2007 agm presentation...18th may 2007 highlights • dua and blackbird in vietnam; lembu peteng,...
TRANSCRIPT
18th May 2007
Highlights
• Dua and Blackbird in Vietnam; Lembu Peteng, Macan Tutul and Lukah in Indonesia
• Current drilling in India
• Operated drilling successes in Indonesia & Vietnam
• 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
• Further definition on development projects across all regions
• 3 acquisitions adding low cost barrels
• 270 bcf net certified gas in North Sumatra Block A
• Adding 5,000 bopd UK Scott production• New opportunities with Middle East JV
• Real progress in commercial discussions
18th May 2007
Financial highlights
• Profit after tax
• Operating cashflow
• Operating costs
• Balance sheet
Up 75% to $67.6 million (2005 - $38.6 million)
Up 102% to $244.8 million (2005 - $121.2 million)
Net cash of $40.9 million (2005 – net debt of $26.2 million)
Stable at $6.0 per barrel (2005 - $5.9 per barrel)
18th May 2007
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
Corporate strategy
18th May 2007
Share price performance
Premier Oil share price performance over 5 years
0
200
400
600
800
1000
1200
1400
May-02 May-03 May-04 May-05 May-06 May-07
Sha
re p
rice
(p)
18th May 2007
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
18th May 2007
Resolution 1
96,025512,561843,384,3321,267
0.03%99.97%
VotesHoldersVoting
VotesHoldersVoting
VotesHoldersVoting
Votes WithheldAgainstFor
Approval of the Report of Directors, the Auditors’ Report, and the accounts of the Company for the year ended 31
December 2006
18th May 2007
Resolution 2
4,283,719425,744,82310633,464,3761,141
14.65%85.35%
VotesHoldersVoting
VotesHoldersVoting
VotesHoldersVoting
Votes WithheldAgainstFor
Approval of the Directors’ Remuneration Report for the year ended 31 December 2006
18th May 2007
Resolution 3
9,8711831,5173643,451,5301,225
0.07%99.92%
VotesHoldersVoting
VotesHoldersVoting
VotesHoldersVoting
Votes WithheldAgainstFor
Election of Professor David Roberts as a Director
18th May 2007
Resolution 4
8,9742043,3014643,440,6431,213
0.10%99.90%
VotesHoldersVoting
VotesHoldersVoting
VotesHoldersVoting
Votes WithheldAgainstFor
Re-election of Sir David John as a Director
18th May 2007
Resolution 5
573,143351,151,5995341,768,1761,201
2.68%97.32%
VotesHoldersVoting
VotesHoldersVoting
VotesHoldersVoting
Votes WithheldAgainstFor
Re-election of Mr John Orange as a Director
18th May 2007
Resolution 6
8,72321228,7155743,255,4801,202
0.53%99.47%
VotesHoldersVoting
VotesHoldersVoting
VotesHoldersVoting
Votes WithheldAgainstFor
Re-election of Mr Scott Dobbie as a Director
18th May 2007
Resolution 7
10,76818202,5443043,279,6061,231
0.47%99.53%
VotesHoldersVoting
VotesHoldersVoting
VotesHoldersVoting
Votes WithheldAgainstFor
Re-election of Mr Simon Lockett as a Director
18th May 2007
Resolution 8
6,138,501221,242,4604236,111,9571,222
3.33%96.67%
VotesHoldersVoting
VotesHoldersVoting
VotesHoldersVoting
Votes WithheldAgainstFor
Reappointment of Deloitte & Touche LLP as auditors
18th May 2007
Resolution 9
42,3665957,90610643,392,6461,115
0.13%99.87%
VotesHoldersVoting
VotesHoldersVoting
VotesHoldersVoting
Votes WithheldAgainstFor
Authorisation for the company to communicate with its shareholders by website, e-mail, or other electronic
means
18th May 2007
Resolution 10
19,74933344,3857443,128,7841,176
0.79%99.20%
VotesHoldersVoting
VotesHoldersVoting
VotesHoldersVoting
Votes WithheldAgainstFor
Authority to issue a limited number of shares in the Company per s80 Companies Act 1985
18th May 2007
Resolution 11
15,6303664,3118743,412,9771,157
0.15%99.85%
VotesHoldersVoting
VotesHoldersVoting
VotesHoldersVoting
Votes WithheldAgainstFor
Authority to allot capital for cash per s95 Companies Act 1985
18th May 2007
Resolution 12
70,47318681,3025742,741,1431,205
1.57%98.43%
VotesHoldersVoting
VotesHoldersVoting
VotesHoldersVoting
Votes WithheldAgainstFor
Authority to purchase own shares