OIL SEARCH LIMITED 1 2010 Full Year Results Agenda Performance Summary Peter Botten Financial Overview Zlatko Todorcevski PNG LNG Project Update Phil Caldwell Gas Expansion & Exploration Phil Bainbridge Operations Review…
2010 Full Year Results Performance Summary Peter Botten Financial Overview Zlatko Todorcevski PNG LNG Project Update Phil Caldwell Gas Expansion & Exploration Phil Bainbridge Operations Review Richard Robinson Strategic Review Peter…
Safety Performance Total Recordable Injury Frequency Rate of 1.96 in 2010 Good against peer group but not good enough 14 12.7 12 10.6 TRI / 1,000,000 Hours 9.8 10.7 10 Australian Companies 9.4 (APPEA) 9.1 9.3 8.5 8 8.2…
Consistent TSR performance over 5 years Oil Search ranked 6th in ASX 100 for TSR over five years to 31 December 2010, 15% annualised return 20 14th 6th 15 2nd 10 5 % TSR 0 -5 -10 OSH Ranking -15 1 Year 3 Year 5…
Operating Cash Flows Strong operating cash flow driven by improving USm oil price and continued 1750 focus on costs 1500 Investing cash outflows driven predominantly by 1,288 935 1,263 1250 PNG LNG spend coupled 398 with 2010…
Liquidity Outlook Liquidity (cash plus USmm undrawn bank debt) 31 Dec 2010 Time Funding in place to meet existing commitments and base business plan Discretion over timing of non commitment activities Sufficient…
PNG LNG Project Update 17 PNG LNG Project Construction Activities Planned/Underway Hides Wabag EPC1 Juha Wells Telecommunications Facility EPC4 (not shown) Hides Gas Conditioning Mt. Hagan 6S Plant Kundiawa Goroka…
Milestones achieved in 2010 Mobilisation by major engineering, procurement and construction contractors and procurement of long lead equipment and materials Construction of training facilities in Port Moresby and Highlands Continued…
Focus items being managed in 2011 Brown field operations at Kutubu and on the liquids export system Ramp up of logistics and resourcing Onshore pipeline installation terrain, multiple work fronts Working with project area…
PNG LNG Project Highlands, Kopi Pipeline stringing, onshore pipeline Pipe offloading at Kopi Shore Base Aerial view of HGCP site Komo Camp construction 23 PNG LNG Plant Site 24
2010 Full Year Results Performance Summary Peter Botten Financial Overview Zlatko Todorcevski PNG LNG Project Update Phil Caldwell Gas Expansion & Exploration Phil Bainbridge Operations Review Richard Robinson Strategic Review Peter…
PNG LNG Resource Maturation PNG LNG dedicated fields: Associated Gas Fields: Oil Search as Operator undertaking detailed evaluation on additional resource potential Seeking PNG LNG Co-Venturers (CoV) alignment on additional…
PNG LNG Expansion CoVs and licence JVs working constructively to implement resource maturation programme Confident in ability of LNG market to absorb any expansion volumes 29 Gulf Area LNG Strategy De-risk through extensive…
Gulf Area LNG Licences GOBE PPL PPL339 339 Partner: Dabajodi Int. Energy Ltd. 7S 30% equity for carry on 2D seismic ELK 40% equity for partial carry carryon onwell well PPL 338 Partner: Dabajodi Int. Energy Ltd. 30% equity…
PNG Oil Exploration Mananda 5 Oil discovered in primary objective Seismic line coverage shown in green Based on results to date, have booked 25 mmboe net to OSH (oil and gas) to 2C resources Top Toro is 470 metres higher than at…
MENA Exploration Kurdistan: K42 Seismic Options: Seismic completed in 2010 Interpretation nearing completion Have met all licence conditions Progressing business case to convert K42 to PSC and pursuing discussions with KRG…
Oil Search Production Net Production (mmboe) MENA 10 Hides GTE SE Mananda 8.60 SE Gobe 8.12 Gobe Main 8 7.66 Moran Kutubu 6.2-6.7 6 4 2 0 2008 2009 2010 2011 2012 2013 (Forecast) 37 FY10 Performance World…
Reserves at 31 December 2010 No external reserves audit was completed this year: Field production performance consistent with predictions through 2010 Following sanction of PNG LNG Project, 301 mmboe (1P) and 505 (2P) mmboe were…
2011/12 Development & Near- Field Appraisal Drilling Activity PPL260 PRL02 Hides PPL239 PDL1 PRL11 Juha Angore PRL 12 6S Moran: PRL12 PDL6 PDL5 2011 : 1 well PPL233 APPL350 2012 : 1-2 wells PPL219 PPL233 Kutubu: SE Mananda…
Key 2011 Focus Areas Maintain OSHs industry-leading safety performance in a high activity environment Continue to build sustainable combined oil and gas business Strong commitment to cost effectiveness PNG LNG Project commitments…
Strategic Review Substantial broad based Strategic Review was completed in 4Q10 Review of all major assets and options to continue to deliver top quartile shareholder returns for the next 5+ years Provided key work programmes and…
Strategic Review Major Strategies have been defined to deliver growth: Oil and Gas Production Optimisation Near field production opportunities Rigorous cost control New developments Building long term operating capacity Maximising…
Strategic Review Evaluate New Growth Opportunities Measured programme to identify future growth options within and outside core areas Optimisation of value of MENA asset values Optimising Financial and Capital Structure Through to…
2011 Outlook PNG LNG Project delivery underway: Project ramp up continues at accelerating pace: Commencing construction at PNG LNG plant site, HGCP and Komo Associated gas and life extension projects Focus on management of in…
OIL SEARCH LIMITED 55 Appendix Brent Premium over Tapis - July to December 2010 14.0 12.0 10.0 8.0 USboe 6.0 4.0 2.0 0.0 Jul Aug Sep Oct Nov Dec (2.0) (4.0) (6.0) Lifting dates Oil Search began…
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