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ANNUAL GENERAL MEETING – Atlantic Petroleum

Atlantic Petroleum · Mar 24, 2012 · 65 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. ANNUAL GENERAL MEETING – Atlantic Petroleum – slide 1
    Annual General Meeting 24th March 2012
  2. ANNUAL GENERAL MEETING – Atlantic Petroleum – slide 2
    AGENDA ANNUAL GENERAL MEETING 2011 1. Election of Chairman of the Meeting 2. The Board of Directors statement of the Companys activity during the previous accounting year 3. Presentation of audited Annual Accounts for approval 4.…
  3. ANNUAL GENERAL MEETING – Atlantic Petroleum – slide 3
    1. ELECTION OF CHAIRMAN OF THE MEETING The Board of Directors proposes to elect Mr. Petur Even Djurhuus as the Chairman of the Meeting 4
  4. ANNUAL GENERAL MEETING – Atlantic Petroleum – slide 4
    AGENDA ANNUAL GENERAL MEETING 2011 1. Election of Chairman of the Meeting 2. The Board of Directors statement of the Companys activity during the previous accounting year 3. Presentation of audited Annual Accounts for approval 4.…
  5. ANNUAL GENERAL MEETING – Atlantic Petroleum – slide 5
    The Board of Directors Statement Birgir Durhuus, Chairman of the Board Annual General Meeting - Trshavn 24th March 2012
  6. ANNUAL GENERAL MEETING – Atlantic Petroleum – slide 6
    Agenda 2011 a mixed year for Atlantic Petroleum 2012 Standing on a Stronger Platform Major changes in the investor base
  7. ANNUAL GENERAL MEETING – Atlantic Petroleum – slide 7
    Oil Production in 2011
  8. ANNUAL GENERAL MEETING – Atlantic Petroleum – slide 8
    Oil Prices in 2011 Expected EBIT: DKK 90m 150m Realised EBIT: DKK 126.3m
  9. ANNUAL GENERAL MEETING – Atlantic Petroleum – slide 9
    Economics Debt development
  10. ANNUAL GENERAL MEETING – Atlantic Petroleum – slide 10
    Standing on a Stronger Platform A Stronger Platform Oil reserves increased during 2011 Exploration portfolio strengthened in 2011 Interesting exploration year ahead Plenty of upside to NAV
  11. ANNUAL GENERAL MEETING – Atlantic Petroleum – slide 11
    Atlantic Petroleum Licences February 2010 Project status Exploration Appraisal & UK: Development Blackbird Extension Anglesey/Beaujolais Biscuits UK: Production Licence portfolio Perth Marten Blackbird UK: West…
  12. ANNUAL GENERAL MEETING – Atlantic Petroleum – slide 12
    Atlantic Petroleum Licences February 2012 (continued) Project status Exploration UK: Appraisal & East Perth Development North Perth Blackbird Extension Orchid UK: Production Licence portfolio Anglesey Perth Biscuits…
  13. ANNUAL GENERAL MEETING – Atlantic Petroleum – slide 13
    Reserves and Resources
  14. ANNUAL GENERAL MEETING – Atlantic Petroleum – slide 14
    The Market Value of Atlantic Petroleum
  15. ANNUAL GENERAL MEETING – Atlantic Petroleum – slide 15
    Market Value Relative to Small Cap Denmark
  16. ANNUAL GENERAL MEETING – Atlantic Petroleum – slide 16
    Market Value Relative to Peer Group
  17. ANNUAL GENERAL MEETING – Atlantic Petroleum – slide 17
    The Future The scene is set for growth Reserves to increase Via drillings Via acquisitions 3 drillings planned in 2012 - more to follow Atlantic Petroleum is working hard to acquire assets Stable production and high oil prices…
  18. ANNUAL GENERAL MEETING – Atlantic Petroleum – slide 18
    2012 Production
  19. ANNUAL GENERAL MEETING – Atlantic Petroleum – slide 19
    Faroese Shareholders are fading
  20. ANNUAL GENERAL MEETING – Atlantic Petroleum – slide 20
    The Board of Directors Statement Ben Arabo, CEO Annual General Meeting - Trshavn 24th March 2012
  21. ANNUAL GENERAL MEETING – Atlantic Petroleum – slide 21
    Licence Portfolio Atlantic Petroleum Atlantic Petroleum producing field
  22. ANNUAL GENERAL MEETING – Atlantic Petroleum – slide 22
    Atlantic Petroleum Licences February 2012 Project status Exploration UK: Appraisal & East Perth Development North Perth Blackbird Extension Orchid UK: Production Licence portfolio Anglesey Perth Biscuits Sigma Terrace…
  23. ANNUAL GENERAL MEETING – Atlantic Petroleum – slide 23
    Strategy To create an E&P company capable of providing significant returns to shareholders through high impact exploration offshore NW Europe Focus on Offshore North West Europe Mature basin but significant opportunities remain…
  24. ANNUAL GENERAL MEETING – Atlantic Petroleum – slide 24
    Atlantic Petroleum in Transformation 2011 Refocusing on growth Acquisition of Volantis Exploration Limited Doubled exploration portfolio with further licence applications outstanding Provided very experienced technical team Carry…
  25. ANNUAL GENERAL MEETING – Atlantic Petroleum – slide 25
    Atlantic Petroleum Management Ben Arabo, Mourits Joensen, Nigel Thorpe, Business Wayne J Kirk, CEO CFO Development Director Technical Director M.Sc. (Economics and M.Sc. in Economics Petroleum Engineer. 30 BSc in Geophysics from…
  26. ANNUAL GENERAL MEETING – Atlantic Petroleum – slide 26
    Production Assets Chestnut, Licence P.354, Ettrick & Blackbird, Licence P.317, P.273, & Block 22/2a P.1580, Blocks 20/2a, 20/3a, & 20/3f JV partners and Interests: JV partners and Interests: Centrica Energy Upstream (Operator)…
  27. ANNUAL GENERAL MEETING – Atlantic Petroleum – slide 27
    Production
  28. ANNUAL GENERAL MEETING – Atlantic Petroleum – slide 28
    Operating Cashflow & Equity
  29. ANNUAL GENERAL MEETING – Atlantic Petroleum – slide 29
    Planned Activities (2012 to 2013) 2012 2013 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 L006 Brugdan II well Faroe L013&014 2D Seismic Islands L016 3D Seismic (proposal) P1556 Orchid well Explo- ration P1655 Spaniards P1716 Foxtrot P1724…
  30. ANNUAL GENERAL MEETING – Atlantic Petroleum – slide 30
    Reserves & Resources
  31. ANNUAL GENERAL MEETING – Atlantic Petroleum – slide 31
    Exploration & Appraisal
  32. ANNUAL GENERAL MEETING – Atlantic Petroleum – slide 32
    AP Licences & Wells planned for 2012 2013 Spaniards 2012 well Premier Oil Orchid Feb 2012 well - Summit Pegasus West 2013 well - Centrica Endymion 2013 well - Centrica Brugdan II 2012 well Statoil
  33. ANNUAL GENERAL MEETING – Atlantic Petroleum – slide 33
    UK P.1556, Block 29/1c - Orchid 25km 15km 5km Orchid, UK Licence P.1556, Block 29/1c JV partners and Interests: The Orchid exploration well spudded in 1Q 2012 Summit Petroleum Limited (Operator) 45% Well drilled by…
  34. ANNUAL GENERAL MEETING – Atlantic Petroleum – slide 34
    Faroes, L006 - Brugdan II Brugdan Deep well planned for spudding June 2012 Water Depth 400 500m Equities: Statoil 50%, ExxonMobil 49%, Atlantic Petroleum 1% P50 prospective resources net to AP 9.2mmboe unrisked. Risked:…
  35. ANNUAL GENERAL MEETING – Atlantic Petroleum – slide 35
    UK P.1655, Block 15/21g - Spaniards 2012 well 100% carried by Premier Group Spaniards equities Premier 28% (op), Nautical 21%, Serica 21%, DEO 12.62%, Faroe Petroleum 8.4%, Maersk 5.74%, AP 3.24% Spaniards well will be…
  36. ANNUAL GENERAL MEETING – Atlantic Petroleum – slide 36
    Development Assets Perth, Licences P.218 & P.588, Block 15/21a,b,c,f JV partners and Interests: Large discovery with over 300 mmboe STOIIP DEO (Operator) 52.03% Field Development Plan submitted 30th September 2011 Faroe Petroleum…
  37. ANNUAL GENERAL MEETING – Atlantic Petroleum – slide 37
    Outlook Outlook Total production for 2012 is estimated to be between 700,000 800,000 boe net for the year Earnings Before Interest, Taxes, Depreciation, Amortisation and Exploration Expenses (EBITDAX) is predicted in the range of…
  38. ANNUAL GENERAL MEETING – Atlantic Petroleum – slide 38
    AGENDA ANNUAL GENERAL MEETING 2011 1. Election of Chairman of the Meeting 2. The Board of Directors statement of the Companys activity during the previous accounting year 3. Presentation of Audited Annual Accounts for Approval 4.…
  39. ANNUAL GENERAL MEETING – Atlantic Petroleum – slide 39
    3. Presentation of Audited Annual Accounts ATLANTIC PETROLEUM GROUP P/F ATLANTIC PETROLEUM PARENT COMPANY ATLANTIC PETROLEUM UK LIMITED ATLANTIC PETROLEUM VOLANTIS EXPLORATION IRELAND LIMITED LIMITED
  40. ANNUAL GENERAL MEETING – Atlantic Petroleum – slide 40
    3. Presentation of Audited Annual Accounts
  41. ANNUAL GENERAL MEETING – Atlantic Petroleum – slide 41
    3. Presentation of Audited Annual Accounts
  42. ANNUAL GENERAL MEETING – Atlantic Petroleum – slide 42
    3. Presentation of Audited Annual Accounts
  43. ANNUAL GENERAL MEETING – Atlantic Petroleum – slide 43
    3. Presentation of Audited Annual Accounts ATLANTIC PETROLEUM GROUP P/F ATLANTIC PETROLEUM PARENT COMPANY ATLANTIC PETROLEUM UK LIMITED ATLANTIC PETROLEUM VOLANTIS EXPLORATION IRELAND LIMITED LIMITED
  44. ANNUAL GENERAL MEETING – Atlantic Petroleum – slide 44
    3. Presentation of Audited Annual Accounts
  45. ANNUAL GENERAL MEETING – Atlantic Petroleum – slide 45
    3. Presentation of Audited Annual Accounts
  46. ANNUAL GENERAL MEETING – Atlantic Petroleum – slide 46
    3. Presentation of Audited Annual Accounts
  47. ANNUAL GENERAL MEETING – Atlantic Petroleum – slide 47
    3. Presentation of Audited Annual Accounts
  48. ANNUAL GENERAL MEETING – Atlantic Petroleum – slide 48
    Independent Auditors Report 49
  49. ANNUAL GENERAL MEETING – Atlantic Petroleum – slide 49
    AGENDA ANNUAL GENERAL MEETING 2011 1. Election of Chairman of the Meeting 2. The Board of Directors statement of the Companys activity during the previous accounting year 3. Presentation of audited Annual Accounts for approval 4.…
  50. ANNUAL GENERAL MEETING – Atlantic Petroleum – slide 50
    4. Approval of the remuneration to the Board in 2011 and 2012 A. Approval of the remuneration to the Board in 2011 The Board proposes approval of the actual remuneration in 2011 of DKK 1,329,225 B. Approval of the basis for the…
  51. ANNUAL GENERAL MEETING – Atlantic Petroleum – slide 51
    AGENDA ANNUAL GENERAL MEETING 2011 1. Election of Chairman of the Meeting 2. The Board of Directors statement of the Companys activity during the previous accounting year 3. Presentation of audited Annual Accounts for approval 4.…
  52. ANNUAL GENERAL MEETING – Atlantic Petroleum – slide 52
    5. Decision on how to use profit or cover loss according to the approved Accounts and Annual report The Board of Directors recommends that the result according to the approved Accounts is carried forward to next year. 53
  53. ANNUAL GENERAL MEETING – Atlantic Petroleum – slide 53
    AGENDA ANNUAL GENERAL MEETING 2011 1. Election of Chairman of the Meeting 2. The Board of Directors statement of the Companys activity during the previous accounting year 3. Presentation of audited Annual Accounts for approval 4.…
  54. ANNUAL GENERAL MEETING – Atlantic Petroleum – slide 54
    6. Election of Board of Directors Three Members of the Board are to be elected for a period of two years. The three Board Members up for election are Jan Edin Evensen, Diana Leo and David Archibald MacFarlane. The Board proposes…
  55. ANNUAL GENERAL MEETING – Atlantic Petroleum – slide 55
    AGENDA ANNUAL GENERAL MEETING 2011 1. Election of Chairman of the Meeting 2. The Board of Directors statement of the Companys activity during the previous accounting year 3. Presentation of audited Annual Accounts for approval 4.…
  56. ANNUAL GENERAL MEETING – Atlantic Petroleum – slide 56
    7. Election of auditor, who will sit until the next Annual General Meeting is held The present auditor of the Company is Sp/f Grannskoaravirki INPACT lggilt grannskoaravirki, R.C. Effersesgta 26, 100 Trshavn. The Board proposes…
  57. ANNUAL GENERAL MEETING – Atlantic Petroleum – slide 57
    AGENDA ANNUAL GENERAL MEETING 2011 1. Election of Chairman of the Meeting 2. The Board of Directors statement of the Companys activity during the previous accounting year 3. Presentation of audited Annual Accounts for approval 4.…
  58. ANNUAL GENERAL MEETING – Atlantic Petroleum – slide 58
    8. Authority to the Board of Directors of the Company to buy own shares. The Board of Directors proposes to the Annual General Meeting to change the current authorization to the Board to buy own shares to the following: The Board of…
  59. ANNUAL GENERAL MEETING – Atlantic Petroleum – slide 59
    AGENDA ANNUAL GENERAL MEETING 2011 1. Election of Chairman of the Meeting 2. The Board of Directors statement of the Companys activity during the previous accounting year 3. Presentation of audited Annual Accounts for approval 4.…
  60. ANNUAL GENERAL MEETING – Atlantic Petroleum – slide 60
    9. Proposal to changes in the Articles of Association of the Company The Board of Directors of the Company proposes to make the following changes in the Articles of Association of the Company: A 1. In 6 the number 14 will be changed to…
  61. ANNUAL GENERAL MEETING – Atlantic Petroleum – slide 61
    9. Proposal to changes in the Articles of Association of the Company B. The provisions in 2 subclause 2, 3 subclause 2, item 4, 3 B subclause 1, item 4 and in 3 D subclause 2, item 4 of the Companys Articles of Association which are as…
  62. ANNUAL GENERAL MEETING – Atlantic Petroleum – slide 62
    9. Proposal to changes in the Articles of Association of the Company C. The current 8 will be deleted, and replaced with a new provision with the following wording: All shareholders have the right to have a specific item added to the…
  63. ANNUAL GENERAL MEETING – Atlantic Petroleum – slide 63
    9. Proposal to changes in the Articles of Association of the Company F 1. The following provision will be inserted at the start of 11: A shareholders right to attend the General Meeting and to vote will be in proportion to the number of…
  64. ANNUAL GENERAL MEETING – Atlantic Petroleum – slide 64
    9. Proposal to changes in the Articles of Association of the Company G. In 16 the following wording: and its size is to be determined by the Board of Directors, but the total board remuneration to all the board members for one year cannot…
  65. ANNUAL GENERAL MEETING – Atlantic Petroleum – slide 65
    AGENDA ANNUAL GENERAL MEETING 2011 1. Election of Chairman of the Meeting 2. The Board of Directors statement of the Companys activity during the previous accounting year 3. Presentation of audited Annual Accounts for approval 4.…

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