AFRICAN-ASIAN PORTFOLIO Corporate Presentation July 2015 Slide 3
STRATEGY Positioned to thrive in uncertain times VALUE CREATION THROUGH EXPLORATION FOCUS ON ROCE THROUGH CAPITAL ALLOCATION AND COST MANAGEMENT ACTIVE PORTFOLIO AND RISK MANAGEMENT Corporate Presentation July 2015 Slide…
OPHIR DOES NOT THINK LIKE A TRADITIONAL, FULL CYCLE E&P Ophir is BIG E and little p CASH EXPLORATION DEVELOPMENT PRODUCTION Exploration is focus for Self-funded Production is a financing creation of shareholder value RETURN TO…
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…
DIVERSIFIED ASSET PORTFOLIO Providing value and basis for significant production growth Tanzania Cash Flow Composition by Asset 100% LNG 90% 80% 70% 60% 50% 40% Fortuna 30% FLNG 20% 10% 0% 2015 2016 2017 2018…
CAPEX AND COSTS Low levels of commitment spend, strong balance sheet, high degree of flexibility 2015 capex 53% down on 2014 2015 CAPEX E&P Vs P&D - 2015 capex forecast 250-300 MM Pre-Development 35% Development 25% E&A capex down…
DEVELOPMENTS
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 Biogenic gas, 99.7% methane clean and simple Benign meta-oceanic conditions Why Ophir can be the Upstream operator…
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…
LOW BREAKEVEN COSTS FOR LNG PROJECTS Breakeven cost stack of projects yet to take FID 16 120 EG costs reduction of 14 c.1/MMbtu following Golar appointment not 100 Additional demand (mmtpa) 12 reflected here Delivered price…
EXPLORATION
THAILAND NEAR-FIELD EXPLORATION DRILLING Step out from Bualuang oil field G4/50 surrounds production licence Blanket 3D over licence 18 locations have approved EIAs 2 wells in 2H 2015 B8/38-2 Deep NW2 Ophir reviewing prospect…
GABON HIGH-GRADING EXPLORATION PROSPECTS Building on learnings from 2014 Saw all elements of hydrocarbon system Update geological model Apply learnings to interpretation of new 3D data New oil play emerging Awarded Nkouere and Nkawa…
MYANMAR LEADING DEEPWATER EXPLORATION 95% operated interest in Block AD-03 Located in Rakhine Basin On trend with 9 Tcf Shwe gas field Pipeline to China (current price c.9/mcf) No drilling commitment 3D seismic survey commenced…
SUMMARY AND OUTLOOK Development assets self funding Cost and capex reduction of 250 MM in 2015/16 YE 15 cash expected to be 700 MM - 750 MM Fully funded until end 2017 on current work programme Unique opportunity to access high…
Level 4 123 Victoria Street London SW1E 6DE UNITED KINGDOM Tel: +44 (0)29 7811 2400 Fax: +44 (0)20 7811 2421 For further information contact: Geoff Callow Head of IR and Corporate Communications…
EQUATORIAL GUINEA Six commercial gas discoveries have been made within Block R Appraisal Area (green): Oreja Marina 2002 Exxon: Estrella de Mar Tonel 2008 Ophir: Fortuna, Lykos Estrella De Mar 2012 Ophir: Tonel, Viscata Silenus…
BLOCK R SCHEMATIC CROSS SECTION Silenus Corporate Presentation July 2015 Slide 23
BALANCE SHEET Fully funded for next 3 years, high degree of financial flexibility 1,400 1,200 150m 250m-300m 1,000 800 600 970m 400 Only 35m 700m - 750m of E&A of cash YE 2015 commitment 200 spend 0 Cash…
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