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H2 2016 Results – Premier Oil

Premier Oil · Aug 18, 2016 · 25 slides

Investor presentation from the Shale Experts oil & gas presentation and slide database. Every page is imaged and its text indexed for search across operators, plays, basins and time.

Slides

  1. H2 2016 Results – Premier Oil – slide 1
    2016 Half-Year Results 18 August 2016
  2. H2 2016 Results – Premier Oil – slide 2
    Agenda 2016 1H highlights Tony Durrant Operations update Robin Allan Finance Richard Rose Outlook Tony Durrant August 2016 P2
  3. H2 2016 Results – Premier Oil – slide 3
    2016 1H highlights Tony Durrant
  4. H2 2016 Results – Premier Oil – slide 4
    2016 1H highlights 93% 1 84% High production efficiency 2014 2016 1H 80 kboepd 2 58 kboepd 61 kboepd Solan Step change in production E.ON 2015A 2016 1H 2016 2H 18 kboepd 3 15 kboepd Continued portfolio upgrading E.ON…
  5. H2 2016 Results – Premier Oil – slide 5
    Operations update Robin Allan
  6. H2 2016 Results – Premier Oil – slide 6
    Asia providing cash flow for the business Indonesia 97% production efficiency Strong demand (44% of GSA 1, record GSA 2 delivery) 9/boe opex Increase demand post 2020 Quick payback, high return projects Bison, Iguana, Gajah…
  7. H2 2016 Results – Premier Oil – slide 7
    UK North Sea growth story UK overview Solan (100% op) Huntington (100% op) 88% production efficiency Plateau production of 20-25 kboepd Increased equity UK drives production growth:…
  8. H2 2016 Results – Premier Oil – slide 8
    Solan on-stream First oil achieved 12 April First tanker offload completed end July P2 tied in; both water injector wells online Plateau rates of 20-25 kboepd Generating significant cash flows for the group opex…
  9. H2 2016 Results – Premier Oil – slide 9
    Catcher ahead of plan Drilling Subsea Burgman BP3 producer well Tay reservoir 6 wells drilled with excellent operational Templates, flowline bundles, midwater performance arches and gas export pipeline installed Pre-drill…
  10. H2 2016 Results – Premier Oil – slide 10
    Catcher hull in Keppels yard, Singapore Singapore Production mboepd 20 Hull join and infill blocks completed 15 Blast and coat of tanks completed 10 Welding completed 5 First topsides module lift on track 0 for September 2024…
  11. H2 2016 Results – Premier Oil – slide 11
    Catcher topsides on track for September lifting; 90% mechanically complete Crude Gas Gas Gas Flare Utility Stabilisation Compressor Treatment Compressor 99% 97% 95% 97% 96% 96% Power Gen 99% E-House 99% Oil Separation…
  12. H2 2016 Results – Premier Oil – slide 12
    Catcher schedule Capex - 20% reduction in costs secured * Plateau rates of 50 kboepd (gross) 350 Sanctioned budget 300 Actual/current forecast 1.8bn total project cost 250 mm 200 Potential savings from reduced well count, 150…
  13. H2 2016 Results – Premier Oil – slide 13
    Tolmount significant UK development opportunity Overview Tolmount East Premier operated, 50% Discovered in October 2011 61 metre gas column Flowed on test at 51 mmscfd Tolmount 2 appraisal wells in 2013 No further appraisal…
  14. H2 2016 Results – Premier Oil – slide 14
    Tolmount illustrative development solution Timetable to sanction Indicative metrics (gross) Concept select by year-end 450 Bcf…
  15. H2 2016 Results – Premier Oil – slide 15
    Southern Gas Basin: portfolio of opportunities Ravenspurn Deep (5% carried interest) BP/Perenco long-reach well planned for late 2016 Babbage (47% op) Infill opportunities Artemis (100% op) 150 Bcf discovery Minerva 3 wells…
  16. H2 2016 Results – Premier Oil – slide 16
    Sea Lion Phase 1 reducing breakeven price Licence extended to 2020 FEED progressing well Facilities capex and opex cost estimate reductions from FEED contractors collaboration Logistics and drilling cost estimate reductions…
  17. H2 2016 Results – Premier Oil – slide 17
    Mexico potential for material value creation Sureste Basin is a prolific 4-way dip closure beneath salt stock hydrocarbon province (62 bn bbls and adjacent of proven oil) salt flank prospectivity Awarded 2 high quality blocks in 2015…
  18. H2 2016 Results – Premier Oil – slide 18
    Finance Richard Rose
  19. H2 2016 Results – Premier Oil – slide 19
    Financial highlights 1H Profitable and positive operating cash flow Continued cost reductions Benefit of lower / exchange rate Reduced capex commitments Free cash flow generation from Q4 2016 Progress with banks on debt…
  20. H2 2016 Results – Premier Oil – slide 20
    Cash flow in 2016 1H 6 months 6 months to 30 June to 30 June 2016 2015 Working Interest production (kboepd) 61.0 60.4 Capital expenditure (m) Entitlement production (kboepd) 57.0 55.7 2016 1H FY 2016E Realised oil price (US/bbl) -…
  21. H2 2016 Results – Premier Oil – slide 21
    Profitable first half 6 months to 30 June 6 months to 30 June 2016 m 2015 m Sales and other operating revenues 394 577 Cost of sales (355) (684) Gross profit/(loss) 39 (107) Exploration/New Business (15) (52) Reduction in…
  22. H2 2016 Results – Premier Oil – slide 22
    Continued cost reduction Falling cash cost break even Significantly lower forward committed capex (/boe) (mm) 40 1400 Exploration & pre-dev projects 35 Sanctioned developments 1200 Production maintenance & abex 30 1000 25 800 20 600…
  23. H2 2016 Results – Premier Oil – slide 23
    Net debt and refinancing update Net debt of 2.6 bn, flat on end Q1 position Net debt Net debt expected to peak in Q3 2016 at 2.9 bn Net debt/EBITDAX ratio of 5.2x at 30 June 2016 Revised maturity profile Progress Amended…
  24. H2 2016 Results – Premier Oil – slide 24
    Outlook Tony Durrant
  25. H2 2016 Results – Premier Oil – slide 25
    Outlook +10 kboepd per annum 1 Continuing production growth 2016 2017 2018 2.25bn 2 1.8bn Catcher delivery Sanctioned budget Forecast 50% IRR 3 Select highest return projects 30% 20% for sanction Infills Tolmount Sea…

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