Annual Results

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2005 Annual Results
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2005 Results Summary
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Turnover and Profit from Operations
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Financial
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Capital Expenditure
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Cash Flow
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Hunting PLC

• Corporate Strategy
• Geographic Position
• Market Share Strength
• Proprietary Technologies
• Asset Utilisation

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Hunting PLC

• Market Share Strength
• Gibson Energy Canwest and Truck
  Transportation
• Gibson Shipbrokers Tanker Broking
• Hunting Energy Accessory Manufacturing
• Hunting Performance Mud Motors
• Hunting Iberia Drill Rod and Accessories
• Huaxin Premium Connections (China)

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Hunting PLC

• Proprietary Technologies
• Gibson Energy
• Next Generation Transportation Methods
• State of the Art Terminals
• Well Site Fluid Products
• Hunting Energy
• SWB Technologies
• Patented Premium Connection Technology
• Patented Environmental Running / Storage
  Compounds
• Patented Mud Motor Technologies
• Hunting Energy France
• New Valve Development
• Automated Depot Management

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Hunting PLC

• Asset Utilization
• Gibson EnergyLeveraging strategically located
  pipelines, storage tanks, terminals and truck
  transportation to combine crude oil of a lesser
  value with diluent to blend into products of
  higher value.
• Hunting EnergyLeveraging strategically located
  facilities, proprietary technologies and
  manufacturing expertise, providing products and
  services for well construction and well
  completion phases of EP operations.

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Gibson Energy

• Profit from Operations

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Gibson Energy Marketing Activities

• Purchase and Sale of Crude Oil and Condensate
  
• 250K BBLs/Day
• 50 Employees
• Quality Management
• Risk Management and Arbitrage
• Purchase and Sale of Natural Gas
• Management of Crude Flow Through Owned Assets

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Gibson Energy Truck Transportation

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Gibson Energy Truck Transportation
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Gibson Energy Truck Transportation Growth and
Opportunity

• 530 Tractor Units, 1000 Trailer Units, 186
  Employees
• Athabasca Tar Sands Ft. McMurray is worlds
  second largest reserves of oil next to Saudi
  Arabia
• 75 billion dollars of investment over the next
  ten years
• Gibson Trucking hauls 100 of Bitumen in Ft.
  McMurray, Alberta
• New projects provide continued opportunities to
  haul Bitumen and Froth until projects reach
  commercial status

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Gibson Energy Terminals and PipelinesHardisty
Terminal

• Largest of the Gibson Terminal Facilities
• 1.6 Million Barrels of Storage
• 200K bpd Throughput
• Strategic Location

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Gibson Energy Edmonton South Terminal

• Refined Product and Crude Oil Terminal
• Strategic position in the Heart of Edmonton
  Refinery Row and Pipeline Alley
• 450k Barrel Capacity
• Rail Car Loading and Unloading Capabilities
• Handles 100 of Diesel Fuel produced by Suncor
  Facility in Ft. McMurray
• Receives Product via pipelines and transfers to
  Rail and Truck
• Receives Crude Oil and Condensate by Truck and
  Rail supporting Gibson Marketing Blending
  Operations

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Gibson Energy Edmonton North Terminal

• New Facility commissioned in January 2006
• 310k Barrel Capacity
• Pipeline Connects to Pembina and Rainbow Pipeline
  Systems
• Receipt of Crude Oil and Condensate in facilities
  to support Gibson Marketing activities
• Connected to Enbridge Mainline and Terasen
  Pipelines

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Gibson Energy Canwest Operations

• Second Largest Propane Company in Canada
• Operations in BC, AB, SK, WA State
• 12 Branches and 27 Storage Facilities
• 145 Fully Equipped, Delivery and Service
  Vehicles
• 128 Branch, Operational and Sales People
• 21 Owner Operators
• 12 Field and Corporate Management People

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Gibson Energy Canwest Operations
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Gibson Energy Moose Jaw Asphalt

• Vision
• Acquire under-utilised plant
• Expand utilisation Increase volume via
  year-round operation
• Upgrade value received on top of barrel
• Experience
• Constant asphalt prices
• Increasing feedstock costs
• Expanding markets for high value products grew
  slower than increased crude costs.

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Hunting Energy

Profit from Operations
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Hunting Energy Business Platforms Well
Construction

• Products and Accessories to Increase Drilling
  Rates for Oil and Gas Applications
• Mud Motors
• Shock Tools
• Support Equipment and Services
• Products and Accessories for Commercial
  Applications
• Firestick Drill Stem Supporting
  Telecommunication Industry
• SWB in Support of UCT
• Engineered Connections
• Premium Connections for OCTG Casing and Tubing
• Annular Pressure Relief System

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Hunting Energy Business Platforms Well
Completion

• Manufacturing
• Downhole Completion Accessories
• OEM Licensed Manufacturing
• Specialty Manufacturing
• Pressure Control Equipment
• Slickline / Wireline Equipment
• Tubular Products
• Chrome
• OCTG Casing and Tubing
• 2 Step Tubing
• Clear Run

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Hunting Energy New Technologies

• Well Construction
• Coiled Tubing and Disposable Mud Motors
• Large O. D. Premium Connections
• Near Bit Sensor for SWB
• Well Completion
• State of the Art Manufacturing Equipment
• Clam Pressure Control Equipment
• Environmentally Sound Thread Protection

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Tenkay Resources
Profit from Operations

Highlights 17 Wells and 13 Successes Oil
3 Gas 10 105 Reserve Replacement
(2.42m) (Net Equivalent Barrels) Production
364,403 (Net Equivalent Barrels)
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Ownership Position

• Working interests vary from 25 to less than
  1, with the majority around 9 to 10.
• About 75 profit centres of wells/facilities/well
  units.
• 49 offshore, 26 onshore
• 276 individual wells.

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Gibson Shipbrokers
Profit from Operations

• Highlights
• Sustained high levels of activity in traditional
  tanker markets
• Increased share in Dry Cargo and Gas segments
• Expanded London base and growth overseas in
  Middle East and Far East

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Hunting Energy France

Profit from Operations

• Highlights
• Roforge New product development
• Interpec Added value engineering from
  cogeneration
• Larco Acquisition of Setmat for automated
  depot management

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Source Spears and Associates
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Average Oil and Gas Prices
fcst
Source EIA
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Conclusion

• Continued Strong Commodity Fundamentals
• Increasing E P Spend and Project Development
• Geopolitical Uncertainty
• Challenged production capability
• Reserve Replacements / Depletion Rates
• Demand Will Continue to Rise

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Outlook

• Hunting in 2006 will
• Maximise Asset Utilisation
• Increase Capacity with Customer Assurances
• Push New Technologies, Products and Services
  Further Afield
• Examine Acquisition Opportunities that meet
  Financial Criteria
• Deliver Results

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2005 Annual Results