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2007 INTERIM RESULTS PRESENTATION – Premier Oil

Premier Oil · Sep 20, 2007 · 55 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. 2007 INTERIM RESULTS PRESENTATION – Premier Oil – slide 1
    2007 Interim Results Presentation 20th September 2007
  2. 2007 INTERIM RESULTS PRESENTATION – 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. 2007 INTERIM RESULTS PRESENTATION – Premier Oil – slide 3
    Highlights Page 4 2007 Interim Results Presentation
  4. 2007 INTERIM RESULTS PRESENTATION – Premier Oil – slide 4
    Highlights Rising production 1H production up 5% from 2H 2006 Daily Production (boepd) 80000 All projects earlier profile on track to with current run rate of 37,000 boepd 70000 60000 All projects later Base producing…
  5. 2007 INTERIM RESULTS PRESENTATION – Premier Oil – slide 5
    Regional strategies Asia Middle East / Pakistan Optimise Natuna Continuing growth in Sea position Pakistan gas business Build new core areas Seeking new in Vietnam and North exploration plays in Sumatra Pakistan Fully exploit…
  6. 2007 INTERIM RESULTS PRESENTATION – Premier Oil – slide 6
    Exploration strategy Drill up programme of high impact new plays (Congo) Fully exploit plays as follow-ons to success (Vietnam) Maintain focus on new areas for future drilling (Eastern Indonesia, Barents Sea) Through commercial…
  7. 2007 INTERIM RESULTS PRESENTATION – Premier Oil – slide 7
    Financial results Page 8 2007 Interim Results Presentation
  8. 2007 INTERIM RESULTS PRESENTATION – Premier Oil – slide 8
    Financial performance 108.8 82.8 69.7 Reduced by exploration write- Operating profit down and non-cash charges 147.6 155.2 143.3 Strong underlying cashflows Operating cashflow driven by rising production before working…
  9. 2007 INTERIM RESULTS PRESENTATION – Premier Oil – slide 9
    Production kboepd (net) kboepd (net) 1H 2007 FY 2006 North Sea 8.3 6.9 Wytch Farm 3.0 3.2 Scott 1.9 0.4 Kyle 2.2 2.0 Others 1.2 1.3 Asia 11.8 11.6 Anoa 7.9 7.9 Kakap 3.9 3.7 Pakistan 12.5 12.1 Qadirpur 4.0 3.9 Bhit 2.9…
  10. 2007 INTERIM RESULTS PRESENTATION – Premier Oil – slide 10
    Scott acquisition Scott Economics Pre-emption purchase price 60m Adjusted final price (including inventory of 26m) 53m After-tax cash flow (May 19th-August 31st) 38m Scott Field Anticipate cash pay-back within 12 months…
  11. 2007 INTERIM RESULTS PRESENTATION – Premier Oil – slide 11
    Production and income statement 6 months to 12 months to 6 months to 30 June 2007 31 Dec 2006 30 June 2006 Highlights Working Interest Production (mboepd) 34.1 33.0 32.5 Realised oil price (/bbl) 65.00 64.90 66.50 3% premium to Brent…
  12. 2007 INTERIM RESULTS PRESENTATION – Premier Oil – slide 12
    Cashflow 6 months to 12 months to 6 months to 30 June 2007 31 Dec 2006 30 June 2006 m m m Operating cash flow 143.3 302.8 147.6 Before working capital movements Working capital movements (22.3) 58.2 76.9 Cargo proceeds of 42.0m…
  13. 2007 INTERIM RESULTS PRESENTATION – Premier Oil – slide 13
    Balance sheet As at As at As at 30 Jun 2007 31 Dec 2006 30 Jun 2006 m m m Cash and equivalents 240.8 40.9 43.8 Invested at an average 5.28% Bank debt (68.0) - - Convertible Bonds (196.9) - - 250 million issue in May at 2.875%…
  14. 2007 INTERIM RESULTS PRESENTATION – Premier Oil – slide 14
    Development update Page 15 2007 Interim Results Presentation
  15. 2007 INTERIM RESULTS PRESENTATION – Premier Oil – slide 15
    Middle East Pakistan Producing fields The historical picture of reliable Pakistan Production Graph production growth looks set to continue: (boepd net) 20000 Zamzama Phase-2 first production is imminent Further potential 18000…
  16. 2007 INTERIM RESULTS PRESENTATION – Premier Oil – slide 16
    Other key producing fields Scott In 2006/7 a successful infill drilling campaign reinvigorated production Production increased from 18 to 35 kboepd gross Added 11 mmbbls reserves at 10/barrel After further study work a new…
  17. 2007 INTERIM RESULTS PRESENTATION – Premier Oil – slide 17
    Asia Vietnam Blackbird / Dua First production targeted for 2010 but 2009 may be possible Market survey of FPSOs completed Development team in place in Ho Chi Minh Reservoir studies and development cost estimating are ongoing Gas…
  18. 2007 INTERIM RESULTS PRESENTATION – Premier Oil – slide 18
    Asia Indonesia West Natuna Block A GSA 2 Confident of Indonesian ministerial approval to export gas A further expansion of the Jurong Petrochemical complex has been announced Evaluating the possibility of an offer from Sembgas…
  19. 2007 INTERIM RESULTS PRESENTATION – Premier Oil – slide 19
    Asia Indonesia North Sumatra Block A Targeting POD approval at end of October Gas sales negotiations with PIM (fertilizer manufacturer) are progressing POD has been submitted to BPMigas for review Tendering process for FEED is…
  20. 2007 INTERIM RESULTS PRESENTATION – Premier Oil – slide 20
    North Sea Norway Fry Development concept has been selected Jack-Up with Drilling, Production, Storage & Offtake Either a converted rig or a purpose built jack-up Installation in autumn 2010 or 2011 First production will be three…
  21. 2007 INTERIM RESULTS PRESENTATION – Premier Oil – slide 21
    Field developments schedule 2007 2008 2009 2010 Pakistan Blackbird / Dua WNBA GSA-2 NSBA Fry Ratna Study Design Execute Operated Non-operated Project Concept Project First Initiation Selection Sanction Production NB:…
  22. 2007 INTERIM RESULTS PRESENTATION – Premier Oil – slide 22
    Production forecast Quarterly Production (boepd) 80000 All projects earlier 70000 All projects later Base producing fields 60000 50000 40000 30000 20000 10000 0 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 2009 2009 2010 2010…
  23. 2007 INTERIM RESULTS PRESENTATION – Premier Oil – slide 23
    Exploration update Page 24 2007 Interim Results Presentation
  24. 2007 INTERIM RESULTS PRESENTATION – Premier Oil – slide 24
    North Sea Page 25 2007 Interim Results Presentation
  25. 2007 INTERIM RESULTS PRESENTATION – Premier Oil – slide 25
    North Sea Norway PL407 Bream Undeveloped Brent age oil field discovered 1971 10km First well planned 2008 PL407 Bream Appraisal Operator estimate of 80 mmbbls Premier 20% equity share PL406 Bream Exploration Yme Field…
  26. 2007 INTERIM RESULTS PRESENTATION – Premier Oil – slide 26
    North Sea UK 23/22b Sparrow Prospect NW SE Lomond field Page 27 2007 Interim Results Presentation
  27. 2007 INTERIM RESULTS PRESENTATION – Premier Oil – slide 27
    West Africa Page 28 2007 Interim Results Presentation
  28. 2007 INTERIM RESULTS PRESENTATION – Premier Oil – slide 28
    West Africa Guinea Bissau Page 29 2007 Interim Results Presentation
  29. 2007 INTERIM RESULTS PRESENTATION – Premier Oil – slide 29
    West Africa Guinea Bissau Espinafre Map Page 30 2007 Interim Results Presentation
  30. 2007 INTERIM RESULTS PRESENTATION – Premier Oil – slide 30
    West Africa Guinea Bissau Espinafre interpretation Pre-drill Post-drill Page 31 2007 Interim Results Presentation
  31. 2007 INTERIM RESULTS PRESENTATION – Premier Oil – slide 31
    West Africa Guinea Bissau Eirozes map Tied to Sinapa-2 Page 32 2007 Interim Results Presentation
  32. 2007 INTERIM RESULTS PRESENTATION – Premier Oil – slide 32
    West Africa Gabon Themis Admiral-1 Themis Marin PSC Premier 18% Rig contracted for 4Q 2007 Admiral-1 planned for Dec 2007 Page 33 2007 Interim Results Presentation
  33. 2007 INTERIM RESULTS PRESENTATION – Premier Oil – slide 33
    West Africa Congo Block Marine IX Tertiary (Turbidite Channel) Play 14 BBO Reserves & Growing 100 Expl. Wells since 1994 Cretaceous (Albian-Cenomanian Raft) Play 5 BBO Reserves Significant Producer: Congo & Angola Pre-Salt…
  34. 2007 INTERIM RESULTS PRESENTATION – Premier Oil – slide 34
    West Africa Congo Block Marine IX Marine IX Block (Premier 58.5%) Significant reserve potential Frida Structure 3D reprocessing and interpretation in 2007 Ida Structure Largest prospects Frida and Ida Exploration well 2008/9…
  35. 2007 INTERIM RESULTS PRESENTATION – Premier Oil – slide 35
    Middle East / Pakistan Page 36 2007 Interim Results Presentation
  36. 2007 INTERIM RESULTS PRESENTATION – Premier Oil – slide 36
    Middle East / Pakistan Offshore Indus Anne-1 Anne-1 Spudding September 2007 Targeting 300 mmbbls First well in offshore Indus delta 1,300 metres water depth Premier 12.5% S N SW NE Page 37 2007 Interim Results Presentation
  37. 2007 INTERIM RESULTS PRESENTATION – Premier Oil – slide 37
    Asia Page 38 2007 Interim Results Presentation
  38. 2007 INTERIM RESULTS PRESENTATION – Premier Oil – slide 38
    Asia India Cachar Masimpur-3 Masimpur-3A Surface Location Page 39 2007 Interim Results Presentation
  39. 2007 INTERIM RESULTS PRESENTATION – Premier Oil – slide 39
    Asia Philippines Ragay Gulf Monte Cristo Monte Cristo Reef Prospect Offshore target drilled from shoreline SC43 Ragay Gulf Premier 21% Monte Cristo-1 Well planned for Dec 2007 Well costs carried, farmed out equity to Pearl…
  40. 2007 INTERIM RESULTS PRESENTATION – Premier Oil – slide 40
    Asia Indonesia Kakap Pancing Kakap, 18.75% Discovery announced 23rd August 2007 Tested and flowed oil to surface Opens up prospectivity of Lama reservoir across the Natuna Sea Page 41 2007 Interim Results Presentation
  41. 2007 INTERIM RESULTS PRESENTATION – Premier Oil – slide 41
    Asia High impact pipeline North Sumatra Block A Page 42 2007 Interim Results Presentation
  42. 2007 INTERIM RESULTS PRESENTATION – Premier Oil – slide 42
    Asia High impact pipeline Indonesia Buton Buton Island has a highly active oil generative petroleum system. Oil seeps to the surface are abundant and prolific Carbonate reservoirs have been mapped as closed structures in the…
  43. 2007 INTERIM RESULTS PRESENTATION – Premier Oil – slide 43
    Asia High impact pipeline Indonesia Tuna Seismic shows excellent indications of DHIs oil-prone source rocks Direct Hydrocarbon Indicators (DHIs) confirm working petroleum generative system Page 44 2007 Interim Results…
  44. 2007 INTERIM RESULTS PRESENTATION – Premier Oil – slide 44
    Asia Vietnam Block 12W Page 45 2007 Interim Results Presentation
  45. 2007 INTERIM RESULTS PRESENTATION – Premier Oil – slide 45
    Asia Vietnam Block 12W Jay SW NE Block 12W Jay Jay Prospect Premier 37.5% Exploration Candidate for 2008 Mang Cau Mid Dua 10 km Dua sands 2.5km 10km Page 46 2007 Interim Results Presentation
  46. 2007 INTERIM RESULTS PRESENTATION – Premier Oil – slide 46
    Asia Vietnam Block 12W Go Kien WSW ENE Block 12W Dua Go Kien Go Kien Prospect Premier 37.5% Exploration Candidate Mang Cau for 2008 Mid Dua Dua sands 2.5km 10km Page 47 2007 Interim Results Presentation
  47. 2007 INTERIM RESULTS PRESENTATION – Premier Oil – slide 47
    Asia Vietnam Block 12W Falcon 10km Block 12W Falcon Prospect Premier 37.5% 3D seismic programme completed Q2 2007 Exploration Candidate for 2008 Page 48 2007 Interim Results Presentation
  48. 2007 INTERIM RESULTS PRESENTATION – Premier Oil – slide 48
    Asia Vietnam Block 12W Peacock Block 12W Falcon Prospect Premier 37.5% 3D seismic programme completed Q2 2007 Exploration Candidate Peacock Prospect for 2008 Peacock Prospect Peacock Prospect Page 49 2007 Interim Results…
  49. 2007 INTERIM RESULTS PRESENTATION – Premier Oil – slide 49
    Asia High impact pipeline Vietnam Block 07/03 Red Grouper 10 km NW SE Blue Marlin Silver Sillago Silver Sillago Late Middle Miocene Carbonate Top Upper Dua Top Cau Basement Mang Cau 10 km Page 50 2007…
  50. 2007 INTERIM RESULTS PRESENTATION – Premier Oil – slide 50
    Exploration drilling schedule 2007 2008 2009 M/East & Pakistan SEP OCT NOV DEC JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC Egypt : NW Gemsa Gemsa Well-1 Pakistan : Indus Anne-1 West Africa Congo: Marine IX Frida Ida Gabon : Themis…
  51. 2007 INTERIM RESULTS PRESENTATION – Premier Oil – slide 51
    Summary Page 52 2007 Interim Results Presentation
  52. 2007 INTERIM RESULTS PRESENTATION – Premier Oil – slide 52
    Impact of major projects on Premier group production Daily Production (boepd) 80000 All projects earlier 70000 All projects later Base producing fields 60000 50000 40000 30000 20000 10000 0 2008 2009 2010 2011…
  53. 2007 INTERIM RESULTS PRESENTATION – Premier Oil – slide 53
    Forecast development expenditures (millions) 350 All projects earlier 300 All projects later Base 250 200 150 100 50 0 2008 2009 2010 2011 Page 54 2007 Interim Results Presentation
  54. 2007 INTERIM RESULTS PRESENTATION – Premier Oil – slide 54
    Summary Delivering a rising production profile Key developments are moving forward, which are capable of an additional 30,000 boepd High impact exploration programme over the next two years exposing shareholders to more than one…
  55. 2007 INTERIM RESULTS PRESENTATION – Premier Oil – slide 55
    Page 56 2007 Interim Results Presentation www.premier-oil.com September 2007

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