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Q3 2012 EARNINGS CALL – Det Norske

Det Norske · Nov 2, 2012 · 24 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. Q3 2012 EARNINGS CALL – Det Norske – slide 1
    Presentation for the third quarter 2012
  2. Q3 2012 EARNINGS CALL – Det Norske – slide 2
    Highlights since the second quarter Exploration Large oil discovery on Geitungen Oil discovery on Garantiana Non commercial gas discovery on Salina Dry wells on Ulvetanna and Geite Developments/Production Atla on stream in…
  3. Q3 2012 EARNINGS CALL – Det Norske – slide 3
    Geitungen A large oil discovery A large discovery in its own right Thick oil column of 35 meters Volume range 140 to 270 mmboe Sand deposits on basement high Jotun 150 mmboe Statfjord North 270 mmboe 4
  4. Q3 2012 EARNINGS CALL – Det Norske – slide 4
    Johan Sverdrup and Geitungen Well data proves connection between Geitungen and Johan Sverdrup Three wells 16/2-8,10 and 12 with thick oil column and high quality reservoir Appraisal program includes two more wells in PL 265 and one in…
  5. Q3 2012 EARNINGS CALL – Det Norske – slide 5
    Det norskes position on the Utsira High PL 001B/028B/242 35 percent PL 265 20 percent PL 502 22.2 percent The Utsira High area 6
  6. Q3 2012 EARNINGS CALL – Det Norske – slide 6
    Ivar Aasen on schedule for PDO this year 2012 2013 2014 2015 2016 2019 PDO Contract Con- Well drilling Install Hanz on awards struction Install jacket topside stream First oil 7
  7. Q3 2012 EARNINGS CALL – Det Norske – slide 7
    Ivar Aasen NOK mill Boepd 7000 30000 6000 25000 5000 20000 4000 15000 3000 10000 2000 1000 5000 0 0 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 Tariffs Opex Capex Boepd 8
  8. Q3 2012 EARNINGS CALL – Det Norske – slide 8
    Garantiana oil discovery Oil discovered in good Garantiana (PL 554) North Sea reservoir in the Cook formation A drill stem test was performed and the well flowed 4050 bopd on a 28/64 choke Side-track well to be drilled to…
  9. Q3 2012 EARNINGS CALL – Det Norske – slide 9
    Jette revised plan executed Two production wells with 600 meter and 1200 meter sand screens Both X-mas trees in place First oil expected in March 2013 Expect to produce gross 5 9 MBO (mean 6.4 MBO) from southern segment Total…
  10. Q3 2012 EARNINGS CALL – Det Norske – slide 10
    Atla - good production rates Commenced production in October Atla developed via Skirne Good initial production with high condensate contentent Total is the operator Det norske 10 percent Total (Op) 40 percent Petoro 30 percent…
  11. Q3 2012 EARNINGS CALL – Det Norske – slide 11
    Financials 12
  12. Q3 2012 EARNINGS CALL – Det Norske – slide 12
    Production and operating cash flow Production (boe/d left scale) Price (USD/boe right scale) Ownership position 2500 150 Varg 5% 2000 120 Jotun Unit 7% Glitne 10% 1500 90 Enoch 2% 1000 60 500 30 0 0 boe/day Q3 2010 Q4 2010 Q1 2011…
  13. Q3 2012 EARNINGS CALL – Det Norske – slide 13
    Jette impairment charge Equity elements Debt Assets Reduced debt 1 404 1 404 1 881 165 17 38 81 Equity 176 477 Nominal Goodwill etc. Capitalised Capitalised Discounting Reduced debt Total impairment exploration…
  14. Q3 2012 EARNINGS CALL – Det Norske – slide 14
    Income statement Income statement (NOK mill) Q3 2012 Q3 2011 Q2 2012 Revenues 49 82 70 Production cost, G&A 46 43 46 EBITDAX 3 39 24 Exploration expenses 403 120 417 Depreciation 15 17 20 Impairment charge 1 881 - 141 Other operating…
  15. Q3 2012 EARNINGS CALL – Det Norske – slide 15
    Balance Sheet Assets (NOK mill) 30.09.12 30.09.11 30.06.12 Intangible assets 3 061 4 061 3 112 Property, plant and equipment 1 078 533 2 267 Calculated tax receivables (long) 988 1 236 560 Receivables and other assets 940 511 553…
  16. Q3 2012 EARNINGS CALL – Det Norske – slide 16
    Net cash & liquidity Net cash and liquidity position as of September 30, 2012 (NOK mill.) Balance Sheet Credit 4000 3500 * 3000 600 988 * 2500 1 795 2000 2 204 1500 1 427 1000 796 500 734 585 1 381 0 -500 837 864 -1000…
  17. Q3 2012 EARNINGS CALL – Det Norske – slide 17
    Financials Exploration Photo: Testing at Garantiana 18
  18. Q3 2012 EARNINGS CALL – Det Norske – slide 18
    Drilling plan through 2013 PL Prospect Net % Start mmboe Operator Rig 265 JS Kvitsy high 20 4Q12 App. Statoil O. Vanguard 502 JS Extension 20 4Q12 Statoil O. Vanguard 453S Ogna 25 1Q13 20-190 Lundin M.Guardian 531 Darwin 10 1Q13 70-750…
  19. Q3 2012 EARNINGS CALL – Det Norske – slide 19
    Ogna (PL 453S) - Wildcat Prospect type: Structural closure Ogna (PL 453S) - North Sea Gross unrisked resources: 20-190 mmboe Water depth: 65 m Main risk: Presence and migration of mature source rock Main target formation…
  20. Q3 2012 EARNINGS CALL – Det Norske – slide 20
    Darwin (PL 531) - Wildcat Prospect type: Structural/strategraphic Darwin (PL 531) Barents Sea Gross unrisked resources: 70-750 mmboe Water depth: 300 m Main risk: Presence of reservoir Main target formation Tertiary/Cretaceous…
  21. Q3 2012 EARNINGS CALL – Det Norske – slide 21
    Norvarg (PL 535)- Appraisal Geographic area: Bjarmeland platform Norvarg (PL 535) - Barents Sea Prospect type: Structural trap Gas discovery Water depth: 340 m Main risk: Reservoir quality Target formation:Triassic sandstones…
  22. Q3 2012 EARNINGS CALL – Det Norske – slide 22
    Outlook 23
  23. Q3 2012 EARNINGS CALL – Det Norske – slide 23
    Outlook Exploration Significant new resources from Geitungen and Garantiana discoveries Six high-impact wild cats over the next 12 months Johan Sverdrup Discovery looks more solid than ever following latest exploration results…
  24. Q3 2012 EARNINGS CALL – Det Norske – slide 24
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