2016 progress against targets On track to deliver at or above upper end of FY guidance of 65-70 kboepd Maximise production 88% operating efficiency in Q1 Further cost Opex tracking 10-20% below budget; expected FY opex of c. 17/boe…
Looking forward Focus on Advantaged Assets UK, SE Asia, Falklands Strategy Disposal of non-core assets Appropriate balance of current cash flow, development projects and longer-term upside Opex (mm) Accelerate Debt Reduction…
Looking forward mm 379 400 Proven Track Record in Acquisitions/Divestment 6 separate transactions since 2013, focused on 300 Portfolio pre-development assets 200 Management E.ON portfolio added 70 mmboe at cost…
Asset update
Summary of asset upsides UK Premier Upside in Huntington and Solan Elgin-Franklin producing above budget Opex and capex savings in Catcher project Potential reserve upgrade at Catcher Targeting substantial cost reductions…
Current production high operating efficiency North Sea (17.6 kboepd) Vietnam (17.4 kboepd) 99% OE and lower decline from Delivering ahead of Huntington expectations Unplanned shutdown on B Block High operating efficiency Solan…
UK production growth Averaged 17.6 kboepd in Q1 2016 Solan Balmoral Area Group production growth driven by UK: E.ON assets, new Solan production and Catcher Continue to target substantial cost savings; opportunity to generate…
South East Asia reliable low cost production Vietnam Strong Q1 2016 production and operating 2015 efficiency operating costs 32.8 kboepd (gross) production c.13/bbl 96% operating efficiency Progressing further cost reductions…
Solan first oil achieved, moving on to second oil P1 on-stream 12 April rates of 8 kbopd achieved from natural flow, rising to 14 kbopd with ESP Planned shut down ahead of second oil W2 tied in Plateau production Final…
Catcher under budget and scheduled for 2017 Subsea 2015 subsea installation programme completed; 2016 programme underway Remaining templates installed Installation of bundles and mooring system in progress Buoy and riser system to…
Catcher under budget and scheduled for 2017 FPSO Hull fabrication accelerating in Japan and Korea Topsides and Turret fabrication advanced in ProFab, Dynamac and Asia Offshore yards Commencement of hull and integration work in…
Catcher initial drilling results encouraging Ensco 100 rig on hire since July 2015 4 wells drilled with excellent operational performance two injectors (CTI1 and CCI2) Well results Two producers (CCP3 and CTP1) confirm high quality…
Sea Lion complex low cost option for large future value Phase 1 project economics enhanced Collaborative partnership 220 mmbbls from NE & NW areas of PL032 Subsea FPSO 18 wells (13 pre-drilled) and 20 year field life Installation…
North Falklands Basin potential confirmed Successful exploration programme now complete Zebedee discovery proves up additional resource to northern North Falklands Basin development Sea Lion complex Adds c. 60 mmbls resource to Sea…
Exploration: Brazil & Mexico Outline of new 3D Cretaceous sand survey acquired in channel systems Q4 2015 Mean gross Strong Pecem discovery unrisked partnership De-risks key play resource elements Proven but 2 bn bbls…
Finance
Strong cash flows despite lower oil prices 12 months 12 months Capital expenditure (m) to 31 Dec to 31 Dec 2015 2016E 2015 2014 m m Exploration 216 c100 Working Interest production (kboepd) 57.6 63.6 Development 854 c630 Total…
Income statement 12 months to 12 months to Operating costs (/boe) 31 Dec 2015 31 Dec 2014 2014 2015 2016 m m UK 37.2 30.0 27 Sales and other operating revenues 1,099 1,629 Indonesia 10.0 10.0 11 Cost of Sales (661) (987)…
Covenant compliance and mitigating actions Financing Corporate unsecured 1. Covenant position amended structure No reserve base determinations Net debt 2.2 billion (YE 2015) Headroom 900m (YE 2015) No amortisations Strong support…
End 2015 2P reserves and resources Falklands Indonesia Mauritania Pakistan UK Vietnam Total On Production 35.2 0.1 12.6 22.8 23.8 94.5 Approved for 12.7 87.4 0.1 100.2 Development 2P Justified for 136.0 1.1 137.1 Development…
Appendix
Rationale for the E.ON acquisition Strengthens Premiers position in UK North Sea with its associated tax benefits; opportunity to generate operating and cost synergies Proforma 2015 Production Continues Premiers track record of…
E.ON UK assets strong start to 2016 Elgin Franklin Area (5.2% non-op.) Tolmount (50%, op.) 34.6 mmboe net reserves1 World class c.30 mmboe (169 Bscf) net reserves1 2016 ytd production: 5.3 kboepd Significant Est. resources 200 Bcf 1Tcf…
Financial benefits of the E.ON acquisition Strong Adds significant cash flow in 2016 and 2017 even at current oil/gas prices cash flow c.15mboepd of net production and associated cash flow added on completion YTD production ahead of…
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