2003 Preliminary Results Presentation AGM Presentation 18 March - - PowerPoint PPT Presentation

2003 preliminary results presentation
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2003 Preliminary Results Presentation AGM Presentation 18 March - - PowerPoint PPT Presentation

2003 Preliminary Results Presentation AGM Presentation 18 March 2004 7 May 2004 Photo: Woodside 2003 Results highlights secure base for future growth Record results Premier Oil share price performance - since 2003 AGM


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SLIDE 1

18 March 2004

2003 Preliminary Results Presentation

AGM Presentation

7 May 2004

Photo: Woodside

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SLIDE 2

AGM Presentation Page 2

2003 Results highlights – secure base for future growth

  • Record results –

financially/operationally

  • Restructuring complete
  • 2003 exploration successes in

West Africa and Pakistan

  • Non-core assets disposals
  • Exciting 2004 exploration

programme underway – oil discovery in Guinea Bissau

  • Strong share price performance

continued since AGM

Premier Oil share price performance - since 2003 AGM 250 300 350 400 450 500 550 600 Jul-03 Aug-03 Sep-03 Oct-03 Nov-03 Dec-03 Jan-04 Feb-04 Mar-04 Apr-04 Share price (p) . Premier Oil share price (p) FTSE O&G (rebased to Premier) FTSE All Share (rebased to Premier)

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SLIDE 3

AGM Presentation Page 3

2003 Financial highlights

  • Production 53,600 boepd (2002: 53,600 boepd)

NC

  • Turnover £257.7m (2002: £263.1m)
  • 2%
  • Operating profit £121.6m (2002: £104.1m)

+17%

  • Net profit after tax £40.8m (2002: £22.6m)

+80%

  • Pre-exceptional net profit after tax £63.6m (2002: £35.7m)

+78%

  • Operating cash flow after interest, tax £135.7m (2002: £136.1m)

NC

  • Net cash £7.1m (2002: net debt £249.5m)

NA

  • Gearing Nil (2002: 80%)
  • 80%

NC = No change

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SLIDE 4

AGM Presentation Page 4

Corporate Social Responsibility (CSR)

In 2003 Premier:

  • established a new CSR strategy
  • published its first Sustainability

Performance Report

  • became a signatory to United Nation’s

Global Compact

  • strengthened partnerships with Save the

Children USA and Monash University’s Castan Centre for Human Rights

  • agreed a partnership United Nations

Environmental programme (UNEP) – World Conservation Monitoring Centre

  • was listed on the FTSE4Good Index
  • named by Business in the Community’s

Corporate Responsibility Index as one of the top 100 responsible companies in the UK

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SLIDE 5

AGM Presentation Page 5

2004 plan

Philippines Indonesia

  • Gajah Baru -2
  • Macan Tutul -1

Pakistan

  • Chung -1

NE India

  • Jaipur-1
  • 2D seismic

in Cachar Mauritania

  • ~6 expl’n wells
  • Tiof app’l wells
  • 3D seismic

Guinea Bissau

  • Sinapa-2
  • 2D seismic

in 7B & 7C Gabon

  • Dussafu -1
  • Iris -1
  • Themis -1

UKCS

  • Criollo - 1
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SLIDE 6

AGM Presentation Page 6

Summary

  • Strong cash generative base business more than sufficient to fund our

exciting exploration programme

  • Focus on giving shareholders exposure to exploration/commercial
  • pportunities which can add significant asset and market value per share
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SLIDE 7

AGM Presentation Page 7

Proxy Count – Resolution 1

Votes

  • FOR

33,907,731

  • AGAINST

35,775

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SLIDE 8

AGM Presentation Page 8

Proxy Count – Resolution 2

Votes

  • FOR

19,241,537

  • AGAINST

7,435,235

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SLIDE 9

AGM Presentation Page 9

Proxy Count – Resolution 3

Votes

  • FOR

34,033,907

  • AGAINST

86,698

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SLIDE 10

AGM Presentation Page 10

Proxy Count – Resolution 4

Votes

  • FOR

34,032,642

  • AGAINST

87,447

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SLIDE 11

AGM Presentation Page 11

Proxy Count – Resolution 5

Votes

  • FOR

34,046,811

  • AGAINST

113,699

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SLIDE 12

AGM Presentation Page 12

Proxy Count – Resolution 6

Votes

  • FOR

33,275,392

  • AGAINST

881,993

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SLIDE 13

AGM Presentation Page 13

Proxy Count – Resolution 7

Votes

  • FOR

33,948,151

  • AGAINST

161,024

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SLIDE 14

AGM Presentation Page 14

Proxy Count – Resolution 8

Votes

  • FOR

33,886,601

  • AGAINST

52,927

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SLIDE 15

AGM Presentation Page 15

Proxy Count – Resolution 9

Votes

  • FOR

34,207,587

  • AGAINST

80,955

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SLIDE 16

AGM Presentation Page 16

Proxy Count – Resolution 10a

Votes

  • FOR

32,766,514

  • AGAINST

500,247

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SLIDE 17

AGM Presentation Page 17

Proxy Count – Resolution 10b

Votes

  • FOR

33,873,115

  • AGAINST

133,874

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SLIDE 18

AGM Presentation Page 18

Proxy Count – Resolution 11

Votes

  • FOR

34,163,652

  • AGAINST

101,768

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SLIDE 19

AGM Presentation Page 19

Proxy Count – Resolution 12

Votes

  • FOR

34,243,214

  • AGAINST

48,832

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SLIDE 20

18 March 2004

2003 Preliminary Results Presentation

AGM Presentation

7 May 2004

Photo: Woodside