Agenda Introduction Tony Durrant UK Stuart Wheaton Sea Lion Neil Hawkings Exploration Robin Allan / Dean Griffin Finance Richard Rose Outlook Tony Durrant August 2015 P2
2015 1H performance Operating cash flow of Increased cash flows: strong production, lower costs and 513 million hedging benefits (which continue into 2H and 2016) Production of Above budget and guidance year-to-date driven by 94%…
UK Stuart Wheaton UK Business Unit Manager
UK underlying growth Solan Balmoral Area 89% operating 2015 1H efficiency Averaged 16.9 kboepd Improved operating efficiency Opex 29/bbl, down 17% (1H 2014: 35/bbl) Sale of high cost Scott area Active cost management and Kyle…
Solan long term vision Reserves upside potential Infill drilling opportunities; near field exploration Nearby accumulations; potential 3rd party business over Solan hub facility Consider farm down of equity post first oil Solan…
Solan 2015 1H highlights On track for Q4 first oil P1/ W1 tied in; P2 drilling Improved offshore productivity Removed partner funding concerns Reduced balance sheet exposure Cash spend to end July 1.65 billion August 2015 P7
Solan facilities update Bibby DSV Complete commissioning Ocean Valiant of subsea infrastructure W2 to spud o Bibby DSV SOST & Tanker First oil Ocean Valiant P1/W1 tied in Offloading trials P2 spudded 56,000 direct hrs to…
Solan drilling and subsea P1 and W1 W1 Completed and tied-in P1 encountered 1,855 feet of sands 10-15 kbopd P1 First oil Q4 2015 P2 P2 and W2 W2 P2 nearing completion Top Solan sand depth map 3,000 feet of sands targeted…
Catcher area Reservoir upside Near field tie-backs Exploration upside No tax Varadero 4P, 3I Catcher 5P, 2I Burgman 5P, 3I August 2015 P10
Catcher execution phase progressing 96 mmboe (50 per cent, operator) 1.6 bn (gross budget to first oil) Post ramp up, peak production of c. 50 kbopd FPSO and SURF FPSO and SURF Acquired acreage Carnaby fabrication HUC as part of…
Catcher FPSO 1H Highlights Turret and mooring system progressing Mating cone module fabricated and delivered Hull fabrication on-going in Japan and Korea Topsides fabrication underway in ProFab, Dynamac and Asia Offshore yards…
Catcher subsea 2 templates installed at Catcher PLEM installed 60 km gas export pipeline lay completed Fabrication of Varadero and Burgman templates completed Fabrication of towheads well- advanced First steel cut on mid-water…
Catcher drilling 1H Highlights Ensco 100 rig on hire since July 22 wells (14P, 8WI) Pilot hole completed Six 4-slot templates Batch drilling of 30 & 20 2 phases of drilling sections of first 4 wells completed on each field…
Catcher CTI1 progress Catcher Discovery wells CTI1 Tay reservoir Cromarty reservoir 1.5km to nearest offset well Reservoir encountered on depth Operations on schedule and budget Reservoir on prognosis; injectite…
Sea Lion Neil Hawkings SE Asia & Falkland Islands Director
De-risking the Sea Lion development Phase 1a reservoir is fully appraised, subsurface plan is robust FPSO and SURF is well understood, conceptual design is now mature Key project execution contractors are to be selected ahead of…
Exploration Robin Allan N. Sea and Expln Director Dean Griffin Head of Exploration
Exploration re-shaping the portfolio Focusing on under-explored, emerging plays in proven hydrocarbon provinces 2012 2015 Entry into Brazil and follow-on farm in to Block 661, Cear Basin Rationalisation Successful entry into Mexico…
2015 North Falklands Basin campaign Aim Demonstrate exploitation potential of F2 Two Explore upside potential of F3 discoveries PL032 prospects from two 2015 1H highlights wells Zebedee oil & gas discovery (36% op interest)…
Jayne East and Isobel Deep Full stack amplitude at F3G horizon Jayne East targets northern end of F3 fan sequence and shallower F2 horizons Further drilling at Isobel / Elaine complex to confirm significant resource potential of…
Brazil high quality address Limited drilling in the deeper Foz do Amazonas Basin WATM Basins Jubilee 771 MMboe water parts of the northern Brazil Para-Maranhao Basin Harpia discovery Baobab 356 MMboe Enyenra 200 MMboe basins…
Brazil Cear Basin expanding acreage footprint Brazil Focus Basin Outline of new 3D survey being Strong analogies with West acquired 3Q15 African Tano basin Cretaceous sand channel systems discoveries Proven light oil petroleum…
Mexico low cost entry Low cost entry to high quality acreage Awarded 10% in Blocks 2 & 7, shallow water Sureste Basin Option to increase interest to 25% prior to drilling Numerous leads in established and emerging plays Fully…
Finance Richard Rose Finance Director
Strong cash flows in 2015 1H 6 months 6 months Capital expenditure (m) to 30 June to 30 June 2015 1H FY 2015 E 2015 2014 Exploration 115 240 Working Interest production (kboepd) 60.4 64.9 Development 403 900 Entitlement production…
Income statement Operating costs (/boe) 6 months to 6 months to 2015 1H 2014 1H 30 June 2015 30 June 2014 m m UK 28.8 34.9 Indonesia 8.9 10.1 Sales and other operating revenues 577 885 Pakistan 3.2 2.7 Cost of sales (684) (646)…
Liquidity and balance sheet position At At Drawn debt maturities (m) 30 June 2015 31 Dec 2014 1400 1238 m m 1200 1000 Cash 372 292 800 558 600 Bank debt (1,482) (1,230) 307 362 400 200 Bonds (753) (955) 0 2015 2016 2017 2018…
Summary Tony Durrant CEO
Outlook Opex (/boe) 20 20 19 15 17 16 Robust, low cost production 1. generates good cash flow 10 14 5 0 2013 2014 2015 2015 1H 2015 budget forecast Committed capex m 1500 Growing production profile P&D Capex 2.…
August 2015 www.premier-oil.com Premier Oil Plc 23 Lower Belgrave Street London SW1W 0NR Tel: +44 (0)20 7730 1111 Fax: +44 (0)20 7730 4696 Email: premierpremier-oil.com
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