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2005 PRELIMINARY RESULTS – Premier Oil

Premier Oil · Mar 23, 2006 · 64 slides

Investor presentation from the Shale Experts oil & gas presentation and slide database. Every page is imaged and its text indexed for search across operators, plays, basins and time.

Slides

  1. 2005 PRELIMINARY RESULTS – Premier Oil – slide 1
    2005 Preliminary Results Presentation 23rd March 2006
  2. 2005 PRELIMINARY RESULTS – Premier Oil – slide 2
    Forward looking statements This presentation may contain forward-looking statements and information that both represents management's current expectations or beliefs concerning future events and are subject to known and unknown…
  3. 2005 PRELIMINARY RESULTS – Premier Oil – slide 3
    Preliminary results presentation Strategy & Outlook Simon Lockett Projects Update Robin Allan Financial Highlights Tony Durrant Page 3 2005 Preliminary Results Presentation
  4. 2005 PRELIMINARY RESULTS – Premier Oil – slide 4
    Strategy & outlook Page 4 2005 Preliminary Results Presentation
  5. 2005 PRELIMINARY RESULTS – Premier Oil – slide 5
    Premiers business strategy Strategy Progress Targeting 50,000 Rising production in boepd in medium 2006 term Portfolio of new and Minimum of 4 high incremental impact wells per development annum within projects disciplined…
  6. 2005 PRELIMINARY RESULTS – Premier Oil – slide 6
    Asia building on our Natuna Sea position Asia Production (boepd) Potential new projects 18000 Booked reserves 16000 14000 12000 10000 8000 6000 4000 2000 0 2006 2007 2008 2009 Use technical and commercial expertise from…
  7. 2005 PRELIMINARY RESULTS – Premier Oil – slide 7
    West Africa building a new core business West Africa Production (boepd) 7000 6000 Potential new projects Booked reserves 5000 4000 3000 2000 1000 0 2006 2007 2008 2009 Develop a pipeline of high impact drillable prospects…
  8. 2005 PRELIMINARY RESULTS – Premier Oil – slide 8
    North Sea returning to growth North Sea Production (boepd) 16000 Potential new projects 14000 Booked reserves 12000 10000 8000 6000 4000 2000 0 2006 2007 2008 2009 Build on Norway position by seeking out high impact…
  9. 2005 PRELIMINARY RESULTS – Premier Oil – slide 9
    Middle East & Pakistan enhancing the Pakistan gas business Pakistan Production (boepd) Potential new projects 18000 Booked reserves 16000 14000 12000 10000 8000 6000 4000 2000 0 2006 2007 2008 2009 Capitalise on a…
  10. 2005 PRELIMINARY RESULTS – Premier Oil – slide 10
    5 Year production potential Production Profile Production Profile by Region (boepd) (boepd) 70000 70000 South Asia Potential new projects M/East & Pakistan 60000 60000 Booked reserves West Africa North Sea 50000 50000 40000 40000…
  11. 2005 PRELIMINARY RESULTS – Premier Oil – slide 11
    Operational highlights Production ahead of Strong gas demand in Pakistan, Indonesia offsets UK budget at 33,300 boepd decline. Rising profile in 2006. Developments on track West Natuna (West Lobe) expected 3Q 2006 in 2006 Chinguetti…
  12. 2005 PRELIMINARY RESULTS – Premier Oil – slide 12
    Projects update Page 12 2005 Preliminary Results Presentation
  13. 2005 PRELIMINARY RESULTS – Premier Oil – slide 13
    Asia building on our Natuna Sea position Indonesia drilling update Asia Production Potential new projects (boepd) Booked reserves Singapore gas sales & associated 18000 development 16000 14000 Vietnam high-impact wells 12000…
  14. 2005 PRELIMINARY RESULTS – Premier Oil – slide 14
    Indonesia drilling update Page 14 2005 Preliminary Results Presentation
  15. 2005 PRELIMINARY RESULTS – Premier Oil – slide 15
    Indonesia drilling update Macan Tutul-1 Natuna Sea Block A PSC 2006 success in - Macan Tutul-1 - Lembu Peteng-1 Page 15 2005 Preliminary Results Presentation
  16. 2005 PRELIMINARY RESULTS – Premier Oil – slide 16
    Indonesia drilling update Lembu Peteng-1 Page 16 2005 Preliminary Results Presentation
  17. 2005 PRELIMINARY RESULTS – Premier Oil – slide 17
    Indonesia drilling update Lembu Peteng-1 Ibu Lembu-1 Page 17 2005 Preliminary Results Presentation
  18. 2005 PRELIMINARY RESULTS – Premier Oil – slide 18
    Singapore gas sales & associated development Page 18 2005 Preliminary Results Presentation
  19. 2005 PRELIMINARY RESULTS – Premier Oil – slide 19
    Singapore gas sales & associated development Anoa West Lobe On schedule and on budget First gas in Q3 2006 Gas Sales Excellent demand in 2005 Progressing GSA2 negotiations Page 19 2005 Preliminary Results Presentation
  20. 2005 PRELIMINARY RESULTS – Premier Oil – slide 20
    Vietnam high-impact wells Page 20 2005 Preliminary Results Presentation
  21. 2005 PRELIMINARY RESULTS – Premier Oil – slide 21
    Vietnam high-impact wells Swan Blocks 12E & W Operator Premier Dua Quit Dua Peacock Blackbird Blackbird Swan Falcon Falcon, Peacock and Quit: follow-on prospects Proposed 12E-CS-1X Blackbird Structure Dua Structure…
  22. 2005 PRELIMINARY RESULTS – Premier Oil – slide 22
    Vietnam high-impact wells 12E-LX-1X Blackbird Prospect Thick sands with residual oil; Premier 12E-CS-1X Existing Well 12E-LX-1X drilled close to mapped contact Planned at crest off-structure Oil Water Contact Page 22 2005…
  23. 2005 PRELIMINARY RESULTS – Premier Oil – slide 23
    Vietnam high-impact wells Dua-1X (1974) Confirming Dua oil Flowed 1500 bopd from (damaged) Premier Lower Miocene Dua Sands Dua-1X Dua-4X Dua-1X Discovery Dua-2X 12-A-1X 5km Page 23 2005 Preliminary Results Presentation
  24. 2005 PRELIMINARY RESULTS – Premier Oil – slide 24
    Ratna progress Page 24 2005 Preliminary Results Presentation
  25. 2005 PRELIMINARY RESULTS – Premier Oil – slide 25
    Ratna progress Page 25 2005 Preliminary Results Presentation
  26. 2005 PRELIMINARY RESULTS – Premier Oil – slide 26
    West Africa Page 26 2005 Preliminary Results Presentation
  27. 2005 PRELIMINARY RESULTS – Premier Oil – slide 27
    West Africa building a new core business Congo high impact exploration West Africa Production (boepd) S.A.D.R. high impact exploration 7000 6000 Potential new projects Guinea Bissau high-impact wells Booked reserves 5000…
  28. 2005 PRELIMINARY RESULTS – Premier Oil – slide 28
    Congo high impact exploration Page 28 2005 Preliminary Results Presentation
  29. 2005 PRELIMINARY RESULTS – Premier Oil – slide 29
    Congo high impact exploration Frida Prospect Kitina 150 m bbls Block Marine IX NKossa 280 m bbls Highly prospective block, with significant reserve potential. Moho 110 m bbls Premier 58.5% Operator Page 29 2005…
  30. 2005 PRELIMINARY RESULTS – Premier Oil – slide 30
    Congo high impact exploration Frida Prospect Top Lower Albian depth map with Miocene channel depth overlay 1.0 Tertiary Channel 2.0 3.0 4.0 Page 30 2005 Preliminary Results Presentation
  31. 2005 PRELIMINARY RESULTS – Premier Oil – slide 31
    S.A.D.R. high impact exploration Page 31 2005 Preliminary Results Presentation
  32. 2005 PRELIMINARY RESULTS – Premier Oil – slide 32
    S.A.D.R. high impact exploration Page 32 2005 Preliminary Results Presentation
  33. 2005 PRELIMINARY RESULTS – Premier Oil – slide 33
    Guinea Bissau high-impact wells Page 33 2005 Preliminary Results Presentation
  34. 2005 PRELIMINARY RESULTS – Premier Oil – slide 34
    Guinea Bissau high-impact wells 190 mbbls 175 mbbls Sinapa-1 Sinapa-2,2z Total mean un-risked reserves Espinafre in the top prospects is 110 mmbbls 70 mbbls 1.5 billion barrels (gross) 100 mbbls 300 mmbbls A 50/bbl oil price…
  35. 2005 PRELIMINARY RESULTS – Premier Oil – slide 35
    Guinea Bissau high-impact wells Eirozes Prospect: mean reserves 250 MM bbls Eirozes-1 Proposed Well (WD= 120 metres) Salt Top Albian North Sand South Page 35 2005 Preliminary Results Presentation
  36. 2005 PRELIMINARY RESULTS – Premier Oil – slide 36
    Guinea Bissau high-impact wells Espinafre Prospect: mean reserves 70 MM bbls Espinafre-1 Proposed Well (WD= 34 metres) Salt Top Albian Sand North South Page 36 2005 Preliminary Results Presentation
  37. 2005 PRELIMINARY RESULTS – Premier Oil – slide 37
    Mauritania Chinguetti onstream, next steps Page 37 2005 Preliminary Results Presentation
  38. 2005 PRELIMINARY RESULTS – Premier Oil – slide 38
    Mauritania Chinguetti onstream, next steps Page 38 2005 Preliminary Results Presentation
  39. 2005 PRELIMINARY RESULTS – Premier Oil – slide 39
    Mauritania Chinguetti onstream, next steps Tevet-2 / Tevet Deep 2005 Cretaceous discovery Tiof SW Jalakk Labeidna 2005 Miocene discovery NDor Kibaro Bogue S Awatt Fantar SW Colin Equivalent North Sea block Page…
  40. 2005 PRELIMINARY RESULTS – Premier Oil – slide 40
    North Sea returning to growth Page 40 2005 Preliminary Results Presentation
  41. 2005 PRELIMINARY RESULTS – Premier Oil – slide 41
    North Sea returning to growth Norway acreage additions North Sea Production (boepd) Fry development progress 16000 14000 Potential new projects UK progress Wytch Farm & Kyle Booked reserves 12000 10000 8000 6000 4000 2000…
  42. 2005 PRELIMINARY RESULTS – Premier Oil – slide 42
    Norway acreage additions 34/2, 34/5 15% 2005 APA Round: Reprocessing 3D Awarded 5 E&P 34/4 (N) 30% Work programme Reprocess 3D commitment level low, ALL work programmes 35/12, 36/10 40% targeting 2007 Reprocess 3D drilling.…
  43. 2005 PRELIMINARY RESULTS – Premier Oil – slide 43
    Fry development progress STOIIP 239 MMstb Historical Production 38 MMstb Future resources 20-40 m bbls Target development approval early 2007 Fry Field Planned first oil mid-2009 Page 43 2005 Preliminary Results…
  44. 2005 PRELIMINARY RESULTS – Premier Oil – slide 44
    UK progress Wytch Farm & Kyle Kyle Offtake reconfigured to a single FPSO Targeting un-tapped Palaeocene reserves Wytch Farm Infill drilling continues Key projects are: Low-salinity water injection EOR 98/7 development Page…
  45. 2005 PRELIMINARY RESULTS – Premier Oil – slide 45
    Middle East & Pakistan Bhit & Zamzama progress Production Potential new projects (boepd) Booked reserves Qadirpur & Kadanwari progress 18000 16000 Egypt - Al Amir appraisal 14000 12000 Pakistan Anne high impact 10000…
  46. 2005 PRELIMINARY RESULTS – Premier Oil – slide 46
    Pakistan Bhit & Zamzama progress Page 46 2005 Preliminary Results Presentation
  47. 2005 PRELIMINARY RESULTS – Premier Oil – slide 47
    Pakistan Bhit & Zamzama progress Zamzama Phase 2 approved in 2005 work in progress Bhit - Badhra GSA to increase rates close to completion Seismic recently acquired to evaluate Badhra upside Page 47 2005 Preliminary Results…
  48. 2005 PRELIMINARY RESULTS – Premier Oil – slide 48
    Pakistan Qadirpur & Kadanwari progress Kadanwari High gas prices and strong offtake 2006 drilling to exploit reservoir upside and utilise plant capacity Qadirpur Further plant expansion to proceed GSA to increase rates being…
  49. 2005 PRELIMINARY RESULTS – Premier Oil – slide 49
    Egypt - Al Amir appraisal Page 49 2005 Preliminary Results Presentation
  50. 2005 PRELIMINARY RESULTS – Premier Oil – slide 50
    Egypt - Al Amir appraisal Al Amir-2 South Gharib Fm Zone-1 top oil Zone-2 Zone-3 Zone-4 Page 50 2005 Preliminary Results Presentation
  51. 2005 PRELIMINARY RESULTS – Premier Oil – slide 51
    Pakistan Anne high impact exploration Page 51 2005 Preliminary Results Presentation
  52. 2005 PRELIMINARY RESULTS – Premier Oil – slide 52
    Pakistan Anne high impact exploration W Anne-1 E The Anne well is being drilled down-flank to target best channel package and to confirm an economic oil volume. (i.e. attic likely to be sub-commercial) Page 52 2005…
  53. 2005 PRELIMINARY RESULTS – Premier Oil – slide 53
    Exploration 2006 exploration well plans West Africa 2006 JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC Appraisal wells Guinea Bissau: Eirozes-1 Exploration wells Espinafre-1 Mauritania : Dore-1 (dry) Rigs contracted for all :…
  54. 2005 PRELIMINARY RESULTS – Premier Oil – slide 54
    2005 Financial Highlights Page 54 2005 Preliminary Results Presentation
  55. 2005 PRELIMINARY RESULTS – Premier Oil – slide 55
    Financial highlights Operating profit up 125.7m Rising oil and gas prices, 112% (2004: 59.3m) stable production Profit after tax up 75% 38.6m Rising profits offset by higher (2004: 22.1m) taxation charge Healthy cashflow 118.9m…
  56. 2005 PRELIMINARY RESULTS – Premier Oil – slide 56
    Income Statement Year to Year to 31 Dec 2005 31 Dec 2004 Highlights Working Interest Production (mboepd) 33.3 34.7 Targeting 10% increase by year-end 2006 Entitlement Interest Production (mboepd) 28.7 31.5 Realised oil price (/bbl)…
  57. 2005 PRELIMINARY RESULTS – Premier Oil – slide 57
    Cashflow Year to Year to 31 Dec 2005 31 Dec 2004 m m Net cash flow from operations 207 165 Net interest (2) - Taxation (86) (55) Operating cash flow 119 110 Exploration spend covered 2.3 X Capital expenditure (133) (92) 2005…
  58. 2005 PRELIMINARY RESULTS – Premier Oil – slide 58
    Gas pricing improving economics PKP Gas Prices Brent & HSFO Prices (/mmbtu) (Index) 7 210 Kadanwari Brent Bhit HSFO 6 Qadirpur 190 Zamzama PKP 5 170 4 150 3 130 2 110 1 0 90 10 15 20 25 30 35 40 45 50 55 60 2004…
  59. 2005 PRELIMINARY RESULTS – Premier Oil – slide 59
    10% Increase in Total Resources Reserves/Resources (mmboe) 232 240 220 210 200 180 160 140 120 100 80 Unbooked resources movement Booked reserves movement 60 Unbooked resources 40 Booked reserves 20 0 Opening…
  60. 2005 PRELIMINARY RESULTS – Premier Oil – slide 60
    Potential future field Capex Future Field Capex Future Field Capex by Region ( million) ( million) 180 180 Potential new projects West Africa 160 Booked reserves 160 South Asia M. East & Pakistan 140 140 North Sea 120 120 100…
  61. 2005 PRELIMINARY RESULTS – Premier Oil – slide 61
    Exploration spend Targeted at around 50m per annum Pre-licence exploration costs estimated at additional 10m per annum Will require active portfolio management in current environment to meet target Attractive farm-in offers under…
  62. 2005 PRELIMINARY RESULTS – Premier Oil – slide 62
    Financial outlook Balance sheet effectively ungeared Strong and stable cashflows will fund planned capital programme at 50/bbl including annual exploration spend at 50m Hedging programme through 2010 with floors around 40/bbl…
  63. 2005 PRELIMINARY RESULTS – Premier Oil – slide 63
    Summary Exciting year ahead Close out gas sales contracts in Indonesia/Pakistan Actively target acquisitions in core areas High impact exploration in Guinea Bissau & Vietnam Page 63 2005 Preliminary Results Presentation
  64. 2005 PRELIMINARY RESULTS – Premier Oil – slide 64
    Page 64 2005 Preliminary Results Presentation www.premier-oil.com March 2006

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