2003 Preliminary Results Presentation AGM Presentation 18 March 2004 7 May 2004 Photo: Woodside
2003 Results highlights – secure base for future growth • Record results – Premier Oil share price performance - since 2003 AGM financially/operationally 600 550 • Restructuring complete Share price (p) . 500 • 2003 exploration successes in 450 West Africa and Pakistan 400 350 • Non-core assets disposals 300 250 • Exciting 2004 exploration Mar-04 Jul-03 Aug-03 Sep-03 Oct-03 Nov-03 Dec-03 Jan-04 Feb-04 Apr-04 programme underway – oil discovery in Guinea Bissau Premier Oil share price (p) • Strong share price performance FTSE O&G (rebased to Premier) continued since AGM FTSE All Share (rebased to Premier) AGM Presentation Page 2
2003 Financial highlights • Production 53,600 boepd (2002: 53,600 boepd) NC • Turnover £257.7m (2002: £263.1m) -2% • Operating profit £121.6m (2002: £104.1m) +17% • Net profit after tax £40.8m (2002: £22.6m) +80% • Pre-exceptional net profit after tax £63.6m (2002: £35.7m) +78% • Operating cash flow after interest, tax £135.7m (2002: £136.1m) NC • Net cash £7.1m (2002: net debt £249.5m) NA • Gearing Nil (2002: 80%) -80% NC = No change AGM Presentation Page 3
Corporate Social Responsibility (CSR) In 2003 Premier: • established a new CSR strategy • published its first Sustainability Performance Report • became a signatory to United Nation’s Global Compact • strengthened partnerships with Save the Children USA and Monash University’s Castan Centre for Human Rights • agreed a partnership United Nations Environmental programme (UNEP) – World Conservation Monitoring Centre • was listed on the FTSE4Good Index • named by Business in the Community’s Corporate Responsibility Index as one of the top 100 responsible companies in the UK AGM Presentation Page 4
2004 plan Pakistan UKCS • Chung -1 • Criollo - 1 NE India Mauritania • Jaipur-1 • ~6 expl’n wells • 2D seismic • Tiof app’l wells in Cachar • 3D seismic Philippines Guinea Bissau • Sinapa-2 Indonesia Gabon • 2D seismic • Gajah Baru -2 • Dussafu -1 in 7B & 7C • Macan Tutul -1 • Iris -1 • Themis -1 AGM Presentation Page 5
Summary • Strong cash generative base business more than sufficient to fund our exciting exploration programme • Focus on giving shareholders exposure to exploration/commercial opportunities which can add significant asset and market value per share AGM Presentation Page 6
Proxy Count – Resolution 1 Votes • FOR 33,907,731 • AGAINST 35,775 AGM Presentation Page 7
Proxy Count – Resolution 2 Votes • FOR 19,241,537 • AGAINST 7,435,235 AGM Presentation Page 8
Proxy Count – Resolution 3 Votes • FOR 34,033,907 • AGAINST 86,698 AGM Presentation Page 9
Proxy Count – Resolution 4 Votes • FOR 34,032,642 • AGAINST 87,447 AGM Presentation Page 10
Proxy Count – Resolution 5 Votes • FOR 34,046,811 • AGAINST 113,699 AGM Presentation Page 11
Proxy Count – Resolution 6 Votes • FOR 33,275,392 • AGAINST 881,993 AGM Presentation Page 12
Proxy Count – Resolution 7 Votes • FOR 33,948,151 • AGAINST 161,024 AGM Presentation Page 13
Proxy Count – Resolution 8 Votes • FOR 33,886,601 • AGAINST 52,927 AGM Presentation Page 14
Proxy Count – Resolution 9 Votes • FOR 34,207,587 • AGAINST 80,955 AGM Presentation Page 15
Proxy Count – Resolution 10a Votes • FOR 32,766,514 • AGAINST 500,247 AGM Presentation Page 16
Proxy Count – Resolution 10b Votes • FOR 33,873,115 • AGAINST 133,874 AGM Presentation Page 17
Proxy Count – Resolution 11 Votes • FOR 34,163,652 • AGAINST 101,768 AGM Presentation Page 18
Proxy Count – Resolution 12 Votes • FOR 34,243,214 • AGAINST 48,832 AGM Presentation Page 19
2003 Preliminary Results Presentation AGM Presentation 18 March 2004 7 May 2004 Photo: Woodside
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