Progress against 2015 targets Production guidance H1 production of 60.3 kboepd; 94% operating efficiency 55kboepd (excl Solan) First pair of wells tied in; improved offshore productivity; Solan onstream 2015 drilling of second…
Production
Strong start to 2015 production North Sea (16.8kboepd) Vietnam (19.6kboepd) Unrestricted production High operating efficiency from Huntington since April Better than predicted Steady production from rest reservoir performance of UK…
Indonesia strategically positioned 43% share 2015 1H highlights of GSA1 (ytd) Singapore demand above ToP Pelikan onstream Block A Aceh sale completed GSA1 Growing Outlook domestic Targeting 9/boe opex GSA2 market 40m capex…
Vietnam high performing cash generator 2015 1H 2015 1H highlights operating 20 kboepd, up 24% on 2014 efficiency of 95% 5% premium to Brent for crude Outlook 15/boe opex No committed capex Incremental growth opportunities…
UK tax free oil production 89% 2015 1H highlights operating 16.8 kboepd efficiency (2015 1H) Improved operating efficiency Unrestricted Huntington production from April; amendments to gas transportation agreement finalised…
Development
Development sustained growth Catcher (50% op.) Solan (60% op.) Vette (50% op.) 96 mmboe 40 mmbbls 45 mmbbls 50 kbopd at peak First oil targeted for Q4 FEED completed 2.25bn capex 2015 PDO deferred to capture IRR 20% (85/bbl) 1.6bn…
Solan project status Targeting first oil in Q4 2015 Acquired Chyrsaor's 40% interest Project status Nil upfront consideration plus contingent payments Removes partner funding concerns Tank, jacket and topsides installed Sept…
Catcher execution phase progressing to cost and schedule FPSO Drilling Hull Well plans completed for Construction commenced in January First steel first 4 wells Topsides cut in Japan Fabrication progressing Turret and mooring…
Catcher look ahead Experienced project team Future opportunities 250 years project delivery experience across Reservoir upside leadership team Bonneville and Carnaby Cost certainty Exploration wells planned Leased FPSO for 2016…
Sea Lion development reconfigured Phased development of at least 400 mmbbls Phase 1a will develop the north east of PL032 160 mmbbls using a leased FPSO Cost reductions expected during 2015 in the areas of drilling, subsea and…
Phase 1a facilities 14 development wells 8 producers Shuttle tanker FPSO 5 water injectors 1 gas producer / injector 9 predrilled 160 mmbbls over 15 years Flowline to Potential gas well for cost reductions 8 well 5 well…
Exploration
2015 2H exploration drilling schedule All well timings are subject to revision for operational reasons August 2015 P17
2015 drilling to determine ultimate resource potential of North Falklands Basin Isobel Jayne Zebedee Chatham Deep East Chatham Sea Lion western gas cap 1. SL western gas cap appraisal app. If no gas, adds 60 mmbbls to 2. Extend…
Oil & gas discovery at Zebedee; Oil discovery at Isobel Deep Zebedee Isobel Deep Extended proven F2 sands south F3 oil discovery Total net pay of 136 feet Isobel Deep (upper) sand Isobel Deep Hector : 55 feet net gas pay penetrated…
Elaine/Isobel fan complex total area potential Isobel Deep 1.800 Isobel Elaine Other Isobel Deep age fans 1.900 Isobel Deep upper (penetrated by well) Isobel Deep lower (not reached by well) 2.000 2.100 Isobel Deep…
Norway Mandal High Myrhauk well Q3 2015 Play opening test Robust closure Gross prospective resource: 1050135 mmboe Significant running room Leading acreage position held on the Mandal High All drill options post Myrhauk are…
Brazil Cear Basin exposure to high impact, emerging plays Cost mitigation by multiclient seismic acquisition and future rig share 3D seismic acquisition 2015/16 Two wells planned; first well likely 2017 Pecem…
Finance
Cash flow 12 months 12 months to 31 Dec to 31 Dec Capital expenditure (m) 2014 2013 2013 2014 2015 Working Interest production (kboepd) 63.6 58.2 Exploration 207 165 240 Entitlement production (kboepd) 57.7 52.4 Development 658…
Income Statement Operating costs (US/boe) 12 months to 12 months to 2013 2014 31 Dec 2014 31 Dec 2013 USm USm UK 43.3 37.2 Indonesia 10.9 10.0* Sales and other operating revenues 1,629 1,540 Pakistan 2.5 3.3 Cost of sales (1,771)…
Liquidity and balance sheet position Drawn debt maturity profile 31 Jan 2015 At At (excluding Letters of Credit) 31 Dec 2014 31 Dec 2013 m m Cash 292 449 Bank debt (1,230) (686) Bonds (955) (992) Convertibles1 (229) (224)…
End 2014 2P reserves and resources Falklands Indonesia Mauritania Norway Pakistan UK Vietnam Total On Production 33.7 0.4 16.3 26.5 26.0 102.8 Approved for 10.5 74.2 1.4 86.1 Development 2P Justified for 29.1 23.2 2.2 54.4…
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