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Q4 2012 EARNINGS CALL – Det Norske

Det Norske · Feb 15, 2013 · 27 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. Q4 2012 EARNINGS CALL – Det Norske – slide 1
    Presentation for the fourth quarter 2012
  2. Q4 2012 EARNINGS CALL – Det Norske – slide 2
    Highlights since the third quarter Ivar Aasen PDO submitted 3.3 % in Dagny and PDO submitted Atla production on stream Garantiana oil discovery 8 licenses in APA 2012 Exploration facility and share issue 3
  3. Q4 2012 EARNINGS CALL – Det Norske – slide 3
    Ivar Aasen PDO submitted Area overview of the field development Det norske 35 pct and operator Development concept Ivar Aasen Fixed platform First stage separation at Ivar Aasen Final processing at Edvard Grieg Gas export via…
  4. Q4 2012 EARNINGS CALL – Det Norske – slide 4
    Ivar Aasen contracts awarded PDO submitted on December 21st Capex estimated at NOK 24,7 bn Topside EPC contract to SMOE and Mustang Engineering Main support module 10 250 tons Processing module 1 550 tons Flare boom 250 tons…
  5. Q4 2012 EARNINGS CALL – Det Norske – slide 5
    Ivar Aasen milestones 2012 2013 2014 2015 2016 2019 PDO Contract Construction Well drilling Install topside Hanz on awards Install jacket First oil stream Discussion with PL 457 partners LOI with Saipem for Jacket, transport and…
  6. Q4 2012 EARNINGS CALL – Det Norske – slide 6
    Ivar Aasen A two phased development 7 000 Phase 1 Phase 2 6 000 Capex Mill NOK 5 000 4 000 3 000 2 000 1 000 0 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 Tariffs Opex Capex 80 000 70 000 Production Boepd 60…
  7. Q4 2012 EARNINGS CALL – Det Norske – slide 7
    Det norskes position on the Utsira High PL 001B/028B/242 35 percent PL 265: Det norske 20% Statoil (Op) 40% Petoro 30% Lundin 10% PL 501: Lundin (Op) 40% Statoil 40% Mrsk 20 PL 502: Det norske 22% Statoil (Op) 45%…
  8. Q4 2012 EARNINGS CALL – Det Norske – slide 8
    Johan Sverdrup way forward 2013 2013 2014 2015 - 2017 2018 Concept studies Concept selection Unitisation Construction Installation PDO First oil Ivar Aasen 35% Distribution platform Transformer 3,3% Illustration: Statoil…
  9. Q4 2012 EARNINGS CALL – Det Norske – slide 9
    Additional exploration potential in PL 265 Geitungen success Cliffhanger North Geitungen 35 m oil column appraisal High quality reservoir Near Fault Margin On top of basement + potential sidetrack 16/2-16A Cliffhanger North…
  10. Q4 2012 EARNINGS CALL – Det Norske – slide 10
    PDO for Dagny submitted Key development features License partners Agreement in December 2012 for a Det norske 3.3 percent Statoil 58.7 percent (O) 3.3 percent interest in the Dagny unit Total 38.0 percent Scheduled for start up in…
  11. Q4 2012 EARNINGS CALL – Det Norske – slide 11
    Jette Status Production start-up in April 2013 Subsea work and wells completed Platform modifications and testing remaining critical elements Capital expenditures NOKM 2 500 net to Det norske NOKM 450 in remaining capex for Det…
  12. Q4 2012 EARNINGS CALL – Det Norske – slide 12
    North Sea project inventory North Sea discoveries Asset portfolio Garantiana Krafla 75 NCS licenses Awarded eight in APA 2012 Fulla East Frigg Plans 8 -10 exploration wells annually Storklakken Fry Plan significant production…
  13. Q4 2012 EARNINGS CALL – Det Norske – slide 13
    AGR certified reserve/resource estimates Reserves (Mboe) Contingent resources in the planning phase (Mboe) 500 500 P10 450 450 (Other discoveries) 400 400 350 350 P90 300 300 (Other discoveries) 250 250 200 200 (Johan Sverdrup…
  14. Q4 2012 EARNINGS CALL – Det Norske – slide 14
    Financials 15
  15. Q4 2012 EARNINGS CALL – Det Norske – slide 15
    Share issue and new exploration facility Det norske in Q4 issued 12.79 million new shares at price NOK 80.50 Gross proceeds from the private placement was NOK 1,029 million The private placement was carried out as an accelerated book…
  16. Q4 2012 EARNINGS CALL – Det Norske – slide 16
    Production and operating cash flow Production (boe/day left scale) Price (USD/boe right scale) Ownership position 3000 150 Varg 5% 130 2500 Jotun Unit 7% 110 2000 Glitne 10% 90 Enoch 2% 1500 70 Atla 10% 50 1000 30 500 10…
  17. Q4 2012 EARNINGS CALL – Det Norske – slide 17
    Atla high initial production rates Commenced production on October 7th Deferred payment from Atla Good initial production with high condensate content Atla details Gas volume 75% Gas revenues 60% Partly deferred payment due to…
  18. Q4 2012 EARNINGS CALL – Det Norske – slide 18
    Income statement Income statement (NOK mill) Q4 2012 Q4 2011 Q3 2012 Revenues 117 92 49 Production cost, G&A 74 43 46 EBITDAX 43 49 3 Exploration expenses 195 105 403 Depreciation 57 22 15 Impairment charge 127 127 1 881 Other…
  19. Q4 2012 EARNINGS CALL – Det Norske – slide 19
    Balance Sheet Assets (NOK mill) 31.12.12 31.12.11 30.09.12 Intangible assets 3 229 3 819 3 061 Property, plant and equipment 1 993 902 1 078 Calculated tax receivables (long) 0 0 988 Receivables and other assets 715 756 940 Calculated…
  20. Q4 2012 EARNINGS CALL – Det Norske – slide 20
    Net cash & liquidity Net cash and liquidity position as of 31.12. 2012 (NOK mill) Balance Sheet Credit 4000 3500 3000 600* 2500 2000 1,700* 1500 567 1000 1,274 500 0 1,300 -500 1,889* 1,154 589 -1000 - 467 - 495 *…
  21. Q4 2012 EARNINGS CALL – Det Norske – slide 21
    Financials Exploration Photo: Testing at Garantiana 22
  22. Q4 2012 EARNINGS CALL – Det Norske – slide 22
    Drilling plan through 2013 PL Prospect Net % Start mmboe Operator Rig 453S Ogna 25 Ongoing 20-190 Lundin M.Guardian 502 JS Extension 22 1Q13 40-85 Statoil O. Vanguard 531 Darwin 10 1Q13 70-750 Repsol T. Barents 265 JS Near Fault 20 2Q13…
  23. Q4 2012 EARNINGS CALL – Det Norske – slide 23
    Barents Sea exploration campaign PL 531 Darwin PL 659 Caurus PL 535 Norvarg 613 23R 533 492 438 563 200 km Melkya/Hammerfest 24
  24. Q4 2012 EARNINGS CALL – Det Norske – slide 24
    North Sea exploration program PL 265/502 JS Extension Near Fault well PL 542 Augunshaug PL 453S Ogna Cliffhanger PL 035 Askja PL 551 Mantra Stavanger 25
  25. Q4 2012 EARNINGS CALL – Det Norske – slide 25
    APA 2012 Eight new exploration licences PL Companies (%) Awarded areas Det norske oljeselskap (O) 60 542 B Spring Energy Norge 40 PL681 (p) Det norske oljeselskap (O) 30 16% Bayerngas Norge 20 663 Fortis Petroleum Norway 10…
  26. Q4 2012 EARNINGS CALL – Det Norske – slide 26
    Outlook Exploration 3-4 wells in PL 265 / 502, including new prospect Cliffhanger Barents Sea campaign to test large structures on Norvarg, Caurus and Darwin Field developments Expect parliament to approve PDO for Ivar Aasen and…
  27. Q4 2012 EARNINGS CALL – Det Norske – slide 27
    28

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