Highlights 2014 Financial Highlights Completed divestment of 20% interest in blocks 1, 3 and 4 to Pavilion for 1.288bn Cash and cash investments at YE 14 of 1.17bn Total net conKngent resource at YE 14 of 1,031 MMboe 3 year total…
Strategy Posi=oned to thrive in uncertain =mes Value creaKon through exploraKon Focus on ROCE through capital allocaKon and cost management AcKve porolio and risk management 3
Ophir does not think like a tradi=onal, full cycle E&P Ophir is BIG E and liGle p CASH EXPLORATION DEVELOPMENT PRODUCTION RETURN TO SHAREHOLDERS ExploraKon is focus for Self funded development ProducKon is a nancing…
Disciplined capital alloca=on Only deploy capital for a material ROCE SOURCES OF CAPITAL 2015 USES OF CAPITAL Invest in: Seychelles (G&G) Explora=on OCF Myanmar (Seismic) High working interest / operator E&A Cash generated…
Explora=on a unique opportunity STAGE 1: ENTRY STAGE 2: SEISMIC STAGE 3: DRILLING High Signature Bonus High cost TOP Seismic High costs PROGRESS OF CYCLE Mainly commitment Mul=ple Wells Wells DROP Small/No…
Value crea=on through explora=on ROCE achieved in Tanzania Blocks 1, 3 and 4 Basin opening potenKal with repeatability Blocks 1,3 and 4 Realised Return on Capital 100% success rate, 16 successful wells 1,400 Discovered over 17…
High graded explora=on porbolio Minimal commitments, low cost entry 2015 2014 Maturing plays for high grading Final wells in IPO 12 PLAYS 2016/2017 porbolio CAPITAL DISCIPLINE ARU TROUGH (OIL) EG (OIL) G4/50 (OIL)…
Salamander integra=on progressing well No interrupKon to operaKons ImplemenKng synergies ProducKon assets break even at 15 per boe Deleveraging & renancing plans Established a plaorm for regional growth 9
Financials Tony Rouse, Director of Finance
Financial highlights 2014 2013 Explora=on expenses millions (333) (229) Impairments in Gabon, Kenya and Tanzania Reduced by 36% in line with objecKve of G&A millions (21) (32) reducing cost base Amer post-tax prot of…
Balance Sheet Fully funded for next 3 years, high degree of nancial exibility 1,400 1,200 150m 250m-300m 1,000 800 600 Only 35m of 970m E&A 400 commitment 700m - 750m spend of cash YE 2015 200…
Capex and costs Low levels of commitment spend, strong balance sheet, high degree of exibility 2015 Capex E&A v P&D 2015 capex 53% down on 2014 2015 capex forecast 250-300MM E&A capex down c. 60% on 2014 35% Pre-development…
Opera=ons Bill Higgs, COO
Produc=on is ywheel for E&A ac=vity Produc=on Assets Provide Balance of Cash Flows Oil, Fuel Oil-indexed Gas and xed price Gas revenues ProducKon from Thailand and Indonesia in next two years Outlook Cash ow from producKon…
Self funding development assets No fresh capital deployed to development Not all barrels are equal We explore for high quality barrels that generate cash in a low price environment Project equity is a source of capital SELF…
LNG Overview Four key things required to make FLNG project work Tanzania Equatorial Guinea 17.1 TCF 3.4 TCF 1 RESOURCES 3 trains of LNG 3 Mtpa project Agreed Agreed 2 FISCAL TERMS Project team working well Ophir…
FLNG is right solu=on, Upstream component within Ophirs ability to operate Why FLNG appropriate solu=on Biogenic gas, 99.7% methane clean and simple Benign meta-oceanic condiKons c. 3 MTPA is ideal size for convenKonal…
FLNG Value Chain (Prices Indica=ve) Upstream PSC Midstream Shippers LNG Buyers CASH Paid for LiquefacKon Tari by CASH Paid by LNG Buyer to Contractor (Ophir/GEPetrol) & OPHIR/SONAGAS for LNG Delivered LNG Cargo price Government to…
Thailand - near-eld explora=on drilling Step out from Bualuang oil eld G4/50 surrounds producKon licence Blanket 3D over licence 18 locaKons have approved EIAs 2 wells in 2H 2015 Ophir reviewing prospect inventory LocaKons…
Gabon - high-grading explora=on prospects Building on learnings from 2014 Saw all elements of hydrocarbon system Update geological model Apply learnings to interpretaKon of new 3D data New oil play emerging Awarded Nkouere…
Myanmar - leading deepwater explora=on 95% operated interest in Block AD-03 Located in Rakhine Basin On trend with 9 Tcf Shwe gas eld Pipeline to China (current price c.9/mcf) No drilling commitment 3D seismic survey…
Summary & Outlook Development assets self funding Cost and capex reducKon of 250 MM in 2015/16 YE 15 cash expected to be 700 MM - 750 MM Fully funded unKl end 2017 on current work programme Unique opportunity to access high…
For further informa=on contact: Geo Callow Head of IR and Corporate Communica=ons Investor.rela=onsophir-energy.com 24
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