HALF YEAR RESULTS PRESENTATION London, 13 September 2018
STRATEGIC PRIORITIES SUSTAINABILITY AND MINMISE FRONTIER CONSOLIDATION FREE CASH FLOW EXPLORATION Evaluate opportunities that To drive NAV growth Focus on near can accelerate delivery of and returns field exploration business…
1H HIGHLIGHTS 11,400 boepd 102 million 43 million 205 million Average daily production Revenue Cash flow from Headline price of Santos production asset acquisition* 363 million 75 million 370 million Write down driven Net…
SANTOS ACQUISITION First step towards reaching goal of material free cash generation Deal rationale Oil Price 1H Production 74 16,000 Further grow and diversify production base 72 16,000 72 70 Increase cash generative base of…
ACQUIRED ASSETS Forward plan to maximise value creation Madura Offshore/Sampang, Indonesia HSE - Continue safe production operations Incremental reserves growth - Paus Biru-1 exploration well - Review/sanction Meliwis FID Longer…
PRODUCTION OPERATIONS New assets diversify production base Chim Sao and Dua Field Madura Offshore and Sampang PSCs Primarily oil production, sold at premium to Brent Historically outperformed versus expectations Gas production…
PRODUCTION OPERATIONS Existing assets performing in line with expectations Bualuang Field Kerendan field Reliable production asset Stable production under GSA 1 at 17.5 MMsfcd 7,800 bopd during 1H Opex 13 / boepd Opex 13 / bopd 3D…
BUALUANG PHASE 4 High value barrels, rapid payback Charlie platform and associated brownfield modifications IRR 40% Payback within 18 months Project Scope Progress Report A third platform (Charlie) with 12 slots Brownfield work…
EXPLORATION: NEAR FIELD THE FOCUS B8/38 Bualuang North Prospect Step-out well 5km north of Bualuang platforms Kerendan Gas Field Targeting reservoirs already producing in main field Bualuang North Prospect B8/38 Bualuang Well…
FORWARD PRODUCTION PROFILE Production Profile* 40000 Current investment programme delivers Base case Upside 25,000 boepd in 2019/2020 Delivery of risked upside could drive production over 25,000 boepd Upside opportunities include:…
HALF YEAR FINANCIAL SUMMARY Units HY 2018 HY 2017 COMMENTS NET SOURCES OF FUNDS: Revenue (including hedges) millions 102.1 88.3 Bualuang 67/bbl (HY17: 50/bbl) and Kerendan 5.43/Mscf (HY17: 5.23/Mscf) Kerendan take-or-pay millions…
2018 GUIDANCE Focus on delivering free cash flow Production: 27,500 boepd* REVENUE (BRENT ASSUMPTION: 73/BBL) Net Operating Cash Flow 41% Fund flow from production: 210 million* Operating Costs 24% Royalty 5% 2018 Hedging Programme…
FREE CASH GENERATING ASIAN PRODUCTION BASE Strong balance sheet, low cost sustainable production and limited commitments Significant cash position & liquidity Robust operating cash flow from high Closing net cash 75 million; Liquidity…
OUTLOOK Expanding production Reducing exposure to Generating free base frontier exploration cash flow Monetise Asia will become the LNG assets hub of our operations 2018 Half Year Results Presentation Slide 14
Level 4 123 Victoria Street London SW1E 6DE UNITED KINGDOM Tel: +44 (0)29 7811 2400 Fax: +44 (0)20 7811 2421 For further information contact: Geoff Callow Head of IR and Corporate Communications…
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