Building on our track record and delivering our short term targets Production guidance Dua, GSA5, Kyle, Pelikan 5 kboepd above guidance 58-63 kboepd and Naga Catcher sanction Government approval received from DECC Refinance 2015…
Production
Production higher operating efficiency North Sea Vietnam Strong performance from Chim So achieved B-Block and Wytch Farm 25 mmbbls milestone Higher production from Dua on-stream Huntington and Rochelle Production (kboepd)…
Chim So significant operational improvements Additional diesel Persons on board Dua on-stream generators installed Boilers upgraded increased Operations improvement project Operating efficiency improved from 70% in 2013 to 85%…
Balmoral improving operating efficiency & delivery capacity Power generators Reinstatement Operations recommissioned of wells improvement project 1 million man-hours without a LTI Production in 2014 1H up 48% on 2013…
Indonesia highest priced gas delivered by pipeline GSA1 DCQ 341.25 bbtud; 90% ToP 15% premium to HSFO Contractual share: NSBA 39.4% Kakap 14.5% Block B 46.1% Actual market share 1H14: NSBA 48% Domestic Gas Swap Premier equity:…
Development
Development sustained growth Catcher (50% op.) Solan (60% op.) Bream (50% op.) 96 mmboe 40 mmbbls 40 mmbbls 50 kbopd at peak 24 kbopd at peak 1bn capex 2.25bn capex 1bn capex spent to date Progressing through IRR 20% (85/bbl) Rapid…
Solan offshore installation complete Subsea tank, Good flow jacket and rates Hook up and topsides achieved at P1 commissioning installed and W1 underway completed September 2014 P11
Catcher execution phase progressing to schedule FPSO Drilling Contract awarded to BWO Contract awarded to Ensco 7yrs + options Commence mid-2015 Model tank Mooring BWO financing in place testing site survey 14 producers, 8 water Key…
Catcher look ahead Experienced project team Future opportunities 250 years project delivery experience across Reservoir upside leadership team Bonneville and Carnaby Cost certainty Exploration wells planned Leased FPSO for 2016 Lump…
Bream development plan outlined Development plan: Focus on Bream Mackerel and exploration upside Capex 1bn Key milestones 40 mmbbls Concept select Robust project economics Award FEED Investment decision year end…
Sea Lion FEED underway FEED progressing TLP key parameters Project metrics TLP FEED commenced Oil production: Phase 1 with AMEC in London 120 kbbls/d 308 mmbbls appraised Hull subcontract Liquids handling: Upside in western flank…
Exploration
Exploration drilling schedule Exploration budget up to 25% of operating All well timings are subject to revision for operational reasons cash flow September 2014 P17
Kenya Block 2B, southern Anza Basin Premier equity 55% Albertine Basin Muglad Basin Play opening test of the Tertiary 2.5 Bbbls discovered in 4 Bbbls discovered in Tertiary fields Cretaceous fields Badada prospect Robust closure…
Norway Mandal High Myrhauk well Q2 2015 Play opening test Robust closure Gross prospective resource: 10-50-135 mmboe Significant running room 500 mmboe unrisked gross prospective resource Similar play elements as at…
North Falklands Basin a proven, well calibrated petroleum system Basement structure Mature oil source kitchen area F3 reservoir distribution Blue = Deep Brown = oil Red = Shallow generating source rock Sea Lion and…
North Falklands Basin 2015 drilling: potential for up to 2.1 Bbbls Isobel Jayne Zebedee Chatham Deep East Chatham 1. SL western Sea Lion western gas cap gas cap app. appraisal If no gas, adds 60 mmbbls to 2. Extend F2 play…
UK Bagpuss/Blofeld 2 Bbbls gross STOIIP Appraisal well planned for 2015 Well defined basement high within the Inner Moray Firth Discovery in 1981 proved play but not cored or tested Heavy oil targets located on the…
Indonesia Lama 1 TCF gross prospective resource on Anoa Deep block Anoa North appraisal and new 3D planned for Anoa West 2015 Ratu Gajah East Prospect Kuskus Lead Proven by Premiers Anoa Deep in 2012 17 mmscfd…
Brazil Cear Basin Potential pre-drill farm down to manage capital exposure Two well commitment; first well likely 2017 Pecem Discovery Discovered by Petrobras in 2012 3D seismic Largest structure in basin being Gross STOIIP…
Delivering on our exploration business model Drilling in Indonesia, Kenya and 100 mmboe resource discovered on Focus on Norway in 2014 Tuna Block high impact Falklands matured for drilling in 2015 Rigs contracted for 2015 Falkland…
Finance
Increasing profitability 6 months to 6 months to Operating costs (US/bbl) 30 June 2014 30 June 2013 1H 2014 1H 2013 Working Interest production (kboepd) 64.9 58.6 UK 35.0 39.0 Indonesia 10.3 9.4 Entitlement production (kboepd) 59.8…
Strong, rising cash flows 6 months to 6 months to 30 June 2014 30 June 2013 USm USm Cash flow from operations 609 488 Capital expenditure (m) 1H 2014 FY 2014(e) Taxation (110) (117) Exploration 91 180 Development 415 1,000…
Liquidity and balance sheet position At At 30 June 2014 31 Dec 2013 Drawn debt maturity profile (including m m Letters of Credit) Cash 255 449 700 Bank debt (721) (686) 600 US millions 500 400 Bonds (997) (992) 300…
Outlook
Looking forward 1) Deliver on short term targets for cash flow growth and balance sheet strength 2) Utilise share buybacks to buy undervalued barrels 3) Selective growth using existing strengths September 2014 P31
September 2014 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
Loading...
