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…
Agenda Strategy and 2012 highlights Simon Lockett Business Units review Robin Allan Key operated developments Neil Hawkings Exploration update Andrew Lodge 2012 financial results Tony Durrant Summary Simon Lockett 21…
STRATEGY AND 2012 HIGHLIGHTS //
Delivering on our strategy Continue growing the underlying value of the business NAV/share CAGR 10% Focus on high quality, high return developments Chim So, Huntington, Catcher, Bream, Sea Lion FPSOs West Natuna, North Sumatra…
2012 highlights Four projects achieved final sanction Targeting first oil/gas in 2014 Significant progress with the operated Catcher field Final sanction targeted for this year Successful entry into Falkland Islands Sea Lion…
BUSINESS UNITS REVIEW //
Falkland Islands Completed purchase of 60% interest in Rockhoppers assets for 231 million cash and 770 million carry Appointed operator of Rockhoppers licence interests in November 2012 Falkland Islands Business Unit established in…
UK Operated Significantly higher uptime at the Balmoral facility achieved in 2012 UK production run rate of 25 kboepd once Solan progressing with 1st phase of Huntington and Rochelle on-stream; doubling to development drilling to…
Norway Bream Grosbeak; Completed SPA with Skeie to increase Skarfjell extension equity in Bream to 40% Blabaer FPSO planned; engineering studies underway Project sanction early 2014 First oil in 2017 with an initial Froy…
Pakistan Pakistan achieved 2012 production of 15.6 kboepd Exploration successes at K-30 and Badhra B North-1 Further potential to be tested in 2013 21 March 2013 // Page 10
Vietnam Chim So 10.5 mmboe produced in 2012 Currently producing 30 kbopd and 25 mmscf/d Addressing power issues which could lead to greater deliverability Dua 3 well subsea tie back to Chim So Installation of main pipeline commenced…
Indonesia Natuna Sea Block A PSC Gas sales to Singapore averaged 217 BBtud, up 42% Total sales capacity increasing to 400 BBtud Anoa Phase 4, Pelikan and Naga Year to date market share of 45% Rising market share offsets impact of LNG…
KEY OPERATED DEVELOPMENTS //
Solan project update Key milestones Producers Injectors Full DECC and partner approvals received in April First oil targeted for Q4 2014; initial production run rate of 24 kbopd Capex 20/bbl Subsurface and drilling Solan well…
Solan project update Platform and Subsea Platform fabrication commenced at Methil yard, Scotland Construction of subsea storage tank commenced in December in Dubai Heavy lift installation in Summer 2014 Contract for associated subsea…
Catcher project update Key milestones JV formally agreed development concept in December 2012 Leased FPSO Subsea development of three fields Sanction targeted for end 2013 First oil modelled for 2H 2016, subject to FPSO proposals…
Catcher project update FPSO and subsea Funded tender for the leased FPSO commenced in February with three FPSO providers Subsea FEED is underway 2013 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Order Long Project Now FPSO…
Sea Lion project update Key milestones Concept selection targeted for mid-2013 Project sanction targeted for mid-2014 First oil targeted for Q3 2017 Subsurface and drilling Detailed static and dynamic reservoir modelling underway…
Sea Lion project update FPSO and subsea FPSO market enquiries undertaken to assess options for conversions and new builds Technical studies ongoing, reviewing FPSO fatigue life, turret designs and offloading operability Technical…
Reserves and resources continuing growth Reserves and contingent resources (mmboe) 900 2C contingent resources 800 2P reserves 700 600 500 400 300 200 100 0 Year end Year end Production Additions & Year end 2007 2011 Revisions 2012…
EXPLORATION OVERVIEW //
Transforming the exploration portfolio 12 exploration and appraisal Transforming the exploration portfolio, adding higher wells drilled in 2012 impact plays with significant follow on potential Carnaby discovery Added 1 bnboe…
2013 exploration drilling programme 2013 P50 gross unrisked Asia Q1 Q2 Q3 Q4 resource (mmboe) Risk Block 121 Ca Voi Ocean General 120 High Vietnam Block 07/03 CRD appraisal Ocean General N/A TBC Ca Duc Ocean General 45 High Block A…
2013 North Sea exploration Luno II and Lacewing Luno II (spudded) Grosbeak; Skarfjell Luno II is on the south west margin of the Utsira high extension Critical risk: reservoir presence Gross prospective resource: 30-120-300 mmbo…
2013 Nam Con Son programme Kuda/Singa Laut (2H 2013) Ca Duc NW SE Faulted dip closed structure up dip from a proven source kitchen to the east Top NCS Low risk for gas, high risk for commercial oil MMU Gross prospective resource:…
2013 play-opening well Ca Voi Premier equity 40% The Ca Voi prospect is the first test of the Oligocene play in the Phu Khanh Basin High risk well with multiple follow-up potential Gross prospective resource: 35-120-190 mmbo Well…
Ca Voi follow on potential Block 121 Prospects and Leads A successful Whale (Ca Voi) well Swordfish de-risks multiple leads Basin Edge Deep Water Swordfish Leads Whale & Leads Area East Whale East Whale 25km Unexplored…
Kenya exploration (2013/14) L10A & L10B Oil (Miocene carbonate) play in the West, deeper Cretaceous sandstone (gas) play in the East 5000 km2 of 3D and 1000 km 2D acquired Upcoming drilling in 2014, possibly late 2013 Gross…
Lama play (2014/15) Anoa Deep Lama Prospects and Leads 300 feet of fractured Lama Sandstones within the Anoa field 70-100-150 bcf total gas in place Significant follow-on potential Gross accessible prospective resource: 2TCF…
Mandal High (2014/15) Shares similar characteristics to that of the Utsira High in 2008 Proven Kitchen to west of High Proven Jurassic sands to east of High Hydrocarbons proven in basement Myrhauk prospect is targeted for…
Falkland Islands exploration (2014/15) Defined lead and prospect inventory Beverly Discovery Fan 1 A minimum of 3 exploration wells planned Casper South Discovery Play opening wells to be drilled below existing Fan 2 Sea Lion…
What should you expect from exploration in 2013 Play opening test in East Vietnam Key prospects drilled in Nam Con Son and North Sea Near field drilling in Catcher, Aceh and Pakistan Mature portfolio for 2014/15 drilling Kenya…
FINANCE //
Record profits 12 months to 12 months to Highlights 31 Dec 2012 31 Dec 2011 Operating costs (US/bbl) 40.4 2012 2011 Working Interest production (kboepd) 57.7 UK 41.9 39.5 Entitlement production (kboepd) 51.6 37.7 Indonesia 11.2…
Rising cash flows 12 months to 12 months to 31 Dec 2012 31 Dec 2011 Capital expenditure split (USm) USm USm 2012 2011 Development 585 433 Cash flow from operations 1,041 530 Exploration 187 228 772 661 Taxation (233) (44)…
Group taxation position Tax charge UK Tax Losses/Allowances Position 12 months to 12 months to As at 31 Dec 31 Dec 2012 31 Dec 2011 USm USm USm Overseas 137.0 60.1 Allowances brought forward 1,360 Prior period provisions/revisions…
Strong liquidity and balance sheet position 12 months to 12 months to Debt maturity profile 31 Dec 2012 31 Dec 2011 (including Letters of Credit) USm USm Cash 187 309 Bank debt (500) (484) Bonds (577) (341) Convertibles (220) 1…
Fully funded programme Funding Outlook Investment Profile (development) (US million) Significant growth in cash flow 2500 US2 billion pa post-Catcher * 2250 Standby Funding Sea Lion Premier US2.5 billion pa post-Sea Lion * 2000…
SUMMARY //
What can you expect from Premier Growing production Rapidly rising production and cash flow (kboepd) Quality execution of development projects 100+ Increasingly material and higher 100 impact exploration Continuing portfolio…
APPENDIX //
End 2012 2P reserves and contingent resources Falkland Pakistan & Indonesia Norway UK Vietnam Total Islands Mauritania 2P Reserves On production - 36.2 - 28.2 29.7 28.0 122.1 Approved for - 36.0 - 5.6 19.8 7.0 68.4 development…
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 www.premier-oil.com 21 March 2013
Loading...
