MEAP and ENB Exploration Exploration in MEAP Genesis of - - PowerPoint PPT Presentation

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MEAP and ENB Exploration Exploration in MEAP Genesis of - - PowerPoint PPT Presentation

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MEAP and ENB Exploration Exploration in MEAP Genesis of Exploration New Business opportunities Rift and Frontal fold belt knowledge transfer Play based approach in chosen themes Focus on North and East Africa Preserving

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SLIDE 1

MEAP and ENB Exploration

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SLIDE 2

December 2011

  • Genesis of Exploration New Business opportunities

– Rift and Frontal fold belt knowledge transfer – Play based approach in chosen themes – Focus on North and East Africa

  • Preserving options in Northwest Africa
  • Pakistan

– Opportunity to exploit unconventional resources

  • 2012 plans and strategic intent

Exploration in MEAP

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SLIDE 3

December 2011

ENB projects have the following characteristics:

  • Build on core competencies (rifts and

fontal-fold belts)

  • Complement Premier’s business
  • bjectives
  • Evolve through incremental

knowledge

This has resulted in:

  • Acreage secured in Egypt and Kenya
  • Focused New Venture projects for

potential 2012 capture

Kenya Assets Egyptian Assets

Example Current Projects

Fold-belt Rift

RIFT THEME Initial Core Study Area Interior African Rifts FRONTAL FOLD-BELT THEME Core knowledge and assets in Pakistan fold belts

Genesis of Exploration New Business projects

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SLIDE 4

December 2011

  • Opportunity

– Build a core exploration position in rift basin geology- oil & liquid focus – Recent political instability creates opportunities for companies that take a long-term view

  • Evaluation methodology

– Premier has over 8 years exploration exposure to Egypt – Knowledge-base compiled into the play master approach

  • Secured participation in two areas

– North Red Sea (Hess farm-in) – South Darag (successful EGPC bid)

  • Actively pursuing new opportunities

– EGPC 2012 Bid Round

MEAP – Egypt – developing a new core area

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SLIDE 5

December 2011

  • Premier 20% - Hess operated
  • Farmed-in 2010

– Drilled commitment well 2011 – Cherry-1 “play opener” P&A with shows

  • Remaining Work commitments

– Post-well & onshore geological studies – Drill or drop option to June 2015

  • Opportunity

– Mature Nubian & Miocene plays in the near- shore – 50-200 mmbo prospective un-risked resource scale leads

  • 2012 Activity

– Integrate new aeromagnetic survey with

  • nshore geological studies to identify areas of

preserved pre-rift source

100km

MEAP – Egypt – North Red Sea

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SLIDE 6

December 2011

  • Premier 100% - Operated
  • Status

– Provisionally awarded 2009 – Awaiting ratification

  • Work commitments (initial 3 yrs)

– Reprocessing 2D and 3D seismic data – Minimum expenditure $2.5 million

  • Opportunity

– Undrilled prospects beneath shipping lane – 25 to 100 mmbo unrisked prospective resource scale leads

  • 2012 Activity

– Ratification of contract expected – Reprocess existing seismic data

Shipping exclusion area (approx) Shallow Deep

Existing 3D

MEAP – Egypt – South Darag

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SLIDE 7

December 2011

  • Objective

– Access high impact exploration plays in a deepwater frontal fold belt play – Bidding Rounds expected in 2012 in Lebanon and Cyprus

  • Joint Venture evaluation progressing

– Purchased available 2D seismic data; evaluation ongoing – Signed AMI with a third party

  • Opportunity

– Billion BOE un-risked prospective resource potential – Potential to de-risk through seismic attributes

  • 2012 Activity

– Progress evaluation to Acquire Licence Gate

Deepwater frontal fold-belt theme – Eastern Mediterranean

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SLIDE 8

December 2011

  • Awarded August 2011 (PMO 22.5% av)

– BG Operator, Cove in partnership

  • Opportunity

– Participation in plays with multi billion gross resource potential- both oil and gas

  • 2012 Planned Activity

– 2D & 3D delivery 2Q 2012 – Play, prospect and lead mapping – Drill or drop option in 2013

Blocks L10A & L10B

CENTRAL PLATFORM MOMBASA HIGH INBOARD TERTIARY RIFT

Rift Margin Plays

INVERTED JURASSIC RIFT

E W

Inverted Rift Play

New Rift Plays

MEAP – Kenya – L10A & L10B

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SLIDE 9

December 2011

  • Premier 6.23% - Tullow Operated
  • New PSC awarded

– Gazetted 30th November 2011 – Amalgamated PSC A&B into one new PSC

  • Work commitments (initial 3 yrs)

– Drill two wells (first to be drilled within 12 months of gazettal) – Submit development plans for appraisal areas within specified periods

  • Opportunity

– Exploit prospectivity of the Cretaceous plays in partnership with a play master – +200 mmboe un-risked resource scale prospects and leads

  • 2012 Activity

– Lead to prospect maturation – Drill one well - Q4 2012

Chinguetti EEA 2012 3D

MEAP – Mauritania – exploration

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SLIDE 10

December 2011

  • Held in Force Majeure since 2005
  • Premier 50% (Ophir Operator 50%)

– Four blocks – Encore 100% (one block)

  • No progress on sovereignty issue

expected in 2012

  • Opportunity

– Commanding exploration position in a frontier basin – Rift and post rift play potential in Deep Water

  • 2012 Activity

– No G&G planned pending ratification – Integrate Encore knowledge

Encore 100% Premier Mauritania assets

MEAP – SADR

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SLIDE 11

December 2011

  • Background

– Premier involved in Iraq Federal process for

  • ver six years

– Successfully pre-qualified as a non-operator in July 2011 – Screened 4th Round acreage for oil prospectivity in 2011 – Discussions on going with qualified operator

  • Opportunity

– Potential to deliver >500 MMBO prospects – Commercial value to be determined when final fiscal arrangements are published – Provides foothold in Iraq Federal process for long-term involvement in upstream sector

  • Forward Plan

– Evaluate data packages purchased – Progress to Acquire license gate – March 2012 bid deadline

Iraq 4th Round – Rift and Frontal Fold-belt Themes

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SLIDE 12

December 2011

  • Premier has added 600 bcf of net

reserves through conventional exploration

  • Exploration focussed to the Kirthar

Frontal Fold-belt and Foreland basin

– The basin is now mature for conventional exploration – Value adding near field exploration continues: – 2012: 4 wells planned targeting ~7mmboe of net risked resource

  • Can unconventional resources
  • Reset the curve?

Pakistan assets – conventional exploration

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SLIDE 13

December 2011

Tight Gas

  • New Government policy

– 40% uplift to 2009 gas prices

  • Estimated GIIP 21 Tcf in Kirthar basin

– 2012 Pilot project in Kadanwari

  • Access plan for high graded tight gas
  • pportunities is being generated

Shale Gas

  • US EIA study estimates 206 Tcf GIIP

potential in Pakistan

– Premier assessment highlights equivalent potential

  • Kadanwari JV is aligned to acquire

data for shale gas evaluations in the next well

  • Shale Gas policy expected in 2012

Pakistan – unconventional gas – the opportunity

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SLIDE 14

December 2011

  • Unconventional gas study carried out in

2011

  • Kadanwari tight gas potential identified:

– Gross GIIP - 2.3 Tcf ( proven resource)

  • Three pilot wells planned for 2012
  • Pilot wells success will kick-off ‘full field’

tight gas development in Kadanwari

– Recovery - 550 bcf (Net sales 72 bcf) – 72 bcf net 2C resource will convert to 2P reserves during 2012 to 2017

  • Tight gas potential also identified in

Qadirpur ~ 450 bcf gross

Pakistan – unconventional gas – existing assets

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SLIDE 15

December 2011 Egypt

  • Progress evaluation of South Darag when PSC ratified
  • Complete North Red Sea prospectivity evaluation
  • Progress EGPC license round option to Acquire License Gate

Kenya

  • Complete 2100 km2 3D and 1000km 2D seismic and evaluate prospectivity

Mauritania

  • Complete prospect/lead evaluation and drill one well

SADR

  • Integrate Encore acreage into regional understanding

Pakistan

  • Drill four near-field E&A wells
  • Drilling and production testing in Kadanwari for unconventional gas resources

Exploration New Business

  • Building exploration assets through focused play approach

Middle East & Africa

2012

Q1 Q2 Q3 Q4

Egypt North Red Sea Studies to confirm prospectivity South Darag Seismic reprocessing and studies

Subject to contract

Kenya L10A & B Seismic & interpretation Mauritania Exploration PSC Commitment Well Pakistan Kadanwari 3 Tight Gas Pilot & 2 Exploration Wells Badhra 1 Appraisal Well, 1 Well Deepening Qadirpur Seismic & one contingent Well ?

Studies Reprocessing Acquisition E&A Wells Tight Gas Pilot Wells

MEAP 2012 exploration activity

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SLIDE 16

December 2011

  • Deliver high impact organic growth opportunities in chosen

geological themes – Rifts and frontal fold-belts in Deep Water areas offshore Africa – Rifts and fold belts in the Middle East/Southern Europe

  • Build a new core area in Egypt

– Integrated business development and exploration approach – Exploration focus to underexplored plays in rift basins – Monitor ongoing political situation

  • Develop understanding of unconventional gas in Pakistan and

exploit this knowledge through future exploration

MEAP – exploration strategic intent

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SLIDE 17

NSBU Exploration

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SLIDE 18

December 2011

Agenda

  • NSBU Exploration Overview
  • Unlocking the Eocene
  • Leveraging the Geophysics
  • 2011 Remaining Wells
  • 2012 Tertiary Wells
  • 2012 Mesozoic Wells
  • The Future
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SLIDE 19

December 2011

NSBU exploration overview

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SLIDE 20

December 2011

2005 UK Production Led 2006 Enter Norway 2008 Exit SNS 2009 OilExco 2010/11 Portfolio growth 2012

  • UK 27th Round
  • Encore consolidation
  • Drill 8 exploration wells
  • Mature 8 prospects for

drilling 2013

Premier in the North Sea

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SLIDE 21

December 2011

  • 60 licences UK and Norway
  • 32 exploration licences
  • 16 operated exploration

licences

  • Sustained portfolio growth

– Norway APA applications – Nexen Norge acquisition – Greater Fyne Area farm-ins

Nexen Norge acquisition APA2011 Applications Farm-ins in Greater Catcher-Fyne Area

Premier North Sea 2011

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SLIDE 22

December 2011

  • 74 licences UK and

Norway

  • 2 pending Award
  • 46 exploration licences
  • 24 operated

exploration licences

  • 8 well program 2012

Premier North Sea 2012 (post Encore)

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SLIDE 23

December 2011

Drilling program 2011 - 2013

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SLIDE 24

December 2011

Catcher

The prize – Central North Sea

Premier is building its North Sea Business in the two basins that have yet to mature

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SLIDE 25

December 2011

Catcher Carnaby Varadero Burgman Catcher North Vincent Tiger Rapide Cougar Bonneville Area Rocket JU2 JU1 Paso

The surprises

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SLIDE 26

December 2011

Strategy: Acquisition in area’s we know well and Greenfield growth in areas of expertise.

  • Play Led Exploration

– Greater Catcher Area Study Eocene & Palaeocene – Eocene Injectites Study – CNS – Regional Fulmar study for 27th Round UK

  • Partnering Strategy

– Alliance with companies with regional knowledge – Building on AMI with Maersk, other joint study areas under discussion with key players – Catcher Area AMI – existing JV partners – signed

  • Data Strategy

– BU to identify data gaps by end 2011 and recommend data purchases. Budget provision made for 2012 – Access to seismic gathers for Eocene DHI plays – 3Ds over prospective 27th Round blocks

Carnaby East Fyne / Erne Bluebell

Eocene and Fulmar Fairways

Cyclone

Eocene Sand Fairway Fulmar Sand – basin margins Fulmar Sand HTHP Fulmar Equiv. (tie-back potential)

The plan – NV activity and focus in the North Sea

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SLIDE 27

December 2011

Play led exploration – Nexen acquisition

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SLIDE 28

December 2011

APA 2011 Announced: 15th March Bid deadline: 14th September Call in meeting: 1st December 2011 Licence awards: January 2012

  • North Sea (Premier Operated)

– PMO 60%, Maersk 40% – Hvitvis – Block 16/10 (part) 15/22 (part) – Issoleie – Block 15/9 (part) 15/12 (part)

  • Mid-Norway (Maersk Operated)

– Maersk (Op) 40%, PMO 30%, RWE 30% – Sabina – Block 6507/4 (part)

APA 2011 applications

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SLIDE 29

December 2011

Driving growth

Entry

Drill Appraise Evaluate

Grosbeak Gnatcatcher Blåbaer Scarfjell 29/7 – CurlewA 22/2 – Shelley P1260 Fay Moth Corrie Varadero Burgman Appraisal Burgman Regional 3D Tertiary Gathers Analysis

Framing

Eocene Great Catcher and Fyne area

Drill Decision Gate Acquire Licence Gate Appraisal Approval Gate

Semi-regional Tertiary Pinchout Strat Trap Study Semi-regional Cretaceous plays APA 2011: 3 applications submitted Noreco EOG1 Det Norske Bridge Noreco EOG1,2 Bridge Skeie Det Norske Nexen ENCORE UK Regional Subcrop map Fulmar Regional Project Erne Q4 Bowers Kildare ext Ptarmigan Sheryl Delta Mallory Oddjob Blackhorse

Identify

Leads Prospects Mature Prospects Appraisal

Project Extension Gate

Disposal

Positive outcome Poor Negative Sabine Issoleie Hvitvis Norfolk Baroosh Mandal High Gardrofa

Entry

Drill Appraise Evaluate

Grosbeak Gnatcatcher Blåbaer Scarfjell 29/7 – CurlewA 22/2 – Shelley P1260 Fay Moth Corrie Varadero Burgman Appraisal Burgman Regional 3D Tertiary Gathers Analysis

Framing

Eocene Great Catcher and Fyne area

Drill Decision Gate Acquire Licence Gate Appraisal Approval Gate

Semi-regional Tertiary Pinchout Strat Trap Study Semi-regional Cretaceous plays APA 2011: 3 applications submitted Noreco EOG1 Det Norske Bridge Noreco EOG1,2 Bridge Skeie Det Norske Nexen ENCORE UK Regional Subcrop map Fulmar Regional Project Erne Q4 Bowers Kildare ext Ptarmigan Sheryl Delta Mallory Oddjob Blackhorse

Identify

Leads Prospects Mature Prospects Appraisal

Project Extension Gate

Disposal

Positive outcome Poor Negative Sabine Issoleie Hvitvis Norfolk Baroosh Mandal High Gardrofa

<10 mmboe Prospective resource (net unrisked): 10-24 mmboe 25-50 mmboe >50 mmboe <10 mmboe Prospective resource (net unrisked): 10-24 mmboe 25-50 mmboe >50 mmboe

3 Risked Tudor Rose 25 3 Tudor Rose 25 3 Coaster 38 8 Coaster 38 8 Stingray 226 Stingray 226 Cyclone 47 23 Cyclone 47 23 Bluebell Q4 11 4 Bluebell Q4 11 4 Carnaby 14 10 Carnaby 14 10 Lacewing Q3 2012 15 2 Lacewing Q3 2012 15 2 Luno II 21 4 Luno II 21 4 Spaniards 14 3 Spaniards 14 3 Cornet 15 10 Cornet 15 10 Cougar 10 3 Cougar 10 3 Rapide 4 1 Rapide 4 1 Typhoon 14 4 Typhoon 14 4 Bonneville Deep 18 4 Bonneville Deep 18 4 Newark 7 2 Newark 7 2 Terrorfish 20 7 Terrorfish 20 7 Ronan 27 9 Ronan 27 9 Cringlettie 14 3 Cringlettie 14 3 Freki 50 12 Freki 50 12 Samedi 15 1 Samedi 15 1 76 15 Tårnfalk 76 15 Tårnfalk Vandretrost 41 9 Vandretrost 41 9 Myrhauk 41 9 Myrhauk 41 9 E Fyne (Q4) 5 4 E Fyne (Q4) 5 4

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SLIDE 30

December 2011

Unlocking the Eocene

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SLIDE 31

December 2011

Catcher Carnaby Varadero Burgman Catcher North Vincent Tiger Rapide Cougar Bonneville Area Rocket JU2 JU1 Paso

Catcher Blocks 28/9 and 28/10c overview

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SLIDE 32

December 2011

Balder Chalk Base Zechstein Horda Lista Salt

1.1 1.2 2.0 1.3 1.4 1.5 1.6 1.7 1.8 1.9 2.1 2.2 1.0

Catcher Discovery W E Catcher East Varadero Top Cromarty

W-E seismic line through Catcher and Varadero

Catcher_flyby.pptx

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SLIDE 33

December 2011 Average impedance from CI (coloured inversion) on a geobody extraction. Amplitude response due to HC filled Tay Sst

22 ft gas pay 68 ft oil pay (2 sands) 45 ft oil pay 10 ft gas pay 12 ft oil pay 64 ft oil pay

Tay depositional system in Block 28/9 area (NC)

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SLIDE 34

December 2011

Coloured Inversion Volume (AN) 1.1 1.2 1.3 1.4 1.5 1.6 1.7 1.0

Catcher Catcher N N S Cromarty level amplitude shut off at Catcher OWC

Coloured inversion line 28/9-1Y -28/9-3

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SLIDE 35

December 2011

Geobody extraction Varadero Tay reservoir

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SLIDE 36

December 2011

Play led exploration – Greater Catcher Area

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SLIDE 37

December 2011

Regional understanding and data

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SLIDE 38

December 2011

Stratigraphic summary and key horizons

Target reservoir

Seabed Top Balder Top Chalk BCU Base Zechstein

Nordland sst

T

Tay sst Top Cromarty Top Lista

T T T

Top Zechstein

Regional Coverage 2D&3D Partly Coverage 2D&3D

Top Oligocene

Source Reservoir Formation Seabed Top Balder Top Chalk BCU Base Zechstein

Nordland sst

T

Tay sst Top Cromarty Top Lista

T T T

Top Zechstein

Regional Coverage 2D&3D Partly Coverage 2D&3D

Top Oligocene

Source Reservoir Formation

Target reservoir

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SLIDE 39

December 2011

Leveraging the Geophysics – Cyclone

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SLIDE 40

December 2011

  • Lithology projected aids sand identification
  • “Cut, fill and spill” mechanism
  • Cyclone – sand lobe in slope perched basin

Amplitude anomaly projected to “lithology angle” = 40°

Sedmient bypass

Channels back filled Channels back filled Sediment “ponding” and onlap onto paleo

  • relief. Fill to spill

Mechanism. Sediment transport down dip Edge of subtle paleo relief. Bypass, cut and fill

Architecture – linking the geology and the geophysics

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SLIDE 41

December 2011 Seismic lines across limbs (all W-E)

A

Top Res Base Res Forties

Describing the trap

B C

Separate accumulation? “Apron” sands down-dip pinchout Separate accumulation with 4 way “Apron” sands up-dip pinchout Up-dip bypass zone

Balder

Up-dip bypass zone Sediment ponding Down-dip pinchout and poss OWC? Down-dip bypass zone GOC Up-dip bypass zone Evidence of separate system to south?

A B C

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SLIDE 42

December 2011

2011- 2012 Tertiary wells

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SLIDE 43

December 2011

Erne (P1875) (21/29d)

  • Premier 50% equity, block awarded in 2011
  • Provisional Gross prospective resource estimate (on block)

– 10 / 18 / 35 mmboe

  • Pre-drill Risk assessment- Low Risk

– Critical Risk Factor: Reservoir presence and effectiveness

  • Well drilled Q4 2011

Lambda Rho compared with NW Guillemot

Erne Prospect Carra Prospect: Tay Fm

Exploration – UK – Erne

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SLIDE 44

December 2011

Erne update

Top U Tay GOC OWC

Erne (P1875) (21/29d)

  • Proven at the well

– 50ft hydrocarbon column: 10ft gas 20ft oil – OWC 4754 ft TVDSS

  • Sidetracking to test separate GOC model and prove

up-dip resource

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SLIDE 45

December 2011

East Fyne (P077) (21/28a)

  • Premier 39.9% equity, block awarded in 1965
  • Provisional Gross prospective resource estimate (on block)

– 9 / 12 / 16 mmboe

  • Risk assessment- Low risk

– Critical Risk Factor: Reservoir presence & effectiveness

  • Spud December 2011

Seismic Traverse – East Fyne Target

East Fyne East Fyne Central Fyne NW Fyne Appraisal target

Height above 4583ft N

1000m

Exploration – UK – East Fyne

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SLIDE 46

December 2011

Carnaby (P1430) (28/9)

  • Premier 35% equity, block awarded in 2007
  • Provisional Gross prospective resource estimate (on block)

– 15 / 30 / 50 mmboe (Tay reservoir)

  • Risk assessment- Low risk

– Critical Risk Factor: Oil Presence and quality

  • Planned Spud Date Q1 2012

Carnaby N S

Lower Tay Upper Tay

Burgman

Cromarty Depth Structure

Carnaby Prospect

Carnaby Catcher Main Catcher E Carnaby Varadero Burgman Bonneville

Exploration – UK – Carnaby

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SLIDE 47

December 2011

Coaster (28/10a)

  • EnCore 100% equity
  • Provisional Gross prospective resource estimate

(on block)

– 45/ 60 / 90 mmboe

  • Risk assessment- High risk

– Critical Risk Factor: Seal (& Reservoir)

  • Planned Spud date Q2 2012

EnCore Well Location A B A B

EnCore Well Location

Tay Amplitude Map Tay TWT Map

Exploration – UK – Coaster

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SLIDE 48

December 2011

2012 Mesozoic wells

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SLIDE 49

December 2011

Stingray (P1212) (15/13b)

  • Premier 50% equity, block awarded in 2004
  • Provisional Gross prospective resource estimate (on block)

– 10 / 33 / 90 mmboe

  • Risk assessment- Moderate risk

– Critical Risk Factor: Trap – sealing fault to the north cannot be accurately determined

  • Planned Spud date Q2/3 2012

Stingray

Exploration – UK – Stingray

Stingray Prospect

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SLIDE 50

December 2011

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

  • Premier 50% & 57.5% equity, block

awarded in 2004

  • Provisional Gross prospective

resource estimate (on block)

– 71 mmboe

  • Risk assessment- High risk

– Critical Risk Factor: Trap & Reservoir Quality

  • Planned Spud date Q3/Q4 2012
  • Farm In negotiations ongoing with an

HPHT expert. Target final equity 20 – 25%

Top Triassic Depth Map

Exploration – UK – Lacewing

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SLIDE 51

December 2011

Luno II (PL359) (16/4)

  • Premier 30% equity, block awarded in 2006
  • Provisional Gross prospective resource estimate (on block)

– 45 / 148 / 286 mmboe

  • Risk assessment- Moderate Risk

– Critical Risk Factor: Lateral seal. Reserve Presence

  • Planned Spud date 2012

Greater Luno area Overview

Base Ullrich wedge Top Basement Top Chalk

SW NE

Base Chalk Top Balder Luno Oil Discovery 65-190mmboe in Jurassic / Triassic sediments Ragnarrock Discovery Fractured basement 16/2-5 Oil & Gas Discovery Permo / Triassic sediments 16/1-12 Oil Discovery Fractured basement 16/4-5 P&A Oil Shows Fractured basement with cemented fracture system

Exploration – Norway – Luno II

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SLIDE 52

December 2011

The Future

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SLIDE 53

December 2011

2013 drilling and beyond

Drill Evaluate

Scarfjell 29/7 – CurlewA 22/2 – Shelley P1260 Fay Regional 3D Tertiary Gathers Analysis

Framing

Eocene Great Catcher and Fyne area

Drill Decision Gate Acquire Licence Gate

Semi-regional Tertiary Pinchout Strat Trap Study Semi-regional Cretaceous plays APA 2011: 3 applications submitted Noreco EOG1 Det Norske Bridge UK Regional Subcrop map Fulmar Regional Project Bowers Kildare ext Oddjob

Identify

Leads Prospects Mature Prospects

Sabine Issoleie Hvitvis Norfolk Baroosh Mandal High

<10 mmboe Prospective resource (net unrisked): 10-24 mmboe 25-50 mmboe >50 mmboe

Cornet 15 10 Cornet 15 10 Cougar 10 3 Cougar 10 3 Rapide 4 1 Rapide 4 1 Typhoon 14 4 Typhoon 14 4 Bonneville Deep 18 4 Bonneville Deep 18 4 Newark 7 2 Newark 7 2 Terrorfish 20 7 Terrorfish 20 7 Ronan 27 9 Ronan 27 9 Cringlettie 14 3 Cringlettie 14 3 Freki 50 12 Freki 50 12 Samedi 15 1 Samedi 15 1 76 15 Tårnfalk 76 15 Tårnfalk Vandretrost 41 9 Vandretrost 41 9 Myrhauk 41 9 Myrhauk 41 9

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SLIDE 54

December 2011

The intention

  • Targeted play led exploration
  • Leverage extensive datasets and geophysical expertise
  • Building on the Catcher success
  • Explore Mesozoic plays overlooked by the Majors
  • Build a unique and valuable business in the Central

Graben, North Sea

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SLIDE 55

Wrap Up

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SLIDE 56

December 2011

  • Focus on geologies we know well
  • Target best plays in basins of choice
  • Invest ~30% of annual cash flows in

exploration

– $240 MM in 2012- inclusive of New Venture seed money & time

  • Deliver in excess of 200mmboe 2P

reserves by 2015

– >50 mmboe of risked prospective resources targeted in 2012

Exploration strategy

North Sea Asia

MEAP & Exploration New Business

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SLIDE 57

December 2011

On track to deliver 200 mmboe

200 100 50 2010 2011 150 2012 2013 2014 250

Target cumulative risked additions Actual cumulative proved and probable discovered resources Actual cumulative plus possible resources

Global exploration: Forecast resource additions (mmboe)

2009 Exploration and appraisal drilling

  • 70+ mmboe (2P +2C) added to-date
  • Additional 50 mmboe of upside; subject to appraisal
  • 45% exploration success (22% in 2008)
  • >50 mmboe net risked resource additions targeted in 2012
  • Portfolio maturing for 2013 drilling

Process

  • Strategy in place and focused to Premier’s strengths
  • Play based approach in Basin’s of choice
  • Exploration Management System implemented
  • Building an organisation for the future

New ventures

  • Added over 100mmboe of net risked resource
  • Acreage growth in the Central North Sea (UK and Norway)
  • New geography introduced under the rift theme in Egypt

and Kenya

  • Increasing focus to deep water exploration- Asia & MEAP
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SLIDE 58

December 2011

Exploration drilling Q4 2011 to Q2 2012

  • > 250 mmboe net

unrisked resource

  • 2012 full year

exploration forecast ~ $210 million pre tax 12 to 16 exploration and appraisal wells planned over next six months

Contingent Wells Firm Wells: Rig Contracted Firm Wells: Rig TBC Seismic Programme All well timings are subject to revision for operational reasons Encore well

*

2011 Q4 Q1 Q2 Q3 Q4

Vietnam Block 07/03 Silver Sillago CRD NE Appraisal Block 12W Chim Sao NW Appraisal Indonesia Buton Benteng-1 Natuna Sea Block A Anoa Deep Biawak Besar Block A Aceh Matang Norway PL359 Luno II UK P1463 Tudor Rose* P077 East Fyne Appraisal P1466 Bluebell P1430 Carnaby P1812 Coaster* P1430 Bonneville Deep P1212/P1771 Stingray P1784 Cyclone P1875 Erne P1804 Ronan, Cringletie, Glengorm P1181 Lacewing P1655 Spaniards* Pakistan Kadanwari K-28 K-30 K-32 Bhit-Badhra Badhra-6 Parh Badhra-7 Mauritania PSC A&B 3D Seismic Commitment Well Kenya Block 10A & 10B 2D & 3D Seismic

Asia 2012 North Sea Middle East - Africa - Pakistan

PRA 01 West Callisto Antareja-8 ENSCO 107 West Callisto Sedco 704 Sedco 711 WilPhoenix Weatherford 812 Weatherford 812 Sedco 704 Sedco 704 Weatherford 812

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SLIDE 59

December 2011

www.premier-oil.com December 2011