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JULY 2003 ACQUISITION OF CNGL – Oil Search Limited

Oil Search Limited · Jul 21, 2003 · 11 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. JULY 2003 ACQUISITION OF CNGL – Oil Search Limited – slide 1
    O I L S E A R C H L I M I T E D Acquisition of CNGL July 2003
  2. JULY 2003 ACQUISITION OF CNGL – Oil Search Limited – slide 2
    The Transaction Oil Search has agreed to acquire all the assets of Chevron Niugini Limited (CNGL) for US96.6 million The acquisition will be funded using Oil Searchs existing cash reserves and new debt being negotiated as part of the…
  3. JULY 2003 ACQUISITION OF CNGL – Oil Search Limited – slide 3
    CNGL assets Asset CT Equity (%) OSH Equity (%) CT+OSH Equity (%) Kutubu & Moran (PDL2) & 19% 53% 72% PL2 SE Gobe (PDL3+4) & PL3 8% 45% 53% Gobe Main 19% 57% 76% Exploration (PPL219) 25% 48% 73% PRL 2 (Juha) 21% 10% 31% PRL 3…
  4. JULY 2003 ACQUISITION OF CNGL – Oil Search Limited – slide 4
    Chevron Texaco Operations 2003
  5. JULY 2003 ACQUISITION OF CNGL – Oil Search Limited – slide 5
    Valuation CNGL reserves as at 31 December were 18.45 million barrels (NSA March 2003 reserves audit) based on 2P oil in Kutubu, Moran and Gobe fields only. Purchase price of US96.6 million equates to US5.24 per barrel. Including SE…
  6. JULY 2003 ACQUISITION OF CNGL – Oil Search Limited – slide 6
    Production Forecasts Acquisition of CNGLs assets will add approximately 20% to Oil Searchs production for 2004 and 2005 This increases the 2004 expected production range from 9.2 to 9.8 million barrels to 11.0 to 11.8 million barrels…
  7. JULY 2003 ACQUISITION OF CNGL – Oil Search Limited – slide 7
    Impact on bottom line Acquisition is highly EPS and CFPS accretive, with added production and no increase in corporate overheads. Year to Dec 2003 Dec 2004 Dec 2005 EPS accretion 6% 33% 37% CFPS accretion 2% 23% 28% Gearing at year…
  8. JULY 2003 ACQUISITION OF CNGL – Oil Search Limited – slide 8
    Future potential With the transition of operatorship currently underway, OSH expects to add significant value to the assets through a reduction in field operating and drilling costs, extended field life and an continuous exploration and…
  9. JULY 2003 ACQUISITION OF CNGL – Oil Search Limited – slide 9
    Corporate Implications Oil Search gearing post the acquisition remains modest at 20% (net debt:net debt plus equity). Balance sheet well able to fund existing/future development opportunities Acquisition will not impact on Oil Searchs…
  10. JULY 2003 ACQUISITION OF CNGL – Oil Search Limited – slide 10
    Summary Oil Search has taken advantage of opportunity to acquire reserves at very attractive price Adds approximately 20% to production in 2004 and 2005 Oil Search expects to increase value of assets through assumption of operatorship
  11. JULY 2003 ACQUISITION OF CNGL – Oil Search Limited – slide 11
    Oil Search Operations 2003

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