2016 progress against targets Recent record rates of 80 kboepd, on track to deliver at or above upper end Maximise production of FY guidance of 65-70 kboepd; 93% operating efficiency in 1H Further cost 1H opex 14% below budget;…
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 Expect to recognise negative goodwill in relation to E.ON UK acquisition Opex & capex savings in Catcher Targeting substantial cost reductions Potential disposal…
Current production high operating efficiency North Sea (22.2 kboepd) Vietnam (16.7 kboepd) Huntington outperforming Delivering ahead of Solan ramping up expectations E.ON production from 28 April High operating efficiency E/F…
UK production growth Averaged 22.2 kboepd in 2016 1H 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 2016 1H production and operating 2016 1H efficiency operating costs 31.3 kboepd (gross) production c.9/bbl 90% 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 to tie in W2 and undertake final commissioning of water Plateau…
Catcher under budget and scheduled for 2017 Subsea 2015 subsea installation programme completed; 2016 programme underway Remaining templates, flowline bundles, towhead and midwater arches installed Installation of the buoy and…
Catcher under budget and scheduled for 2017 FPSO STB and FTB delivered to the Keppel yard in Singapore for integration work Topsides and Turret fabrication advanced in ProFab, Dynamac and Asia Offshore yards Sail-away of date of FPSO…
Catcher initial drilling results encouraging 5 wells drilled with excellent operational performance two injectors (CTI1 & CCI2) three producers (CCP3, CTP1 & BP3) Well results Pre-drill predictions for reservoir depth, thickness &…
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…
Southern Gas Basin Tolmount (50% op) Ravenspurn North (28.75%) 340 bscf (gross) reserves BP/Perenco long-reach upside in East Tolmount to 1 tcf gross Ravenspurn Deep well Likely wellhead tower exporting planned for late 2016 (PMO…
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…
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…
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