2013 Full Year Results February 2014 Oil Search Limited ARBN 055 079 868
2013 Full Year Results Agenda 2013 Highlights Financial Overview PNG Production PNG LNG Project Gas Growth Exploration/Appraisal Summary 2
2013 Full Year Results - Highlights 2013 production of 6.74 mmboe, 6% higher than 2012 production and slightly above 6.2 6.7 mmboe guidance NPAT of US205.7 million, up 17% year-on-year, underpinned by strong oil sales volumes, lower…
2008 Strategy Delivered Planning for the Next Five Years Key objectives of 2008 strategic plan have been delivered: Field development activities continue to mitigate PNG production natural decline. Smooth transition to gas for…
TSR Performance Total Shareholder Return of 81% for five years to 31 December 2013 100 81.1 80 60 47.8 40 % TSR 16.3 17.1 13.5 20 10.1 13.0 0 -20 -10.7 -12.2 -40 1 Year 3 Year 5 Year Median TSR ASX200 Median TSR…
Safety Performance 9 Total Recordable Injury Frequency Rate of 2.47 for 2013 8 Australian Companies (APPEA) 7 TRI / 1,000,000 Hours 6.0 6 5.2 4.9 5 International 4.7 Companies 4 (OGP) 3 2.64 2.47 1.96 1.85 2 1.75…
2013 Financial Performance USm 2012 2013 Full year revenue up 6% due to higher sales Revenue 724.6 766.3 volumes, offset by slightly lower oil prices Cash expenses/BD (200.3) (213.9) Higher cash expenses reflects increase in EBITDAX1…
Cost Management Higher field costs due to increased well work activity, higher USm 2012 2013 manpower and asset integrity costs Field Costs Lower other production costs driven by favourable foreign - Oil: PNG 98.5 122.3 exchange…
Growth in Operating Cash Flows Operating cash flows strong, supported by higher USm sales volumes, timing of cash receipts and lower 2,000 1,008 tax payments 1,800 Investment spend driven by PNG LNG 1,600 development and pursuit of…
Treasury Update Cash (USm) Total liquidity of US509.7 million at end December comprising US209.7 million cash and US300 1,289 1,265 million available under non-amortising corporate 1,047 revolving facility 488 US260 million…
Investment Outlook USm 2,000 Other PP&E 1,861 1,800 Production 1,673 Guidance Range PNG LNG 1,568 1,600 (US1,215 1,495m) Exploration & Evaluation 1,400 1,364 US25 35m 1,200 US130 170m 1,000 800 US700 850m 586 600 400…
2014 Guidance Summary Production Current operations (oil and GTE) 6.4 6.9 mmboe1 PNG LNG Project LNG 26 38 bcf Liquids 1.3 1.8 mmbbl Total PNG LNG Project 6.4 9.3 mmboe1 Total Production 13 16 mmboe Operating Costs Normalised cash opex…
Strong Production Performance in 2013 PPL260 PDL9 Juha North Hides 2013 production of 6.74 mmboe, PDL1 PRL Juha PDL 11 6% higher than in 2012 and PDL8 PRL PPL277 7 11 Angore slightly above guidance of 6.2 PDL6 PDL5 PDL7…
2013/14 Development & Near-Field Appraisal Drilling Activity PPL260 PDL9 PDL1 PRL Juha 11 PDL PDL8 PRL PPL277 7 11 Hides Angore PDL6 PDL5 PDL7 PPL233 Mananda 5,6 & 7 PPL219 PPL233 Moran: 2013 : 3 CT, 2 well SE Mananda…
2013 success story: UDT 14 Successful pilot hole to appraise structure and oil-water contact, followed by horizontal sidetrack to maximise recoveries Data acquired from well allowed update to geo- & simulation model and confidence to…
Significant potential remains within and around oil fields Added over 13 mmstb gross incremental reserves in SW NE last three years from in-field and near-field drilling 2014 wells: Agogo forelimb development AFL A Usano forelimb…
Reserves and Resources at 31 December 2013 2013 reporting modified to align with new ASX listing rules Total proven and probable (2P) oil reserves and contingent oil resources (2C) up 34% to 179 mmbbl: 51.5 mmbbl contingent oil…
Production Outlook Underlying production from oil fields Net Production (mmboe) expected to remain strong in 2014: 30 PNG LNG (T1+T2)(1,3) Routine plant shutdowns required Hides GTE(3) SE Mananda during 2014 25 Gobe Moran(2) 6.4…
Summary - 2014 Focus Items Safety performance and safe reliable production of oil and gas Development drilling programme, designed to maximise oil recovery from mature fields Continue testing and maturation of near field…
PNG LNG Project Angore Juha Hides Juha Facility Hides Gas Conditioning Plant Moran Komo Airfield Kutubu Agogo Gobe Main Onshore pipeline and Infrastructure Kumul Terminal Oil Pipeline PNG LNG Gas Pipeline LNG…
2013 Project Milestones PNG LNG Project now over 95% complete LNG plant: Completed construction of Train 1, LNG storage tanks and jetty Commencement of commissioning activities on Train 1 and common process and utilities areas in…
Hides Development Drilling Hides GTE Plant PDL 1/7 Hides Field 8 New Production Wells Hides Nogoli Camp PDL 8 Angore Field 2 New Wells Hides Gas Conditioning Plant Komo Airfield Construction of access roads and…
2014 Focus Items Finalise construction of LNG Plant Train 2 and commission remainder of LNG Plant Finish construction and commissioning of the HGCP and tie in production wells Continue drilling operations Begin production from…
PNG LNG Project Timetable Continued early works Detailed design Continue onshore Complete construction and Order long leads and place pipe lay commissioning of HGCP purchase orders Complete offshore pipe lay Complete Hides production…
PNG LNG Plant site January 2014 27
Hides Gas Conditioning Plant January 2014 28
Rig 702 on Hides Wellpad D January 2014 29
Gas Growth Strategy OSH looking to leverage LNG infrastructure and skills: Brownfield LNG expansion offers potential high return growth opportunity PNG LNG site has capacity to accommodate additional train/s Upside in 1P reserves at…
Pnyang - PRL 3 Key resource to support potential LNG expansion: Total 2C recoverable gas resources in Pnyang field of 2.5 tcf Acquisition of second phase of additional seismic in PRL 3 complete, with data processing underway Concept…
Hides 5 (Hides Deep) PDL 1 NW Hides 5 SE Hides G Hides 1 Hides 2 Hides 3 Hides 4 Hides Field PDL 9 PDL 1 PDL 8 PRL 11 PPL 277 Ieru JUHA NORTH PDL 7 Toro ANGORE Koi-Iange PDL 7 PDL 8 5km PPL 219 PPL 233 Hides 5…
Juha North PDL 9 SW NE Juha 1X Juha 4 Darai Juha North PDL 9 Ieru PDL 1 Toro JUHA HIDES PDL 7 Magobu Juha North PDL 7 Basement PDL 9 WI % Exxon Mobil affiliates Juha North segment not within PNG LNG Project 43.4…
Elk/Antelope - PRL 15 PPL 339 Oil Search to acquire 22.835% gross interest in PRL 15, Triceratops containing Elk/Antelope gas discoveries, through PPL 277 PPL238 Lae acquisition of Pac LNG 338 337 PRL 39 339 339 Upfront payment…
Gulf of Papua Discoveries Triceratops 339 339 Gas discovered at both Flinders and Hagana 338 Elk/Antelope wells in PPL 244 338 339 PRL15 Drill results proved Plio-Pleistocene turbidite PPL338 play fairway in Gulf of Papua…
Gas growth summary Key strategic focus on ensuring highly value accretive LNG expansion opportunities are crystallised Ongoing exploration and appraisal activity in Highlands/Western Province to support PNG LNG expansion PRL 15…
Mananda Development PPL 219 NW SE M 3X M 5 M6 Mananda 7 M 4X SEM 2X SEM 1X Successful Mananda 6 appraisal well drilled in 2Q13 extended Mananda 5 discovery 8km to SE Application for development licence submitted Schematic…
Mananda Development Base development focused on two-well tie back of Mananda 5 and Mananda 6 to existing facilities at South-East Mananda and Agogo Processing Facilities Mananda-1 Mananda-2/3 Expansion of development Mananda-5…
International exploration/appraisal International strategy primarily focused on oil opportunities that have material potential Long term strategy is to leverage existing strong relationships and skill base to develop international…
Oil Discovery at Taza, Kurdistan: Appraisal Underway Taza discovery report submitted to KRG in July 2013. Appraisal programme approved by MNR in December Jambur Kor Mor Based on initial exploration programme, have booked 51.5 mmbbl…
Taza PSC Oil discovery Taza PSC (OSH 60% Operator, Total 20%, KRG 20%) Light oil proven across Jeribe/Dhiban and Euphrates/Kirkuk intervals Testing of 150m interval across the Jeribe/Dhiban and Euphrates/Kirkuk sections flowed up…
Taza PSC additional potential SW NE 42
Kurdistan Operating Environment ITP active leg 40 1mmbopd Oil Field Resource estimate of 40 billion barrels oil and 60 tcf gas (USGS, and 46 500kbopd Oil & Gas Field 2010) Tawke Field Gas Field Gas/condensate Khurmala Fishkabur Oil…
Positioning for Next Phase of Growth Corporate transformation underway: First LNG sales will change production and cash flows radically New set of obligations with supply of gas to PNG LNG Several potential growth projects in PNG and…
Summary PNG LNG 95% complete, on track for first LNG deliveries in 3Q14 within revised budget: Transformational for OSHs production and cashflow profile Moving forward on LNG expansion plans: Proven Pnyang resource Drilling to…
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