19 th May 2006 2006 AGM Presentation
Operational highlights • Production ahead of Strong gas demand in Pakistan, Indonesia offsets UK budget at 33,300 boepd decline. Rising profile in 2006. • Developments on track West Natuna (West Lobe) expected 3Q 2006 in 2006 Chinguetti onstream in February 2006. • Further gas sales Zamzama phase 2 signed. progressed Good progress in Pakistan and West Natuna. • Resource base Net additions from discoveries and new licence awards. increased to 232 mmboe New acreage added for future exploration. • Successful exploration 5 successes from 10 wells in 2005. and appraisal year Excellent start to 2006 in 2 operated wells. • World class HSE 5 years of continuous improvement as an Operator performance Page 3 | 2006 AGM presentation
Financial highlights • Operating profit up $125.7m Rising oil and gas prices, 112% (2004: $59.3m) stable production • Profit after tax up 75% $38.6m Rising profits offset by higher (2004: $22.1m) taxation charge • Healthy cashflow $118.9m Cashflow covers all operating (2004: $109.6m) and capital expenditures at current prices • Strong balance sheet Net debt $26.2m Significant cash inflow in January 2006 • Share buy back £10 million programme Average purchase cost of initiated £5.55 per share Page 4 | 2006 AGM presentation
Premier’s business strategy Strategy Progress •Rising production in •Targeting 50,000 2006 boepd in medium term •Portfolio of new and incremental •Minimum of 4 high development impact wells per projects annum within disciplined spend •Exciting 2006 exploration •Acquisitions focus programme, already on core areas delivering results •Build on quality •Reorganised prospect inventory business for 2007 and beyond Page 5 | 2006 AGM presentation
Share price performance Premier Oil share price performance over 5 years 1200 1000 Share price (p) 800 600 400 200 0 Jan-01 Jan-02 Jan-03 Jan-04 Jan-05 Jan-06 Premier FTSE 250 (rebased) FTSE Oils (rebased) Page 6 | 2006 AGM presentation
Summary • Exciting year ahead • Close out gas sales contracts in Indonesia/Pakistan • Actively target acquisitions in core areas • High impact exploration in Guinea Bissau & Vietnam Page 7 | 2006 AGM presentation
Resolution 1 Approval of the Report of Directors, the Auditors’ Report, and the accounts of the Company for the year ended 31 December 2005 For Against Votes Withheld Holders Votes Holders Votes Holders Votes Voting Voting Voting 1,645 46,558,540 15 143,795 12 80,254 99.69% 0.31% Page 9 | 2006 AGM presentation
Resolution 2 Approval of the Directors’ Remuneration Report for the year ended 31 December 2005 For Against Votes Withheld Holders Votes Holders Votes Holders Votes Voting Voting Voting 1,471 40,156,155 135 3,857,415 71 2,769,019 91.24% 8.76% Page 10 | 2006 AGM presentation
Resolution 3 Election of Mr A.R.C. Durrant as a Director For Against Votes Withheld Holders Votes Holders Votes Holders Votes Voting Voting Voting 1,610 46,708,980 33 57,854 25 15,396 99.88% 0.12% Page 11 | 2006 AGM presentation
Resolution 4 Election of Mr N. Hawkings as a Director For Against Votes Withheld Holders Votes Holders Votes Holders Votes Voting Voting Voting 1,605 46,702,836 38 63,743 26 16,011 99.86% 0.14% Page 12 | 2006 AGM presentation
Resolution 5 Re-election of Mr M.A.K. Alazai as a Director For Against Votes Withheld Holders Votes Holders Votes Holders Votes Voting Voting Voting 1,525 40,503,307 92 309,737 57 5,969,545 99.24% 0.76% Page 13 | 2006 AGM presentation
Resolution 6 Re-election of Mr I. Gray as a Director For Against Votes Withheld Holders Votes Holders Votes Holders Votes Voting Voting Voting 1,564 42,118,254 63 351,368 47 4,312,607 99.17% 0.83% Page 14 | 2006 AGM presentation
Resolution 7 Re-election of Mr J.R.W. Orange as a Director For Against Votes Withheld Holders Votes Holders Votes Holders Votes Voting Voting Voting 1,576 42,126,226 52 574,748 47 4,081,615 98.65% 1.35% Page 15 | 2006 AGM presentation
Resolution 8 Reappointment of Deloitte & Touche LLP as auditors For Against Votes Withheld Holders Votes Holders Votes Holders Votes Voting Voting Voting 1,606 40,521,321 42 266,773 24 5,962,745 99.35% 0.65% Page 16 | 2006 AGM presentation
Resolution 9 Approval of Amendments to the Premier Oil Asset & Equity Plan For Against Votes Withheld Holders Votes Holders Votes Holders Votes Voting Voting Voting 1,480 41,640,532 126 3,078,571 70 2,063,486 93.12% 6.88% Page 17 | 2006 AGM presentation
Resolution 10 Authority to issue a limited number of shares in the Company per s80 Companies Act 1985 For Against Votes Withheld Holders Votes Holders Votes Holders Votes Voting Voting Voting 1,549 46,610,015 85 155,652 37 16,923 99.67% 0.33% Page 18 | 2006 AGM presentation
Resolution 11 Authority to allot capital for cash per s95 Companies Act 1985 For Against Votes Withheld Holders Votes Holders Votes Holders Votes Voting Voting Voting 1,519 46,593,202 103 167,150 48 22,190 99.64% 0.36% Page 19 | 2006 AGM presentation
Resolution 12 Authority to purchase own shares For Against Votes Withheld Holders Votes Holders Votes Holders Votes Voting Voting Voting 1,588 46,528,433 66 136,400 17 117,757 99.71% 0.29% Page 20 | 2006 AGM presentation
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