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FY 2018 Results Presentation – Premier Oil

Premier Oil · Mar 7, 2019 · 31 slides

Investor presentation from the Shale Experts oil & gas presentation and slide database. Every page is imaged and its text indexed for search across operators, plays, basins and time.

Slides

  1. FY 2018 Results Presentation – Premier Oil – slide 1
    2018 Annual Results Presentation 01 October 2018
  2. FY 2018 Results Presentation – Premier Oil – slide 2
    Highlights 2018 Highlights Group production Catcher plateau production DELIVER kboepd Kboepd (gross) 100 75 Record Group production, high uptime 75 Catcher successful execution 50 Net debt reduced, profitability restored 50…
  3. FY 2018 Results Presentation – Premier Oil – slide 3
    Finance Financial highlights Increased operating Capital discipline Return to profit cash flow maintained Net profit (m) Operating cash flow (m) Total capital expenditure (m) 200 800 800 100 600 600 0 400 400 -100 200 200…
  4. FY 2018 Results Presentation – Premier Oil – slide 4
    Finance 2018 Financials Catcher increased oil rates delivered a step up in operating cash flow and profits in the second half of 2018 FY 2018 FY 2017 Realised pricing Production (kboepd) 80.5 75.0 2018 2017 P&L (m) Oil (pre hedge)…
  5. FY 2018 Results Presentation – Premier Oil – slide 5
    Finance Disciplined spend Capital expenditure Capex m Abex P&D E&A Tolmount capex minimised through 400 partnership with Kellas Midstream 46 300 100 Development capex lower year-on-year 38 with completion of Catcher 200 234…
  6. FY 2018 Results Presentation – Premier Oil – slide 6
    Finance Net debt reduction continuing Targeting leverage ratio of 1.5x over the cycle Accounting net debt Significant debt reduction in 2018 m Further debt reduction this year 2800 driven by improved cash margins and cost control…
  7. FY 2018 Results Presentation – Premier Oil – slide 7
    Finance 2019 Finance priorities DELIVER Continued debt reduction Maintain low cost base Fund selected projects without compromising balance sheet Protect downside through hedging Refinance by 2021 at lower cost Estimated…
  8. FY 2018 Results Presentation – Premier Oil – slide 8
    Production Group production two core areas 2018 record of 80.5 kboepd Improved cash margins /boe (Operating cash flow/production) New Catcher production High operating efficiency 30% UK Higher margins 2019 guidance of 75 kboepd…
  9. FY 2018 Results Presentation – Premier Oil – slide 9
    Production UK production Premier Oil UK UKCS1 Growing production Extending Basin life kboepd mboepd 15 47 60 1.4 1.6 1.7 2013 2018 2021F 2013 2017 2021F Reduced operating costs Reduced operating costs US/boe US/boe…
  10. FY 2018 Results Presentation – Premier Oil – slide 10
    Production South East Asia production 2018 net cash flow c.230 million Stable production High operating efficiency Low cost base kboepd % US/bbl 30 100 12 20 8 50 10 4 28 28 80 96 10 6 0 0 0 2013 2018 2013 2018 2013…
  11. FY 2018 Results Presentation – Premier Oil – slide 11
    Production Chim So (53.125% operated interest) Discovered Chim So in 2006; acquired additional 25% stake for 72 million in 2009 DELIVER 15.2 kboepd (net), uptime90% Chim So field Low cost base (5/boe opex, 6/boe lease) Chim So…
  12. FY 2018 Results Presentation – Premier Oil – slide 12
    Production Natuna Sea Block A (28.67% operated interest) Dominant position in the Natuna Sea delivering gas in Singapore under long term gas sales agreements Anoa Field and DELIVER Infill Opportunities 13.2 kboepd (net);…
  13. FY 2018 Results Presentation – Premier Oil – slide 13
    Production Catcher (50% operated interest) Discovered in 2010, increased stake via EnCore acquisition in 2012 Catcher Area oil production profile (gross) kbopd DELIVER 70 Final acceptance certificate issued Sanction Current /…
  14. FY 2018 Results Presentation – Premier Oil – slide 14
    Production Huntington (100% operated interest) Acquired through Oilexco (2009), subsequently increased stake via partner defaults (2015) and E.ON acquisition (2016) DELIVER 5.8 kboepd (2018); 6 kboepd 2019 ytd Reduced lease cost…
  15. FY 2018 Results Presentation – Premier Oil – slide 15
    Production Elgin Franklin (5.2% non-operated interest) Acquired as part of the 120 million E.ON acquisition in 2016 DELIVER 6.7 kboepd (net), high operating efficiency Low operating cost (6/boe in 2018) Reserves increased…
  16. FY 2018 Results Presentation – Premier Oil – slide 16
    Development Strong portfolio with material upside Appraisal Delivering value via infrastructure led operations and growth projects NA required EXPLOIT Well Infill Near field Exploration Third party Field life intervention…
  17. FY 2018 Results Presentation – Premier Oil – slide 17
    Development Tolmount Main on track Progressing as planned Offshore installation Jul 18 Dec 18 Jul 19 Dec 19 Jul 20 Dec 20 Jul 21 (Heeremas Sleipner) Partner sanction Detailed engineering Onshore construction Modifications…
  18. FY 2018 Results Presentation – Premier Oil – slide 18
    Development Tolmount Main key milestones Acquired 50% operated interest through E.ON acquisition in 2016; sanctioned August 2018 Construction of Tolmount platform (Q4 2018) Easington terminal modifications (Q1 2019) Net Capex…
  19. FY 2018 Results Presentation – Premier Oil – slide 19
    Development Tolmount East Spud July 2019 SW 42/28d-12 NE Targeting up to 300 Bcf (gross) Testing extension to Tolmount Main Gas water contact Structural closure above gas water contact On success, tied back to Tolmount Main for…
  20. FY 2018 Results Presentation – Premier Oil – slide 20
    Development Greater Tolmount Area upside High value tie-backs with low tariff rates GTA 3D seismic survey to commence in Q2 Mongour Tolmount Far East Infill drilling targets Exploration prospects 3rd party volumes Tolmount…
  21. FY 2018 Results Presentation – Premier Oil – slide 21
    Development Sea Lion a multi-phased project Carry arrangements restructured in 2016 for Sea Lion Phase 1 Contractor LOIs being converted into fully termed contracts FEED to complete end Q1; onshore logistic projects underway Total…
  22. FY 2018 Results Presentation – Premier Oil – slide 22
    Appraisal Zama development planning underway Acquired interest via Mexicos Round 1 and subsequently exercised option to increase stake to 25% ZAMA ZAMA ZAMA McDermott & IO NORTH CENTRAL SOUTH progressing early FSO engineering…
  23. FY 2018 Results Presentation – Premier Oil – slide 23
    Appraisal Zama drilling update Programme ahead of schedule and budget Zama-2, down-dip, confirmed OWC, higher net to gross ratio Zama-2ST1 underway; results of flow tests expected early Q2 Zama-3 will test lateral reservoir…
  24. FY 2018 Results Presentation – Premier Oil – slide 24
    Exploration Disciplined approach to exploration and appraisal 450 mmboe of net prospective resource to be drilled (excluding appraisal) Tolmount East 4D seismic over Catcher spud (Jul 2019) Area (2020 1H) United Kingdom…
  25. FY 2018 Results Presentation – Premier Oil – slide 25
    Exploration Block 30, Mexico (30% non-operated interest) Secured 30% interest via Mexicos Round 3.1 in March 2019, most contested block Block-wide 3D seismic acquisition on track to A B start Q2 2019 Drilling activity targeted for…
  26. FY 2018 Results Presentation – Premier Oil – slide 26
    Exploration Andaman II (40% non-operated interest) Awarded 40% interest in the 2017 Indonesian Licence Round Proven hydrocarbon basin Oligocene sandstones gas target Clear DHIs on 2D seismic 3D seismic acquisition commenced MUSKAT…
  27. FY 2018 Results Presentation – Premier Oil – slide 27
    Exploration Brazil Secured acreage in Ceara basin via Brazils 11th Round High impact prospects in stacked targets Block 717 (Premier, 50% operator) matured for drilling Berimbau/Maraca (Block 717) Itarema/Tatajuba (Block 661)…
  28. FY 2018 Results Presentation – Premier Oil – slide 28
    Summary Outlook DELIVER Robust base business EXPLOIT Significant low cost upside within existing assets GROW Portfolio of projects underpinning future growth profile to 2030+ Indicative production profile kboepd 100 -…
  29. FY 2018 Results Presentation – Premier Oil – slide 29
    Finance Balanced capital allocation (2019 to 2025) Reinvestment will be measured against cash returns to shareholders 100% 30% 10% 10% 40% 10% Net Operating Debt reduction Producing assets Abandonment New projects…
  30. FY 2018 Results Presentation – Premier Oil – slide 30
    Summary Q&A DELIVER EXPLOIT GROW March 2019 P29
  31. FY 2018 Results Presentation – Premier Oil – slide 31
    March 2019 www.premier-oil.com Premier Oil Plc 23 Lower Belgrave Street London SW1W 0NR T: +44 (0)20 7730 1111 E: premierpremier-oil.com

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