Highlights of a Great First Year Full Year to 31 December 2010, US dollars Pro-forma* net 21,074 Boepd export production with realised oil price of 81.3/Boe Good operational performance across producing fields; overall 2010 drilling…
Delivering EnQuests Strategy in the North Sea Development and Production To become the UK's leading independent oil and gas development and production company Vision To become a technical leader in integrated development To maximise…
Growing EnQuests North Sea Licences Increased from 16 to 26 in 2010
2010 Operational Results Strong production growth, up 55% on prior year Net production (Boepd) 21,074 13,613 11,660 6,406 4,836 4,578 3,849 3,358 Thistle/Deveron The Dons Heather/Broom Total 2009 2010 6
2011 Net Production Target Set At 26,500 Boepd 26% growth on 2010 Net production by asset (Boepd) Assets 2008 2009 2010 2011E Thistle/Deveron 2,600 3,849 4,836 The Dons - 3,358 11,660 26% growth Heather/Broom 7,550 6,406…
Reserves and Resources Achieved 10% 2P growth target, 208% replacement ratio MMboe Proven and Probable Reserves 8.2 88.5 80.5 (7.4) 7.2 Reserves 1 Jan 2010 Production Stratic Revisions of previous Reserves 31 Dec 2010…
Growth in 2010 Delivered one acquisition in 2010; Stratic Energy Corporation, increasing 2P reserves by 7.2 MMboe Farmed out 30% of Elke and Pilot Fields to Kuwait Foreign Petroleum Exploration Company (KUFPEC) - a subsidiary of…
Delivering Operational Excellence A technical leader in integrated development Drilling Seven Wells drilled in 2010, including 4 producers, 1 injector, and 2 exploration/appraisal wells Overall drilling Program completed ahead of…
EnQuest PLC Financial Highlights Jonathan Swinney Chief Financial Officer 11
Summary Income Statement Year ended 31 December Pro-forma* Reported US dollars (pre-exceptionals and fair value (pre-exceptionals and fair value adjustments) adjustments) 2010 2009 2010 2009 m m m m Revenue 614.4 319.0 583.5…
Reported Income Statement Year ended 31 December Year ended 31 December 2010 2009 US dollars Exceptional items and Reported in Business performance depletion of year fair value uplift m m m m Revenue 583.5 - 583.5 234.0 Cost of…
Exceptional Items and Fair Value Uplifts US dollars Non-cash items 25m Scolty impaired in H1 35m Peik and Burdock impaired in H2 16m Depletion of PEDL fair value uplift Cash items 8m Demerger and listing expenses 5m…
Pro-Forma Financial Performance Indicators Year ended 31 December US dollars 2010 2009 Change Export production (Boepd) 21,074 13,613 55% Average realised price per barrel () 81.26 65.14 25% Revenue ( million) 614.4 319.0 93%…
Balance Sheet As at 31 December 2010 2009 US dollars m m ASSETS Non-current assets Property, plant and equipment 1,136.4 518.6 Goodwill 101.9 - Intangible assets 12.3 71.6 Asset held for sale 18.7 - Loan receivable from related party -…
Pro-forma Capex of 196.3m in 2010 USm 70.8 59.1 41.5 24.9 Thistle/Deveron The Dons Heather/Broom Exploration & Appraisal 17
Reported Cash Flow For the year ended 31 December 2010 USm 267.7 (4.1) (154.9) 11.2* 41.4 7.9 (86.3) Cash & Pre-tax cash flow Tax paid Capex Repayment of Financing & Cash & equivalents at 1 from operations Stratic loans &…
Finance Summary & 2011 Outlook 2010 Production delivery and oil price drove a very good financial performance in 2010, ahead of our expectations 2011 Capex expectations of c.300 million 250 million on development drilling and…
EnQuest PLC Review of Operations Nigel Hares Chief Operating Officer
Strong 2010 Operational Results Operatorship driving delivery of results Net production (Boepd) 21,074 13,613 11,660 6,406 4,836 4,578 3,849 3,358 Thistle/Deveron The Dons Heather/Broom Total 2009 2010 21
Operations Highlights Thistle / Deveron Production on plan Improved power generation and higher water injection volumes Delivered highest production rates since February 2005 Drilling operations New rig (70 million upgrade),…
Operations Highlights The Don Fields Production over three times 2009 levels; driven by three new production wells, delivered faster than expected Transferred from tanker loading to export via Thistle Commissioned water injection…
West Don The Don Fields Don NE 211/18a-W1 Conrie 211/18a-S7 Don SW 211/18a-W2 211/18a-S6 211/18a-W3&W3z 211/18a-S5 211/18a-W4 211/18a-S1 211/18a-S9 211/18a-S3z 211/18a-S8Z 211/18a-S8 211/18a-S4 211/18a-S2z…
Operations Highlights Heather / Broom Production close to plan 2Q 2010 BR7 NWT well and sidetrack disappointing, tophole suspended for future use Broom pipeline improvement project Pipeline successfully installed, enhanced…
Heather Infill Drilling Nine infill location targets selected for initial 2012-2014 drilling campaign 20 potential infill targets Else 9 targets selected for initial programme, Rubrum 4000m with 14 MMboe reserves n vo 3000m…
2011 Drilling Programme Underpinning targeted 26% increase in production Well drilling start dates, by quarter First Quarter, 2011 Second Quarter, 2011 DSW Area E, Exploration (Conrie) DSW S9 INJ Thistle, EFB-P1 DSW Area 26,…
Potential Development of Discoveries 29
EnQuest PLC Summary Amjad Bseisu Chief Executive
2010 Summary Performed well, growing momentum Delivered strong production growth in 2010, at 21,074 Boepd, up 55% on 2009 and above target Continued focus on further building and enhancing operation and execution skills Good…
Outlook Summary On track to deliver sustainable growth Focused operational programme in 2011 Eight wells being drilled Total capex of 300m Targeting production of 26,500 Boepd, 26% growth Reactivation of Heather drilling rig…
Significant Opportunities Remain in the UKCS Combined majors North Sea UK remaining reserves UKCS projected reserves and resources MMboe 20% of remaining reserves 821MMboe 4,500 Cumulative reserves 210 smaller fields (79% of total…
EnQuest Producing Assets Operatorship driving delivery of results Decommissioning liability % Field (first oil) Operator Working interest BP 1% Thistle/Deveron 99% Existing obligations remain with EnQuest (1978) former owners…
Thistle / Deveron Infrastructure 37
The Don Fields Infrastructure 38
Heather / Broom Infrastructure 39
Definition of Pro-forma in these Materials Detailed pro-forma note; in April 2010 the newly incorporated independent entity EnQuest PLC acquired the demerged UK North Sea assets of Petrofac Limited and Lundin Petroleum AB…
Loading...
