Agenda Introduction Tony Durrant Indonesia Roberto Lorato Vietnam Phil MacLaurin Falkland Islands Neil Hawkings Finance Richard Rose Outlook Tony Durrant February 2015 P2
2014 achievements Production guidance 63.6 kboepd, record production and above upper end of 58-63 kboepd guidance; significantly improved operating efficiency Government approval received from DECC; project execution Catcher…
Solan project status Targeting plateau rate of 20-25 kbopd by year-end Tank, jacket and topsides installed September 2014 Initial drilling phase and subsea work completed October 2014 Mechanical completion and commissioning…
Indonesia Roberto Lorato Indonesia Business Unit Manager
Indonesia strategically positioned 2014 highlights Naga on-stream Domestic gas sales commenced 100 mmboeTuna discovery GSA1 Growing Exited Block A Aceh domestic market GSA2 Domestic Gas Swap February 2015 P6
Natuna Sea Block A (NSBA) high performing cash generator Revenue 14.4 kboepd in 2014; 45% share of GSA1 above 96% contractual share of 39.4% operating Take or pay contracts efficiency PSC regime 20% of 2015 Indonesian gas hedged…
Singapore gas market outlook 2015-2019 Protected by take or pay 2020+ Increasing share of GSA1 Opportunity to meet 60% of GSA1 remaining excess Singapore BBtud 1800 reserves on NSBA demand 1600 Singapore demand 1400…
Future growth options Pelikan Bison, Iguana, Lama play Tuna 75 bcf reserves Gajah Puteri 1 tcf prospective 100 mmboe First gas April 2015 100 bcf reserves resource On-stream 2020+ First gas 2018+ First gas mid-2015 Portfolio of…
Vietnam Phil MacLaurin Vietnam Business Unit Manager
Nam Con Son Basin a full cycle success story Leveraging Chim So, Chim So regional Dua extension development Facilities Development Dua knowledge & CRD discovered sanction installed drilling on-stream 2004 2007 2008 2011 2012…
Block 12w high performing cash generator Revenue 84% Production 20 kboepd (net) 2015 ytd operating PSC regime efficiency Premium to Brent Opex 15/boe planned for 2015 Low capex No committed capex Cash flow Record…
Growth opportunities to sustain production Main field Incremental production potential Exploration prospects 15 Infill drilling for 10 improved Satellites recovery 5 Infill 0 2017 2018 2019 2020 2021 2022 2023…
Falkland Islands Neil Hawkings Falkland Islands Business Unit Director
Before TLP for Phase 1 Shuttle FSO TLP tanker Zebedee Jayne East Phase 2 Additional prospective resources being drilled in 2015 Chatham February 2015 P15
Sea Lion development reconfigured Phased development of at least 400 mmbbls Phase 1a will develop the north east of PL032 160 mmbbls using a leased FPSO Aim to take advantage of weaker supplier market during 2015 2H Option to…
Now Phase 1a FPSO Shuttle tanker Subsea drill centre Zebedee Jayne East 14 development wells 8 producers 5 water injectors 1 gas producer / injector 9 pre-drilled 160 mmbbls over 15 years Chatham February 2015 P17
Phase 1a facilities Cost reductions Shuttle tanker FPSO expected Drilling Subsea Fabrication Flowline to Potential gas well for cost reductions 8 well 5 well Nov 2014 capex in 2015 water injection production Pre-sanction…
Carry arrangements renegotiated Development carry remains 722m 48m expended to October 2014, RKH now paying 40% of costs until sanction 50% of remaining carry will apply to Phase 1a, 50 % to the next phase Standby financing…
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…
Finance Richard Rose Finance Director
Cash flows 12 months 12 months to 31 Dec to 31 Dec Capital expenditure (m) 2014 2013 2013 2014 2015 Working Interest production (kboepd) 63.6 58.2 Exploration 207 165 220 Entitlement production (kboepd) 57.7 52.4 Development 658…
Income Statement Operating costs (US/boe) 12 months to 12 months to 2013 2014 31 Dec 2014 31 Dec 2013 USm USm UK 43.3 37.2 Indonesia 10.9 10.0* Sales and other operating revenues 1,629 1,540 Pakistan 2.5 3.3 Cost of sales (1,771)…
Liquidity and balance sheet position Drawn debt maturity profile 31 Jan 2015 At At (excluding Letters of Credit) 31 Dec 2014 31 Dec 2013 m m Cash 292 449 Bank debt (1,230) (686) Bonds (955) (992) Convertibles1 (229) (224)…
Re-setting the cost base Focus of cost savings Identified expenditure reductions G&A 20% reduction in 2015 through 2017 Contractor rates cut by 10% Opex & Royalties 140m Contracts review on-going Capex 285m Operating cost…
Outlook Tony Durrant CEO
2015 targets Maintain operating efficiency levels and meet guidance of Production 55 kboepd (before Solan) Solan Reach plateau rate of 20-25 kbopd (gross) by year-end Catcher Maintain project budget and schedule; seek cash…
Well financed, low cost producer with growth opportunities Cash flow Stable production base positive at Improving portfolio mix 50/bbl Low cost base A 10/bbl oil from 2016 Low commitments price recovery generates c. 150m of…
Q&A
February 2015 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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