Third quarter presentation 2011 TICKER - DETNOR - CEO Erik Haugane - CFO Teitur Poulsen 1
Highlights Financials Exploration Development projects Outlook
Headlines since the second quarter Aldous oil discovery Norvarg production test Skaugumsaasen discovery Jette PDO submitted Atla PDO submitted NOKM 489 Equity issue 4
Highlights Financials Exploration Development projects Outlook
Financial Highlights First 9 First 9 Q3 2011 Q3 2010 % change months months % change 2011 2010 Production boe/day 1309 1852 -29% 1506 2112 -29% Achieved Oil Price (/bbl) 114.5 77.8 47% 112.3 77.9 44% Cashflow from Production, 36…
Liquidity position as of end 3Q 2011 First 9 months 2011 Liquidity position as of 3Q 2011 (MNOK) Cash flow Movement (MNOK) 4500 Cash 4000 1236 Short term debt 3500 2174 Equity Issue 3000 Bond Re-purchased 2500 * 318 Bond Issue…
Profit & Loss MNOK Q3 2011 Q3 2010 Comment High sales prices in Q3 2011, offset by lower Operating revenues 81.8 80.6 production and weaker USD 3rd party tariff income reclassified to income for Q3 Production cost 42.9 36.5 2011…
2012 Preliminary budget Exploration Spend MNOK 1 500 (pre-tax) 11 wells Capital Expenditure MNOK 1 900 Jette Development Atla Development Glitne infill well Draupne Development Continued fall in production, but potential…
Q3 2011 Financial summary Cash flow from production MNOK 36 high oil price but stable production Raised MNOK 489 through 10% private placement equity issue at 44 NOK/Share (3% discount to market close) MNOK 1 100 in net cash…
Highlights Financials Exploration Development projects Outlook
Aldous Major South 900-1500 Mill boe 14
Aldous Major in an international context Oil discovery league table for 2010 and 2011 Source: Rystad Energy 15
Aldous Major South highlights Gross volumes 900 to 1500 mill barrels only in PL 265 Net volumes 180 to 300 million barrels Aldous Major North Avaldsnes Based on todays Brent price, the oil has a sales value of 110 to 180 billion…
Aldous initial estimates Conservative recovery factors are applied, given the excellent reservoirs Potential IOR projects are not included Upside potential both north and south in PL 265 as well as in PL 502 is not included Two to…
Skaugumssen under evaluation A small discovery in the Norwegian Sea Recoverable volumes are estimated at about 6 million boe Upside potential in adjacent prospect Water depth in area is 390 meters Drilled by Aker Barents…
Finding cost below 50 cent per barrel Mill boe contingent resources After tax USD per boe finding cost 600 1 0,75 400 Mill fat o.e 0,5 200 0,25 Draupne Jette, 0 m.fl 0 Per Low estimate High estimate Per 31.12.2010…
Norvarg Salina 2012 Drilling schedule* PL Prospect Net Start Gross Operator % Mboe 356 Ulvetanna 50 2011 70-250 Det norske 414 Kalvklumpen 40 2011 75-180 Det norske 450 Storebjrn 60 Q1 90-160 Det norske 554 Guarantiana 20…
PL 356 Ulvetanna the last NCS chalk dome Located in southern North Sea Drilling start in 4Q 2011 Prospect: Gross unrisked resources - 70 to 250 MBO Main risk is reservoir presence and quality Water depth 51 meters Det norske…
PL414 Kalvklumpen Located east of the Fry Field Kalvklumpen Planned drilled in 4Q 2011 Prospect Gross unrisked resources 70-180 MBOE Main risk: migration Water depth 110 metres Operator Det norske Det norske 40 percent…
PL450 Storebjrn near Ula and Gyda Located in southern North Sea Drilling start in 1Q 2012 Prospect: Gross unrisked resources - 90 to 160 MBO Hydrocarbon migration and seal are main risks Water depth 70 meters Det norske is…
Highlights Financials Exploration Development projects Outlook
Two PDO applications submitted in Q3 Discoveries The project portfolio Krafla Fulla North Sea projects only East Frigg Strong joint ventures in all the projects Storklakken Fry Diversified portfolio in size/capex Atla Jette…
Jette PDO Production: Gross 14 000 boepd Net 9 000 boepd First oil in early 2013 Relatively short production life Capital expenditures Gross NOKM 2500 Net NOKM 1500 Development solution Subsea tie-back to Jotun B Two…
Atla PDO Production Gross 10 000 boepd Net 1000 boepd First gas in late 2012 Atla Capital expenditures Gross NOKM 1400 Net NOKM 140 Development Solution Subsea tie-back via Skirne to Heimdal Total is the operator Det…
Unlocking cost synergies for Draupne and Luno 28
Highlights Financials Exploration Development projects Outlook
Outlook Market Cap (NOKbn) Undeveloped resources on the NCS (Mill boe) 12 0 200 400 600 800 1 000 10 2600 8 Statoil 6 Lundin 4 Petoro 2 Det norske 0 Total As of end 2009 As of yesterday Maersk Eni YTD contingent resource growth…
Outlook and Summary Outstanding exploration results Added 200 to 400 million barrels of oil equivalents Aldous Major has and will transform the company Created a solid foundation for future growth Projects Submitted PDO for both…
Loading...
