10.7 9.8 10 Australian Companies (APPEA) TRI / 1,000,000 Hours 9.4 9.1 9.3 8 7.8 8.2 7.3 6.8 6.0 7.0 6.3 5.7 6.0 6 5.8 4.9 4.7 5.2…
  4. 2011 FIRST HALF RESULTS – Oil Search Limited – slide 4
    2011 Half Year Results Performance Summary Peter Botten Financial Overview Zlatko Todorcevski PNG LNG Project Update Peter Botten Gas Expansion & Exploration Phil Bainbridge Operations Review Richard Robinson Outlook & Summary Peter…
  5. 2011 FIRST HALF RESULTS – Oil Search Limited – slide 5
    Cash Earnings Performance % US/bbl 100 120 117 100 95 Oil Price 100 78 90 80 65 76 85 60 86% 83% 83% 83% 80 40 80% EBITDAX 75 Margin 20 70 0 2007 2008 2009 2010 1H 11 Cash operating margin stable against back drop…
  6. 2011 FIRST HALF RESULTS – Oil Search Limited – slide 6
    Cost Management 1H11 1H10 Costs in line with guidance at US19.24/boe USm USm Field Costs Adverse impact of A and Kina - Oil: PNG 38.5 29.6 movement against US impacting - Hides 4.7 3.4 operating and corporate costs (10-15%…
  7. 2011 FIRST HALF RESULTS – Oil Search Limited – slide 7
    Operating Cash Flows Cash position largely USm 1750 unchanged over half year, with all expenditures funded from cash flow and project 1500 finance drawdowns 1,263 1,229 1250 Strong operating cash flows 263 driven by improving oil…
  8. 2011 FIRST HALF RESULTS – Oil Search Limited – slide 8
    2011 Capital Outlook Update USm 1H 11 2H 11 2011 Investing : Exploration inc gas growth 54 110-130 160-180 PNG LNG 595 600-800 1,200-1,400 Production 57 70-90 130-150 Corporate (inc rigs) 3 7 10 Financing : Dividends 0* 0*…
  9. 2011 FIRST HALF RESULTS – Oil Search Limited – slide 9
    Liquidity Liquidity (cash plus undrawn bank debt) USmm 0 2011 2014 Outlook updated for first half cash generation, investment spend and forward prices Liquidity (including escrowed cash) at the end of 1H 2011 US1.5 billion…
  10. 2011 FIRST HALF RESULTS – Oil Search Limited – slide 10
    PNG LNG Project Update 19 PNG LNG Project Overview Hides Wabag Juha Wells Facility EPC4 Hides Gas Conditioning Mt. Hagan 6S Plant Kundiawa C1 HGCP Goroka Mendi EPC5B Komo Kutubu CPF Airfield Gobe PF Lae 7S…
  11. 2011 FIRST HALF RESULTS – Oil Search Limited – slide 11
    Milestones achieved in 1H 2011 Ground-breaking and pouring of first foundations at the LNG plant site Commencement of welding and burial of onshore pipeline, continued clearing and stringing of pipe along the route Construction of…
  12. 2011 FIRST HALF RESULTS – Oil Search Limited – slide 12
    Focus items for 2H 2011 Community engagement and downtime management Wellpad and Hides spine road development CPF shut down at Kutubu and commencement of work on Kumul rejuvenation Onshore pipeline installation Commencement of…
  13. 2011 FIRST HALF RESULTS – Oil Search Limited – slide 13
    PNG LNG Project Onshore Pipeline Construction Kopi Scraper Station First weld Pipeline stringing, onshore pipeline Completed Mubi River crossing 25 PNG LNG Plant Site 26
  14. 2011 FIRST HALF RESULTS – Oil Search Limited – slide 14
    2011 Half Year Results Performance Summary Peter Botten Financial Overview Zlatko Todorcevski PNG LNG Project Update Peter Botten Gas Expansion & Exploration Phil Bainbridge Operations Review Richard Robinson Outlook & Summary Peter…
  15. 2011 FIRST HALF RESULTS – Oil Search Limited – slide 15
    PNG LNG Expansion Integrated exploration and appraisal drilling programme in the Highlands Results by mid/late 2012 Upside in Associated Gas fields: Detailed evaluation ongoing by Oil Search Targeting alignment with PNG LNG…
  16. 2011 FIRST HALF RESULTS – Oil Search Limited – slide 16
    PNG LNG Expansion Pnyang (PRL 3) ExxonMobil 49%, Oil Search 38.5%, JX Holdings 12.5% Appraisal well scheduled for 4Q11 Targeting southern fault block Aim is to move 3C to 2C and increase 1C resource Potential 2C of 2 tcf 100km…
  17. 2011 FIRST HALF RESULTS – Oil Search Limited – slide 17
    Gulf Area LNG Opportunity Prospectivity: Targeting 4Q for initial assessment of prospectivity across all licences Final views by year end Partnering: Discussions initiated and ongoing with potential farm-in partners Drilling:…
  18. 2011 FIRST HALF RESULTS – Oil Search Limited – slide 18
    Near Field Exploration Deeper targets e.g. Koi-Iange Footwalls Forelimbs Focused on: Deeper Koi-Iange play: Play extensions: Potentially underlies all producing Based on detailed remapping and reservoirs 2011 seismic…
  19. 2011 FIRST HALF RESULTS – Oil Search Limited – slide 19
    Tunisia 2010 seismic evaluation complete Large structures mapped Proven plays present and new deep gas play developed 10km Prime prospect in Tajerouine permit has potential for 100 mmstb oil and 400 bcf gas Fiscal regime…
  20. 2011 FIRST HALF RESULTS – Oil Search Limited – slide 20
    Oil Search Production Outlook Net Production (mmboe) 25 MENA Hides GTE SE Mananda 20 SE Gobe Gobe Main Moran Kutubu 15 10 8.60 8.12 7.66 6.2-6.7 5 0 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 39…
  21. 2011 FIRST HALF RESULTS – Oil Search Limited – slide 21
    2011 Production Outlook Underlying production from oil fields generally consistent with expectations 2H11 production impacted by: Two week shutdown for tie-in of Associated Gas facilities (underway) Natural decline Repairs to HP…
  22. 2011 FIRST HALF RESULTS – Oil Search Limited – slide 22
    2011/12 Development & Near- Field Appraisal Drilling Activity PPL260 PRL02 Hides PPL239 PDL1 PRL11 Juha Angore PRL 12 6S Moran: PDL6 PDL5 2012 : 1-2 wells PRL12 PPL233 APPL350 PPL219 PPL233 Mananda 5 Kutubu: SE Mananda…
  23. 2011 FIRST HALF RESULTS – Oil Search Limited – slide 23
    Mananda 5 Discovery 25 mmboe discovery, 50:50 oil:gas Confirmed oil in Toro A, B & C Ambiguous in Imburu & Digimu Location application lodged with DPE 610'S PPL 233 APPL 350 k Mananda 2S Mananda 3X Mananda 3XST1 Subsurface,…
  24. 2011 FIRST HALF RESULTS – Oil Search Limited – slide 24
    PNG Operating Environment PNG has built enviable investment record of fiscal stability in resources sector over past 15 years Unprecedented investment now taking place in oil, gas and mining, encouraged by attractive fiscal policy and…
  25. 2011 FIRST HALF RESULTS – Oil Search Limited – slide 25
    Managing Operating Risk Oil Search has increased its focus on managing in- country issues Seen as key way to mitigate operating risk Expanded Sustainability Group is focusing on: Government/regulatory Promoting transparency Sovereign…
  26. 2011 FIRST HALF RESULTS – Oil Search Limited – slide 26
    Summary Delivery of PNG LNG underway: Robust project Outside crowded Australian LNG space, conventional onshore gas, limited technical risks High quality Operator, making good progress towards first sales in 2014 Largest ever…

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