2005Annual Results

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%

Turnover and Profit from Operations

Year End

December 2005 December 2004

Turnover£m

Profit fromOperations

£m

Operating Margin Turnover

£m

Profit fromOperations

£m

OperatingMargin

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%

Financial

Net Borrowings

Gearing

Interest Cover

December2005

£97.0m

53%

7.1x

December2004

£130.6m

117%

5.7x

Capital Expenditure

2005£m

2004£m

Gibson EnergyHunting EnergyTenkayOther Activities

16.19.25.6

2.0

8.45.06.4

2.1

32.9 21.9

Split: Maintenance

New business15.0

17.932.9

13.1 8.8

21.9

Cash Flow

2005 £m

2004 £m

Cash from operationsCapital ExpenditureInterest etc.

FREE CASH FLOW

AcquisitionsDisposalsEquity dividendsRights Issue/Preference Shares RepaidOther

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)

Hunting PLC

Corporate Strategy

Geographic Position

Market Share Strength

Proprietary Technologies

Asset Utilisation

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)

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

Hunting PLC

Asset Utilization

Gibson Energy:

Leveraging 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 Energy:

Leveraging strategically located facilities, proprietary technologies and manufacturing expertise, providing products and services for well construction and well completion phases of E&P operations.

Gibson Energy

Profit from Operations

December2005

OperatingMargin

December2004

OperatingMargin

Marketing

Truck Transportation

Terminals and Pipelines

Canwest Propaneand 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%

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

Gibson Energy: Marketing Activities

Gibson Energy: Truck Transportation

Gibson Energy: Truck Transportation

530 Tractor Units, 1000 Trailer Units, 186 Employees

Athabasca Tar Sands Ft. McMurray is world’s 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

Gibson Energy: Truck Transportation Growth and Opportunity

Gibson Energy: Terminals and PipelinesHardisty Terminal

Largest of the Gibson Terminal Facilities

1.6 Million Barrels of Storage

200K bpd Throughput

Strategic Location

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

Gibson Energy: Edmonton South 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

Gibson Energy: Edmonton North Terminal

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

Gibson Energy: Canwest Operations

Gibson Energy Canwest Operations

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.

Gibson Energy: Moose Jaw Asphalt

Hunting Energy

Profit from Operations:

December2005£m

Operating Margin

£m

December2004£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%

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

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

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

Tenkay Resources

December2005£m

OperatingMargin

December2004£m

Operating Margin

Oil and Gas Drilling Activities 5.3 43% 3.1 36%

Profit from Operations:

Highlights: 17 Wells and 13 Successes

Oil: 3Gas: 10105% Reserve Replacement (2.42m)(Net Equivalent Barrels)Production: 364,403 (Net Equivalent Barrels)

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 onshore276 individual wells.

Gibson Shipbrokers

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

Profit from Operations:

December2005£m

OperatingMargin

December2004£m

Operating Margin

Broking Activities 2.5 11% 1.6 9%

Hunting Energy France

Highlights:

Roforge – New product development

Interpec – Added value engineering from cogeneration

Larco – Acquisition of Setmat for automated depot management

Profit from Operations

December2005£m

OperatingMargin

December2004£m

Operating Margin

Petroleum Equipment 1.1 9% 1.0 8%

Source: Spears and Associates

Rig Count

0

200400

600800

10001200

14001600

1800

2002 avg 2003 avg 2004 avg 2005 avg 2006 fcst

US

CAN

Intl

$5.00

$15.00

$25.00

$35.00

$45.00

$55.00

$65.00

$75.00

2002 2003 2004 2005 2006

$1.00

$2.00

$3.00

$4.00

$5.00

$6.00

$7.00

$8.00

$9.00

$10.00

Avg Oil price

Avg Gas Price

Average Oil and Gas Prices

fcst

Source : EIA

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

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

2005Annual Results