This presentation provides an executive summary of Premier Oil's performance and outlook:
1. Premier is delivering on its short-term targets of above-budget production and lower costs, while progressing major projects like Solan and Catcher on schedule.
2. The company is focused on debt reduction through strong cash flow from lower-cost production and hedging benefits over the next two years.
3. Premier is advancing its key growth projects of Solan, Catcher and Sea Lion, with first oil from Solan expected by year-end and from Catcher in 2017.
PA Resources reported a net loss of SEK 2.7 billion in Q4 due to impairment charges of SEK 2.1 billion and the termination of an agreement to farm out interests in the Didon and Zarat assets for SEK 826 million. Production averaged 6,500 boepd in Q4, down from previous quarters due to lower output from Tunisia following the failure of an ESP and the unwinding of the EnQuest transaction. The company's equity position fell below 50% of registered share capital, requiring approval from shareholders at an EGM to continue operations or initiate liquidation proceedings.
PA Resources reported production of 6,800 bopd for Q1 2013, down from 7,100 bopd in Q4 2012 due primarily to well issues in the Azurite and Tunisian fields. Revenue was SEK 446 million and EBITDA was SEK 242 million. Net income was SEK 34 million, rebounding from a loss in Q4. Capex was SEK 58 million, focused on West Africa. The company plans to pursue farm-outs to reduce costs and risk while developing existing reserves and resources of 155 mmboe, adding estimated production of 32 mmboe by 2018. Drilling campaigns are ongoing in Block I, Equatorial Guinea and being planned for 12/06 in
PA Resources is focusing on refining its business model for long-term sustainability. In 2013, it strengthened its balance sheet through refinancing, rationalized its portfolio through strategic farm-outs that reduced risk, and established an experienced management team. In 2014, priorities include appraisal and development drilling, submitting development plans, and exploring and applying for new licenses. The goal is to increase stable production and fund projects from cash flow.
Pa resources farm out and review-presentation 29 may_finalPA Resources AB
Philippe Probst and Tomas Hedström have been appointed as the new CEO and CFO of PA Resources respectively. PA Resources has farmed out 70% interest in the Zarat permit and Didon concession in Tunisia to EnQuest PLC. This includes operatorship. The farm-out includes an upfront cash payment of $23 million, $93 million additional payment for Zarat development, and contingent payments up to $133 million. The farm-out reduces PA Resources' reserves and resources but makes development of Zarat possible with EnQuest's capabilities and experience in similar projects. A strategic review of PA Resources' assets and long-term financing has also been initiated by the new management and board.
Premier Oil reported its 2014 half-yearly results. Production increased to 64.9 kboepd, up from guidance of 58-63 kboepd. Operating cash flow was $499 million. Capital expenditure was $506 million, focused on development projects like Solan and exploration. Premier aims to deliver further production and cash flow growth while strengthening its balance sheet through asset sales and refinancing.
- PA Resources reported on its Q3 operations and provided an overview of its plans and financial status.
- Key points include an independent reserves audit that estimated the portfolio NPV at $583 million, planned investments of $460 million over 4 years to develop key assets, and a short-term cash flow forecast that shows liquidity challenges.
- The company is working on a financing plan and received approval to defer $21 million in interest payments until February 2015 to maintain liquidity.
- PA Resources is an international oil and gas company with operations across West Africa, North Africa, and the North Sea.
- Their core areas of production are Equatorial Guinea and Tunisia, producing around 3,200 bopd currently.
- They have near-term developments planned in all three core areas, as well as high impact exploration opportunities including a well planned in Congo in 2015.
- In Q2 2014, production was impacted by gas compressor issues in Equatorial Guinea, while preparation continued for key developments like Diega in Equatorial Guinea and Zarat in Tunisia. Exploration activities also progressed on blocks like Mer Profonde Sud in Congo.
Pa resources agm 2013 presentation 14 may 2013PA Resources AB
PA Resources held its AGM in Stockholm on May 14, 2013. The company reported production and financial results for Q1 2013 and full year 2012. Production was down from previous periods due to limitations in some fields. The recapitalization completed in Q1 strengthened the equity position. The company outlined its business plan and strategy to focus on key assets and growth opportunities in West Africa, North Africa, and Europe. An operational update provided details on reserves, resources, license changes, drilling plans, and progress in fields such as Aseng, Carla South, and the Zarat field in Tunisia.
PAR Resources CEO Mark McAllister presented an overview of the company's Q4 2013 performance and plans for 2014 at the Pareto E&P Conference in London on March 13th, 2014. Key points included:
- The company strengthened its balance sheet in 2013 through equity raises, loans, and reducing risk via strategic farm-outs.
- An experienced management team is now in place to execute the development plan.
- In 2014, PAR plans to progress development projects in Tunisia, Equatorial Guinea, and Denmark, drill exploration/appraisal wells, and evaluate M&A opportunities to grow the portfolio.
Pa Resources Rights issue and bond undertakings 5 june 2013PA Resources AB
1) PA Resources announced a fully underwritten rights issue of SEK 891 million to further strengthen its financial position.
2) They also plan a possible new bond issue of up to SEK 1,000 million, over 50% of which is underwritten by two larger investors.
3) A strategic review of the company's assets, strategy, and long-term financing has also been initiated by the new Board of Directors and management team.
Premier Oil Investor Presentation 2017-FebruaryOILWIRE
Premier Oil Investor Presentation 2017-02-17, 2016 Highlights - High Operating Efficiency, Step Change in Production, Continued Portfolio Upgrading, Cost Reductions, Refinancing in Progress.
This document provides a summary of PAR Resources' performance in the fourth quarter of 2013. It discusses the company strengthening its balance sheet through refinancing and portfolio rationalization including strategic farm-outs in Congo, Denmark, and Tunisia. Operational highlights included resuming production in Tunisia and encouraging results from drilling in Equatorial Guinea. Plans for further appraisal and development were outlined for fields in Tunisia, Denmark, and Equatorial Guinea. Financially, revenue and earnings declined from the previous quarter while the company remained in compliance with debt covenants.
Pa resources q4 2012 presentation_6 february 2013PA Resources AB
PA Resources reported financial results for the fourth quarter of 2012. Key highlights included lower production and oil prices decreasing revenue compared to Q3. EBITDA margin improved to 56.9% due to stable costs. A recapitalization was completed through a set-off issue and rights issue, strengthening the equity by approximately SEK 1.57 billion. The company's strategy going forward focuses on long-term growth through development of existing reserves and reducing risk through farm-out transactions of certain assets.
Tony Durrant presented 2014 Annual Results for the company. Key points included:
- 2014 production was 63.6 kboepd, above guidance and a record. The Solan project in the UK came online.
- The Sea Lion development in the Falkland Islands is being reconfigured to use a leased FPSO for Phase 1a at an estimated cost of $1.8 billion, developing 160 million barrels.
- Operations in Indonesia, Vietnam, and the Falklands continue to generate strong cash flow with low capital requirements. Exploration and appraisal drilling is planned in multiple areas.
- Cost reductions and efficiency improvements have lowered the cost base. Identified expenditure reductions through 2017 could save
- Premier reported strong 2013 annual results with cash flows of $833 million, up from $808 million in 2012. Cash on hand was $449 million.
- Production for 2013 was 57.7 thousand barrels of oil equivalent per day, up from 58.2 thousand in 2012.
- The company expects to sanction the Catcher development in 2014 and for Solan to come online late 2014. Exploration successes included discoveries in Norway, Indonesia and the Falklands.
- Premier will focus investments on highest return projects while maintaining a strong balance sheet and reducing capital exposure to the Sea Lion project.
April Investor RoadShow *Special Oil and Gas* GALILEE ENERGY LIMITEDSymposium
Galilee Energy is an oil and gas company focused on near-term cash flow projects. They have projects in Texas, Kansas, and Chile that are expected to deliver material cash flows in the coming months. Their primary project is in Lavaca County, Texas where recent drilling success at their Hoffer B1 well encountered multiple hydrocarbon zones and will undergo production testing. If successful, Hoffer B1 could lead to multi-well development and transformational cash flows for the company given the large surrounding prospect area. Galilee also has projects in Southern Kansas and a coal seam gas exploration agreement in Chile with state oil company ENAP that represents significant potential.
2014 Enbridge Day - Gas Pipelines and ProcessingEnbridge Inc.
The document discusses opportunities for growth in Enbridge's Gas Pipelines & Processing business. It notes that significant investment will be required over the next 15 years to develop North American gas infrastructure as production increases. Enbridge's assets are well-positioned to capture opportunities from growing gas and liquids production in regions like the Western Canada Sedimentary Basin and U.S. shale plays. The company plans to pursue both expansions of existing assets and new greenfield projects to maximize profits and leverage its operational strengths.
Falkland Oil and Gas Limited is solely focused on oil and gas exploration in the Falkland Islands. It holds the largest exploration license portfolio and is the only company operating in both the North and South basins. It has an active drilling program planned to start in Q1 2015, with a rig contracted to drill 5 wells. The program is fully funded and targets high-impact opportunities in the South and East Falkland basins as well as lower risk prospects in the North Falkland basin.
Gassco - Future Gas Export from the Norwegian Continental Shelf - Thor Otto L...Innovation Norway
This document discusses future gas export from Norway's continental shelf and provides context on the Norwegian gas transportation system. It notes that while production from existing fields is expected to decline after 2020, new discoveries have been made that could extend gas resources. However, developing these new resources located further north will require new gas transportation infrastructure due to the long distances from existing infrastructure. Norway has started evaluating potential transportation solutions through the Barents Sea Gas Infrastructure Forum to enable monetization of gas resources in the Barents Sea.
Exile Resources June 2010 Investor PresentationPENTA
The corporate presentation provides an overview of Exile Resources Inc., an oil and gas exploration and production company focused on Africa. It summarizes their existing project in Nigeria called Akepo, which has tested oil zones and is targeting first oil in summer 2010. It also discusses their exploration license in Zambia and plans to acquire additional projects in Nigeria and other parts of West Africa. Key milestones for 2009/10 include bringing Akepo online, reviewing opportunities for business development, and pursuing financing to fund growth.
- Total revenue for the company increased 10% to $3.8 billion in the first half of 2014, while EBITA remained constant at $244 million. Production services led by US shale operations saw strong growth and revenue increases of 22%, however turbine activities saw a 20% decline in revenue.
- Overall, the company anticipates EBITA growth for the full year 2014 compared to 2013, led by continued growth in production services, although turbine activities and engineering are expected to see lower contributions compared to the previous year.
Eni achieved several milestones in its transformation including selling a 12.5% stake in Saipem for €5.1 billion, reducing total net debt. Production increased 9% in the first 9 months of 2015 compared to the same period in 2014, with over 1.2 billion barrels of oil equivalent discovered. The downstream segment achieved positive cash flow. Exploration and production saw higher production and discovered volumes while refining and marketing and chemicals both achieved positive earnings. Cash flow from operations covered 55% of capital expenditures.
Noble Energy's strategy focuses on developing premier basins in the U.S. and globally through operational excellence and financial strength. The company has a diversified portfolio of high-quality, low-cost assets producing oil and natural gas. Noble Energy aims to align capital and costs with market conditions while maintaining investment flexibility and strong financial liquidity. Key goals for 2016 include protecting the balance sheet, maintaining production of 390 MBoe/d with a $1.5 billion capital program, and leveraging benefits of its well-positioned portfolio.
Premier Oil Annual Result 2016 Press ReleaseOILWIRE
Premier Oil achieved record production of 71.4 kboepd in 2016, driven by contributions from its recently acquired E.ON UK upstream portfolio and the Solan field. The E.ON assets outperformed expectations, contributing 17.1 kboepd. Production from Solan was lower than anticipated due to poor reservoir performance. Premier's UK production doubled to 33.0 kboepd. The Catcher project remains on schedule for first oil in 2017 and its total capex has been reduced by 29% to $1.6 billion. The development concept for the Tolmount gas project was selected, which is expected to provide Premier's next phase of growth.
Eni: second quarter and first half of 2016 resultsEni
Claudio Descalzi, Eni’s Chief Executive Officer, commented:
“Eni has achieved significant results in the first half of 2016, despite the weak but slowly improving market environment. Hydrocarbon production beat expectations, offsetting the suspension of activity in Val d’Agri and the disruptions in Nigeria. Our main developments are proceeding on time and on budget, allowing us to confirm our expected production growth of more than 5% in 2017. Our exploration, which is focused on near field activity, has allowed us to revise upwards our expectations for new discoveries in just six months. In mid and downstream, we have achieved positive results across all of our operations due to restructuring and efficiency measures which will continue as planned. Our strategy, including the optimization initiatives and a reduced cost base, has allowed us to absorb part of the impact of a low oil price scenario with a positive contribution of €1 billion to EBIT. We are maintaining our strong balance sheet, funding capex with our cash flow at a Brent price of 50$/bl. On this basis I will propose an interim dividend of €0.40 per share to the Board.”
This document provides an overview and update on First Quantum Minerals' actions and developments amid volatile market conditions. It summarizes their action plan to operate safe and efficient facilities, strengthen their balance sheet, ensure profitability and cash flow, and limit cash outflows. It outlines specific actions they have taken in the past year to reduce costs and debt, including job cuts, lowering salaries, reducing capital spending and dividends, and selling assets. It also provides status updates on their projects in development like Cobre Panama and Sentinel and operational sites in Zambia.
150825 2015 half year results 2 pp-1a82e52f-ff49-4a17-9cc5-e5f333a6d5a5-0absmartkarma
Oil Search Limited reported its 2015 Half Year Results. Key highlights included record half year production of 14.3 mmboe, nearly triple the production in 1H14. Net profit was up 49% to US$227.5 million due to the full period of LNG and condensate sales from the PNG LNG Project. The interim dividend was tripled to 6 US cents per share and the company maintained its full year production guidance despite lower oil prices.
Aker BP Fourth Quarter Financial Results Q4 2016 - PresentationOILWIRE
Aker BP ASA reported total income of USD 656 (255) million in the fourth quarter of 2016. Production in the period was 126.5 (54.0) thousand barrels of oil equivalent per day (“mboepd”), realising an average oil price of USD 52 (45) per barrel and a gas price of USD 0.19 (0.22) per standard cubic metre (scm).
State of the Canadian Oilfield Services Industry and 2015 Outlook WebinarMNP LLP
This presentation was part of an online webinar targeted toward Oilfield Services (OFS) businesses. It gives a clear picture of the current state of the OFS industry as well as a forecast for the future, including strategies for taking advantage of forthcoming opportunities and potential challenges OFS operators may face. It also provides an overview of MNP LLP's Oilfield Services team and the assistance we can provide.
Nemaska Lithium Corporate Presentation Jan 04 2016 FINALVictor Cantore
Nemaska Lithium is developing a lithium project in Quebec, Canada to capitalize on growing demand for lithium. Key points:
- Lithium demand is expected to outstrip supply by 2021 due to growth in lithium-ion batteries. Nemaska's project would help address this shortage.
- Nemaska has a large, high-grade lithium deposit and plans to produce lithium hydroxide and carbonate using a proprietary process. Production costs are expected to be competitive.
- A feasibility study showed strong economics for the project, with an after-tax IRR of 21% and NPV of $412 million using an 8% discount rate.
-
The document summarizes a proposed recapitalization plan by PA Resources to strengthen its balance sheet through a two-step transaction. The plan involves a set-off issue that converts convertible bonds into shares, and a fully underwritten rights issue to raise approximately SEK 700 million. The recapitalization aims to increase PA Resources' ability to develop assets, complete divestments, and repay debt. If approved, the strengthened balance sheet combined with operating cash flow and new debt financing would enable maintenance investments and planned debt amortization in 2013.
Dangote Sugar Refinery Plc reported its unaudited results for the six months ended June 30, 2015. Key highlights included a 3% increase in group revenue to ₦51.1 billion due to higher sales volumes and prices. Gross profit declined 2% to ₦12.7 billion due to higher energy costs from using more expensive LPFO instead of natural gas. EBITDA was ₦11.3 billion, down slightly, and profit after tax decreased 8% to ₦6.3 billion. The company continued to progress its expansion plans, redeveloping 1,500 additional hectares of land at Savannah Sugar and commencing site evaluations and design work for new sugar projects
Total delivered strong results in 2018, with production growth of 8% and adjusted net income of $13.6 billion. The company consistently delivered on its objectives, including capital discipline with investment of $15.6 billion. Total is well positioned for future growth, with major projects set to increase production by over 9% in 2019 and a portfolio of high return projects that can deliver over 700 kboe/d of new production by 2020. The company will continue to focus on cash flow growth, cost reductions, and returning cash to shareholders.
The update provides details on workovers and interventions at Ezzaouia to increase production above 800 bopd, positive initial results from a gas cycling program at El Bibane to stop water production and a workover at Robbana that successfully produced from an upper zone but further assessment is needed of a lower thicker oil zone.
Snam's 2016-2020 strategy document outlines plans to strengthen its leadership in the European gas market through three strategic pillars: 1) executing solid investment plans for its existing portfolio; 2) pursuing additional growth opportunities; and 3) maintaining stable and visible regulation. The document also details Italgas' strategic pillars following its demerger from Snam, which include driving consolidation in the Italian market through participation in distribution tenders and pursuing organic growth.
Capital Power April Investor PresentationCapital Power
Capital Power is an independent power producer with over 3,100 MW of generation capacity across Canada and the US. They have a well-positioned fleet mix including gas, wind and coal assets. Capital Power has a proven track record of operational excellence with high plant availability. They also have a strong financial position and investment grade credit ratings. Capital Power is well positioned to deliver consistent dividend growth going forward as they expand their contracted cash flows.
Presentation given at CLSA investors' forum in Hong KongSantos Ltd
This document provides a summary of Santos' 2014 CLSA Investors' Forum presentation. Some key points:
- Santos is Australia's leading domestic gas producer and a top-25 ASX listed company, with production of 140,000 boe/d.
- Three major projects were delivered successfully in 2014 - PNG LNG ahead of schedule, Peluang in Indonesia ahead of schedule, and Dua in Vietnam on schedule. The GLNG project in Australia is over 85% complete and on track to start up in 2015.
- Strong Asian demand is expected to drive significant growth in LNG demand and provide opportunities for new supply projects like Santos' GLNG.
- Santos' dividend was increased
Tullow Oil Plc - 2016 Annual Report and AccountsOILWIRE
Exploration remains fundamental to Tullow's growth strategy. Lower industry costs, carries for our share of costs by JV partners and appropriate equity interests enable us to maximise a constrained budget and maintain a meaningful exploration and appraisal programme.
In 2017, Tullow plans to drill the exciting Araku prospect offshore Suriname and conduct seismic campaigns in Mauritania, Kenya, Ghana, Jamaica, Uruguay and Guyana.
BG Group is a high growth exploration and production (E&P) and liquefied natural gas (LNG) company that is experiencing strong growth in E&P and LNG volumes. Capital expenditures are expected to fall from $11.2 billion in 2013 to $8-10 billion for 2015-2016. BG Group is actively managing its portfolio to deliver value through investments in further growth and returning excess cash to shareholders.
Presentation Clayton Valley, NevadaFrom Drilling to PEA in under 2 YearsCompany Spotlight
The document summarizes Cypress Development Corp's Clayton Valley lithium project in Nevada. Key points include:
- A Preliminary Economic Assessment shows promising economics including a 32.7% IRR and $1.45 billion NPV.
- Measured and indicated resources total 8.9 million tonnes LCE with additional inferred resources.
- The project has the potential for low-cost production due to favorable geology and metallurgy.
- Upcoming catalysts in 2019 include a metallurgical study and prefeasibility study to further de-risk the project.
Aben Resources has made a new high-grade gold discovery at its flagship Forrest Kerr project in BC's Golden Triangle region. The region is known for major gold deposits and saw $100 million in exploration spending in 2017. Recent improvements have made the Forrest Kerr project more accessible via new roads. Aben's technical team has reinterpreted historical data and identified additional exploration targets. The project covers over 23,000 hectares of prospective geology along the Forrest Kerr fault zone that is similar to other major deposits in the Golden Triangle.
Aben Resources has discovered high-grade gold zones at its Forrest Kerr project in British Columbia's Golden Triangle. The first hole of the 2018 drill program intersected four separate high-grade gold zones within 190 metres, including 331.0 g/t Au over 1.0 metre. Aben plans to expand drilling at the Boundary North Zone and test other gold anomalies identified through soil sampling. The company also holds the Justin project in Yukon and Chico project in Saskatchewan near recent discoveries.
Cypress Development Corp. owns lithium claims in Clayton Valley, Nevada near Albemarle's Silver Peak lithium mine. A preliminary economic assessment found the project could have a 32.7% IRR and $1.45 billion NPV. The project would extract lithium from claystone using leaching and have average annual production of 24,042 tonnes of lithium carbonate over 40 years. Capital costs are estimated at $482 million to build a 15,000 tonne per day operation.
The document discusses Aben Resources Ltd., a gold exploration company with projects in British Columbia's Golden Triangle region and other areas of Western Canada. It provides an overview of Aben's management team and directors, flagship Forrest Kerr project, recent drilling results showing new high-grade gold discoveries, and its strategy to advance exploration through 2018. The document also briefly outlines Aben's other projects including the Chico gold project in Saskatchewan and Justin gold project in Yukon.
Cypress Development Corp. owns the Clayton Valley lithium project in Nevada. Drilling in 2017 intersected lithium-bearing claystone averaging 921 ppm Li over 77 meters thick. A maiden resource estimate calculated 3.287 million tonnes of lithium carbonate equivalent in the indicated category and 2.916 million tonnes LCE in inferred. Metallurgical tests show the claystone is acid leachable and able to recover over 80% of the lithium. Cypress plans additional drilling, engineering studies, and permitting to advance the project towards production.
- Aben Resources has three highly prospective gold projects in Western Canada including its flagship Forrest Kerr Project in BC's Golden Triangle region, which had recent drilling success expanding the Boundary North Zone.
- Management has over 100 years of combined experience in Western Canada and a proven track record of success.
- The projects have significant historic work identifying high-grade gold and robust discovery potential remains.
Cypress Development Corp. owns the Clayton Valley lithium project in Nevada. Drilling in 2017 intersected lithium-bearing claystone averaging 921 ppm Li over 77 meters. A maiden resource estimate classified over 1.3 million tonnes of lithium carbonate equivalent as indicated and inferred. Metallurgical testing shows the claystone is leachable with over 80% lithium recovery. Cypress aims to advance the project with engineering studies and further drilling to define resources with the goal of becoming a domestic lithium producer for the growing battery market.
The document provides forward-looking statements and discusses risks associated with such statements. It notes that some statements may be deemed forward-looking and lists factors that could cause actual results to differ from forward-looking statements. The document also identifies the qualified person for the technical information as Cornell McDowell and provides Aben's trading symbols and recent share information.
The document provides an overview of Aben Resources Ltd., a mineral exploration company with gold projects in Western Canada. It summarizes Aben's three key projects - Forrest Kerr in BC's Golden Triangle region with recent drill results discovering the Boundary Zone, Chico in Saskatchewan near producing mines, and Justin in Yukon's White Gold district. It outlines the management team's expertise and provides company details like shares outstanding and trading symbols.
- Cypress Development Corp owns the Clayton Valley lithium project in Nevada located near Albemarle's Silver Peak lithium brine operation.
- Drilling in 2017 encountered lithium mineralization averaging 921 ppm Li over 77 meters in 14 holes drilled.
- Metallurgical tests show the claystone is acid leachable with over 80% lithium extraction possible.
- Cypress aims to define a resource estimate in 2018 and advance the project with feasibility studies to develop a lithium operation.
The document discusses forward-looking statements and provides disclaimers about them. It introduces the qualified person for the technical information presented. It also lists Aben's trading symbols and recent share information including price and market capitalization.
1) Cypress Development Corp owns the Clayton Valley lithium project located next to Albemarle's Silver Peak mine in Nevada. Drilling in 2017 intersected lithium-bearing claystone averaging over 900 ppm Li to a depth of over 100 meters.
2) A maiden resource estimate classified over 1.5 million tonnes of lithium carbonate equivalent as indicated and inferred. Metallurgical testing shows the claystone is acid leachable to extract over 80% of the lithium.
3) The project is located in a strategic location to supply the growing lithium-ion battery market in the US, with lithium demand accelerating due to the increased production of electric vehicles globally.
TerraX Minerals is a Canadian mineral exploration company focused on exploring and developing its 100% owned 772 square km Yellowknife City Gold project located adjacent to the city of Yellowknife, Northwest Territories. The project covers high-grade Archean gold districts and has had multiple high-grade gold discoveries. TerraX has a strong management team with experience discovering and developing gold deposits and low exploration costs due to the project's excellent infrastructure and year-round access near Yellowknife.
This document discusses forward-looking statements and provides information about Aben Resources Ltd., including its stock symbols, shares outstanding, recent share price, market capitalization, and three gold exploration projects in Western Canada. It summarizes the management team's experience and the company's investment highlights. Specifically, it owns the Forrest Kerr gold project in British Columbia's Golden Triangle region, which saw successful drilling results in 2017 that led to a new discovery called the North Boundary zone.
Cypress Development Corp owns lithium claystone deposits in Clayton Valley, Nevada near Albemarle's Silver Peak lithium mine. Drilling in 2017 encountered lithium mineralization averaging 921 ppm Li over 77 meters in 14 holes. Metallurgical tests show the claystone is acid leachable with up to 80% lithium extraction. Cypress plans additional drilling, process engineering, and a preliminary economic assessment in 2018 to advance the project. The company sees potential for the project given growing lithium demand from electric vehicles and batteries.
TerraX Minerals is a Canadian mineral exploration company focused on exploring its 100% owned 772 square km Yellowknife City Gold project located near Yellowknife, Northwest Territories. The project covers high-grade Archean gold districts with known deposits and past producers. TerraX has made multiple high-grade gold discoveries on the property and identified several high-priority targets for further exploration and drilling. The company has a strong management team with experience discovering and developing deposits in the region.
Cypress Development Corp owns lithium claystone deposits in Clayton Valley, Nevada that have the potential to be a significant lithium resource. Drilling in 2017 encountered mineralization averaging 921 ppm lithium over 77 meters thick in 14 drill holes. Metallurgical testing shows the claystone is acid leachable with up to 80% lithium extraction. Cypress plans additional drilling, metallurgical testing, and a preliminary economic assessment in 2018 to further define the resource potential.
Cypress Development Corp owns lithium claystone deposits in Clayton Valley, Nevada near Albemarle's Silver Peak lithium mine. Drilling in 2017 encountered mineralization averaging 921 ppm lithium over 77 meters thick in 14 drill holes. Metallurgical tests show the claystone is acid leachable with up to 80% lithium extraction. Cypress plans additional drilling, metallurgical testing, and a preliminary economic assessment in 2018 to evaluate the project's potential.
Cypress Development Corp is exploring for lithium resources in Clayton Valley, Nevada. Recent drilling has encountered lithium-bearing claystone up to 112 meters below surface, with grades averaging over 800 ppm lithium. Metallurgical testing indicates 80% of the lithium can be extracted using a weak sulfuric acid solution. Cypress plans additional drilling in 2018 and expects to publish a initial lithium resource estimate in Q1 2018 to advance the project towards a preliminary economic assessment. The project is located near existing lithium production and infrastructure to be a potential new supply of lithium for the growing battery market.
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.
November2015 | P1
4. Delivering our short term targets
Above budget and guidance year-to-date driven by 90%
operating efficiency
Strong operating cash
flow
Production of
57.5 kboepd
Opex per barrel
reduction
Net debt stable
Covenant flexibility
Solan and Catcher
milestones achieved
Resource additions
Increased cash flows: strong production, lower costs and
hedging benefits (which continue for rest of 2015 and 2016)
Further cost savings identified; $16/boe opex expected for
FY2015
Net debt of $2.3 billion, despite ongoing investments in Solan
and Catcher
Renegotiated terms; covenant headroom >$700m for FY2015
On track for first oil before the year end from Solan and 2017
from Catcher
Discoveries atZebedee and Isobel Deep; resource additions at
Anoa
Refocusing the
portfolio
Asset disposals (Norway subsidiary andAceh in Indonesia); Low
cost acreage additions in Brazil and Mexico
November 2015 | P3
5. Cash generation in a low oil price environment
November 2015 | P4
• Growing production profile
– Intense focus on execution
– Reducing level of spend
2.
• Robust, low cost production
generates good cash flow
1.
• Free cash flow will be
directed at debt reduction
3.
20
19
17
14
16
0
5
10
15
20
2013 2014 2015
budget
2015 1H 2015
forecast
Opex ($/boe)
Committed capex $m
0
200
400
600
800
1000
1200
2015F 2016 2017 2018
Exploration
P&D Capex
6. Favourable financing structure
November 2015 | P5
• Liquidity
– $1.2bn cash & undrawn facilities (end
October 2015)
– No significant debt maturities until 2019
2.
• Corporate unsecured structure
– No reserve base redeterminations
– Average debt cost 2015 ytd: 3.5%
1.
• Increased financial flexibility
– Covenants amended
– Strong support from banks &
bondholders
3.
Net debt/ EBITDAX
Old covenants
Amended covenants
0
1
2
3
4
5
2015
1H
2015
FY
2016
1H
2016
FY
2017
1H
2017
FY
307 362
1,238
558
0
200
400
600
800
1000
1200
1400
2015 2016 2017 2018 2019 2020-
2024
Drawn debt maturities ($m)
8. Pakistan (10.3 kboepd)
• Well-established gas
producing fields
• Generates positive, stable
cash flows
• Formal sales process
ongoing
0
5
10
15
20
2014 2015 ytd
2015 ytd – strong production
November 2015 | P7
Indonesia (13.8 kboepd)
• Singapore demand above
take or pay
• GSA1 share 42.8%; above
contractual share of 39.9%
• Pelikan on-stream
0
5
10
15
20
2014 2015 ytd
Vietnam (17.0 kboepd)
• High operating efficiency
following summer
shutdown
• Better than predicted
reservoir performance
0
5
10
15
20
2014 2015 ytd
Group
• High operating
efficiency
• Higher liquids
production
0
10
20
30
40
50
60
70
2014 2015 ytd
FY guidance
2015 ytd
average:
57.5 kboepd
North Sea (16.4 kboepd)
• Unrestricted production
from Huntington since April
• Steady production from rest
of UK portfolio
0
5
10
15
20
25
2014 2015 ytd
OE
84%
OE
90%
OE
72%
Production (kboepd)Production (kboepd)
Production (kboepd)Production (kboepd)
OE
87%
OE
84%
OE
86%
OE
94%
OE
92%
OE
96%
OE
95%
9. UK – underlying growth
2015 ytd
• Averaged 16.4 kboepd
• Improved operating efficiency
• Opex $30.2/bbl, down 20% (FY 2014:
$37.75/bbl)
– Sale of high cost Scott area
– Active cost management and
G&A cuts
• Sanctioned projects will see Premier’s
UK production rise to c. 50 kboepd
• $3.3 bn of UK tax losses and allowances
Catcher
Balmoral AreaSolan
Wytch Farm
Kyle Huntington
87%
operating
efficiency
Key projects Equity
interest
First
oil/gas
Operator Reserves
YE14 (gross)
Balmoral Area c. 80% Various Premier 7 mmboe
Catcher 50% 2017 Premier 96 mmboe
Huntington 40% 2013 E.On 16 mmboe
Kyle 40% 2001 CNR 5 mmboe
Solan 100% 2015 Premier 44 mmboe
Wytch Farm 30% 1979 Perenco 47 mmboe
November 2015 | P8
10. Indonesia – strategically positioned
2015 ytd highlights
•Singapore demand
aboveToP
•42.8% of GSA1 vs
39.9% contractual
share
•Pelikan on-stream
•Block A Aceh sale
completed
Outlook
•Steady Singapore gas
demand but
increasing market
share for GSA1
•Portfolio of growth
opportunities
GSA2
Domestic Gas Swap
GSA1
November 2015 | P9
42.8%
share of
GSA1
Growing
domestic
market
11. Vietnam – high performing cash generator
November 2015 | P10
2015 ytd highlights
• 17 kboepd, reflecting continued
outperformance
• Better than predicted reservoir
performance
• Significantly reduced opex at
c.$12/boe
• 5% premium to Brent for crude
Outlook
• No committed capex
• Incremental growth opportunities
0
5
10
15
2017 2018 2019 2020 2021 2022 2023
Incremental production
86%
operating
efficiency
13. Development – sustained growth
Catcher (50% op.)
• 96 mmboe
• ~50 kbopd at peak
• $1.6bn capex pre-first oil
• Reservoir upside
Solan (100% op.)
• >40 mmbbls
• First oil stillQ4 2015
• $1.76bn capex spent to
endOct 2015
BIGP
(28.7% op.)
• Backfill our existing
contracts
• Q4 2016 investment
decision
Sea Lion Phase 1a
(60% op.)
• c. 160 mmbbls
• ~60 kbopd
• $1.8bn capex pre-first oil
• 2016 FEED decision
Increasing
deliverability
November 2015 | P12
Monetising
high value
UK tax pool
Progressing
phased,
lower capex
solution
Monetising
high value
UK tax pool
14. Solan – first oil Q4 2015
Long term vision
• Reserves upside potential
• Infill drilling opportunities; near field
exploration
• Nearby accumulations; potential 3rd party
business over Solan hub facility
• Consider farm down of equity post first oil
Cash
generative
$26/bbl opex
(LOF)
No tax
25,000
20,000
15,000
10,000
5,000
0
2020
Solan oil production rate (stb/d)
November 2015 | P13
Potential ullage?
2015 ytd highlights
• P1/W2 tied in; P2 suspended,
W2 underway
• Improved offshore
productivity
• Removed partner funding
concerns
• Reduced balance sheet
exposure (Flowstream)
• Cash spend at as 31 Oct
$1.76m
Peak
production
25,000
bopd
15. Solan – facilities update
2015 1H Sep - Oct Nov - Dec
Siem Spearfish
60 men; 180-280 hrs/day
Regalia flotel
135-150 men; 600-800 hrs/day
Superior flotel
200-240 men; 1,000 hrs/day
Habitation
20 men; 100-120 hrs/day
Complete construction
works; commissioning of
accommodation
Commissioning of
safety, accommodation,
& production systems,
power generation &
utilities
Tanker
Offloading trials
Jul - Aug
Bibby DSV
SOST &
P1/W1 tied in
Ocean Valiant
P2 suspended; sidetrack Q2 2016
Victory
250 men; 800-1,000 hrs/day
Completion of over-side
work & commissioning of
emergency power systems
Bibby DSV
Complete commissioning
of subsea infrastructure
o
Ocean Valiant
W2 spudded
Commissioning of
production systems
Commissioning of
production systems
First oil
November 2015 | P14
16. November 2015| P15
Catcher area
Reservoir
upside
Near field tie-backs
Exploration
upside
No tax
Catcher
5P, 2I
Varadero
4P, 3I
Burgman
5P, 3I
17. Catcher – subsea
• 2 templates installed
(Catcher 1 & Burgman 1)
• PLEM installed
• 60 km gas export
pipeline lay completed
• Fabrication of remaining
templates completed
• Fabrication of towheads
well-advanced
• First steel cut on mid-
water arches
• Fabrication of bundles
underway
• Fabrication of risers and
jumpers to commence in
2016
November 2015 | P16
18. Catcher - execution phase progressing
November 2015 | P17
Formal
concept select
FPSO HUC
DECC
approval
2013 201620152014 2017
Exploration
FPSO and SURF
fabrication
commenced
SURF
installation
Development
drilling
FPSO
• Turret and mooring system
progressing
• Hull fabrication on-going in
Japan and Korea
• Topsides fabrication
underway in ProFab,
Dynamac and Asia
Offshore yards
Drilling
• Ensco 100 rig on hire since July
• Batch drilling of first 4 wells
completed
• CTI1 water injection well
complete; good reservoir
results
• CCI2 water injection well being
completed
• Operations on schedule and
within budget
96mmboe
$1.6bn (gross
budget to first oil)
Peak production
c.50 kbopd First
oil
CTI1
Buoy and
moorings
installation
19. De-risking the Sea Lion development
November 2015 | P18
• Phase 1a reservoir is fully appraised, subsurface
plan is robust
• FPSO and SURF is well understood, conceptual
design is now mature
• Key project execution contractors selected
ahead of FEED
• Financing plans progressing well
• Upside in the area has increased and become
better defined
• Stakeholder discussions continuing
20. Phase 1a facilities
Subsea drill centre
FPSOShuttle tanker
8 well
production
manifold
5 well
water injection
manifold
Flowline to
gas well
Nov 2014 capex
Pre-sanction capex $0.1bn
Surf & installation $0.7bn
Project management $0.4bn
Pre-first oil drillex $0.6bn
$1.8bn
Potential
for cost
reductions
November 2015 | P19
3Km
Phase 1a
(160 mmbbls)
Phase 1b
Phase 2
22. Exploration – re-shaping the portfolio
Balance of wells targeting Mature verses Emerging plays
2012 2015
North Sea and SE Asia
Falklands, Brazil and Mexico 110
Growth in
emerging basins
with material
opportunities
Rationalisation
in
mature areas
• Focusing on under-explored, emerging
plays in proven hydrocarbon provinces
– Entry into Brazil and follow-on
farm in to Block 661, Ceará Basin
– Successful entry into Mexico
with award of Blocks 2 & 7
• Minimising up-front capex
commitments
• Current industry conditions favour low
cost acreage acquisition
• Exiting acreage in traditional, more
mature areas (save for near-field
exploration)
– Significant disposal proceeds
and reduced well commitments
– Improved materiality of
discoveries
• Net unrisked prospective resource of
>1 bn boe
100%
Emerging
100%
Mature
2015 well
campaign
2012 well
campaign
1751
November 2015 | P21
23. 2015 North Falklands Basin campaign
2015 ytd highlights
• Zebedee oil & gas discovery (36% op interest)
– adds c. 50 mmbbls to Phase 2
• Isobel Deep oil discovery (36% op interest)
– de-risks the Isobel/Elaine fan complex (un-
risked Pmean resource of 400 mmbbls)
– opens up potential Phase 3 development
Two
discoveries
from two
wells
2015 /2016 look ahead
• Isobel Deep (36% op interest), well to spudQ4 2015
– Partners agreed to performing more drilling at
Isobel Deep, ahead of Jayne East
• Chatham (40% op interest), well to spudQ1 2016
– would add resource to Phase 1b
Chatham
Pmean
47 mmbbls
50
mmbls
Zebedee
Southern
exploration
leads
Phase 2
prospects
PL032
prospects
Jayne
East
Pmean
39mmbbls
Isobel /
Elaine
Pmean
400 mmbbls
November 2015 | P22
Beyond 2016
• Additional exploration/appraisal prospects
identified for drilling in 2017/2018
24. Falklands: Isobel Deep Re-Drill
Full stack amplitude at F3G horizon • Further drilling at Isobel / Elaine complex to confirm
significant resource potential of southern F3 fan system
(unrisked Pmean 400 mmbbls)
• Chatham exploration well follows, also appraises the
expected gas cap in the west of the Sea Lion field
•
North
Falkland
Graben
Isobel / Elaine
Re-drill Isobel Deep
Jayne East
Zebedee
Jayne East
Isobel Deep
Isobel / Elaine
November 2015 | P23
10Km
25. Brazil Ceará Basin – expanding acreage footprint
Pecem discovery
• Flowed light oil
to surface when
tested in 2014
• De-risks key
play elements
Outline of new
3D survey being
acquired 2H15
Cretaceous sand
channel systems
Brazil Focus Basin
• Strong analogies with West
African Tano basin
discoveries
• Proven light oil petroleum
system
• Multiple play types
• Attracted supermajors to
make significant operational
commitments
Opportunity
• Position in 3 Licences
provides dominant position
in basin
• 3 wells drilling late 2017/18
• Premier coordinating rig-
share
• 3D seismic survey 50%
complete
Mean gross
unrisked
resource
> 2 bn bbls
November 2015 | P24
26. Mexico – low cost entry
Strong
partnership
Proven but
under-explored
hydrocarbon basin
Low cost
entry
November 2015 | P25
Block 2
• Primary target – 100 mmbbls
• 3 follow on prospects of c. 80-100 mmbbls each
Block 7
• Primary target – 130 mmbbls
• 4 follow on prospects of
c. 40-150 mmbbls each
Block 2
Salt stock
Closure
Miocene Depth Structure Map – Poblano Prospect
Low cost entry to high quality
acreage
• Awarded 10% in Blocks 2 & 7,
shallow water Sureste Basin
• Option to increase interest to
25% prior to drilling
• Numerous leads in established
and emerging plays
• Fully carried to first well on each
block
27. 2015/2016 exploration drilling schedule
November 2015 | P26
All well timings are subject to revision for operational reasons
29. Strong cash flows in 2015 1H
6 months
to 30 June
2015
6 months
to 30 June
2014
Working Interest production (kboepd) 60.4 64.9
Entitlement production (kboepd) 55.7 59.7
Realised oil price (US$/bbl) - post hedge 83.7 107.9
Realised gas price (US$/mcf) - post hedge 7.2 9.1
$m $m
Cash flow from operations 570 609
Taxation (57) (110)
Operating cash flow 513 499
Capital expenditure (518) (506)
Disposals 83 -
Finance and other charges, net (49) (49)
Dividends - (44)
Share buy back - (33)
Net cash in (out) flow 29 (236)
Capital expenditure ($m)
Comprises $49m from the BlockAAceh sale
and ~$34m positive adjustment from Scott
area disposal
Liquids hedging
1H 2015 2H 2015 2016
Barrels
hedged
2.7 m 2.85 m 3.65 m
Average price
($/bbl)
$103 $92 $68
2015 1H FY 2015 E
Exploration $115 $240
Development $403 $900
Total $518 $1,140
November2015 | P28
30. 0
500
1000
1500
2014 2015F 2016 2017 2018
Committed capex ($m)
Exploration
P&D Capex
Significantly reduced costs
November 2015 | P29
30% reduction in opex
• Sale of Scott area
• Renegotiation of contracts
• Operating efficiencies
• Lower insurance & fuel costs
• Reduced headcount
• Contractor rate cuts
0
100
200
300
400
500
FY 2014 (actual) 2015 initial
budget (Oct 14)
2015 final
budget (Feb 15)
2015 forecast
(Aug 15)
Opex ($m)
0
50
100
150
200
250
300
350
FY 2014
(actual)
2015 initial
budget
(Oct 14)
2015 final
budget
(Feb 15)
2015
forecast
(Aug 15)
Gross G&A ($m)
2015 1H:
$14/bbl opex
Significantly
reduced
capex
commitments
from 2016
Forecast
Actual
Forecast
Actual
31. 6 months to
30 June 2015
$m
6 months to
30 June 2014
$m
Sales and other operating revenues 577 885
Cost of sales (684) (646)
Gross profit/(loss) (107) 239
Exploration/New Business (52) (50)
General and administration costs (8) (13)
Disposals - (84)
Operating profit/(loss) (167) 92
Financial items (48) (41)
Profit/(loss) before taxation (215) 51
Tax credit/(charge) (160) 122
Profit/(loss) after taxation (375) 173
Income statement
Operating costs ($/boe)
* excludes insurance receipts of $4.7m
Cost of sales breakdown
2015 1H 2014 1H
UK $28.8 $34.9
Indonesia $8.9 $10.1
Pakistan $3.2 $2.7
Vietnam $10.1* $15.5
Group $13.7 $18.5
Profit before tax and impairments 171 195
November 2015 | P30
0
250
500
750
Operating
costs
Stock
underlift
Royalties DD&A Impair-
ment
Cost of
sales
Non-cash
items
$3.3 bn of UK tax losses and allowances
32. Liquidity and balance sheet position
At
30 June 2015
$m
At
31 Dec 2014
$m
Cash 372 292
Bank debt (1,482) (1,230)
Bonds (753) (955)
Convertibles1 (230) (229)
Net debt position (2,093) (2,122)
Covenant headroom $417 $700
Gearing2 59% 53%
Cash and undrawn facilities 1,446 1,940
1 Maturity value of US$245 million
2 Net debt/net debt plus equity
Average debt costs of 4.7% (fixed) and 2.2%
(floating)
Net debt/ EBITDAX
Old covenants
Amended covenants
November 2015 | P31
307 362
1238
558
0
200
400
600
800
1000
1200
1400
2015 2016 2017 2018 2019 2020-
2024
Drawn debt maturities ($m)
0
1
2
3
4
5
2015
1H
2015
FY
2016
1H
2016
FY
2017
1H
2017
FY
33. End 2014 2P reserves and resources
November 2015 | P32
Falklands Indonesia Mauritania Norway Pakistan UK Vietnam Total
2P
On Production – 33.7 0.4 – 16.3 26.5 26.0 102.8
Approved for
Development
– 10.5 – – – 74.2 1.4 86.1
Justified for
Development
– 29.1 – 23.2 – 2.2 – 54.4
Total Reserves – 73.3 0.4 23.2 16.3 102.8 27.3 243.3
2C
Development
Pending
98.0 – 3.1 37.5 0.6 0.1 – 139.3
Development
Unclarified / on hold
142.0 170.8 3.6 5.1 3.0 16.9 7.4 348.7
Development not
viable
33.8 4.5 1.3 2.4 – 18.2 2.2 62.4
TotalContingent
Resources
273.7 175.4 8.0 45.0 3.6 35.1 9.6 550.5
Total Reserves +
Contingent Resources
273.7 248.7 8.4 68.2 19.9 137.9 36.9 793.8
34. Premier Oil Plc
23 Lower Belgrave Street
London
SW1W 0NR
Tel: +44 (0)20 7730 1111
Fax: +44 (0)20 7730 4696
Email: premier@premier-oil.com
www.premier-oil.com
November 2015