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CREDIT SUISSE 16TH ASIAN INVESTMENT CONFERENCE – Oil Search Limited

Oil Search Limited · Mar 14, 2013 · 39 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. CREDIT SUISSE 16TH ASIAN INVESTMENT CONFERENCE – Oil Search Limited – slide 1
    O IL SEAR CH LI M ITE D 1
  2. CREDIT SUISSE 16TH ASIAN INVESTMENT CONFERENCE – Oil Search Limited – slide 2
    Oil Search Profile Established in Papua New Guinea (PNG) in 1929 Market capitalisation US10.5 billion Listed on ASX (Share Code OSH) and POMSOX, plus ADR Tunis programme (Share Code OISHY) Sulaymaniyah Tunisia Operates all PNGs…
  3. CREDIT SUISSE 16TH ASIAN INVESTMENT CONFERENCE – Oil Search Limited – slide 3
    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…
  4. CREDIT SUISSE 16TH ASIAN INVESTMENT CONFERENCE – Oil Search Limited – slide 4
    Steady Share Price Growth Have achieved steady share price appreciation over past five years. TSR of 52% Targeting continued top quartile performance Share price (A, rebased to OSH) 10 9 8 Oil Search +61.6% 7 Origin +45.1% 6…
  5. CREDIT SUISSE 16TH ASIAN INVESTMENT CONFERENCE – Oil Search Limited – slide 5
    TSR performance Oil Search ranked 14th in S&P/ASX 200 for TSR over five years to 31 December 2012 60 52.2 40 20 15.6 16.5 12.8 % TSR 0 -5.9 -3.6 -20 -23.6 -23.1 -40 -34.7 -60 1 Year 3 Year 5 Year Median TSR ASX 200…
  6. CREDIT SUISSE 16TH ASIAN INVESTMENT CONFERENCE – Oil Search Limited – slide 6
    Strategies for Growth Optimise performance of existing producing PNG oil fields Support ExxonMobil in delivering PNG LNG Project Aggregate gas resources in PNG Highlands to underpin expansion Establish gas resources in Gulf of Papua…
  7. CREDIT SUISSE 16TH ASIAN INVESTMENT CONFERENCE – Oil Search Limited – slide 7
    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 1.76 Oil…
  8. CREDIT SUISSE 16TH ASIAN INVESTMENT CONFERENCE – Oil Search Limited – slide 8
    PNG LNG Project Angore Hides Juha Juha Facility Moran 6S Hides Gas Conditioning Plant Komo Airfield Agogo Kutubu Gobe Main 7S Onshore pipeline and Infrastructure Oil Pipeline 8S Kumul Terminal PNG LNG Gas…
  9. CREDIT SUISSE 16TH ASIAN INVESTMENT CONFERENCE – Oil Search Limited – slide 9
    PNG LNG Project Overview 6.9 MTPA, 2 train development, operated by ExxonMobil. 75% complete at the end of 2012 Expected to produce more than 9 tcf of gas and 200+ million barrels of associated liquids over its 30 year life Initial…
  10. CREDIT SUISSE 16TH ASIAN INVESTMENT CONFERENCE – Oil Search Limited – slide 10
    PNG LNG Project Overview Main EPC contractors: LNG Plant: Chiyoda/JGC Offshore Pipeline Saipem Hides Gas Plant CBI/Clough JV Onshore Pipeline Spiecapag Infrastructure McConnell Dowell/CCC JV Early Works Clough/Curtain JV…
  11. CREDIT SUISSE 16TH ASIAN INVESTMENT CONFERENCE – Oil Search Limited – slide 11
    Cost and Schedule Review Operator completed cost and schedule review in November 2012 Confirmed Project remains on track for first LNG sales in 2014 Capital cost estimate increased from US15.7 billion to US19.0 billion, due to: Foreign…
  12. CREDIT SUISSE 16TH ASIAN INVESTMENT CONFERENCE – Oil Search Limited – slide 12
    PNG LNG Plant Site LNG trains 1 & 2 In 2012, completed construction of LNG tanks, jetty trestle and pipe racks, flare, main steelwork and lifting of associated process equipment. Also completed offshore pipeline 12
  13. CREDIT SUISSE 16TH ASIAN INVESTMENT CONFERENCE – Oil Search Limited – slide 13
    PNG LNG Plant Site Export Jetty 13
  14. CREDIT SUISSE 16TH ASIAN INVESTMENT CONFERENCE – Oil Search Limited – slide 14
    PNG LNG Plant Site Storage tanks 14
  15. CREDIT SUISSE 16TH ASIAN INVESTMENT CONFERENCE – Oil Search Limited – slide 15
    PNG LNG Pipeline Highlands section pipeline Pipeline burial Onshore pipeline welding Welded over 215 km of onshore pipeline, with 176 km of pipeline hydrotested 15
  16. CREDIT SUISSE 16TH ASIAN INVESTMENT CONFERENCE – Oil Search Limited – slide 16
    Associated Gas/PL 2 Life Extension TEG Dehydration Unit installation Upgrade of Kumul Marine Terminal New CALM Buoy at Kumul Completed Phase 1 of PL 2 Liquids Export Life Extension Project Associated Gas (oil fields) well…
  17. CREDIT SUISSE 16TH ASIAN INVESTMENT CONFERENCE – Oil Search Limited – slide 17
    PNG LNG Project - Upstream Hides Gas Conditioning Plant Completed HGCP foundations and commenced installation of structural steel 17
  18. CREDIT SUISSE 16TH ASIAN INVESTMENT CONFERENCE – Oil Search Limited – slide 18
    PNG LNG Project - Upstream South South Terminal Terminal North North Komo Airfield Komo Airfield Dec 2012 January 2013 At end December, first layer of asphalt laid on 1.6 km of runway at Komo. First aircraft…
  19. CREDIT SUISSE 16TH ASIAN INVESTMENT CONFERENCE – Oil Search Limited – slide 19
    PNG LNG Project - 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 LNG development…
  20. CREDIT SUISSE 16TH ASIAN INVESTMENT CONFERENCE – Oil Search Limited – slide 20
    PNG LNG Project Timetable Continued early works Continue onshore Detailed design pipe lay Order long leads and Complete offshore pipe place purchase orders lay Open supply routes Start Hides plant Contractor mobilisation…
  21. CREDIT SUISSE 16TH ASIAN INVESTMENT CONFERENCE – Oil Search Limited – slide 21
    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…
  22. CREDIT SUISSE 16TH ASIAN INVESTMENT CONFERENCE – Oil Search Limited – slide 22
    Pnyang Gas Field PRL 3 JV (OSH 38.5%, ExxonMobil 49.0%, JX Nippon 12.5%) advancing with concept selection studies, optimal development concept expected to be finalised in 2013 Oil Search estimates total 2C gas resources in Pnyang field…
  23. CREDIT SUISSE 16TH ASIAN INVESTMENT CONFERENCE – Oil Search Limited – slide 23
    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…
  24. CREDIT SUISSE 16TH ASIAN INVESTMENT CONFERENCE – Oil Search Limited – slide 24
    2013 Gulf of Papua Programme Drilling programme (two firm offshore wells, with two options), to commence soon with Stena Clyde semi sub drilling rig. Programme to comprise: Flinders 1 in PPL 244 (OSH 40%, Total 40% (subject to…
  25. CREDIT SUISSE 16TH ASIAN INVESTMENT CONFERENCE – Oil Search Limited – slide 25
    PNG Production Juha PPL260 PNG producing fields are highly North Hides PRL PDL9 02 profitable and generate strong cash PDL1 PRL 11 Angore flows Juha PDL 7 PDL8 PRL 11 PPL277 Key objective is to minimise production decline…
  26. CREDIT SUISSE 16TH ASIAN INVESTMENT CONFERENCE – Oil Search Limited – slide 26
    Production Outlook (ex-PNG LNG) Underlying production from oil fields Net Production (mmboe) Forecast Hides GTE expected to remain strong in 2013: 9 SE Mananda 8.12 SE Gobe Significant contributions from 2011/12 7.66 Gobe Main 8…
  27. CREDIT SUISSE 16TH ASIAN INVESTMENT CONFERENCE – Oil Search Limited – slide 27
    Oil Appraisal & Development Mananda 6 Mananda 6 appraisal well planned to spud 1H13 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,…
  28. CREDIT SUISSE 16TH ASIAN INVESTMENT CONFERENCE – Oil Search Limited – slide 28
    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…
  29. CREDIT SUISSE 16TH ASIAN INVESTMENT CONFERENCE – Oil Search Limited – slide 29
    MENA Exploration Middle East/North Africa strategy focused on oil opportunities that have material potential Two wells currently drilling, Taza and Semda. Both could have significant value impact on Oil Search Long term strategy is…
  30. CREDIT SUISSE 16TH ASIAN INVESTMENT CONFERENCE – Oil Search Limited – slide 30
    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…
  31. CREDIT SUISSE 16TH ASIAN INVESTMENT CONFERENCE – Oil Search Limited – slide 31
    Semda-1 Tajerouine PSC, Tunisia 9E 11E Semda-1 Semda-1 well in Tajerouine PSC spudded January (OSH Tunis 100%). Potential resource of 50-100mmbbl Targeting oil in the Cretaceous Serdj 36N Semda-1 Dolomites and deeper…
  32. CREDIT SUISSE 16TH ASIAN INVESTMENT CONFERENCE – Oil Search Limited – slide 32
    Key metrics 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 07 08 09 10…
  33. CREDIT SUISSE 16TH ASIAN INVESTMENT CONFERENCE – Oil Search Limited – slide 33
    Strong financial position Strong balance sheet, able to fund remaining equity share of PNG LNG Project as well as active exploration and development programme: US488 million in cash at end December. Cash invested and actively managed…
  34. CREDIT SUISSE 16TH ASIAN INVESTMENT CONFERENCE – Oil Search Limited – slide 34
    Milestones in 2013 Progressive delivery of PNG LNG, in line with schedule and revised budget. Value steadily increases as cashflows get nearer Progress on LNG expansion plans, underpinned by Pnyang resource, augmented by other Highlands…
  35. CREDIT SUISSE 16TH ASIAN INVESTMENT CONFERENCE – Oil Search Limited – slide 35
    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 2012…
  36. CREDIT SUISSE 16TH ASIAN INVESTMENT CONFERENCE – Oil Search Limited – slide 36
    Production Outlook including possible Mananda development Net Production (mmboe) 30 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…
  37. CREDIT SUISSE 16TH ASIAN INVESTMENT CONFERENCE – Oil Search Limited – slide 37
    O IL S EAR CH LIM ITED 37
  38. CREDIT SUISSE 16TH ASIAN INVESTMENT CONFERENCE – Oil Search Limited – slide 38
    Appendix 1: 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…
  39. CREDIT SUISSE 16TH ASIAN INVESTMENT CONFERENCE – Oil Search Limited – slide 39
    Appendix 2: 2013 Guidance Production: 2013 expected to be similar to 2012, within 6.2 6.7 mmboe range Cash costs: Normalised opex US24 - 26/boe (incl corporate costs) Additional gas purchase costs US40 million assuming oil prices…

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