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59 Pages·2017·4.52 MB·English
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Colville River, Alaska North Slope ALASKA NORTH SLOPE: A STRATEGIC EXPANSION OIL SEARCH OPPORTUNITY NORTH SLOPE ALASKA FOR OIL SEARCH A New Path for Growth 14 December 2017 OIL SEARCH LIMITED | ARBN 055 079 868 | ASX: OSH | POMSoX: OSH | US ADR: OISHY www.oilsearch.com PRESENTATION OUTLINE (cid:1) INTRODUCTION Alaska Barrow (USA) Canada (cid:1) Strategy & rationale Deadhorse North Slope (cid:1) ALASKA - AOG PERSPECTIVE USA (cid:1) ACQUISITION METRICS TAPS & (cid:1) ASSET SUMMARY Dalton ALASKA Highway (cid:1) Alaska North Slope - history and geological setting (cid:1) Nanushuk field (cid:1) Exploration upside Anchorage Valdez port (cid:1) TEA BREAK (cid:1) ASSET SUMMARY CONT. (cid:1) Development plans (cid:1) Stakeholder engagement (cid:1) Programme schedule (cid:1) PNG LNG EXPANSION UPDATE (cid:1) FINANCIAL OVERVIEW (cid:1) Q & A OIL SEARCH ALASKA STRATEGY SEMINAR -DECEMBER 2017 | PAGE 2 ALASKA NORTH SLOPE INTRODUCTION PETER BOTTEN – MANAGING DIRECTOR OIL SEARCH ALASKA STRATEGY SEMINAR -DECEMBER 2017 | PAGE 3 OSH STRATEGY AND RATIONALE OSH HAS WORLD CLASS GAS PORTFOLIO IN PNG (cid:1) Strong resource base (cid:1) >10tcf resource now dedicated to LNG expansion and development (cid:1) Key elements of two train expansion being delivered (cid:1) Appraisal and exploration success delivering resource base for next generation of LNG growth REALITY THAT LNG PROJECTS ARE COMPLICATED, REQUIRE PARTICIPANT ALIGNMENT, MARKET SUPPORT AND FINANCING (cid:1) Many areas not in OSH control (cid:1) Requires time to commercialise OIL SEARCH ALASKA STRATEGY SEMINAR -DECEMBER 2017 | PAGE 4 OSH STRATEGY AND RATIONALE STRATEGIC IMPERATIVE TO ALIGN INTERESTS FOR P’nyang Muruk CONTINUED EXPANSION • Resources in NW Highlands: NW Highlands • Hides-Muruk-P’nyang-Elk-Antelope • Onshore Gulf Elk-Antelope • Offshore Gulf Gulf / Forelands • Deep water Gulf • Multiple tcf potential but when and how much do we invest? • Facilities and infrastructure optimisation Offshore Papuan Gulf : • Coordinated and timely investment in Shallow and deep water exploration appraisal and infrastructure • Strategic focus for 2018 – growth after Train 3 and 4 • Disciplined capital prioritisation, based on this work OIL SEARCH ALASKA STRATEGY SEMINAR -DECEMBER 2017 || PPAAGGEE 55 PNG : A WORLD CLASS GAS PROVINCE ~ 5bnboe discovered to date , YTF >7bnboe Discovered hydrocarbon volumes in millions of barrels of oil YTF = OSH estimates benchmarked against USGS and others Discoveries • 12 Developed • 30 Undeveloped P50 discovered resource Yet-to-Find potential • 24 tcf • 92% gas & 8% oil • 958 mmbbl • 40 tcf • 550 mmbbl • Giant fields predicted OIL SEARCH ALASKA STRATEGY SEMINAR -DECEMBER 2017 | PAGE 6 STRATEGIC RATIONALE – ALASKA ACQUISITION ALASKA BRINGS SUSTAINED DEVELOPMENT, PREDICTABILITY AND CONTROL (cid:1) Driven by: – Quality Tier 1 oil resource with significant upside in development and exploration – Compelling entry price at right time in development and oil price cycle – Conservative resource and development assumptions following material due diligence – Deal structure provides significant optionality and risk mitigation. Option allows strategic partnering – Ability to drive early commercialisation – Enhances resource position – Enhances shareholder returns post 2023. No change to dividend policy – Supported by Balance Sheet strength and flexibility OIL SEARCH ALASKA STRATEGY SEMINAR -DECEMBER 2017 | PAGE 7 O PNG AND ALASKA Creates a world class, focused oil and gas portfolio with material exploration upside OSH Forecast Net Production OSH Production & Exploration Acreage OSH Operated OSH Non Operated Pikka Oil base 25.5% E O 53000km² 52,000km² B s on Papua LNG & PNG LNG expansion cre 13.2m acres 12.8m acres Milli et A N PNG LNG PNG Oil PNG PNG 2014 2019 2024 2029 2034 2039 2015 2017 2016 acreage 2017 acreage OSH estimate net resources OSH Net Prospective Resources (YTF) 2P & 2C E OSH estimate of E 2,889km² BO Alaskan resource BO 0.7m acres million faocrq puuisriptioosnes of the Million Alaska PNG PNG Pikka ALASKAN 2015 2017 Base 2017 acreage OSH Development OSH Exploration * PNG LNG gas conversion using an OSH specific conversion factor 5,100 scf= 1 boe; ** Papua LNG gas conversion using 6,000 scf= 1 boe LNG production is well head gas. OIL SEARCH ALASKA STRATEGY SEMINAR -DECEMBER 2017 | PAGE 8 ACQUISITION IS IN LINE WITH STATED STRATEGY 2014 Annual Report 2015 Annual Report November 2016 Investor Field Trip August 2017 Company Update OIL SEARCH ALASKA STRATEGY SEMINAR -DECEMBER 2017 | PAGE 9 ALASKA NORTH SLOPE AOG PERSPECTIVE BILL ARMSTRONG – PRESIDENT, ARMSTRONG OIL AND GAS OIL SEARCH ALASKA STRATEGY SEMINAR -DECEMBER 2017 | PAGE 10

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Compelling entry price at right time in development and oil price cycle. – Conservative . (1) OSH estimate of gross resource for purposes of the acquisition; (2) AOG estimate 2017 (3) Repsol March 2017 (4) OSH estimate for acquisition purposes. 3. OSH to take .. seismic inversion analysis. ± Mul
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