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Q3 2015 Corporate Update – North Energy

North Energy · Nov 12, 2015 · 19 slides

Investor presentation from the Shale Experts oil & gas presentation and slide database. Every page is imaged and its text indexed for search across operators, plays, basins and time.

Slides

  1. Q3 2015 Corporate Update – North Energy – slide 1
    North Energy Q3 2015 12 November 2015
  2. Q3 2015 Corporate Update – North Energy – slide 2
    Agenda Q3 highlights and subsequent events Financial update Operational update Outlook North Energy ASA postnorthenergy.no (+47) 78 60 79 50 www.northenergy.no
  3. Q3 2015 Corporate Update – North Energy – slide 3
    North Energy Status entering 2016 A robust financial platform Cost cutting programme soon completed No firm commitments opportunistic approach going forward Streamlined organisation Well positioned for the future North…
  4. Q3 2015 Corporate Update – North Energy – slide 4
    Q3 highlights and subsequent events Non-commercial discovery on the Tvillingen Sr prospect in the Norwegian Sea 30 meter hydrocarbon column discovered Below pre-drill expectations Dry well on the Haribo prospect in the North Sea…
  5. Q3 2015 Corporate Update – North Energy – slide 5
    Agenda Q3 highlights and subsequent events Financial update Operational update Outlook North Energy ASA postnorthenergy.no (+47) 78 60 79 50 www.northenergy.no
  6. Q3 2015 Corporate Update – North Energy – slide 6
    Profit & Loss Q3 2015 NOK Million Q3 2015 Q2 2015 Q3 2014 2014 Gain/loss from licence sale - (0,4) 0,2 3,5 Exploration expenses (117,6) (116,2) (56,6) (365,1) 510 (MNOK 76) and 616 (MNOK 29) Payroll (12,2) (12,1) (15,6) (52,9) Other…
  7. Q3 2015 Corporate Update – North Energy – slide 7
    Balance Sheet 30 September 2015 NOK Million 30.09.2015 30.06.2015 31.12.2014 Assets Fixed assets 6,3 7,5 9,9 Capitalized drilling cost 4,4 5,2 11,5 Deferred tax asset 151,4 146,1 131,7 Incl. tax loss carried forward MNOK 143,8 Long term…
  8. Q3 2015 Corporate Update – North Energy – slide 8
    Healthy financial position Net cash* position Q3 2015 Q3 2015 net cash 800,0 position of NOK 219 700,0 million 20 600,0 62 319 Unused exploration 500,0 481 loan facility NOK 469 400,0 million 300,0 Extended until 2017 200,0…
  9. Q3 2015 Corporate Update – North Energy – slide 9
    Extensive cost cutting measures showing results No. of employees 50 Net G&A in 2016 slashed by 70 per cent 40 compared with 2014 30 20 2016 cash burn at a minimum 10 0 YE 2014 YE 2015 YE 2016 Robust cash position allows for…
  10. Q3 2015 Corporate Update – North Energy – slide 10
    Agenda Q3 highlights and subsequent events Financial update Operational update Outlook North Energy ASA postnorthenergy.no (+47) 78 60 79 50 www.northenergy.no
  11. Q3 2015 Corporate Update – North Energy – slide 11
    North Energy the licence portfolio Currently 21 licences PL 722 and PL 708 sold* PL 601 and PL 693 to be relinquished* Drop decision made in PL 503 DoD / BoV 2016 - 16 licences DoD 2017 - 2 licences 2 wells finalized in Q3 2015…
  12. Q3 2015 Corporate Update – North Energy – slide 12
    The Haribo and Tvillingen South wells finalized in Q3 2015 Tvillingen South Haribo North Energy ASA postnorthenergy.no (+47) 78 60 79 50 www.northenergy.no
  13. Q3 2015 Corporate Update – North Energy – slide 13
    PL 510 Non-commercial discovery in Tvillingen South APA license 2009, Maersk operator Hydrocarbon column of up to 30 meters in well and 90 meters in total Excellent reservoir quality encountered The deeper reservoir targets were…
  14. Q3 2015 Corporate Update – North Energy – slide 14
    PL 616 dry well in the Haribo prospect Farm in licence 2014, Edison operator Many different prospect evaluated All chalk reservoir were tight with no hydrocarbon indication Geophysical modelling indicated presence of reservoir…
  15. Q3 2015 Corporate Update – North Energy – slide 15
    Upcoming drill or drop decisions License Prospect Interest Operator Location DoD Deadline PL 503 Valberget 12.5% Lotos North Sea Q4 2015 PL 503 C Valberget 12.5% Lotos North Sea Q4 2015 PL 601 Nupen 20% Wintershall Norwegian Sea Q4…
  16. Q3 2015 Corporate Update – North Energy – slide 16
    Drilling candidate: PL 762 Vgar Prospect description: Ca. 200 mmboe oil/gas prospect Carbonate prospect unproven play Several structures within the licence significant upside potential Commerciality: Potential tie-in to Norne…
  17. Q3 2015 Corporate Update – North Energy – slide 17
    Agenda Q3 highlights and subsequent events Financial update Operational update Outlook North Energy ASA postnorthenergy.no (+47) 78 60 79 50 www.northenergy.no
  18. Q3 2015 Corporate Update – North Energy – slide 18
    Summary and outlook On track to conclude extensive downsizing programme by end 2015 Burn rate slashed by 70% compared with 2014 Comfortable financial position in challenging market No firm wells but opportunistic approach w.r.t.…
  19. Q3 2015 Corporate Update – North Energy – slide 19
    Q&A North Energy ASA postnorthenergy.no (+47) 78 60 79 50 www.northenergy.no

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