Asia Exploration
Exploration in Asia • Building the portfolio and knowledge to deliver value • Play master approach in the Nam Con Son Basin • Exploiting new plays in Indonesia • Strategy for organic growth in Asia December 2011
Premier Oil exploration in Asia Rift Basins The majority of the worlds petroleum resources are found in 3 basin types: • Passive Margins: e.g. West Africa / SE Brazil, NW Australia and the Gulf of Mexico • Fold-belts / Forelands: Western Canada, Columbia, Iran / Iraq / Saudi Arabia and Pakistan • Rift Basins: e.g. North Sea, SE Asia , onshore Africa and West Siberia Because of its history and its current position Premier has a competitive advantage in exploring the rift basins of SE Asia. December 2011
Exploration in SE Asia - Strategy December 2011
Southeast Asia’s Rift Basins Rift Basin Evolution 1. Early Rift – Source Rocks 2. Late Rift – Reservoirs, Seals 3. Post-Rift – Traps, Maturity The continental Tertiary rift basins of SE Asia (in Yellow ) formed and evolved over the last 50 MM years in response to regional tectonic forces, especially India’s collision with Eurasia. December 2011
Premier Oil exploration in Asia Rift Basins 1986 B11/27 Premier Oil began exploring Asia in 1986 with the B11/27 concession offshore of S. Thailand. B11/27 was located over the undrilled Songkhla and Nakhon Tertiary rift basins. December 2011
Premier Oil exploration in Asia Rift Basins 1988 M13/M14 LEARNINGS Songkhla-1 With the first well in B11/27 Premier Oil discovered the Songkhla oil field. Encouraged by this success, Premier signed two new rift basin blocks in Myanmar, M13 & M14. December 2011
Myanmar exploration – Yetagun discovery Premier’s first Offshore Myanmar seismic survey - 1990 On the new seismic data, on the margin the Tanintharyi Basin, out in the open Gulf of Martaban was a tantalizing… December 2011
Myanmar exploration – Yetagun discovery 1991 Flat Spot! A direct indication of gas in the subsuface …. A low risk exploration target in a frontier area! December 2011
Premier Oil exploration in Asia Rift Basins 1995 LEARNINGS M10 Cambodia IV Halmahera Pangkah Following the Yetagun discovery Premier expanded it’s Tertiary rift basin holdings into a fourth Myanmar block; M10, a Cambodia block and two Indonesia blocks. December 2011
Premier Oil exploration in Asia Rift Basins 1997 1997 Kakap Natuna A Cumi Cumi In 1996 Premier secured it’s first operated acreage in Indonesia and in 1997 added the non operated Kakap production asset and the Cumi Cumi exploration block, developing a focus position in the West Natuna Basin. December 2011
Indonesia – Natuna Sea Block A Natuna Sea Block A, located over the West Natuna Basin contains classic inverted rift grabens. In the 1980s these features were exploited for oil but Premier saw the potential of the Singapore energy market and set about exploring for gas….. Naga-1 Gajah Baru Anoa S N December 2011
Premier Oil exploration in Asia Rift Basins 1997-1998 NW Natuna 1 In 1997 Premier discovered gas in Gajah Puteri-1 and Pelikan-1. In 1998 Ujung Pangkah-1 discovered oil and gas. A fourth W Natuna block, NW Natuna 1, was added. December 2011
Indonesia – Natuna Sea Block A Natuna Sea Block A Gas 1996 Gas Resources No Certified Gas Through a combination of exploration and appraisal In 1996 Natuna Sea Block A contained the stranded Anoa Field gas, Premier Oil has built the nominally 476 bcf , plus 3 old Natuna Sea Block A gas exploration wells that had tested gas. resources from 476 BCF to over 2.1 TCF. All of this gas has been commercialized Gas Reserves (2P) through gas sales to 2009 Certified Gas Reserves Singapore and Indonesia. Anoa Field 1192 BCF This success came about 2002 Beruang 32 BCF as the result of extensive geological and geophysical Gajah Puteri 150 BCF work. With this experience Bison 57 BCF and knowledge Premier Oil Pelikan 158 BCF has become a Basin Master Naga 137 BCF in West Natuna. Iguana 29 BCF Gajah Baru 353 BCF Total 2108 BCF December 2011
Premier Oil exploration in Asia Rift Basins 2003 In 2003 Premier sold Myanmar and Pangkah to buy two major shareholders out of Premier. This restructuring freed Premier to grow shareholder value. December 2011
Premier Oil exploration in Asia Rift Basins 2004-Present 104 12W 107/03 NSBA Tuna LEARNINGS Buton – learning’s from Pakistan; stepping stone into East Indonesia under the frontal fold belt theme Using our Tertiary rift basin knowledge Premier acquired interests in two Vietnam blocks, 12W & 07/03. Followed by NSBA in 2005, Tuna and Buton in 2007 and Block 104 in 2008. December 2011
Exploration in Asia – historic performance • Starting as a Frontier Explorer in Thailand and Premier Discoveries 1988-2011 (gross mmboe) Myanmar, Premier built a position in the region. 1400 Premier evolved to a basin-focussed Play Master through exploring for gas to build the West Natuna 1200 gas project. The petroleum systems Knowledge gained in West Natuna enabled successful expansion into Vietnam. 1000 • From 1988-2011 58 wildcats have been drilled. 800 • 17 oil and gas field have been found: – 15 Commercial fields 600 – 2 under appraisal or being commercialised • Overall commercial success rate: 30% 400 • All discoveries are within Tertiary rift Basins • Premier has discovered 1.3 billion boe (Premier net 200 500 mmboe) of resources in SE Asia • Premier has created Value in Asia, and it has been 0 created from Rift Basin exploration 1988 1992 1996 2000 2004 2008 2012 December 2011
Nam Con Son exploration and future potential December 2011
Nam Con Son Basin – exploration portfolio funnel Evaluate Drill Appraise Leads Prospects Mature Prospects Appraisal NAM CON Total Unrisked: 240 Total Unrisked: 152 Total Unrisked: 0 Total: 19 SON Total Risked : 68 Total Risked: 38 Total Risked: 0 QUOTED Asia (non NCS) Buton: Benteng . Aceh: Natuna: Matang Anoa Deep Natuna: Biawak Besar Aceh: Blk 07: Asia Nam Con Son Basin Peudawa Rayeu Blk 07: AD CRT Blk 07: Tuna: Cacing Tuna: Tuna: Kur Kura Laut Vietnam Blue Marlin Pre- Kuda Block 12W: CS NW Development Laut Tuna: Gaja Laut Barat Vietnam Block 12W: CS DEEP Vietnam Blk 07: Block 07: CRD NE Mackerel Blk 07: Silver Sillago Blk 07: Stingray Tuna: Blk 07: Cobia Singa Leads Laut Blk 07: Albacore Project Appraisal Extension Blk 07: Ca Loc Approval Gate Gate Drill Decision gate Prospect potential resource mmbo (net unrisked): Acquire Licence gate December 2011
Chim Sao North West • Chim Sao Near Field Exploration 2012 • Resource potential 7 to 12mmbo plus upside subject to appraisal Line 3614 Shallow Anomalies associated With CSNW Far Fault Line 4070 Zoom CSNW Far Chim Sao CSNW NN Chim Sao Chim Sao December 2011
Key prospects in Tuna and Block 07/03 acreage Top Oligocene Structure Map Mackerel CRD NE Cobia Leads Blue Marlin CRD AD Deep Silver Sillago Gajah Laut Utara Belut Laut Singa Laut December 2011
Chim Sao field vs. Silver Sillago Chim Sáo Silver Sillago SW NE NW SE CS-2X Top NCS MMU MMU Dua MDS5 Top Cau Top Basement Top Cau Top Basement Direct access to Bright Lower-Cau Chim Sáo Line SR package • Similar proximal access to source package Silver Sillago Line • Fault seal remains a key risk December 2011
Chim Sao field vs. Singa Laut Chim Sáo Kuda Laut Singa Laut SW NE W E Kuda Laut Sing Laut CS-2X Top NCS MMU MMU Dua MDS5 T o p C a u Top Basement Top Cau Top Basement Chim Sáo Line Direct access to Bright Lower-Cau SR package • Similar proximal access to source package • Fault seal is other key risk Singa Laut Line • Direct Hydrocarbon indicators in Kuda Laut December 2011
Nam Con Son Basin – exploration portfolio funnel Evaluate Drill Appraise Leads Prospects Mature Prospects Appraisal NAM CON Total Unrisked: >240 Total Unrisked: 152 Total Unrisked: 0 Total: 19 SON Total Risked :>68 Total Risked: 38 Total Risked: 0 QUOTED Asia (non NCS) Buton: Benteng . Aceh: Natuna: Matang Anoa Deep Natuna: Biawak Besar Aceh: Blk 07: Asia Nam Con Son Basin Blk 07: AD Peudawa Rayeu CRT Blk 07: Tuna: Cacing Tuna: Tuna: Kur Kura Laut Vietnam Blue Marlin Pre- Kuda Block 12W: CS NW Development Laut Tuna: Gaja Laut Vietnam Barat Block 12W: CS Vietnam DEEP Blk 07: Block 07: CRD NE Mackerel Tuna: Blk 07: Cobia Singa Blk 07: Leads Laut Blk 07: Silver Sillago Albacore Project Appraisal Extension Blk 07: Ca Loc Approval Gate Gate Drill Decision gate Prospect potential resource mmbo (net unrisked): Acquire Licence gate December 2011
Indonesia exploration December 2011
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