Annual Results

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2005 Annual Results
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2005 Results Summary
Turnover 1,522m (2004 1,159m) EBITDA 71.4m (2004 49.5m) Profit from Operations 44.9m (2004 20.8m) Profit before tax 40.9m (2004 16.5m) Tax charge 35.6 (2004 32.8) Basic EPS 21.2p (2004 7.9p) Dividend 6.0p (2004 4.5p) 31 44 116 148 168 33
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Turnover and Profit from Operations
Year End Year End Year End Year End Year End Year End
December 2005 December 2005 December 2005 December 2004 December 2004 December 2004
Turnover m Profit from Operations m Operating Margin Turnover m Profit from Operations m Operating Margin
Gibson Energy - Marketing - Other Hunting Energy Tenkay Others 1,016.7 197.7 202.3 12.3 92.9 10.7 11.1 18.9 5.3 1.5 1 6 9 43 2 747.2 165.9 159.1 8.5 78.7 7.0 8.5 8.3 3.1 2.7 1 5 5 36 3
1,521.9 47.5 3 1,159.4 29.6 3
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Financial
Net Borrowings Gearing Interest Cover December 2005 97.0m 53 7.1x December 2004 130.6m 117 5.7x

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Capital Expenditure
2005 m 2004 m
Gibson Energy Hunting Energy Tenkay Other Activities 16.1 9.2 5.6 2.0 8.4 5.0 6.4 2.1
32.9 21.9
Split Maintenance New business 15.0 17.9 32.9 13.1 8.8 21.9

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Cash Flow
2005 m 2004 m
Cash from operations Capital Expenditure Interest etc. FREE CASH FLOW Acquisitions Disposals Equity dividends Rights Issue/ Preference Shares Repaid Other Decrease(increase) in Debt 54.8 (32.9) (4.0) 17.9 (11.9) 6.1 (5.6) 43.6 (16.5) 33.6 46.0 (21.9) (8.7) 15.4 (1.5) 28.3 (3.8) (47.9) 5.5 (4.0)
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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

December 2005 Operating Margin December 2004 Operating Margin
Marketing Truck Transportation Terminals and Pipelines Canwest Propane and Natural Gas Liquids Moose Jaw Asphalt 10.7 4.9 5.7 3.0 (2.5) 21.8 1 7 40 6 7.0 2.6 5.3 1.6 (1.0) 15.5 1 5 44 3

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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



December 2005 m Operating Margin m December 2004 m OperatingMargin m
Well Construction Well Completion 6.7 12.2 ____ 18.9 10 9 9 4.8 3.5 ____ 8.3 11 3 5
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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
December 2005 m Operating Margin December 2004 m Operating Margin
Oil and Gas Drilling Activities 5.3 43 3.1 36

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
December 2005 m Operating Margin December 2004 m Operating Margin
Broking Activities 2.5 11 1.6 9

• 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
December 2005 m Operating Margin December 2004 m Operating Margin
Petroleum Equipment 1.1 9 1.0 8

• 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