Investor Presentation August 2012 Over the last 6 years Over the - - PowerPoint PPT Presentation

Investor Presentation

August 2012

August 2012 | Page 1

Over the last 6 years …

Over the period, NAV/share CAGR of 14.2% excluding oil price effects

August 2012 | Page 2

Premier today...

Acquire Licence Gate Drill Decision Gate Appraisal Approval Gate Project Extension Gate

MEAP North Sea Asia

Appraise Drill Evaluate

LEADS PROSPECTS MATURE PROSPECTS

... is in the strongest position in its history

• Clear path to 100,000 boepd

from existing projects

• >1.5 billion of prospective

resources in the exploration portfolio

• Fully funded programme with

strong and rising cash flows

• Proven capability to deliver

across the portfolio

August 2012 | Page 3

Acquisition of 60% of Rockhopper’s licence interests in the Falkland Islands

• Premier to farm-in for 60% of Rockhopper’s interests in

the Falklands, including the Sea Lion development – Progresses strategy of growth through investment in high quality projects – Leverages strong operatorship and FPSO development capabilities – Ongoing exploration opportunities in the North Falklands basin – Adds approximately 200 mmbbls of net discovered 2C resources at a low upfront cost, together with net risked prospective resources of 175 mmboe – Significantly extends Premier’s production growth beyond current development projects & is an excellent fit with strongly rising cash flows

• Initial payment of $231 million plus an exploration carry
• f up to $48 million and, subject to FDP approval, a

development carry of $722 million

• Fully funded from a combination of existing cash

resources, facilities and cash flow from operations; commitment to fund dividend unchanged

Pro-forma 2P Reserves and 2C Contingent Resources Split by Region

North Sea 31% Falkland Islands 28% Pakistan & Mauritania 9% Asia 32%

Pro-forma 2P Reserves and 2C Contingent Resources (mmboe)

800 600 400 200

2P Reserves 2C Contingent Resources 2P Reserves & 2C Contingent Resources Falkland Islands Farm-in Pro-forma 2P Reserves & 2C Contingent Resources

Total ~725 mmboe

August 2012 | Page 4

Operations update

August 2012 | Page 5

North sea and Asia assets

August 2012 | Page 6

Operations highlights

• Chim Sáo and Gajah Baru onstream

– Deliverability exceeding expectations

• Realising further value from producing assets
• Continued progress on the development

portfolio: – Huntington and Rochelle progressing – Solan FDP approved by DECC – Development studies for Catcher well-advanced – Partner sanction of Pelikan, Naga & Dua

• On track to reach 75,000 boepd run rate by

year end 2012, once Huntington and Rochelle

• nstream
• Anticipate reaching 100,000 boepd when

Catcher comes onstream in 2015

August 2012 | Page 7

Natuna ‘A’ 2015

Block A – strong production performance

Anoa & GSA1

• Producing at current maximum capacity

– 170-180 BBtud

• Phase 4 expansion project underway

– Raising capacity to 200 BBtud

• Pelikan will add 70 BBtud of capacity

Gajah Baru & GSA2/3/4

• Currently producing at 60-90 BBtud
• DCQ increases from 50 to 90 BBtud at end Q1

– 200 BBtud well deliverability

• Indonesia will take an additional 40 BBtud when the

domestic swap agreement is signed Outlook

• Series of new field developments will maintain rates
• Exploration is adding additional reserves

August 2012 | Page 8

Singapore Gas Market – sales are increasing

Singapore demand for gas will increase

• Existing pipeline supplies are naturally declining
• LNG supplies must commence and increase
• But supply diversity will be maintained, and be

underpinned by 90% Take or Pay contracts

• GSA1 demand expected to remain between DCQ

and Max Rate (341-392 BBtud) Premier’s GSA1 market share is increasing

• Block A contractual market share of GSA1 is 37%

– 2012 1H Block A actual share of deliveries was 45% – Block A share of remaining reserves dedicated to GSA1 has increased to 59% – Other GSA 1 suppliers are expected to drop to 150-100 BBtud in 2015-2016

• GSA 1 market available to Block A could increase

to 200-250 BBtud in 2015-2016

August 2012 | Page 9

Chim Sáo – delivered and ramping up

• First oil achieved, safely and on budget, in October

2011

• Post- commissioning facilities issues largely

resolved – Average production for 1H 2012 was 26 kboepd

• Currently producing around 30,000 bopd of oil and

5,000 boepd of gas – Rates limited due to water injection delays – 9 production wells could reach 40,000 bopd – Vessel capacity is 50,000 bopd

• Supplementary drilling programme, which was

initiated to develop additional reservoirs, completed – Two wells being tied into Chim Sao facility and expected onstream 2H 2012 – Jack up rig moved to drill the Chim Sao North West appraisal well, which has now spudded

• MDS5/6 reserves have increased by 10 mmbo

August 2012 | Page 10

Chim Sáo – uncovering upside potential

Chim Sáo North West

• Chim Sáo North West discovered in August 2011
• Additional gross resource estimate 13 to 20 mmbo
• Near vertical appraisal well spudded July 2012
• Development will be via existing facilities

Additional Reservoirs

• Further reserves potential is being

found in reservoirs other than MDS5/6 Tie-in of Dua

• Government of Vietnam approved

ODP in December 2011

• Project sanctioned by Premier and

Santos in April 2012

• Long lead items being purchased
• First oil 2014

2000m 3060mss

Chim Sáo

West Closure Far Closure Near Closure

August 2012 | Page 11

Huntington and Rochelle – progressing to first oil

• Successful development drilling campaign
• Phase 1 sub-sea installation completed
• CATS gas transportation agreement signed and

shuttle tanker contract awarded

• Upgrade of the Voyageur FPSO proceeding
• Operator is expecting first oil in Q4 2012
• Rochelle area agreement executed May 2011
• Approval of FDP for East and West Rochelle

in 2011

• Scott platform modifications underway
• Subsea installation to commence imminently
• First gas expected in November 2012

Huntington Rochelle

August 2012 | Page 12

• Premier is Operator with 60% equity
• Development Concept:

– Subsea wells and storage tank – Processing deck on a conventional jacket – Reserves estimate ~ 40 mmbo – Initial rate of 24,000 bopd – Capex of ~$850 mm with $30 mm/year opex

• Premier will provide Chrysaor with a $50 million carry

and corporate loan for the balance of their equity – Loan recovered through Chrysaor’s cash flow

• Solan will qualify for new “Small Fields Allowance”
• DECC approval of Solan FDP received in April
• Contracts for the topside facilities, steel jacket, heavy lift

installation & subsea tank fabrication have been awarded

• Rig contract executed with Phase 1 development drilling

expected to commence in March 2013

• First oil targeted for 4Q 2014

Solan – FDP approved by DECC

August 2012 | Page 13

Catcher Area – selecting a development concept

• Further 2011 drilling resulted in:

– STOIIP estimates of ~260-290 MMSTB – Reserves estimates of 80-130 MMSTB – Production rate of 50-70,000 bopd

• EnCore acquisition has completed

– Premier in place as Operator with 50% equity

• Conceptual Engineering studies completed

– Capex estimates range from $1.6bn for a leased FPSO to $2.8bn for a central fixed platform – JV concept selection process is underway

• Development focused on eastern discoveries while the

Carnaby well will contribute as a future tie-back option

• New “Small Fields Allowance” will apply to separate

accumulations on block

• Announced ownership changes provide additional

financial certainty around the funding of the development

• Targeting sanction by year-end with first oil in 2015

FPSO and Subsea Wells CPP, Bridge-linked WHP and Subsea Wells

August 2012 | Page 14

Production and capex outlook

Production outlook (boepd)

1600

Development capex (US$ million)

400 200

2013 2012 2015

800 600

2014

1200

2016

At $100/bbl, expect post tax cash flow of ~$2 billion in 2015

1000 1400

2017

160,000 40,000 20,000

2013 2012 2015

80,000 60,000

2014

120,000

2016

100,000 140,000

2017 2018

August 2012 | Page 15

Production and capex outlook post farm-in

Production outlook (boepd) Significant increase in free cash flow post Sea Lion first oil

1600

Development capex (US$ million)

400 200 800 600 1200 1000 1400 160,000 40,000 20,000

2013 2012 2015

80,000 60,000

2014

120,000

2016

100,000 140,000

2017 2018

*Assumes standby funding is taken up by Rockhopper. Purchased FPSO case

2013 2012 2015 2014 2016 2017

Sea Lion Existing assets

* *

August 2012 | Page 16

Exploration update

August 2012 | Page 17

2011 highlights

Exploration drilling

• Notable discoveries at Burgman in the Catcher area

in the UK, & CRD & Chim Sáo North West in Vietnam

• 12 out of 21 E&A wells drilled in 2011 successful
• Additional successes to date in 2012 with Anoa Deep

in Indonesia, K-30 in Pakistan & Carnaby in the UK

• Remain on track to deliver 200 mmboe by end 2014

New ventures

• 2011 highly successful for new acreage capture in

Norway, UK and Kenya

• Recently submitted15 licences (10 as operator) in UK

27th Round

• 1H 2012 additions to the portfolio in Vietnam, the

Falkland Islands and potentially Iraq

• With lead & prospect maturation, greater visibility for

2014 & beyond

200 100 50 150

2012 2013 2014

450

Actual & forecast risked resource additions 2009-2015 (mmboe)

2009 Actual

400 350 300 250

2010 Actual 2011 Actual 2015

Actual cumulative plus possible resources Cumulative risked prospective resource additions Risked prospective resource additions Actual proved plus probable additions

• Unrisked prospective portfolio of >1.5 billion boe

(350 mmboe risked)

August 2012 | Page 18

Recent acquisitions add to overall portfolio value

Norway PL378: Grosbeak UK P1875 Erne Norway PL374S: Blabaer

Bonneville

Vietnam Block 12W: CS NW

Appraise Drill Evaluate

Acquire Licence Gate Drill Decision Gate Appraisal Approval Gate Project Extension Gate

MEAP North Sea Asia

Pre- Development

Spaniards Cougar Rapide Rocket K-32 Badhra South Badhra-7 New York Typhoon Lacewing Cyclone Tupai Anakonda B Sedang Kakak Tua B Kecil Sambar CRT Silver Sillago Singa / Kuda Laut Peudawa Rayeu Alur Kacang Matang Baroosh Badhra-6 Parh

Vietnam Block 12W: CS Cau Vietnam Block 087/03 CRD Pakistan Kadanwari K-30

Norfolk Moth E. Moth S. Cornet

LEADS PROSPECTS

Dino Luno II

MATURE PROSPECTS UNDER APPRAISAL

<10 <100 >100 >250 Net NPV10 $mm >10 >25 >50 <10 Net EMV10 $mm

(shown as circle inside NPV)

Acreage acquired in 2011 added >$3bn success case NPV (>$400mm EMV)

August 2012 | Page 19

• Premier has the regional database to pursue

amplitude supported Tertiary prospects throughout the Central North Sea

• Carnaby well drilled in May 2012 and encountered

good quality oil in excellent quality sandstones

• Cyclone well to be drilled in Q3 2012, targeting gross

prospective resource estimate of 8-30-50 mmboe

Exploration – North Sea Pushing the plays wider

Cyclone Varadero Carnaby Catcher N & E Eocene ( Lower Tay) amplitude extraction Burgman

Eocene Turbidite Sand Fairway

Carnaby Cyclone amplitude response

• n far stack data

Balder

Cyclone

August 2012 | Page 20

Lacewing (P1181, 23/21 & 23/22b)

• Gross prospective resource estimate

(on block) – 24-58-110 mmboe

• Risk assessment: high

– Critical Factor: trap effectiveness and reservoir quality

• Transfer of 37.3% and operatorship to

ConocoPhillips plus partial carry – Premier’s retained equity in the block will be 20.2%

• ConocoPhillips considerable HPHT

experience

• Well planned for Q1 2013

Top Triassic Depth Map

Exploration – North Sea Pushing the plays deeper ... Lacewing

August 2012 | Page 21

Exploration – North Sea Pushing the plays deeper ... Luno II

Luno II (PL 359)

• Premier equity 30%
• Greater Luno is a regional high

– Focus for oil migration – Regional top seal drapes the high – Jurassic/Triassic reservoirs flank the high and, where fractured, basement is also a reservoir – ~2,000 mmboe discovered to date

• Key play risks

– Reservoir presence on the margins of the high – Lateral seal

Johan Sverdrup

PL 359

BCU Time Map

C.I. 100 ms

Luno/Apollo Ragnarrock

10km

Luno II Prospect

• Luno II is on the Southwest margin of the Johan Sverdrup high
• Mesozoic sand presence interpreted from seismic and local well data
• Gross prospective resource estimate: 30-120-300 mmbo
• Risk assessment: moderate

– Critical factor: lateral seal

• Well planned for Q4 2012

August 2012 | Page 22

Exploration – Asia Vietnam Block 121 – Ca Voi prospect

Ca Voi (Whale) Prospect (Vietnam Block 121)

• Premier 40% equity (Government approval pending)
• First test of the Oligocene clastics play in the Phu Khanh

Basin – Primary target is Whale Prospect, a four-way dip closed structure below the Mid Miocene Unconformity – The Oligocene syn-rift sands are a proven hydrocarbon bearing reservoir in the region, including Premier’s Nam Con Son and Natuna Fields

• Risk assessment: high (a true

frontier wildcat)

• Gross prospective resource

assessment: 40-100-200 mmbo

• Well planned for Q1 2013
• Significant follow up potential

August 2012 | Page 23

Exploration – Asia Kuda/Singa Laut ... 2H 2013

Fluid Detection Volume – 3D Inversion 4 km Combined Depth Structure Map

Kuda/Singa Laut (Tuna Block)

• Premier 65% equity and Operator
• Faulted dip closed structure up dip from a proven source

kitchen to the east – Primary reservoir target is Miocene in the Kuda Laut segment and Oligocene in the Singa Laut segment

• Risk assessment: low (amplitude supported)
• Gross prospective resource estimate: 60-100-140 mmbo
• Well planned for 2H 2013

Kuda Segment Singa Segment Singa Laut

Kuda Laut Singa Laut

August 2012 | Page 24

Anoa Deep (Natuna Sea Block A)

• Premier 28.67% equity and Operator
• Drilled as an exploration tail to the WL-5 development well
• Encountered ~300 feet of fractured Lama Sandstones
• Lama formation tested and flowed gas

– 17 mmscf/d through a 48/64 inch choke – Estimated total gas in place of 70-100-150 bcf

• The well will be tied-in to the Anoa facility
• Significant follow-on potential

– Similar sized structures are mapped at the Top Lama to the north and east of Anoa Deep

Exploration – Asia Anoa Deep success

Top Lama Depth C.I.=100 feet WL 1 Km

Anoa Deep Discovery Anoa North

2 Km

PRIMARY TARGET NW SE

Anoa Deep (WL-5X)

PTD 10850 ft MD (9550 ft TVDss) Top Lama

August 2012 | Page 25

Further exploration potential in the Falkland Islands

• Further exploration upside through multiple

play types

• The 2010 to 2012 drilling campaigns

targeted only the basin floor fan systems

• Net risked prospective resource of

175 mmboe in leads and prospects

• New 3D seismic interpretation ongoing to

mature inventory to drillable prospects

• Under the proposed acquisition agreement,

Rockhopper will take the subsurface lead in the North Falklands basin

• 60/40 Area of Mutual Interest with

Rockhopper - pursuit of analogous Mesozoic plays in the Falklands Islands and offshore Southern Africa

August 2012 | Page 26

Exploration – MEAP Entry into offshore Kenya

L10A & L10B

• Potential to extend successful plays into
• ff shore Kenya
• 2535 km2 of 3D acquired in Q4 2011

– Processing of 3D seismic to be completed by year-end – Fast Track data set received

• 1030 km of 2D acquired in Q1 2012

– Processing to be completed in Q2 2012

• Preliminary data set highlights

prospectivity

• Potential to drill in 2013/2014

August 2012 | Page 27

Q3 Q4 Q1 Q2 Vietnam Block 12W Chim Sao NW Appraisal 20 Low Block 121 Ca Voi 100 High Block 07/03 CRD-3X appraisal NA Low Indonesia Block A Aceh Matang 40 Moderate Norway PL359 Luno II 120 Moderate UK P1655 Spaniards East 30 Moderate P1784 Cyclone 30 Moderate P1181 Lacewing 58 High P1430 Bonneville 10 Low P1430 Catcher contingent well TBC TBC Pakistan Kadanwari K-32 7 Low Bhit-Badhra Badhra-7 12 Low Bhit-Badhra Badhra South Deepening-1 38 High Bhit-Badhra Badhra-6 Deepening 58 High Mauritania Commitment well TBC TBC Asia 2012 P50 gross unrisked resource (mmboe) Risk North Sea Middle East - Africa - Pakistan 2013

ENSCO 107 Weatherford 812 Bredford Dolphin Maersk Resiliant Wilphoenix Wilphoenix

Exploration drilling 2H 2012 and 1H 2013

Contingent Wells Firm Wells: Rig Contracted Firm Wells: Rig TBC All well timings are subject to revision for operational reasons Wells to watch in 2012

At least 15 exploration & appraisal wells planned over the next 12 months, targeting ~200 mmboe of net unrisked prospective resources

August 2012 | Page 28

2012 New Venture focus

North Sea (Rift theme)

• UK and Norway Licence Rounds
• Potential adds through acquisition

MEAP (Rift & Frontal Fold Belt themes)

• East Mediterranean and Egypt
• Pakistan and Iraq
• Expanding Premier’s acreage position in

East Africa Asia (Rift & Frontal Fold Belt themes)

• Andaman Sea
• East Vietnam
• Frontier Basins of East Indonesia

August 2012 | Page 29

Appendix

August 2012 | Page 30

Record profitability

12 months to 31 Dec 2010 Operating costs ($/bbl) 2011 2010 UK $39.5 $28.7 Indonesia $11.1 $8.5 Pakistan $2.4 $2.0 Vietnam $16.6 – Group $15.9 $13.9 Highlights 12 months to 31 Dec 2011 Working Interest production (kboepd) Entitlement production (kboepd) Realised oil price ($/bbl) – pre hedge Realised gas price ($/mcf) – pre hedge Sales and other operating revenues Cost of sales Gross profit Exploration/New Business General and administration costs Operating profit Financial items Profit before taxation Taxation credit Profit after tax 42.8 38.3 79.7 6.3 $m 764 (531) 233 (87) (18) 128 (27) 101 29 130 40.4 37.7 111.9 8.5 $m 827 (415) 412 (211) (25) 176 (34) 142 29 171

• Net impact on 2011 of $23 million

post-tax

• 25% of 2012 production hedged at

average of $100/bbl

• Minimal hedging beyond 2012
• All b/fwd losses recognised as

deferred tax asset

• $1.36 billion allowances carried

forward into 2012

• No UK CT cash taxes until 2018 under

existing model using $75/bbl Hedging Taxation

August 2012 | Page 31

Rising cash flows

Cash flow from operations Taxation Operating cash flow Capital expenditure (Acquisitions)/disposals, net Finance and other charges, net Pre-licence expenditure Net cash flow 12 months to 31 Dec 2010 $m

2011 Development Exploration

Estimated capex split ($m)

433 228 661

Regional split ($m)

505 (69) 436 (514) 13 (70) (19) (154) 12 months to 31 Dec 2011 $m

2010 349 165 514

530 (44) 486 (661) (90) (50) (23) (338)

North Sea $302m Asia $301m Total $661m MEAP $58m

Outlook

• Operating cash flow increased by 11%; significant growth expected in 2012

August 2012 | Page 32

Strong liquidity position

Cash Bank debt Bonds Convertibles Net debt position Pro forma Gearing Cash and undrawn facilities at 31 Dec 2010 $m 300 (488) ( – ) (218) (406) 26% 1,202 at 31 Dec 2011 $m 309 (484) (341) (228) (744) 30% 1,116

Outlook

• Current debt funding costs average 5% (fixed) and 3% (floating)
• Additional bank and bond debt raised post year-end of $585 million raising cash

and undrawn facilities (after some debt repayment) to $1,400 million by mid-March

August 2012 | Page 33

Fully funded programme

1400

Investment Profile (US$ million)

400 200 500 700 900 2013 2012 2015 800 600 100 300 2014 1000 1100

Exploration Expenditure Development Capex

1300 1200

Note: assumes exploration expenditure of $250 mm pa from 2013

2012 Outlook

• Forecast full-year 2012 spend of ~$740

million (development) and $220 million (exploration)

• Total capex covered by cash flow for 2012 at

current spot prices

Forward Funding

• Forward profile funded by cash flow and

facilities even at $60/bbl

• Significant capacity to increase spend on

exploration and new development projects Outlook

• Rising production generates $2 billion post-tax

cash flow in 2015 at $100/bbl

August 2012 | Page 34

Group taxation position

Overseas Prior period provisions UK PRT CT Prior period revisions Current charge Deferred tax credits Tax credit for the year 12 months to 31 Dec 2010 $m 56.9 25.9 Nil (21.3) 61.4 (90.4) (29.0) Allowances brought forward Net additions in 2011 excluding RFES RFES changes Tax allowances carried forward* UK Tax Allowance Position at 31 Dec 2011 $m 1,112 204 44 1,360 12 months to 31 Dec 2011 $m 60.1 72.1 17.2 nil (2.1) 147.3 (177.0) (29.7)

* fully recognised as deferred tax asset

August 2012 | Page 35

Other developments

• Caledonia will be a tieback to Balmoral

but with gas lift from Britannia

• Sanction in 2012 with first oil in 2014
• New “Small Field Allowance” expected

Block A Aceh (Vietnam)

• Project sanction delayed

– Facilities sharing agreement with Arun not completed (Arun owner is selling the asset) – EPCI bid: decision taken to re-tender

• First gas is now scheduled for mid-2015

Caledonia (UK)

August 2012 | Page 36

Other developments

Bream (Norway) Frøy (Norway)

• Work on the stand-alone development

remains on hold

• Discussions on joint development are

underway with other operators

• Focus is Frigg Gamma Delta where a

new operator has recently taken over

• First oil for Frøy modelled for 2017
• Development plan progressing and the

FPSO has been selected

• FEED is underway on both the FPSO

and the subsea scope

• Signed SPA with Skeie to increase

equity interest in project to 40 per cent

• Project sanction is planned for Q3 2012,

with first oil in 2015

August 2012 | Page 37

End 2011 2P reserves and contingent resources

North Sea Asia MEAP Total 2P Reserves On production 36.8 74.8 32.5 144.1 Approved for development 16.6 33.7 5.1 55.5 Justified for development 71.8 24.1 0.8 96.7 Total Reserves 125.2 132.6 38.5 296.3 2C Contingent Resources Development pending 52.9 7.4 1.0 61.3 Un-clarified or

• n hold

16.1 32.9 15.7 64.6 Development not currently viable 27.6 63.9 12.8 104.4 Total Contingent Resources 96.6 104.2 29.5 230.3 Total Reserves & Contingent Resources 221.8 236.8 68.0 526.6 These figures do not include prospective resources

August 2012 | Page 38

Cyclone (P1784) (21/7b)

• Premier 70% equity, block awarded in 2010
• Gross prospective resource estimate (on block)

– 8-30-50 mmboe (Tay reservoir)

• Risk assessment: moderate

– Critical factor: oil column

• Well planned for Q3 2012

Exploration – North Sea Pushing the play wider ... Cyclone

Amplitude extraction Green - oil? Yellow - gas Cyclone amplitude response

• n far stack data

Balder 2km Cyclone

Cyclone

August 2012 | Page 39

Norfolk (P1887) (12/16b & 12/17b)

• Premier 25% equity, block awarded in 26th Round
• Gross prospective resource estimate (on licence)

– 20-146-495 mmboe

• Risk assessment: high

– Critical Factor: hydrocarbon charge and quality

• Prospect maturation ongoing

Exploration – North Sea Pushing the plays wider ... 2013

Norfolk

Norfolk Norfolk

NNW SSE E W

August 2012 | Page 40

Spaniards East (P1655)

• Premier equity 28% and Operator,

adjacent to Scott infrastructure

• Gross prospective resource estimate:

– 10-30-40 mmbo

• Risk assessment: high

– Critical factor: reservoir development

• Primary Target:

– Jurassic Galley Sands (oil) – Appraising down dip extent of crestal

• il discoveries in wells 15/21a-38z

and 15/21-2

• Well planned for Q3 2012

Top Galley Sand Depth

14/25a-5

Perth

Spaniards West Ryazanian Spaniards East Galley Spaniards Central Galley

Exploration – North Sea Spaniards East

August 2012 | Page 41

Matang (Block A Aceh)

• Premier equity 41.67%
• Gross prospective resource estimate 18-40-73 mmboe

(whole structure)

• Risk assessment: low

– Critical factor: reservoir presence – 250 BCF follow on potential in the success case

• Well planned for Q4 2012

500m

E W

Top Belumai

Matang-1

PTD 3000m MD Matang

Exploration – Asia Matang

Top N4 Belumai Carbonate C.I.=50 metres

1 Km Matang-1

August 2012 | Page 42

www.premier-oil.com August 2012