MEAP and ENB Exploration
Exploration in MEAP • Genesis of Exploration New Business opportunities – Rift and Frontal fold belt knowledge transfer – Play based approach in chosen themes – Focus on North and East Africa • Preserving options in Northwest Africa • Pakistan – Opportunity to exploit unconventional resources • 2012 plans and strategic intent December 2011
Genesis of Exploration New Business projects ENB projects have the following characteristics: • Build on core competencies (rifts and fontal-fold belts) Egyptian Assets • Complement Premier’s business objectives • Evolve through incremental Kenya Assets knowledge RIFT THEME FRONTAL FOLD-BELT This has resulted in : THEME Initial Core Study Area Core knowledge and assets Interior African Rifts • Acreage secured in Egypt and Kenya in Pakistan fold belts Example Current Projects • Focused New Venture projects for Fold-belt potential 2012 capture Rift December 2011
MEAP – Egypt – developing a new core area • Opportunity – Build a core exploration position in rift basin geology- oil & liquid focus – Recent political instability creates opportunities for companies that take a long-term view • Evaluation methodology – Premier has over 8 years exploration exposure to Egypt – Knowledge-base compiled into the play master approach • Secured participation in two areas – North Red Sea (Hess farm-in) – South Darag (successful EGPC bid) • Actively pursuing new opportunities – EGPC 2012 Bid Round December 2011
MEAP – Egypt – North Red Sea • Premier 20% - Hess operated • Farmed-in 2010 – Drilled commitment well 2011 – Cherry-1 “play opener” P&A with shows • Remaining Work commitments – Post-well & onshore geological studies – Drill or drop option to June 2015 • Opportunity – Mature Nubian & Miocene plays in the near- 100km shore – 50-200 mmbo prospective un-risked resource scale leads • 2012 Activity – Integrate new aeromagnetic survey with onshore geological studies to identify areas of preserved pre-rift source December 2011
MEAP – Egypt – South Darag • Premier 100% - Operated Shallow • Status – Provisionally awarded 2009 Deep – Awaiting ratification • Work commitments (initial 3 yrs) Existing 3D – Reprocessing 2D and 3D seismic data – Minimum expenditure $2.5 million Shipping exclusion area (approx) • Opportunity – Undrilled prospects beneath shipping lane – 25 to 100 mmbo unrisked prospective resource scale leads • 2012 Activity – Ratification of contract expected – Reprocess existing seismic data December 2011
Deepwater frontal fold-belt theme – Eastern Mediterranean • Objective – Access high impact exploration plays in a deepwater frontal fold belt play – Bidding Rounds expected in 2012 in Lebanon and Cyprus • Joint Venture evaluation progressing – Purchased available 2D seismic data; evaluation ongoing – Signed AMI with a third party • Opportunity – Billion BOE un-risked prospective resource potential – Potential to de-risk through seismic attributes • 2012 Activity – Progress evaluation to Acquire Licence Gate December 2011
MEAP – Kenya – L10A & L10B • Awarded August 2011 (PMO 22.5% av) – BG Operator, Cove in partnership • Opportunity – Participation in plays with multi billion gross resource potential- both oil and gas • 2012 Planned Activity – 2D & 3D delivery 2Q 2012 – Play, prospect and lead mapping – Drill or drop option in 2013 Blocks L10A & L10B W E Inverted Rift Play Rift Margin Plays New Rift Plays MOMBASA INBOARD HIGH TERTIARY RIFT CENTRAL PLATFORM INVERTED JURASSIC RIFT December 2011
MEAP – Mauritania – exploration • Premier 6.23% - Tullow Operated 2012 3D • New PSC awarded – Gazetted 30 th November 2011 – Amalgamated PSC A&B into one new PSC • Work commitments (initial 3 yrs) Chinguetti EEA – Drill two wells (first to be drilled within 12 months of gazettal) – Submit development plans for appraisal areas within specified periods • Opportunity – Exploit prospectivity of the Cretaceous plays in partnership with a play master – +200 mmboe un-risked resource scale prospects and leads • 2012 Activity – Lead to prospect maturation – Drill one well - Q4 2012 December 2011
MEAP – SADR • Held in Force Majeure since 2005 • Premier 50% (Ophir Operator 50%) – Four blocks – Encore 100% (one block) • No progress on sovereignty issue expected in 2012 Encore 100% • Opportunity Premier – Commanding exploration position in a Mauritania assets frontier basin – Rift and post rift play potential in Deep Water • 2012 Activity – No G&G planned pending ratification – Integrate Encore knowledge December 2011
Iraq 4th Round – Rift and Frontal Fold-belt Themes • Background – Premier involved in Iraq Federal process for over six years – Successfully pre-qualified as a non-operator in July 2011 – Screened 4th Round acreage for oil prospectivity in 2011 – Discussions on going with qualified operator • Opportunity – Potential to deliver >500 MMBO prospects – Commercial value to be determined when final fiscal arrangements are published – Provides foothold in Iraq Federal process for long-term involvement in upstream sector • Forward Plan – Evaluate data packages purchased – Progress to Acquire license gate – March 2012 bid deadline December 2011
Pakistan assets – conventional exploration • Premier has added 600 bcf of net reserves through conventional exploration • Exploration focussed to the Kirthar Frontal Fold-belt and Foreland basin – The basin is now mature for conventional exploration – Value adding near field exploration continues: – 2012: 4 wells planned targeting ~7mmboe of net risked resource • Can unconventional resources • Reset the curve? December 2011
Pakistan – unconventional gas – the opportunity Tight Gas • New Government policy – 40% uplift to 2009 gas prices • Estimated GIIP 21 Tcf in Kirthar basin – 2012 Pilot project in Kadanwari • Access plan for high graded tight gas opportunities is being generated Shale Gas • US EIA study estimates 206 Tcf GIIP potential in Pakistan – Premier assessment highlights equivalent potential • Kadanwari JV is aligned to acquire data for shale gas evaluations in the next well • Shale Gas policy expected in 2012 December 2011
Pakistan – unconventional gas – existing assets • Unconventional gas study carried out in 2011 • Kadanwari tight gas potential identified: – Gross GIIP - 2.3 Tcf ( proven resource) • Three pilot wells planned for 2012 • Pilot wells success will kick-off ‘full field’ tight gas development in Kadanwari – Recovery - 550 bcf (Net sales 72 bcf) – 72 bcf net 2C resource will convert to 2P reserves during 2012 to 2017 • Tight gas potential also identified in Qadirpur ~ 450 bcf gross December 2011
MEAP 2012 exploration activity 2012 Middle East & Africa Q1 Q2 Q3 Q4 North Red Sea Studies to confirm prospectivity Egypt South Darag Seismic reprocessing and studies Subject to contract Kenya L10A & B Seismic & interpretation Mauritania Exploration PSC Commitment Well Kadanwari 3 Tight Gas Pilot & 2 Exploration Wells Pakistan Badhra 1 Appraisal Well, 1 Well Deepening Qadirpur Seismic & one contingent Well ? Egypt Studies • Progress evaluation of South Darag when PSC ratified Reprocessing • Complete North Red Sea prospectivity evaluation Acquisition • Progress EGPC license round option to Acquire License Gate E&A Wells Kenya Tight Gas Pilot Wells • Complete 2100 km 2 3D and 1000km 2D seismic and evaluate prospectivity Mauritania • Complete prospect/lead evaluation and drill one well SADR • Integrate Encore acreage into regional understanding Pakistan • Drill four near-field E&A wells • Drilling and production testing in Kadanwari for unconventional gas resources Exploration New Business • Building exploration assets through focused play approach December 2011
MEAP – exploration strategic intent • Deliver high impact organic growth opportunities in chosen geological themes – Rifts and frontal fold-belts in Deep Water areas offshore Africa – Rifts and fold belts in the Middle East/Southern Europe • Build a new core area in Egypt – Integrated business development and exploration approach – Exploration focus to underexplored plays in rift basins – Monitor ongoing political situation • Develop understanding of unconventional gas in Pakistan and exploit this knowledge through future exploration December 2011
NSBU Exploration
Agenda • NSBU Exploration Overview • Unlocking the Eocene • Leveraging the Geophysics • 2011 Remaining Wells • 2012 Tertiary Wells • 2012 Mesozoic Wells • The Future December 2011
NSBU exploration overview December 2011
Premier in the North Sea 2005 UK Production Led 2006 Enter Norway 2008 Exit SNS 2012 • UK 27 th Round • Encore consolidation • Drill 8 exploration wells • Mature 8 prospects for drilling 2013 2010/11 Portfolio growth 2009 OilExco December 2011
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