Premier Oil plc, Company Intelligence Report

 Published On: Oct, 2014 |    No of Pages: 167 |  Published By: GlobalData | Format: PDF
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Summary

Premier Oil plc (Premier) is an independent upstream energy company engaged in the Exploration and Production (E&P) of oil and natural gas in the Asian, African, South American and European continents. Premier has interests in Pakistan, Iraq, Vietnam, Indonesia, Kenya, Mauritania, Brazil, the Falkland Islands, Norway and the UK. Premier’s producing assets are located in the UK, Pakistan, Mauritania, Indonesia and Vietnam. In Pakistan, Premier produces from its interests in the Qadirpur, Bhit and Badhra, Kadanwari and Zamzama fields. In the UK, Premier produces from the Balmoral area, Wytch Farm, Kyle, Scott and Telford, Huntington, and the Rochelle area. In Mauritania, Premier has one producing field: the Chinguetti area. In Indonesia, Premier has two producing licenses: Natuna Sea Block A and Kakap area. Premier is headquartered in London.

Scope

- Key Highlights: This section provides detailed analysis on the company’s overall oil and gas value chain, new projects, growth opportunities, new ventures, assets performance, Capex funding, geographical results of oil and gas operations.
- Goals and Strategies: This section provides the upcoming goals and strategies of the company. The section mainly goals and strategies followed by the company in order to meet its upcoming goals.
- SWOT: The report’s SWOT section provides the internal strength, weakness, opportunities and threats of company to reflect its strategic positions in the market.
- Production and Development Overview: This section highlights the company’s crude oil and natural gas production forecast from its legacy and upcoming assets by region and commodity mix for next five years. The report also covers the detailed information and analysis on the company’s producing and development assets.
- Exploration: This section includes detailed explanation and analysis on the company’s exploration assets resulted due to new discoveries, new drilling and other activities.
- M&A trends: This section mainly provides information and analysis on the company’s recent assets transactions, joint ventures, acquisition, and divestment activities during the last one year. This section highlights the company’s status as a buyer or seller during the analyzed period.
- Financial Forecast and Valuation: This section highlights the detailed financial statement forecast for next five years. With the financial statement forecast, this section also provides intrinsic value of the company by using Net Asset Valuation method.
- Peer Group Analysis: This section compares the company’s performance with its peer group on the basis of share prices, financial ratios, operational and financial parameters and other related parameters.
- Financial and Operational Metrics: This section covers the company’s historical performance on several financial and operational parameters such as Production and Reserves, Reserves Replacement, Costs Incurred, Acreage, Wells, F&D Costs, Oil and Gas Revenue and Expenses etc.

Reasons to buy

The report will enhance the decision-making capability in a more rapid and time sensitive manner. It will allow you to -
- Provide detailed analysis to those who are interested in knowing the companies’ existing and future business strategies.
- Provide in-depth analysis on the companies E&P profiles along with the exploration and M&A updates.
- Provide valuable insights to those who are tracking oil and gas markets and wants to know the intrinsic value of the companies.
- Use the analysis for strategy and planning, M&A identifications, and competitor analysis.

1 Table of Contents
1 Table of Contents 6
1.1 List of Tables 10
1.2 List of Figures 12
2 Premier Oil plc, Company Overview 17
3 Premier Oil plc, Key Highlights 23
3.1 Development of Indonesia, UK, Norway and Falklands Islands Assets to Support Premier’s Growth Trajectory 23
3.1.1 UK 24
3.1.2 Norway 27
3.1.3 Falkland Islands 29
3.1.4 Indonesia 29
3.2 New Venture Exploration Initiatives to Strengthen Premier’s Resource Base and its Longer Term Value 30
3.2.1 Brazil 30
3.2.2 Kenya 32
3.2.3 Iraq 34
4 Premier Oil plc, SWOT Analysis 35
4.1 Strengths 35
4.1.1 Geographically Diversified Operations 35
4.1.2 Steady Growth in Revenues 36
4.1.3 Growth in Total Reserves and Resources 37
4.2 Weakness 38
4.2.1 Comparatively Low per-boe Metrics 38
4.2.2 Incremental Costs Negatively Affecting Margins 40
4.3 Opportunity 41
4.3.1 Substantial Exploration and Development Programs: An Opportunity to Increase Reserves and Production 41
4.4 Threats 42
4.4.1 Risks Associated with Operating in Different Geographies 42
4.4.2 Intense Competition from Other Industry Participants 42
4.4.3 Volatility in Commodity Prices could adversely affect Future Growth Plans 42
5 Premier Oil plc, Production Overview 43
5.1 Production Profile 43
5.2 Assets Portfolio 48
5.2.1 Indonesia 48
5.2.2 Pakistan 48
5.2.3 UK 49
5.2.4 Vietnam 51
5.2.5 Mauritania 51
6 Premier Oil plc, Exploration and Development Overview 52
6.1 Falkland Islands 56
6.2 Indonesia 65
6.3 Norway 69
6.4 Pakistan 73
6.5 Mauritania 76
6.6 UK 78
6.7 Vietnam 84
6.8 Kenya 86
6.9 Iraq 89
6.10 Brazil 91
6.11 Saharawi Arab Democratic Republic 94
7 Premier Oil plc, Capital Expenditure 95
8 Premier Oil plc, Forecast Production and Financial Statements 97
8.1 Income Statement, 2011-2018 98
8.2 Balance Sheet, 2011-2018 100
8.3 Cash Flow Statement, 2011-2018 102
9 Premier Oil plc, Valuation 103
9.1 Discounted Cash Flow Methodology 103
10 Premier Oil plc, Peer Comparison 105
10.1 Share Price Performance 105
10.2 Operational and Financial Performance 106
10.3 Key Financial and Operational Ratio 112
11 Premier Oil plc, Production and Reserves Trends 115
11.1 Total Oil and Gas, Reserves and Production 115
11.1.1 Total Crude Oil and Natural Gas Production and Reserves Trend, 2009-2013 115
11.1.2 Total Crude Oil & Natural Gas Production and Reserves By Country/Region, 2009-2013 116
11.1.3 Total Crude Oil and Natural Gas Reserve Changes, 2009-2013 119
11.2 Crude Oil/Liquids Production and Reserve 120
11.2.1 Crude Oil/Liquids Production and Reserve Trend, 2009-2013 120
11.2.2 Crude Oil Production and Reserves By Country/Region, 2009-2013 121
11.2.3 Crude Oil/Liquids Reserve Changes, 2009-2013 123
11.3 Natural Gas Production and Reserve 124
11.3.1 Natural Gas Production and Reserve Trend, 2009-2013 124
11.3.2 Natural Gas Reserve Changes, 2009-2013 127
11.4 Total Crude Oil and Natural Gas Reserves Life Index 128
11.4.1 Total Crude Oil and Natural Gas Reserves Life Index, 2009-2013 128
11.4.2 Total Crude Oil and Natural Gas Reserves Life Index, By Country/Region, 2009-2013 129
12 Premier Oil plc, E&P Costs Trends 134
12.1 Allocation of the Upstream Capital Expenditure 134
12.1.1 Upstream Capital Expenditure, 2009-2013 134
12.1.2 Acquisition Costs By Country/Region, 2009-2013 135
12.1.3 Exploration and Development Costs, By Country/Region, 2009-2013 136
12.2 Oil and Gas Cost Per boe, US$/boe 139
12.2.1 Oil and Gas Cost Per boe, US$/boe, 2009-2013 139
12.2.2 Oil and Gas Cost Per boe, US$/boe, By Country/Region, 2009-2013 141
13 Premier Oil plc, Reserve Replacement Ratio 146
13.1 Oil and Gas Production Replacement Ratio 146
13.1.1 Oil and Gas Production Replacement Ratio, 2009-2013 146
13.1.2 Oil and Gas Production Replacement Ratio, By Country/Region, 2009-2013 148
14 Premier Oil plc, Results of Oil & Gas Operations Trend 155
14.1 Oil and Gas Revenue and Expenses 155
14.1.1 Oil and Gas Revenue and Expenses, 2009-2013 155
14.1.2 Oil and Gas Revenue and Expenses, By Country/Region, 2009-2013 157
14.2 Oil and Gas Revenue and Expenses, Per boe 158
14.2.1 Oil and Gas Revenue and Expenses, By boe, 2009-2013 158
14.2.2 Oil and Gas Revenue and Expenses Per boe, By Country/Region, 2009-2013 159
14.3 Oil and Gas Performance Metrics 160
15 Appendix 161
15.1 Abbreviations 161
15.2 Sources 163
15.3 Research Methodology 165
15.3.1 Coverage 165
15.3.2 Secondary Research 166
15.3.3 Primary Research 166
15.4 Disclaimer 166

1.1 List of Tables
Table 1: Premier Oil plc, Total Proved and Probable Reserves, Working Interest Basis (mmboe), 2013 19
Table 2: Premier Oil plc, Total Proved and Probable Reserves, Entitlement Interest Basis (mmboe), 2010-2013 19
Table 3: Premier Oil plc, Financial and Operational Overview, 2010-2013 21
Table 4: Premier Oil plc, Working Interest Oil and Gas Production (mboed), 2010 to H1 2014 44
Table 5: Premier Oil plc, Entitlement Interest Oil and Gas Production (mboed), 2010-2013 45
Table 6: Premier Oil plc, Total Oil and Gas Production, 2011-2018 46
Table 7: Premier Oil plc, Reserves and Resources (mmboe), 2013 56
Table 8: Premier Oil plc, Falkland Islands, License Interests, 2014 64
Table 9: Premier Oil plc, Indonesia, License Interests, 2014 68
Table 10: Premier Oil plc, Norway, License Interests, 2014 72
Table 11: Premier Oil plc, Pakistan, License Interests, 2014 75
Table 12: Premier Oil plc, Mauritania, License Interests, 2014 77
Table 13: Premier Oil plc, UK, License Interests, 2014 82
Table 14: Premier Oil plc, Vietnam, License Interests, 2014 85
Table 15: Premier Oil plc, Kenya, License Interests, 2014 89
Table 16: Premier Oil plc, Iraq, License Interests, 2014 90
Table 17: Premier Oil plc, Brazil, License Interests, 2014 94
Table 18: Premier Oil plc, Saharawi Arab Democratic Republic, License Interests, 2014 94
Table 19: Premier Oil plc, Total Oil and Gas Production, 2011-2018 97
Table 20: GlobalData, Price Forecasts, 2014-2018 97
Table 21: Premier Oil plc, Income Statement (US$ mil), 2011-2018 98
Table 22: Premier Oil plc, Balance Sheet (US$ mil), 2011-2018 100
Table 23: Premier Oil plc, Cash Flow Statement (US$ mil), 2011-2018 102
Table 24: Premier Oil plc, Free Cash Flow Calculation (US$ mil), 2014-2018 103
Table 25: Premier Oil plc, Discounted Cash Flow Calculation, 2013 104
Table 26: Premier Oil plc, Peer Group Comparison, Operational and Financial Performance, 2013 106
Table 27: Premier Oil plc, Peer Group Comparison, Total Reserves and Production (mmboe), 2013 110
Table 28: Premier Oil plc, Peer Group Comparison, Financial and Operational Ratios, 2013 112
Table 29: Premier Oil plc, Total Crude Oil and Natural Gas, Production and Reserves, mmboe, 2009-2013 115
Table 30: Premier Oil plc, Total Crude Oil & Natural Gas Production and Reserves, By Country/Region, mmboe, 2009-2013 118
Table 31: Premier Oil plc, Total Crude Oil and Natural Gas Reserve Changes, mmboe, 2009-2013 119
Table 32: Premier Oil plc, Crude Oil Production and Reserves Metrics, mmbbl, 2009-2013 120
Table 33: Premier Oil plc, Crude Oil Production and Reserves, By Country/Region, mmbbl, 2009-2013 122
Table 34: Premier Oil plc, Crude Oil Reserve Changes, mmbbl, 2009-2013 123
Table 35: Premier Oil plc, Natural Gas Production and Reserves Metrics, bcf, 2009-2013 124
Table 36: Premier Oil plc, Natural Gas Production and Reserves, By Country/Region, bcf, 2009-2013 126
Table 37: Premier Oil plc, Natural Gas Reserve Changes, bcf, 2009-2013 127
Table 38: Premier Oil plc, Oil and Gas Reserves Life Index, Years, 2009-2013 128
Table 39: Premier Oil plc, Oil and Gas Reserves Life Index, By Country/Region, Years, 2009-2013 132
Table 40: Premier Oil plc, Upstream Capital Expenditure, US$ mil, 2009-2013 134
Table 41: Premier Oil plc, Proved and Unproved Acquisition Costs, By Country/Region, US$ mil, 2009-2013 135
Table 42: Premier Oil plc, Exploration and Development Costs, By Country/Region, US$ mil, 2009-2013 138
Table 43: Premier Oil plc, Reserves Replacement, Finding and Development Costs, Finding Cost and Proved Acquisition Costs Per boe, US$/boe, 2009-2013 140
Table 44: Premier Oil plc, Reserves Replacement, Finding and Development Costs, Finding Cost and Proved Acquisition Costs Per boe, US$/boe, By Country/Region, 2009-2013 145
Table 45: Premier Oil plc, Oil and Gas Production Replacement Ratio, %, 2009-2013 147
Table 46: Premier Oil plc, 3-Year Wt.Avg. Oil and Gas Production Replacement Ratio, By Country/Region, %, 2009-2013 153
Table 47: Premier Oil plc, Revenue and Expenses, US$ mil, 2009-2013 156
Table 48: Premier Oil plc, Revenue and Expenses, By Country/Region, US$ mil, 2009-2013 157
Table 49: Premier Oil plc, Oil and Gas Revenue and Expenses, US$/boe, 2009-2013 158
Table 50: Premier Oil plc, Oil and Gas Revenue and Expenses, US$/boe, By Country/Region, 2009-2013 159
Table 51: Premier Oil plc, Oil and Gas Performance Metrics, 2009-2013 160

1.2 List of Figures
Figure 1: Premier Oil plc, Operational Map, 2014 18
Figure 2: Premier Oil plc, Financial and Operational Overview, 2010-2013 20
Figure 3: Premier Oil plc, Share Volume (million) and Share Price (£/share), October 2013 to September 2014 22
Figure 4: Premier Oil plc, Development Projects, 2014 23
Figure 5: Premier Oil plc, Solan Project Timeline - August 2014 25
Figure 6: Premier Oil plc, Catcher - Development Plan, 2014 26
Figure 7: Premier Oil plc, Catcher Project Timeline - August 2014 27
Figure 8: Premier Oil plc, Bream-Development Plan, 2014 28
Figure 9: Premier Oil plc, New Entry - Brazil - Operational Map, 2013 31
Figure 10: Premier Oil plc, Brazil, Exploration Drilling Schedule, 2014 32
Figure 11: Premier Oil plc, Kenya New Entry - Operational Map, 2014 33
Figure 12: Premier Oil plc, Kenya, Exploration Drilling Schedule, 2014 34
Figure 13: Premier Oil plc, Iraq, Exploration Drilling Schedule, 2014 34
Figure 14: Premier Oil plc, Total Revenue (US$ bil), 2009-2013 36
Figure 15: Premier Oil plc, Total Reserves and Resources (mmboe), 2009-2013 37
Figure 16: Premier Oil plc, Net-Back (US$/boe), 2010-2013 38
Figure 17: Premier Oil plc, Oil and Gas Revenue (US$/boe), 2010-2013 39
Figure 18: Premier Oil plc, Cost of Sales (US$ mil), 2009-2013 40
Figure 19: Premier Oil plc, Working Interest Oil and Gas Production (mboed), 2010 to H1 2014 44
Figure 20: Premier Oil plc, Entitlement Interest Oil and Gas Production (mboed), 2010-2013 45
Figure 21: Premier Oil plc, Total Oil and Gas Production (mmboe), 2011-2018 46
Figure 22: Premier Oil plc, Production mix (%), 2011-2018 47
Figure 23: Premier Oil plc, Operational Map, 2014 53
Figure 24: Premier Oil plc, Drilling Update, 2013 54
Figure 25: Premier Oil plc, Exploration Drilling Schedule, 2014-2015 55
Figure 26: Premier Oil plc, Falkland Islands, Operational Map, 2014 57
Figure 27: Premier Oil plc, Sea Lion, Structural and Depositional Setting, 2014 58
Figure 28: Premier Oil plc, Falkland Islands, Key Appraisal Wells, 2014 59
Figure 29: Premier Oil plc, Sea Lion, Phase One Development - Tension Leg Platform, 2013 60
Figure 30: Premier Oil plc, Sea Lion, Scale Opportunities, 2014 61
Figure 31: Premier Oil plc, Falkland Islands, Exploration Targets, 2015 62
Figure 32: Premier Oil plc, Falkland Islands, Exploration Targets, 2015 63
Figure 33: Premier Oil plc, Indonesia, Operational Map, 2014 65
Figure 34: Premier Oil plc, Indonesia, Lama Play, 2014 67
Figure 35: Premier Oil plc, Norway, Operational Map, 2014 69
Figure 36: Premier Oil plc, Norway, Mandal High, 2014 70
Figure 37: Premier Oil plc, Bream Development Plan, 2014 71
Figure 38: Premier Oil plc, Pakistan, Operational Map, 2014 74
Figure 39: Premier Oil plc, Mauritania, Operational Map, 2014 77
Figure 40: Premier Oil plc, Catcher Development Plan, 2014 79
Figure 41: Premier Oil plc, Catcher Development Timeline, 2014 80
Figure 42: Premier Oil plc, UK, Operational Map, 2014 81
Figure 43: Premier Oil plc, Vietnam, Operational Map, 2014 85
Figure 44: Premier Oil plc, Kenya, Operational Map, 2014 87
Figure 45: Premier Oil plc, Kenya - Southern Anza Basin, Operational Map, 2014 88
Figure 46: Premier Oil plc, Iraq, Operational Map, 2014 90
Figure 47: Premier Oil plc, Brazil, Operational Map, 2014 92
Figure 48: Premier Oil plc, Brazil - CE-M-665 and CE-M-717, Operational Map, 2014 93
Figure 49: Premier Oil plc, Capital Expenditure by Activity (US$ mil), 2010-2014 96
Figure 50: Premier Oil plc and Peers, Relative Share Price Performance Index (%), Sept 2013 to Aug 2014 105
Figure 51: Premier Oil plc and Peer Group, Financial and Operational Parameters (US$/boe), 2013 107
Figure 52: Premier Oil plc, International plc and Peer Group, Finding and Development Cost and Reserve Replacement Comparison, 2013 108
Figure 53: Premier Oil plc and Peer Group, Total Reserves and Production (mmboe), 2013 109
Figure 54: Premier Oil plc and Peer Group, Reserve Life Index (Years), 2013 111
Figure 55: Premier Oil plc and Peer Group, Valuation Ratios, 2013 114
Figure 56: Premier Oil plc, Total Crude Oil and Natural Gas, Production and Reserves, mmboe, 2009-2013 115
Figure 57: Premier Oil plc, Total Oil & Gas Reserves, End of Period, By Country/Region, mmboe, 2009-2013 116
Figure 58: Premier Oil plc, Total Oil & Gas Production, By Country/Region, mmboe, 2009-2013 117
Figure 59: Premier Oil plc, Total Crude Oil and Natural Gas Reserve Changes, mmboe, 2013 119
Figure 60: Premier Oil plc, Oil Reserves, End of Period, By Country/Region, mmbbl, 2009-2013 121
Figure 61: Premier Oil plc, Crude Oil Reserve Changes, mmbbl, 2013 123
Figure 62: Premier Oil plc, Gas Reserves, End of Period, By Country/Region, bcf, 2009-2013 125
Figure 63: Premier Oil plc, Natural Gas Reserve Changes, bcf, 2013 127
Figure 64: Premier Oil plc, Oil and Gas Reserves Life Index, Years, 2009-2013 128
Figure 65: Premier Oil plc, Gas Reserve Life Index, By Country/Region, Years, 2009-2013 129
Figure 66: Premier Oil plc, Oil & Gas Reserve Life Index, By Country/Region, Years, 2009-2013 130
Figure 67: Premier Oil plc, Oil Reserve Life Index, By Country/Region, Years, 2009-2013 131
Figure 68: Premier Oil plc, Upstream Capital Expenditure, US$ mil, 2009-2013 134
Figure 69: Premier Oil plc, Proved Acquisition Costs, By Country/Region, US$ mil, 2009-2013 135
Figure 70: Premier Oil plc, Development Costs, By Country/Region, US$ mil, 2009-2013 136
Figure 71: Premier Oil plc, Exploration Costs, By Country/Region, US$ mil, 2009-2013 137
Figure 72: Premier Oil plc, 3-Year Wt.Avg., Reserves Replacement, Finding and Development Costs, Finding Cost and Proved Acquisition Costs Per boe, US$/boe, 2009-2013 139
Figure 73: Premier Oil plc, Oil & Gas Finding & Development Cost/boe, 3-Year Average, By Country/Region, US$/boe, 2009-2013 141
Figure 74: Premier Oil plc, Oil & Gas Finding Cost per boe, 3-Year Average, By Country/Region, US$/boe, 2009-2013 142
Figure 75: Premier Oil plc, Reserve Replacement Cost per boe, 3-Year Average, By Country/Region, US$/boe, 2009-2013 143
Figure 76: Premier Oil plc, Proved Reserves Acquisition Cost per boe, 3-Year Average, By Country/Region, US$/boe, 2009-2013 144
Figure 77: Premier Oil plc, 3-Year Wt.Avg., Oil and Gas Production Replacement Ratio, %, 2009-2013 146
Figure 78: Premier Oil plc, 3-Year Wt. Avg. Gas F&D Production Replacement, By Country/Region, %, 2009-2013 148
Figure 79: Premier Oil plc, 3-Year Wt. Avg. Gas RRC Production Replacement, By Country/Region, %, 2009-2013 149
Figure 80: Premier Oil plc, 3-Year Wt. Avg. Oil & Gas F&D Production Replacement, By Country/Region, %, 2009-2013 150
Figure 81: Premier Oil plc, 3-Year Wt. Avg. Oil & Gas RRC Production Replacement, By Country/Region, %, 2009-2013 151
Figure 82: Premier Oil plc, 3-Year Wt. Avg. Oil F&D Production Replacement, By Country/Region, %, 2009-2013 152
Figure 83: Premier Oil plc, 3-Year Wt. Avg. Oil RRC Production Replacement, By Country/Region, %, 2009-2013 153
Figure 84: Premier Oil plc, Revenue and Expenses, US$ mil, 2009-2013 155
Figure 85: Premier Oil plc, Oil and Gas Revenue and Expenses, US$/boe, 2009-2013 158
Figure 86: Premier Oil plc, Oil and Gas Performance Metrics, 2009-2013 160


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