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MARCH 2011 ANNUAL GENERAL MEETING – Atlantic Petroleum

Atlantic Petroleum · Mar 19, 2011 · 39 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. MARCH 2011 ANNUAL GENERAL MEETING – Atlantic Petroleum – slide 1
    ANNUAL GENERAL MEETING 19th March 2011
  2. MARCH 2011 ANNUAL GENERAL MEETING – Atlantic Petroleum – slide 2
    AGENDA ANNUAL GENERAL MEETING 2011 1. Election of Chairman of the Meeting 2. The Board of Directors statement of the Companys activity during the previous accounting year 3. Presentation of Audited Annual Accounts for approval 4.…
  3. MARCH 2011 ANNUAL GENERAL MEETING – Atlantic Petroleum – slide 3
    1. ELECTION OF CHAIRMAN OF THE MEETING The Board of Directors proposes to elect Mr. Petur Even Djurhuus as the Chairman of the Meeting 3
  4. MARCH 2011 ANNUAL GENERAL MEETING – Atlantic Petroleum – slide 4
    AGENDA ANNUAL GENERAL MEETING 2011 1. Election of Chairman of the Meeting 2. The Board of Directors statement of the Companys activity during the previous accounting year 3. Presentation of Audited Annual Accounts for approval 4.…
  5. MARCH 2011 ANNUAL GENERAL MEETING – Atlantic Petroleum – slide 5
    CHAIRMANS STATEMENT 5
  6. MARCH 2011 ANNUAL GENERAL MEETING – Atlantic Petroleum – slide 6
    NORDEA MARKETS 20TH FEBRUARY 2010 Still not attractive Atlantic Petroleum Sell We reiterate our Sell rating on Atlantic Industry group (GICS): Oil & Gas Petroleum ahead of its Q4 2009 Exploration & Production Target price report. Even…
  7. MARCH 2011 ANNUAL GENERAL MEETING – Atlantic Petroleum – slide 7
    PRODUCTION AND AVERAGE OIL PRICE Note: Production of barrels of oil equivalents (1.000) and average realised oil price per month 7
  8. MARCH 2011 ANNUAL GENERAL MEETING – Atlantic Petroleum – slide 8
    SHARE PERFORMANCE 2010 Nasdaq OMX Copenhagen Nasdaq OMX Iceland DKK 240 220 200 180 160 140 120 1 Jan 1 Feb 1 Mar 1 Apr 1 May 1 Jun 1 Jul 1 Aug 1 Sep 1 Oct 1 Nov 1 Dec 8
  9. MARCH 2011 ANNUAL GENERAL MEETING – Atlantic Petroleum – slide 9
    NORDEA MARKETS 28TH FEBRUARY 2011 Soft guidance explained by Blackbird Atlantic Petroleum Buy start-up Industry group (GICS): Oil & Gas We reiterate our Buy recommendation and Exploration & Production Target DKK 260 per share target…
  10. MARCH 2011 ANNUAL GENERAL MEETING – Atlantic Petroleum – slide 10
    NEW MANAGEMENT TEAM Ben Arabo CEO 14 years of experience with Hess worldwide Has held leadership positions with Hess as Exploration Business Manager in South East Asia, a management committee member in exploration ventures in Asia,…
  11. MARCH 2011 ANNUAL GENERAL MEETING – Atlantic Petroleum – slide 11
    ORGANISATION Ben Arabo CEO Fa Petersen Office Administrator Alyson Harding Sigur Jakupsstovu Mourits Joensen Exploration Manager, Technical Manager, CFO Chestnut GM UK COO Ettrick Blackbird Exploration Appraisal Perth…
  12. MARCH 2011 ANNUAL GENERAL MEETING – Atlantic Petroleum – slide 12
    LICENSE OVERVIEW Geographically focused on NW Europe Klubkan (10%) Marselius (40%) Stella Kristina (40%) Brugdan (1%) Perth (10.79%) Chestnut (15%) Marten (17.5%) Ettrick (8.27%) Hook Head Blackbird (8.27%)…
  13. MARCH 2011 ANNUAL GENERAL MEETING – Atlantic Petroleum – slide 13
    RESERVES Proven reserves Contingent resources Prospective resources (risked) MMBoe MMBoe MMBoe Start of 2010 3.4 5.3 0.4 Production -0.96 Net additions & revisions 0.5 0.5 15.8 End of 2010 2.9 5.8 16.2 13
  14. MARCH 2011 ANNUAL GENERAL MEETING – Atlantic Petroleum – slide 14
    FAROE ISLANDS HIGHLIGHTS 2010 Faroes Licence 006 extended to January 2013. Site survey acquired in 2010 for a potential exploration well Ongoing technical work on Licences 013 and 014 Seabed samples were collected over…
  15. MARCH 2011 ANNUAL GENERAL MEETING – Atlantic Petroleum – slide 15
    IRELAND HIGHLIGHTS 2010 During 2010, partners in the licence agreed to farm down up to 50% equity interest in the Hook Head oil discovery to Sosina subject to committing to drilling a fully funded well During 2010, partners…
  16. MARCH 2011 ANNUAL GENERAL MEETING – Atlantic Petroleum – slide 16
    UK HIGHLIGHTS 2010 - PRODUCTION Net production to Atlantic Petroleum was 960,000 barrels of oil equivalents (boe) in 2010 The Ettrick field produced a total of 6.63MM boe in 2010 The Chestnut field produced 2.74MM barrels (bbls) in…
  17. MARCH 2011 ANNUAL GENERAL MEETING – Atlantic Petroleum – slide 17
    UK HIGHLIGHTS 2010 The development of the Blackbird field has been sanctioned by Atlantic Petroleum. First oil expected in January 2012 Net contingent reserves in Perth have increased from 1.0 MMBbls to 1.7 MMBbls due to a…
  18. MARCH 2011 ANNUAL GENERAL MEETING – Atlantic Petroleum – slide 18
    ANGLESEY PROSPECT SUMMARY Prospect offers an opportunity to test the prospectivity in the Upper Jurassic Sgiath Formation 3 well defined structural closures with significant stratigraphic upside of 130 MMbbl reserves Oil…
  19. MARCH 2011 ANNUAL GENERAL MEETING – Atlantic Petroleum – slide 19
    BISCUITS 19
  20. MARCH 2011 ANNUAL GENERAL MEETING – Atlantic Petroleum – slide 20
    BLACKBIRD 20
  21. MARCH 2011 ANNUAL GENERAL MEETING – Atlantic Petroleum – slide 21
    PERTH DEO (Operator) 42.09% Faroe Petroleum 28% Maersk 19.13% Atlantic Petroleum 10.8% 21
  22. MARCH 2011 ANNUAL GENERAL MEETING – Atlantic Petroleum – slide 22
    FAROE ISLANDS BRUGDAN DEEP 2011 Brugdan Deep well planned for spudding July 2011 Water Depth 400 500m Partners: Statoil 50% ExxonMobil 49% Atlantic Petroleum Brugdan Deep 1% 22
  23. MARCH 2011 ANNUAL GENERAL MEETING – Atlantic Petroleum – slide 23
    2011 OUTLOOK Total production for 2011 is estimated to between 750,000 - 950,000 barrels net for the year EBIT is predicted in the range of DKK 90MM-150MM on an expected average realised oil price of 90 USD/barrel Develop…
  24. MARCH 2011 ANNUAL GENERAL MEETING – Atlantic Petroleum – slide 24
    AGENDA ANNUAL GENERAL MEETING 2011 1. Election of Chairman of the Meeting 2. The Board of Directors statement of the Companys activity during the previous accounting year 3. Presentation of Audited Annual Accounts for approval 4.…
  25. MARCH 2011 ANNUAL GENERAL MEETING – Atlantic Petroleum – slide 25
    ANNUAL ACCOUNTS 2010 25
  26. MARCH 2011 ANNUAL GENERAL MEETING – Atlantic Petroleum – slide 26
    FIVE YEAR SUMMARY, CONSOLIDATED FIGURES Financials 2010 2009 2008 2007 2006 Accounting basis IFRS IFRS IFRS IFRS IFRS Revenue DKK 422.469.572 219.252.477 43.267.047 0 0 Profit before taxation DKK 163.083.205 -60.442.213 -145.418.901…
  27. MARCH 2011 ANNUAL GENERAL MEETING – Atlantic Petroleum – slide 27
    PARENT AND CONSOLIDATED INCOME STATEMENT Parent and Consolidated Income Statement For the year ended 31st December 2010 Parent Group 2010 2009 2010 2009 DKK DKK DKK DKK 0 0 Revenue 422.469.572 219.252.477 0 0 Cost of sales…
  28. MARCH 2011 ANNUAL GENERAL MEETING – Atlantic Petroleum – slide 28
    PARENT AND CONSOLIDATED BALANCE SHEET Parent and Consolidated Balance Sheet As at 31st December 2010 Parent Group 2010 2009 2010 2009 DKK DKK DKK DKK Non-current assets 207.982 0 Intangible Assets 207.982 0 19.678.747 15.078.783…
  29. MARCH 2011 ANNUAL GENERAL MEETING – Atlantic Petroleum – slide 29
    PARENT AND CONSOLIDATED CASH FLOW STATEMENT CASH FLOW STATEMENT Atlantic Petroleum Parent and Consolidated Parent Group 2010 2009 2010 2009 DKK DKK DKK DKK -16.440.532 -34.356.696 Net cash provided by operating activities…
  30. MARCH 2011 ANNUAL GENERAL MEETING – Atlantic Petroleum – slide 30
    AGENDA ANNUAL GENERAL MEETING 2011 1. Election of Chairman of the Meeting 2. The Board of Directors statement of the Companys activity during the previous accounting year 3. Presentation of Audited Annual Accounts for approval 4.…
  31. MARCH 2011 ANNUAL GENERAL MEETING – Atlantic Petroleum – slide 31
    AGENDA ANNUAL GENERAL MEETING 2011 1. Election of Chairman of the Meeting 2. The Board of Directors statement of the Companys activity during the previous accounting year 3. Presentation of Audited Annual Accounts for approval 4.…
  32. MARCH 2011 ANNUAL GENERAL MEETING – Atlantic Petroleum – slide 32
    DAVID A. MACFARLANE David MacFarlane, an economics graduate and Chartered Accountant, has been CFO of Dana from 2002 March 2011. He has more than 25 years experience in financial control and management in the upstream oil and gas…
  33. MARCH 2011 ANNUAL GENERAL MEETING – Atlantic Petroleum – slide 33
    AGENDA ANNUAL GENERAL MEETING 2011 1. Election of Chairman of the Meeting 2. The Board of Directors statement of the Companys activity during the previous accounting year 3. Presentation of Audited Annual Accounts for approval 4.…
  34. MARCH 2011 ANNUAL GENERAL MEETING – Atlantic Petroleum – slide 34
    6. ELECTION OF AUDITOR The present accountant of the Company is Sp/f Grannskoaravirki INPACT lggilt grannskoaravirki, R.C.Effersesgta 26, 100 Trshavn The Board proposes re-election of the present accountant for the period until…
  35. MARCH 2011 ANNUAL GENERAL MEETING – Atlantic Petroleum – slide 35
    AGENDA ANNUAL GENERAL MEETING 2011 1. Election of Chairman of the Meeting 2. The Board of Directors statement of the Companys activity during the previous accounting year 3. Presentation of Audited Annual Accounts for approval 4.…
  36. MARCH 2011 ANNUAL GENERAL MEETING – Atlantic Petroleum – slide 36
    AGENDA ANNUAL GENERAL MEETING 2011 1. Election of Chairman of the Meeting 2. The Board of Directors statement of the Companys activity during the previous accounting year 3. Presentation of Audited Annual Accounts for approval 4.…
  37. MARCH 2011 ANNUAL GENERAL MEETING – Atlantic Petroleum – slide 37
    AGENDA ANNUAL GENERAL MEETING 2011 1. Election of Chairman of the Meeting 2. The Board of Directors statement of the Companys activity during the previous accounting year 3. Presentation of Audited Annual Accounts for approval 4.…
  38. MARCH 2011 ANNUAL GENERAL MEETING – Atlantic Petroleum – slide 38
    AGENDA ANNUAL GENERAL MEETING 2011 1. Election of Chairman of the Meeting 2. The Board of Directors statement of the Companys activity during the previous accounting year 3. Presentation of Audited Annual Accounts for approval 4.…
  39. MARCH 2011 ANNUAL GENERAL MEETING – Atlantic Petroleum – slide 39
    THE FUTURE We are embarking on the next step which will secure further value for the shareholders and secure Atlantic Petroleums place as a leading independent European E&P company. 39

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