2016 highlights 91% 90% 1 High operating efficiency 2016 2017E 80 kboepd 2 58 kboepd 71.kboepd Step change in production 2015 2016 2016 Q4 17 kboepd 3 15 kboepd Continued portfolio upgrading E.ON acquisition case 2016 2H…
Asia providing cash flow for the business Indonesia 90% operating efficiency Strong demand (44% of GSA 1, record GSA 2 delivery) 10/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) Improved uptime Production currently restricted at Strong reservoir performance UK drives production growth: 10-13 kbopd 2016 production significantly UK…
Catcher ahead of plan Drilling Subsea Burgman BP3 producer well Tay reservoir 9 wells drilled with excellent operational Templates, flowline bundles, midwater performance arches and gas export pipeline installed Pre-drill…
Module lifts onto Catcher FPSO completed Outfitting of FPSO progressing well 13/13 modules lifted onto FPSO 2,000 people working on the vessel February 2017 P6 On track for summer 2017 FPSO sailaway
Catcher schedule Plateau rates of 50 kboepd (gross) Capex - 29% reduction in costs secured * 350 Sanctioned budget 1.6bn total project cost 300 Actual/current forecast 250 mm Potential further savings from contingency 200 150…
Tolmount next phase of growth Timetable to sanction Indicative metrics (gross) Concept select Q1 450 Bcf…
Southern Gas Basin: portfolio of opportunities Tolmount (50% op) Ravenspurn Deep (5% carried interest) Discovered Oct 2011 BP/Perenco long-reach well planned 2 appraisal wells in 2013 for late 2016 450 bcf of resource Largest UK gas…
Sea Lion Phase 1 reducing breakeven price Licence extended to 2020 Good progress on FEED in 2016 Facilities capex and opex cost estimate reductions from FEED contractors collaboration Logistics and drilling cost estimate…
Mexico potential for material value creation Sureste Basin is a prolific hydrocarbon province Zama (62 bn bbls of proven oil) Prospect Exercised option to increase to 25% in Block 7 Shallow water…
Net debt & refinancing update Long form term sheet agreed and circulate to lenders for formal credit committee approval Preservation of the full amount of existing facilities including undrawn amounts Alignment of all maturities to…
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