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%…
Cash generation in a low oil price environment 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…
Favourable financing structure Drawn debt maturities (m) 1400 Corporate unsecured structure 1,238 1. No reserve base redeterminations 1200 1000 800 Average debt cost at 1H 2015: 3.2% 558 600 307 362 400 200 0 2015 2016…
Production
2015 1H strong production North Sea (16.9 kboepd) Vietnam (19.6 kboepd) Unrestricted production High operating efficiency from Huntington since April Better than predicted Steady production from rest reservoir performance of UK…
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…
Indonesia strategically positioned 43% share 2015 1H highlights of GSA1 Singapore demand above ToP 43% of GSA1 vs 39.9% contractual share GSA1 Pelikan on-stream Growing domestic Block A Aceh sale GSA2 market completed…
Vietnam high performing cash generator Operating 2015 1H highlights efficiency 20 kboepd, up 16% on 2014 1H of 95% Better than predicted reservoir performance Significantly reduced opex at c.10/boe 5% premium to Brent for…
Development
Development sustained growth Catcher (50% op.) Solan (100% op.) Vette (50% op.) 96 mmboe 40 mmbbls 45 mmbbls 50 kbopd at peak First oil still Q4 2015 PDO deferred to capture 1.6bn capex pre-first oil 1.65bn capex spent to lower costs…
Solan first oil Q4 2015 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…
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 34,000 direct hrs to…
Catcher area Reservoir upside Near field tie-backs Exploration upside No tax Varadero 4P, 3I Catcher 5P, 2I Burgman 5P, 3I October 2015 P15
Catcher subsea 2 templates installed (Catcher 1 & Burgman 1) PLEM installed 60 km gas export pipeline lay completed Fabrication of remaining templates completed Fabrication of towheads well-advanced First steel cut on mid-…
Catcher - execution phase progressing FPSO FPSO and SURF fabrication FPSO and Turret and mooring system commenced SURF HUC progressing Mating cone module Formal Development concept select drilling fabricated and delivered Hull…
Vette securing lower cost development options 2015 1H highlights PDO submission deferred Low oil price crystallised alternative lower cost redeployment options to leased new build FPSO Potential to significantly enhance the project…
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…
Phase 1a facilities Phase 1a (160 mmbbls) Shuttle tanker FPSO Phase 1b Phase 2 3Km Flowline to gas well Potential for cost reductions 8 well 5 well Nov 2014 capex water injection production Pre-sanction capex 0.1bn…
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) Chatham…
Isobel Deep and Jayne East Full stack amplitude at F3G horizon Further drilling at Isobel / Elaine complex to confirm significant resource potential of southern F3 fan system (unrisked Pmean 400 mmbbls) * Jayne East targets northern…
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…
2015 2H exploration drilling schedule All well timings are subject to revision for operational reasons September 2015 P27
Finance
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…
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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