EnQuests Strategy Focused on development and production Realising the untapped potential in maturing assets and in underdeveloped oil fields Maximising production and exploiting upside potential Infill drilling Focus on Hubs…
Strong Cash Flow in H1 2012 On Track For Future Production Growth Production of 20,253 Boepd 2012 average full year production expected range between 20,000 Boepd and Production 24,000 Boepd Six well drilling programme, three…
On Track To Deliver Approximately 20% CAGR* Between 2009 and 2014**, based only on net 2P profiles Average net production (Boepd) Guidance range Over 33 ,000 ly 20% ate r oxim 28,000 pp GRa C A 24,000 23,698 23,000 21,074…
2012 Operational Results To The End of June In line with expectations 2011 2012 Net production (Boepd) 25,210 20,253 14,065 8,895 7,655 5,612 5,533 3,703 Thistle/Deveron The Dons Heather/Broom Total 5
EnQuests North Sea Assets As at end of June 2012, includes acquisitions announced in 2012 6
The EnQuest Discovery Hopper Discovery Project status Unrisked net 2C resources WIs quoted here are based on MMboe acquisitions agreed in 2012 Kraken (60% WI) Working towards FDP in H1 2013 60+/- Kildrummy (60% WI) Appraisal…
Consolidating IPO Positions & Building New Ones Where we had grown asset interests to by the end of 2011 Crawford/Porter Acquired further 32% for carry up to 55.8m. Development decision in 2012 From 19% to 51% Broom Acquired further…
Consolidating IPO Positions & Building New Ones How we have grown our interests in 2012, so far Crawford/Porter Acquired further 32% for carry up to 55.8m. Development decision in 2012 From 19% to 51% Broom Acquired further 8% for…
Alma and Galia On Track For First Oil Q4 2013 Drilling operations completed on 3 wells to date, good results 10
Alma/Galia 500M Farm Out Agreed with KUFPEC, building on relationship since 2010 KUFPEC is taking a 35% stake for approximately 50% of project costs KUFPEC to invest approximately 500m in cash, comprised of: KUFPECs pro-rata…
Kraken On Track For FDP Submission In H1 2013 Sustainable reserves and production growth, asset diversification In Q1 2012, EnQuest acquired 20% from Canamens EnQuest then acquired a further 25% from P1573 Nautical and a further…
Jonathan Swinney Chief Financial Officer 13 13
Results Summary Half year to 30 June Unless otherwise stated all figures are before exceptional items and depletion of fair value uplift and are in US dollars US dollars 2012 2011 Change % Export production (Boepd) 20,253 25,210…
Summary Income Statement Half year to 30 June 2012 2012 2011 US dollars Business performance Reported* Reported ms ms ms Revenue 440 440 511 Cost of sales (236) (240)* (288) Gross profit 204 200* 223 Exploration and evaluation…
Group Taxation Position ETR % ms UK tax losses ms Profit before tax 185 Recognised at 31 December 2011 180 H1 2012 net losses 276 UK corporation tax rate 62.0 114 RFES 25 PRT 9.8 18 Prior year true up 20 RFES (7.7) (14) Leasing…
Capital Expenditure* 605m Half year to 30 June 2012 USm 352 89 63 44 32 10 10 5 Thistle/Deveron Dons/Conrie Heather/Broom Alma/Galia Kraken E&A Acquisitions** Other * Includes accrued expenditure ** Includes 36m re…
Cash Flow Half year to 30 June 2012 Strong financial position, new 900m facility USm 240 (504) (11) 379 93* (11) Cash & equivalents Cash flow from Purchase of tax losses Capex Financing & other Cash & equivalents less…
Finance Outlook Full Year 2012 Capex expectations of around 800m Absolute total production and transportation costs to be broadly similar to 2011 Depletion, dependent upon production mix, but anticipated to be similar to 2011, on…
Nigel Hares Chief Operating Officer
2012 Operational Results To The End of June In line with expectations 2011 2012 Net production (Boepd) 25,210 20,253 14,065 8,895 7,655 5,612 5,533 3,703 Thistle/Deveron The Dons Heather/Broom Total New wells A57 &…
Thistle / Deveron Area6 I1 H1 2012 A46 Area6 P1 A58 (Dev-P1) well completed and on NWFB P2 production, productivity at the higher end of pre- A56 drill estimates A56 w/o NFB I1 Well workover programme Engineering design of…
Dons/Conrie H1 2012 S10 drilled, replaces S1 211/18a W1 S11 drilled, new well 211/18a S7 10 day pipeline outage 211/18a W2 LL 211/18a W2 211/18a S6 H2 2012 211/18a S9 S11 already on stream, S10Y 211/18a S5 performing as…
Heather/Broom H1 2012 Lost 20 days production in June due to third Else injector Additional party Ninian pipeline maintenance 2016 Opportunities Erica 2017 onwards H2 2012 injector 2015 Rig reactivation programme well underway Else…
The Alma and Galia Development On track for first oil Q4 2013 Modification and life extension works on the EnQuest Producer, the FPSO, now well underway All subsea material and installation contracts placed First construction…
Alma Drilling 6ft high 18ft high 56ft high 30/24C-K2 Zech Z4 Z3 B10 Z2 Z1 Zechstein B04B B09 B08 B04A Rotliegend Virgin (R1) Oil -8948ft B07 Swept Rotliegend (R2) Partially swept Devonian 26
Alma/Galia Project on schedule for Q4 2013 start up 27
Kraken On Track For FDP Submission In H1 2013 In H1 2012, EnQuest has been working through the concept selection phase of the Kraken development Significant technical facilities and P1573 subsurface work underway New 3D seismic…
The Kraken Discovery Development Scheme Option Prior To EnQuests Operatorship FPSO Shuttle tanker offload Multiple Drill Centres Ketos Development tied back with DC4 29
Summary Strong cash flow in H1 2012. On track for future production growth Operations Six well drilling programme, 504m of cash capex invested Production on track for full year annual average target Between 20,000 Boepd to 24,000…
A substantial exploitation company in 2012 and beyond.. Technical Operational Focus on Hubs Skills Scale Near Field Appraisal and Exploration Business Development Financial Strength 33
Income Statement Half year to 30 June 2012 2011 US dollars Depletion of Business performance fair value uplift 000s 000s 000s 000s Revenue 440,086 - 440,086 511,425 Cost of sales (235,992) (4,091) (240,083) (288,199) Gross…
Balance Sheet As at 30 June 2012 2011 US dollars 000s 000s ASSETS Non-current assets Property, plant and equipment 1,724,723 1,273,558 Goodwill 107,760 107,760 Intangible oil and gas assets 123,402 24,347 Asset held for sale…
Largest UK Independent Producer in the UK North Sea Government data for UK north sea independent producers 36
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