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Deutsche Bank Tokyo Roadshow – Oil Search Limited

Oil Search Limited · Jun 18, 2015 · 25 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. Deutsche Bank Tokyo Roadshow – Oil Search Limited – slide 1
    Oil Search Limited ARBN 055 079 868 ASX: OSH | POMSoX: OSH | US ADR: OISHY www.oilsearch.com Oil Search Update The Journey Continues Deutsche Bank Tokyo Roadshow, June 2015 Methane Spirit, 100th LNG cargo departed PNG on 12 June…
  2. Deutsche Bank Tokyo Roadshow – Oil Search Limited – slide 2
    Established in Papua New Guinea (PNG) in 1929 ? Market capitalisation ~A$12bn (~US$9bn) ? > 95% of OSH?s assets in PNG ? Operates all PNG?s currently producing oil fields ? 29% interest in 6.9Mtpa PNG LNG Project, operated by…
  3. Deutsche Bank Tokyo Roadshow – Oil Search Limited – slide 3
    Oil Search licence interests, PNG Company Update - June 2015 3 PNG LNG Project Gas Fields PNG LNG Project Facilities Non PNG LNG Gas/Oil Fields Oil Field Gas Field Oil Pipeline Gas Pipeline Oil Facility Gas Facility OSH…
  4. Deutsche Bank Tokyo Roadshow – Oil Search Limited – slide 4
    Over 85 years experience in PNG ? Excellent in-country track record of social responsibility and sustainable development ? part of our DNA and integral to OSH?s historic and future success ? Unparalleled experience working in PNG ?…
  5. Deutsche Bank Tokyo Roadshow – Oil Search Limited – slide 5
    Core strategies have delivered steady long-term share price appreciation 9 8 7 6 5 4 3 2 1 0 10 Jan-05 Jan-06 Jan-07 Jan-08 Jan-09 Jan-10 Jan-11 Jan-12 Jan-13 Jan-14 Jan-15 Share Price (A$) 10 year TSR to 31 Mar 2015 to 31 Dec 2014…
  6. Deutsche Bank Tokyo Roadshow – Oil Search Limited – slide 6
    Adapting to the new oil price environment ? Size and speed of oil price fall was unexpected ? However, OSH is in strong position to manage lower oil price environment, with profitable production ? Proposed LNG growth projects…
  7. Deutsche Bank Tokyo Roadshow – Oil Search Limited – slide 7
    Adapting to the new oil price environment cont. ? ?Plan for the worst, hope for the best? ? 2015 capex and opex reduced, actively engaging with contractors to reduce costs further, by targeted 15 ? 25% ? Business Optimisation…
  8. Deutsche Bank Tokyo Roadshow – Oil Search Limited – slide 8
    PNG LNG Project 8 PNG LNG Project Gas Fields Juha Kutubu Future Juha Facility Hides Angore LNG Facility Gobe Main Hides Gas Conditioning Plant & Komo Airfield Moran Agogo Gas Pipeline Oil Field Gas Field Oil Pipeline…
  9. Deutsche Bank Tokyo Roadshow – Oil Search Limited – slide 9
    PNG LNG Project ? performing ahead of expectations, has delivered strong platform for future growth PNG LNG Project ? a major success story: ? Delivered ahead of expectations and within revised US$19bn budget ? Operational and…
  10. Deutsche Bank Tokyo Roadshow – Oil Search Limited – slide 10
    Key focus for OSH is commercialising PNG?s undeveloped gas ? PNG LNG Project has delivered strong platform for growth ? PNG can deliver at least two more LNG trains underpinned by existing undeveloped resources in NW Highlands and…
  11. Deutsche Bank Tokyo Roadshow – Oil Search Limited – slide 11
    LNG market well supplied until post 2020 11 0 100 200 300 400 500 2010 2012 2014 2016 2018 2020 2022 2024 2026 2028 2030 mmtpa Qatar Global Demand Others Australia USA Nigeria Malaysia Indonesia Papua New Guinea Russia…
  12. Deutsche Bank Tokyo Roadshow – Oil Search Limited – slide 12
    Many global LNG projects proposed but how many work in new pricing paradigm? 12 0 100 200 300 400 500 600 700 2000 2002 2004 2006 2008 2010 2012 2014 2016 2018 2020 2022 2024 2026 2028 2030 mmtpa Source: Wood Mackenzie, Q1…
  13. Deutsche Bank Tokyo Roadshow – Oil Search Limited – slide 13
    ? Conventional LNG projects with no new technology utilised in development ? Substantial reserves base with high heating value, suitable for Asian reticulation network ? High liquids, enhancing economics ? Onshore location with…
  14. Deutsche Bank Tokyo Roadshow – Oil Search Limited – slide 14
    NW Hub: LNG expansion and power MoU signed ? ExxonMobil PNG Limited (as operator of PNG LNG and PRL 3) and PNG Government signed MoU in Jan 2015 ? Sets roadmap for development of P?nyang to provide long-term gas resources to support…
  15. Deutsche Bank Tokyo Roadshow – Oil Search Limited – slide 15
    Gulf Hub: PRL 15 (Elk/Antelope) appraisal 15 ? Potential second world-scale LNG development in PNG ? Comprehensive appraisal programme underway, with initial results encouraging ? Antelope 4: Located ~1 km south of Antelope 2. Well…
  16. Deutsche Bank Tokyo Roadshow – Oil Search Limited – slide 16
    Antelope 5 initial well test completed in April Company Update - June 2015 16 Photos courtesy of InterOil
  17. Deutsche Bank Tokyo Roadshow – Oil Search Limited – slide 17
    PNG gas exploration activities ? Focus of 2015 PNG exploration and evaluation programme is to mature material gas prospects for drilling in 2015/16, to support PNG LNG expansion or additional trains ? Key gas exploration activities…
  18. Deutsche Bank Tokyo Roadshow – Oil Search Limited – slide 18
    2015-16 Exploration and Appraisal Programme Company Update - June 2015 18 PNG Highlands Activity PRL 3 (OSH - 38.5%) P\'nyang 4 and other possible appraisal activities* PPL 269 (OSH - 10%) Strickland-1 PPL 269 Well 2* PPL 402 (OSH -…
  19. Deutsche Bank Tokyo Roadshow – Oil Search Limited – slide 19
    Contributing to long-term sustainability in PNG ? some essentials Company Update - June 2015 19 ? With PNG LNG in production, vital to ensure efficient benefits distribution throughout PNG ? Partnership between State and Private…
  20. Deutsche Bank Tokyo Roadshow – Oil Search Limited – slide 20
    Summary ? PNG LNG Project delivered ahead of schedule and within revised budget, performing above expectations ? PNG well placed to significantly expand LNG exports over next 5-7 years ? Potential for OSH to more than double…
  21. Deutsche Bank Tokyo Roadshow – Oil Search Limited – slide 21
    Appendix 1: 2014 key financial metrics 4 4 4 4 14 5 0 10 15 2010 2011 2012 2013 2014 Dividend per share (US cents) 7.7 6.7 6.4 6.7 19.3 0 10 20 2010 2011 2012 2013 2014 Production (mmboe) 21 ? Production up 186%,…
  22. Deutsche Bank Tokyo Roadshow – Oil Search Limited – slide 22
    Appendix 2: Treasury Update (as at 31 Mar 2015) 1,264 1,047 488 210 960 1,067 0 500 1000 1500 2010 2011 2012 2013 2014 2015 1Q Cash (US$m) 22 ? Liquidity of $1.8n: ? US$1,067m cash ? US$250m available under bilateral…
  23. Deutsche Bank Tokyo Roadshow – Oil Search Limited – slide 23
    0 200 400 600 800 1,000 1,200 1,400 1,600 1,800 2,000 2010 2011 2012 2013 2014 2015 Guidance US$m Exploration & Evaluation PNG LNG Production Other PP&E Appendix 3: 2015 Investment Outlook 23 GUIDANCE RANGE (US$555 ?…
  24. Deutsche Bank Tokyo Roadshow – Oil Search Limited – slide 24
    Appendix 4: 2015 Guidance Summary Production Oil Search operated (PNG Oil and Gas) 6 ? 7 mmboe1,2 PNG LNG Project LNG 88 ? 91 bcf Liquids 2.8 ? 3.0 mmbbl Total PNG LNG Project 20 ? 21 mmboe1 Total Production 26 ? 28 mmboe…
  25. Deutsche Bank Tokyo Roadshow – Oil Search Limited – slide 25
    Appendix 6: PNG LNG Project quick facts 26 OVERVIEW Nameplate capacity 6.9 MTPA, 2 train development Project investment US$18.8 billion Joint Venture partners ExxonMobil (33.2%), Oil Search (29.0%), National Petroleum Company of PNG…

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