FOCUSED ON VALUE CREATION 2015 Full Year Results 10 March 2016
SECTOR CHALLENGES About lack of value creation as much as oil price 140 Causes 1. 120 High finding costs and very few examples of prompt and profitable monetisation 100 2. Increased level of commitments as governments…
HOW TO CREATE VALUE IN CURRENT MARKET Responding to the New Normal Brent break-even of non-producing (pre-sanction and under development) oil assets 110 DEEPWATER Our response to create value 100 90 HEAVY OIL Exit , re-engineer…
MONETISING DISCOVERED RESOURCE Ophir 40% 2P Reserves Booking in 2016 Track record of monetising success 200 Discovered mmboe Eq. Guinea Gross 3 200 Bnboe 1.5 500 500 bnboe mmboe mmboe mmboe Tanzania Tanzania Eq. Guinea…
OUR BUSINESS MODEL How do we allocate capital CASH EXPLORATION DEVELOPMENT PRODUCTION Production is a Self-funded Exploration is focus for financing stream for development activity creation of shareholder E&A activity value…
2015 FINANCIAL HIGHLIGHTS DESCRIPTION FY15 MM FY14 MM COMMENT Income Statement: Ten months production from Bualuang at 10.4 Mbopd realising Revenue 161.1 - 56.32/bbl Pre-tax fair values assessed against lower oil price Impairment…
CAPACITY TO GROW Strong balance sheet relative to sector Under levered with equity EMEA E&Ps Leverage (6.0) value European Independents(1) European IOCs (4.0) Ophir 16E Net Debt (Cash) / 16E CFFO (x) (2.0) --…
FINANCIAL OUTLOOK TO FORTUNA FIRST GAS 120m Driving down capex 2015 capex was 70% down on 2014 Other Firm Spend Commitment expenditure Reduced 2016 forecast 150-200 MM 100m Reduced G&A cost base by 37% Cash Balance at 1 Jan:…
MODEL PERFORMING TO PLAN Portfolio delivering as expected CASH EXPLORATION DEVELOPMENT PRODUCTION Production of 13,000 Exploration is focus for Self-fund development boepd for FY 2015 creation of shareholder activity value…
PRODUCTION: DELIVERING FREE CASH FLOW Safely completed operations Established a regional production and project management hub Strong HSE and operational reliability enabled us to out-perform on production metrics Reservoirs…
MODEL PERFORMING TO PLAN Portfolio delivering as expected CASH EXPLORATION DEVELOPMENT PRODUCTION Fortuna FLNG on track to Production of 13,000 Added five new plays make FID in mid-2016 boepd for FY 2015 RETURN TO Exiting…
DELIVERING 2 FULLY FUNDED DEVELOPMENTS Development 1: Fortuna FLNG Overview JUST 4 development wells for first gas - Includes contingency of 2wells Standard subsea infrastructure Upstream - Manifold, Flowlines, Risers Development…
DELIVERING 2 FULLY FUNDED DEVELOPMENTS Development 1: Fortuna FLNG Why FLNG works Pure gas stream Low capex to 1st gas Competitive into Europe and Asia Milestones to FID Close Schlumberger transaction Sign Umbrella…
DELIVERING 2 FULLY FUNDED DEVELOPMENT PROJECTS Development 2: Kerendan Phase 1 Mechanically completed facilities Agreed official start date (11.1.16) Sending commissioning gas to PLN Further value creation Complete 3D seismic…
MODEL PERFORMING TO PLAN CASH EXPLORATION DEVELOPMENT PRODUCTION Production of 13,000 Fortuna FLNG on track to boepd for FY 2015 Added five new plays RETURN TO make FID in mid-2016 SHAREHOLDERS Outperformed Exiting five…
THE NEW BREAKEVEN LANDSCAPE Assets have to come in below US shale 110 DEEPWATER 100 Gabon pre-salt HEAVY OIL Gabon post-salt 90 Seychelles Kenya ULTRA DEEPWATER Western Birds Head 80 TRADITIONAL Breakeven (/bbl) 70…
EXPLORATION PORTFOLIO HIGH-GRADED Prioritising valuable plays NEW PLAY ENTRIES Cote DIvoire Deepwater (oil) Sarawak (gas) HIGH 2015/16GRADED EXPLORATION EXPLORATION PORTFOLIO PORTFOLIO Aru Trough EG G4/50 Myanmar Gabon post-salt…
MYANMAR BLOCK AD-03 Intense Industry Activity in 2015-2016 Play potential: Multi-TCF Underexplored frontier deepwater basin Forward committed spend: Nil with stratigraphic traps expected within the Key wells and seismic surveys…
COTE DIVOIRE Technical lead entry facilitated by new PSC terms Play potential: Multi-Hundred Million Barrels Extensive regional play fairway evaluation Forward committed spend: c. 15 million has been conducted over past 18 months…
EAST INDONESIA WEST PAPUA IV / ARU Trepang 3D seismic acquisition in 2016 Play potential: Multi-Hundred Million Barrels Material position in a underexplored Forward committed spend: c. 12 million deepwater exploration play OPTION FOR…
MALAYSIA OFFSHORE SARAWAK Ophir Entry into Deep Water Sarawak Play potential: Multi-TCF Extensive regional play fairway Forward committed spend: Nil evaluation has been conducted over OPTION FOR 2H 2018 DRILLING past 18 months to…
THE SELF SUSTAINING BUSINESS MODEL Base business plan will transform Ophir, other opportunities to grow further CASH EXPLORATION DEVELOPMENT PRODUCTION Production c. 11,000 boepd Possibly test one Kerendan on stream 2P 54 MMbo…
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