Second quarter 2010 presentation TICKER - DETNOR - CEO Erik Haugane - CFO Knut Evensen - Sr. Drilling Advisor Inge Myhre
Highlights Positive result from Grevling appraisal well (PL 038D) Commerciality of Draupne confirmed (PL 001B) Storklakken discovery appraised (PL 460) Proved good quality oil Dry wildcats on Storkinn, Optimus and Storkollen…
Production Production & realised oil prices Issues Boepd USD/bbl 2500 100 Production in the second quarter averaged 2,059 2000 80 bpd 1500 60 Realised oil price USD 79.9/bbl 1000 40 Production from Glitne and 500 20 Enoch was…
Agenda Operations Financials Exploration Development projects Outlook & Summary Appendix 5
Financial position as of second quarter net cash position as of Q2 Elements Total cash and tax receivables for refund in 2010/11: 3 917 MNOK 1 409 1 820 Interest bearing debt: Short term debt and convertible bond expiring in…
Profit & Loss Q2 2010 MNOK Q2 2010 Q2 2009* Comment Operating revenues 88.7 66.8 Realised oil price USD 79.9 per barrel Exploration expenses 367.2 410.4 See next slide Change in inventories -1.6 0.7 Production cost 39.6 37.4…
Exploration Expenses Q2 2010 MNOK Q1 2010 Q1 2009 Comment Seismic, well data, field studies, etc. 1.7 25.3 Exploration expenses from license 87.2 124.3 G&G studies in partner licenses participation Expensed capitalized exploration wells…
Agenda Operations Financials Exploration Development projects Outlook & Summary Appendix 11
Promising results from Grevling appraisal Appraisal program completed by the drilling of 15/12-23 and -23A Oil filling levels and reservoir properties established New data acquired for potential production stimulation Recoverable…
PL 341 Stirby spudded this week Large HTHP prospect East Brae, Miller, Gudrun analogue Stirby Recoverable gas/condensate Stirby Upper 150 MBOE High case Upper 800 MBOE East Brae Stirby Deep 190 MBOE Main risk Reservoir quality…
PL 392 Dalsnuten east of Gro discovery Gas prospect to be drilled by Aker Barents Luva Asterix Gross unrisked resources 600 mmboe Norske Shell is operator PL392 Dalsnuten Gro-discovery Det norske holds 10 percent Gro…
PL 102C David potential addition to Fry Significant oil prospect near Fry Potentially recoverable oil Brent 16-26 MBOE Statfjord 31-52 MBOE David Main risk Oil migration Water depth 119 m, TD 3100 m Spud September, Ocean…
PL 356 Ulvetanna farm-down to Repsol Planned drilled in Q1 2011 Gross unrisked resources 140 mill boe 40 percent farm out to Repsol Portfolio and risk optimisation Cost recovery terms 18
PL 440S Clapton farm-down to Faroe Petroleum Farm-down to Faroe Petroleum from 30 percent to 10 percent interest Det norske has offered to resign as operator Faroe to carry Det norskes 10 percent interest in the upcoming…
Agenda Operations Financials Exploration Development projects Outlook & Summary Appendix 20
Fry Contractor negotiations ongoing Preferred development solution: A Sevan production unit Wellhead platform Production wells Gas export pipeline to UK No final agreements signed Current view on financing: Lease of production…
Draupne progressing according to plan Recoverable reserves of 110 million to 150 Mboe About 95 percent inside Det norske operated licenses Production test: Good productivity App. 12 000 bpd per well Oil of good light quality…
Agenda Operations Financials Development projects Exploration Outlook & Summary Appendix 23
Outlook & Summary Exploration Two high impacts well on the menu Dalsnuten and Stirby Field developments Fry aiming for contractor financing in construction period Draupne is progressing well These two developments could bring Det…
The making of a discovery TICKER - DETNOR - Sr. Drilling Advisor Inge Myhre
Risk Based Management Systematically identify risk (probability and consequences) Reduce risk to an acceptable level Control risk Use the identified risk for decicion-making Regular updates and reviews Two years 6 months to one…
To drill or not to drill Acquire relevant subsurface data Interpretation of well logs and seismic data Match geological knowledge and geophysical understanding Tematically identify risk Probability and consequences Set…
Det norske well planning Weeks prior to spud 26 w 19 w 15 w 9w 4w 2w 0w RTD (Rec. To Discharge AFE & detailed Application to Preparing for Basis of Design Drilling concent Drilling Drill) application proceedures drill spud Long…
Pre well planning Safety issues acquisition of site survey Shallow gas pockets Corals Ice plough marks Other obstacles to the well boulders, shallow faults, etc. Mapping of seabed and sub-seabed condition Identify corals with…
How to drill a well 31
Key objective - Pressure control Standard well HTHP well
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