2014 highlights Strong cashflow generation 182M1 underlying 2014 cashflow from operations Summit acquisition broadening of the portfolio and further strengthening of the business Strong reserves growth 22% growth, 400% reserves…
2014 financial results Financial Summary 2014 2013 Production kboe/d 10.9 10.5 5% - Full benefit of Summit acquisition to come in 2015 Average Realised Oil Price /bbl 97 107 9% - Oil prices declined to 55/bbl in Dec. 2015…
Business positioned for low Brent price environment Unit Operating Expenditure (/boe) Planned Capital Expenditure (M) 370M 320M 49/boe1 40/boe 40/boe GSA 30/boe 150M Q1-2015 50M…
Cashflows underpinned by strong hedging position Significant protection against oil price weakness Original Oil Updated Oil Hedging Position Hedging Position Increased hedging for producing assets Enhanced liquidity headroom…
Business moving into deleveraging phase in 2015 2014 Cashflow Allocation (M) 763M net drawn debt at end 2014 780M at end Q1-2015 20 Other 850M peak funding requirement in Q2-2015 30 Finance costs Change in 115 Net Debt…
Strong 2014 reserves replacement performance 2P Reserves (MMboe)1 70MMboe1 2P reserves 31MMboe1 1P reserves +22% 70MMboe 5 Concept Net Select 58MMboe 12 Revisions Gas 4 Balanced production and development Production Summit…
Solid portfolio with future production growth flexibility Dons Limited 2015 production enhancements programme minimising discretionary capex Causeway / Fionn Fionn ESP operational Broom Causeway water injection on-line injecting…
Production growth trajectory from broad asset base Production (kboe/d) 25 kboe/d Broad producing asset portfolio constructed Reduces asset concentration risk 20 12kboe/d 2015 production guidance (95% oil) Solid Q1-2015…
Greater Stella Area development route to first hydrocarbons Development status Remaining key milestones Four Stella wells drilled and tested, final Finish Stella drilling campaign Q2-2015 well nearing completion Complete subsea…
Stella Andrew reservoir wells drilling programme completed Northern Drill Centre Four Stella Andrew sandstone reservoir wells completed, tested and ready for start-up Three horizontal flank wells and one horizontal gas cap well B2…
Stella Ekofisk reservoir final well in drilling programme Stella Ekofisk chalk reservoir underlies main Andrew reservoir Well programme nearing completion A3Y Well Horizontal reservoir section drilled, 2137ft section completed,…
Subsea infrastructure limited installation activities remaining 80% subsea infrastructure installation works completed 2015 installation campaign Well tie-in metrology / oil export pipeline survey SAL oil export structures / 3km…
FPF-1 modifications programme FPF-1 sail-away scheduled for late Q1-2016 first hydrocarbons Q2-2016 Mechanical completion 75% complete Consistently high quality work 3 shifts / 24-hour working Incentivised schedule agreed between…
2015 key priorities Machar Machar Production maximise operational performance of all fields Erskine Shearw ater Erskine Elgin Shearw ater Glenelg Elgin Glenelg Franklin Stella deliver milestones required to achieve start-up in…
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