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…
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…
Operations update
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…
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:…
Solan on-stream First oil achieved 12 April Two tanker offloads completed Both producer wells & water injector wells online Plateau rates of 20-25 kboepd Generating significant cash flows for the group opex…
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…
Lifting of first Catcher topsides modules onto FPSO Topside modules in Dyna-Mac yard September 2016 P10
Catcher schedule Plateau rates of 50 kboepd (gross) Capex - 20% reduction in costs secured * 350 Sanctioned budget 1.8bn total project cost 300 Actual/current forecast 250 mm Potential savings from reduced well count, 200 150…
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…
Tolmount illustrative development solution Timetable to sanction Indicative metrics (gross) Concept select by year-end 450 Bcf…
Southern Gas Basin: portfolio of opportunities Ravenspurn Deep (5% carried interest) BP/Perenco long-reach well planned for late 2016 Artemis (100% op) Babbage (47% op) 150 Bcf discovery Minerva Infill opportunities 3 wells…
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…
Mexico potential for material value creation Sureste Basin is a prolific hydrocarbon province (62 bn bbls of proven oil) Awarded 2 high quality blocks in 2015 licensing round Current carried 10% interests; option to increase to…
Finance
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…
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…
Appendix
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) -…
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…
September 2016 www.premier-oil.com Premier Oil Plc 23 Lower Belgrave Street London SW1W 0NR Tel: +44 (0)20 7730 1111 Fax: +44 (0)20 7730 4696 Email: premierpremier-oil.com
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