Capital Drilling Limitedp g2010 Results PresentationM h 2011March 2011

DisclaimerIMPORTANT NOTICE

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2

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OverviewOverview

2010 Highlightsg g

Highlights

Significantly improved performance in 2010.

Substantial fleet growth, expanding by 23% (adding 14 rigs).

Successful June IPO on the LSE raising £13 6 million Successful June IPO on the LSE, raising £13.6 million.

Improving Financial Performance

Revenue up 27% to $75.1m (2009 $59.0m).

Profit after tax up 57% to $11.1m (2009 $7.1m).

Diluted earnings per share up 36% to 9.0 cents (2009 6.6 cents).

Looking Ahead

Record levels for commodity prices and capital market activities.

Substantially strengthened balance sheet to capture future growth.

First price increases for contracts since 2008 following recent

4

annual pricing discussions.

Financial Summaryy

Revenue KPIs FY 2010 FY 2009 Change %) Substantial improvement in H2 2010.%)

Fleet Size 65 55 18%

Fleet Utilisation 72% 61% 18%

p

KPI’s show utilisation levels approaching peak levels.

ARPOR $132,000 $146,000 (9%)

Underlying Earnings FY 2010$m

FY 2009$m

Change%

Revenue 75 1 59 0 27%

ARPOR down YoY due to unprecedented level of rig movement in H1 2010, but improvement in H2 2010.

Revenue 75.1 59.0 27%

EBITDA 19.8 13.9 43%

EBIT 14.1 8.9 58%

Robust earnings despite first half rig re-deployments.

Momentum into 2011 following H2 growth.Net profit after tax 11.1 7.1 57%

Diluted earnings per share 9.0 6.6 36%

g g

Investments made in 2010 with benefits to flow in 2011.

5

Operational Highlightsp g g

Fleet expanded by 23% to 74 rigs in 2010.

Entry into 2 key new markets:

Latin America and West Africa.

Creation of new businesses including:

Capital Energy (hydrocarbon exploration).

Well Force (bore hole services).

R ti t d ll j t t d d d Renegotiated all major contracts and expanded presence with key clients.

First contract price rises since 2008.

New clients and contracts include Kinross (Mauritania), Polar Star (Chile), First Quantum (Zambia).

6

Equipment – Continued Fleet Growthq pFleet – average for the quarter Fleet – growth per annum

7180 74 80

50 57 58 59 62 63 64

71

40

50

60

70

49

60

40

50

60

70

-

10

20

30

11

19 25

-

10

20

30

Expanded fleet by 14 rigs in 2010 (23%).

2009 Q1

2009 Q2

2009 Q3

2009 Q4

2010 Q1

2010 Q2

2010 Q3

2010 Q4

Jan'06 Jan'07 Jan'08 Jan'09 Jan'10 Jan'11

Maintains solid growth, adding on average 1 rig per month since inception.

Low fleet age maintained, averaging c.4 years across the fleet.

Commenced 2011 with 74 rigs with further demand growth ahead.

Added a further 3 rigs in 2011, bringing total fleet to 77 rigs.

7

Investment made in 2010, foundation set for 2011.

Utilisation & ARPOR: Improving Trendsp gUtilisation

Utilisation approaching peak levels last seen in 2008

100%

2008.

Utilisation improved rapidly over 2010, with H2 utilisation 37% higher than H1.59%57%

84%

50%60%70%80%90%

Demand from existing customers & the return of the juniors in the second half.

Maintaining high levels of utilisation into 20110%

10%20%30%40%

2008 2008 2008 2008 2009 2009 2009 2009 2010 2010 2010 2010 Maintaining high levels of utilisation into 2011.

ARPORARPOR l t d i il d t i

2008 Q1

2008 Q2

2008 Q3

2008 Q4

2009 Q1

2009 Q2

2009 Q3

2009 Q4

2010 Q1

2010 Q2

2010 Q3

2010 Q4

ARPOR slower to respond, primarily due to rig moves, new job start ups and legacy contract pricing.

Signs of improvement in the H2 as new operations

211

150

200

250

Signs of improvement in the H2 as new operations settled (6% increase on H1).

Successfully negotiated price increases in recent contract negotiations

150

119 138

50

100

8

contract negotiations.

ARPOR continuing to improve in 2011.

-2008 Q1

2008 Q2

2008 Q3

2008 Q4

2009 Q1

2009 Q2

2009 Q3

2009 Q4

2010 Q1

2010 Q2

2010 Q3

2010 Q4

‘000

Financial ResultsFinancial Results

Underlying Resulty g

St ti f d it th

FY 2010$m

FY 2009$m

Change%

Revenue 75 1 59 0 27 2 Strong operating performance despite the unprecedented levels of rig mobilisation to support contract expansion.

Revenue 75.1 59.0 27.2

Gross Profit 27.3 21.7 25.5

EBITDA 19.8 13.9 43.1

EBIT 14.1 8.9 57.6

PBT 12.8 7.6 68.1

Underlying revenues of $75.1m, up 27% YoY. H2 revenue grew 61% HoH, after 3 broadly flat half yearly revenue periods.

NPAT 11.1 7.1 56.6

Basic EPS (cents) 9.4 7.9 19.2

Diluted EPS (cents) 9.0 6.6 36.4

Gross Profit % 36.3 36.8 (1.4)

EBITDA % 26 4 23 5 12 5

FY 2010 EBIT $14.1m with H2 2010 margin up 100% on H2 2009.

EBITDA % 26.4 23.5 12.5

EBIT % 18.8 15.2 23.9

NPAT % 14.8 12.0 23.1

The underlying result differs from the reported result as detailed

FY 2010 NPAT $11.1m with H2 2010 margin up 120% on H2 2009.

Gross Profit margin broadly flat YoY due to

2010 2009REVENUE Sahar (0.2)GROSS PROFIT Sahar 0.1 0.3 EBITDA Goodwill 0 5

The underlying result differs from the reported result as detailed below. A full reconciliation is detailed in the Appendix.

Gross Profit margin broadly flat YoY due to global labour pressure, increased raw material costs and a weaker US$.

EBITDA Goodwill 0.5 Sahar (0.4) 0.0 FX on loan (0.3) 0.9 IPO cost 0.2 0.0 Other (0.2)

TOTAL (0 1) 1 1

10

TOTAL (0.1) 1.1

Margins and Returns Metrics 1gRevenues EBIT1 and NPAT Margins$74.7 $75.1 80 Africa ROW EBIT NPAT NPAT margin EBIT margin

US

$MUS

$M

$63.2

$36.1

$59.0

30

40

50

60

70

80

$10.8

$20.6

$8.9

$14.1

$14.7

$11 115%

20%

25%

30%

35%

$10.0

$15.0

$20.0

$25.0

U

$31.5$49.9 $45.0

$63.2

0

10

20

30

2007 2008 2009 2010

$8.7 $7.1

$11.1

0%

5%

10%

$-

$5.0

$10.0

2007 2008 2009 2010

Reversal of declining margins despite unprecedented fleet movement and cost pressures

Return of strong revenue growth in H2, full impact to be felt in 2011.

pressures.

Contract price increases implemented in Q1 2011 to enhance earnings.

Significant demand from existing client base for expansion.

3 year CAGR of 28%, despite financial crisis.

Further operating leverage expected with expansion based on H2 growth. Revenue key metrics improving. Return of

utilisation to near peak period levels.

11

Note:1. Underlying earnings are calculated by adding back non recurring one-off expenses, which are detailed in the Group’s Preliminary Announcement dated 15 March 2011 and include IPO

expenses, forex gain/loss on AUD loans and gain from the disposal of Sahar Minerals.

Cash Flow

FY 2010 FY 2009 Operating activities: 37% YoY

improvement in net cash generated from operating activities.

FY 2010$m

FY 2009$m

Operating Activities

Net cash generated from operating activities 12.6 9.2

Investing Activities

Investing activities: Large investment in capital expenditure to cater for increased demand, taking rig fleet to 74 rigs (23%

Investing Activities

Net cash used in investing activities (18.3) (7.3)

Financing Activities

Changes in Shares and Premium 20.0 g g g (YoY).

Financial activities: High levels of activity due to restructuring associated with the

Increase (Decrease) - Loans 2.8 (6.5)

Net Cash generated from financing activities 22.8 (6.5)

Net increase/decrease in cash 17.1 (4.6)

Closing cash balance 18.2 1.1*due to restructuring associated with the June IPO.

Closing cash balance: Strong closing

*Net of bank overdraft

cash balance means Capital Drilling is well placed for growth in 2011.

12

Balance Sheet

Balance sheet strength positions business to capitalise on industry demand

$

FY 2010$m

FY 2009 $m

Change %

Non - Current Assets 48.2 36.4 32.4

Current Assets 48.4 21.3 127.6

with net equity increasing to $61.4m.

$18.9m in Capital Expenditure, primarily for new business and contract expansion

Total assets 96.6 57.7 67.5

Non - Current Liabilities 12.8 8.7 48.2

Current Liabilities 22.4 17.2 30.5

Total liabilities 35.2 25.8 36.4 for new business and contract expansion with full earnings impact in 2011.

Consolidation of debt facilities.

Equity 61.4 31.8 92.7

Cash 18.2 3.5 424.1

Debt 18.1 15.5 16.3

Net Cash/Debt 0.2 (14.4)

Gearing (net debt/equity) 0.0 (0.5)

13

Capital Expenditurep p

Capital Expenditure Capital Expenditure – Operational / Growth

Rods15%

Other9%

Operational36%

Rig62%

Auto14%

Growth64%

Capital expenditure of $18.9m directed towards growth opportunities representing 64% of total expenditure.

Rig expansion is the second largest in the Group’s history, representing 62% of total expenditure – spending directed towards 2011 earnings and maintaining quality of fleetexpenditure spending directed towards 2011 earnings and maintaining quality of fleet.

Operational capital expenditure representing 10% of gross assets.

OC f %* (

14

Enhanced return metrics despite expanded asset base. ROCE for H2 2010 at 19.5%* (H1 2010 at 11.1%).

*Annualised underlying EBIT / total assets

Depreciationp

Category Old PolicyNo of years

New Policy No of years

Peer Policy No of years

Rigs 7 – 10 5 – 12 5 – 15

Auto 3 – 7 4 – 7 3 -10

Associated Drills 1.5 – 7 2 – 7 1 – 10

Others 3 – 5 3 – 5 1 - 10

Accounting change with no cash impact.

Asset useful life all within peers’ range.

Marginal impact on earnings, on a like-$for-like basis (< $0.5m).

15

Momentum

86% 89%82%

80

90

100 Utilisation

$45.8 $46.3 4550

Revenue

61% 62% 60%

30

40

50

60

70

$28.9 $29.7 $29.3 $28.7

202530354045

US

$M %

0

10

20

30

1H-2008 2H-2008 1H-2009 2H-2009 1H-2010 2H-201005

1015

1H-2008 2H-2008 1H-2009 2H-2009 1H-2010 2H-2010

$M P.M

.

$8.8

$11.8

$9.4 25%

30%

35%

10

12

14EBIT

$196$181

$147$135 $136150

200

250ARPOR

US

$

US

$M P

$6$3

$4.7

5%

10%

15%

20%

2

4

6

8$135 $128 $136

50

100

150

H2 investment providing momentum into 2011 with the return of peak period conditions

0%01H-2008 2H-2008 1H-2009 2H-2009 1H-2010 2H-2010

EBIT EBIT margin

H2 2010 investment providing momentum into 2011 Utilisation approaching peak

01H-2008 2H-2008 1H-2009 2H-2009 1H-2010 2H-2010

16

H2 investment providing momentum into 2011 with the return of peak period conditions as seen in 2008.

H2 2010 investment providing momentum into 2011 – Utilisation approaching peak levels.

Strategy and OutlookStrategy and Outlook

Strategy & Strengthsgy g

Strategy Competitive Strengths

Strong reputation Young fleet

Continued focus on quality

Experience and presence on the ground in developing countries Expertise in drilling in remote locations

Focus on emerging markets

Strong local administrative and logistical supportEconomies of scale and stability

Solid Health & Safety recordContinued focus on HSE

Experienced management and proven operating track record Exploration, development, production, energy

Expand range of drilling services

18Leveraging our strengths for expansion

Emerging Markets Focusg g

Middle East, North AfricaSince 2005

C tl 24 Ri (1)

West AfricaCommenced Q4 2010

5 rigs(1)

Currently 24 Rigs(1)

Sub-Saharan AfricaSince 2005

Currently 39 Rigs(1)

Asia PacificSince 2008

Latin AmericaSince 2010

Currently 5 rigs(1)

Since 2008Currently 4 Rigs(1)

Regional Support: SACorp HQ: Singapore

1. All rig numbers/locations are as at March 2011.

Current Operations Previous Operations Support Offices

19

1. All rig numbers/locations are as at March 2011.

Significant established footprint for future expansion

Quality, Long Term Clientsy gWell Capitalised Clients

Cash on Balance CD Type ofClient Market Cap (1) Cash on Balance Sheet(2) Location Commodity Active Since CD

StatusType of Drilling(*)

US$3.4bn US$400mn Tanzania Gold December 2008 E, D, P

US$18.1bn US$1.0bn* Tanzania Gold April 2007 E, D, P

US$2.2bn US$150mn Egypt Gold June 2005 E, D, P

US$4.4bn US$200mn Zambia Copper July 2006 E, D, P

US$10.1bn US$730mn Zambia Copper July 2010 - E, D

US$17.4bn US$1.5bn Mauritania Gold October 2010 - D

US$8 5bn US$1 3bn PNG Gas October 2010-

EUS$8.5bn US$1.3bn PNG Gas October 2010 E

US$3.7bn US$490mn Mozambique Coal March 2009 - E, D

1 Source: Bloomberg 31 Jan 2011 2 Various client announcements * USD equivalent E Exploration D Development P Production

20Provides stability and visibility on earnings

1. Source: Bloomberg 31 Jan 2011. 2. Various client announcements. * USD equivalent E – Exploration D – Development P – Production

SummarySummary

Summary

H2 2010 more representative ofi i d f f 2011anticipated performance for 2011.

Consolidation of support functions inDubai.Dubai.

Growth underpinned by the existingbusiness.

New areas of growth in businessincluding Well Force and Capital Energy.

21

AppendicesAppendices

Management & Boardg

Jamie BoytonBrian Rudd David Payne

cutiv

e

24 years experience in the mining industry in Africa and Australia

15 years experience in finance industry Co-founder of Capital Drilling

15 years experience in the finance industry in Africa and Australia

(Executive Chairman)(CEO) (CFO)

Exe Co-founder of Capital Drilling

Previous experience includes 6 years as operations/general manager for Stanley Mining Services Tanzania (Layne Christensen)

Previously Executive Director and Head of Asian Equity Syndication and Corporate Broking at Macquarie Bank (HK) and prior to which he was a director at ABN AMRO (HK)

Previous experience includes general manager at Australian national law firm, and 8 years at Zurich Financial Services

e

(Layne Christensen) director at ABN AMRO (HK)

Alex Davidson

(NED)

Tim Read

(Senior NED)

Craig Burton

(NED)

-Exe

cutiv

Over 40 years’ experience in the natural resources sector

Ex President/CEO of Adastra

30 years experience in mining 16 years at Barrick Gold;

Executive VP of Exploration and

15 years experience co-founding numerous development companies, with a focus on the resources,

( )( ) ( )

Non

-

Ex Merrill Lynch Global Co-head of Mining Investment Banking

NED for several AIM/ASX/TSX mineral companies

pCorporate Development

Ex NED for Highland Gold, now Namakwa Diamonds & Yamana Gold

oil and gas, mining services and agribusiness sectors

Executive Chairman and co-founderof Mirabela Nickel Ltd (ASX 200)

23Experienced management and highly respected Board

Size of the Market

2010(1) 2010(1)Worldwide Exploration Budgets by Region 2010(1)

Worldwide (non-ferrous) exploration market = $12.1bn

Fast growth marketsfrom 2001–2010:

Latin America (48%)Africa (29%)

United States7 8%

Drilling accounts for c30% of this = $3.6bn

Africa (29%)

Latin AmericaLargest exploration market in

2010

7.8%

Pacific / SE Asia6.7%

Africa 13.3%

Australia 11.9%

Represents a c45% increase on 2009 spend

Latin America

“East/Southern” Africa Represents c42% of African

spendLatin America

26.9%Rest of World

14.4%“West” Africa

Represents c44% of African spend

Gold c44% of spend

1 Source: Metals Economics Group end 2010

Canada19%

p

24Market = large and growing, especially in emerging countries

1. Source: Metals Economics Group, end 2010

Revenue SplitspRegional Drilling Type

Latam8% Asia

Energy2% Exploration

8%%

14%

Development

Africa84%

Production33%

51%

84%

Africa accounts for the majority of Capital Drilling’s revenues.

2010 saw Capital Drilling enter new regions such as West Africa and Latin America.

Development drilling comprises the majority of Capital Drilling’s revenue split.

2011 should see increased demand for exploration drilling.

Capital Drilling entered into the Energy drilling market for the first time in 2010.

25Exciting opportunities new regions and drilling types in 2011

Current Fleet

Multi-purpose10

Heli-portable4 10

Reverse Ci l ti

Deep Hole Diamond

5

4

Circulation13

Production15

Diamond30

26Broad fleet profile to support client base* As at March 2011

Health & Safetyy

Health & Safety

4.5

Annual Progressive Loss Time Injury Frequency Rate

y

We are pleased to report another strong yearfor the Group in Health & Safety with anumber of significant milestones being

4.25

3

3.5

4

4.5

r mill

ion

hour

s achieved in 2010, including achieving over1.7 million man hours LTI Free.

A number of operating sites were able to

2.25

1.651.5

2

2.5

e of

inju

ries

per

wor

ked

report record periods of LTI freeactivity, including : Geita and North Mara in Tanzania, Sukari in Egypt,

1.20.9

0.5

0

0.5

1

Freq

uenc

y ra

te Lumwana in Zambia

A record for LTI free activity for the operationsin Mozambique.

2005 2006 2007 2008 2009 2010F

Inaugural annual award for Excellence inPerformance & Management of Safety to theGeita site in Tanzania.

27

Shareholder Structure

Capital Drilling Shareholders

Shares in issue 134.2 mn

Options 2.7 mn

Post Admission and Placing Free Float

Name % of Shares

Jamie Boyton 21%

Total 136.7 mn Institutional Shareholders

29%

Jamie Boyton 21%

Craig Burton 21%

Brian Rudd 15%

Jamie Armitage 10%Founding

Other Founders 5%

Institutional Shareholders 29%

Total 100%

Founding Shareholders

71%

28

Key Driver #1: Commodity Pricesy y

Revenues Split by Commodity – 2010

Others16%

1,600 10,000

Copper(1)Gold(1)Copper

22%Gold62%

600

800

1,000

1,200

1,400

$/oz

4 000

6,000

8,000

US

D/K

T

0

200

400

600

2000

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

0

2,000

4,000

2000

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

U

1 Source: Bloomberg (as at January 2011)

2 2 2 2 2 2 2 2 2 2 2 2

Spot Rates 12-Month Trailing

2 2 2 2 2 2 2 2 2 2 2 2

Spot Rates 12-Month Trailing

29Company well positioned to benefit from base metal price rebound

1. Source: Bloomberg (as at January 2011)

Key Driver #2: Access to Capital

Equity raised in past 5 years > Four times the equity raised in 6 years from 2000 to

y p

Equity raised in past 5 years > Four times the equity raised in 6 years from 2000 to 2005

More than US$200 billion in equity raisings

47.944.0

52.8

47.250

60

equity raisings by mining

companies since 2006

28.730

40

S$

billio

ns)

2006

1.34.2

8.2 9.513.9 15.3

10

20(US

*Source – Dealogic

02000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010

30Market well capitalised for spending activity

Cost Analysis y

9.0%4.6% % of Total Cost

Labour Costs

FY‐2010$m

28.0%

11.6%

Labour Costs

Stock Expense

Fuel Costs

$Labour Costs 17.9

Stock Expense 12.8

Fuel Costs 4.1

Other Operational Costs 12 9

20.1%20.2%

Other Operational Costs

Management & Administrative Expenses

Depreciation

Other Operational Costs 12.9

Management & Administration Expenses 7.4

Depreciation 5.8

Other Costs 3.0

T t l C t 63 96.4%

Other CostsTotal Costs 63.9

Labour – increased in-line with global labour pressures.

Stock – increase due to pressure from macro conditions.p

Fuel – reduction as contract and fleet mix changed.

Management and administrative reduction in line with operating leverage

31

Management and administrative – reduction in-line with operating leverage.

Company Contact Detailsp y

Capital Drilling Limited UK Broker DetailsCapital Drilling LimitedJamie BoytonExecutive Chairmanjamie.boyton@capdrill.com

UK Broker DetailsLiberum Capital LimitedRopemaker Place, Level 12, 25 Ropemaker Street, London, EC2Y 9LY

Telephone: +44 (0) 20 3100 2000

Brian RuddCEObrian.rudd@capdrill.com

Telephone: +44 (0) 20 3100 2000

Clayton Bush

Website: www.liberumcapital.com

David PayneCFO and Company Secretarydavid.payne@capdrill.com

UK Public RelationsBuchanan Communications45 Moorfields, London EC2Y 9AE

Singapore90B Amoy StreetSingapore

Telephone: + 44 (0) 20 7466 5000

Bobby Morse

Email: bobbym@buchanan.uk.comSingapore+65-6227-9050www.capdrill.com

Chris McMahon

Email: chrism@buchanan.uk.com

Website: www.buchanan.uk.com

32