Dua and Blackbird in Vietnam; Lembu Peteng, Macan Tutul and Lukah in Indonesia Current drilling in India

Transcription

1 2007 AGM Presentation

2 Highlights Operated drilling successes in Indonesia & Vietnam 3 acquisitions adding low cost barrels Real progress in commercial discussions Further definition on development projects across all regions Dua and Blackbird in Vietnam; Lembu Peteng, Macan Tutul and Lukah in Indonesia Current drilling in India 270 bcf net certified gas in North Sumatra Block A Adding 5,000 bopd UK Scott production New opportunities with Middle East JV Signed MOU for gas sales in North Sumatra Significant progress on West Natuna gas Resolution of partner issues on Ratna Initiated sale process for Mauritania 25% increase in reserves and resources Tangible progress towards our medium term target of 50,000 boepd

3 Financial highlights Profit after tax Up 75% to $67.6 million ( $38.6 million) Operating cashflow Up 102% to $244.8 million ( $121.2 million) Operating costs Stable at $6.0 per barrel ( $5.9 per barrel) Balance sheet Net cash of $40.9 million (2005 net debt of $26.2 million)

4 Corporate strategy Corporate Strategy Deliver value through a growth focused independent upstream E&P business Production growth through development projects Focused high impact exploration Pursuit of acquisitions which are complementary to existing assets and knowledge base Medium Term Targets Targeting production growth to 50,000 bopd 4 high impact wells per annum within disciplined spend

5 Share price performance Premier Oil share price performance over 5 years Share price (p) May-02 May-03 May-04 May-05 May-06 May-07

6 Look ahead Progress development sanctions High impact exploration in India and Pakistan Focus exploration efforts on 2008/9; Vietnam, Congo and Norway Complementary acquisitions to existing Businesses

7

8 Resolution 1 Approval of the Report of Directors, the Auditors Report, and the accounts of the Company for the year ended 31 December ,267 43,384, % 8 12, % 5 96,025

9 Resolution 2 Approval of the Directors Remuneration Report for the year ended 31 December ,141 33,464, % 106 5,744, % 42 4,283,719

10 Resolution 3 Election of Professor David Roberts as a Director 1,225 43,451, % 36 31, % 18 9,871

11 Resolution 4 Re-election of Sir David John as a Director 1,213 43,440, % 46 43, % 20 8,974

12 Resolution 5 Re-election of Mr John Orange as a Director 1,201 41,768, % 53 1,151, % ,143

13 Resolution 6 Re-election of Mr Scott Dobbie as a Director 1,202 43,255, % , % 21 8,723

14 Resolution 7 Re-election of Mr Simon Lockett as a Director 1,231 43,279, % , % 18 10,768

15 Resolution 8 Reappointment of Deloitte & Touche LLP as auditors 1,222 36,111, % 42 1,242, % 22 6,138,501

16 Resolution 9 Authorisation for the company to communicate with its shareholders by website, , or other electronic means 1,115 43,392, % , % 59 42,366

17 Resolution 10 Authority to issue a limited number of shares in the Company per s80 Companies Act ,176 43,128, % , % 33 19,749

18 Resolution 11 Authority to allot capital for cash per s95 Companies Act ,157 43,412, % 87 64, % 36 15,630

19 Resolution 12 Authority to purchase own shares 1,205 42,741, % , % 18 70,473

20 18 th May 2007