Half-yearly Results Cairn Energy PLC Tuesday, August 23, 2011
3 Half-yearly Results Tuesday, August 23, 2011 Welcome Introduction Simon Thomson Chief Executive Officer Group Financial Overview Jann Brown Managing Director and Chief Financial Officer Future Resource Dr Mike Watts and…
4 Half-yearly Results Tuesday, August 23, 2011 Simon Thomson, Chief Executive Officer Introduction
5 Half-yearly Results Tuesday, August 23, 2011 Cairn Overview A Consistent Strategy for Value Creation Growth Focus Balanced portfolio Transformational potential New opportunities Financial Focus Vedanta deal Strong balance…
6 Half-yearly Results Tuesday, August 23, 2011 Cairn Overview Track Record of Value Creation Cairn strategy creation of material growth potential Realisation and return of value to shareholders Equity raised in UK markets between…
7 Half-yearly Results Tuesday, August 23, 2011 Cairn Overview Growth and New Opportunities Establish commercial reserves in strategic positions to create and deliver shareholder value Concentrate on material equity positions…
8 Half-yearly Results Tuesday, August 23, 2011 Jann Brown, Managing Director and Chief Financial Officer Financial Overview
9 Half-yearly Results Tuesday, August 23, 2011 Finance Transaction with Vedanta Cairn sale of 40% of CIL to Vedanta at INR 355 per share realising 6 billion gross proceeds First 10% tranche completed 11 July 2011, post tax proceeds…
10 Half-yearly Results Tuesday, August 23, 2011 Finance Cairn India Production and realised prices Retained stake in CIL 3,500 140 boepd H1 2011 H1 2010 22% current market value Gross field production 166,527 87,523 2.5 billion…
11 Half-yearly Results Tuesday, August 23, 2011 Finance Cashflow, Funding and Capital Expenditure Movement in Net Cash Funding and Capital Expenditure 3,144m 1,800 1,291 3000 1,600 CIL available funding 1,400 2500 846 -242…
12 Half-yearly Results Tuesday, August 23, 2011 Finance Conclusion Vedanta transaction reshapes business Continues Cairn strategy of creation, realisation and return of value to shareholders Re-gears equity base to exploration…
13 Half-yearly Results Tuesday, August 23, 2011 Dr Mike Watts, Deputy Chief Executive Future Resource and Value Potential
14 Half-yearly Results Tuesday, August 23, 2011 Cairn Overview A Consistent Strategy for Value Creation Entry in Bangladesh 1993 (Corporate acquisition HSSH 1995) Sangu gas discovery 1996 Entry in India (Corporate acquisition…
15 Half-yearly Results Tuesday, August 23, 2011 Cairn in India Approved Rajasthan Plan and Potential Prize to operate 30% of Indias Domestic Oil Production Bhagyam Shakti Cairn India Operated Blocks Gross Production Existing fields…
16 Half-yearly Results Tuesday, August 23, 2011 Greenland Strategy Cairn is the largest acreage holder and most active Operator in Greenland Cairn has acquired 2D seismic database 85,000km, two 3D GREENLAND surveys to be…
17 Half-yearly Results Tuesday, August 23, 2011 Greenland 2011 Programme Exploration Wells Up to 4 / 5 Exploration wells Two 3D Seismic Surveys LF7-1 Plugged and abandoned July 2011 Geochemical Sampling Survey AT7-1 Temporarily…
18 Half-yearly Results Tuesday, August 23, 2011 Greenland LF7-1, AT7-1 Wells and Potential Fifth Well (AT2 prospect) Baffin Bay Basin and Sub Basins West Greenland South Ungava Basins Pitu GREENLAND 100 km AT7-1 Napariaq…
19 Half-yearly Results Tuesday, August 23, 2011 Northern Baffin Bay Pitu Block Evidence of a Working Hydrocarbon System () Pitu: Cairn, Geochemical Seabed Sampling Melville Basin Nunaoil Possible DHI (Direct Hydrocarbon…
20 Half-yearly Results Tuesday, August 23, 2011 South Greenland Prospect Potential and Newfoundland Analogue 3D Survey South Greenland A Structure 2011 3D survey Nuuk Earliest possible exploration well, based on the 3D…
21 Half-yearly Results Tuesday, August 23, 2011 Western Mediterranean Frontier Exploration - Spain Two permits (4,000 km2), SPAIN including 5 blocks, awarded and Alta Mar-1 Alta Mar-2 effective 23 Jan 2011 Four exploration…
22 Half-yearly Results Tuesday, August 23, 2011 New Opportunities Eastern Mediterranean Frontier Exploration 2012 bid rounds in: Syrian Licensing Round Announced March 2011 On Hold Lebanon and Cyprus III 2,885 km2…
23 Half-yearly Results Tuesday, August 23, 2011 Simon Thomson, Chief Executive Officer Concluding Remarks
26 Half-yearly Results Tuesday, August 23, 2011 APPENDIX Production Production (entitlement basis) 80,000 77,056 77,056 Gross boepd H1 2011 H1 2010 production: Gross field production 166,527 87,523 166,527 boepd Entitlement…
27 Half-yearly Results Tuesday, August 23, 2011 APPENDIX Revenue and Gross Profit Before Held-for-sale Accounting Adjustments Production costs 13.79* (H1 2010: 14.72) per boe (excluding stock movements) 1600 Decrease due to increase…
28 Half-yearly Results Tuesday, August 23, 2011 APPENDIX Cash And Cash Equivalents Cairn India PLC / Capricorn Group m m m Cash 1,452 75 1,527 Debt (404) (120) (524) Net cash / (debt) 1,048 (45) 1,003 PLC/Capricorn 1.4…
29 Half-yearly Results Tuesday, August 23, 2011 APPENDIX 2011 Capital Budget 2011 Group capital budget Exploration Production and development 61% 39% 1,441m 2011 CIL capital budget 2011 Capricorn capital budget Rajasthan…
30 Half-yearly Results Tuesday, August 23, 2011 APPENDIX Income Statement Before Exceptional Items and Held-for-sale Accounting Adjustments H1 2011 H1 2010 m m Revenue 1,336.3 332.6 Increase due to Rajasthan Production costs…
31 Half-yearly Results Tuesday, August 23, 2011 APPENDIX Balance Sheet H1 2011 H1 2010 m m Oil and gas exploration / appraisal assets and development /producing assets 485.6 2,569.8 Other non-current assets 66.5 80.7 552.1…
32 Half-yearly Results Tuesday, August 23, 2011 APPENDIX Cashflow Statement H1 2011 H1 2010 m m Net cash generated from operating activities 1,048.7 125.1 Oil and gas capital expenditure Exploration 242m (460.7) (451.2) Other…
33 Half-yearly Results Tuesday, August 23, 2011 Investor Relations contacts David Nisbet Carly Blackbourn Group Corporate Affairs Investor Relations Coordinator E-mail: E-mail: david.nisbetcairnenergy.com…
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