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2003 PRELIMINARY RESULTS – Premier Oil

Premier Oil · Mar 18, 2004 · 63 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. 2003 PRELIMINARY RESULTS – Premier Oil – slide 1
    a 2003 Preliminary Results Presentation 2003 Preliminary Results Presentation 18 18 March March 2004 2004 Photo: Woodside
  2. 2003 PRELIMINARY RESULTS – Premier Oil – slide 2
    Presentation Introduction Sir David John Finance and Operations John van der Welle Business Development Robin Allan Summary and Outlook Charles Jamieson 2003 Preliminary Results Presentation Page 2 a
  3. 2003 PRELIMINARY RESULTS – Premier Oil – slide 3
    Finance and Operations 2003 Preliminary Results Presentation Page 3 a
  4. 2003 PRELIMINARY RESULTS – Premier Oil – slide 4
    Results highlights secure base for future growth Record results financially/operationally Restructuring complete Exploration success in West Africa and Pakistan Non-core assets disposals Exciting 2004 exploration programme…
  5. 2003 PRELIMINARY RESULTS – Premier Oil – slide 5
    Financial highlights Production 53,600 boepd (2002: 53,600 boepd) NC Turnover 257.7m (2002: 263.1m) -2% Operating profit 121.6m (2002: 104.1m) +17% Net profit after tax 40.8m (2002: 22.6m) +80% Pre-exceptional net profit after…
  6. 2003 PRELIMINARY RESULTS – Premier Oil – slide 6
    Profit and loss record profitability 2003 2003 2002 Ongoing Reported Restated Production (mboepd) 35.1 53.6 53.6 Working interest production Realised oil price (/bbl) 27.0 27.2 24.3 Impact of weak dollar and Realised gas price…
  7. 2003 PRELIMINARY RESULTS – Premier Oil – slide 7
    Strong cashflow 2003 2003 2002 (As reported) (Incl JVs) (Incl JVs) m m m Net cash flow from operations 138 187 184 In line with unchanged Net interest (19) (22) (26) turnover Taxation (27) (29) (22) Capital expenditure focus on…
  8. 2003 PRELIMINARY RESULTS – Premier Oil – slide 8
    Balance sheet transformed no net debt Balance Movement Impact of Balance Sheet at over year restructuring sheet at 31 Dec 2002 31 Dec 2003 m m m m Cash (incl JVs) 167 (204) 101 64 Debt (incl JVs) (417) 311 49 (57) Net…
  9. 2003 PRELIMINARY RESULTS – Premier Oil – slide 9
    Reserves and production Total 2P reserves 200+ mmboe (1) Working interest production (barrels of oil equivalent nd Indonesia 2 gas sale Mauritania (2) Unbooked (3) per day) Mauritania Chinguetti only Indonesia Pakistan Indonesia…
  10. 2003 PRELIMINARY RESULTS – Premier Oil – slide 10
    Good spread of production across countries and assets WI production by field (5 year total) (Percentage of total WI production) 20% 15% 10% 5% 0% C ale a do p up ad i a ur le tti rd oa…
  11. 2003 PRELIMINARY RESULTS – Premier Oil – slide 11
    Future field capex programme Development CAPEX ( million) 40 Indonesia 2nd gas sale Mauritania 35 Indonesia Pakistan 30 UK 25 20 15 10 5 0 2004 2005 2006 2007 2008 Averaging 20-25 million pa 2003 Preliminary Results…
  12. 2003 PRELIMINARY RESULTS – Premier Oil – slide 12
    Secure financial outlook Good Goodspread spreadofofproduction production Reserves Reservesand andproduction production across acrosscountries countriesand andassets assets Future Futurefield fieldcapex capexprogramme…
  13. 2003 PRELIMINARY RESULTS – Premier Oil – slide 13
    Business Development 2003 Preliminary Results Presentation Page 13 a
  14. 2003 PRELIMINARY RESULTS – Premier Oil – slide 14
    Business development 2003 Review Strategy 2004 Plans Summary 2003 Preliminary Results Presentation Page 14 a
  15. 2003 PRELIMINARY RESULTS – Premier Oil – slide 15
    Business development 2002 2002Preliminary PreliminaryResults ResultsPresentation Presentation STRATEGY STRATEGY IMPLEMENTATION IMPLEMENTATION Delivery Deliveryofofexploration explorationsuccess success Play-makers…
  16. 2003 PRELIMINARY RESULTS – Premier Oil – slide 16
    Business development 2002 2002Preliminary PreliminaryResults ResultsPresentation Presentation GEOGRAPHIC GEOGRAPHIC FOCUS FOCUS Premiers Premiersstrategy strategywill willremain remain principally UK principally focused…
  17. 2003 PRELIMINARY RESULTS – Premier Oil – slide 17
    2003 Review UKCS Divested non-core assets Renewed exploration portfolio Africa UKCS Pakistan India Philippines Mauritania PSC A&B New country entry Testing of Chinguetti at 15,600 bopd Significant Tiof-1 & Tiof West-1…
  18. 2003 PRELIMINARY RESULTS – Premier Oil – slide 18
    2003 UKCS P1048 - 50% : Operator Premier (20/10b, 21/6a, 20/15a & 21/11b) New licence entry Block potential 300m bbls 39/2b, 39/7 - 30% : Operator Tullow New licence entry Blocks adjacent to Fife Area interests UK Portfolio…
  19. 2003 PRELIMINARY RESULTS – Premier Oil – slide 19
    2003 Africa Mauritania New country entry PSC A 4.62%*: Operator Woodside PSC B 9.23%*: Operator Woodside Entry cost 10m for 6% PSC B and 3% PSC A BG entry at 132m for 11.6% PSC B and 13.1% PSC A PSC B Mauritania Chinguetti test flowed…
  20. 2003 PRELIMINARY RESULTS – Premier Oil – slide 20
    2003 Africa Mauritania Tiof: Discovered Nov 2003 Banda: Discovered Sept 2002 Chinguetti: Discovered May 2001 2003 Preliminary Results Presentation Page 20 a
  21. 2003 PRELIMINARY RESULTS – Premier Oil – slide 21
    2003 Africa Mauritania Tiof-1 Miocene channel systems have proven highly successful Three structures drilled to date, all have encountered significant hydrocarbons - Chinguetti (2001), Banda (2002), Tiof (2003) Key to success is…
  22. 2003 PRELIMINARY RESULTS – Premier Oil – slide 22
    2003 Africa Mauritania: Tiof Sketch of Miocene channel system containing Tiof sands Tiof West Tiof-1 N 48m Gas and 38m Oil 4m Gas and 122m Oil 2003 Preliminary Results Presentation Page 22 a
  23. 2003 PRELIMINARY RESULTS – Premier Oil – slide 23
    2003 Africa Guinea Bissau Sinapa Block 2 42%: Operator Premier Post Sinapa-1, acquired new seismic data Prospect 250m bbls Play potential 2.5 billion bbls Farmout concluded with Oxy Blocks 7B, 7C 25%: Operator Premier 2D seismic…
  24. 2003 PRELIMINARY RESULTS – Premier Oil – slide 24
    2003 Africa Gabon Dussafu Licence 25%: Operator Sasol Iris & Themis Marin 18%: Operator Fusion/Sterling New licences Targeting Pre-Salt Plays Focus on Pre-salt Gamba Sandstone Unlocking the potential of this area by application of…
  25. 2003 PRELIMINARY RESULTS – Premier Oil – slide 25
    2003 Africa SADR New country entry SADR 35%: Operator Fusion Premier have earned the option to take 35% equity in up to three 20,000 km exploration licences offshore SADR Areas to be awarded following recognition of the Polisario…
  26. 2003 PRELIMINARY RESULTS – Premier Oil – slide 26
    2003 Asia Pakistan Indus 2365 Offshore 23.75%: Operator Shell New licence Attractive Tertiary delta system Potential for large oil & gas reserves 2003 acquired 1500 sq km of 3D seismic 3Q 2004 drill decision Kadanwari 15.8%:…
  27. 2003 PRELIMINARY RESULTS – Premier Oil – slide 27
    2003 Asia Pakistan: Kadanwari West (K14) The K14 well successfully tested a seismic amplitude supported prospect. K14 K13 2003 Preliminary Results Presentation Page 27 a
  28. 2003 PRELIMINARY RESULTS – Premier Oil – slide 28
    2003 Asia Pakistan: Zamzama East Zamzama East drilled the ZZ-4/ST3 ZZ-3 ZZ-5 ZZ-2 ZZ-1/ST1 previously untested eastern side ZZ-East of the Zamzama anticline, below the thrust fault ZZ-East W E Producing zone of Zamzama…
  29. 2003 PRELIMINARY RESULTS – Premier Oil – slide 29
    2004 Business Development Strategy Exploration led, commercially driven 25m p.a. exploration expenditure 12 to 18 well programme p.a. 1/3 of wells offer step change growth opportunity Focus on Africa and Asia 2003 Preliminary…
  30. 2003 PRELIMINARY RESULTS – Premier Oil – slide 30
    12 Month forward plan UKCS Pakistan Criollo - 1 Chung -1 NE India Mauritania Jaipur-1 6 expln wells 2D seismic Tiof appl wells in Cachar 3D seismic Philippines Guinea Bissau Sinapa-2 Gabon Indonesia 2D seismic Dussafu -1…
  31. 2003 PRELIMINARY RESULTS – Premier Oil – slide 31
    2004 Planned exploration and appraisal activity UKCS 2004 JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC 2005 1st H 2nd H UKCS: Criollo-1 AFRICA 2004 JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC 2005 1st H 2nd H…
  32. 2003 PRELIMINARY RESULTS – Premier Oil – slide 32
    2004 UKCS P1048 - 50%: Operator Premier (20/10b, 21/6a, 20/15a & 21/11b) Criollo -1 well 2nd Q 2004 Prospect 145m bbls, high risk Block potential 300m bbls 2003 Preliminary Results Presentation Page 32 a
  33. 2003 PRELIMINARY RESULTS – Premier Oil – slide 33
    2004 UKCS Criollo-1 prospect Buzzard field Criollo 25 km 2003 Preliminary Results Presentation Page 33 a
  34. 2003 PRELIMINARY RESULTS – Premier Oil – slide 34
    2004 UKCS Criollo-1 prospect Volgian fan time interval map Seismic line showing stratigraphic pinchout W Criollo-1 E Stratigraphic pinchout of the potential reservoir Stratigraphic pinchout of the potential reservoir…
  35. 2003 PRELIMINARY RESULTS – Premier Oil – slide 35
    2004 UKCS prospect map Volgian fan pinchout on top Triassic 20/10b-4 20/10-2 2010b Criollo 20/15-2 Potential sand infill of the Volgian Fan 2003 Preliminary Results Presentation Page 35 a
  36. 2003 PRELIMINARY RESULTS – Premier Oil – slide 36
    2004 Africa Mauritania: Chinguetti Planned Development 2003 Preliminary Results Presentation Page 36 a
  37. 2003 PRELIMINARY RESULTS – Premier Oil – slide 37
    2004 Africa Guinea Bissau Sinapa-2 currently drilling 2D seismic currently being acquired 2003 Preliminary Results Presentation Page 37 a
  38. 2003 PRELIMINARY RESULTS – Premier Oil – slide 38
    2004 Africa Guinea Bissau: Sinapa-2 well SW Sinapa-1 Sinapa-2 NE Sinapa-2 is being drilled as a vertical well to tie down the precise depth of the Albian reservoir sequence. It is anticipated that a sidetrack will then be drilled…
  39. 2003 PRELIMINARY RESULTS – Premier Oil – slide 39
    2004 Africa Guinea Bissau: Sinapa & Esperanca Map showing location of salt diapirs in the Sinapa and Esperanca permits. All of these have potential for flanking Sinapa-2 prospects located in shallow water (30-200 metres). If…
  40. 2003 PRELIMINARY RESULTS – Premier Oil – slide 40
    2004 Africa Guinea Bissau: Blocks 7B & 7C New 2D is currently being acquired; several tilted fault traps have been recognised (Baobab field analogue) Seismic data by courtesy of Veritas DGC 2003 Preliminary Results…
  41. 2003 PRELIMINARY RESULTS – Premier Oil – slide 41
    2004 Africa Gabon 2003 Preliminary Results Presentation Page 41 a
  42. 2003 PRELIMINARY RESULTS – Premier Oil – slide 42
    2004 Africa Gabon: Dussafu Mytilus-1 Projected Proposed Dussafu Well Location Dussafu Prospect 2003 Preliminary Results Presentation Page 42 a
  43. 2003 PRELIMINARY RESULTS – Premier Oil – slide 43
    2004 Asia Pakistan: Dumbar Chung prospect Bhit field Badhra field Chung-1 Zirkani-1 Chung-1 well is expected to spud in May. This prospect is adjacent to the Bhit and Badhra gasfields. 2003 Preliminary Results…
  44. 2003 PRELIMINARY RESULTS – Premier Oil – slide 44
    2004 Asia Pakistan: Indus offshore Block 2365-1 23.75% : Operator Shell 3D Seismic processing & interpretation Drilling decision September 04 2003 Preliminary Results Presentation Page 44 a
  45. 2003 PRELIMINARY RESULTS – Premier Oil – slide 45
    2004 Asia Pakistan: Indus offshore 10 km New 3D seismic has just been acquired; high amplitude horizons are recognised indicating a variety of structural and Example of bright stratigraphic traps channel fill 2003 Preliminary…
  46. 2003 PRELIMINARY RESULTS – Premier Oil – slide 46
    2004 Asia India Jaipur Block 38% : Operator Premier Jaipur-1 well, 4th Q 2004 Prospect 50-100m bbls Block potential 250m bbls Cachar Block 84% : Operator Premier 2D seismic programme underway: completion by end 1st Q 2004 Farming…
  47. 2003 PRELIMINARY RESULTS – Premier Oil – slide 47
    2004 Asia India: Jaipur Jorajan Field Digboi Field 242 MMbbl Reserves 100 MMbbl Reserves Nahorkatiya Field 260 MMbbl Reserves Legend Prospect Oil Field Premier Block 2003 Preliminary Results Presentation Page 47 a
  48. 2003 PRELIMINARY RESULTS – Premier Oil – slide 48
    2004 Asia India: Cachar N.E. INDIA BANGLADESH A A A A Target: Rengi Fm. 2003 Preliminary Results Presentation Page 48 a
  49. 2003 PRELIMINARY RESULTS – Premier Oil – slide 49
    2004 Asia Indonesia Natuna Sea Block A 28.67% : Operator Premier Macan Tutul-1 well Targetting oil & gas Gajah Baru appraisal & deep exploration well Supporting gas sales 2003 Preliminary Results Presentation Page 49 a
  50. 2003 PRELIMINARY RESULTS – Premier Oil – slide 50
    2004 Asia Indonesia: Macan Tutul A A Macan Tutul in flank of Anoa Field Anoa A A All gas producing zones in Anoa field have significant oil legs (target for early field production) 2003 Preliminary Results Presentation Page…
  51. 2003 PRELIMINARY RESULTS – Premier Oil – slide 51
    2004 Asia Philippines New Country Entry Ragay Gulf 37.5%: Operator Premier Signed 14th January 2004 2003 Preliminary Results Presentation Page 51 a
  52. 2003 PRELIMINARY RESULTS – Premier Oil – slide 52
    2004 Asia Philippines: Ragay Gulf SC Area (10,865 km) 2003 Preliminary Results Presentation Page 52 a
  53. 2003 PRELIMINARY RESULTS – Premier Oil – slide 53
    2004 Asia Philippines: Ragay Gulf Initial studies are evaluating Miocene age pinnacle reefs Sacramento Monte Cristo 2003 Preliminary Results Presentation Page 53 a
  54. 2003 PRELIMINARY RESULTS – Premier Oil – slide 54
    Planned exploration and appraisal activity UKCS 2004 JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC 2005 1st H 2nd H UKCS: Criollo-1 AFRICA 2004 JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC 2005 1st H 2nd H Mauritania…
  55. 2003 PRELIMINARY RESULTS – Premier Oil – slide 55
    Business development summary 18 wells in 2004 New acreage will be signed New commercial deals An exciting 2005 drilling programme 2003 Preliminary Results Presentation Page 55 a Photo: Woodside
  56. 2003 PRELIMINARY RESULTS – Premier Oil – slide 56
    Summary and Outlook 2003 Preliminary Results Presentation Page 56 a
  57. 2003 PRELIMINARY RESULTS – Premier Oil – slide 57
    Delivering the strategy 2003 Preliminary Results Presentation Page 57 a
  58. 2003 PRELIMINARY RESULTS – Premier Oil – slide 58
    Appendix 2003 Preliminary Results Presentation Page 58 a
  59. 2003 PRELIMINARY RESULTS – Premier Oil – slide 59
    Areas of operation and strategy High impact explorer and commercial dealmaker Base business e.g. 30-50,000 boepd Cycle out/farm down assets when significant growth potential has been exploited Realise early value for…
  60. 2003 PRELIMINARY RESULTS – Premier Oil – slide 60
    Production operations UK Mature production, mainly oil Wytch Farm (picture), BP operated Kyle and Fife area fields UK production 13,000 boepd, reserves 26 mmboe 2003 Preliminary Results Presentation Page 60 a
  61. 2003 PRELIMINARY RESULTS – Premier Oil – slide 61
    Production operations - Indonesia West Natuna Gas (WNG) project Premier operated 650km pipeline to Singapore Production commenced 2001 27 year gas contract Indonesia production 10,000 boepd, reserves 82mmboe 2003 Preliminary…
  62. 2003 PRELIMINARY RESULTS – Premier Oil – slide 62
    Production operations - Pakistan Onshore gas all in production, offshore exploration block (Shell) Bhit (picture) and Zamzama on-stream 2003 Long-term gas contracts, in dollars Successful drilling late 2003 Pakistan production…
  63. 2003 PRELIMINARY RESULTS – Premier Oil – slide 63
    2003 Preliminary Results Presentation Page www.premier-oil.com 63 a

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