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2013 ANNUAL MEETING AGENDA – Oil Search Limited

Oil Search Limited · May 10, 2013 · 23 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. 2013 ANNUAL MEETING AGENDA – Oil Search Limited – slide 1
    STRATEGY ON TRACK Oil Search 2013 Annual Meeting 2013 Annual Meeting Agenda Overview 2012 Results PNG LNG Project Update Gas Expansion Opportunities Production/Near Field MENA Oil Exploration Commitment to PNG Summary 2
  2. 2013 ANNUAL MEETING AGENDA – Oil Search Limited – slide 2
    Overview 3 Strategies for Growth Optimise performance of existing producing PNG oil fields Support ExxonMobil in delivering PNG LNG Project on schedule Aggregate gas resources in PNG Highlands to underpin LNG expansion…
  3. 2013 ANNUAL MEETING AGENDA – Oil Search Limited – slide 3
    Core Strategies Deliver Consistent Share Price Appreciation Share price (A) PNG LNG FID 8 Acquisition of Chevron Manage transition to Texacos PNG assets PNG LNG Project Assume Operatorship 7 Merger of Oil Search & Orogen 6…
  4. 2013 ANNUAL MEETING AGENDA – Oil Search Limited – slide 4
    Committed to Achieving World Class Safety Performance 9 Total Recordable Injury Frequency Rate of 2.64 for 2012 8 Australian Companies (APPEA) 7 TRI / 1,000,000 Hours 6.0 6 5.2 5 4.7 International Companies 4 (OGP) 3…
  5. 2013 ANNUAL MEETING AGENDA – Oil Search Limited – slide 5
    2012 Results 9 2012 Performance 9.8 Production (mmboe) Production of 6.38 mmbboe 8.6 8.1 7.7 within guidance range 6.7 6.4 Good result given maturity of oil fields and unplanned and planned shut-downs during 07 08 09 10…
  6. 2013 ANNUAL MEETING AGENDA – Oil Search Limited – slide 6
    2012 Performance NPAT (USm) Net Profit after tax of 313.4 US175.8 million 185.6 202.5 175.8 137.9 133.7 Key drivers included lower sales volumes and oil prices 07 08 09 10 11 12 Higher exploration expense, reflecting increased…
  7. 2013 ANNUAL MEETING AGENDA – Oil Search Limited – slide 7
    Cost Management Actively working to control US/boe 35 costs Costs associated with Kumul 30 Gas purchase US6.00 Marine Terminal oil sheen costs 25 incident, flood damage, foreign exchange and higher inflation 20 US0.62 added…
  8. 2013 ANNUAL MEETING AGENDA – Oil Search Limited – slide 8
    Investment Outlook 2,500 USm 2013 Guidance US1.93-2.0bn Other PP&E 2,000 Production 1,861 US20 30m PNG LNG US150 170m Exploration & Evaluation 1,568 1,500 1,364 US1,500 1,600m 1,000 586 451 500 US260 300m 0 2008 2009…
  9. 2013 ANNUAL MEETING AGENDA – Oil Search Limited – slide 9
    PNG LNG Project Overview More than 80% complete Juha Gas Field Juha Production Facility *Existing Facilities 250 Mcfd Operator has confirmed Project 60km x 14 60km x 8 gas line remains on track for first LNG sales liquids line…
  10. 2013 ANNUAL MEETING AGENDA – Oil Search Limited – slide 10
    PNG LNG Plant Site LNG Facility PNG LNG plant site, March 2013 Engineering and procurement substantially complete. Preparations underway to ready plant for receipt of commissioning gas 19 PNG LNG Plant Site LNG…
  11. 2013 ANNUAL MEETING AGENDA – Oil Search Limited – slide 11
    PNG LNG Plant Site Storage tanks LNG Facility 21 PNG LNG Offshore Pipeline Offshore Pipeline Offshore pipelay SEMAC I Offshore pipelay SEMAC I Offshore pipeline completed in 2012 22
  12. 2013 ANNUAL MEETING AGENDA – Oil Search Limited – slide 12
    PNG LNG Onshore Pipeline Highlands section pipeline Onshore Pipeline Pipeline burial Onshore pipeline welding 258km of onshore pipeline welded at end March 2013, with 197km of pipeline hydrotested 23 Associated…
  13. 2013 ANNUAL MEETING AGENDA – Oil Search Limited – slide 13
    PNG LNG Project - Upstream Hides Gas Conditioning Plant (HGCP) HGCP Mar 2013 Mar 2013 Apr 2013 Completed HGCP foundations and erection of structural steel substantially complete 25 PNG LNG Project - Upstream Komo…
  14. 2013 ANNUAL MEETING AGENDA – Oil Search Limited – slide 14
    PNG LNG Project - Drilling PDL 1/7 Hides Field Hides GTE Plant 8 New Production Wells Drilling 2012+ Hides Nogoli Camp PDL 8 Angore Field 2 New Wells Hides Gas Conditioning Plant 10km Komo Airfield PNG LNG development…
  15. 2013 ANNUAL MEETING AGENDA – Oil Search Limited – slide 15
    Gas Expansion Opportunities 29 Gas Growth - PNG Highlands PPL260 PNG LNG Project Comprehensive exploration PRL3 Hides Gas NonResources PNG LNG and appraisal in PNG Juha North Gas Resources Highlands, to fully…
  16. 2013 ANNUAL MEETING AGENDA – Oil Search Limited – slide 16
    Pnyang Gas Field PRL 3 JV advancing with concept selection studies, optimal development concept expected to be finalised in 2013 Oil Search estimates total 2C gas resources in Pnyang field of 2.5 3.0 tcf, sufficient to underpin potential…
  17. 2013 ANNUAL MEETING AGENDA – Oil Search Limited – slide 17
    2013 Gulf of Papua Programme Flinders 1 in PPL 244 spudded late March 2013 and drilling ahead. Targeting gas in Plio-Pleistocene-age, submarine fan sands. Mean resource of 1 1.5 tcf Hagana 1 in PPL 244 to follow. Stacked objectives,…
  18. 2013 ANNUAL MEETING AGENDA – Oil Search Limited – slide 18
    PNG Production and Near Field Opportunities Juha PPL260 PRL PDL9 02 North Hides PNG producing fields are PDL1 PRL 11 Angore highly profitable and Juha PDL 7 PDL8 PRL 11 PPL277 generate strong cash flows 6S PDL6 PDL5 PDL7…
  19. 2013 ANNUAL MEETING AGENDA – Oil Search Limited – slide 19
    Mananda 6 Mananda 6 appraisal well in PPL 219 (OSH 71.25%, JX Nippon 28.75%) spudded in April 2013 5km south east and 140m up-dip from Mananda 5 discovery, 10km from SE Mananda Estimated recoverable oil resource of 30 mmbbl, with…
  20. 2013 ANNUAL MEETING AGENDA – Oil Search Limited – slide 20
    Taza-1 Taza PSC, Kurdistan Taza-1 reached total depth in April 2013. Testing of lower zone underway Continuous oil shows over 250 metre section, covering three reservoir intervals Jeribe, Dhiban and Euphrates Pre-drill estimate of…
  21. 2013 ANNUAL MEETING AGENDA – Oil Search Limited – slide 21
    Commitment to PNG Continued Investment Oil Search was PNGs largest single investor in 2012, and largest tax payer Approx. US1.8bn spent on development, appraisal, exploration and operations. Expect to spend similar amount in 2013…
  22. 2013 ANNUAL MEETING AGENDA – Oil Search Limited – slide 22
    Commitment to PNG - Sustainability Focus Comprehensive programme of benefits distribution: Equity, royalties, development levies, employment, business development, education, training, health care, agriculture Biomass power Focus…
  23. 2013 ANNUAL MEETING AGENDA – Oil Search Limited – slide 23
    Production Outlook Including Possible Mananda Development 30 Net Production (mmboe) PNG LNG (T1+T2) Mananda 25 Base oil production Hides GTE SE Mananda 20 SE Gobe Gobe Main Moran Kutubu 15 10 8.12 7.66 6.69 6.38 6.2-6.7…

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