Progress against 2017 targets Meet FY production YTD production 80 kboepd; all BUs tracking ahead of 2017 budget guidance of 75 kboepd Scope to increase production guidance once summer maintenance completed Opex 11% below budget at…
Refinancing terms Summary of amended terms Facilities confirmed 1 4.0 bn Total facilities confirmed Cash & Maturity dates extended to 2021/2 3.4 bn Undrawn Covenant profile re-set with headroom Enhanced economics (1.5%) to lenders…
Production overview Largest 5 fields account for c. 70% of production May 2017 P5
Portfolio potential Catcher Tolmount Sea Lion 700 mmboe of discovered but Cash flows prioritised towards debt reduction and selective investment undeveloped reserves & resources Tuna Exploration May 2017 P6
Looking forward Optimise quality producing assets in UK, Vietnam, Indonesia Strategy Falklands, Mexico, Brazil offer transforming upside Continuing programme of disposals 19.7 Opex /boe 18.5 De-leveraging from free cash flow…
Producing portfolio
Chim So, Vietnam (53.125%, operator) 2017 highlights ytd 15.7 kboepd High operating efficiency Strong reservoir performance 9/boe operating cost Outlook 2 infill wells planned for August 2017 Field life extended to 2028 55…
Natuna Sea Block A, Indonesia (28.67%, operator) 2017 highlights ytd BIGP 13.1 kboepd, above budget Singapore demand above take or pay 49% of GSA vs 47% contractual share High operating efficiency Opex of c.6/boe 93 Bcf Outlook…
Huntington, Central North Sea (100%, operator) 2017 highlights ytd 15.2 kboepd, 30% above budget High operating efficiency Strong reservoir performance Outlook FPSO lease extension discussions underway Currently producing…
Solan, West of Shetlands (100%, operator) 2017 highlights ytd 7.3 kboepd Operational concept working well Central reservoir on prognosis; Eastern area of field under-performing Outlook P1 outperforming on free flow P1 workover…
Elgin-Franklin, Central North Sea (5.2%) 2016 highlights c. 120 kboepd ytd Low opex of c.8/boe Outlook Long field life; production forecast to continue until 2037 350 mmboe remaining reserves Ongoing infill drilling, well…
Portfolio potential
Portfolio potential May 2017 P15
Catcher under budget, start up 2017 2H 10 wells completed to date with excellent operational performance Improved production profiles anticipated and review of FPSO capacity underway Short subsea campaign to commence in June to…
Catcher outlook Yard-based pre-commissioning FPSO sailaway and FPSO hook up & Improved production profile and commissioning of FPSO transit to North Sea final commissioning anticipated Today 2017 First oil 2018 Drilling at…
Tolmount next phase of growth Most significant discovery in SNS since 1997 Concept selected Q1 Standalone, normally unmanned 4 platform wells 48km x 20 gas export to onshore FEED contracts awarded; engineering commenced Potential…
Tolmount future phases planned Tolmount East Subsea tie-back or small platform Tolmount Tolmount Far East area Tolmount Mongour Subsea tie-back or small platform 1 Tcf Far East to Tolmount or Tolmount East Mongour Tolmount East…
Southern Gas Basin: portfolio of opportunities Tolmount Main (50% op) Tolmount Area (50% op) Ravenspurn North Deep On path to sanction Future phases in planning (5% carried interest) Play-opening carboniferous well currently…
Sea Lion, Falkland Islands (60%, operator) Highlights FEED substantially completed Breakeven reduced to 45/bbl Capex to first oil reduced to 1.5bn Field opex reduced to 15/bbl Indicative FPSO cost of 10/bbl (LOF) Outlook Positive…
Tuna, Indonesia (65%, operator) Discovered in 2014 by the Singa Laut-1 and Kuda Laut-1 wells 90 mmboe Evaluation of potential development scenarios ongoing Gas offtake via WNTS to Singapore & Indonesia Gas offtake through…
Block 7 Zama prospect in Mexico W Zama-1 Well E Exercised option to increase to 25% in Block 7, Mexico full stack reprocessed Low risk, 100-500 mmbbl prospect in 165m seismic data in depth of water Expected spud date by end of May…
Ceara Basin, Brazil exploration Largest acreage holder in the Ceara basin 4,000 km2 of fast-track seismic data across all 3 blocks received in 2016 Final depth migrated broadband seismic data received in April 2017 Well locations to…
Appendix
Financial highlights and outlook Exploration & appraisal Capex (m) Development 2016 highlights Abandonment & payments into escrow 800 Profitable and positive operating cash flow 600 Low and stable operating costs of 15.8/boe…
Positive operating cash flow 12 months 12 months Capital expenditure (m) to 31 Dec to 31 Dec 2016 m 2015 m 2016 2017F Working Interest production (kboepd) 71.4 57.6 Exploration 102 50 Entitlement production (kboepd) 66.1 53.4…
Return to profit 2016 12 months to 12 months to 31 Dec 2016 m 31 Dec 2015 m Sales and other operating revenues 983 1,099 Cost of Sales (773) (661) Impairments (556) (1,024) Gross profit/(loss) (345) (586) Exploration/New Business…
May 2017 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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