Steady Progress in 2015 Operational Highlights Production at top end of guidance 2015 average production of 12,000 BOEPD TGT H5 wellhead platform on-stream more than one month ahead Strong project execution of original schedule…
2015 Highlights Delivering Value H5 first oil occurred on 10 August following perforation of the first H5 development well Start of production achieved over a month ahead of schedule and under budget H5 development project…
2015 Highlights Ahead of time, under budget SOCO completed the BABM-1 well in early March 2016 - first deepwater well in the companys history Authorisation for Expenditure (AFE) ca 50% of original cost estimate Execution…
2015 Financial Summary Income Statement Items US millions, unless otherwise stated FY 2015 FY 2014 Commentary 2015 production of 11,976 BOEPD (2014: 13,605 BOEPD) Sales revenue 214.8 448.2 2015 realised oil price of 54.10/bbl…
2015 Financial Summary Cash Flow Items US millions, unless otherwise stated FY 2015 FY 2014 Commentary Operating cash flow before working 138.3 344.4 capital, interest and tax Change in working capital 4.0 37.6 2014 includes…
Overview Largest UK investor in Vietnam SOCO has producing assets with Vietnam Africa strong potential in Vietnam (partnered with PetroVietnam and PTTEP) and an exploration/development portfolio in Africa Marine XI Block YE…
STOIIP and Reserve Movements TGT STOIIP Group 2P Reserves 1P 2P 3P 2014 Geomodel 498 759 1052 2015 Geomodel 376 603 943 Upgraded TGT static geomodel to more accurately TGT Layer Model model individual reservoir sand fluid…
Production & Optimisation Focus on value over growth FY 2015 production averaged 12,000 BOEPD Upgrade FPSO liquid Remedial work on high water cut wells handling capacity TGT 10,200 BOEPD Water-shut-offs and Utilise ullage as 3rd…
FFDP / RAR Process Overview Expect PM Approval in Q216 JOC subsurface review Ministry of PM Review Partners PVN defence Approved Oil & Trade and approval STOIIP estimated inline with RAR meeting RAR feeds in guidelines (more…
Africa: Focus on Value Marine XI Cabinda North MPS 12 month extension to Decree issued to extend the Complete well evaluation for complete detailed Block licence by three years decision on Block evaluation Discussions ongoing:…
2016 Outlook TGT partners working with the JOC to obtain RAR approval and submit FFDP in Q2 16 Work with JOC in order to maintain high levels of production efficiency Working with SOVICO Holdings and PetroVietnam towards…
Track Record of Realising Value Oct 1999 Aug 2001 Feb 2002 Nov 2004 Apr 2005 Feb 2008 Jul 2010 Asset Sales UK Onshore Russia Vietnam Tunisia Mongolia Yemen Thailand 18 million 50 million farm-out 25 million 93 million 465…
Relative Total Shareholder Return (TSR) Source: Bloomberg 10th March 2016 Total Shareholder Return Index UK listed producers: Tullow, Cairn, EnQuest, Seplat, Premier, Gulf Keystone (equal weighted) UK listed explorers: Ophir,…
Differentiated Business Model Low cash costs Financial flexibility SOCO OPEX & G&A /boe versus UK listed E&Ps 10kboed WI FY14 SOCO Net debt / Equity versus UK listed E&Ps 10kboed WI Excellent production uptime Best in class…
Sustainable Cash Returns 438m returned to shareholders over last three years (ca 63% of current EV*) Recommended 2p/share dividend for payment in 1H16 with potential special dividend in 2H 16 Ability to pursue returns and growth…
Corporate Strategy 1. Maintain track-record of generating shareholder value through opportunistic divestments and acquisitions, particularly in South East Asia, offering complementary cash generative strength with future exploration…
Q&A 17 March 2016 19
TGT and CNV Fiscal Terms Fiscal Terms Overview TGT (Block 16-1) CNV (Block 9-2) 8% 6% Royalty (up to 50 KBOPD) (up to 20 KBOPD) Cost Oil 35% 50% Not applicable as all volumes sold Export Duty 4% on Exported Volumes…
SOCO Reserves and Contingent Resources Group 2P+2C mmboe (3) (4) TGT CNV Vietnam Congo Group Oil & Gas 2P Reserves (1)(2) As at 1 January 2015 36.5 4.3 40.8 0.0 40.8 Production -3.7 -0.6 -4.3 -4.3 Revision -2.2 3.0 0.8 0.8 2P…
TGT Facilities Overview FPSO Storage Capacity: 620,000 BBL Nameplate Capacities: Crude oil rate 55,000 BOPD(1) Produced water rate 75,000 BWPD Total liquids 120,000 BPD Capacity Tests: Successfully completed FPSO total…
SOCO International plc 48 Dover Street London W1S 4FF United Kingdom Tel: 020 7747 2000 Fax: 020 7747 2001 Registered No: 3300821 www.socointernational.com 17 March 2016 23
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