2013 FULL-YEAR RESULTS 18 February 2014 Exploring new opportunities
2013 Operational and Corporate Results Dr Abdul Jaleel Al Khalifa, CEO Exploring new opportunities
Dragon Oil today The Cheleken Contract Area, offshore Turkmenistan, our main producing asset (100% interest) where we have operated for over 13 years Turkmenistan 40% interest in Afghanistan exploration block SC 63, Tunisia…
2013 Key Highlights Solid operational and financial results Organic reserves replacement for a fourth consecutive year Encouraging results from water injection pilot and artificial lift application Diversification continues:…
2013 Gross Production Growth 9.1% growth achieved with two rigs AVERAGE GROSS PRODUCTION operational (including part-time on maintenance) during the year 73,750 bopd DECEMBER 2013 EXIT RATE 74,812 bopd The Dzheitune (Lam) C…
2013 Drilling Results 2013 drilling programme COMPLETION DEPTH TYPE OF INITIAL TEST comprised 10 wells, including WELL DATE (METRES) COMPLETION RATE (BOPD) a sidetrack, in the Dzheitune (Lam) field 28/178 February 2,010 Single 1,653…
Reserves and Resources AS AT 31 DECEMBER 2013 AS AT 31 DECEMBER 2012 Proved and Probable Remaining Oil and Gas Oil and Condensate Gas Recoverable Reserves Condensate TCF million barrels TCF million barrels Gross field reserves to…
Infrastructure Highlights Dzhygalybeg (Zhdanov) A platform: drilling to commence shortly Dzhygalybeg (Zhdanov) B platform being relocated to the Dzheitune (Lam) field Construction of offshore platforms. Contract to quadruple our…
Rigs Deployment in 2014 2014 DRILLING STATUS PROGRAMME (WELLS) JACK-UP RIG ELIMA CONTRACTED UNTIL MAY 2015 6 JACK-UP RIG NEPTUNE CONTRACTED FOR NINE MONTHS 4 Platform-based drilling rig. CASPIAN DRILLER DUE IN MID-2014 2…
Secondary Oil Recovery: Artificial Lift Artificial lift application commenced in June 2013 Jet pumps installed in two wells: Dzheitune (Lam) 13/118 and 13/168 Average production increase of 500-700 bopd per well Plans to expand…
Secondary Oil Recovery: Water Flood Pilot water injection project ongoing at the Dzheitune (Lam) 75 area: Current injection rate of 3,500-4,000 bwpd Average pressure increase in offset wells of 100-150 psi Injectivity tests…
Gas Monetisation TENDERING TO SELECT A CONTRACTOR FOR EPIC OF LONG-TERM GAS SALES AGREEMENT, TARGETED THE GAS TREATMENT PLANT ONGOING WITH AWARD TOWARDS EXPORT MARKETS, AND STRIP EXPECTED SOON CONDENSATE FOR SALE 2014 2014-16 GAS…
Marketing of crude oil Marketing arrangements via Baku, Azerbaijan secured until the end of 2014 for all export entitlement volumes Terms renegotiated for a better discount and terms resulting in a closer correlation between…
Exploration Assets Summary NUMBER OF ASSET LOCATION, AREA DRAGON OILS INTEREST WORK COMMITMENT EXPLORATION WELLS The Bargou offshore Tunisia Exploration 4,616km2 55% Sidetrack-2 1 permit water depths of 50 to 100m five-year initial…
Exploration Assets Joint Venture of Dragon Oil (55%), TUNISIA BARGOU EXPLORATION PERMIT 55% Cooper Energy (30% and operator) and 4,616km2 Jacka Resources (15%) Shallow offshore A pilot hole followed by a horizontal section to…
Exploration Assets (cont.) Consortium of Kuwait Energy (70% and IRAQ BLOCK 9 30% operator) and Dragon Oil (30%) 866km2 Final service contract signed in Onshore in Basra province January 2013 5-year exploration period to establish…
Exploration Assets (cont.) AFGHANISTAN SANDUQLI MAZAR-I-SHARIF Operator, 40% 40% 2,583km2 2,715km2 Onshore in Mazari Sharif Onshore in Mazari Sharif Exploration and production sharing contracts formally signed in October 2013…
Exploration Assets (cont.) EGYPT BLOCK 19 Our offer was initially accepted by 100% Ganoub El Wadi Holding Petroleum 93km2 Company (Ganope) Shallow offshore in the Gulf of Suez This acceptance will be final after the approval by the…
Exploration Assets (cont.) THE PHILIPPINES SERVICE CONTRACT 63 40% to 50% (PNOC-EC is the operator) 10,560km2 NW Palawan Basin, offshore Two-stage process: Dragon Oil initially to acquire a 40% participating interest from Nidos…
Investment in People and Health & Safety OUR TALENT TRAINING AND DEVELOPMENT HEALTH AND SAFETY Over 1,550 professionals In-house and external training Two HSE managers hired originating from 44 countries programmes with particular to…
Investment in Communities - Polyclinic Building and related infrastructure completed Inauguration took place in March Services provided at this polyclinic will supplement the services supplied at the existing polyclinic for…
2013 Financial Results Tarun Ohri, Director of Finance Exploring new opportunities
2013 Financial Highlights Revenue Net profit Cash Balance US1+bn US512.6mn US1.9bn Production growth Final dividend of Self-financing of capital 18 US cents per share expenditure Lower realised oil prices for 2013 Dividends…
2013 Financial Highlights Strong free cash USM 2013 2012 CHANGE flow generation Revenue 1,047.9 1,155.1 (9%) enables us to Operating profit 687.7 790.9 (13%) continue with the development of the Net profit 512.6 600.0 (15%)…
2013 Income statement Revenue: Decrease attributable to a 1% decrease Admin expenses: At similar levels despite in the volume of crude oil sold and a 9% increase in head office activities in 2013 decrease in the average realised…
Cash flow Cash and term deposits total US2,473mn Net cash from operations lower by 23% as at 2013 year-end and include: Total capital expenditure in 2013 was US331mn Term deposits of less than three months and US340mn cash outflow…
2013 Capital Expenditure 2013 121 151 56 Infrastructure Drilling 2012 222 160 Exploration activities Total capital expenditure for 2013: Drilling (46%) 10 wells, including a sidetrack, completed Infrastructure (37%)…
Outlook Dr Abdul Jaleel Al Khalifa, CEO Exploring new opportunities
Outlook PRODUCTION DRILLING Production growth at the lower end of 10% to 15% 14 to 16 wells, including one sidetrack, in 2014 and range in 2014 and between 10% and 15% in 2015-16 around 20 wells in 2015 100,000 bopd production…
Outlook (cont.) GAS Tendering process to select a contractor to build a Gas Treatment Plant ongoing Construction phase is anticipated to take two to three years after the contract is awarded DIVERSIFICATION Sidetrack-2 in…
Investor and analyst enquiries Dragon Oil plc Anna Gavrilova + 44 20 7647 7804 agavrilovadragonoil.com irdragonoil.com Media enquiries Citigate Dewe Rogerson Martin Jackson +44 20 7638 9571 Joint Corporate Brokers Davy John Frain…
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