15 September 2005 2005 Interim Results Presentation
Presentation Strategy and Operations Simon Lockett Exploration Review Robin Allan Financial Results Tony Durrant Page 2 | 2005 Interim Results Presentation
Half year highlights • Production ahead of expectation at 34,800 boepd • Developments on track in Mauritania and Indonesia • Record gas export from Pakistan and continuing to grow • Strong profitability & cashflow • 6 E&A wells to come in 2005 • At least 5 high impact wells to be drilled in 2006 • Continued excellent HSES record • Reviewed strategy Page 3 | 2005 Interim Results Presentation
Premier’s business strategy • Delivering significant growth potential from our existing high quality reservoirs • High impact exploration – Technical themes • Acquisitions focussed in the places we know well • A re-organised business to achieve 50,000 boepd Page 4 | 2005 Interim Results Presentation
South Asia – enhancing the Pakistan gas business Pakistan Base Production (boepd) 16000 Zarghun 14000 Zamzama Bhit & Badhra 12000 Kadanwari 10000 Qadirpur 8000 6000 4000 2000 0 2005 2006 2007 2008 2009 • Significant gas market demand is generating opportunities to expand existing production • Zamzama phase 2 nearing sanction • Bhit/Badhra gas sales at an advanced stage • Potential Kadanwari infill wells and extra gas sales from Qadirpur • Close to signing Ratna PSC – development potential • 2 high impact exploration wells – Anne & Cachar, plus selective E&A close to existing production • New venture activity focussed on Pakistan production and development opportunities Page 5 | 2005 Interim Results Presentation
SE Asia – leveraging our knowledge in Natuna Sea Indonesia Base Production (boepd) 14000 Kakap Anoa 12000 10000 8000 6000 4000 2000 0 2005 2006 2007 2008 2009 • Existing gas offtakes much higher than Daily Contract Quantities • Production and reserves upside from further gas sales to Singapore (Gajah Baru) • Infill oil potential in Anoa & Kakap • Additional medium term development potential in Dua, Tupai & Gajah Abu Abu • High impact exploration from Blackbird, plus 6 other E&A wells • Searching-out new ventures - centred on Indonesia & Vietnam Page 6 | 2005 Interim Results Presentation
North Sea – returning to growth UK Base Production (boepd) 12000 Fife Area Scott / Telford 10000 Kyle Wytch Farm 8000 6000 4000 2000 0 2005 2006 2007 2008 2009 • Focus on upside reserves and production opportunities in UK producing fields • Building and enhancing the exploration portfolio: • Pre-qualified for 2005 Norwegian bid rounds and signed-up bidding consortia • 21 st Round licence Palomino farmed out – due to spud in December • 22 nd Round prospects being prepared for drilling in 2006/7 • New ventures targeting high impact exploration in Norway and existing producing UK assets Page 7 | 2005 Interim Results Presentation
Africa - building a new core business Mauritania Base Production (boepd) 6000 Chinguetti 5000 4000 3000 2000 1000 0 2006 2007 2008 2009 • Chinguetti 85% complete, on stream early 2006 • Appraisal and development studies on Tiof, Tevet & Al Amir • 2 high impact exploration wells in Guinea Bissau plus 4-6 other E&A wells • New ventures focus is on exploration of salt related plays Page 8 | 2005 Interim Results Presentation
Delivering growth from existing projects • Incremental Projects – Gas production in Pakistan – Zamzama Phase 2 – Accelerated production from Kadanwari & Qadirpur – Bhit acceleration and Badhra development – Wytch Farm incremental development, infill drilling & enhanced recovery – Increased Kyle Palaeocene production – Anoa & Kakap infill / workover opportunities • Development potential – Further fields in Block A (Indonesia) – Gajah Baru & others – Second gas sale to Singapore – Further fields in Mauritania – Tiof/Tevet – Discovered fields in undeveloped acreage – Al Amir - Egypt – Dua - Vietnam – Ratna - India Page 9 | 2005 Interim Results Presentation
Building the business Growth Plan Unrisked potential Risked incremental projects (boepd) plus developments Base business 60000 55000 50000 45000 40000 35000 30000 25000 20000 2005 2006 2007 2008 2009 Page 10 | 2005 Interim Results Presentation
Exploration Strategy • > 4 high impact wells p.a. • Technical themes in places we know well • Focus on core areas • $50m p.a. exploration expenditure Page 11 | 2005 Interim Results Presentation
Exploration review • Wells drilled to date • 2 successful, 1 sub-commercial discovery & 4 dry – Tiof 6 – successful appraisal; excellent flow-rate – Al Amir – discovery well in new reservoir for region – Lakkhi – sub-commercial discovery – Sotto & Espadon – failed to find reservoir – Maliri & Iboga – found reservoir but no hydrocarbons Page 12 | 2005 Interim Results Presentation
12 month drilling plan 2005 2006 AFRICA JUL AUG SEP OCT NOV DEC JAN FEB MAR APR MAY JUN Guinea Bissau : Eirozes-1 : Espinafre-1 Mauritania : Tevet Appraisal : Sotto, Espadon : Labeidna, +1 Exp Well Gabon : Iris-1 : Themis-1 Egypt : Al Amir-1, Al Fagr-1 : Al Amir-2 appraisal 2005 2006 ASIA JUL AUG SEP OCT NOV DEC JAN FEB MAR APR MAY JUN Pakistan : Maliri-1 : Indus Offshore India : : Jaipur / Cachar Philippines : Exp Well Indonesia : Macan Tutul-1 : Lembu Peteng-1 : Lukah-1 (Kakap) : Tupai, 1 Exp Well Vietnam : 12E & 12W Exp. Well : 12E Dua App. Well : 7,8/97 Exp. Well 2005 2006 UK JUL AUG SEP OCT NOV DEC JAN FEB MAR APR MAY JUN UK : Palomino Well Firm wells Planned wells Page 13 | 2005 Interim Results Presentation
Exploration review Wells in the next 9 months Mauritania Tevet, Labeidna & one additional well Guinea-Bissau Eirozes, Espinafre Egypt Al Fagr, Al Amir appraisal UK Palomino Indonesia Macan Tutul, Lembu Petang, Lukah Vietnam Blackbird, Dua Page 14 | 2005 Interim Results Presentation
Africa Page 15 | 2005 Interim Results Presentation
Mauritania Page 16 | 2005 Interim Results Presentation
Africa – Mauritania exploration programme – 5 wells Espadon Jallak (2005 well?) N’Dor (2005 well?) Tevet-2 / Tevet Deep (2005 well) Kibaro (2006 well?) Labeidna (2005 well) Sotto Colin (2006 well?) Equivalent north-sea block Page 17 | 2005 Interim Results Presentation
Africa – Mauritania exploration programme – Tevet • Tevet appraisal – Appraising the existing Miocene discovery - targeting a separate channel thick on the southern side of the field. – Water Depth: 470m – Target Depth: 2550 mSS – The well also goes through a shallower Miocene high amplitude channel complex (lead 117). • Tevet Deep – Cretaceous channel complex – high risk – Target Depth: 3650 mSS Page 18 | 2005 Interim Results Presentation
Mauritania - Labeidna Miocene depth showing Labeidna diapir Labeidna-A Labeidna-A Maximum OWC at shallower CN4 reservoir level 50m contours Page 19 | 2005 Interim Results Presentation
Guinea Bissau Page 20 | 2005 Interim Results Presentation
Guinea Bissau Blocks 2, 4A, 5A Premier equity – 38.5% to 42% Operator – Premier • Large prospects • 2004 Sinapa-2 oil discovery Blocks 7B, 7C Premier equity – 25% Operator – Premier • Work commitments completed • 2006 drilling decision Page 21 | 2005 Interim Results Presentation
Africa – Guinea Bissau: 2006 high-impact drilling The results of the Sinapa-2,2z well have significantly reduced the risks Sabayon Sinapa-1 Sinapa-2,2z of the salt diapir flank play in Guinea Bissau. Sardinha In 2005 new 3D seismic over Espinafre Solha Eirozes has been acquired, to be Espargos followed by exploration drilling in early 2006. Encharcada Eirozes Espadarte Eirozes has mean potential New 3D Seismic reserves of 300 million barrels. El Linguada Ervas Espetada Empada Page 22 | 2005 Interim Results Presentation
Egypt Page 23 | 2005 Interim Results Presentation
Egypt: 2005 / 2006 exploration & appraisal Al Fagr Wildcat Al Amir Appraisal Page 24 | 2005 Interim Results Presentation
Egypt: Al Amir -1 The Al Amir-1 discovery well contains 4 anhydrite zones of which one was tested (750 bopd). Studies are ongoing to better understand the reservoir and it’s distribution prior to drilling an appraisal well Log showing the upper two anhydrite reservoir zones Microscope view of oil staining and porosity in anhydrite reservoir zone Page 25 | 2005 Interim Results Presentation
South Asia Page 26 | 2005 Interim Results Presentation
Pakistan Page 27 | 2005 Interim Results Presentation
Pakistan: Anne-1 – a new Tertiary delta play • Anne-1 – The Anne well is being drilled down-flank to target best channel package and to confirm an economic oil volume. (i.e. attic likely to be sub-commercial) Page 28 | 2005 Interim Results Presentation
India Page 29 | 2005 Interim Results Presentation
India: Cachar Block playmaker potential Masimpur Prospect BANGLADESH Page 30 | 2005 Interim Results Presentation
Southeast Asia Page 31 | 2005 Interim Results Presentation
Vietnam Page 32 | 2005 Interim Results Presentation
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