Contents Section Slides Dragon Oil since 2000 3-10 2011 Operational and Corporate Results 11-21 2011 Financial Results 22-28 2 Outlook 29-31 Delivering Production Growth
DRAGON OIL SINCE 2000 Dr Abdul Jaleel Al Khalifa CEO
Cheleken Contract Area f Unprecedented gross production growth since the commencement of the Production Sharing 12 Years of Growth Agreement in 2000 and Development f Organic 2P oil and condensate reserves replacement of 193% against…
Over a Decade of Strong Production Growth Gross Average Oil Production (bopd) f Production has increased at CAGR 80,000 2011 Exit Rate at of 21% per over the 71,751 bopd last 11 years 70,000 60,000 50,000 5 40,000 30,000…
Excellent Reserves Replacement 2P Oil and Condensate Reserves, million barrels f Dragon Oil has produced 115 million barrels, but 700 added 222 million barrels of reserves 600 222 500 115 400 6 658 300 551 200 100 - 2000…
Offshore Infrastructure Development f Seven platforms refurbished and/or The Dzeitune (Lam) 22 platform: old and refurbished extended in the Dzheitune (Lam) field, including structural upgrades and additional slots: 21, 10, 22, 13,…
Onshore Infrastructure Development Central Processing Oil Storage Export Capacity Facility f Todays handling f Total oil storage f Simultaneous loading capacity of 100,000 capacity of 300,000 of two tankers barrels of fluids and…
Record Profits Profit for the Year (USmn) 700 648.4 600 386.1 500 400 9 300 106.4 200 100 1.6 0 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 -100 Delivering Production Growth
2011 OPERATIONAL AND CORPORATE RESULTS Dr Abdul Jaleel Al Khalifa CEO
2011 Key Highlights f Excellent operational and financial results f Reserves and resources growth f New 100,000 bopd target announced to be achieved in 2015 with plateau production level maintained for a minimum of five years f…
2011 Gross Production Growth Average gross production 2011 exit rate 30% 2011 61,500bopd 2010 47,211bopd 26% 2011 71,751bopd 2010 57,013bopd Average bopd (000) Growth over the total gross 9.2 production in the previous 13…
2011 Drilling Results f 2011 drilling programme Well Rig Completion Depth Type of Initial test comprised 13 new wells date (metres) completion rate (bopd) 28/152 NIS March 3,768 Dual 3,463 f One well and a B/153 Iran Khazar March 3,668…
Reserves and Resources As at 31 December 2011 As at 31 December 2010 Oil and Oil and Proved and Probable Remaining Gas Gas Condensate Condensate Recoverable Reserves TCF TCF million barrels million barrels Gross field reserves to 1st…
Dzheitune (Lam) West The original boundaries of the Dzheitune (Lam) West area f Wells producing from have been extended based on encouraging drilling results the top sand in the since 2007 Dzheitune (Lam) West show little decline,…
2011 Infrastructure Highlights Completed projects f Dzheitune (Lam) C platform f Dzheitune (Lam) Block-1 and Block-2 gathering stations f Structural upgrades on four platforms f Six slots on the Dzheitune (Lam) A platform f Geophysical…
Diversification London Africa, Central Asia, Corporate and asset Dublin the Middle East and acquisitions Turkmenistan selectively south- east Asia Tunisia Dubai 18 TARGET f Farm-in agreement for a 55% Oil and gas Assets with…
Gas Monetisation Long-term gas sales agreement, Short-term arrangement to targeted towards export markets, reduce flaring of available gas involving the supply of dry gas 2010 2011-12 2014-15 19 Infrastructure f Compressor…
Investment in People Future Talent Training and Development f 91% of our total manpower f Advanced in-house training come from Turkmenistan programmes developed to f Dragon Oil created a roadmap support national employees for talented…
Investment in Communities Desalination Plant Community Support Polyclinic Dragon Oil desalination f Refurbishment To build a US5mn plant with a capacity of projects at a local polyclinic in Hazar to supplying 1,500 m3 of school and…
2011 FINANCIAL RESULTS Tarun Ohri Director of Finance
2011 Financial Highlights Revenue Net profit Cash Balance US 1+bn 68% US 1.5bn US 648mn Net of A&D 23 f Spectacular gross Final dividend of f Internal financing of production growth US cents 11 per capital expenditure f Strong…
2011 Results Summary f Significant growth in EPS USm 2011 2010 Change (up 68%) Revenue 1,150.5 780.4 47% f Strong cash balance Operating profit 856.2 487.7 76% enabling us to continue Net profit 648.4 386.1 68% with the Cheleken…
2011 Income Statement USm 2011 2010 Change Comments Revenue 1,150.5 780.4 47% Increase primarily attributable to a 40% increase in the average realised crude oil price at US101 per barrel and a 6% increase in the volume of crude oil…
2011 Cash Flow Cash and term deposits total US1 f Net cash from operations up 71% 806m as at 2011 year-end and include: f Capital expenditure in 2011 was US351m f Term deposits of less than three and US407m cash outflow after movement…
2011 Balance Sheet USm 2011 2010 Comments Non-current assets Property, Plant & Equipment 1,353.9 1,176.4 Increase is due to due to capital expenditure and reclassification and intangible assets of drilling supplies, offset mainly by the…
2011 Capital Expenditure Total capital expenditure for 2011: The Dzheitune (Lam) B platform. f Drilling (53%): 186 13 wells completed f Infrastructure (47%) Dzheitune (Lam) C platform Dzhygalybeg (Zhdanov) 28 A platform…
OUTLOOK Dr Abdul Jaleel Al Khalifa CEO
Strong Outlook for 2012 Production Rigs f Complete between 13 and 15 f Caspian Driller expected wells and a number of workovers for delivery in 1H 2012 f Target annual production growth f Additional platform-based rig of 15% is…
And Medium Term Production New Target Target 10-15% of production Reach the 100,000 bopd growth on average per annum production target in 2015 for 2012-15 f Complete 15 to 20 development f Water injection pilot project wells per…
Investor and analyst enquiries Media Enquiries Citigate Dewe Rogerson Dragon Oil plc Martin Jackson Kate Lehane +44 20 7638 9571 Anna Gavrilova + 44 20 7647 7804 Joint Corporate Brokers agavrilovadragonoil.com irdragonoil.com Davy…
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