Rocksource ASA Pareto Securities 21st Annual Oil & Offshore Conference 10 September 2014 CEO Chris Spencer
Share performance since last years conference Rocksource vs OSEBX 7,00 Offer for 30% of shares at 6 NOK 6,00 Pil appraisal 5,00 4,00 3,00 Pil discovery 2,00 1,00 0,00 04.09.13 04.10.13 04.11.13 04.12.13…
Table of contents Rocksource at a glance The Pil discovery Portfolio update Financials Summary and outlook Appendix Slide: 4
Rocksource at a glance Exploration company focussing on the Norwegian Continental Shelf (NCS) Holds 15% of PL 586 licence (Pil & Bue discoveries) 95-175 mmboe* discovered resources in Pil & Bue, rated as one of the most significant…
Corporate strategy focusing on exploration Value creation PDO Produce + + Commercial discovery - - Licence awards Mature & drill Appraise & define Develop Time Slide: 6
Table of contents Rocksource at a glance The Pil discovery Portfolio update Financials Summary and outlook Appendix Slide: 7
Pil discovery Overview, status and outlook The PL 586 licence: Located in the Norwegian Sea, 30km southwest of Njord. Water depth: +300m Operated by VNG (30%), with Spike (30%), Faroe (25%) and Rocksource (15%) as partners Current…
Pil Rated as one of the most significant NCS discoveries in recent years Slide: 9
PL 586 Material upside potential identified Next drilling campaign expected to commence 1H 2015 Partnership have secured two back-to-back well slots on Transocean Arctic Two primary targets with combined unrisked potential in the…
Strong hydrocarbon signatures on seismic Illustration shows a seismic cross section through the Pil discovery well Light blue line indicates gas/oil contact with hot amplitudes on the top reservoir reflector above. Dotted line…
Table of contents Rocksource at a glance The Pil discovery Portfolio update Financials Summary and outlook Appendix Slide: 13
Attractive NCS exploration portfolio Undiscovered Discovered resources resources Net risked drill-out 160 by area 140 120 100 MM BOE 80 60 North Sea Halten Terrace 40 Norwegian Sea Barents Sea 20 0 Net risked Net…
North Sea snapshot: PL 746 S, Hernar Awarded in APA 2013 Key prospect name: Hernar Producible hydrocarbons proved and tested (29/3-1) within the licence (Brent Group). Additional volume potential identified in deeper and shallower…
Norwegian Sea snapshot: PL 528, Ivory Expected to spud soon West Navigator drill ship Key prospect name: Ivory Gas…
Barents Sea snapshot: PL 717 Awarded in 22nd Round Located on the western part of the Loppa High, on same geological trend as the Skrugard and Havis discoveries Multi-level prospectivity Partnership: ENI (40% and Operator),…
US GoM: Marketing efforts continue US asset broker continues to market Rocksources GoM leases Discussions with potential counter-parties continue Significant potential combined resource base in AC855 (Rocksource 65%) and Trident…
Table of contents Rocksource at a glance The Pil discovery Portfolio update Financials Summary and outlook Appendix Slide: 19
Financial status Rights Issue (RI) to secure funding for 2014 successfully completed in June 43 MNOK raised, issue was 2.7 times oversubscribed Accompanied by increase in exploration credit facility with SEB Merchant Banking When RI…
Table of contents Rocksource at a glance The Pil discovery Portfolio update Financials Summary and outlook Appendix Slide: 21
NCS exploration strategy paying off Pil A transformational event for Rocksource 95-175 mmboe* in discovered resources; High potential follow-up drilling campaign planned for 2015, two well slots secured Actively maturing remaining…
Table of contents Rocksource at a glance The Pil discovery Portfolio update Financials Summary and outlook Appendix Slide: 23
Rocksources NCS licence portfolio License Area Equity Operator Award Current Activity Drill-or-drop Well PL 506 S, BS, CS North Sea 25 % Rocksource APA 2008 Post well analysis 3Q 2015 PL 506 DS North Sea 25 % Rocksource APA 2011…
Profit and loss statement NOK '000 2Q 2014 1Q 2014 4Q 2013 3Q 2013 2Q 2013 Operating income 7 340 1 290 28 354 7 781 15 743 Total operating income 7 340 1 290 28 354 7 781 15 743 Other general and administrative expenses (3 668) (3…
Top 20 shareholder list* Investor Number of shares % of total Type Country LARSEN OIL & GAS AS 28,154,271 28.62% Comp. NOR INDEPENDENT OIL & RESOURCES ASA 2,000,000 2.03% Comp. NOR EXPLORATION INVEST 1,680,000 1.71% Comp. NOR RINGDAL…
Analyst coverage FIRST SECURITIES TEODOR NILSEN +47 23 23 82 75 SWEDBANK.NO NORNE SECURITIES KARL JOHAN MOLNES +47 94 10 00 00 NORNE.NO PARETO SECURITIES THOMAS AARRESTAD +47 22 87 87 21 PARETO.NO SEB ENSKILDA HALVOR STRAND NYGRD…
Investor contacts Chris Spencer, CEO Tel: +47 95 29 42 28 chris.spencerrocksource.com Hans Petter Klohs, CFO Tel: +47 90 75 05 26 hans.petter.klohsrocksource.com Slide: 30
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