AGM 21 May 2010
Forward looking statements This presentation may contain forward-looking statements and information that both represents management's current expectations or beliefs concerning future events and are subject to known and unknown risks and uncertainties. A number of factors could cause actual results, performance or events to differ materially from those expressed or implied by these forward-looking statements. AGM, 21 May 2010
Target and strategy Target • Build three quality businesses which deliver 100 kboepd from 400 mmbbls of reserves Strategy • Attain 75 kboepd from existing projects • Commercialise contingent resource base • Add 200 mmboe of 2P reserves from the exploration portfolio • Make value-adding acquisitions in three core areas • Maintain a conservative balance sheet AGM, 21 May 2010
Five-year performance Production 2P Reserves 2005-2009 (kboepd) 2005-2009 (mmboe) 50 300 45 250 40 35 200 30 150 25 20 100 2005 2006 2007 2008 2009 2005 2006 2007 2008 2009 Operating Cashflow Acquisitions 2005-2009 2005-2009 ($million) Oil price ($/bbl) 400 140 350 120 300 100 250 80 200 60 150 40 100 20 50 0 2005 2006 2007 2008 2009 2005 2006 2007 2008 2009 AGM, 21 May 2010
Production and development forecast Production forecast (kboepd net) Risked appraised developments Huntington Chim Sao Project: Asian developments 90 75% complete On production 80 70 60 Gajah Baru Project: 50 52% complete 40 30 20 Huntington Project: 10 Letter of Intent signed for FPSO 0 2010 2011 2012 2013 2014 AGM, 21 May 2010
Exploration outlook Unrisked net potential new barrels over next 12 months of 250 mmboe 2010 2011 Asia Q2 Q3 Q4 Q1 Q2 Vietnam 07/03 Seismic (contingent) CRD Appraisal 104/109-05 Seismic Indonesia Tuna Gajah Laut Utara Ocean General Belut Laut Ocean General Buton Lead B North Sea Norway PL406 (8/3) Gardrofa Maersk Guardian PL378 Gnatcatcher Songa Delta PL378 Grosbeak Appraisal Songa Delta UK P1430 Catcher Galaxy II (STC) P1620 Oates ENSCO 100 P101, P1181 Lacewing P1466 Bluebell Firm Wells: Rig Contracted Firm Wells: Rig TBC Contingent Wells Seismic Programme All well timings are subject to revision for operational reasons 2010 full year expenditure $150mm pre-tax AGM, 21 May 2010
Road map End 2010 End 2012 • Stable production from established • Run-rate production of 75 kboepd with assets related cash flow expansion • Development drilling commenced on • Follow-on portfolio of development key projects in Indonesia and Vietnam projects to add 10-15 kboepd • New project approvals • Significantly increased reserve base • Exploration programme completed • Fully evaluated Nam Con Son basin opportunity • 10-20 prospects brought to drillable status for 2011 / 2012 programme • Replenished exploration portfolio in new areas of existing geological knowledge • Three quality growing businesses We expect to make further acquisitions in our core areas AGM, 21 May 2010
Resolution 1 Adoption of the Report of Directors, the Auditors’ Report, and the Financial Statements of the Company for the year ended 31 December 2009 For Against Withheld Votes % Votes % Votes 73,993,199 98.37 1,121,172 1.49 5,382 AGM, 21 May 2010
Resolution 2 Approval of the Remuneration Report for the year ended 31 December 2009 For Against Withheld Votes % Votes % Votes 67,909,704 93.53 4,593,687 6.33 2,616,284 AGM, 21 May 2010
Resolution 3 Election of Mr M W Welton as a Director For Against Withheld Votes % Votes % Votes 74,879,433 99.57 220,794 0.29 18,338 AGM, 21 May 2010
Resolution 4 Re-election of Mr J R W Orange as a Director For Against Withheld Votes % Votes % Votes 72,015,170 96.05 2,859,418 3.81 243,010 AGM, 21 May 2010
Resolution 5 Re-election of Mr S C Lockett as a Director For Against Withheld Votes % Votes % Votes 73,973,165 98.35 1,132,723 1.51 10,099 AGM, 21 May 2010
Resolution 6 Re-election of Professor D G Roberts as a Director For Against Withheld Votes % Votes % Votes 74,943,241 99.65 158,421 0.21 14,207 AGM, 21 May 2010
Resolution 7 Reappointment of Deloitte LLP as auditors For Against Withheld Votes % Votes % Votes 71,202,144 94.94 3,680,124 4.91 226,966 AGM, 21 May 2010
Resolution 8 Authority to issue a limited number of shares in the Company per s551 Companies Act 2006 For Against Withheld Votes % Votes % Votes 74,487,108 99.18 496,162 0.66 117,171 AGM, 21 May 2010
Resolution 9 Authority to disapply pre-emption rights For Against Withheld Votes % Votes % Votes 74,999,168 99.72 77,757 0.10 14,350 AGM, 21 May 2010
Resolution 10 Authority to purchase own shares For Against Withheld Votes % Votes % Votes 73,971,945 98.48 1,023,648 1.36 104,160 AGM, 21 May 2010
Resolution 11 Authority to hold general meetings on 14 clear days’ notice For Against Withheld Votes % Votes % Votes 73,391,037 97.63 1,653,621 2.20 50,470 AGM, 21 May 2010
Resolution 12 Adoption of new Articles of Association For Against Withheld Votes % Votes % Votes 74,222,622 99.67 107,171 0.14 754,503 AGM, 21 May 2010
21 May 2010 AGM, 21 May 2010 www.premier-oil.com
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