O I L S E A R C H L I M I T E D 2003 Annual General Meeting June 2003
Result Summary Core Operating Profit (after tax) US55.2m (A102.5m) Up 213% on the 2001 Result A Record for the Company Reported Profit (after write off) US47.0m (A87.2m) Up 290% on the 2001 Result Again a Record for the Company
Result Summary Results driven by record US242.2m operating revenue (A449.3m) Up 92% on the 2001 Result Oil production rose 22% to 7.7 million barrels Oil & Gas production rose 16% to 8.3 million BOE Average oil price rose by US5.99/bbl…
Result Summary Earnings per share rose by 210% to A8.3 cents / share Operating cashflow per share A24.1 cents / share Balance sheet was significantly strengthened with net debt declining by over US43m from US174.7m to US131.3m Gearing…
Results Summary Two exploration wells were drilled in 2002 resulting in one small oil discovery Bilip The company completed a major strategic review of its assets and operations The review highlighted Substantial value remains in its…
Result Summary Mixed progress to commercialise the PNG Pipeline Project Completed Development Plan, with cost savings Intense marketing activity continues Progress on Gas Commercialisation with a number of promising projects being…
Result Summary Company now carrying out a share buy-back of up to 10% of its share capital Company has paid a dividend of US1c / share, based on 2002 results Outstanding safety performance across the organistation with zero Loss Time…
Ten Year Look Back 1992 First Oil Production from Kutubu Gas Production from Hides Oil Search 25 Staff 8% of oil and gas business in PNG Maiden profit and dividend
A Ten Year Look Back Net Profit After Tax (including extra ordinaries) 90 (Am) 80 70 60 50 40 30 20 10 0 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002
A Ten Year Look Back Operating Cashflow 250 (Am) 200 150 100 50 0 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002
A Ten Year Look Back Total Assets 2500 (Am) 2000 1500 1000 500 0 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002
A Ten Year Look Back Shareholder Equity 1600 (Am) 1400 1200 1000 800 600 400 200 0 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002
A Ten Year Look Back Earnings Per Share 9 (A cents) 8 7 6 5 4 3 2 1 0 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002
A Ten Year Look Back Operating Cashflow Per Share 25 (A cents) 20 15 10 5 0 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002
A Ten Year Look Back Production 10 (boe) 9 8 7 6 5 4 3 2 1 0 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002
Net Debt & Gearing 2002 2001 USM USM 250 35 Cash 60.8 40.3 30 Debt 192.1 215.0 Net Debt / Net Debt+Equity 200 25 Net Debt 131.3 174.7 150 20 US M Gearing 14.3% 25.9% 100 15 10 50 5 0 - 12/2000 06/2001 12/2001…
Where We Are Today The Company has never been in better shape Strong production performance with growth in 2004 and 2005 Strong balance sheet, with large borrowing capacity Series of initiatives that are now delivering value and…
OSHs PNG Resource Base Oil Search owns over 50% of PNGs oil reserves and almost 40% of the Gas Project gas reserves PNG Oil Project Company Reserves PNG Gas Project Company Reserves 230 MMbbls 01/01/2002 Total Gas : 5,880 Bcf PNG…
Operating is a Privilege and Responsibility Oil Search has been unanimously elected as Successor Operator for: Kutubu, Moran, Gobe, SE Gobe and PPL 219 Oil Search also operates: Hides Gas Field, 4 Exploration Licences and 2 Retention…
Chevron Texaco Operations 2003
Oil Search Operations 2003
What Operatorship Means Core objectives to take greater control of our business and lead the investment and development in PNG Strategic Review highlighted substantial remaining value in our core licences and highlighted initiatives to…
What Operatorship Means Key focus areas Committed to increase activity in exploration and development Committed to producing more oil and gas using the same number of people Development of marginal oil fields Reducing drilling…
Where We Will Be End 2003 Oil Search will own 55% of the business in PNG Will operate all oil and gas fields and most exploration areas Will have a staff of over 800 people Unique that a PNG company has the expertise and financial…
What is means for Shareholders Company has unprecedented strength to grow our business Control to increase profitability and manage investment in development activities AN HISTORIC MOVE FOR OIL SEARCH
PNG Pipeline Project Major project has been promoted for six years under various guises Attests to the complexity of commercialising a major project Co-ordinated market commitments Cohesive upstream reserve dedication Sound…
PNG Pipeline Project Many achievements realised Upstream Agreements/PNG Legislation in place Workable Partner and Field Co-ordination Agreements Credible financing plan for State participation Detailed engineering confirmed…
PNG Gas Hides Kutubu Pipeline - Pandora The Evolution Pandora to Townsville Kutubu to Townsville & Gladstone Hides / Kutubu to Townsville, Gladstone & Brisbane Without and with ExxonMobil Add Moomba / Lose Townsville Add…
PNG Pipeline Project Committed Conditional Agreements TXU Southern States CS Energy South Queensland MIM Northern Territory Other Major Potential Customers Alcan, PAWA Northern Territory Mt Isa Energex,Comalco, QAL, Incitec, etc.…
PNG Pipeline Project Total Volume Committed 60-70 PJ/year Close to volume required for FEED Project sanction volumes are achievable based on present market definition
PNG Pipeline Project PNG Project Has abundant deliverable reserves Good production history Is offering competitive package Engineering and commercial work provides flexible market approach NT + Queensland + Moomba, alone, or in…
PNG Pipeline Project Present Focus Engineering work and refinement of development plan completed Intense marketing efforts to secure customers Customers in Queensland, Northern Territory and Southern States Working on the 3 Cs
PNG Pipeline Project An Oil Search Perspective Totally committed to fully test viability of Project Clearly the best option for PNG, for industry development underscoring economic growth Clearly the best option for Australia…
PNG Pipeline Project An Oil Search Perspective Reviewing all options to commercialise large gas volume A number of complementary options identified Clear commercial pressure to move forward to develop resource ASAP
Gas Commercialisation Oil Search wishes to be the leader of gas commercialisation for use in PNG Actively studying Feasibility of gas pipeline to Port Moresby Compressed natural gas to service regional markets Methanol development…
The Outlook Production and Reserves Presently producing 27,000 BOEPD Production to increase at Moran Initiatives to stem decline at Kutubu and Gobe Reserve position strengthened in 2002 Proven oil reserves 75.6 million barrels (up…
The Outlook Exploration Primary focus on near field, early development opportunities: NW Moran SE Moran Mananda Appraisal Kapul Actively analysing other drilling opportunities
Near Field Drilling Opportunities 03-04 With Near Term Reserve & Production Growth Potential NW MORAN 20- 40mmbbls Spud 2Q 03 NW PAUA 150mmbbls MANANDA ATTIC 86mmbbls MANANDA FW 253mmbbls SE MORAN SE MANANDA…
SE Mananda NW Moran NW Paua 2003 Programme SE Moran & Drilling Arakubi Saunders Bilip Appraisal Opportunities Bosavi-1 Kapul-1 Bigpela
Growth Opportunities Production Focus Moran Optimisation NW Moran, SE Moran Debottlenecking Mananda, SE Mananda 2004 Appraisal Revised Fiscal Regime
Growth Opportunities PNG Pipeline Project Liquids Stripping at Hides Commercially viable 30,000 BCPD 2006 onwards Other Gas Development Options CNG Pipeline to Port Moresby Industry development Acquisitions Strong Balance Sheet…
Capital Management Share buy-back Consistent Dividend Stream Refinance present facility to provide flexibility
Outlook The future for Oil Search has never been better Continued strong profitability Production Growth Focus on Profitability through Operatorship and control of business Identified growth projects Strong financial capacity…
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