2015 Annual Meeting Transformation complete 9.30am, Friday 15 May, 2015 Crowne Plaza Hotel, Port Moresby, PNG Oil Search Limited ASX: OSH POMSoX: OSH US ADR: OISHY ARBN 055 079 868 www.oilsearch.com
Presentation by Managing Director Peter Botten Oil Search Limited ARBN 055 079 868
2014 transformational year for Oil Search Successful delivery of landmark PNG LNG Project Ramp-up to full capacity completed ahead of expectations and Project now consistently producing at/above nameplate capacity Continued strong…
2014 key financial metrics Production (mmboe) 19.3 Net Profit After Tax (USm) 20 400 353.2 185.6 202.5 175.8 205.7 10 7.7 6.7 6.4 6.7 200 0 0 2010 2011 2012 2013 2014 2010 2011 2012 2013 2014 Production up 186%, reflecting PNG…
2015 onwards adapting to the new oil price environment Size and speed of oil price fall was 120 Brent Oil Price Forecasts to 2020 unexpected 110 Led to a reassessment of 2014 major 100 Strategic Review recommendations. Key…
Adapting to the new oil price environment Plan for the worst, hope for the best 2015 Spending Cuts 2015 capex and opex reduced, actively engaging with PNG Oil and Gas 20% contractors to reduce costs further, by targeted 15 25%…
PNG LNG Project performing ahead of expectations PNG LNG Project a major success story: Delivered ahead of expectations and within revised US19bn budget Operational and financial completion achieved in February 2015 To date, Project…
2015 production outlook 2015 production guidance Net Production (mmboe) 30 maintained at 26 28 mmboe PNG LNG (T1 + T2) 26 - 28 Safe, reliable production of oil and 25 Hides GTE gas remains key priority SE Mananda 20 Gobe 19.27…
Key focus for OSH is commercialising PNGs undeveloped gas PNG LNG Project has delivered strong platform for growth PNG can deliver at least two more LNG trains underpinned by existing undeveloped resources in NW Highlands and Gulf…
NW Hub: LNG expansion and power MoU signed ExxonMobil PNG Limited (as operator Pnyang of PNG LNG and PRL 3) and PNG Government signed MoU in January 2015 Pnyang to provide long-term gas resources to support domestic power and…
Gulf Hub: PRL 15 (Elk/Antelope) appraisal Comprehensive appraisal programme underway, with initial results encouraging Antelope 4: Located 1 km south of Antelope 2. Well presently suspended while JV makes decision on forward plan…
Antelope 5 initial well test Photos courtesy of InterOil 2015 Annual Meeting - 15 May 2015 14
PNG gas exploration activities Pnyang resource evaluation Juha/Hides area Focus of 2015 PNG exploration and Further seismic/drilling* 102km seismic PPL 402 farm-in complete evaluation programme is to mature material gas prospects to…
Appraisal of Taza in Kurdistan ongoing Continued focus on defining field size TURKEY Caspian Sea KURDISTAN and maximising value REGION OF IRAQ Erbil Sulaimaniyah Appraisal programme underway: SYRIA Taza PSC IRAQ IRAN Processing…
Contributing to long-term sustainability in PNG Operating and political stability essential for long-term sustainability Focus on provision of competitively priced, reliable power: Port Moresby Highlands Ramu Power Project…
Cash Flow Priorities Available Cashflows After scheduled debt servicing, expenditure required to sustain business operations and commitments Dividends Payment in accordance with new dividend policy (35 50% payout ratio on core…
Summary PNG LNG Project delivered ahead of schedule and within revised budget, performing above expectations PNG well placed to significantly expand LNG exports over next 5-7 years Potential for OSH to more than double production by…
2015 Annual Meeting Transformation complete 9.30am, Friday 15 May, 2015 Crowne Plaza Hotel, Port Moresby, PNG Oil Search Limited ASX: OSH POMSoX: OSH US ADR: OISHY ARBN 055 079 868 www.oilsearch.com
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