2003 AGM AGM P P RESENTATION 2003 RESENTATION 15th July 2003 - - PowerPoint PPT Presentation

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2003 AGM AGM P P RESENTATION 2003 RESENTATION 15th July 2003 - - PowerPoint PPT Presentation

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2003 AGM AGM P P RESENTATION 2003 RESENTATION 15th July 2003 2003 AGM Presentation RESTRUCTURING Premier fully independent Peer share price performance against Market and Sector - 1 year (rebased to Premier) Net asset value per

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2003 2003 AGM AGM P PRESENTATION

RESENTATION

15th July 2003

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Make a Difference

2003 AGM Presentation

2

RESTRUCTURING

  • Premier fully independent
  • Net asset value per share up

~20% based on independent valuation

  • Restructured Premier
  • perationally and financially

strong: – Reserves of 200mmboe – Production ~35,000 boepd – Gearing and debt reduced to low levels

  • Strong share price performance

since deal announced

Peer share price performance against Market and Sector

  • 1 year (rebased to Premier)

10 15 20 25 30 35 Jul-02 Aug-02 Sep-02 Oct-02 Nov-02 Dec-02 Jan-03 Feb-03 Mar-03 Apr-03 May-03 Jun-03 Jul-03 Premier FTSE O&G FTSE All Share

Announcement

  • f Restructuring
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Make a Difference

2003 AGM Presentation

3

2002 FINANCIAL HIGHLIGHTS

  • Production 53.6 mboed (2001: 40.9 mboed)

up 31%

  • Turnover £263.1m (2001: £ 213.8m)

up 23%

  • Operating profit(1) £117.2m (2001: £88.6m)

up 32%

  • Net profit after tax £25.0m (2001: £20.3m)

up 23%

  • Pre-exceptional net profit after tax £38.1m (2001: £20.1m)

up 90%

  • Operating cashflow after interest, tax £136.1m (2001: £94.6m)

up 44%

  • Net debt £249.5m (2001: £379.3m)

down 34%

  • Gearing 80% (2001: 122%)

down 42%

(1) Before exceptional items

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2003 AGM Presentation

4

4 YEAR RECORD

Unit Operating Costs

2 2.5 3 3.5 4 4.5 1999 2000 2001 2002

£/boe

Net Debt (Including JV’s)

200 250 300 350 400 450 500 1999 2000 2001 2002

£m

Reported Profit After Tax

  • 40
  • 30
  • 20
  • 10

10 20 30 1999 2000 2001 2002

£m

Working Interest Production

20 25 35 40 45 50 55 60 1999 2000 2001 2002

mboepd

30

4 years of financial and operational achievement

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2003 AGM Presentation

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CORPORATE SOCIAL RESPONSIBILITY

  • Premier Oil’s first Sustainability Performance Report

(in accordance with the GRI) published today

  • We have agreed global Corporate Partnerships

with:

  • Save the Children USA (social investment)
  • United Nations Environmental Programme

(biodiversity)

  • Premier Oil became a signatory to the United

Nation’s Global Compact in May 2003

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2003 AGM Presentation

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12 MONTH DRILLING PLAN

  • UK

– Moray Firth

  • Pakistan

– Chung-1 – Kadanwari West – Zamzama footwall appraisal

  • Mauritania

– Chinguetti appraisal – 2 exploration wells

  • Guinea Bissau

– Sinapa – Esperanca (contingent)

  • Gabon

– Dussafu – Iris Marin – Themis Marin

  • NE India

– Jaipur

Jaipur Jaipur Chung-1 Kadanwari West Zamzama footwall Chung-1 Kadanwari West Zamzama footwall Dussafu Iris Marin Themis Marin Dussafu Iris Marin Themis Marin Sinapa Sinapa Chinguetti Chinguetti Moray Firth Moray Firth

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Make a Difference

2003 AGM Presentation

7

Premier is well positioned to pursue its strategy of value creation and early realisation through oil and gas exploration and commercial deal- making

PREMIER TODAY

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2003 2003 AGM AGM P PRESENTATION

RESENTATION

15 July 2003