21st CLSA Investors Forum Hong Kong, September 2014 Oil Search Limited ARBN 055 079 868
Oil Search Profile Established in Papua New Guinea (PNG) in 1929 Market capitalisation A14.5bn (US13bn) Erbil Tunis Sulaymaniyah Listed on ASX (Share Code OSH) TUNISIA IRAQ and POMSOX, plus ADR Dubai programme (Share Code…
2014 First Half Highlights PNG LNG Project start-up major milestone for Oil Search and PNG: Condensate production in March, LNG production in April and first LNG sales in May Transformational impact of Project seen for first time in…
2014 First Half Highlights cont. Encouraging results from Taza appraisal programme in Kurdistan: Taza 2 appraisal well confirmed northern extent of structure Testing operations temporarily suspended due to supply chain issues. Other…
PNG LNG Project Hides Drilling PNG LNG Project Gas Fields Papua New Guinea Hides Hides Juha Kutubu Proposed Juha Port Moresby Facility Angore Hides Gas Moran Conditioning Plant & Komo Airfield Agogo OSH Operated Kutubu OSH…
PNG LNG Project Overview 6.9 MTPA, 2 train development, operated by ExxonMobil Expected to produce more than 9 tcf of gas and 200+ million barrels of associated liquids over its 30 year life Equity Interests: ExxonMobil (33.2%), Oil…
PNG LNG Project start-up historic milestone for OSH PNG LNG Project condensate production commenced late March, with LNG production from Train 1 in April and Train 2 in May, ahead of schedule Sales of new Kutubu Blend, comprising…
PNG LNG development drilling Six Hides production wells at three wellpads PDL 1/7 Hides Field (B,C and D) complete 8 New Production Wells Hides GTE Plant Hides Nogoli Camp Final two Wellpad G (north west area) wells Wellpad G…
Project delivered on time and within revised budget COMMENCEMENT INSTALLATION COMPLETION Continued early works Continue onshore Complete construction Detailed design pipe lay and commissioning of Complete offshore pipe lay HGCP and…
First PNG LNG shipment arrived in Japan in early June 2014 Unloading of first PNG LNG cargo at TEPCO Futtsu-2 Terminal Source: ExxonMobil 10
All PNG LNG facilities now complete LNG Plant Associated Gas Hides GCP LNG Tanker at Jetty Hides GCP Source: ExxonMobil 11
Strong production from PNG oil fields Juha North Papua New Guinea Strong reservoir performance Juha Hides Hides Kutubu and contributions from Kutubu Angore Port Moresby and Moran fields Continued success of Mananda 5,6 & 7 Moran…
Production Outlook Total production guidance for 2014 Net Production (mmboe) narrowed, to 18 20 mmboe 30 PNG LNG (T1 + T2) Production from oil fields forecast at 25 Hides GTE SE Mananda 6.5 6.9 mmboe, up slightly due to Gobe…
Next phase of gas growth in PNG PNG LNG has delivered: Major infrastructure including processing facilities, pipelines, support infrastructure (roads, airstrips, camps etc) Government and landowner support Customer confidence…
PNG has capacity to deliver multiple trains over next decade Pnyang PNG LNG Papua New Guinea Wellpads Hides Kutubu Ketu-Elevala HGCP Stanley Port Moresby Moran/Agogo Komo Airfield Kutubu CPF OSH Operated Gobe PF OSH…
Oil Search Gas Growth Strategy Focus on aggregating gas in two NW Highlands hubs NW Highlands and Gulf Gas Hub Basin to underwrite additional LNG Papua New Guinea Hides from PNG LNG Project and other Kutubu LNG developments Port…
Pnyang - PRL 3 Key resource to support potential Papua New Guinea growth from PNG LNG Project Hides Kutubu Port Moresby Located 120 kilometres NW of Hides Concept selection work well advanced engineering, Pnyang…
Hides F1 Deep Exploration Well Hides F1 Deep designed to penetrate Koi- Iange reservoir (currently mapped 700m below Hides Toro/Digimu reservoirs) Well to be drilled from Wellpad F, deepening of F1 development well Site complete,…
NW Highlands Subject to Ministerial approval NW Highlands - gas province with good potential for material resources to support additional LNG production Pnyang Seismic taking place in 2014 / 2015, to mature prospects for drilling in…
Elk/Antelope PRL 15 Gulf Basin gas hub Pnyang Juha Juha North PPL260 PNG LNG Project Acquired 22.8% gross Gas Fields interest in PRL 15, containing Hides PNG LNG Project Elk/Antelope gas fields, in Facilities Angore March 2014…
PRL 15 appraisal programme Papua New Guinea Up to three appraisal wells to be drilled, Hides Kutubu to determine whether gas resources Port Moresby can support one or two LNG trains Antelope 4 and 5 both expected to spud in 2H14:…
Oil Discovery at Taza, Kurdistan: Appraisal Underway TURKEY TURKEY Tawke Caspian Sea Shaikan IRAN KURDISTAN KURDISTAN REGION OF IRAQ Erbil Sulaimaniyah Taq Taq SYRIA Taza PSC Chemchemal Miran West Kirkuk IRAN IRAQ Jambur Kor…
Oil Discovery at Taza, Kurdistan: Appraisal Underway Taza PSC (OSH 60% Operator, Total 20%, KRG 20%) Taza 1 discovery (2013) light oil proven across Jeribe/Dhiban and Euphrates/Kirkuk intervals Jambur Kor Mor Taza 2 appraisal well,…
Strategic Review Positioning for Next Phase of Growth Major Strategic Review well advanced: Will set objectives and programmes for Oil Search for next five years Focus is to maintain top quartile returns to shareholders Review is…
Total Shareholder Return of 752% for ten years to June 2014 Core strategies have delivered steady long-term share price appreciation Focus of Strategic Review is to establish programmes that can deliver continued top quartile TSR for…
Ensuring long term sustainability Government cash flows significantly boosted by PNG LNG Project Vital that revenues flow into community, to ensure long term social stability OSH is committed to using resources, skills and knowledge…
Summary Transformation has begun: PNG LNG Project delivered ahead of schedule and within revised budget: Will quadruple production 2013 2015 Delivers material cash flow to re-invest in high returning projects and fund higher…
Appendix 1: Oil Search Licence Interests, PNG Juha Pnyang Juha North PPL260 PNG LNG Project Gas Fields Papua New Guinea Hides Hides PNG LNG Project Kutubu Facilities Angore Port Moresby Proposed Juha Moran Non PNG LNG…
Appendix 2: TSR performance 840 Median TSR 752.3 ASX200 740 Median TSR 640 ASX200 Energy 540 OSH TSR % TSR 440 340 240 218.8 140 82.5 96.7 47.8 29.8 10.1 16.2 25.7 14.5 40 -60 -31.2 -21.9 1 YEAR 3 YEAR 5 YEAR…
Appendix 4: Treasury Update New bilateral revolving facilities totalling Cash (USM) US250 million established during 1H14 1500 1,264 1,047 Total liquidity of US1,068 million at 30 1000 June comprising US368 million cash, 488 US450…
Appendix 5: Investment Outlook 2,500 GUIDANCE RANGE (US1,875…
Appendix 6: FY 2014 Guidance Summary Production Oil Search operated (PNG Oil and Gas) 6.5 6.9 mmboe1 PNG LNG Project LNG 49 57 bcf Liquids 1.8 2.0 mmbbl Total PNG LNG Project 11.5 13.1 mmboe1 Total Production 18 20 mmboe Operating…
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