2014 Full-Year Results 17 February 2015 Delivering for the future
2014 Operational and Corporate Results Dr Abdul Jaleel Al Khalifa, CEO Our production & exploration sites Our offices Delivering for the future
Dragon Oil today The Cheleken Contract Area, offshore Turkmenistan, our main producing asset (100% interest) where we have 55% interest in the operated for almost 15 years Bargou Exploration Permit, Tunisia Turkmenistan…
2014 Key Highlights Strong operational and financial results Organic reserves replacement for a fifth consecutive year Two oil discoveries in Iraq Diversification continues: Two onshore perimeters in Algeria added Marketing…
2014 Gross Production Growth 6.8% growth in 2014 to 78,790 bopd AVERAGE DECEMBER GROSS from 73,750 bopd in 2013 PRODUCTION 89,680 bopd DECEMBER 2014 EXIT RATE 92,008 bopd The Caspian Driller jack-up rig. The Dzheitune (Lam)…
Drilling Results Cheleken Contract Area 2014: 14 development and appraisal wells completed; very strong 2H 2014 2015: two wells are being completed Completion Depth Well Rig Type Initial test rate (bopd) date (metres) Lam B/155A…
Reservoir work in the Dzhygalybeg (Zhdanov) field State-of-the-art technology is used to drill and evaluate wells ULTRADRIL high performance water-based mud system used results in improved wellbore stability, among other benefits…
Reserves and Resources AS AT 31 DECEMBER 2014 AS AT 31 DECEMBER 2013 Proved and Probable Remaining Oil and Condensate Gas Oil and Condensate Gas Recoverable Reserves million barrels TCF million barrels TCF Gross field reserves to 1st…
Infrastructure Highlights Fabrication of Dzheitune (Lam) E platform and associated pipelines commenced Dzheitune (Lam) F platform in the central part of the Dzheitune (Lam) field substantially completed Quadrupling of our crude…
Engineering Work at the Central Processing Facility Additional equipment installed that enables us to operate the CPF to process above 90,000 bopd and minimized water content in crude oil Addition of the another heater treater will…
Rigs Deployment in 2015 Status Jack-up rig Elima Contracted until May 2016 Jack-up rig Neptune Contracted until Mercury is ready to replace Neptune Caspian Driller jack-up rig Five-year initial contract + a two-year optional…
Secondary Oil Recovery: Artificial Lift Objective is to increase production and enhance recovery Artificial lift application commenced in June 2013 with installation in two wells Jet pumps installed in two more wells in 2014…
Secondary Oil Recovery: Water Flood Objective is to increase reserves, increase production rate and extend plateau Pilot water injection project ongoing at the Dzheitune (Lam) 75 area Plans to expand to other platforms in 2015…
Gas Tendering to select a contractor for EPIC of the Gas Strip condensate for sale and target long-term gas Treatment Plant ongoing with award expected in due sales agreement or other alternatives course 2015 2015-18 CONSTRUCTION…
Marketing of crude oil Diversification achieved: one-year agreement with two buyers for all anticipated entitlement export production in 2015 FOB (free-on-board) the Aladja Jetty, Turkmenistan exporting via Baku, Azerbaijan and…
Exploration Assets Summary NUMBER OF DRAGON EXPLORATION / OILS APPRAISAL ASSET LOCATION, AREA INTEREST PROGRESS IN 2014 WELLS Block 9 onshore Iraq 30% Two oil discoveries in both targets, Mishrif 2 866km2 and Yamama formations,…
Exploration Assets Summary (cont.) NUMBER OF DRAGON EXPLORATION / OILS APPRAISAL ASSET LOCATION, AREA INTEREST PROGRESS IN 2014 WELLS Sanduqli onshore Afghanistan 40% and Contract awarded for airborne 2 2,583km2 operator gravity…
Exploration Assets Consortium of Kuwait Energy (70% and operator) and Dragon IRAQ Oil (30%) BLOCK 9 First oil discovery in the Mishrif formation in the Faihaa-1 30% exploration well at 2,700 meters with flow rates of c. 2,000 866km2…
Exploration Assets (cont.) Contract for the exploration and exploitation of hydrocarbons ALGERIA signed on 29 October 2014 MSARI AKABLI PERIMETER TINRHERT NORD PERIMETER 30% paying interest In partnership with ENEL Trade Operator,…
Investment in People and Health & Safety Our talent Training and development Health and safety c. 1,900 professionals In-house and external The Group continued to training programmes operate without fatalities 93% of workforce in…
Investment in Community Annual commitment Allocation of approximately US10mn annually for jointly identified social projects and training programmes School, Hazar, Turkmenistan. 22 Delivering for the future Dragon Oil plc
2014 Financial Results Tarun Ohri, Director of Finance Delivering for the future
2014 Financial Highlights Revenue Net Profit Cash Balance US1.1bn US650.5mn US2.0bn Production growth Final dividend of Self-financing of 16 US cents per share development & Lower realised oil prices for 2014 exploration…
2014 Financial Highlights Strong balance sheet USmn 2014 2013 CHANGE allows us to Revenue 1,093.1 1,047.9 4% Operating profit 578.6 687.7 -16% Continue with the development of the Cheleken Net profit 650.5 512.6 27% Contract…
2014 Income statement Revenue: Increase attributable to an 17% increase Admin expenses: Higher by 34% primarily due to in the volume of crude oil sold despite a 11% increase in corporate costs decrease in the average realised crude…
Cash flow Cash and term deposits total US1,975mn Net cash from operations higher by 26% as at 2014 year-end and include: Total capital expenditure in 2014 was Term deposits of less than three months US679mn and US597mn cash outflow…
2014 Capital Expenditure 2014 332 295 52 Infrastructure Drilling 2013 121 151 59 Exploration activities Drilling (44%) 14 development and appraisal wells, including two sidetracks, completed Infrastructure (49%) Relocation of…
Outlook Dr Abdul Jaleel Al Khalifa, CEO Delivering for the future
Outlook Production Target annual production growth of around 10% in 2015 and exit 2015 at 100,000 bopd Grow gross production in 2016 to average 100,000 bopd and maintain this rate as plateau from 2016 for at least five years…
Outlook (cont.) Drilling Complete between 15 and 20 wells a year in 2015 and in 2016 Four drilling rigs (three jack-up and one platform-based rigs) in 2015 Caspian Driller has arrived and is being commissioned for commencement of…
Outlook (cont.) Infrastructure Installation of the Dzheitune (Lam) F platform ongoing Fabrication and installation of the Dzheitune (Lam) E platform US500mn to US600mn estimated capital expenditure for infrastructure and…
Outlook (cont.) Diversification Two appraisal wells in Block 9, Iraq Re-processing of existing 2D seismic data in East Zeit Bay, Egypt Airborne gravity and magnetic data acquisition in Afghanistan Annual exploration spend of…
Investor and analyst enquiries Dragon Oil plc Anna Gavrilova + 44 20 7647 7804 agavrilovadragonoil.com irdragonoil.com Media enquiries Citigate Dewe Rogerson Martin Jackson +44 20 7638 9571 Joint Corporate Brokers Davy John…
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