Progress against 2015 targets Production guidance Q1 production of 60.2 kboepd; 91% operating efficiency 55kboepd (excl Solan) First pair of wells tied in; improved productivity achieved Solan on-stream 2015 using Victory flotel…
Re-setting the cost base Focus of cost savings Identified expenditure reductions G&A 20% reduction in 2015 through 2017 Contractor rates cut by 10% Opex & Royalties 140m Contracts review on-going Capex 285m Operating cost…
Well financed, low cost producer with growth opportunities Cash flow Stable production base positive at Improving portfolio mix 50/bbl Low cost base A 10/bbl oil from 2016 Low commitments price recovery generates c. 150m of…
Production
Strong start to 2015 production North Sea (16.1kboepd) Vietnam (20kboepd) Full production from Chim So surpassed Huntington resumed in April 30 mmbbls milestone Steady production from rest Rates of 40kboepd (gross) of UK portfolio…
Indonesia strategically positioned 43% share Q1 2015 highlights of GSA1 (ytd) Singapore demand above ToP Pelikan on-stream Block A Aceh sale completed GSA1 Growing Outlook domestic Targeting 9/boe opex GSA2 market 40m capex in…
Vietnam high performing cash generator Q1 2015 Q1 2015 highlights operating 20 kboepd, up 18% on 2014 efficiency of 94% 5% premium to Brent for crude Outlook 15/boe opex No committed capex Incremental growth opportunities Acid…
UK tax free oil production 87% Q1 2015 highlights operating 16.1 kboepd efficiency (Q1 2015) Improved operating efficiency Full production from Huntington resumed in April Outlook Solan at plateau rate by year-end Catcher…
Development
Development sustained growth Catcher (50% op.) Solan (60% op.) Vette (50% op.) 96 mmboe 40 mmbbls 45 mmbbls 50 kbopd at peak 20-25 kbopd plateau by FEED completed 2.25bn capex year-end PDO deferred to capture IRR 20% (85/bbl) 1.5bn…
Solan project status Targeting plateau rate of 20-25 kbopd by year-end Acquired Chyrsaor's 40% interest Nil upfront consideration plus contingent payments Project status Removes partner funding concerns Increased flexibility…
Catcher progressing to budget and schedule FPSO Drilling Hull Ensco contract assigned Construction commenced in January First steel On track to commence Topsides cut in Japan drilling July 2015 Fabrication contract awarded Turret…
Catcher look ahead Experienced project team Future opportunities 250 years project delivery experience across Reservoir upside leadership team Bonneville and Carnaby Cost certainty Exploration wells planned Leased FPSO for 2016 Lump…
Sea Lion development reconfigured Phased development of at least 400 mmbbls Phase 1a will develop the north east of PL032 160 mmbbls using a leased FPSO Cost reductions expected during 2015 in the areas of drilling, subsea and…
Phase 1a facilities 14 development wells 8 producers Shuttle tanker FPSO 5 water injectors 1 gas producer / injector 9 pre-drilled 160 mmbbls over 15 years Flowline to Potential gas well for cost reductions 8 well 5 well…
Exploration
Exploration drilling schedule All well timings are subject to revision for operational reasons June 2015 P19
2015 drilling to determine ultimate resource potential of North Falklands Basin Isobel Jayne Zebedee Chatham Deep East Chatham Sea Lion western gas cap 1. SL western gas cap appraisal app. If no gas, adds 60 mmbbls to 2. Extend…
Oil & gas discovery at Zebedee; Oil discovery at Isobel Deep Zebedee Isobel Deep Extended proven F2 sands south F3 oil discovery Total net pay of 136 feet Isobel Deep (upper) sand Isobel Deep Hector : 55 feet net gas pay penetrated on…
Elaine/Isobel fan complex - total area potential Isobel Deep 1.800 Isobel Elaine Other Isobel Deep age fans 1.900 Isobel Deep upper (penetrated by well) Isobel Deep lower (not reached by well) 2.000 2.100 Isobel…
Norway Mandal High Myrhauk well Q3 2015 Play opening test Robust closure Gross prospective resource: 10-50-135 mmboe Significant running room Leading acreage position held on the Mandal High All drill options post Myrhauk are…
Brazil Cear Basin exposure to high impact, emerging plays Cost mitigation by multi-client seismic acquisition and future rig share 3D seismic acquisition 2015/16 Two wells planned; first well likely 2017 Pecem Discovery…
Finance
Cash flow 12 months 12 months to 31 Dec to 31 Dec Capital expenditure (m) 2014 2013 2013 2014 2015 Working Interest production (kboepd) 63.6 58.2 Exploration 207 165 220 Entitlement production (kboepd) 57.7 52.4 Development 658…
Income Statement Operating costs (US/boe) 12 months to 12 months to 2013 2014 31 Dec 2014 31 Dec 2013 USm USm UK 43.3 37.2 Indonesia 10.9 10.0* Sales and other operating revenues 1,629 1,540 Pakistan 2.5 3.3 Cost of sales (1,771)…
Liquidity and balance sheet position Drawn debt maturity profile 31 Jan 2015 At At (excluding Letters of Credit) 31 Dec 2014 31 Dec 2013 m m Cash 292 449 Bank debt (1,230) (686) Bonds (955) (992) Convertibles1 (229) (224)…
End 2014 2P reserves and resources Falklands Indonesia Mauritania Norway Pakistan UK Vietnam Total On Production 33.7 0.4 16.3 26.5 26.0 102.8 Approved for 10.5 74.2 1.4 86.1 Development 2P Justified for 29.1 23.2 2.2 54.4…
June 2015 www.premier-oil.com Premier Oil Plc 23 Lower Belgrave Street London SW1W 0NR Tel: +44 (0)20 7730 1111 Fax: +44 (0)20 7730 4696 Email: premierpremier-oil.com
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