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MARCH 2005 PRELIMINARY RESULTS – Premier Oil

Premier Oil · Mar 24, 2005 · 62 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. MARCH 2005 PRELIMINARY RESULTS – Premier Oil – slide 1
    2004 Preliminary Results Presentation 24 March 2005
  2. MARCH 2005 PRELIMINARY RESULTS – Premier Oil – slide 2
    Presentation Introduction Charles Jamieson Finance and Operational Highlights John van der Welle Business Review Robin Allan Strategy and Outlook Simon Lockett Page 2 2004 Preliminary Results Presentation
  3. MARCH 2005 PRELIMINARY RESULTS – Premier Oil – slide 3
    Finance and operational highlights Page 3 2004 Preliminary Results Presentation
  4. MARCH 2005 PRELIMINARY RESULTS – Premier Oil – slide 4
    Finance highlights Total operating profit 93.0m (2003: 94.5m*) Lower turnover offset by lower costs Net profit after tax up 43.8m (2003: 27.9m*) Lower interest charges 57% Healthy cashflow Net inflow 4.9m Cashflow sufficient to…
  5. MARCH 2005 PRELIMINARY RESULTS – Premier Oil – slide 5
    Operational highlights Production ahead of Strong gas demand in Pakistan, Indonesia offsets UK budget decline Developments on track West Natuna (West Lobe) Chinguetti Further gas sales Bhit phase 2, Zamzama phase 2 and progressed…
  6. MARCH 2005 PRELIMINARY RESULTS – Premier Oil – slide 6
    Profit and loss Year to Year to 31 December 2004 31 December 2003 (Ongoing) Production (mboepd) 31.5 33.2 Entitlement interest production Realised oil price (/bbl) 29.9 27.2 Gas price flat due to mix change Realised gas price (/mcf)…
  7. MARCH 2005 PRELIMINARY RESULTS – Premier Oil – slide 7
    Cashflow Year to Year to Year to 31 Dec 2004 31 Dec 2004 31 Dec 2003 (As reported) (Incl JV) (Ongoing, Incl JV) m m m Net cash flow from operations 124 165 203 Lower turnover and operating cashflow, partly Net interest - - (29)…
  8. MARCH 2005 PRELIMINARY RESULTS – Premier Oil – slide 8
    Reserve movements Reserves/Resources Unbooked resources movement (mmboe) Movement 220 Unbooked resources Booked reserves 210 200 190 180 170 160 150 Opening Production Revisions Acquisition Discoveries Closing…
  9. MARCH 2005 PRELIMINARY RESULTS – Premier Oil – slide 9
    Business review Page 9 2004 Preliminary Results Presentation
  10. MARCH 2005 PRELIMINARY RESULTS – Premier Oil – slide 10
    Production UK Wytch Farm continuing to perform well Kyle extended by a new commercial deal with Banff Fife field life extension under negotiation Current production 12,000 boepd, reserves 24 mmboe Page 10 2004 Preliminary…
  11. MARCH 2005 PRELIMINARY RESULTS – Premier Oil – slide 11
    Africa Page 11 2004 Preliminary Results Presentation
  12. MARCH 2005 PRELIMINARY RESULTS – Premier Oil – slide 12
    Egypt: NW Gemsa Block NW Gemsa Block, Gulf of Suez Basin Premier equity: 37.5% Al Amir-1 currently drilling Relatively high risk prospect due to seismic imaging challenges 3D seismic programme acquired Onshore flat desert terrain,…
  13. MARCH 2005 PRELIMINARY RESULTS – Premier Oil – slide 13
    Egypt: NW Gemsa Block GAS PIPELINE OIL PIPELINE Al Amir-1 Page 13 2004 Preliminary Results Presentation
  14. MARCH 2005 PRELIMINARY RESULTS – Premier Oil – slide 14
    Egypt: NW Gemsa Block Proposed Al Amir-1 Zeit Bay-1 Top S Gharib Top Belayim Top Kareem Top Rudeis Top Lwr. Rudeis Top Pre-rift Page 14 2004 Preliminary Results Presentation
  15. MARCH 2005 PRELIMINARY RESULTS – Premier Oil – slide 15
    Africa Mauritania Page 15 2004 Preliminary Results Presentation
  16. MARCH 2005 PRELIMINARY RESULTS – Premier Oil – slide 16
    Africa Mauritania: Chinguetti Development Development approved May 2004 Reserves of 120 mmbbls (Premier share 9.7 mmbbls) Development cost 630 million (Premier share 51 million) First oil Q1 2006 building to 75,000 bopd (Premier…
  17. MARCH 2005 PRELIMINARY RESULTS – Premier Oil – slide 17
    Africa Mauritania: Tevt Banda Tevt, drilled October 2004, was Tevt successful and found target reservoirs of oil and gas on prognosis. Likely to be developed through Chinguetti field. Chinguetti 3D visulisation of Miocene…
  18. MARCH 2005 PRELIMINARY RESULTS – Premier Oil – slide 18
    Mauritania: 2004 Exploration - Capitaine & Merou wells Regional view of Base Miocene surface from west Chinguetti Banda Tiof channel channel Merou-1 Capitaine-1 The Capitaine and Merou prospects are in the outboard…
  19. MARCH 2005 PRELIMINARY RESULTS – Premier Oil – slide 19
    Mauritania: 2004 exploration Capitaine-1 Regional base reservoir TWT map showing deepening to west Page 19 2004 Preliminary Results Presentation
  20. MARCH 2005 PRELIMINARY RESULTS – Premier Oil – slide 20
    Mauritania: 2004 exploration Merou-1 Merou Tiof Page 20 2004 Preliminary Results Presentation
  21. MARCH 2005 PRELIMINARY RESULTS – Premier Oil – slide 21
    Mauritania: 2005 drilling candidates New Tenit 3D Baudroie Espadon Tenit fast-track 3D Older 3D being reprocessed merged Tapandar Fantar SW Kibaro Assetat Sotto Fantar SW New Kiffa 3D Kiffa fast-track volume over…
  22. MARCH 2005 PRELIMINARY RESULTS – Premier Oil – slide 22
    Guinea Bissau Blocks 2, 4A, 5A Premier equity 38.5% to 42% Operator Premier Prospect sizes 50m to 300m bbls 2004 Sinapa-2 oil discovery Blocks 7B, 7C Premier equity 25% Operator Premier 2D seismic acquisition work commitment…
  23. MARCH 2005 PRELIMINARY RESULTS – Premier Oil – slide 23
    Guinea Bissau: Sinapa & Esperanca SW Sinapa-1 Sinapa-2 NE Top of salt penetrated in Sinapa-2z Sinapa-1 and Sinapa-2z Top Turonian Top Cenomanian Top Albian Top Aptian Page 23 2004 Preliminary Results Presentation
  24. MARCH 2005 PRELIMINARY RESULTS – Premier Oil – slide 24
    Africa Guinea Bissau: 2005 The results of the Sinapa-2,2z well have significantly reduced the risks Sabayon Sinapa-1 Sinapa-2,2z of the salt diapir flank play in Sardinha Guinea Bissau. Solha Espinafre 2005 programme will include…
  25. MARCH 2005 PRELIMINARY RESULTS – Premier Oil – slide 25
    Egomor and Peixe Boy Permits Veritas VFGB00-16 Premier PGB04-25 Higher frequencies and better amplitudes Clearer fault plane Page 25 2004 Preliminary Results Presentation
  26. MARCH 2005 PRELIMINARY RESULTS – Premier Oil – slide 26
    Gabon Dussafu Licence Premier equity 25% Operator Sasol Iris & Themis Marin Premier equity 18% Operator Fusion/Sterling Pre-Salt Plays Premier focusing on Pre-salt Gamba Sandstone play Unlocking the potential of this area by…
  27. MARCH 2005 PRELIMINARY RESULTS – Premier Oil – slide 27
    Gabon: Dussafu Mytilus-1 Projected Dussafu-1 Well Location Dussafu Prospect Page 27 2004 Preliminary Results Presentation
  28. MARCH 2005 PRELIMINARY RESULTS – Premier Oil – slide 28
    Gabon: Iris Marin & Themis Marin Page 28 2004 Preliminary Results Presentation
  29. MARCH 2005 PRELIMINARY RESULTS – Premier Oil – slide 29
    Gabon: Iris Marin 3D Perspective PLM-1 DKM-1 NGTSM-1 N Page 29 2004 Preliminary Results Presentation
  30. MARCH 2005 PRELIMINARY RESULTS – Premier Oil – slide 30
    Gabon: Themis Marin 3D Perspective ARM-1 NEM-1A FABM-1 N Page 30 2004 Preliminary Results Presentation
  31. MARCH 2005 PRELIMINARY RESULTS – Premier Oil – slide 31
    Asia Page 31 2004 Preliminary Results Presentation
  32. MARCH 2005 PRELIMINARY RESULTS – Premier Oil – slide 32
    Production Pakistan Growing onshore gas production Onshore and offshore exploration planned 12,000 Pakistan Gas production Bhit and Zamzama Phase 2 scheduled for 2006/7 Long-term gas contracts, in dollars 8,000 BOEPD…
  33. MARCH 2005 PRELIMINARY RESULTS – Premier Oil – slide 33
    2005 Pakistan Jhangara Licence Premier equity 50% Operator Premier Concession to be signed 27th April 2005 Maliri-1 well to drill in Q3 2005 Offshore Indus Premier equity 12.5% Operator Premier 2005/6 well on the Anne Prospect…
  34. MARCH 2005 PRELIMINARY RESULTS – Premier Oil – slide 34
    Pakistan: Jhangara Maliri Maliri Prospect Page 34 2004 Preliminary Results Presentation
  35. MARCH 2005 PRELIMINARY RESULTS – Premier Oil – slide 35
    Pakistan: Indus offshore The Indus fan is the worlds second largest submarine fan. This deepwater block is untested frontier territory with potential provided by anticlines related to the adjacent Murray Ridge and shale…
  36. MARCH 2005 PRELIMINARY RESULTS – Premier Oil – slide 36
    Pakistan: 3D visualisation of a shallow channel High sinuosity backfill channel Page 36 2004 Preliminary Results Presentation
  37. MARCH 2005 PRELIMINARY RESULTS – Premier Oil – slide 37
    Asia India Page 37 2004 Preliminary Results Presentation
  38. MARCH 2005 PRELIMINARY RESULTS – Premier Oil – slide 38
    2005 India: Jaipur Block AAP-ON-94/1 location t ron st F Kharsang T hru Kusijan ga Field Na nt Jorajan Field Digboi t Fro s Field Thru a i Digboi Field ums Duliajan K r ont Margherita ru st F Th a ng Dis…
  39. MARCH 2005 PRELIMINARY RESULTS – Premier Oil – slide 39
    2005 India: Lakkhi prospect Jorajan-10 (proj.) Proposed Lakkhi-1 Lakkhi Prospect Line PO-02-03 Page 39 2004 Preliminary Results Presentation
  40. MARCH 2005 PRELIMINARY RESULTS – Premier Oil – slide 40
    India: Cachar Block playmaker potential Masimpur Prospect BANGLADESH Page 40 2004 Preliminary Results Presentation
  41. MARCH 2005 PRELIMINARY RESULTS – Premier Oil – slide 41
    India: Masimpur anticline (1930s BOC Map) Page 41 2004 Preliminary Results Presentation
  42. MARCH 2005 PRELIMINARY RESULTS – Premier Oil – slide 42
    Philippines Ragay Gulf 37.5%: Operator Premier Signed 14th January 2004 2D seismic underway - chasing reef play Drilling in 2006 Page 42 2004 Preliminary Results Presentation
  43. MARCH 2005 PRELIMINARY RESULTS – Premier Oil – slide 43
    Philippines: Ragay Gulf SC Area (10,865 km) Page 43 2004 Preliminary Results Presentation
  44. MARCH 2005 PRELIMINARY RESULTS – Premier Oil – slide 44
    Asia Philippines: Ragay Gulf Block 2D Shallow water Seismic Programme 2Q 2005 Page 44 2004 Preliminary Results Presentation
  45. MARCH 2005 PRELIMINARY RESULTS – Premier Oil – slide 45
    Production operations Indonesia 15,000 Indonesia Gas production West Natuna Gas (WNG) project Premier operated Daily Contract Quantity 650km pipeline network to Singapore 10,000 BOEPD Production commenced 2001 27 year gas…
  46. MARCH 2005 PRELIMINARY RESULTS – Premier Oil – slide 46
    Indonesia: Natuna Sea Block A PSC location map Lembu Peteng-1 Macan Tutul-1 Gajah Puteri appraisal Page 46 2004 Preliminary Results Presentation
  47. MARCH 2005 PRELIMINARY RESULTS – Premier Oil – slide 47
    Indonesia: Macan Tutul 2005 exploration well S Macan Tutul Anoa Field N High amplitude Arang reservoir targets Page 47 2004 Preliminary Results Presentation
  48. MARCH 2005 PRELIMINARY RESULTS – Premier Oil – slide 48
    Indonesia: Gajah Puteri appraisal 2005 candidate Interpretation of reprocessed 3D Gajah Puteri-2 Gajah Puteri-1 seismic indicates that the Gajah Puteri gas and condensate discovery may connect to the undrilled Ganesha area to the east…
  49. MARCH 2005 PRELIMINARY RESULTS – Premier Oil – slide 49
    Indonesia: Lembu Peteng location to KH facilities Lembu Peteng-1 Page 49 2004 Preliminary Results Presentation
  50. MARCH 2005 PRELIMINARY RESULTS – Premier Oil – slide 50
    Asia Vietnam Blocks 12E & W Premier equity - 75% Operator Premier Blocks 7,8/97 Premier equity 45% to 67.5% Operator Premier Page 50 2004 Preliminary Results Presentation
  51. MARCH 2005 PRELIMINARY RESULTS – Premier Oil – slide 51
    18 month plan AFRICA 2005 JAN FEB MAR APR MAY JUN 2006 JUL AUG SEP OCT NOV DEC JAN FEB MAR APR MAY JUN Guinea Bissau : 3D : Eroizes-1 : Espinafre-1 Mauritania : Tiof Appraisal : Tevet Appraisal : Exploration Wells Gabon :…
  52. MARCH 2005 PRELIMINARY RESULTS – Premier Oil – slide 52
    Business development strategy Exploration led, commercially driven 50m 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 Page 52 2004…
  53. MARCH 2005 PRELIMINARY RESULTS – Premier Oil – slide 53
    Strategy and outlook Page 53 2004 Preliminary Results Presentation
  54. MARCH 2005 PRELIMINARY RESULTS – Premier Oil – slide 54
    Areas of operation and strategy High impact explorer and commercial dealmaker Continuing to build the base business High grade the portfolio through farm down/cycle out when maximum growth potential has been achieved Realise…
  55. MARCH 2005 PRELIMINARY RESULTS – Premier Oil – slide 55
    Reserves and production Total 2P resources 210 mmboe (1) Working interest production (barrels of oil equivalent Mauritania per day) Tevet (contingent) Unbooked (2) Tiof (contingent) 50,000 Chinguetti Indonesia Indonesia Pakistan…
  56. MARCH 2005 PRELIMINARY RESULTS – Premier Oil – slide 56
    Summary and outlook Good business performance in 2004 Profits up 57% 6 successful E&A wells from 11 in 2004 Strong demand growth in overseas gas assets Resources secure (finance, skills, management) Strategy Continuous exposure…
  57. MARCH 2005 PRELIMINARY RESULTS – Premier Oil – slide 57
    Appendix Page 57 2004 Preliminary Results Presentation
  58. MARCH 2005 PRELIMINARY RESULTS – Premier Oil – slide 58
    Future field capex programme Development CAPEX (committed only) ( million) 80 Chinguetti Indonesia 70 Pakistan UK 60 50 40 30 20 10 0 2005 2006 2007 2008 2009 Page 58 2004 Preliminary Results Presentation
  59. MARCH 2005 PRELIMINARY RESULTS – Premier Oil – slide 59
    International Financial Reporting Standards Effective from 1.1.05 (2004 comparatives restated) Premier project team working with OIAC Subject to further work by IASB and endorsement by EU Areas affected: accounting for fixed assets…
  60. MARCH 2005 PRELIMINARY RESULTS – Premier Oil – slide 60
    Worldwide licence interests WORLDWIDE LICENCE INTERESTS AT 22 MARCH 2005 Licence Block Operator Equity % Field Egypt NW Gemsa Vegas Oil & Gas 37.50 Gabon Dussafu Sasol 25.00 Iris Fusion 18.00 Themis Fusion 18.00 Guinea Bissau…
  61. MARCH 2005 PRELIMINARY RESULTS – Premier Oil – slide 61
    Worldwide licence interests United Kingdom P257 14/25a Amerada Hess 1.25 P288 31/21a, 31/26a, 31/26f, 31/26g, 31/27a Amerada Hess 15.00 Angus, Fife, Flora P1029 176/20, 204/16 Amerada Hess 16.00 P758 31/26c Amerada Hess 35.00 P802…
  62. MARCH 2005 PRELIMINARY RESULTS – Premier Oil – slide 62
    Page 62 2004 Preliminary www.premier-oil.com 2004 Results Preliminary Presentation Results Presentation

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