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

18 March 2004

2003 Preliminary Results Presentation

AGM Presentation

7 May 2004

Photo: Woodside

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)

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

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

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

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

AGM Presentation Page 7

Proxy Count – Resolution 1

Votes

• FOR

33,907,731

• AGAINST

35,775

AGM Presentation Page 8

Proxy Count – Resolution 2

Votes

• FOR

19,241,537

• AGAINST

7,435,235

AGM Presentation Page 9

Proxy Count – Resolution 3

Votes

• FOR

34,033,907

• AGAINST

86,698

AGM Presentation Page 10

Proxy Count – Resolution 4

Votes

• FOR

34,032,642

• AGAINST

87,447

AGM Presentation Page 11

Proxy Count – Resolution 5

Votes

• FOR

34,046,811

• AGAINST

113,699

AGM Presentation Page 12

Proxy Count – Resolution 6

Votes

• FOR

33,275,392

• AGAINST

881,993

AGM Presentation Page 13

Proxy Count – Resolution 7

Votes

• FOR

33,948,151

• AGAINST

161,024

AGM Presentation Page 14

Proxy Count – Resolution 8

Votes

• FOR

33,886,601

• AGAINST

52,927

AGM Presentation Page 15

Proxy Count – Resolution 9

Votes

• FOR

34,207,587

• AGAINST

80,955

AGM Presentation Page 16

Proxy Count – Resolution 10a

Votes

• FOR

32,766,514

• AGAINST

500,247

AGM Presentation Page 17

Proxy Count – Resolution 10b

Votes

• FOR

33,873,115

• AGAINST

133,874

AGM Presentation Page 18

Proxy Count – Resolution 11

Votes

• FOR

34,163,652

• AGAINST

101,768

AGM Presentation Page 19

Proxy Count – Resolution 12

Votes

• FOR

34,243,214

• AGAINST

48,832

18 March 2004

2003 Preliminary Results Presentation

AGM Presentation

7 May 2004

Photo: Woodside