Presentasi Premiere Oil

2011 Annual Results Presentation
22 March 2012
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.
22nd March 2012 | Page 1
Agenda
Premier today
2011 financial results
Simon Lockett
Tony Durrant
Operations update
Neil Hawkings
Exploration update
Andrew Lodge
Summary
Simon Lockett
Over the last 6 years
338%
80%
40%
72%
Over the period, NAV/share CAGR of 14.2%

excluding oil price effects
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
Drill
PROSPECTS
North Sea
PreDevelopment
Drill Decision
Gate
Acquire Licence
Gate
Appraise
MATURE PROSPECTS
Asia
LEADS
MEAP
Proven capability to deliver

across the portfolio
Evaluate
Appraisal
Approval Gate
Project
Extension
Gate
2011 highlights...
Increased production to 60,000 boepd at year end
Chim So 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
2011 financial results
Record profitability
12 months to
31 Dec 2011
12 months to
31 Dec 2010
Working Interest production (kboepd)

Entitlement production (kboepd)
Realised oil price ($/bbl) pre hedge
Realised gas price ($/mcf) pre hedge
40.4
37.7
111.9
8.5
42.8
38.3
79.7
6.3
Sales and other operating revenues

Cost of sales
Gross profit
Exploration/New Business
General and administration costs
Operating profit
Financial items
Profit before taxation
Taxation credit
Profit after tax
$m
827
(415)
412
(211)
(25)
176
(34)
142
29
171
$m
764
(531)
233
(87)
(18)
128
(27)
101
29
130
Highlights
Operating costs ($/bbl)
2011
UK
$39.5
Indonesia
$11.1
Pakistan
$2.4
Vietnam
$16.6
Group
$15.9
2010
$28.7
$8.5
$2.0
$13.9
Hedging
Net impact on 2011 of $23 million
post-tax
25% of 2012 production hedged at
average of $100/bbl
Minimal hedging beyond 2012
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
Rising cash flows

12 months to
31 Dec 2011
$m
12 months to
31 Dec 2010
$m
Cash flow from operations
530
505
Taxation
(44)
(69)
Operating cash flow
486
436
(661)
(514)
(Acquisitions)/disposals, net
(90)
13
Finance and other charges, net
(50)
(70)
Pre-licence expenditure
(23)
(19)
(338)
(154)
Capital expenditure
Net cash flow
Estimated capex split ($m)

2011
2010
Development
433
349
Exploration
228
165
661
514
Regional split ($m)

MEAP
$58m
Total
$661m
Asia
$301m
Outlook
Operating cash flow increased by 11%; significant growth expected in 2012
North Sea
$302m
Strong liquidity position

at 31 Dec 2011
$m
at 31 Dec 2010
$m
309
300
Bank debt
(484)
(488)
Bonds
(341)
()
Convertibles
(228)
(218)
(744)
(406)
30%
26%
1,116
1,202
Cash
Net debt position

Pro forma Gearing
Cash and undrawn facilities
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
Fully funded programme

2012 outlook
Investment Profile
(US$ million)
Forecast full-year 2012 spend of ~$740

million (development) and $220 million
(exploration)
1400
Exploration Expenditure
Development Capex
1300
1200
1100
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
1000
900
800
700
600
500
400
Significant capacity to increase spend on

exploration and new development projects
300
200
100
0
2012
2013
2014
2015
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
Operations update
Operations highlights
Chim So 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 2015
Production update
Production (working interest)
(kboepd net)
70
60
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
Asia
MEAP
North Sea
Improved Balmoral production in H2, as

maintenance issues were progressed
50
40
Wytch Farm acquisition adds ~2,500 boepd net
30
Production at Kyle (1,760 bopd) shut-in since

December 2011
20
2012 full year production forecast 60,00065,000 boepd, with key variables being
Timing of Huntington first production
10
0
Ability to capitalise on excess deliverability

at Chim So and Gajah Baru
2007
2008
2009
2010
2011 2012E
Block A strong production performance

Anoa & GSA1
Producing at current maximum capacity
170-180 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 60-90 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 2015
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 (341-392 BBtud)
Premiers 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
150-100 BBtud in 2015-2016
GSA 1 market available to Block A could increase
to 200-250 BBtud in 2015-2016
Chim So 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
Chim So uncovering upside potential

Chim So North West
Chim So North West discovered in August 2011
Far Closure
Near Closure
Additional gross resource estimate 13 to 20 mmbo

Chim
So
Near vertical appraisal well scheduled for mid-2012

Development will be via existing facilities
Additional Reservoirs
West Closure
3060mss
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
2000m
Kadanwari getting more from a mature field

Kadanwari field
Came onstream in 1995
Highest gas price in Pakistan
2008-2012, 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 2012-2014
Further exploration well planned for 4Q 2012
Upside potential
550 bcf of tight gas potential identified in 2011
3 well pilot project planned for 2012
Wytch Farm motivated operator finding upside

Increased equity
Increased Working Interest in Wytch Farm by
17.715% 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
Huntington and Rochelle progressing to first oil

Huntington
Rochelle
Successful development drilling campaign
Rochelle area agreement executed May 2011
Phase 1 sub-sea installation completed
Approval of FDP for East and West Rochelle

in 2011
CATS gas transportation agreement signed and

shuttle tanker contract awarded
Scott platform modifications underway
Upgrade of the Voyageur FPSO proceeding
Subsea installation to commence in June 2012
Operator is expecting first oil in Q4 2012
First gas expected in November 2012
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 Chrysaors cash flow
Will qualify for new Small Fields Allowance
Internal approvals are in place and seeking
partner and DECC approvals before end April
Catcher Area selecting a development concept

Further 2011 drilling resulted in:
FPSO and Subsea Wells
STOIIP estimates of ~260-290 MMSTB

Reserves estimates of 80-130 MMSTB
Production rate of 50-70,000 bopd
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
New Small Fields Allowance will apply to seperate
accumulations on block
Targeting sanction by year-end with first oil in 2015
CPP, Bridge-linked WHP and Subsea Wells
Reserves and resources continuing growth

Reserves and contingent resources
(mmboe)
Reserve replacement ratio of 333%
600
550
2C contingent resources
2P reserves
230
500
227
450
400
350
300
296
250
261
200
150
100
50
0
2007
2008
2009
2010
Production
Additions &
Revisions
End 2011
A clear path to 100,000 boepd

Production outlook
(bbls/day)
Development capex
(US$ million)
120,000
1100
Pre-Development
Sanctioned Projects
On Production
1000
100,000
900
800
80,000
700
600
60,000
500
400
40,000
300
200
20,000
100
0
2012
2013
2014
2015
2016
2012
2013
2014
At $100/bbl, expect post tax cash flow of ~$2 billion in 2015

nd
22
March 2012 | Page 24
2015
2016
Exploration update
Exploration strategy
Themes
Focus on geologies we know well
Old
Rifts or frontal fold belts
MEAP &
Exploration
New
Business
2. Leverage Premier
capabilities in new
areas
4. Identify long term

opportunities for
growth and approach
to de-risk investment
Old
New
Themes
Geographies
Asia
New
Gated process to decision making
Old
Invest up to 30% of annual cash

flows in exploration
3. Technology capabilities
and resource
diversification
opportunities
North Sea
New
Deliver 200 mmboe of 2P reserve

additions by end 2014
Old
Play master approach
1. Premier capabilities
and niche strategies
Geographies
Target best plays in basins of

choice
New
2011 highlights
Exploration drilling
Notable discoveries at Burgman in the Catcher
area in the UK, and CRD and Chim So 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
2014
70 mmboe added to date
Actual & forecast risked resource additions

2009-2015 (mmboe)
450
400
Actual cumulative plus possible resources

Cumulative risked prospective resource additions
Risked prospective resource additions
Actual proved plus probable additions
350
300
250
200
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
Unrisked prospective portfolio of >1.5 billion boe
(350 mmboe risked)
150
100
50
0
2009 2010 2011 2012

Actual Actual Actual
2013
2014
2015
Recent acquisitions add to overall portfolio value

Evaluate
Asia
LEADS
PROSPECTS
Drill
Appraise
MATURE
PROSPECTS
UNDER
APPRAISAL
Tupai
Silver
Sillago
Anakonda
B Kecil B Sedang
Kakak
Tua
CRT
Peudawa
Rayeu
Alur
Kacang
Singa /
Kuda Laut
Benteng
Vietnam
Block 12W: CS NW
Matang
Sambar
North Sea
Baroosh
Luno II
New
York
Moth S.
Lacewing
Norway
PL378: Grosbeak
Carnaby
Cougar
Norway
PL374S: Blabaer
Rapide
Moth E.
PreDevelopment
Typhoon
Stingray
UK
P1875 Erne
Badhra-7
Pakistan
Kadanwari K-30
Cyclone
Rocket
Bonneville
Coaster
Spaniards
Cornet
MEAP
K-32
Badhra South
Badhra-6 Parh
Acreage acquired in 2011

added >$3bn success case
NPV (>$400mm EMV)
Project
Extension
Gate
Appraisal
Approval Gate
Drill Decision Gate
Vietnam
Block 087/03 CRD
Dino
Norfolk
Acquire Licence
Gate
Vietnam
Block 12W: CS Cau
Biawak
Besar
Net EMV10 $mm
Net NPV10 $mm
(shown as circle inside NPV)
<10
<100
>100
>250
<10
>10
>25
>50
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

Pushing the plays wider
Premier has the regional database to pursue
amplitude supported Tertiary prospects
throughout the Central North Sea
Stingray
3 firm wells to be drilled in 2012 targeting

Eocene prospects: Carnaby, Coaster and
Cyclone
Cyclone
Combined gross prospective resource

estimate of 48-115-225 mmbo
Carnaby
The Stringray prospect is attempting

to push the boundaries of the
Jurassic play fairway to the North
Eocene Turbidite Sand Fairway
Eocene ( Lower Tay) amplitude extraction
Gross prospective resource

estimate of 12-30-90 mmbo
Coaster Tay Amplitudes
Catcher East
Discovery
Varadero
Catcher
N&E
Carnaby
Burgman
2km
Coaster
Coaster
Prospect
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
Erne
Economics of tieback to nearby host

FPSOs do not currently meet Premier
corporate hurdles
Discussions with partners ongoing

Pushing the play wider ... Cyclone
Cyclone (P1784) (21/7b)
Premier 70% equity, block awarded in 2010
Gross prospective resource estimate (on block)
20-35-50 mmboe (Tay reservoir)
Cyclone
Risk assessment: moderate

Critical factor: oil column
Well planned for Q3 2012
Cyclone
Balder
Cyclone amplitude response

on far stack data
2km
Amplitude extraction
Green - oil?
Yellow - gas

Pushing the plays wider ... 2013
Norfolk (P1887) (12/16b & 12/17b)
Premier 25% equity, block awarded in 26th Round
Norfolk
Gross prospective resource estimate (on licence)

20-146-495 mmboe
Risk assessment: high
Critical factor: hydrocarbon charge and quality
Prospect maturation ongoing
Norfolk
W
Norfolk
E
NNW
SSE

Pushing the plays deeper
Potential exists for deeper
underexplored fairways in
the North Sea
Luno II
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 100-200-400+ mmbo
Lacewing
Additional prospect maturation ongoing

for drilling in 2013 and beyond

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
Ragnarrock
Luno/Apollo
Johan Sverdrup
PL 359
Luno II Prospect
BCU Time Map

10km
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)
Critical factor: lateral seal

Pushing the plays deeper ... Lacewing
Lacewing (P1181, 23/21 & 23/22b)
Gross prospective resource estimate
(on block)
50-70-90 mmboe
Critical factor: trap effectiveness
and reservoir quality
Transfer of 37.3% and operatorship to
ConocoPhillips plus partial carry
Premiers retained equity in the
block will be 20.2%
ConocoPhillips considerable HPHT
experience
Top Triassic Depth Map
Exploration Asia
Overview
Play led approach in the Nam Con
Son Basin
Chim So
North West Chim So Appraisal
Kuda/Singa Laut
Matang
Kuda/Singa Laut wells planned
Anoa Deep,
Biawak Besar
Prospect maturation for 2013

Adding gas reserves
Anoa Deep success
Biawak Besar planned for late
March
Matang will spud Q3 2012
Pushing the frontiers
Benteng expected to spud late
March
Benteng
Exploration Asia
Kuda/Singa Laut ... 1H 2013
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
Combined Depth Structure Map
Kuda Laut
-3
20
0m
Kuda/Singa Laut (Tuna Block)

Premier 65% equity and Operator
Singa Laut
Risk assessment: low (amplitude supported)

Gross prospective resource estimate: 60-100-140 mmbo
4 km
Well planned for 1H 2013

Kuda Segment
Singa Segment
Fluid Detection Volume 3D Inversion
Singa Laut
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
WL
Anoa Deep
Discovery
17 mmscf/d through a 48/64 inch choke

Estimated total gas in place of 70-100-150 bcf
Top Lama Depth

C.I.=100 feet
1 Km
The well will be tied-in to the Anoa facility

Anoa Deep (WL-5X)
Significant follow-on potential

Similar sized structures are
mapped at the Top Lama to the
north and east of Anoa Deep
PTD 10850 ft MD (9550 ft TVDss)
NW
SE
Top Lama
PRIMARY TARGET
2 Km
Exploration Asia
Potential play opener ... Benteng
Benteng (Buton Block)
Premier 30% equity, operated by Japex
Benteng-1
PTD 3200m MD
SE
NW
Bulu-1
Gross prospective resource estimate:

77 mmboe (mean)
Critical factor: trap presence
Well planned for late March
PTD
PRIMARY TARGET
22 Km
Km
Buton Block
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 Q4 2011
Processing of 3D seismic to be
completed by year-end
1030 km of 2D successfully acquired in
Q1 2012
Processing to be completed in Q2
2012
Preliminary data sets show good quality
Test line from the 3D survey

Exploration drilling 2012

2012
Asia
Q1
Vietnam
Block 12W
Chim So NW Appraisal
Indonesia
Buton
Benteng-1
Natuna Sea Block A Biawak Besar

Block A Aceh
Q2
Q3
Q4
ENSCO 107
PRA 01
W est Callisto
Matang
Mean gross unrisked

resource (mmboe)
Risk
17
Low
77
High
15
Low
40
Low
125
Moderate
North Sea
Norway
PL359
Luno II
UK
P1430
Carnaby
P1812
Coaster
P1430
Bonneville
P1212/P1771
Stingray
P1784
Cyclone
P1655
Spaniards
P1181
Lacewing
Bredford Dolphin
Sedco 711
Sedco 711
Sedco 711
Glomar Arctic III
Wilphoenix
Wilphoenix
34
Low
50
High
TBC
Low
32
Moderate
35
Moderate
32
High
Maersk Resiliant
70
High
Weatherford 812
Low
Badhra South Deepening-1
38
High
Badhra-7
10
High
TBC
TBC
Middle East - Africa - Pakistan

Pakistan
Kadanwari
Bhit-Badhra
Mauritania
K-32
Commitment well
All well timings are subject to revision for operational reasons

Firm Wells: Rig Contracted
Firm Wells: Rig TBC
Contingent Wells
Wells to watch in 2012
nd
22
17 exploration and appraisal wells planned for

the remainder of 2012, targeting ~200 mmboe
of net unrisked prospective resource
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 Premiers acreage position in
East Africa
Asia (Rift & Frontal Fold Belt themes)
Andaman Sea
East Vietnam
Frontier Basins of East Indonesia
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 So North West
appraisal
On track to deliver material programme in 2013 and beyond
New Venture focus on basins with geologies that we understand
Summary
What can you expect from Premier?

Already in 2012...
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
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
Forward plan...
Production
Developments
Exploration
Acquisitions
Cash flow
Appendix
Group taxation position

12 months to 12 months to
31 Dec 2011 31 Dec 2010
$m
$m
Overseas
60.1
Prior period provisions
72.1
56.9
CT
Prior period revisions
Current charge
Deferred tax credits
Tax credit for the year
at 31 Dec 2011
$m
Allowances brought forward
Net additions in 2011 excluding RFES
UK
PRT
UK Tax Allowance Position
RFES changes
17.2
25.9
nil
Nil
(2.1)
(21.3)
147.3
61.4
(177.0)
(90.4)
(29.7)
(29.0)
Tax allowances carried forward*

* fully recognised as deferred tax asset
1,112
204
44
1,360
Other developments
Block A Aceh (Vietnam)
Project sanction delayed

Facilities sharing agreement with Arun
not completed (Arun owner is selling
the asset)
EPCI bid: decision taken to re-tender
First gas is now scheduled for mid-2015
Caledonia (UK)
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
Other developments
Bream (Norway)
Fry (Norway)
Development plan progressing and the

FPSO has been selected
Work on the stand-alone development

remains on hold
FEED is underway on both the FPSO

and the subsea scope
Discussions on joint development are

underway with other operators
FPSO contract expected soon
Focus is Frigg Gamma Delta where a

new operator has recently taken over
Project sanction is planned for Q3 2012,

with first oil in 2015
First oil for Froy modelled for 2017
End 2011 2P reserves and contingent resources

North Sea
2P Reserves
2C Contingent
Resources
Asia
MEAP
On production
36.8
74.8
32.5
144.1
Approved for
development
16.6
33.7
5.1
55.5
Justified for
development
71.8
24.1
0.8
96.7
Total Reserves
125.2
132.6
38.5
296.3
Development
pending
52.9
7.4
1.0
61.3
Un-clarified or
on hold
16.1
32.9
15.7
64.6
Development not
currently viable
27.6
63.9
12.8
104.4
Total Contingent
Resources
96.6
104.2
29.5
230.3
221.8
236.8
68.0
526.6
Total Reserves & Contingent

Resources
These figures do not include prospective resources

Total
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
Prospects
510 mmboe
Prospect inventory adjusted post

2011 drilling
Risked prospective resource portfolio of
356 mmboe
160 mmboe in prospects
Total
1,729
mmboe
Leads
1,186 mmboe
Risked Resource Portfolio

Discovered resource
under appraisal 17 mmboe
196 mmboe in leads

Focus to lead and prospect
maturation in 2012
Prospects
160 mmboe
Total
373
mmboe
Leads
196 mmboe
Recent acquisitions add to overall portfolio volume

Evaluate
PROSPECTS
Asia
LEADS
Drill
Appraise
MATURE
PROSPECTS
UNDER
APPRAISAL
Tupai
Silver
Sillago
Anakonda
B Sedang
B Kecil
Alur
Kacang
Kakak
Tua
CRT
Singa /
Kuda Laut
Benteng
Matang
Peudawa
Rayeu
Sambar
Biawak
Besar
Baroosh
North Sea
Vietnam
Block 12W: CS NW
Dino
New
York
Luno II
Lacewing
Moth S.
Carnaby
Cougar
Norway
PL374S: Blabaer
Rapide
Moth E.
PreDevelopment
Typhoon
Stingray
Cyclone
Rocket
Norfolk
Bonneville
Coaster
Spaniards
UK
P077: East Fyne
Badhra-7
Cornet
Badhra South
MEAP
K-32
Badhra-6 Parh
Drill Decision Gate

Net Prospect Rec Resource
(mmboe)
Acquire Licence
Gate
<10
10-25 26-49
Acreage acquired in 2011
50+
Risked
Appraisal
Approval Gate
Project
Extension
Gate

Carnaby
Carnaby (28/9)
Premier 35% equity
15-30-50 mmbo (Tay reservoir)
Expected phase oil
Gas in shallower Eocene targets (Upper Tay)
New 3D seismic data work ongoing
Cromarty Depth Structure
Varadero
Catcher E
Catcher Main
Carnaby Prospect
Carnaby
Burgman
Carnaby
Eocene ( Lower Tay) amplitude extraction
N
Upper Tay
Varadero
Lower Tay
Catcher
N&E
Carnaby
Carnaby
Burgman
Burgman

Coaster
Coaster (28/10a)
Rapide
JU1
Premier 100% equity, TAQA farmed

into 50% interest
13-50-125 mmboe (on block)
Varadero
Catcher North
Cougar
Carnaby
Eocene and Palaeocene reservoirs
Catcher
Burgman

Critical factor: trap and charge
Paso
JU2
Well due to spud Q2 2012

Bonneville Area
Rocket
Vincent
Tiger
Coaster

Stingray
Stingray (P1212) (15/13b)
Premier 50% equity, block awarded in 2004
Stingray
Gross prospective resource estimate (on block)

12-30-90 mmboe
Critical factor: trap sealing fault to the north cannot be
accurately determined
Planned spud date Q2 2012
Stingray Prospect

Spaniards
Spaniards (P1655)
Premier equity 28% and Operator,
adjacent to Scott infrastructure
Gross prospective resource estimate:
Spaniards West
Ryazanian
14/25a-5
10-30-40 mmbo
Critical factor: reservoir development
Primary Target:
Jurassic Galley Sands (oil)
Appraising down dip extent of crestal
oil discoveries in wells 15/21a-38z
and 15/21-2
Ha
li b u
tH
o rs
t
Top Galley Sand Depth
Spaniards
Perth Central
Galley
Spaniards East
Galley
Exploration Asia
Biawak Besar
Biawak Besar (Natuna Sea Block A)
Premier: 28.67% equity and Operator
Iguana Discovery
Gross prospective resource estimate 13-15-17 mmboe

Risk assessment: low
Critical factor: lateral seal presence
Potential in a stratigraphic trap down-dip of the Iguana-1
discovery
Biawak Besar-1
Top Arang Depth

C.I.=100 metres
2000m
Biawak Besar
PTD 5950 ft MD
NW
SE
Top Lama
PRIMARY
TARGET
PTD
Biawak Besar
500m
Exploration Asia
Matang
Matang (Block A Aceh)
Premier equity 41.67%
Matang
Gross prospective resource estimate 20-40-70 mmboe

(whole structure)
Risk assessment: low
Critical factor: reservoir presence
250 BCF follow on potential in the success case
Matang-1
PTD 3000m MD
W
Matang-1
Top N4 Belumai
Carbonate
C.I.=50 metres
Top Belumai
1 Km
500m
nd
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22
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2011 Annual Results Presentation

Forward looking statements

This presentation may contain forward-looking statements and

22nd March 2012 | Page 1

22nd March 2012 | Page 2

Over the last 6 years

22nd March 2012 | Page 3

Over the period, NAV/share CAGR of 14.2%

22nd March 2012 | Page 4

Proven capability to deliver

Increased reserves and resources to 527 mmboe

Increased financial strength

22nd March 2012 | Page 5

2011 financial results

22nd March 2012 | Page 6

Working Interest production (kboepd)

Sales and other operating revenues

22nd March 2012 | Page 7

Rising cash flows

Cash flow from operations

Operating cash flow

Finance and other charges, net

Net cash flow

Estimated capex split ($m)

Regional split ($m)

Strong liquidity position

Net debt position

Fully funded programme

Forecast full-year 2012 spend of ~$740

Total capex covered by cash flow for 2012

Significant capacity to increase spend on

Note: assumes exploration expenditure of $250 mm pa from 2013

22nd March 2012 | Page 11

22nd March 2012 | Page 12

Year-end target of 60,000 boepd achieved

Improved Balmoral production in H2, as

Wytch Farm acquisition adds ~2,500 boepd net

Production at Kyle (1,760 bopd) shut-in since

Ability to capitalise on excess deliverability

22nd March 2012 | Page 13

Block A strong production performance

Singapore Gas Market sales are increasing

Chim So delivered and ramping up

22nd March 2012 | Page 16

Chim So uncovering upside potential

Additional gross resource estimate 13 to 20 mmbo

Near vertical appraisal well scheduled for mid-2012

Further reserves potential is being

Kadanwari getting more from a mature field

22nd March 2012 | Page 18

Wytch Farm motivated operator finding upside

Huntington and Rochelle progressing to first oil

Successful development drilling campaign

Rochelle area agreement executed May 2011

Phase 1 sub-sea installation completed

Approval of FDP for East and West Rochelle

CATS gas transportation agreement signed and

Scott platform modifications underway

Upgrade of the Voyageur FPSO proceeding

Subsea installation to commence in June 2012

Operator is expecting first oil in Q4 2012

First gas expected in November 2012

22nd March 2012 | Page 20