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…
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…
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…
Production
2014 Record production higher operating efficiency North Sea (19.4kboepd) Vietnam (16.9kboepd) Strong performance from B- Chim So surpassed Block; Kyle reinstated 30 mmbbls milestone Higher production from Rates of 40kboepd (gross)…
Indonesia strategically positioned Record 2014 highlights cash flow in 2014 Net op. CF 170m Naga on-stream Domestic gas sales commenced 100 mmboeTuna GSA1 discovery Growing domestic Exited Block A Aceh GSA2 market Outlook…
Vietnam high performing cash generator 2014 2014 highlights record cash 16.9 kboepd flow of 300m Dua on-stream Operating efficiency up at 84% Outlook Production 20 kboepd (net) ytd Premium to Brent for crude 15/boe opex, no…
UK tax free oil production 2014 2014 highlights operating 19.4 kboepd, up 30.3% cash flow of 360m Improved operating efficiency at B Block FY Huntington production, but poor uptime Strong performance from Wytch Farm Kyle…
Development
Development sustained growth Catcher (50% op.) Solan (60% op.) Vette (50% op.) 96 mmboe 40 mmbbls 40 mmbbls 50 kbopd at peak 20-25 kbopd plateau by FEED completed 2.25bn capex year-end PDO deferred to capture IRR 20% (85/bbl) 1.4bn…
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…
Catcher progressing to budget and schedule FPSO Drilling Hull Ensco contract assigned Construction commenced in January First steel On track to commence Topsides cut in Japan drilling July 2015 Fabrication contract awarded Turret…
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…
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 Cost reductions expected during 2015 in the areas of drilling, subsea and…
Phase 1a facilities 14 development wells 8 producers Shuttle tanker FPSO 5 water injectors 1 gas producer / injector 9 pre-drilled 160 mmbbls over 15 years Flowline to Potential gas well for cost reductions 8 well 5 well…
Exploration
Exploration drilling schedule All well timings are subject to revision for operational reasons March 2015 P20
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 Q3 2015 Play opening test Robust closure Gross prospective resource: 10-50-135 mmboe Significant running room Leading acreage position held on the Mandal High All drill options post Myrhauk are…
Finance
Cash flow 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 1,017…
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)…
End 2014 2P reserves and resources Falklands Indonesia Mauritania Norway Pakistan UK Vietnam Total On Production 33.7 0.4 16.3 26.5 26.0 102.8 Approved for 10.5 74.2 1.4 86.1 Development 2P Justified for 29.1 23.2 2.2 54.4…
March 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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