2011 Annual Results Presentation 22 March 2012

Transcription

1 2011 Annual Results Presentation 22 March 2012

2 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. 22 nd March 2012 Page 1

3 Agenda Premier today 2011 financial results Operations update Exploration update Summary Simon Lockett Tony Durrant Neil Hawkings Andrew Lodge Simon Lockett 22 nd March 2012 Page 2

4 Over the last 6 years 338% 80% 40% 72% 22 nd March 2012 Page 3 Over the period, NAV/share CAGR of 14.2% excluding oil price effects

5 Premier today is in the strongest position in its history Clear path to 100,000 boepd from existing projects >1.5 billion of prospective resources in the exploration portfolio Fully funded programme with strong and rising cash flows Evaluate Drill LEADS PROSPECTS MATURE PROSPECTS Appraise Proven capability to deliver across the portfolio MEAP North Sea Asia Drill Decision Gate Appraisal Approval Gate Pre- Development Project Extension Gate 22 nd March 2012 Page 4 Acquire Licence Gate

6 2011 highlights... Increased production to 60,000 boepd at year end Chim Sáo and Gajah Baru onstream Next generation of development projects progressing Increased reserves and resources to 527 mmboe Exploration success at ~$5/bbl post-tax Acquisitions at ~$8/bbl Increased financial strength Cash and undrawn facilities of ~$1.4 billion Strongly rising cash flows Record profitability Continued access to bond and bank markets at favourable rates 22 nd March 2012 Page 5

7 2011 financial results 22 nd March 2012 Page 6

8 Record profitability Working Interest production (kboepd) Entitlement production (kboepd) Realised oil price ($/bbl) pre hedge Realised gas price ($/mcf) pre hedge 12 months to 31 Dec months to 31 Dec Highlights Operating costs ($/bbl) UK $39.5 $28.7 Indonesia $11.1 $8.5 Pakistan $2.4 $2.0 Vietnam $16.6 Group $15.9 $13.9 Sales and other operating revenues Cost of sales Gross profit Exploration/New Business General and administration costs $m 827 (415) 412 (211) (25) $m 764 (531) 233 (87) (18) Hedging Net impact on 2011 of $23 million post-tax 25% of 2012 production hedged at average of $100/bbl Minimal hedging beyond 2012 Operating profit Financial items Profit before taxation Taxation credit Profit after tax 176 (34) (27) Taxation All b/fwd losses recognised as deferred tax asset $1.36 billion allowances carried forward into 2012 No UK CT cash taxes until 2018 under existing model using $75/bbl 22 nd March 2012 Page 7

9 Rising cash flows Cash flow from operations Taxation Operating cash flow Capital expenditure (Acquisitions)/disposals, net Finance and other charges, net Pre-licence expenditure Net cash flow 12 months to 31 Dec 2011 $m 530 (44) 486 (661) (90) (50) (23) 12 months to 31 Dec 2010 $m 505 (69) 436 (514) 13 (70) (19) Estimated capex split ($m) Development Exploration Regional split ($m) 2011 (338) (154) Asia North Sea $301m MEAP $58m Total $661m $302m Outlook Operating cash flow increased by 11%; significant growth expected in nd March 2012 Page 8

10 Strong liquidity position at 31 Dec 2011 $m at 31 Dec 2010 $m Cash Bank debt Bonds Convertibles Net debt position Pro forma Gearing Cash and undrawn facilities 309 (484) (341) (228) (744) 30% 1, (488) ( ) (218) (406) 26% 1,202 Outlook Current debt funding costs average 5% (fixed) and 3% (floating) Additional bank and bond debt raised post year-end of $585 million raising cash and undrawn facilities (after some debt repayment) to $1,400 million by mid-march 22 nd March 2012 Page 9

11 Fully funded programme 2012 outlook Forecast full-year 2012 spend of ~$740 million (development) and $220 million (exploration) Total capex covered by cash flow for 2012 at current spot prices Forward funding Forward profile funded by cash flow and facilities even at $60/bbl Significant capacity to increase spend on exploration and new development projects Investment Profile (US$ million) Exploration Expenditure Development Capex Note: assumes exploration expenditure of $250 mm pa from 2013 Outlook Rising production generates $2 billion post-tax cash flow in 2015 at $100/bbl 22 nd March 2012 Page 10

12 Operations update 22 nd March 2012 Page 11

13 Operations highlights Chim Sáo and Gajah Baru onstream in October Deliverability exceeding expectations Realising further value from producing assets Continued progress on the development portfolio: Huntington and Rochelle progressing Solan project sanction expected soon Development studies for Catcher welladvanced On track to reach 75,000 boepd run rate by year end 2012, once Huntington and Rochelle onstream Anticipate reaching 100,000 boepd when Catcher comes onstream in nd March 2012 Page 12

14 Production update Production (working interest) (kboepd net) Asia MEAP North Sea Year-end target of 60,000 boepd achieved Full year production 40,420 boepd Strong gas demand in Pakistan and Indonesia, combined with good facilities performance Improved Balmoral production in H2, as maintenance issues were progressed Wytch Farm acquisition adds ~2,500 boepd net Production at Kyle (1,760 bopd) shut-in since December E 2012 full year production forecast 60,000-65,000 boepd, with key variables being Timing of Huntington first production Ability to capitalise on excess deliverability at Chim Sáo and Gajah Baru 22 nd March 2012 Page 13

15 Block A strong production performance Anoa & GSA1 Producing at current maximum capacity BBtud Phase 4 expansion project underway Raising capacity to 200 BBtud Pelikan will add 70 BBtud of capacity Gajah Baru & GSA2/3/4 Currently producing at BBtud DCQ increases from 50 to 90 BBtud at end Q1 200 BBtud well deliverability Indonesia will shortly take an additional 40 BBtud when the domestic swap agreement is signed Outlook Series of new field developments will maintain rates Exploration is adding additional reserves Natuna A nd March 2012 Page 14

16 Singapore Gas Market sales are increasing Singapore demand for gas will increase Existing pipeline supplies are naturally declining LNG supplies must commence and increase But supply diversity will be maintained, and be underpinned by 90% Take or Pay contracts GSA1 demand expected to remain between DCQ and Max Rate ( BBtud) Premier s GSA1 market share is increasing Block A contractual market share of GSA1 is 37% 2011 Block A actual share of deliveries was 42% Block A share of remaining reserves dedicated to GSA1 has increased to 59% Other GSA 1 suppliers are expected to drop to BBtud in GSA 1 market available to Block A could increase to BBtud in nd March 2012 Page 15

17 Chim Sáo delivered and ramping up First oil achieved, safely and on budget, in October 2011 Currently producing 25,000-30,000 bopd Gas exports add a further ~4,000 boepd Rates limited due to water injection delays 9 production wells could reach 40,000 bopd Vessel capacity is 50,000 bopd MDS5/6 reserves have increased by 10 mmbo 22 nd March 2012 Page 16

18 Chim Sáo uncovering upside potential Chim Sáo North West Chim Sáo North West discovered in August 2011 Additional gross resource estimate 13 to 20 mmbo Near vertical appraisal well scheduled for mid-2012 Development will be via existing facilities Additional Reservoirs Further reserves potential is being found in reservoirs other than MDS5/6 Tie-in of Dua Government of Vietnam approved ODP in December 2011 Long lead items being purchased Project sanction expected 1H 2012, first oil 2014 Far Closure Near Closure West Closure 3060mss 2000m Chim Sáo 22 nd March 2012 Page 17

19 Kadanwari getting more from a mature field Kadanwari field Came onstream in 1995 Highest gas price in Pakistan , five new gas compartments discovered: K-27 tied-in to system at 45 mmscfd in 2012 K-28 and K-30, which tested at 30 mmscfd and 50 mmscfd respectively, will be tied-in by mid-2012 Production levels expected to be at 110 mmscfd during Further exploration well planned for 4Q 2012 Upside potential 550 bcf of tight gas potential identified in well pilot project planned for nd March 2012 Page 18

20 Wytch Farm motivated operator finding upside Increased equity Increased Working Interest in Wytch Farm by % to 30.1% in 2011 ~4,500 boepd of net production in 2012 Adds ~11 mmboe of net reserves Upside potential Initiated active drilling programme to 2017 and beyond to increase deliverability Infill drilling in producing reservoirs to accelerate production and optimise recovery Bringing into production of satellite discoveries onshore Long term production and reserves upside through waterflood optimisation and EOR Working with new operator Perenco to maximise value 22 nd March 2012 Page 19

21 Huntington and Rochelle progressing to first oil Huntington Rochelle Successful development drilling campaign Phase 1 sub-sea installation completed CATS gas transportation agreement signed and shuttle tanker contract awarded Upgrade of the Voyageur FPSO proceeding Operator is expecting first oil in Q Rochelle area agreement executed May 2011 Approval of FDP for East and West Rochelle in 2011 Scott platform modifications underway Subsea installation to commence in June 2012 First gas expected in November nd March 2012 Page 20

22 Solan approaching project sanction Premier is Operator with 60% equity Development Concept: Subsea wells and storage tank Processing deck on a conventional jacket Reserves estimate ~ 40 mmbo Initial rate of 22,000 bopd Capex of ~$850 mm with $30 mm/year opex Premier will provide Chrysaor with: $50 million carry Corporate loan for the balance of their equity Loan recovered through Chrysaor s cash flow Will qualify for new Small Fields Allowance Internal approvals are in place and seeking partner and DECC approvals before end April 22 nd March 2012 Page 21

23 Catcher Area selecting a development concept Further 2011 drilling resulted in: STOIIP estimates of ~ MMSTB Reserves estimates of MMSTB Production rate of 50-70,000 bopd FPSO and Subsea Wells EnCore acquisition has completed Premier in place as Operator with 50% equity Conceptual Engineering studies completed Capex estimates range from $1.6bn for a leased FPSO to $2.8bn for a central fixed platform JV concept selection process is underway CPP, Bridge-linked WHP and Subsea Wells New Small Fields Allowance will apply to seperate accumulations on block Targeting sanction by year-end with first oil in nd March 2012 Page 22

24 Reserves and resources continuing growth Reserves and contingent resources (mmboe) 600 2C contingent resources 550 2P reserves nd March 2012 Page Reserve replacement ratio of 333% Production Additions & Revisions 296 End 2011

25 A clear path to 100,000 boepd Production outlook (bbls/day) 120, ,000 80,000 60,000 40,000 20,000 Development capex (US$ million) Pre-Development Sanctioned Projects On Production nd March 2012 Page 24 At $100/bbl, expect post tax cash flow of ~$2 billion in 2015

26 Exploration update 22 nd March 2012 Page 25

27 Exploration strategy Focus on geologies we know well Rifts or frontal fold belts Target best plays in basins of choice Play master approach Deliver 200 mmboe of 2P reserve additions by end 2014 Invest up to 30% of annual cash flows in exploration Gated process to decision making Geographies Old New Old 1. Premier capabilities and niche strategies Asia 2. Leverage Premier capabilities in new areas Old Themes North Sea MEAP & Exploration New Business Themes New 3. Technology capabilities and resource diversification opportunities 4. Identify long term opportunities for growth and approach to de-risk investment New Old New Geographies 22 nd March 2012 Page 26

28 2011 highlights Exploration drilling Notable discoveries at Burgman in the Catcher area in the UK, and CRD and Chim Sáo North West in Vietnam 12 out of 21 exploration and appraisal wells drilled in 2011 successful Additional successes to date in 2012 with Anoa Deep in Indonesia and K-30 in Pakistan Remain on track to deliver 200 mmboe by end mmboe added to date New ventures 2011 highly successful for new acreage capture in Norway, UK and Kenya With lead and prospect maturation, greater visibility for 2014 and beyond Actual & forecast risked resource additions (mmboe) Actual cumulative plus possible resources Cumulative risked prospective resource additions Risked prospective resource additions Actual proved plus probable additions Unrisked prospective portfolio of >1.5 billion boe (350 mmboe risked) Actual 2010 Actual 2011 Actual nd March 2012 Page 27

29 Recent acquisitions add to overall portfolio value Evaluate Drill Appraise LEADS PROSPECTS MATURE PROSPECTS UNDER APPRAISAL MEAP North Sea Asia Acquire Licence Gate Silver Sillago Peudawa Rayeu Baroosh Moth E. Cornet Moth S. Dino Tupai B Kecil Norfolk CRT B Sedang Sambar Rocket Rapide New York Kakak Tua Bonneville Cougar Acreage acquired in 2011 added >$3bn success case NPV (>$400mm EMV) Anakonda Alur Kacang Luno II Spaniards Typhoon Singa / Kuda Laut Cyclone Drill Decision Gate Lacewing Badhra-6 Parh Net NPV10 $mm K-32 Coaster <10 <100 >100 >250 Matang Badhra South Benteng Biawak Besar Carnaby Stingray Badhra-7 Appraisal Approval Gate Vietnam Block 12W: CS NW Vietnam Block 12W: CS Cau Vietnam Block 087/03 CRD Norway PL378: Grosbeak Norway PL374S: Blabaer UK P1875 Erne Pakistan Kadanwari K-30 Net EMV10 $mm (shown as circle inside NPV) <10 Pre- Development Project Extension Gate >10 >25 >50 22 nd March 2012 Page 28

30 Exploration North Sea Overview Targeted play led exploration Leveraging extensive datasets and geophysical expertise Pushing plays beyond their currently understood limits wider and deeper Future growth from within the portfolio and through new acquisitions and/or licence awards Targeting 7-8 wells in 2012 with combined gross mean prospective resource estimate of >350 mmboe 22 nd March 2012 Page 29

31 Exploration North Sea Pushing the plays wider Premier has the regional database to pursue amplitude supported Tertiary prospects throughout the Central North Sea 3 firm wells to be drilled in 2012 targeting Eocene prospects: Carnaby, Coaster and Cyclone Combined gross prospective resource estimate of mmbo Stingray Cyclone The Stringray prospect is attempting to push the boundaries of the Jurassic play fairway to the North Gross prospective resource estimate of mmbo Eocene ( Lower Tay) amplitude extraction Varadero Carnaby Eocene Turbidite Sand Fairway Catcher East Discovery Coaster Coaster Tay Amplitudes Carnaby Catcher N & E Burgman 2km Coaster Prospect 22 nd March 2012 Page 30

32 Appraisal North Sea Greater Fyne Area Fyne Area entry seeking incremental reserves to reach development threshold Erne and Fyne Appraisal encountered hydrocarbons but limited impact on reserves for Greater Fyne Area East Fyne Reserves insufficient for standalone development Economics of tieback to nearby host FPSOs do not currently meet Premier corporate hurdles Erne Discussions with partners ongoing 22 nd March 2012 Page 31

33 Exploration North Sea Pushing the play wider... Cyclone Cyclone (P1784) (21/7b) Premier 70% equity, block awarded in 2010 Gross prospective resource estimate (on block) mmboe (Tay reservoir) Cyclone Risk assessment: moderate Critical factor: oil column Well planned for Q Cyclone Balder Cyclone amplitude response on far stack data 2km Amplitude extraction Green - oil? Yellow - gas 22 nd March 2012 Page 32

34 Exploration North Sea Pushing the plays wider Norfolk (P1887) (12/16b & 12/17b) Premier 25% equity, block awarded in 26 th Round Norfolk Gross prospective resource estimate (on licence) mmboe Risk assessment: high Critical factor: hydrocarbon charge and quality Prospect maturation ongoing Norfolk Norfolk W E NNW SSE 22 nd March 2012 Page 33

35 Exploration North Sea Pushing the plays deeper Potential exists for deeper underexplored fairways in the North Sea In 2012, Premier will drill two prospects targeting this deeper potential: Lacewing (Triassic target) and Luno II (Jurassic target) Combined gross prospective resource potential of mmbo Additional prospect maturation ongoing for drilling in 2013 and beyond Luno II Lacewing 22 nd March 2012 Page 34

36 Exploration North Sea Pushing the plays deeper... Luno II Luno II (PL 359) Premier equity 30% Greater Luno is a regional high Focus for oil migration Regional top seal drapes the high Jurassic/Triassic reservoirs flank the high and, where fractured, basement is also a reservoir ~2,000 mmboe discovered to date Key play risks Reservoir presence on the margins of the high Lateral seal Luno/Apollo PL 359 Ragnarrock Luno II Prospect Johan Sverdrup 10km BCU Time Map C.I. 100 ms Luno II is on the Southwest margin of the Johan Sverdrup high Mesozoic sand presence interpreted from seismic and local well data Gross prospective resource estimate: 125mmbo (mean) Risk assessment: moderate Critical factor: lateral seal Well planned for Q nd March 2012 Page 35

37 Exploration North Sea Pushing the plays deeper... Lacewing Lacewing (P1181, 23/21 & 23/22b) Gross prospective resource estimate (on block) mmboe Risk assessment: high Critical factor: trap effectiveness and reservoir quality Transfer of 37.3% and operatorship to ConocoPhillips plus partial carry Premier s retained equity in the block will be 20.2% ConocoPhillips considerable HPHT experience Well planned for Q Top Triassic Depth Map 22 nd March 2012 Page 36

38 Exploration Asia Overview Play led approach in the Nam Con Son Basin North West Chim Sáo Appraisal Kuda/Singa Laut wells planned Prospect maturation for 2013 Matang Chim Sáo Anoa Deep, Biawak Besar Kuda/Singa Laut Adding gas reserves Anoa Deep success Biawak Besar planned for late March Matang will spud Q Benteng Pushing the frontiers Benteng expected to spud late March 22 nd March 2012 Page 37

39 Exploration Asia Kuda/Singa Laut... 1H 2013 Kuda/Singa Laut (Tuna Block) Premier 65% equity and Operator Combined Depth Structure Map Faulted dip closed structure up dip from a proven source kitchen to the east Primary reservoir target is Miocene in the Kuda Laut segment and Oligocene in the Singa Laut segment Risk assessment: low (amplitude supported) Kuda Laut -3200m Singa Laut Gross prospective resource estimate: mmbo Well planned for 1H km Kuda Segment Singa Segment Singa Laut Fluid Detection Volume 3D Inversion 22 nd March 2012 Page 38

40 Exploration Asia Anoa Deep success Anoa Deep (Natuna Sea Block A) Premier 28.67% equity and Operator Anoa North Drilled as an exploration tail to the WL-5 development well Encountered ~300 feet of fractured Lama Sandstones Lama formation tested and flowed gas 17 mmscf/d through a 48/64 inch choke Estimated total gas in place of bcf The well will be tied-in to the Anoa facility Significant follow-on potential Similar sized structures are mapped at the Top Lama to the north and east of Anoa Deep Anoa Deep (WL-5X) PTD ft MD (9550 ft TVDss) NW WL SE Anoa Deep Discovery Top Lama Depth C.I.=100 feet 1 Km Top Lama PRIMARY TARGET 2 Km 22 nd March 2012 Page 39

41 Exploration Asia Potential play opener... Benteng Benteng (Buton Block) Premier 30% equity, operated by Japex Gross prospective resource estimate: 77 mmboe (mean) Risk assessment: high Critical factor: trap presence NW Bulu-1 Benteng-1 PTD 3200m MD SE Well planned for late March PTD PRIMARY TARGET 2 Km Buton Block 22 nd March 2012 Page 40

42 Exploration MEAP Entry into offshore Kenya L10A & L10B Potential to extend successful plays to the south into Kenya 2535 km2 of 3D seismic successfully acquired in Q Processing of 3D seismic to be completed by year-end 1030 km of 2D successfully acquired in Q Processing to be completed in Q Preliminary data sets show good quality Test line from the 3D survey 22 nd March 2012 Page 41

43 Exploration drilling Mean gross unrisked Asia Q1 Q2 Q3 Q4 resource (mmboe) Risk Vietnam Block 12W Chim Sáo NW Appraisal ENSCO Low Indonesia Buton Benteng-1 PRA High Natuna Sea Block A Biawak Besar West Callisto 15 Low Block A Aceh Matang 40 Low North Sea Norway PL359 Luno II Bredford Dolphin 125 Moderate UK P1430 Carnaby Sedco Low P1812 Coaster Sedco High P1430 Bonneville Sedco 711 TBC Low P1212/P1771 Stingray Glomar Arctic III 32 Moderate P1784 Cyclone Wilphoenix 35 Moderate P1655 Spaniards Wilphoenix 32 High P1181 Lacewing Maersk Resiliant 70 High Middle East - Africa - Pakistan Pakistan Kadanwari K-32 Weatherford Low Bhit-Badhra Badhra South Deepening-1 38 High Badhra-7 10 High Mauritania Commitment well TBC TBC All well timings are subject to revision for operational reasons Firm Wells: Rig Contracted Firm Wells: Rig TBC Contingent Wells 17 exploration and appraisal wells planned for the remainder of 2012, targeting ~200 mmboe of net unrisked prospective resource Wells to watch in nd March 2012 Page 42

44 2012 New Venture focus North Sea (Rift theme) UK and Norway Licence Rounds Potential adds through acquisition MEAP (Rift & Frontal Fold Belt themes) East Mediterranean and Egypt Pakistan and Iraq Expanding Premier s acreage position in East Africa Asia (Rift & Frontal Fold Belt themes) Andaman Sea East Vietnam Frontier Basins of East Indonesia 22 nd March 2012 Page 43

45 Exploration Key messages... Portfolio of >1.5 billion boe of unrisked potential Wells to watch North Sea: Carnaby, Coaster, Cyclone and Luno II Asia: Anoa Deep, Biawak Besar and Chim Sáo North West appraisal On track to deliver material programme in 2013 and beyond New Venture focus on basins with geologies that we understand 22 nd March 2012 Page 44

46 Summary 22 nd March 2012 Page 45

47 What can you expect from Premier? Already in Solan Anoa Deep EnCore Oil Finance Board approval A new exploration play beneath Anoa Completed acquisition and Cladhan sale Cash/undrawn facilities increased to $1.4 bn Forward plan... Production Developments Exploration Acquisitions Cash flow Rising production to 100,000 boepd Delivery on time, on budget, operated Enhancing portfolio materiality Where we can add value Increasing to $2 bn per annum 22 nd March 2012 Page 46

48 Appendix 22 nd March 2012 Page 47

49 Group taxation position 12 months to 31 Dec 2011 $m 12 months to 31 Dec 2010 $m UK Tax Allowance Position at 31 Dec 2011 $m Overseas Allowances brought forward 1,112 Prior period provisions 72.1 Net additions in 2011 excluding RFES 204 UK RFES changes 44 PRT Tax allowances carried forward* 1,360 CT nil Nil * fully recognised as deferred tax asset Prior period revisions (2.1) (21.3) Current charge Deferred tax credits (177.0) (90.4) Tax credit for the year (29.7) (29.0) 22 nd March 2012 Page 48

50 Other developments Block A Aceh (Vietnam) Caledonia (UK) Project sanction delayed Facilities sharing agreement with Arun not completed (Arun owner is selling the asset) EPCI bid: decision taken to re-tender Caledonia will be a tieback to Balmoral but with gas lift from Britannia Sanction in 2012 with first oil in 2014 New Small Field Allowance expected First gas is now scheduled for mid nd March 2012 Page 49

51 Other developments Bream (Norway) Frøy (Norway) Development plan progressing and the FPSO has been selected FEED is underway on both the FPSO and the subsea scope FPSO contract expected soon Project sanction is planned for Q3 2012, with first oil in 2015 Work on the stand-alone development remains on hold Discussions on joint development are underway with other operators Focus is Frigg Gamma Delta where a new operator has recently taken over First oil for Froy modelled for nd March 2012 Page 50

52 End P reserves and contingent resources North Sea Asia MEAP Total 2P Reserves On production Approved for development Justified for development Total Reserves C Contingent Resources Development pending Un-clarified or on hold Development not currently viable Total Contingent Resources Total Reserves & Contingent Resources These figures do not include prospective resources 22 nd March 2012 Page 51

53 Prospective resource portfolio Unrisked prospective resource portfolio of 1,696 mmboe Unrisked Resource Portfolio Discovered resource under appraisal 33 mmboe Portfolio changes from 2010: Increased lead inventory in Kenya, Norway and the UK Prospect inventory adjusted post 2011 drilling Prospects 510 mmboe Total 1,729 mmboe Leads 1,186 mmboe Risked prospective resource portfolio of 356 mmboe 160 mmboe in prospects 196 mmboe in leads Focus to lead and prospect maturation in 2012 Risked Resource Portfolio Discovered resource under appraisal 17 mmboe Prospects 160 mmboe Total 373 mmboe Leads 196 mmboe 22 nd March 2012 Page 52

54 Recent acquisitions add to overall portfolio volume Evaluate Drill LEADS PROSPECTS MATURE PROSPECTS Appraise UNDER APPRAISAL MEAP North Sea Asia Silver Sillago B Kecil Peudawa Rayeu Baroosh Moth E. Cornet Moth S. Dino Tupai Norfolk CRT B Sedang Sambar Rocket Rapide New York Kakak Tua Bonneville Anakonda Cougar Alur Kacang Luno II Typhoon Spaniards Singa / Kuda Laut Cyclone Drill Decision Gate Lacewing Badhra-6 Parh K-32 Coaster Matang Badhra South Benteng Biawak Besar Carnaby Stingray Badhra-7 Appraisal Approval Gate Vietnam Block 12W: CS NW Norway PL374S: Blabaer UK P077: East Fyne Pre- Development Project Extension Gate Acquire Licence Gate Net Prospect Rec Resource (mmboe) < Risked Acreage acquired in nd March 2012 Page 53

55 Exploration North Sea Carnaby Carnaby (28/9) Premier 35% equity Gross prospective resource estimate mmbo (Tay reservoir) Expected phase oil Gas in shallower Eocene targets (Upper Tay) New 3D seismic data work ongoing Well planned for Q Carnaby Varadero Burgman Catcher E Catcher Main Cromarty Depth Structure Carnaby Prospect Carnaby Eocene ( Lower Tay) amplitude extraction S N Upper Tay Varadero Lower Tay Carnaby Catcher N & E Carnaby Burgman Burgman 22 nd March 2012 Page 54

56 Exploration North Sea Coaster Coaster (28/10a) Rapide Premier 100% equity, TAQA farmed into 50% interest Varadero JU1 Vincent Catcher North Gross prospective resource estimate mmboe (on block) Cougar Carnaby Eocene and Palaeocene reservoirs Catcher Tiger Coaster Risk assessment: high Burgman Critical factor: trap and charge Well due to spud Q Paso JU2 Bonneville Area Rocket 22 nd March 2012 Page 55

57 Exploration North Sea Stingray Stingray (P1212) (15/13b) Premier 50% equity, block awarded in 2004 Gross prospective resource estimate (on block) mmboe Stingray Risk assessment: moderate Critical factor: trap sealing fault to the north cannot be accurately determined Planned spud date Q Stingray Prospect 22 nd March 2012 Page 56

58 Exploration North Sea Spaniards Spaniards (P1655) Premier equity 28% and Operator, adjacent to Scott infrastructure Spaniards West Ryazanian Perth Spaniards Central Galley Spaniards East Galley Gross prospective resource estimate: 14/25a mmbo Risk assessment: high Halibut Horst Critical factor: reservoir development Primary Target: Top Galley Sand Depth Jurassic Galley Sands (oil) Appraising down dip extent of crestal oil discoveries in wells 15/21a-38z and 15/21-2 Well planned for Q nd March 2012 Page 57

59 Exploration Asia Biawak Besar Biawak Besar (Natuna Sea Block A) Premier: 28.67% equity and Operator Gross prospective resource estimate mmboe Risk assessment: low Critical factor: lateral seal presence Potential in a stratigraphic trap down-dip of the Iguana-1 discovery Well planned for Q Top Arang Depth C.I.=100 metres 2000m Iguana Discovery Biawak Besar-1 Biawak Besar PTD 5950 ft MD NW SE Top Lama PTD PRIMARY TARGET Biawak Besar 500m 22 nd March 2012 Page 58

60 Exploration Asia Matang Matang (Block A Aceh) Premier equity 41.67% Gross prospective resource estimate mmboe (whole structure) Matang Risk assessment: low Critical factor: reservoir presence 250 BCF follow on potential in the success case Well planned for Q Matang-1 PTD 3000m MD W E Matang-1 Top N4 Belumai Carbonate C.I.=50 metres 1 Km Top Belumai 500m 22 nd March 2012 Page 59

61 22 nd March 2012 Page 60 March 2012