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APRIL 2014 ANNUAL GENERAL MEETING – Atlantic Petroleum

Atlantic Petroleum · Apr 9, 2014 · 49 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. APRIL 2014 ANNUAL GENERAL MEETING – Atlantic Petroleum – slide 1
    Trshavn 9th April 2014 ANNUAL GENERAL MEETING
  2. APRIL 2014 ANNUAL GENERAL MEETING – Atlantic Petroleum – slide 2
    CHAIRMANS STATEMENT 2013 ANNUAL GENERAL MEETING 9TH APRIL 2014 3
  3. APRIL 2014 ANNUAL GENERAL MEETING – Atlantic Petroleum – slide 3
    AGENDA 2013 Progress and Challenges Production was roughly in line with expectations unplanned production downtime towards the end of the year Oil prices were stable at decent levels throughout the year Reserves increased…
  4. APRIL 2014 ANNUAL GENERAL MEETING – Atlantic Petroleum – slide 4
    OIL PRODUCTION IN 2013 ANNUAL GENERAL MEETING 9TH APRIL 2014 5
  5. APRIL 2014 ANNUAL GENERAL MEETING – Atlantic Petroleum – slide 5
    OIL PRICES IN 2013 ANNUAL GENERAL MEETING 9TH APRIL 2014 6
  6. APRIL 2014 ANNUAL GENERAL MEETING – Atlantic Petroleum – slide 6
    THE MARKET PRICE OF ATLANTIC PETROLEUM ANNUAL GENERAL MEETING 9TH APRIL 2014 7
  7. APRIL 2014 ANNUAL GENERAL MEETING – Atlantic Petroleum – slide 7
    AP VS. SMALL CAP DENMARK ANNUAL GENERAL MEETING 9TH APRIL 2014 8
  8. APRIL 2014 ANNUAL GENERAL MEETING – Atlantic Petroleum – slide 8
    AP VS. PEER GROUP ANNUAL GENERAL MEETING 9TH APRIL 2014 9
  9. APRIL 2014 ANNUAL GENERAL MEETING – Atlantic Petroleum – slide 9
    E&A WRITE-DOWNS PER ASSET ANNUAL GENERAL MEETING 9TH APRIL 2014 10
  10. APRIL 2014 ANNUAL GENERAL MEETING – Atlantic Petroleum – slide 10
    THE OSLO LISTING AND DE-LISTING FROM ICELAND The purpose of the Oslo listing and de-listing from Iceland To finance exploration in Norway To strengthen the balance sheet in preparation for Kells which improves borrowing terms for…
  11. APRIL 2014 ANNUAL GENERAL MEETING – Atlantic Petroleum – slide 11
    ANALYST UPDATE APRIL 2014 Atlantic Petroleum is now covered by 3 analysts - Nordea - Carnegie - ABG Sundal Huge dispersion in valuations - Nordea: 25/3-2014 (Sell DKK 92) - Carnegie: 17/3-2014 (Buy NOK 200) - ABG Sundal :…
  12. APRIL 2014 ANNUAL GENERAL MEETING – Atlantic Petroleum – slide 12
    THE CURRENT STATE OF AFFAIRS Atlantic Petroleum is still well placed with: strong cash position lots of oil in the ground Largest reserves base ever several high impact projects in the pipeline set to double production over the next…
  13. APRIL 2014 ANNUAL GENERAL MEETING – Atlantic Petroleum – slide 13
    OPERATIONAL REVIEW 2013 & FORWARD PLANS ANNUAL GENERAL MEETING 9TH APRIL 2014 14
  14. APRIL 2014 ANNUAL GENERAL MEETING – Atlantic Petroleum – slide 14
    THIS IS ATLANTIC PETROLEUM NW Europe exploration and production company Licence overview 42 licenses on UK, Norwegian, Faroese, Irish and Chestnut: 965 boepd in 2013 Dutch continental shelves Ettrick: 810 boepd in 2013 Three…
  15. APRIL 2014 ANNUAL GENERAL MEETING – Atlantic Petroleum – slide 15
    SIGNIFICANT ACHIEVEMENTS IN 2013 Acquired High Value Barrels through the Listed on the Oslo Stock Exchange to completion of the acquisition of 25% working attract a broader investor base and wider interest in UK licenses P1606 and…
  16. APRIL 2014 ANNUAL GENERAL MEETING – Atlantic Petroleum – slide 16
    RESERVES (CPR NUMBERS) MMBoe 60 Reserves 50 Contingent resources Prospective resources 40 30 20 10 0 2009 2010 2011 2012 2013 1) Source: Competent Persons Reports by Fugro Robertson (year 2009-2012) & GCA (year…
  17. APRIL 2014 ANNUAL GENERAL MEETING – Atlantic Petroleum – slide 17
    ORLANDO FIELD DEVELOPMENT Orlando Field UK Block 3/3b Iona Energy 75% (Operator), Atlantic Petroleum 25% Acquired in 2013 for 30million plus future production payments of 7.25million CPR estimates Orlando net 2P reserves of 3.8…
  18. APRIL 2014 ANNUAL GENERAL MEETING – Atlantic Petroleum – slide 18
    ORLANDO FIELD DEVELOPMENT Orlando Field Small field approximately 10km NE of Ninian Central Platform 1988 discovery by Chevron, appraised by two wells in 2011/2012 High quality Brent reservoir with 18% porosity and 50mD…
  19. APRIL 2014 ANNUAL GENERAL MEETING – Atlantic Petroleum – slide 19
    KELLS FIELD DEVELOPMENT Kells Field - UK Block 3/8b Iona Energy 75%, Atlantic Petroleum 25% Development plan Subsea tieback of one or two wells to Ninian Central Kells Field Platform. UK Block Second well 18 months after first…
  20. APRIL 2014 ANNUAL GENERAL MEETING – Atlantic Petroleum – slide 20
    INDICATIVE PRODUCTION PROFILE Production Profile 2014-2020 Assumptions boe/d Production profile beyond 2014 based Chestnut Ettrick Blackbird Orlando Kells on Gaffney Cline & Associates 6000 (GCA) 2P reserves as of 31st December…
  21. APRIL 2014 ANNUAL GENERAL MEETING – Atlantic Petroleum – slide 21
    PERTH Comments Perth P588 15/21b & 15/21c Located in the UK sector of the Central North Sea JV partners and interests: Parkmead Group (Operator) 52.13% Faroe Petroleum Limited 34.62% Atlantic Petroleum 13.35% CPR Estimates…
  22. APRIL 2014 ANNUAL GENERAL MEETING – Atlantic Petroleum – slide 22
    PERTH & LOWLANDER Source: Faroe Petroleum Unlocking the assets has potential to generate exceptional return ANNUAL GENERAL MEETING 9TH APRIL 2014 23
  23. APRIL 2014 ANNUAL GENERAL MEETING – Atlantic Petroleum – slide 23
    CHESTNUT Comments Map Chestnut P354, Block 22/2a Located in the UK sector of the Central North Sea JV partners and interests: Centrica Energy Upstream (Operator) 69.875% Dana Petroleum (E&P) Limited 15.125% Atlantic Petroleum…
  24. APRIL 2014 ANNUAL GENERAL MEETING – Atlantic Petroleum – slide 24
    CHESTNUT: CONTINUED PERFORMANCE ABOVE EXPECTATIONS Production has increased over the last three years through increasing the choke size whilst monitoring for sand production Water Cut has stabilised just below 50% Ultimate…
  25. APRIL 2014 ANNUAL GENERAL MEETING – Atlantic Petroleum – slide 25
    ETTRICK Comments Map Ettrick P317 and P273, Blocks 20/2a and 20/3a Located in the Moray Firth region of the UK North Sea JV partners and interests: Nexen UK Limited (Operator) 79.73% Dana Petroleum (E&P) Limited 12.00% Atlantic…
  26. APRIL 2014 ANNUAL GENERAL MEETING – Atlantic Petroleum – slide 26
    BLACKBIRD Comments Map Blackbird P317, P273 and P1580, Blocks 20/2a, 20/3a and 20/3f Located in the Moray Firth region of the UK North Sea JV partners and interests: Nexen UK Limited (Operator) 90.60227% Atlantic Petroleum…
  27. APRIL 2014 ANNUAL GENERAL MEETING – Atlantic Petroleum – slide 27
    ETTRICK & BLACKBIRD FIELD EXTENSION ACTIVITIES Blackbird Ettrick Well Intervention Ettrick 2nd water Ettrick Infill Planned Blackbird first oil campaign (3 wells) injection well production well Infill production well Continued…
  28. APRIL 2014 ANNUAL GENERAL MEETING – Atlantic Petroleum – slide 28
    FAROES EXPLORATION Through its regional knowledge, AP is pursuing the East Faroe ridge, the next ridge across from the Corona/Westray ridge system in the UK Significant discoveries in the UK play include Rosebank/ Lochnagar,…
  29. APRIL 2014 ANNUAL GENERAL MEETING – Atlantic Petroleum – slide 29
    FAROES L006 - BRUGDAN JV partners & equities: Statoil (operator) 35% ExxonMobil 49% OMV 15% Atlantic Petroleum 1% Area: Faroe Shetland Basin Extremely large four way dip closure with prognosed Palaeocene Vaila Formation…
  30. APRIL 2014 ANNUAL GENERAL MEETING – Atlantic Petroleum – slide 30
    SNS CARBONIFEROUS PLAY FAIRWAY Atlantic Petroleum accessed considerable expertise and exposure to SNS, especially the emerging Carboniferous play fairway through its purchase of Volantis Several TCF of gas have been discovered…
  31. APRIL 2014 ANNUAL GENERAL MEETING – Atlantic Petroleum – slide 31
    UK P1724 - PEGASUS JV partners & equities: Centrica (operator) 55% Viking UK Gas (Third Energy) 35% Atlantic Petroleum (Volantis) 10% Area: Southern North Sea, close to Cavendish Field and export routes Intra-Carboniferous…
  32. APRIL 2014 ANNUAL GENERAL MEETING – Atlantic Petroleum – slide 32
    NORWAY ENTRY Atlantic Petroleums entry into Norway is for the long term PL659 Atlantic Petroleum fulfils the stringent requirements set by the Norwegian authorities to become a licensee in Norway A remote approach where a company…
  33. APRIL 2014 ANNUAL GENERAL MEETING – Atlantic Petroleum – slide 33
    PL659 LANGLITINDEN Blocks 7221/12, 7222/10,11,12, and parts of 7121/3, 7122/1,2 Det Norske 20% (Op), Petoro 30%, Lundin 20%, Tullow 15%, Langlitinden oil discovery Rocksource 5%, Atlantic 10% Caurus gas Well 7222/11-2 was spudded…
  34. APRIL 2014 ANNUAL GENERAL MEETING – Atlantic Petroleum – slide 34
    BUILDING A POSITION AROUND NEW INFRASTRUCTURE PL5228 Ivory (Blocks 6707/8,9,11 and 6707/10 (part)) Farm in 2013 See next slide PL 763 Karius (Blocks 6606/2,3) APA 2013 award Repsol 40% (Op), Rocksource 30%, Atlantic 30% Several…
  35. APRIL 2014 ANNUAL GENERAL MEETING – Atlantic Petroleum – slide 35
    PL528/528B NORWEGIAN SEA IVORY Blocks 6707/8,9,11 and 6707/10 (part) Centrica 40% (Op.), Statoil 35%, Rocksource *20% (10-25%) Atlantic *5% (5-15%) Gross recoverable resources up to 306 MMboe Gas prone area with possibility for oil…
  36. APRIL 2014 ANNUAL GENERAL MEETING – Atlantic Petroleum – slide 36
    EXPLORATION PORTFOLIO HIGH POTENTIAL PROJECTS 300 250 200 mm boe 150 100 net resources net risked resources 50 0 2014 2015 2016 2017 Significant portfolio inventory targeting material volumes ANNUAL…
  37. APRIL 2014 ANNUAL GENERAL MEETING – Atlantic Petroleum – slide 37
    EXPLORATION PORTFOLIO HIGH POTENTIAL PROJECTS It takes time to build up an exploration portfolio It takes resources capital and human resources to get into the right assets with the right partner companies Largest operator of…
  38. APRIL 2014 ANNUAL GENERAL MEETING – Atlantic Petroleum – slide 38
    MARKET PRICE DKK/Share Cash + NPV (10)/Share Assumptions Exploration potential Exploration NPV(10) Data from Gaffney Cline & potential not Associates (GCA) CPR as at 31st valued December 2013 (prepared for AP, Perth not…
  39. APRIL 2014 ANNUAL GENERAL MEETING – Atlantic Petroleum – slide 39
    KEEPING THE BALANCE FROM SHORT TERM TO LONG TERM Production Profile 2014-2020 Assumptions Short Term Mid Term Long Term Possibilities boe/d Production profile beyond 2014 based Chestnut Ettrick Blackbird Orlando Kells on…
  40. APRIL 2014 ANNUAL GENERAL MEETING – Atlantic Petroleum – slide 40
    MARKET CONTEXT - OIL PRICE Source: Pareto, March 2014 ANNUAL GENERAL MEETING 9TH APRIL 2014 41
  41. APRIL 2014 ANNUAL GENERAL MEETING – Atlantic Petroleum – slide 41
    2014 ACTIVITY OUTLOOK & SUMMARY 2014 LICENCE 1Q 2Q 3Q 4Q UK P1724 Pegasus West (Committed) Exploration well Exploration PL528 Ivory (Committed) Exploration well Norway PL659 Langlitinden (Committed) Exploration well…
  42. APRIL 2014 ANNUAL GENERAL MEETING – Atlantic Petroleum – slide 42
    FINANCIALS ANNUAL GENERAL MEETING 9TH APRIL 2014 43
  43. APRIL 2014 ANNUAL GENERAL MEETING – Atlantic Petroleum – slide 43
    2013 HIGHLIGHTS (GROUP) Revenues of DKK 417.4MM in 2013 (2012: DKK 596.7MM) - Average realised oil price in 2013 was USD 109.2 per barrel (2012: USD 112.3) Operating profit (EBIT) of DKK -1.6MM in 2013 (2012: DKK 246.8MM) Profit…
  44. APRIL 2014 ANNUAL GENERAL MEETING – Atlantic Petroleum – slide 44
    2013 INCOME STATEMENT (GROUP) DKK 1,000 2013 2012 Revenue 417,421 596,745 Cost of sales -221,767 -274,888 Gross profit 195,655 321,857 Exploration expenses -119,647 -27,209 Pre-licence exploration costs -11,064 -7,962 General…
  45. APRIL 2014 ANNUAL GENERAL MEETING – Atlantic Petroleum – slide 45
    2013 INCOME STATEMENT (GROUP) DKK 1,000 2013 2012 Revenue 417,421 596,745 Cost of sales -221,767 -274,888 Gross profit 195,655 321,857 Exploration expenses Admin of Norwegian -119,647 -27,209 Pre-licence exploration costs assets…
  46. APRIL 2014 ANNUAL GENERAL MEETING – Atlantic Petroleum – slide 46
    2013 BALANCE SHEET AND CASH FLOW (GROUP) DKK 1,000,000 End 2013 End 2012 Balance sheet Total assets 1,237.2 1,121.8 - Cash and cash equivalents 184.6 242.5 Equity 597.3 537.1 Bank debt 103.1 78.0 - Long term 58.5 58.5 - Short…
  47. APRIL 2014 ANNUAL GENERAL MEETING – Atlantic Petroleum – slide 47
    2013 INCOME STATEMENT (PARENT) DKK 1,000 2013 2012 Revenue 0 0 Cost of sales 0 0 Gross profit 0 0 Exploration expenses -124 -9,080 Pre-licence exploration costs -90 -703 General and administration costs -20,593 -17,294 Other…
  48. APRIL 2014 ANNUAL GENERAL MEETING – Atlantic Petroleum – slide 48
    2013 BALANCE SHEET AND CASH FLOW (PARENT) DKK 1,000,000 End 2013 End 2012 Balance sheet Total assets 557.4 426.9 - Cash and cash equivalents 100.4 8.5 Equity 384.1 283.4 Bank debt 78.0 78.0 - Long term 58.5 58.5 - Short term…
  49. APRIL 2014 ANNUAL GENERAL MEETING – Atlantic Petroleum – slide 49
    CONTACT Headquarters, Faroe Islands P/F Atlantic Petroleum Yviri vi Strond 4 P.O.Box 1228 Faroe Islands Tel +298 350100 Norway office, Bergen Atlantic Petroleum Norge AS Edvard Griegsvei 3c 5059 Bergen Norway Tel +47…

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