2011 Interim Results Building a platform for growth 10 August 2011
Operational results www.dragonoil.com 3
HIGHLIGHTS Revenues in 1H 2011 almost doubled to US527.4m compared to 1H 2010 1H 2011 average gross production rate up 25% to 58,000 bopd with current production rate of over 60,000 bopd Eight wells put into production…
STRONG PRODUCTION GROWTH Growth of 25% in the average gross production to approximately 58,000 bopd (1H 2010: 46,420 bopd) achieved in 1H 2011 thanks to Production from six wells completed in 1H 2011on the Dzheitune (Lam) 28 and…
ONGOING DRILLING PROGRAMME 2011 drilling programme increased to comprise 12 wells, plus one sidetrack and one workover, versus 11 wells stated at the beginning of 2011; Eight new development wells completed to date (including one…
DRILLING FACILITIES AND INFRASTRUCTURE UPGRADE Dzheitune (Lam) 9 platforms Third new platform (C) expected in Q4 2011 Block 1 riser platform to be commissioned soon 58 new wells completed Dzhygalybeg (Zhdanov) 3 platforms…
Gas monetisation and diversification www.dragonoil.com 8
GAS MONETISATION Long-term gas sales Short-term agreement, targeted arrangement to towards export realize commercial markets, involving the value of available gas supply of dry gas Chemical Plant Gas Export to Govt OLD…
DIVERSIFICATION STRATEGY Oil and gas reservoirs, Corporate and asset shallow water, offshore acquisitions and onshore operations Assets with appraisal Central Asia, the Middle upside, short or long East, Africa and…
Financial results www.dragonoil.com 11
1H 2011 RESULTS SUMMARY USm 1H 2011 1H 2010 Change Revenue 527.4 276.3 +91% Cost of Sales (109.7) (89.1) (23%) Operating profit 407.3 173.6 +135% Profit for the period 309.4 137.6 +125% Net cash generated from operating…
1H 2011 INCOME STATEMENT USm 1H 2011 1H 2010 Change Comments Revenue 527.4 276.3 +91% 55% of the increase attributed to higher crude oil prices and the balance to increase in sales volumes Cost of sales (109.7) (89.1) (23%) Higher…
1H 2011 CASH FLOW Cash flow in 1H 2011 (USm) Operations Investing Net cash from operations up 110% -208 Financing Capital expenditure in 1H 2011 was US152m +414 - 424 and US216m cash outflow after movement in +595 - 71 payables…
1H 2011 BALANCE SHEET USm 1H 2011 1H 2010 Comments Non-current assets Property, Plant & 1,240.1 1,176.4 Increase due to US151.5m of capex offset by Equipment and depletion and depreciation charge intangible assets Current assets…
1H 2011 CAPITAL EXPENDITURE 1H 2011 69 83 152 Infrastructure 1H 2010 62 122 174 Drilling 0 50 100 150 200 Total capital expenditure in 1H 2011 of US151.5m: Drilling (55%): o Six wells completed Infrastructure (45%) o…
Outlook www.dragonoil.com 17
OUTLOOK FOR 2H 2011 AND MEDIUM TERM 1Q 2011 2Q 2011 3Q 2011 4Q 2011 1Q 2012 2011-13 Drilling Lam 28/152, Lam 28/154, Lam B/157, Three wells, a Up to 40 wells, Lam B/153 Lam B/155, Lam 28/158 sidetrack and a incl. five Lam 28/156…
OUTLOOK FOR 2H 2011 AND MEDIUM TERM (continued) 1Q 2011 2Q 2011 3Q 2011 4Q 2011 1Q 2012 2011-13 Gas Pursue dual gas monetisation strategy monetisation Continue discussions with Turkmen authorities An option to build an optimised…
CONTACT DETAILS For further information please contact Investor and analyst enquiries + 44 20 7647 7804 Dragon Oil plc Anna Gavrilova irdragonoil.com Media enquiries + 44 20 7638 9571 Citigate Dewe Rogerson Martin Jackson…
Loading...
