Forward looking statements

Transcription

1 AGM 21 May 2010

2 ward 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.

3 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

4 Five-year performance Production (kboepd) P Reserves (mmboe) Operating Cashflow ($million) Acquisitions Oil price ($/bbl)

5 Production and development forecast Production forecast (kboepd net) Risked appraised developments Huntington Asian developments On production 90 Chim Sao Project: 75 complete Gajah Baru Project: 52 complete Huntington Project: Letter of Intent signed for FPSO

6 Exploration outlook Unrisked net potential new barrels over next 12 months of 250 mmboe Asia Q Q3 Q4 Q Q2 Vietnam 07/03 Seismic (contingent) CRD Appraisal 104/ Seismic Indonesia Tuna Gajah Laut Utara Ocean General Belut Laut Ocean General North Sea Buton Lead B 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

7 Road map End 2010 Stable production from established assets Development drilling commenced on key projects in Indonesia and Vietnam New project approvals Exploration programme completed prospects brought to drillable status for 2011 / 2012 programme End 2012 Run-rate production of 75 kboepd with related cash flow expansion Follow-on portfolio of development projects to add kboepd Significantly increased reserve base Fully evaluated Nam Con Son basin opportunity Replenished exploration portfolio in new areas of existing geological knowledge Three quality growing businesses We expect to make further acquisitions in our core areas

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9 Resolution 1 Adoption of the Report of Directors, the Auditors Report, and the Financial Statements of the Company for the year ended 31 December ,993, ,121, ,382

10 Resolution 2 Approval of the Remuneration Report for the year ended 31 December ,909, ,593, ,616,284

11 Resolution 3 Election of Mr M W Welton as a Director 74,879, , ,338

12 Resolution 4 Re-election of Mr J R W Orange as a Director 72,015, ,859, ,010

13 Resolution 5 Re-election of Mr S C Lockett as a Director 73,973, ,132, ,099

14 Resolution 6 Re-election of Professor D G Roberts as a Director 74,943, , ,207

15 Resolution 7 Reappointment of Deloitte LLP as auditors 71,202, ,680, ,966

16 Resolution 8 Authority to issue a limited number of shares in the Company per s551 Companies Act ,487, , ,171

17 Resolution 9 Authority to disapply pre-emption rights 74,999, , ,350

18 Resolution 10 Authority to purchase own shares 73,971, ,023, ,160

19 Resolution 11 Authority to hold general meetings on 14 clear days notice 73,391, ,653, ,470

20 Resolution 12 Adoption of new Articles of Association 74,222, , ,503

21 AGM, 21 May May 2010