Highlights ...our strategy is to invest in high-quality developments whilst maintaining balance sheet strength... Strong and rising cash flows (2013: Strong production, currently ahead of 833m) budget Cash and undrawn facilities Dua,…
Business Units Review
North Sea Production Q1 2014: 20.4 kboepd Strong production from Wytch Farm and the Balmoral Area Development Solan, Catcher and Bream Kyle forecast on-stream Q3 2014 55m insurance claim settled Exploration Increased position on…
Pakistan Production Kadanwari Q1 2014: 13.6 kboepd Gas demand and cash flows remain strong Improving recovery K-36 discovery tied-in to facilities on 16 April Well intervention work at Zamzama Exploration Success at K-32 and…
Vietnam West Telesto on Dua Production and development 2 year payback Q1 2014: 17.1 kboepd Successful initiatives to increase production efficiency 6/bbl premium to Brent oil price Dua on-stream mid-2014 Subsea development tied…
Indonesia Production Q1 2014: 14.2 kboepd Singapore demand remains above minimum contract volumes Anoa captured 51% of GSA1 vs contractual share of 39.4% through April Peak production rate achieved from Anoa and Gajah Baru of 390…
Projects
North Sea Solan Development drilling Reservoir reached on prognosis Pressure data indicates good reservoir connectivity 2nd phase of drilling commenced Jacket in Methil, Scotland Platform and subsea Tank, topsides and jacket over…
North Sea Catcher Key metrics Gross capex 2.25 bn (1.6 bn to first oil) 2P reserves of 96 mmboe Upside of 140 mmboe Key milestones All key service contracts FPSO, subsea infrastructure, drilling awarded UK Government approval…
North Sea Catcher Laverda Catcher North (CTP2) Varadero Catcher Burgman Carnaby Bonneville NB Bonneville extends further south, map limited by HD data extent July 2014 // Page 11
North Sea Bream Area Development concept Bream 2C resource estimate: 70 mmboe Mackerel Mackerel 17km tie-back to Herring Bream FPSO Herring prospect upside potential Key milestone Year-end partner sanction decision July 2014…
Falkland Islands Sea Lion Concept selection highlights Tension leg platform with permanent drilling rig selected Minimal subsea infrastructure Better economics than a new build FPSO scheme Phased development Phase 1 recovers 293…
TLP build Phase 1 Development Costs Living Quarters Surface facilities 3.5 bn TLP 2.4 bn Subsea and risers 0.45 bn Utility Module Project management & other 0.65 bn Drilling capex 1.7 bn Total Phase 1 capex 5.2 bn Topsides…
Operations and logistics Exploration drilling support model Drilling base in Stanley from which supply boats and helicopters support the rig Regular freighter supplies from the UK to the drilling base Fortnightly charter flight from…
Exploration
Exploration Discoveries at Kuda Laut & Singa Laut 100 mmboe discovered Gas discovery at K-36 in Pakistan Gas shows at Ratu Gajah; Anoa Deep appraisal scheduled for Q12015 Rig secured for 2015 Falkland Islands exploration programme…
Indonesia Lama play Proven by Premiers Anoa Deep in 2012 17 mmscfd Identified look-a-like opportunities from shows in existing wells 4 prospects and leads Gross prospective resource on block 1.5 TCF Ratu Gajah Q1 2014 Gas shows;…
Kenya Southern Anza Basin Over 9 bnbbls discovered in the Muglad, Albertine and Lokichar Basins Look-a-like plays identified in the Anza Basin Farmed into Block 2B to drill the Badada prospect 55% equity Targeting Tertiary…
Norway Mandal High Built on acreage position around Mandal High 20% equity in PL663 2013 70% and 50% in PL725 and PL726 2014 Drill or drop options 500 mmboe of gross unrisked prospective resources Myrhauk Rig contracted; spud Q1…
North Falklands Basin: A proven but under-explored oil province Cretaceous rift system World class source rock with proven prolific oil generation Multiple fan-sand reservoir bodies imaged by high quality datasets Rig secured for 2015…
Falklands Isobel/Elaine another Sea Lion Equity increased to 36%, partner equity Single stratigraphic layer within Elaine/Isobel area interests now aligned and fully funded Gross consolidated resource (all fan bodies): 30-120-375…
Brazil exploration new country entry Under-explored, emerging plays in proven deep water basins offshore NE Brazil Plays targeted are above and within Cretaceous rifts Access to 1 bn bbls unrisked gross resources Awarded 3 blocks…
Exploration business model Focus on high Drilling in Indonesia, Kenya and Norway in 2014 impact Maturing prospects across Brazil, Kenya, Iraq, Vietnam opportunities in and Norway for drilling in 2015/2016 emerging plays Falklands…
Outlook
Forward Financial Profile The business is managed using 85/bbl base case Asset cash flows supplemented by disposal programme Discretion around exploration spend / unsanctioned projects Self-imposed covenant headroom / maximum gearing…
Outlook Maintaining financial strength, flexibility Cash Flows (Current Oil Prices) and growing cash flows Dua, Pelikan, Naga and Solan on-stream Catcher in execution phase; Bream sanction decision Sea Lion partner prior to…
Appendix
Falklands: 2015 exploration wells target deeper sequence F3 - Easterly derived F3 - No amplitude F3 - Drilled just off fan F3 - Drilled in the narrow feeder B15 Drilled in main F3 - fan F3 - Drilled in fan F3 - Isolated fan - sand - S2…
Falklands Zebedee high impact near field 3D visualisation of Casper South and Zebedee sands Zebedee prospect Onlaps the Sea Lion field Fan input Onlapped by the Casper South discovery Extends the proven Sealion (F2 sequence) play,…
Falklands Jayne East high value near field Amplitude extraction F2 lower fan Equity increased to 36%, partner equity interests now aligned and fully funded Well to test five potential reservoirs levels across Jayne East the F2 and F3…
Income Statement 12 months to 12 months to Highlights 31 Dec 2013 31 Dec 2012 Operating costs (US/bbl) 57.7 2013 2012 Working Interest production (kboepd) 58.2 UK 43.3 41.9 Entitlement production (kboepd) 52.4 51.6 Indonesia 10.9…
Cash Flow Statement 12 months to 12 months to Highlights 31 Dec 2013 31 Dec 2012 m m Capital expenditure (m) Cash flow from operations 1,061 1,041 2013 2012 Taxation (228) (233) Exploration 207 187 Development 658 569 Operating…
Liquidity and balance sheet position At 31 Dec 2013 At 31 Dec 2012 Repayment of drawn facilities USm USm and committed LCs Cash 449 187 Bank debt (686) (500) Bonds and loan notes (992) (578) Convertibles (224) 1 (220) Net…
End 2013 2P reserves and contingent resources Falkland Pakistan & Indonesia Norway UK Vietnam Total Islands Mauritania 2P Reserves - 34.5 - 19.6 37.4 24.3 115.9 On production Approved for - 22.7 - 2.6 30.0 9.1 64.5 development…
Production Delivery capacity is the lower of field well capacity, facilities capacity or the expected market demand for output Operating efficiency is the actual production rate divided by the delivery capacity July 2014 //…
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