CAIRN ENERGY PLC 06S0425IE00 Interim Results Presentation - Analysts September 2006 06S0425IE00 1
Cairn in South Asia VISION South Asia is prospective for hydrocarbons DELHI Rapidly growing energy markets NEPAL KATHMANDU Favourable investment climate DHAKA FOCUS INDIA BANGLADESH Sustained investment and…
Indian Exploration Bid Round - NELP VI NELP VI DELHI 55 Blocks on offer 25 onshore 30 offshore INDIA NELP VI bids to be submitted by 15th September 2006 Cairn Industry NELP VI 06S0425IE00 4
Cairn in South Asia 30 oil & gas discoveries JV investment: to date 2 billion planned 2 billion Developed reserves 450 mmboe (Sangu, Ravva, Lakshmi & Gauri) Rajasthan resource base 3.6 billion boe 2.2 billion boe in place…
Background to Partial IPO of Indian Business Partial IPO on track for listing on the Bombay Stock Exchange & the National Stock Exchange of India in December 2006, assuming favourable market conditions and subject to timing of…
Crude Oil Sales & Value Chain Upstream Midstream Refinery Marketing optional optional 70% participation participation Rights If in shareholders interests Shell and Cairn were the first two foreign companies to qualify…
South Asia Business 160 160 140 mmscfd 120 100 80 80 60 Total Operated Production Rajasthan gross 40 20 111,700 boepd production target 0 0 Jan-06 Jan Feb-06 Mar-06 Apr-06 May-06 Jun-06 Jun 150,000…
Rajasthan & Cambay Basins CAMBAY BASIN BARMER BASIN Reserves Rajasthan Current oil in place 3.6 billion boe 2.6 billion boe RJ-ONN-2003/1 2.2 billion boe of which is in 6 fields RJ-ON-90/1 under active development planning…
Rajasthan Fields BHAGYAM SHAKTI N-I N-I-NORTH N-C-WEST BHAGYAM-SOUTH-1 MANGALA AISHWARIYA VIJAYA & VANDANA N-R-4 N-P N-E-1 GS-V-1 SARASWATI KAMESHWARI RAAGESHWARI OIL RAAGESHWARI GAS GUDA Pre 2006 3D 2006 3D…
Cairn GROSS OIL IN PLACE, RESERVE & RESOURCE ESTIMATES to 2041 Note only Mangala has been booked at this stage out to 2020 Current 2P in place and 2P Contingent Resource Reserve estimates based 2005 Estimates submitted in on the…
Independent GROSS OIL IN PLACE, RESERVE & RESOURCE ESTIMATES Contingent Resource DeGolyer & MacNaughton Estimate of additional recovery or contingent resource volume assuming March March 2006 & August 2006 successful EOR 2005…
Cairn OTHER FIELDS RESERVE & GROSS RESOURCE ESTIMATES Cairn Current Estimates 2006 booked Gross Net Reserves RF 2P Reserves to 2020 2P STOIIP Small Fields mmboe % mmboe mmbbls 2.5 Saraswati 1 37 11 4.2 (3.7 gross) 1 2005…
Independent OTHER FIELDS RESERVE & GROSS RESOURCE ESTIMATES D&M Current Estimates Gross RF 2P Reserves 2P STOIIP Small Fields mmboe % mmboe Saraswati 13.1 10 1.4 Field Reserves Raageshwari Oil 56.9 13 7.2 Raageshwari Gas…
DeGolyer & MacNaughton Summary of Gross Rajasthan Resource Base 3P + Contingent Resource 1,032 mmboe 67 271 includes Raageshwari Gas 3P 762 mmboe 194 2P 568 mmboe 319 1P 249 mmboe 249 Proven Probable Possible…
Mangala - Illustrative Production Profiles Cairn DeGolyer & MacNaughton 120,000 120,000 2P Reserves in FDP 1P Reserves 100,000 100.00 2P Reserves current 100,000 100,000 2P Reserves Contingent Resources 3P Reserves associated…
Aishwariya - Illustrative Production Profiles Cairn DeGolyer & MacNaughton 18,000 16,000 16.00 2P Reserves in FDP 16,000 16,000 2P Reserves current 14,000 14,000 1P Reserves Contingent Resources associated with EOR 2020 2P…
Upstream Development Mangala Field Mangala Facilities Site Map Phase 1 Oil Well Pads Phase 2 Oil Well Pads Intra Field Pipelines Mangala Process Terminal 06S0425IE00 19
Upstream Development Computer generated fly-through of Mangala plant & processing facilities in Rajasthan 06S0425IE00 20
Upstream Development - Estimated Costs* SHAKTI AISHWARIYA Capex Life of Field: N-I US 232 million + 40% to -20% BHAGYAM Development & cost planning at Capex Life of Field: different stages for different fields US 280 million +…
Upstream Crude Oil Sales Delivery Point At the field for sales to GoI Nominee Costs Contractor responsible for all cost up to delivery point Sales Pre-Indian self sufficiency Contractor must sell to GoI / Nominee Pre-Indian…
Midstream DELIVERY POINT TO REFINERY The midstream development from the Point of Delivery to the refinery is the GoI / Nominee responsibility i.e. transportation of crude by pipeline, from the delivery point is outwith the…
Midstream Ongoing studies and preliminary 3rd Party / GOI discussions may lead to additional benefits through midstream integration. Possible benefits ,dependent on shareholder interest, may include : Schedule control Pipeline…
Midstream Evacuation Options Bhatinda Mangala Panipat Hot oil + Pump station DELHI Mangala diluent / to Mundra insulated Mathura 471 km Rajasthan single or dual Mangala pipeline Pump and/or Kot Heating Station…
IPO Rationale Cairn Energy PLC New Investors LSE x% % 10 -x 0% 0% 10 Cairn India Exploration BSE / NSE Laying the foundation for an Indian oil and Re-focuses management to creating gas company value via the drill…
Post IPO Asset Holdings Cairn Energy PLC New Investors LSE x% % 10 -x 0% 0% 10 Cairn India Exploration BSE / NSE Asset Holding Asset Holding All currently producing properties in India All currently producing…
Indicative IPO Timetable August September October November December Draft Prospectus Prospectus Trading Cairn Interim Results (5/9) Shareholder EGM n tio FY2001 - 2005 audited accounts ta en H1 2006 audited…
Cairn India Board Non-executive Chairman Sir Bill Gammell Chief Executive Officer Rahul Dhir Non-executive Directors Executive Directors Cairn PLC Nominees Independent Chief Operating Officer Norman Murray Naresh Chandra…
Production (ENTITLEMENT BASIS) 25,000 30,000 to 27,909 27,346 27,000 H1 2006 25,000 Gas / Liquids 7,477 8,000 75.3% 10,558 to 20,000 9,000 Oil 24.7% boepd 15,000 10,500 13,517 10,357 to 11,000 10,000 CB/OS-2…
Revenue and Gross Profit (IFRS) H1 2005 H1 (restated)* 2006 153.9m boepd 27,909 27,346 (revenue) Average price: 160 Gas per mcf () 3.09 3.23 123.4m Oil per bbl () 48.96 66.63 31.1m (revenue) Per boe () 24.39 31.03 120…
Earnings (IFRS) 49.2m (gross profit) 50 Administrative expenses 40 Profit before taxation (pre exceptional items) 22.9m 30 Financing * Taxation 20 13.6m Exceptional write down 10 Loss after tax 12.7m (post exceptional…
Balance Sheet Capital Expenditure 2006 Forecast by Asset Rajasthan Rajasthan Exploration 27% Development 30% 350 320m 300 7% 250 241.8m 3% 42% Bangladesh Non 18% 14% Oil & Gas 200 Other million 7% India / Nepal 22%…
Cash Flow 1.3m 72.5m m fr o n g N rec et ei w i lf o rat ies in ve te d In pe vit re O cti st a Other Development including Leases / Producing 3.7m 30.6m CASH IN 73.8m Decrease in cash CASH OUT 149.8m…
Financial Overview Strong Balance Sheet and operating cash flow Net cash at 30 June 2006 of 19.5m (2005: 95.5m) 1bn syndicated revolving credit bank facility signed June 2006 Financing to be transferred to IPO co to fund…
South Asia Business Growth Opportunity India 3rd fastest growing economy in the world Cairn Strategic position Rising reserves & resources Increasing production Leverage to oil price Right place . right time. 06S0425IE00…
CAIRN ENERGY PLC APPENDIX 06S0425IE00 37
Income Statement H1 2006 H1 2005 (restated) Production (boepd) 27,346 27,909 Average price (/boe) 31.03 24.39 m m Revenue 153.9 123.4 Production costs (31.1) (23.5) Unsuccessful exploration costs (28.2) (11.8) Depletion and…
Balance Sheet H1 2006 H1 2005 (restated) m m Oil and gas exploration / appraisal assets and 826.1 733.7 development/producing assets Other non-current assets 16.9 12.4 Total non-current assets Exploration 380.9m 843.0 746.1…
Cash Flow Statement H1 2006 H1 2005 (restated) m m Cash generated from operations 72.5 71.5 Interest paid (1.6) (0.6) Tax paid (3.1) (3.5) Net cash generated from operating activities 67.8 67.4 Oil and gas capital expenditure…
H1 2006 Capital Expenditure by Type of Spend TOTAL H1 2006 CAPEX 128.7m (based on additions to fixed assets) Exploration / Appraisal Other Development / Producing 88.8m 6.4m 33.5m 69% 5% 26% 06S0425IE00 41
H1 2006 Capital Expenditure by Country TOTAL H1 2006 CAPEX 128.7m (based on additions to fixed assets) Bangladesh India 7.1m 120.1m 5.5% UK / Nepal / Other 1.5m 93.3% 1.2% 06S0425IE00 42
2006 Forecast Capex by Type of Spend TOTAL FORECAST 2006 CAPEX 320m (based on additions to fixed assets) Exploration Other Development 163m 22m 135m 51% 7% 42% 06S0425IE00 43
2006 Forecast Capex by Country TOTAL FORECAST 2006 CAPEX 320m (based on additions to fixed assets) India Nepal Other Bangladesh 250m * 2m 22m 46m 78% 1% 7% 14% * Includes Rajasthan expenditure of 180m 44 06S0425IE00
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