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2005 INTERIM RESULTS – Premier Oil

Premier Oil · Sep 15, 2005 · 47 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 INTERIM RESULTS – Premier Oil – slide 1
    2005 Interim Results Presentation 15 September 2005
  2. 2005 INTERIM RESULTS – Premier Oil – slide 2
    Presentation Strategy and Operations Simon Lockett Exploration Review Robin Allan Financial Results Tony Durrant Page 2 2005 Interim Results Presentation
  3. 2005 INTERIM RESULTS – Premier Oil – slide 3
    Half year highlights Production ahead of expectation at 34,800 boepd Developments on track in Mauritania and Indonesia Record gas export from Pakistan and continuing to grow Strong profitability & cashflow 6 E&A wells to come in…
  4. 2005 INTERIM RESULTS – Premier Oil – slide 4
    Premiers business strategy Delivering significant growth potential from our existing high quality reservoirs High impact exploration Technical themes Acquisitions focussed in the places we know well A re-organised business…
  5. 2005 INTERIM RESULTS – Premier Oil – slide 5
    South Asia enhancing the Pakistan gas business Pakistan Base Production (boepd) 16000 Zarghun 14000 Zamzama 12000 Bhit & Badhra 10000 Kadanwari Qadirpur 8000 6000 4000 2000 0 2005 2006 2007 2008 2009 Significant gas…
  6. 2005 INTERIM RESULTS – Premier Oil – slide 6
    SE Asia leveraging our knowledge in Natuna Sea Indonesia Base Production (boepd) 14000 Kakap 12000 Anoa 10000 8000 6000 4000 2000 0 2005 2006 2007 2008 2009 Existing gas offtakes much higher than Daily Contract Quantities…
  7. 2005 INTERIM RESULTS – Premier Oil – slide 7
    North Sea returning to growth UK Base Production (boepd) 12000 Fife Area Scott / Telford 10000 Kyle 8000 Wytch Farm 6000 4000 2000 0 2005 2006 2007 2008 2009 Focus on upside reserves and production opportunities in UK…
  8. 2005 INTERIM RESULTS – Premier Oil – slide 8
    Africa - building a new core business Mauritania Base Production (boepd) 6000 Chinguetti 5000 4000 3000 2000 1000 0 2006 2007 2008 2009 Chinguetti 85% complete, on stream early 2006 Appraisal and development studies…
  9. 2005 INTERIM RESULTS – Premier Oil – slide 9
    Delivering growth from existing projects Incremental Projects Gas production in Pakistan Zamzama Phase 2 Accelerated production from Kadanwari & Qadirpur Bhit acceleration and Badhra development Wytch Farm incremental development,…
  10. 2005 INTERIM RESULTS – Premier Oil – slide 10
    Building the business Growth Plan Unrisked potential (boepd) Risked incremental projects plus developments 60000 Base business 55000 50000 45000 40000 35000 30000 25000 20000 2005 2006 2007 2008 2009 Page 10 2005…
  11. 2005 INTERIM RESULTS – Premier Oil – slide 11
    Exploration Strategy 4 high impact wells p.a. Technical themes in places we know well Focus on core areas 50m p.a. exploration expenditure Page 11 2005 Interim Results Presentation
  12. 2005 INTERIM RESULTS – Premier Oil – slide 12
    Exploration review Wells drilled to date 2 successful, 1 sub-commercial discovery & 4 dry Tiof 6 successful appraisal; excellent flow-rate Al Amir discovery well in new reservoir for region Lakkhi sub-commercial discovery…
  13. 2005 INTERIM RESULTS – Premier Oil – slide 13
    12 month drilling plan 2005 2006 AFRICA JUL AUG SEP OCT NOV DEC JAN FEB MAR APR MAY JUN Guinea Bissau : Eirozes-1 : Espinafre-1 Mauritania : Tevet Appraisal : Sotto, Espadon : Labeidna, +1 Exp Well Gabon : Iris-1 : Themis-1…
  14. 2005 INTERIM RESULTS – Premier Oil – slide 14
    Exploration review Wells in the next 9 months Mauritania Tevet, Labeidna & one additional well Guinea-Bissau Eirozes, Espinafre Egypt Al Fagr, Al Amir appraisal UK Palomino Indonesia Macan Tutul, Lembu Petang, Lukah Vietnam…
  15. 2005 INTERIM RESULTS – Premier Oil – slide 15
    Africa Page 15 2005 Interim Results Presentation
  16. 2005 INTERIM RESULTS – Premier Oil – slide 16
    Mauritania Page 16 2005 Interim Results Presentation
  17. 2005 INTERIM RESULTS – Premier Oil – slide 17
    Africa Mauritania exploration programme 5 wells Espadon Jallak (2005 well) NDor (2005 well) Tevet-2 / Tevet Deep (2005 well) Kibaro (2006 well) Labeidna (2005 well) Sotto Colin (2006 well) Equivalent north-sea block…
  18. 2005 INTERIM RESULTS – Premier Oil – slide 18
    Africa Mauritania exploration programme Tevet Tevet appraisal Appraising the existing Miocene discovery - targeting a separate channel thick on the southern side of the field. Water Depth: 470m Target Depth: 2550 mSS The well also…
  19. 2005 INTERIM RESULTS – Premier Oil – slide 19
    Mauritania - Labeidna Miocene depth showing Labeidna diapir Labeidna-A Labeidna-A Maximum OWC at shallower CN4 reservoir level 50m contours Page 19 2005 Interim Results Presentation
  20. 2005 INTERIM RESULTS – Premier Oil – slide 20
    Guinea Bissau Page 20 2005 Interim Results Presentation
  21. 2005 INTERIM RESULTS – Premier Oil – slide 21
    Guinea Bissau Blocks 2, 4A, 5A Premier equity 38.5% to 42% Operator Premier Large prospects 2004 Sinapa-2 oil discovery Blocks 7B, 7C Premier equity 25% Operator Premier Work commitments completed 2006 drilling decision Page 21…
  22. 2005 INTERIM RESULTS – Premier Oil – slide 22
    Africa Guinea Bissau: 2006 high-impact drilling 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 In…
  23. 2005 INTERIM RESULTS – Premier Oil – slide 23
    Egypt Page 23 2005 Interim Results Presentation
  24. 2005 INTERIM RESULTS – Premier Oil – slide 24
    Egypt: 2005 / 2006 exploration & appraisal Al Fagr Wildcat Al Amir Appraisal Page 24 2005 Interim Results Presentation
  25. 2005 INTERIM RESULTS – Premier Oil – slide 25
    Egypt: Al Amir -1 The Al Amir-1 discovery well contains 4 anhydrite zones of which one was tested (750 bopd). Studies are ongoing to better understand the reservoir and its distribution prior to drilling an appraisal well Log…
  26. 2005 INTERIM RESULTS – Premier Oil – slide 26
    South Asia Page 26 2005 Interim Results Presentation
  27. 2005 INTERIM RESULTS – Premier Oil – slide 27
    Pakistan Page 27 2005 Interim Results Presentation
  28. 2005 INTERIM RESULTS – Premier Oil – slide 28
    Pakistan: Anne-1 a new Tertiary delta play Anne-1 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 28 2005 Interim…
  29. 2005 INTERIM RESULTS – Premier Oil – slide 29
    India Page 29 2005 Interim Results Presentation
  30. 2005 INTERIM RESULTS – Premier Oil – slide 30
    India: Cachar Block playmaker potential Masimpur Prospect BANGLADESH Page 30 2005 Interim Results Presentation
  31. 2005 INTERIM RESULTS – Premier Oil – slide 31
    Southeast Asia Page 31 2005 Interim Results Presentation
  32. 2005 INTERIM RESULTS – Premier Oil – slide 32
    Vietnam Page 32 2005 Interim Results Presentation
  33. 2005 INTERIM RESULTS – Premier Oil – slide 33
    Asia Vietnam Blocks 12E & W Premier equity - 75% Operator Premier 2D acquired 2004 Dua Field 3D acquired 2005 Drilling 1st Q 2006 Blocks 7,8/97 Premier equity 45% to 67.5% Operator Premier 2D acquired 2004 Drilling late 2006…
  34. 2005 INTERIM RESULTS – Premier Oil – slide 34
    Vietnam Block 12E Blackbird Prospect 12E-LX-1X Spill Point Page 34 2005 Interim Results Presentation
  35. 2005 INTERIM RESULTS – Premier Oil – slide 35
    Asia Vietnam: Block 12E the Dua field Dua-1X Dua Reservoir Sands Basement (& other) picks clear Dua Structure Page 35 2005 Interim Results Presentation
  36. 2005 INTERIM RESULTS – Premier Oil – slide 36
    Exploration Strategy 4 high impact wells p.a. Technical themes in places we know well Focus on core areas 50m p.a. exploration expenditure Page 36 2005 Interim Results Presentation
  37. 2005 INTERIM RESULTS – Premier Oil – slide 37
    Exploration set up to deliver high-impact wells 2006 Material Plays Unrisked Net Reserves (MMBOE) 1000 Unrisked NPV50 (M) 0 Guinea Bissau: Guinea Bissau: Vietnam: Vietnam: Eirozes Espinafre Blackbird Dua Page 37 2005 Interim…
  38. 2005 INTERIM RESULTS – Premier Oil – slide 38
    12 month drilling plan 2005 2006 AFRICA JUL AUG SEP OCT NOV DEC JAN FEB MAR APR MAY JUN Guinea Bissau : Eirozes-1 : Espinafre-1 Mauritania : Tevet Appraisal : Sotto, Espadon : Labeidna, +1 Exp Well Gabon : Iris-1 : Themis-1…
  39. 2005 INTERIM RESULTS – Premier Oil – slide 39
    Financial highlights Page 39 2005 Interim Results Presentation
  40. 2005 INTERIM RESULTS – Premier Oil – slide 40
    Financial highlights Operating profit up 51% 60.8m (2004: 40.2m) Stable production with higher oil and gas prices Profit after tax up 60% 20.5m (2004: 12.8m) No first half dry-hole write-off Healthy cashflow 54.2m (2004: 70.7m)…
  41. 2005 INTERIM RESULTS – Premier Oil – slide 41
    2005 Production (boepd) Mauritania Outperforming expectations Indonesia Pakistan 40000 UK Strong gas demand in Indonesia and 35000 Pakistan 30000 Higher gas volumes in Pakistan 25000 1H production in Indonesia 20000 impacted by…
  42. 2005 INTERIM RESULTS – Premier Oil – slide 42
    Income Statement Half Year to Half Year to Year to 30 June 2005 30 June 2004 31 Dec 2004 Working Interest Production (mboepd) 34.8 35.2 34.7 Entitlement Interest Production (mboepd) 30.2 32.7 31.5 Realised oil price (/bbl) 38.08 31.45…
  43. 2005 INTERIM RESULTS – Premier Oil – slide 43
    Cashflow strong cashflow and balance sheet Half Year to Half Year to Year to 30 June 2005 30 June 2004 31 Dec 2004 m m m Net cash flow from operations 93.9 94.3 164.7 Net interest (0.1) 1.2 (0.2) Taxation (39.6) (24.8) (54.9)…
  44. 2005 INTERIM RESULTS – Premier Oil – slide 44
    Commodity price hedging Reconfirm policy of using hedging to underwrite the implementation of the forward strategy Historical hedges expired on 30 June 2005 Losses of 15.7m included in 1H 2005 Full benefit of current high prices…
  45. 2005 INTERIM RESULTS – Premier Oil – slide 45
    Forward financial outlook Strong cashflows, underwritten by hedging, will fund planned exploration and development capex programme even at low oil prices New corporate credit facility of 275 million closed yesterday with improved…
  46. 2005 INTERIM RESULTS – Premier Oil – slide 46
    Summary Strategy reviewed Strong base business Further potential in existing business being effectively exploited Focus on high impact exploration wells to deliver significant reserves additions Target acquisitions where we can…
  47. 2005 INTERIM RESULTS – Premier Oil – slide 47
    Page 47 2005 Interim Results www.premier-oil.com 2005 Interim Presentation Results Presentation

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