STRATEGIC CONTEXT Response to the current oil price Well positioned to grow NAV per share: Reduced capital expenditure Improved efficiencies and overhead cost reductions De-levered the Salamander balance sheet and retained…
OPHIR DOES NOT THINK LIKE A TRADITIONAL, FULL CYCLE E&P Ophir is BIG E and little p CASH EXPLORATION DEVELOPMENT PRODUCTION Production is a Self-funded financing stream for Exploration is focus for RETURN TO development…
EXPLORATION A UNIQUE OPPORTUNITY STAGE 1: ENTRY STAGE 2: SEISMIC STAGE 3: DRILLING OF CYCLE High Signature Bonus High cost TOP Seismic High costs Mainly commitment Wells PROGRESS Multiple Wells DROP OF CYCLE…
HIGH GRADED EXPLORATION PORTFOLIO Minimal commitments, low cost entry 2014 2015 FINAL WELLS IN IPO PORTFOLIO MATURING PLAYS FOR HIGH GRADING 5 PLAYS 12 PLAYS CAPITAL 2016/17 Aru Trough (oil) DISCIPLINE 2 Established 3 New tests…
SELF FUNDING DEVELOPMENT ASSETS No fresh capital deployed to development Not all barrels are equal We explore for high quality barrels that generate cash in a low price environment Project equity is a source of capital SELF FUND…
FINANCIALS
FINANCIAL HIGHLIGHTS Strong balance sheet augmented by cash generation from operations HY15 HY14 Income Statement INCOME STATEMENT Low field operating costs Revenue ( millions) 86.50 - Realised Oil Price (/bbl) 60.48 - Balance…
SYNERGIES OF 60 MILLION PER ANNUM Stripping cost out of the combined entities 60 million per annum of savings Breakdown of Synergies Closing five offices including Perth, Salamander London (ex-Salamander HQ), Singapore Niko…
FINANCIAL FLEXIBILITY Low level of commitment spend, robust production base FY 2015 Capex forecast unchanged 2015 breakeven oil price from current producing assets Capex FY 2016 expected to be lower than 2015 60 FY 2015 underlying…
OPERATIONS
ACHIEVING PRODUCTION EXPECTATIONS Seamless integration and efficiencies driving performance Production guidance increased Ophir Energy Net Production All Fields - Working Interest Basis - Mboe/d FY 2015 production forecast…
LARGE RESERVES AND RESOURCE BASE Focus: Commercialising our gas resources Reserves (MMboe) 1P 2P 3P Significant 2P reserves base from Thai and Indonesian assets Bualuang 17.6 24.9 31.1 60 MMboe 2P over 10 years of production at…
LNG OVERVIEW Four key things required to make an LNG project work EQUATORIAL GUINEA TANZANIA 1 RESOURCES 3.4 TCF 2.2 Mtpa project 15 TCF 3 trains of LNG 2 FISCAL TERMS Agreed Agreed 3 JV PARTNER ALIGNMENT Ophir &…
FLNG IS RIGHT SOLUTION IN EG Upstream component within Ophirs ability to operate Why FLNG appropriate solution Fortuna Gas Field DST Biogenic gas, 99.7% methane clean and simple Benign meta-oceanic conditions Why Ophir can be the…
GOLAR LNG Simple solution, proven technology Heads of Terms concluded Lower cost conversion for Phase 1 development Golar FLNG Conversion Proven concept - Golar Hilli conversion (Cameroon) 40% complete (Keppel, Singapore) Proven…
COST COMPETITIVE ON A GLOBAL BASIS Deliver into Asia for c. 7/mmbtu World class resources 14.00 FOB Cost (Breakeven) (US/mmBtu) Simple technical solution 12.00 Shipping Cost (US/mmBtu) NPV 10% Break Even DES Japan 10.00…
FLNG VALUE CHAIN (PRICES INDICATIVE) UPSTREAM PSC MIDSTREAM SHIPPERS LNG BUYERS CASH Paid for Liquefaction CASH Paid by LNG Buyer to Tariff by Contractor OPHIR/SONAGAS for LNG Delivered LNG (Ophir/GEPetrol) & Government to FLNG…
KERENDAN Mechanical completion of facilities in August, material upside to be unlocked Gas Engines arriving at PLN Power Plant Phase 1 mechanical completion Gas processing facilities to be completed this month GSA for 120 Bcf at 5.03…
EXPLORATION
THAILAND NEAR-FIELD EXPLORATION DRILLING Low cost wells offering short term return on investment Step outs from Bualuang oil field Well costs of c. 10 million each Both prospects would be commercial for fast track MOPU development Soy…
EXPLORATION BUILDING A WORLD CLASS PORTFOLIO Maximum optionality at minimum cost Aru Trough, Eastern Indonesia Rakhine Basin, Myanmar Forward commitment: 7.8 million Forward commitment: nil Potential: Basin opening 500 mmboe oil &…
SUMMARY AND OUTLOOK Ophirs strategic focus is value creation through the drill-bit Building a strong and cost efficient production base is key to preserve business model Ophir has a well balanced portfolio significant exploration…
G4/50 - GULF OF THAILAND Soy Siam Prospect Top N20 Depth Map Soy Siam Potential Recoverable Oil (MMbls) P90 P50 P10 Mean 7.0 24.0 68.6 25.3 COS: 21% Soy Siam is mapped as a single fault block with access to charge from…
GULF OF THAILAND Parichat SW Top N20 Depth Map Parichat SW Potential Recoverable Oil (MMbls) P90 P50 P10 Mean Parichat NW 1.7 6.5 19.1 8.9 Parichat NE Parichat SW Full Parichat Cluster Potential Recoverable Oil…
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