2014 Annual Meeting A year of transformation 10:00am, Friday 16 May, 2014 Crowne Plaza Hotel, Port Moresby, PNG Oil Search Limited ARBN 055 079 868
Presentation by Managing Director Peter Botten Oil Search Limited ARBN 055 079 868
Corporate Transformation Underway Oil Search is in excellent position to build further value for shareholders. Platform of unprecedented strength PNG LNG Project largely complete, with loading of first cargo underway PNG LNG transforms…
Core Strategies Have Delivered Steady, Long-Term Share Price Appreciation. Manage transition PRL 15 PNG LNG production to PNG LNG Project PNG LNG FID acquisition commences 10 9 8 Acquisition of Share Price (A) 7…
Significant increase in Market Capitalisation.. OSH vs STO vs WPL 20 x18.5 Oil Search 15 Woodside 10 Santos 5 x4.2 x3.4 - Jan-03 Jan-04 Jan-05 Jan-06 Jan-07 Jan-08 Jan-09 Jan-10…
Top Quartile TSR Performance Relative to Australian Peers 2000% Oil Search 1,720% 1500% Woodside Santos MSCI 1000% Energy Index ASX 50 TSR Index 500% 490% 324% 286% 253% 0% Jan-03 Jan-04 Jan-05 Jan-06…
Safety Remains Our Top Priority 9 Total Recordable Injury Frequency Rate of 2.47 for 2013 8 Australian Companies 7 (APPEA) 6.0 6 5.2 4.9 5 4.7 International 4 Companies (OGP) 3 2.64 2.47 1.96 1.85 2 1.75 1.68 1.76 1.74…
PNG LNG Project 8
Project Update PNG LNG Project ahead of schedule and expected to be delivered within November 2012 budget of US19 billion Train 1 in production and start-up of Train 2 expected soon LNG loadings have commenced, first shipment to…
PNG LNG Plant Site Feb 2011 Feb 2014 10
PNG LNG Plant Site and Jetty Jun 2011 Nov 2013 11
PNG LNG Spirit of Hela May 2014 12
PNG LNG Offshore Pipeline Juha Hides Angore Juha Facility Agogo Hides Gas Moran Conditioning Plant Offshore Pipelay SEMAC I Kutubu Komo Airfield Gobe Main Kutubu CPF Onshore pipeline and Infrastructure Offshore Pipelay…
PNG LNG Kutubu Nov 2010 PNG LNG Project Facility Major Road Feb 2013 15
PNG LNG Komo Airfield Dec 2010 Oil Pipeline PNG LNG Gas Pipeline OSH Facility PNG LNG Project Facility Major Road First Antonov 124, May 2013 Nov 2013 16
PNG LNG HGCP Dec 2010 Aug 2012 Mar 2014 17
PNG LNG Project Delivery Ahead of Schedule Continued early works Continue onshore Detailed design pipe lay Complete construction and Order long leads and place Complete offshore pipe lay commissioning of HGCP purchase orders Start…
PNG Gas Growth Seismic acquisition in PNG Highlands 19
Gas Growth Strategy Juha North (24.4%) PPL260 Hides Oil Search looking to leverage Pnyang PRL3 Angore existing LNG infrastructure (38.5%) Juha 260 PDL9 PDL8 Moran and skills developed by Proposed Juha Facility PDL1…
Hides Drilling Six wells at three wellpads PDL 1/7 Hides Field (B,C and D) complete 8 New Production Wells Hides GTE Plant Hides Nogoli Camp Drilling ongoing at wellpad G (NW Hides) and PWD Hides Well Pad G well. Will help…
Pnyang - PRL 3 Key resource to support potential growth from PNG LNG: Total 2C recoverable gas resources in Pnyang field of 2.5 tcf Concept selection work well advanced engineering, environmental and social mapping Development…
Elk/Antelope PRL 15 Pnyang Juha North PPL260 Hides Acquired 22.8% gross interest PRL3 Juha in PRL 15, containing Angore 260 PDL8 Elk/Antelope gas fields, for Moran Proposed Juha PDL9 PDL1 PPL277 US900 million Facility…
PNG Oil Production Operator of all PNGs oil fields since 2003 24
Strong production from PNG oil fields PPL260 PDL9 Juha North 2013 production of 6.74 mmboe, Juha PDL1 PRL 11 6% higher than in 2012 PDL7 PDL8 PRL PPL277 11 Hides PDL7 Angore Continued success of PPL233 development…
Production Outlook Production guidance for 2014 Net Production (mmboe) increased from 13 16 mmboe to 30 PNG LNG (T1+T2)(1,3) 14.5 17.5 mmboe due to early Hides GTE(3) SE Mananda delivery of PNG LNG 25 Gobe Moran(2) Production from…
Oil Exploration Taza 1 well, Kurdistan 27
Oil Discovery at Taza, Kurdistan: Appraisal Underway TURKEY Caspian Sea KURDISTAN REGION OF IRAQ Erbil Office Sulimaniyah Office Taza SYRIA PSC IRAN JORDAN IRAQ Persian Gulf SAUDI ARABIA Red Sea Taza 2 well,…
Oil Discovery at Taza, Kurdistan: Appraisal Underway Taza 1, drilled in 2013, discovered light oil. Appraisal programme now underway Jambur Kor Mor Taza 2 currently drilling to appraise upper intervals and explore deeper targets.…
Sustainability Focus 30
PNG Operating Environment New era of political stability with ONeill Government With transformational PNG LNG cash flows imminent, increased transparency and accountability is key to future stability of PNG: Adoption of EITI,…
Oil Searchs Commitment to PNG Oil Search was PNGs largest single investor and largest tax payer in 2013: US1.6bn spent on development, appraisal, exploration and operations Capacity building in 2013: 83% of PNG workforce comprised…
Oil Searchs Commitment to PNG Comprehensive programme of benefits and social contribution Project-related benefits include: Equity, royalties, development levies, employment, business development, education, training, health and…
Positioning for Next Phase of Growth Major Strategic Review underway to set objectives and programmes for Oil Search over next five years Review will analyse: Asset values and ways to capture full value Balance of asset portfolio to…
Summary Oil Search has unprecedented platform for further growth: Delivery of PNG LNG will more than quadruple production 2013 2015 Delivers material cash flow to invest in high returning projects and fund higher dividends Assets have…
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