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OIL SEARCH MENA – Oil Search Limited

Oil Search Limited · Oct 31, 2007 · 35 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. OIL SEARCH MENA – Oil Search Limited – slide 1
    Oil Search MENA 63
  2. OIL SEARCH MENA – Oil Search Limited – slide 2
    Oil Search MENA Licences 64
  3. OIL SEARCH MENA – Oil Search Limited – slide 3
    Oil Search in the MENA Region OSH commenced programme of measured diversification into the Middle East/North African region in 2000 Focus is on proven petroleum systems with: Existing infrastructure Low finding & development costs…
  4. OIL SEARCH MENA – Oil Search Limited – slide 4
    Why MENA Oil Search commenced programme of measured international diversification in 2000 Middle East/North Africa (MENA) selected as focus area Rapidly built a material exploration portfolio in areas with proven petroleum systems…
  5. OIL SEARCH MENA – Oil Search Limited – slide 5
    Portfolio Build in Progress In past 12 months, OSH has initiated: 2 drilling rig campaigns in Yemen onshore and offshore 4 rigs in Egypt 2 drilling and 2 workover Further production operations with our quality HSES program…
  6. OIL SEARCH MENA – Oil Search Limited – slide 6
    Portfolio Build in Progress Technical challenges We havent satisfied our exploration objectives Score = 2 / 11 dry holes in Yemen = 5 / 5 in Egypt, ERQ & 2ndy targets in Egypt Area A = 1 / 1 in Kurdistan Higher risk end of the…
  7. OIL SEARCH MENA – Oil Search Limited – slide 7
    Portfolio Build in Progress Portfolio Management Programme de-risking occurred prior to much of 2007 program 3D seismic available to technically de-risk many prospects B15, B43, B49, ERQ Block 3 acquiring 3D, farmed down to 40%…
  8. OIL SEARCH MENA – Oil Search Limited – slide 8
    Portfolio Build in Progress Portfolio is the envy of numerous competitors Balance of higher/lower risk with high/lower reward Operational skills are highly valued Creates opportunities that OSH can capitalise on Materiality still…
  9. OIL SEARCH MENA – Oil Search Limited – slide 9
    Egypt Area A Production Oil Search earns production above specified base production level 6,000 Since August, have been in earning territory Development Wells 2 month delay to the start of the development drilling programme, due to…
  10. OIL SEARCH MENA – Oil Search Limited – slide 10
    Egypt ERQ Production Early production from new discoveries awaits approval from EGPC and inauguration 4,500 of new OpCo - Petroshard Gross Production Critical reservoir deliverability information Net OSH 4,000 required to assist…
  11. OIL SEARCH MENA – Oil Search Limited – slide 11
    Yemen Nabrajah Production Nabrajah gross production currently 6,650bopd 9,000 Gross Production Nabrajah-15 well has proven a new Net OSH 8,000 terrace/compartment within the field Currently drilling Nabrajah-16 7,000…
  12. OIL SEARCH MENA – Oil Search Limited – slide 12
    Egypt Exploration East Ras Qattara, Western Desert 49.5% equity; PSA Operator SiPetrol Ongoing exploration programme in ERQ Area A, Gulf of Suez 4 development and 2 exploration concessions OSH operator, 100% equity: PSA &…
  13. OIL SEARCH MENA – Oil Search Limited – slide 13
    East Ras Qattara String of Pearls 5km 3 wells drilled to date 3 discoveries at 4 Ghard-1 stratigraphic levels Discovery Development plans submitted for Shahd and Ghard. Production in 1Q 08 Rana-1 No reserve additions booked…
  14. OIL SEARCH MENA – Oil Search Limited – slide 14
    East Ras Qattara Exploration Success and Prospects and Leads Well Name OSL Oil Inventory Equity Shahd Discovery Shahd 1 0.495 Ghard Discovery Ghard 1 0.495 South Shahd 0.495 Fahd (SE Shahd) Shahd SE 1 0.495 Riffy Raheek 1 0.495…
  15. OIL SEARCH MENA – Oil Search Limited – slide 15
    East Ras Qattara Development Plan Currently developing a full 400.0 East Ras Qattara - Oil Search Production & Cost Profiles 45.0 potential development 350.0 40.0 plan for ERQ 35.0 Capex / Opex USMM 300.0 '000 boepd…
  16. OIL SEARCH MENA – Oil Search Limited – slide 16
    Egypt Area A Exploration Three well Coastal Leads Proposed South exploration Gharib-X1 drilling program to commence in 4Q 2007 El Khalig Appraisal West Zeit-3 South Garib-1 Shukheir Bay Shukheir Onshore-1 Bay Onshore In…
  17. OIL SEARCH MENA – Oil Search Limited – slide 17
    Yemen: 2007 Drilling Campaign Results Participation in 11 exploration wells 2 successes (Nab 13 & 15) & 9 dry holes to date (3xB49, 2xB15, 2xB35, 3xB43) B49 large residual columns B15 downgrade deeper areas B43 - disappointing…
  18. OIL SEARCH MENA – Oil Search Limited – slide 18
    Yemen Block 43 Block 43 400sqkm 3D Seismic Survey Nabrajah field OSH 28.33%, non-Op (DNO) Interpretation of 3D dataset Shallow has identified multitude of C4-W in-fill and exploration targets N3 Nabrajah Field…
  19. OIL SEARCH MENA – Oil Search Limited – slide 19
    Yemen Block 49 Lead B Al Nokhailat-1 Balharak-1: Gohbata-1 Ghobata-1: Minor Oil & gas shows Oil & gas shows West Ghobata Kasad-1 Kasad-1: Oil shows Lead C Balharak South-1: Excellent Oil & gas Madbi/Basement tested oil &…
  20. OIL SEARCH MENA – Oil Search Limited – slide 20
    Yemen Block 35 Al Magrabah-1 Test DST2 OSH 32.5%, Operator Al Magrabah-1 flowed small quantity of gas & recovered 34 API oil DST1 Proves working petroleum system Prospectivity established, requires further review,…
  21. OIL SEARCH MENA – Oil Search Limited – slide 21
    Yemen Block 15 Ras Ghashwah-1X Sarar-1X Recovered Recovered 38 API oil from Block 15 1700 litres 45 API oil Sharmah-1X fractured Eocene limestone from Cretaceous sands Produced 3045bopd 43 API oil from fractured Eocene…
  22. OIL SEARCH MENA – Oil Search Limited – slide 22
    Yemen Block 3 OMV Habban Historical Focus wellbore(m) Lithology Formation Group Defined Series Stage Top New Basement Discovery = No Success Block 3 750m oil column riasian ginian Hauterivian Barremian…
  23. OIL SEARCH MENA – Oil Search Limited – slide 23
    Yemen Block 7 S N Strat . Traps Tilted Block Tilted Block Block 8 OMV Habban Block 7 New Basement Discovery OSH 34% 750m oil column Block S2 OSH 34%, Operator PSA signed by Minister 15 April, awaiting ratification…
  24. OIL SEARCH MENA – Oil Search Limited – slide 24
    Blocks 3 & 7 Multiple Plays & Analogues S N Strat . Traps Tilted Block Tilted Block wellbore(m) Lithology Formation Defined Group Series Stage Top riasian ginian Hauterivian Barremian Aptian Albian Cenomanian…
  25. OIL SEARCH MENA – Oil Search Limited – slide 25
    Yemen Block 74 Block 14 Fields 1.2 billion bbls reserves Nabrajah OSH 34% Operator PSA signed by Minister 15 April 2007, awaiting ratification Block lightly explored with Quzah West Laed potential for Basement and…
  26. OIL SEARCH MENA – Oil Search Limited – slide 26
    Yemen: Remaining 2007 Activity Remaining 2007 Activity 2 Exploration Wells in B49 testing total 130mmbbl, OSH fully carried BLOCK 35 1 B43 Exploration & 1 Nabrajah Appraisal BLOCK 7 500+sqkm 3D in Blocks 3, continuing into Block…
  27. OIL SEARCH MENA – Oil Search Limited – slide 27
    Libya Area 18 5 Year Exploration Period (ends May 2010) 10000km2 Petrobras 70% Commitments: Oil Search 30% 2000 km 2D seismic (completed) 500 sqkm 3D seismic (completed) 1 Exploration well (to be drilled 4Q 2008) 89
  28. OIL SEARCH MENA – Oil Search Limited – slide 28
    Libya Area 18 Prospects and Leads Reserves Range 100 450MMbbls Libya 1 Prospect and 3 Leads identified in the block 1664km 2D and 830 sqkm 3D Seismic acquisition completed in 2007 1 exploration well scheduled 4Q08 90
  29. OIL SEARCH MENA – Oil Search Limited – slide 29
    Tunisia Tajerouine 100%, operator (to be ratified) Obligation 1st 4 year period 2D seismic and 1 well Forward Program Signing at the end of October and licence effective 1Q 2008 Strong interest from strategic partners to…
  30. OIL SEARCH MENA – Oil Search Limited – slide 30
    Iraq Kurdistan Province Bina Bawi EPSA Strategy TURKEY Bina Bawi EPSA 20% equity in A&T Petroleum, option DNO Tawke-1well to convert to 10% direct EPSA interest Flowed oil 7,000bopd Zakhu from zone at 350m Kurdistan Low cost,…
  31. OIL SEARCH MENA – Oil Search Limited – slide 31
    Kurdistan Bina Bawi Potential Bina Bawi Surface Anticline: Proven Petroleum System Large surface anticline: 350 sqkm; 800m closure For comparison: Kutubu 40 sqkm Bina Bawi-1 and Bina Bawi-2 wells completed Gas tested at 6 mmscfd…
  32. OIL SEARCH MENA – Oil Search Limited – slide 32
    New Business Summary Exploration - Organic Growth Build materiality around existing core areas Develop assets that have operational synergies Focus on material step out opportunities Build on established relationships with local…
  33. OIL SEARCH MENA – Oil Search Limited – slide 33
    MENA Focus, Activity and Results Tunisia Iraq (Kurdistan) Building material exploration Medium-long term position positioning strategy 2 blocks captured (1 operated) to 10% indirect be ratified 1Q 2008 participation in Bina Work…
  34. OIL SEARCH MENA – Oil Search Limited – slide 34
    MENA 2007/2008 Activity Schedule 2007 2008 3Q 4Q 1Q 2Q 3Q 4Q YEMEN Block 35 Block 49 Block 49 West Balharak Block 3 Reeb-1 Onshore (OSH Operated) Ghobata North Blk43 Block 43 Blk43 Block 43 Blk43 Onshore (DNO Operated)…
  35. OIL SEARCH MENA – Oil Search Limited – slide 35
    MENA Specific Issues MENA licences are Production Sharing Agreements compared to PNG licences which are Tax/Royalty Except Egypt Area A which is a Revenue Sharing Service Agreement Production Sharing Agreements allow for Cost…

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