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GOLDMAN SACHS GROUP 9TH ANNUAL AUSTRALASIAN INVESTMENT FORUM – Oil Search Limited

Oil Search Limited · Mar 6, 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. GOLDMAN SACHS GROUP 9TH ANNUAL AUSTRALASIAN INVESTMENT FORUM – Oil Search Limited – slide 1
    OIL SEARCH LIMITED 1 Oil Search Profile Established in Papua New Guinea (PNG) in 1929 Market capitalisation US10 billion Listed on ASX (Share Code OSH) and POMSOX, plus ADR Tunis programme (Share Code OISHY)…
  2. GOLDMAN SACHS GROUP 9TH ANNUAL AUSTRALASIAN INVESTMENT FORUM – Oil Search Limited – slide 2
    Key Oil and Gas Fields, PNG Madang PPL260 Angore Pnyang PRL3 Porgora Wabag Gold Mine Juha 260 Hides PDL8 Proposed Juha PDL9 PRL11 Facility PDL1 Mt. Hagen PPL277 Moran 6S Kundiawa PRL02 PDL6 Goroka Kiunga PDL7 233 PDL5…
  3. GOLDMAN SACHS GROUP 9TH ANNUAL AUSTRALASIAN INVESTMENT FORUM – Oil Search Limited – slide 3
    Progress on all Strategic Initiatives in 2012 Continued to support Esso Highlands in delivering PNG LNG Project Major success in resource build strategy, with Pnyang South discovery: Increasing probability Pnyang will help…
  4. GOLDMAN SACHS GROUP 9TH ANNUAL AUSTRALASIAN INVESTMENT FORUM – Oil Search Limited – slide 4
    Steady Share Price Growth Have achieved steady share price appreciation over past five years Continued delivery of strategy should result in continued top quartile performance Share price (A, rebased to OSH) 10 9 8 Oil Search…
  5. GOLDMAN SACHS GROUP 9TH ANNUAL AUSTRALASIAN INVESTMENT FORUM – Oil Search Limited – slide 5
    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 2.64 1.96 1.85 2 1.75 Oil…
  6. GOLDMAN SACHS GROUP 9TH ANNUAL AUSTRALASIAN INVESTMENT FORUM – Oil Search Limited – slide 6
    PNG LNG Project Overview 6.9 MTPA, 2 train development, operated by ExxonMobil Over its 30-year life, PNG LNG expected to produce more than 9 tcf of gas and 200+ million barrels of associated liquids Initial Equities: ExxonMobil…
  7. GOLDMAN SACHS GROUP 9TH ANNUAL AUSTRALASIAN INVESTMENT FORUM – Oil Search Limited – slide 7
    Milestones achieved in 2012 PNG LNG Project 75% complete at year end Juha Gas Field Juha Production Facility *Existing Facilities 250 Mcfd 60km x 14 Completed construction of LNG tanks, jetty trestle and pipe gas line 60km x 8…
  8. GOLDMAN SACHS GROUP 9TH ANNUAL AUSTRALASIAN INVESTMENT FORUM – Oil Search Limited – slide 8
    PNG LNG Plant Site LNG trains 1 & 2 15 PNG LNG Plant Site Export Jetty 16
  9. GOLDMAN SACHS GROUP 9TH ANNUAL AUSTRALASIAN INVESTMENT FORUM – Oil Search Limited – slide 9
    PNG LNG Plant Site Storage tanks 17 PNG LNG Pipeline Highlands section pipeline Offshore pipeline (completed) Burying pipelines Onshore pipeline welding Highlands section pipeline 18
  10. GOLDMAN SACHS GROUP 9TH ANNUAL AUSTRALASIAN INVESTMENT FORUM – Oil Search Limited – slide 10
    PNG LNG Project - Upstream Hides Gas Conditioning Plant 19 PNG LNG Project - Upstream South South Terminal North North Komo Airfield Terminal Komo Airfield Dec 2012 January 2013 20
  11. GOLDMAN SACHS GROUP 9TH ANNUAL AUSTRALASIAN INVESTMENT FORUM – Oil Search Limited – slide 11
    PNG LNG Project - Upstream Rig 702 21 2013 Focus Items Accelerate development drilling with two rigs operational Progress onshore pipeline, HGCP and LNG plant towards mechanical completion Tie in Kutubu to pipeline and…
  12. GOLDMAN SACHS GROUP 9TH ANNUAL AUSTRALASIAN INVESTMENT FORUM – Oil Search Limited – slide 12
    Hides Development and Appraisal Drilling PDL 1/7 Hides Field 8 New Production Wells Hides GTE Plant Drilling 2012+ Hides Nogoli Camp PDL 8 Angore Field 2 New Wells Hides Gas Conditioning Plant 10km Komo Airstrip PNG…
  13. GOLDMAN SACHS GROUP 9TH ANNUAL AUSTRALASIAN INVESTMENT FORUM – Oil Search Limited – slide 13
    Gas Growth - PNG Highlands PPL260 PNG LNG Key strategic objective is to capitalise Project Gas on asset base being constructed by Hides NonResources PNG LNG PRL3 Juha North Wabag Gas Resources PNG LNG: 260 PDL8 PRL11 Angore…
  14. GOLDMAN SACHS GROUP 9TH ANNUAL AUSTRALASIAN INVESTMENT FORUM – Oil Search Limited – slide 14
    Gas Growth - Gulf of Papua Gulf area has significant resource potential: 100km Elk/Antelope Proven hydrocarbon province, with over 30 opportunities identified across multiple play 2D Seismic types 2011 Lines Supported by over…
  15. GOLDMAN SACHS GROUP 9TH ANNUAL AUSTRALASIAN INVESTMENT FORUM – Oil Search Limited – slide 15
    Kidukidu, Gulf of Papua Kidukidu prospect in PPL 244 (OSH 40%, TOTAL 40%*, Nippon Oil Kidukidu prospect amplitude map and EM line geometry 20%) and PPL 385 (OSH 100%) could be third well drilled Targeting gas in Plio-Pleistocene-age,…
  16. GOLDMAN SACHS GROUP 9TH ANNUAL AUSTRALASIAN INVESTMENT FORUM – Oil Search Limited – slide 16
    2012 Production Performance Solid safety performance despite very challenging environment. Improvements achieved over the year Production of 6.38 mmboe, within guidance of 6.2 6.7 mmboe despite major unplanned (precautionary)…
  17. GOLDMAN SACHS GROUP 9TH ANNUAL AUSTRALASIAN INVESTMENT FORUM – Oil Search Limited – slide 17
    Reserves and Resources at 31 December 2012 External reserves audit of liquids in all PNG oil fields completed in 2012 On 2P basis, fully replaced 2012 production of 6.4 mmboe and added net 7.6 mmboe to 1P: Proven (1P) net remaining…
  18. GOLDMAN SACHS GROUP 9TH ANNUAL AUSTRALASIAN INVESTMENT FORUM – Oil Search Limited – slide 18
    Oil Appraisal & Development Mananda 6 Mananda 6 appraisal well planned to spud 1Q13 in PPL 219 (OSH 71.25%, JX Nippon 28.75%) More crestal location, 5km south east and 140m up-dip from Mananda 5 discovery Following recent seismic,…
  19. GOLDMAN SACHS GROUP 9TH ANNUAL AUSTRALASIAN INVESTMENT FORUM – Oil Search Limited – slide 19
    Taza-1 Taza PSC, Kurdistan Taza-1 in Taza PSC (OSH 60%, Total 20%, KRG 20% back-in) currently drilling ahead Flowed oil from Jeribe Formation, first primary objective. Flow rates low but encouraging results given poor test conditions…
  20. GOLDMAN SACHS GROUP 9TH ANNUAL AUSTRALASIAN INVESTMENT FORUM – Oil Search Limited – slide 20
    Financial Summary 9.8 Production (mmboe) NPAT (USm) 313.4 8.6 8.1 7.7 6.7 6.4 185.6 202.5 175.8 137.9 133.7 07 08 09 10 11 12 07 08 09 10 11 12 Oil Price (US/bbl) 8 8 DPS (US cents) 116 114 100 78 76 65 4 4 4 4…
  21. GOLDMAN SACHS GROUP 9TH ANNUAL AUSTRALASIAN INVESTMENT FORUM – Oil Search Limited – slide 21
    Investment Outlook 2,500 USm Guidance Range: US1.93-2.10bn Other PP&E 2,000 Production 1,861 US20 30m PNG LNG US170 190m Exploration & Evaluation 1,568 1,500 1,364 US1,500 1,600m 1,000 586 451 500 US240 280m 0 2008 2009…
  22. GOLDMAN SACHS GROUP 9TH ANNUAL AUSTRALASIAN INVESTMENT FORUM – Oil Search Limited – slide 22
    Positioning for Growth Oil Search entering a phase of unprecedented growth and substantial change: First LNG sales will transform production and cash flows Supply of gas to PNG LNG brings new set of obligations Several potential…
  23. GOLDMAN SACHS GROUP 9TH ANNUAL AUSTRALASIAN INVESTMENT FORUM – Oil Search Limited – slide 23
    PNG LNG Transforms Production Outlook Net Production (mmboe) 30 PNG LNG (T1+T2) 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 5 0 2009 2010 2011…

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