Delivering our short term targets Strong operating cash Increased cash flows: strong production, lower costs and flow hedging benefits (in 2015 which continue in 2016) Production of Above budget and FY2015 guidance driven by 90%…
Cash generation in a low oil price environment Opex (/boe) Robust, low cost production 1. generates good cash flow 20 15 20 19 17 16 14 10 5 0 2013 2014 2015 2015 1H 2015 budget forecast Growing production profile 2.…
2015 Q3 ytd strong production North Sea (16.4 kboepd) Vietnam (17.0 kboepd) Unrestricted production High operating efficiency from Huntington since April following summer Steady production from rest shutdown of UK portfolio Better…
UK underlying growth Solan Balmoral Area 87% operating 2015 ytd efficiency Averaged 16.4 kboepd Improved operating efficiency Opex 30.2/bbl, down 20% (FY 2014: 37.75/bbl) Sale of high cost Scott area Active cost management and…
Indonesia strategically positioned 42.8% 2015 ytd highlights share of Singapore demand GSA1 above ToP 42.8% 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 86% 2015 ytd highlights operating 17 kboepd, reflecting continued efficiency outperformance Better than predicted reservoir performance Significantly reduced opex at c.12/boe 5% premium to…
Development
Development sustained growth Solan (100% op.) Catcher (50% op.) 40 mmbbls 96 mmboe First oil expected Jan 2016 50 kbopd at peak 1.76bn capex spent to 1.6bn capex pre-first oil end Oct 2015 Reservoir upside Monetising Monetising…
Solan final phase of commissioning for first oil Long term vision Reserves upside potential Infill drilling opportunities; near field exploration Nearby accumulations; potential 3rd party business over Solan hub facility Consider…
Catcher area Reservoir upside Near field tie-backs Exploration upside No tax Varadero 4P, 3I Catcher 5P, 2I Burgman 5P, 3I January 2016 P14
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 Buoy and FPSO FPSO and SURF moorings fabrication Turret and mooring system commenced installation progressing FPSO HUC Hull fabrication on-going in Formal Development concept select drilling…
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 selected ahead of FEED…
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 Two discoveries from two 2015 ytd highlights PL032 wells prospects Zebedee oil & gas discovery (36% op interest) adds c. 50 mmbbls to Phase 2 Chatham Isobel Deep oil discovery (36% op…
Falklands: Isobel Deep Re-Drill 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) Chatham exploration well…
Brazil Cear Basin expanding acreage footprint Brazil Focus Basin Outline of new 3D survey being Strong analogies with West acquired 2H15 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…
2015/2016 exploration drilling schedule All well timings are subject to revision for operational reasons January 2016 P25
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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