Q3 2014 Presentation Karl Johnny Hersvik, CEO Alexander Krane, CFO 5 November 2014
DET NORSKE Highlights Acquisition of Marathon Oil Norge AS completed Closing on Oct 15, 2014 as per plan Integration process completed in 4 months Development Projects Byla to commence production early in 2015 Ivar Aasen…
SHORT-TERM PRIORITIES Drive Execution and Build Optionality Drive execution: Build optionality: Deliver Ivar Aasen Continue to optimise the capital structure Maximise value from the Alvheim area Cost efficiency Secure position in…
STRATEGIC DIRECTION Det norske way Value driven and disciplined in everything we do Focused around our core areas Efficient in how we run our operations Agile and flexible in the way we are organised
Financials Q3 2014
FINANCIALS Statement of Income Income statement (NOK mill) Q3 2014 Q3 2013 Q2 2014 Revenues 112 324 454 Production costs 48 53 45 Payroll and payroll-related expenses (52) 4 5 Other operating expenses 71 25 79 EBITDAX 45 241 325…
FINANCIALS Unaudited Pro-forma Balance Sheet per Sept. 30 Assets PPA & Equity and Liabilities PPA & DETNOR MONAS Group (NOKbn) DETNOR MONAS adjust. Pro forma (NOKbn) adjust. Goodwill Equity 6.21 0.10 (0.10) 6.21 0.32 - 9.80 10.12…
FINANCIALS Pro-forma Net Interest-bearing Debt per Sept. 30 25 20 1,2 2,5 NOKbn (7.1) 15 (1.4) 10 16,5 11,7 5 0 Bank debt Bond debt Exploration facility Cash & Cash Exploration tax refund Net interest-bearing…
FINANCIALS Debt financing Committed and uncommitted debt financing Funding secured for current programme End of Year 4 317 USD 3.0 bn reserve based lending (RBL) facility (MUSD*) 17 bank consortium led by DNB, BNP Paribas, Nordea and…
FINANCIALS Financial Risk Management Increased exposure to commodity price volatility Brent Futures curve (USD/bbl) No commodity hedges currently established, but 110 some cross-currency in place 105 Det norske closely monitors its…
Production Q3 2014
PRODUCTION Det norskes Producing Assets The Greater Alvheim area (Alvheim incl. Boa, Volund & Vilje) Production from Alvheim not accounted for in the first three quarters of 2014, as the acquisition of MONAS closed in Q4 (15/10)…
PRODUCTION Actual and Forecasted Production Net Actual Production (including MONAS) Det norskes production in the first nine months was 2,641 barrels per day Net production from the Greater Alvheim area (ex-MONAS) has averaged 65,400…
Development Projects Q3 2014
BYLA Byla production to commence in Q1 2015 Project on schedule for a Q1 start-up January 2015 most likely given weather conditions in line with seasonal norms Diving campaign ongoing The Alvheim FPSO is ready to receive Byla…
IVAR AASEN Development on Track 2012 2013 2014 2015 2016 H1 H2 H1 H2 H1 H2 H1 H2 H1 H2 Concept selection FEED studies PDO approval Unitisation Agreement Construction of jacket Construction of topside Construction of LQ…
IVAR AASEN Maersk Interceptor Arrived in Norway
IVAR AASEN Fourth Jacket Roll-up Completed
IVAR AASEN Topside and LQ Construction Progressing Well
JOHAN SVERDRUP Impact Assessment first oil in 2019 Impact Assessment submitted First phase Submitted on Monday 3 November, as a part of the First phase capex estimated to between NOK 100- PDO that will be reviewed by the Norwegian…
Exploration Q3 2014
EXPLORATION Exploration Results Garantiana and Gohta Garantiana II Successful appraisal and exploration drilling Updated resource range in PL 554: 40-90 mmboe The appraisal well encountered a gross oil column of 120 metres with good…
EXPLORATION 2015 Preliminary Drilling Activity 2015 Drilling schedule 2015 wells in the North Sea and the Barents License Prospect Share mmboe Rig Timing PL 272/035 Krafla North & Main1 25 % 20-802 Transocean Leader Q4 14/Q1 15 PL 001B…
Outlook Q3 2014
OUTLOOK Summary and Outlook Business development Continue the post closing integration work Maintain aggressive portfolio optimisation through business development Financial Exercised the call option for bond DETNOR01, settled 4…
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