Delivering our short term targets 2015 delivery 2016 targets/progress Growing production 57.5 kboepd driven by high 65-70 kboepd guidance, inc. E.ON operating efficiency assets contribution Reducing operating 16/boe opex, down 100m…
Acquisition of E.ON UK North Sea Assets
Acquisition background Premier has agreed to acquire E.ONs UK North Sea assets for a consideration of 120m plus working capital adjustments; the acquisition will be funded from existing cash resources Proposed transaction continues…
Rationale for the acquisition Compelling valuation c.15mboepd of net production in 2016 and c.64mmboe of net reserves and resources acquired, at an implied cost of c.1.9/boe accelerate Premiers existing UK tax loss position of c.3.5…
Financial benefits of the acquisition Strong net cash flow in 2016 and 2017 even at current oil/gas prices c.15mboepd of net production and associated cash flow added on completion Assets being acquired with a valuable hedging…
E.ON UK assets Central North Sea Producing Fields - Elgin-Franklin (1), Huntington (2), Scoter & Merganser (5) Southern Gas Basin Main producing field - Babbage (3) Late-life - Ravenspurn North & Johnston (3), CMS area (6)…
Elgin-Franklin 5.2% of Total-operated HPHT gas/condensate fields Current production: 110kboepd (6kboepd net) Expected production over 110kboepd through to 2019 Mid-life asset with 15 years production history and 20 years…
Huntington E.ON operated Central North Sea oil field in which Premier has an existing stake Opportunity Premier interest will now go to 100% to reduce costs and Produced via a leased FPSO owned and operated enhance by Teekay…
Babbage Area 47% of E.ON operated Babbage dry gas field Online 2010, currently 5 production wells Plans to operate unmanned Ravenspurn North Infill well opportunity Johnston Near-field exploration portfolio Decommissioning of…
Tolmount 50% of E.ON operated Gas discovery Resources up to 1Tcf (gross) Main field 500Bcf, East Tolmount 50-450Bcf Sanction (FID) 2017, First gas 2019/2020* Two development options being considered, both with access to upside…
Falkland Islands Update
Revised Sea Lion phase 1a development Enhanced project economics Now recovers 220 mmbbl from NE & NW areas of PL032 Phase 1a 18 wells (13 pre-drilled) and 20 year field life 1.8bn capex to first oil unchanged (costs /bbl down 30%)…
Sea Lion Development: Commercial Progress Enhancements to the 2012 Sale and Purchase Agreement Significantly improving Premiers development economics RKH can access the full 48 million Exploration Carry in the current campaign Carry…
Falklands: North Falklands Basin: 2015 & 2016 drilling Plan view: full-stack amplitude at F3G horizon sandstones show up yellow on horizon slice Jayne East Zebedee Source: RockHopper Exploration plc Proven additional…
Falklands: 14/20-2 (Isobel Deep Re-Drill) Update 14/20-2 14/20-2 14/20-1 West East PL004A (Premier 36% Operator), re-drill of the Isobel Deep discovery (14/20-1) Emily F3D Successfully found oil-bearing Isobel Deep sandstones…
Development Update
Solan final phase of commissioning for first oil Current status All construction & subsea infrastructure fully commissioned Tanker trials complete and habitation achieved (18 persons on the platform) Final commissioning for first…
Catcher - execution phase progressing Buoy and FPSO and Subsea infrastructure FPSO and SURF moorings fabrication 2015 subsea installation programme commenced installation successfully completed FPSO HUC Fabrication of 2016 subsea…
Finance
Financial Highlights 2015 Update Revenue of 1.1 billion (2014: 1.6 billion) Opex (/boe) 57.6 kboepd average production 20 20 Impact of hedging c300 million 19 17 15 16 Opex 16/boe, reduction of more that 100m due to cost 14…
2015 strong production North Sea (16.7 kboepd) Vietnam (16.9 kboepd) Unrestricted production High operating efficiency from Huntington since April following summer Steady production from rest shutdown of UK portfolio Better than…
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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