Faroe overview Faroes explorationled and productionbacked strategy is delivering exceptional results Significant recent exploration successes in Snilehorn and Pil Substantial potential being realised across portfolio Faroe has…
2014 Interim Highlights Activity Norwegian exploration delivering significant success Pil oil discovery, significantly larger than predrill expectation followed by successful Bue sidetrack well (combined estimate of 20 to 50 mmboe…
Exploration/appraisal Pil and Bue: significant exploration success Significant success announced in March 2014 Faroe 25% Initial Pil wellbore: gross columns ca 135m of oil and 91m of gas Well test flowed at a stable rate of…
Exploration/appraisal Pil followup wells in 2015 Two follow up wells to the Pil discovery planned for 2015 Programme allows for sidetrack wells and production testing Large site survey acquired Locations and targets of the…
Exploration/appraisal Bister 2015 well with excellent potential PL348, Statoil operator, Faroe 7.5% Building on Snilehorn success from late 2013, (Snilehorn gross recoverable resource range estimate of 57101 mmboe) Bister…
Exploration/appraisal Shango: nearfield exploration well in 2015 PL627, Total operator, Faroe 20% Located on the northern part of prolific Utsira High Large undrilled Jurassic structure Shango prospect derisked by Skirne…
Exploration/appraisal Kvalross Barents Sea well in 2015 PL611, Wintershall operator, Faroe 40% Awarded in May 2011 in the Norwegian 21st Licensing Round Located in the Barents Sea to the south of OMVs significant Wisting…
Expected drilling programme: current outlook Prospect Equity 2014 2015 2016 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Pil & Bue wells* 25.0% Butch South West * 15.0% Pil first follow up well * 25.0% Shango * 20.0% Pil second follow up well * 25.0%…
Move 2C Contingent Resources to 2P Reserves Perth and Lowlander significant upside HOA enabling future joint development of Perth (Faroe 34.6%), Dolphin (34.6%) and Lowlander (100%) Lowlander and Perth estimated1 to contain 270…
Production Schooner & Ketch acquisition Accretive deal grows production and 2P reserves1 Adds 3,000 4,000 boepd net Adds 5.9 million boe of 2P reserves at 1/1/14 (increase to 33.1 million boe overall) Significant potential to…
Production Njord and Hyme back on production as planned The project to strengthen Njord A facility deck structure completed on time Njord and Hyme brought back onstream in July 2014 as planned produced Snilehorn Draugen Hyme…
Finances 2014 Interim Financial highlights 2014 Interim results for six months ended 30 June 2014 (unaudited) Turnover 53.5m (includes 13.4m of overlift) (1H 2013: 89.0m) EBITDAX1 15.6m (1H 2013: 56.9m) Expensed exploration…
Summary Solid and proven business model delivering sustainable value growth, principally through drillbit Explorationled strategy continues to deliver material success Worldclass technical team Benefit significantly from Norwegian…
Differentiators Excellent exploration Experienced management track record & clear strategy Financial strength Sustainable multiwell Excellent monetisation Strong Norway drilling programme track record position 16
Executive team Graham Stewart Chief Executive Officer Instrumental in founding Faroe Petroleum in 1998 Over 25 years experience in oil and gas technical and commercial affairs Previously finance director and commercial director at…
Appendices
Consistent and proven strategy Exploration Target up to 5 material wells per year High Impact near field and frontier Leverage competitive edge Win licences, drill wells and make discoveries Monetisation Realise value of…
Faroes growth model building core value and scale Proven business model and a solid track record Significant growth delivered through combination of exploration and appraisal activity and a series of acquisitions and swaps. Since…
Exploration/appraisal Snilehorn: significant discovery pending development Significant exploration success in Greater Njord Area Snilehorn in PL348 building on success of Hyme (3.5 years from discovery to production) Snilehorn…
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