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

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 share up Announcement ~20% based on independent of Restructuring 35 valuation 30 • Restructured Premier operationally and financially 25 strong: – Reserves of 200mmboe 20 – Production ~35,000 boepd – Gearing and debt reduced to 15 low levels 10 Jul-02 Aug-02 Sep-02 Oct-02 Dec-02 Jan-03 Feb-03 Apr-03 Jun-03 Jul-03 Mar-03 Nov-02 May-03 • Strong share price performance since deal announced Premier FTSE O&G FTSE All Share Make a Difference 2

2003 AGM Presentation 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 Make a Difference 3

2003 AGM Presentation 4 YEAR RECORD Working Interest Production Reported Profit After Tax 60 30 55 20 50 10 45 mboepd 0 £m 40 -10 35 -20 30 -30 25 20 -40 1999 2000 2001 2002 1999 2000 2001 2002 Unit Operating Costs Net Debt (Including JV’s) 4.5 500 450 4 400 3.5 £/boe £m 350 3 300 2.5 250 2 200 1999 2000 2001 2002 1999 2000 2001 2002 4 years of financial and operational achievement Make a Difference 4

2003 AGM Presentation 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 Make a Difference 5

2003 AGM Presentation 12 MONTH DRILLING PLAN • UK – Moray Firth • Pakistan – Chung-1 Moray Firth Moray Firth – Kadanwari West – Zamzama footwall appraisal • Mauritania – Chinguetti appraisal Jaipur Jaipur Chinguetti Chinguetti – 2 exploration wells • Guinea Bissau Sinapa Sinapa – Sinapa Dussafu Dussafu – Esperanca (contingent) Iris Marin Iris Marin • Gabon Themis Marin Themis Marin – Dussafu – Iris Marin Chung-1 Chung-1 – Themis Marin Kadanwari West Kadanwari West Zamzama footwall Zamzama footwall • NE India – Jaipur Make a Difference 6

2003 AGM Presentation PREMIER TODAY Premier is well positioned to pursue its strategy of value creation and early realisation through oil and gas exploration and commercial deal- making Make a Difference 7

2003 AGM AGM P P RESENTATION 2003 RESENTATION 15 July 2003