2011 Half Yearly Results 25 August 2011
Forward looking statements This presentation may contain forward-looking statements and information that both represents management's current expectations or beliefs concerning future events and are subject to known and unknown risks and uncertainties. A number of factors could cause actual results, performance or events to differ materially from those expressed or implied by these forward-looking statements. 25 August 2011 | Page 1
Agenda Introduction and highlights Simon Lockett Chim Sáo and Gajah Baru update Robin Allan Future developments update Neil Hawkings Exploration update Andrew Lodge Financial results Tony Durrant Summary Simon Lockett 25 August 2011 | Page 2
2011 Overall highlights • Chim Sao and Gajah Baru projects on stream imminently – Production of 60,000 boepd by year end • 12 developments proceeding through development stages – Building towards 100,000 boepd • Resource additions through exploration on track to deliver 200 mmboe of 2P reserves by 2015 • Wytch Farm, Solan and Fyne acquisitions add 43 mmboe of reserves and resources at a cost of around $5/bbl • Financial strength positions us well – Profits after tax of $88.5 million – Growing operating cash flows exceed capital commitments – Cash and undrawn bank facilities of $1.3 billion 25 August 2011 | Page 3
Chim Sáo and Gajah Baru update 25 August 2011 | Page 4
Chim Sáo – WHP WHP Jacket prior to Load Out WHP Jacket Sail Away WHP Topsides Lift Off Barge WHP Topsides onto Jacket WHP Topsides onto Jacket Ensco 107 Rig & WHP 25 August 2011 | Page 5
Chim Sáo – FPSO Sail Away of Lewak Emas Trading Tanker prior to Conversion Conversion of FPSO in Dry Dock Arrival of Lewak Emas on Location 25 August 2011 | Page 6
Chim Sáo – production imminent • FPSO is on location with mooring system, risers and connections to the WHP installed and tested • Safe handover of the FPSO processing equipment from commissioning to operations is imminent • Production crew familiarisation is ongoing • First oil in tank expected 15 September • Total costs of project within original budget of $800 million 25 August 2011 | Page 7
Chim Sáo – reserves increasing Chim Sáo Far Closure • Six production wells ready to produce Near Closure • MDS5 reservoir is significantly better than prognosed • Additional potential in shallow MDS1 reservoir Chim Near field success Sáo • N2P well intersected a 20m oil column • Additional gross resource estimate 7 to 12 mmbo West Closure Dua 3060mss • Dua subsea development is nearing project sanction 2000m 25 August 2011 | Page 8
Gajah Baru – Central Processing Platform (CPP) CPP Jacket Load Out from CPP Topsides Load Out from SM0E Yard (Batam) NSB Yard (Batam) CPP Jacket Launch from Saipem S45 Up-ending of CPP Jacket by Castoro 8 25 August 2011 | Page 9
Gajah Baru – CPP topsides float-over Bridge Installation CPP Topsides Float-over Operation Completed Gajah Baru Complex Export Pipeline Installation 25 August 2011 | Page 10
Gajah Baru – WHP, CPP Sea Aaryan Hook-up CPP from Sea Aaryan WHP from CPP Accommodation Vessel CPP from WHP CPP and WHP 25 August 2011 | Page 11
Gajah Baru – production imminent • Project ahead of schedule – Development drilling successfully completed in February 2011 – Jacket installed and piling completed in June 2011 – CPP topsides installed on jacket and bridge-linked to wellhead in July 2011 – Gas export pipeline installed and tested in July, dewatered and dried in August • Production for fuel gas ready • Gas export to start early September ahead of contract date of 1 October 25 August 2011 | Page 12
Future developments update 25 August 2011 | Page 13
Progress towards 100,000 boepd 2011 2012 2013-16 Gajah Baru Huntington Catcher Early first gas Development drilling underway Development planning underway East Fyne Central Fyne Appraisal target Chim Sáo Rochelle Fyne First oil in next few weeks Unitised development Operatorship acquired 25 August 2011 | Page 14
Future development portfolio Project Initiation Concept Selection Project Sanction Ready for Production Asia Pelikan & Cá Rồng Đo North Sea Naga Chim Sáo Block A Aceh Dua Gajah Baru Huntington Solan Catcher North Sea Rochelle Bream Caledonia Frøy Asia Fyne 25 August 2011 | Page 15
Huntington • Drilling template installed • First development well highly successful • Work continuing on the Sevan Voyageur FPSO upgrade project and sub-contracted modules • Sevan’s plan is for FPSO sail -away in April, implying June 2012 for first oil 25 August 2011 | Page 16
Rochelle • Phase 1 field development plan approved (East area) • Single field development area determined by DECC • Unitised development – Premier 15% equity • Plans for West area being integrated – West area pipeline route survey completed (May) Rochelle • Scott tariff arrangements concluded – Initial tie-in works completed during Scott shutdown (August) • Subsea long lead equipment ordered • Drilling rig contract being negotiated • First gas targeted for 4Q 2012 25 August 2011 | Page 17
Natuna Sea Block A • 2010 was a record year for Block A gas sales – From Singapore demand of 355 bbtud, Block A sold 160 bbtud vs a DCQ of 126 bbtud • 1H 2011, Singapore demand was 373 bbtud with Block A supplying 154 bbtud • Gajah Baru builds up to 130 bbtud in 2012 • In 2011 expect to approve: – Anoa phase 4 compression expansion (2013) – Pelikan and Naga field developments (2013) • Total sales capacity will increase to 400 bbtud • Gajah Puteri planned for 2015 Natuna ‘A’ 2015 25 August 2011 | Page 18
Catcher • Formal concept selection underway Catcher Development Field Illustration • Development options – FPSO – Fixed Platform – FSO – Subsea wells – Platform wells – Gas export/injection • Premier’s objective is to proceed with fast track development 25 August 2011 | Page 19
Fyne • In May, option exercised to become operator with a 39.9% equity stake – Pre-development work progressed – Joint venture partners evaluating development options – Project sanction planned for early 2012 with first oil targeted for mid-2014 • Development options – Stand-alone – FPSO – Platform – Subsea-tieback to host – Eg Anasuria East Fyne Central Fyne • Additional discoveries and exploration potential NW Fyne provide upside opportunity Height – Appraisal well planned for Q4 2011 to de-risk above Appraisal target 4583ft East Fyne area – Erne exploration well planned for Q4 2011 1000m N 25 August 2011 | Page 20
Solan • SPA and Loan Agreement executed in May • Premier will become the operator with a 60% equity stake • Further engineering studies are underway • Project now targeting 2014 for first oil Producer & Injector 12 ¼” Well Penetrations shown at Top Solan Depth Sections at reservoir level (Cased) -7300 Location of Wellhead Cluster at Sea Bed -7400 Producer at reservoir level -7500 (Active 8 ½” Section) -7600 -7700 N/G Injector at reservoir level -7800 N 1 (Active 8 ½” Section) -7900 1km -8000 0.9 Injector at reservoir level 0.8 -8100 0.7 (Inactive 8 ½” Section) -8200 0.6 -8300 0.5 -8400 Current uncertainty in Main decision points for 0.4 -8500 -8000 FWL across field well steering or completion -8600 0.3 options 0.2 -8700 0.1 -8800 0 -7500 -8900 -9000 W1 12 ¼” (May 2012) Background Map = -9100 Top Solan Depth ft TVDSS -9200 with P50 Field Outline -9300 -9400 -9500 205_26a-5 -9600 - 9 0 -9700 -7500 0 0 -9800 P1 12 ¼” (July 2012) -8500 205_26a-7 -8000 205_26a-8 P2 12 ¼” August 2012 205_26a-8z 205_26a-5z 205_26a-7z -9500 205_26a-8z W1 8 ½” (June 2012) P1 8 ½” (May 2013) 205_26a-8z -9000 205_26a-8z - 8 205_26a-8z 5 0 205_26a-4 0 205_26a-8y 205_26a-8y - P2 8 ½” ( June 2013) 8 W2 (June 2014) 0 0 205_26a-8z 0 P3 in Upside Case 205_26a-8y -8500 (July 2014) - 9 P1 W2 205_26a-8z -8500 205_26a-3 -8500 -8000 -8000 - 8 5 0 0 25 August 2011 | Page 21
Progress on other developments Block A Aceh (Indonesia) Dua (Vietnam) Caledonia (UK) Frøy (Norway) Bream (Norway) CRD (Vietnam) CRD-1X CRD-2X Anomalies associated with Gas Cau sequence 25 August 2011 | Page 22
A path to 100,000 boepd Production outlook Development capex (bbls/day) (US$ million) 120,000 1000 900 100,000 800 700 80,000 600 60,000 500 400 40,000 300 200 20,000 100 0 0 2011 2012 2013 2014 2015 2016 2011 2012 2013 2014 2015 Huntington, Rochelle (UK) Future Norway Developments Chim Sáo, Gajah Baru (Asia) Future UK Developments On Production Future Asia Developments 25 August 2011 | Page 23 End of Year Run Rate
Exploration update 25 August 2011 | Page 24
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