2014 achievements Production guidance 63.6 kboepd; above upper Improved operating efficiency; 58-63 kboepd end of guidance Dua, GSA5, Kyle and Naga Government approval received from DECC; project execution Catcher sanction…
Weathering a low oil price environment Protect cash flows via 44% of liquids hedged at 11% of Singapore gas hedged at hedging an average of 98.3/bbl an average of 614.4/mt 2015 capex substantially lower than 2014, reflecting planned…
Leverage to oil price recovery Stable production base 55,0oo plus Solan field (expected on-stream late Q2) Improving portfolio mix Migrating from taxed to untaxed (UK) and from gas to oil Opex costs falling from 20/bbl; additional…
Production
Production higher operating efficiency North Sea Vietnam Strong performance from Chim So achieved B-Block; flush production 25 mmbbls milestone from Kyle Dua on-stream Higher production from Huntington and Rochelle Production…
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 c.…
Balmoral improving operating efficiency & delivery capacity Power generators Reinstatement Operations recommissioned of wells improvement project 1 million man-hours without a LTI 2014 production up 24% on 2013 February 2014…
Indonesia highest priced gas delivered by pipeline GSA1 DCQ 341.25 bbtud; 90% ToP 15% premium to HSFO 2014 Contractual share: NSBA 39.4% Kakap 14.5% Block B 46.1% Actual market share 2014: NSBA 45% Domestic Gas Swap Premier…
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 1.4bn capex spent to date FEED complete IRR 20% (85/bbl)…
Solan offshore installation complete Subsea tank, Good flow Hook up jacket and rates completed; topsides achieved at P1 commissioning installed and W1 underway completed February 2014 P13
Catcher execution phase progressing to schedule FPSO Drilling Contract awarded to BWO Contract awarded to Ensco 7yrs + options Commence mid-2015 Model tank Construction BWO financing in place testing Of FPSO hull 14 producers, 8…
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 40 mmbbls Capex 1bn Key milestones Opportunity to Concept select capture lower FEED completed costs Re-engaging with supply…
Sea Lion phased, lower capex solution Phase 1a Targets north east area Subsequent phases Reduced well count Phase 1b: recover (8 Prod. & 5 Inj.) remainder of PL032 1 subsea drill centre resource c. 160 mmbbls in 15 Phase 2:…
Exploration
Exploration firm drilling schedule adapting to a low oil price environment Discretionary drilling deferred to 2016 All prospects Appraisal of the Tuna Block discoveries in Indonesia selected for drilling have a Appraisal of heavy…
Indonesia Tuna Kuda Laut/Sing Laut Structure Map Kuda Laut/Singa Laut Discovery Premier 65% Development Oil and liquid-rich gas discovery concepts under Estimated resource evaluation 83- 110-160 mmboe Plan is to appraise in…
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…
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 Sea Lion western gas cap 1. SL western gas cap appraisal app. If no gas, adds 60 mmbbls to 2. Extend F2 Phase 1…
Norway Mandal High Myrhauk well July 2015 Play opening test Robust closure High value barrels at low cost (6mm net post tax) Gross prospective resource: 10-50-135 mmboe Moderate risk: reservoir presence Significant running…
Indonesia Lama 1 TCF gross prospective resource on Anoa Deep block Anoa North prospect appraisal in 2015 & new 3D planned Anoa Deep appraisal for 2016 Ratu Gajah East Prospect Kuskus Lead Proven by Premiers Anoa Deep…
Brazil Cear Basin 3D seismic being acquired in 2015 Two well commitment; first well likely 2017 Potential pre-drill farm down to manage capital exposure Pecem Discovery Discovered by Petrobras in 2012 Under-explored…
Finance
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…
February 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
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