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Q1 2010 EARNINGS CALL – Det Norske

Det Norske · May 12, 2010 · 24 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. Q1 2010 EARNINGS CALL – Det Norske – slide 1
    First quarter 2010 presentation TICKER - DETNOR - CEO Erik Haugane - SVP Odd Ragnar Heum - VP Knut Evensen 1
  2. Q1 2010 EARNINGS CALL – Det Norske – slide 2
    Highlights g g Draupne largest proven NCS discovery since 2007 Oil discovery on Storklakken y Balder Trias, Frusalen, Optimus and Storkollen dry Fry bidding process ongoing Record high production of 2.424 bpd 40 000…
  3. Q1 2010 EARNINGS CALL – Det Norske – slide 3
    Production Record high g pproduction in Q1 Boepd USD/bbl 2500 100 2000 80 1500 60 1000 40 500 20 0 0 Q2 09 Q3 09 Q4 09 Q1 10 Varg Glitne Enoch Jotun Realised oil price 4
  4. Q1 2010 EARNINGS CALL – Det Norske – slide 4
    Agenda Operations Financials Development projects Exploration Outlook & Summary Appendix 5
  5. Q1 2010 EARNINGS CALL – Det Norske – slide 5
    Financial position as of first quarter net cash position as of Q1 Elements Total cash and tax receivables for refund in 2010/11: 3 567 MNOK 619 1 340 Interest bearing debt: Short term debt and convertible bond expiring in…
  6. Q1 2010 EARNINGS CALL – Det Norske – slide 6
    Profit & Loss Q1 2010 MNOK Q1 2010 Q1 2009 Comment Operating revenues 97.2 57.1 Higher oil price/volumes weaker dollar E l ti expenses Exploration 544 2 544.2 59 5 59.5 S nextt slide See lid Change in inventories -0.9 4.0…
  7. Q1 2010 EARNINGS CALL – Det Norske – slide 7
    Exploration Expenses Q1 2010 MNOK Q1 2010 Q1 2009 Comment Seismic, well data, field studies, etc. 102,1 12,7 Purchase of seismic data Exploration expenses from license 53,7 30,5 G&G studies in partner licenses participation ti i ti…
  8. Q1 2010 EARNINGS CALL – Det Norske – slide 8
    Balance Sheet 31.03.2010 Assets (MNOK) *Q1 2010 31.12.09 Q1 2009 Comment Goodwill 694.4 697.9 864.3 C it li d exploration Capitalized l ti exp. 1 143 143.2 2 893 5 893.5 464 0 464.0 St kl kk and Storklakken d Draupne D Other…
  9. Q1 2010 EARNINGS CALL – Det Norske – slide 9
    Balance Sheet 31.12.2009 (cont.) Equity and Liabilities (MNOK) Q1 2010 31.12.09 Q1 2009 Comment Equity 3 676.2 3 850.5 3 698.5 Pension obligations 14.5 19.9 12.8 Deferred taxes 1 306.1 1 173.5 1 070.6 Abandonment provision 227.5 224.5…
  10. Q1 2010 EARNINGS CALL – Det Norske – slide 10
    Agenda Operations Financials Development projects Exploration Outlook & Summary Appendix 11
  11. Q1 2010 EARNINGS CALL – Det Norske – slide 11
    Draupne Largest proven NCS discovery in two years Betweeen 110 million and 150 million boe total Recoverable resources (mill boe) recoverable Low/High range About 95 percent inside Det norske operated Draupne 86 114 licenses Hanz…
  12. Q1 2010 EARNINGS CALL – Det Norske – slide 12
    Draupne/Hanz/West Cable Cross section from West Cable to Draupne to Hanz Strong partnership alligned interests: Det norske (Op) 35% Statoil 50% Bayerngas 15% PL028B PL001B PL242 13
  13. Q1 2010 EARNINGS CALL – Det Norske – slide 13
    Hanz 30 000 bpd 25/10-8 About 17 MBOE recoverable volumes Potential plateau production y About 30 000 bopd from one well y Supported by one water injector Small investment y Subsea tie back to Draupne, 14 km Favourable…
  14. Q1 2010 EARNINGS CALL – Det Norske – slide 14
    West Cable low capex add-on 16/1-7 About 13 MBOE recoverable volumes Potential plateau production y About 10 000 bopd from one well 0 1 2 3 4 5 km Hanz Small investment y Well drilled from Draupne, 5km Favourable…
  15. Q1 2010 EARNINGS CALL – Det Norske – slide 15
    Storklakken discovery y 25/1-11 5/ 25/1-11 A About 10 million boe recoverable light oil in excellent reservoirs License ownership (PL 460) Several tie-back candidates Det norske 100 % Could add 15% to Fry volumes G d…
  16. Q1 2010 EARNINGS CALL – Det Norske – slide 16
    Fry y - bids received Key building blocks: Jack-Up Drilling & Production Unit Gas export pipeline No pre-drilling of production wells Key building blocks: FPSO Wellhead platform Drilling jack-up Gas export pipeline…
  17. Q1 2010 EARNINGS CALL – Det Norske – slide 17
    Draupne and Fry y vs. recent PDOs Mill boe 0 20 40 60 80 100 120 140 160 180 200 Goliat Gudrun/Sigrun Draupne area Troll Morvind Marulk Fry Yme Oselvar Alve Trym Yttergr ta Yttergryta 18
  18. Q1 2010 EARNINGS CALL – Det Norske – slide 18
    Targeting g g 40 000 boepd in 2015 Boepd 60 000 50 000 40 000 30 000 20 000 10 000 - 2011 2012 2013 2014 2015 2016 2017 2018 Existing fields Fry Draupne & Hanz NN1 *) NN2 *) P j t Project Mill b boe (Gross) (G ) BOPD to t…
  19. Q1 2010 EARNINGS CALL – Det Norske – slide 19
    Agenda Operations Financials Development projects Exploration Outlook & Summary Appendix 20
  20. Q1 2010 EARNINGS CALL – Det Norske – slide 20
    PL 408 Storkinn Located 11 km south of Sleipner p E. Recoverable gas/condensate in PL408: 22 MBOE Main risk y Reservoir quality y Stratigraphic seal Water depth 80 meters Licensees (PL 408) Det norske (O) 100 percent Spud…
  21. Q1 2010 EARNINGS CALL – Det Norske – slide 21
    PL 341 Stirbyy Large HTHP prospect East Brae, Miller, Gudrun analogue g Recoverable gas/condensate y Stirby Upper 150 MBOE y High case Upper 800 MBOE Stirby y Stirby Deep 190 MBOE East Brae Main risk y Reservoir quality y…
  22. Q1 2010 EARNINGS CALL – Det Norske – slide 22
    Agenda Operations Financials Development projects Exploration Outlook O tl k & Summary S Appendix 23
  23. Q1 2010 EARNINGS CALL – Det Norske – slide 23
    Outlook & Summary Exploration and Appraisals have brought another 20 MBO to Det norske Field developments in progress y Fry followed by Draupne/Hanz y These two developments will bring Det norskes production up to 40 000 BOPD…
  24. Q1 2010 EARNINGS CALL – Det Norske – slide 24

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