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 Highlights and progress against strategy Simon Lockett 2010 financial results Tony Durrant Exploration update Andrew Lodge Operations update Neil Hawkings Summary Simon Lockett 24th March 2011 Page 3
2010 highlights On track for production of 75,000 boepd in 2012 Development portfolio building towards 100,000 boepd in 2014 8 out of 14 exploration and appraisal wells successful Operating cashflow up 25% to 436.0 million…
Building three quality E&P businesses Strategy Grow near-term production to 75 kboepd from existing 2P reserves of 261 mmboe Deliver further growth by commercialising contingent resource base of 228 mmboe Add 200 mmboe through…
2010 financial results 24th March 2011 Page 6
Production and income statement 12 months to 12 months to Highlights 31 Dec 2010 31 Dec 2009 Working Interest Production (kboepd) 42.8 44.2 Average Brent oil price was 79.5/bbl Entitlement Interest Production (kboepd) 38.3 40.2 (2009:…
Group taxation position 12 months to 12 months to UK Tax Allowance Position 31 Dec 2010 31 Dec 2009 at 31 Dec 2010 m m m Overseas 56.9 73.0 Allowances remaining at 1/1/10 1,098 UK Net additions in 2010 14 PRT 25.9 23.2 1,112 CT…
Cash flow 12 months to 12 months to Estimated Capex split (m) 31 Dec 2010 31 Dec 2009 2010 2009 m m Development 349 195 Cash flow from operations 505 419 Exploration 165 108 Taxation (69) (71) 514 303 Operating cash flow 436…
Forward economics 80 79/bbl 75/bbl 100/bbl OPEX 70 Tax Cash Margin 60 50 /boe 40 30 20 10 0 2010A 2012E 2014E 2012E 2014E New projects lead to improved cash margins 24th March 2011 Page 10
Exploration update 24th March 2011 Page 11
Progress towards 200 mmboe of discoveries Exploration and Appraisal Drilling Global exploration: Forecast resource additions (mmboe) 14 wells drilled, 8 successful 250 Discoveries at Catcher, Catcher East, Target cumulative risked…
Exploration drilling 2011 2011 300 mmboe Asia Q1 Q2 Q3 Q4 unrisked resource Vietnam 07/03 CRD Appraisal Ocean General 104/109-05 Jackfruit Aquamarine Indonesia Tuna Gajah Laut Utara Ocean General 2011 full year Belut Laut Ocean…
Appraisal Vietnam Block 07/03 C Rng C Rng Premier 30% equity Gross resource estimate 10-60-80 mmboe CRD-2X appraisal well spudded 10 February 2011 Well status TD at 3785 metres Drill stem testing hydrocarbons discovered in…
Exploration Indonesia Tuna Block Belut Laut / Gajah Laut Utara Reserves estimate 40-90-200 and 65-160-350 mmboe respectively Targeting multiple stacked Miocene and Oligocene reservoirs in fault dependent closures Belut Laut prospect…
Exploration Indonesia Natuna Biawak Besar Biawak Besar (Natuna PSC) Premier 28.67% equity Reserves estimate 66-79-92 bcf Targeting Miocene reservoirs in a stratigraphic trap, off structure from the Iguana gas discovery Seismic…
Exploration Vietnam Block 104-109/05 Block 104-109/05 Premier 50% equity Exploration well to test prospect with reserves range estimate of 30-60-140 mmboe High risk for oil, moderate risk for gas Planned for Q3 2011 W E Base…
Exploration UK Block 28/9 Summary Block 28/9 (P1430) Eocene Tay Amplitudes Catcher North Combined Eocene and Palaeocene play Varadero Shallow (1350m) Amplitude supported Six penetrations drilled to date on Catcher, Catcher East…
Exploration UK Burgman Burgman Cromarty Depth Structure Varadero Premier 35% equity Burgman vertical well encountered: 22 feet net hydrocarbon pay in Tay section Burgman location Catcher E 12 feet of gas in the Upper Tay Catcher…
Exploration Egypt North Red Sea Block 1 Cherry (North Red Sea Block-1) Premier 20% equity Hess operator - proven deep water expertise Water Depth - prospects/leads in 700m WD Multi-billion barrel unrisked potential in two…
Exploration Kenya Deep water Rift plays L10A & L10B Provisional award accepted by joint venture Subject to fully termed PSA Expect award in 2Q 2011 Premier equity L10A: 20%, L10B: 25% BG operator Area 10,000 sq km Water depth…
North Sea acquisition / new ventures UK: 2010 New acreage In 2010 Premier secured interests in 19 new North Sea exploration blocks UK West Orkney Frontier acreage targeted a Devonian pre-rift system Existing data to be reprocessed…
Prospective resource portfolio Unrisked prospect portfolio of 1800 mmboe Total Portfolio Unrisked Prospective Resource Resource under appraisal 800 mmboe in prospects 105 mmboe 1000 mmboe in leads Represents a 300 mmboe increase…
Operations update 24th March 2011 Page 24
Operations highlights Good production performance in Indonesia and Pakistan Offset by recent downtime in the UK portfolio Material progress on Chim So, Gajah Baru and Huntington On target for 75,000 boepd in 2012 Continued…
Production update Production (working interest) (kboepd net) 50 Middle East-Pakistan Continued growth in Pakistan 45 North Sea / W. Africa production in 2011 Asia 40 Industry HSE related downtime in 35 the UK in 1Q 2011 30…
Pakistan production update Successful infill drilling at Kadanwari has increased Kadanwari Production - Net WI (boepd) production rates 3000 Minor impact from flooding seen at Zamzama 2500 Qadirpur initial licence term was…
UK production update UK Production by Week (kboepd net) 18 Balmoral Area Industry wide issue driven by a need to 16 Wytch Farm improve performance and increased Scott and Telford Kyle and Others HSE enforcement action 14 Wytch Farm…
Indonesia production and development update 2010 was a record year for Block A gas sales Sold 160 bbtud vs a DCQ of 126 bbtud Opportunity to increase GSA1 DCQ at 1/1/2014 Gajah Baru builds up to a DCQ of 130 bbtud in 2012 In 2011…
Development drilling at Anoa 24th March 2011 Page 30
Progress towards 75,000 boepd Gajah Baru Chim So Huntington 24th March 2011 Page 31
Gajah Baru development update Phase 1 development drilling successfully completed Wellhead platform installed in September 2010 5 wells drilled and completed Significantly higher deliverability than planned Small reserves increase…
Gajah Baru CPP jacket to be installed in June 24th March 2011 Page 33
Gajah Baru CPP topsides nearing completion 24th March 2011 Page 34
Chim So development update Very successful 2010 installation program: Wellhead platform CS-N1P CS-N4I Gas Export Pipeline CS-2X Sub-sea flow-lines CS-N2P Development drilling commenced in June CS-N5I 5 producers and 3…
Chim So Lewek Emas FPSO March 2010 March 2011 October 2010 24th March 2011 Page 36
Huntington on schedule for 2012 Field development plan approved project sanctioned early November 2010 Contract awarded to Sevan for provision of Voyageur FPSO Drilling template installation late March 2011 Ensco 100 jack up rig…
Rochelle development update Western Rochelle well and sidetrack encountered gas-bearing sands DECC have determined a single field development area Phase 1 covering East area Rochelle sanction in May for 4Q 2012 first gas Phase 2…
Progress towards 100,000 boepd Fry Catcher Solan 24th March 2011 Page 39
Fry development status Technical concept selection near complete Sevan 300 FPSO bridge linked to a WHP Water and gas injection to optimise reservoir development (70 mmbbl) Third party field tie-ins being prioritised Work programme…
Catcher development scenario Current exploration drilling programme on Block Illustrative Catcher Development 28/9 is nearing completion Reserves distribution is being clarified New 3D seismic shoot planned for April/May Premier…
Solan development status Development Concept Changed to conventional jacket with Not Permanently Attended accommodation, but still with a sub-sea tank Two producers and two injectors Internal project reviews ongoing to validate…
A path to 100,000 boepd Production Development capex (kboepd net) (m) 120 Future Asia developments 800 Future Asia developments Future Norway developments Future Norway developments Future UK developments Future UK developments…
Summary 24th March 2011 Page 44
Building three quality E&P businesses Target Asia MEP North Sea Chim Sao and 75,000 in 2012 Pakistan growth Huntington Gajah Baru Commercialise Future Singapore Tight gas Catcher, Solan potential developments gas opportunity…
Appendix 24th March 2011 Page 46
Reserves and resources Reserves and contingent resources (mmboe) 500 2C contingent resources 227 450 2P reserves 400 350 300 250 261 200 150 100 50 0 2006 2007 2008 2009 Production Additions & End 2010 Revisions 24th…
Hedging Policy unchanged: secure cashflows via floors or forwards to fund investment programme even at low oil prices 2010 Impact Income statement gain of 39 million as past provisions unwind Cash cost of 8 million on maturing…
End 2010 2P reserves and contingent resources North Sea/ Asia MEP Total W Africa 2P Reserves On production 31.0 23.5 26.1 80.6 Approved for 11.7 83.8 15.4 110.9 development Justified for 20.8 46.9 1.6 69.3 development Total…
Indicative field rates Indicative Net New Field Rates Equity Net Initial % Rate (boepd) 2012 UK Huntington 40.00 9,000 Rochelle TBA 2,000 2013 UK Solan 60.00 7,200 Caledonia / Ptarmigan Area 80.00* 5,000 Norway Bream 20.00…
Progress on other developments Block A Aceh (Indonesia) Dua (Vietnam) Bream (Norway) PSC extension approved FEED in progress Preferred FPSO identified EPCI tender to be issued shortly Development being optimised Negotiations in…
Exploration Indonesia Block A Aceh Matang (Block A Aceh) Premier 41.67% equity Medco operator Gross reserves estimate 20-40-70 mmboe Low risk for gas Gas is the expected phase Critical factor is reservoir presence 250 bcf follow…
Exploration Indonesia Buton Bentang (Buton PSC) Premier 30% equity Japex operator Prospect reserve estimates 35-100-300 mmboe High risk for oil, in fold belt theme Drilling planned Q3 2011 NW BentengB SE 0 5000 meters…
Exploration Indonesia Natuna Anoa Deep Anoa Deep (WL-5 extension) (Natuna PSC) Premier 28% equity Estimated reserves 47-57-90 bcf Targeting Lama Formation reservoirs directly underlying the West Lobe platform on Anoa field. Lama…
Exploration Norway Grosbeak appraisal Grosbeak (PL378) Premier 20% equity Successful Grosbeak well completed in July 2009 Close to nearby infrastructure Oil in Middle Jurassic sandstones Estimated reserves 35-80-190 mmboe Appraisal…
Exploration Norway Bream, Gardrofa Success at Gardrofa will lead to a new core area for Premier in Norway Bream (PL406) Premier 20% equity BG operator Brent age oil discovered 1971, close to Yme Field In 2009,17/12-4 and its…
Exploration UK P1466 Bluebell P1466 Bluebell Prospect (15/24c,15/25f) Premier 60% equity Palaeocene Forties reservoir Bluebell Reserves estimate 9-19-31 mmboe Partial carry by farm-in partner Well planned for Q3 2011 Valuable…
Exploration UK Carnaby Carnaby Cromarty Depth Structure Varadero Premier 35% equity Prospective Resource estimates: Tay reservoir: 20-35-60 mmbo Cromarty reservoir: 15-20-30 mmbo Catcher E Catcher Main Expected phase oil Carnaby…
Exploration UK West Orkney Basin P1577: West Orkney Basin A A Terraces with probable Premier 100% equity Devonian source and reservoirs and probable 1,700 km2 acreage covering West Orkney Basin depo-centres Zechstein seal Shallow…
Loading...
