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Q4 2014 EARNINGS CALL – Noreco

Noreco · Feb 27, 2015 · 14 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. Q4 2014 EARNINGS CALL – Noreco – slide 1
    Fourth quarter 2014 Key financials 27 February 2015 This presentation only includes a summary of the numbers in the Q4 2014 report. In order to understand the financial situation of Noreco, particularly going concern and default…
  2. Q4 2014 EARNINGS CALL – Noreco – slide 2
    Income statement NOK million Q4 14 Q3 14 FY 14 FY 13 Revenues Total revenues 145 296 1 143 894 Production shortfall on Production expenses (140) (177) (587) (430) Huntington, Nini continues to perform Exploration expenses (9) (629)…
  3. Q4 2014 EARNINGS CALL – Noreco – slide 3
    Write-downs and reversals Write-downs and Write-downs and reversals Q4 reversals YTD Items (NOK mill) Before tax After tax Before tax After tax Goodwill UK - - (134) (134) Huntington Forties (635) (241) (1 978) (752) Siri Fairway…
  4. Q4 2014 EARNINGS CALL – Noreco – slide 4
    Revenue & EBITDA (NOK mill) Revenues EBITDA / Exploration expenses 450 300 400 200 350 100 300 0 -100 250 -200 200 -300 150 -400 100 -500 -600 50 -700 0 -800 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2013 2014 2013…
  5. Q4 2014 EARNINGS CALL – Noreco – slide 5
    Balance sheet NOK million 31.12.14 30.09.14 31.12.13 Equity ratio negative Assets Reduction due to Q4 Non-current assets 1 2 425 3 532 4 797 asset impairment, Current assets 1 565 608 1 005 deferred tax assets Cash (non-restricted)…
  6. Q4 2014 EARNINGS CALL – Noreco – slide 6
    Table of contents Production Production overview 8 Production per field 9 Revenue per field 10 Production expenses per field 11 Additional Balance sheet specifications Producing assets 12 information Intangible assets Siri…
  7. Q4 2014 EARNINGS CALL – Noreco – slide 7
    Production overview Huntington closed since mid- Noreco production October. Restricted production (quarterly average in boepd) since mid-December 7 000 Nini and Cecilie producing 6 000 well, now with permanent Siri 5 000…
  8. Q4 2014 EARNINGS CALL – Noreco – slide 8
    Production per field (boepd) Noreco Field share Q4 14 Q3 14 Q2 14 Q1 14 Q4 13 Oselvar 15 % 497 528 550 574 850 Enoch 4.36 % 0 0 0 0 0 Lulita 28.2 % 136 192 172 330 196 Nini 30 % 2 012 1 722 1 839 1 415 0 Cecilie 61 % 286 152 15 0 0…
  9. Q4 2014 EARNINGS CALL – Noreco – slide 9
    Revenue per field (NOK million) Noreco Field share Q4 14 Q3 14 Q2 14 Q1 14 Q4 13 Oselvar 15 % 19 25 25 30 40 Enoch 4.36 % 2 0 0 0 0 Lulita 28.2 % 5 9 8 15 10 Nini 30 % 85 95 113 82 0 Cecilie 61 % 10 9 1 0 0 Huntington 20 % 23 158…
  10. Q4 2014 EARNINGS CALL – Noreco – slide 10
    Production expenses per field (NOK million) Noreco Field share Q4 14 Q3 14 Q2 14 Q1 14 Q4 13 Oselvar 15 % 11 7 6 6 14 Enoch 4.36 % 1 0 0 2 15 Lulita 28.2 % 2 1 2 3 4 Nini* 30 % 54 95 55 48 38 Cecilie* 61 % 16 14 7 14 7 Huntington 20 %…
  11. Q4 2014 EARNINGS CALL – Noreco – slide 11
    Balance sheet specifications Producing assets (NOK million) Gross Asset Deferred book retirement tax Net book Asset value obligation (-asset)* value Oselvar 0 64 -348 283 Enoch 0 8 -6 -2 Lulita 37 11 6 20 Nini and Cecilie 0 364**…
  12. Q4 2014 EARNINGS CALL – Noreco – slide 12
    Balance sheet specifications Intangible assets (NOK million) Gross Deferred Net book tax book Asset value (-asset) value Goodwill Denmark 23 0 23 Total Goodwill 23 0 23 Gohta 254 198 56 Xana 60 15 45 Niobe 6 4 2 Other licences 4 3 1…
  13. Q4 2014 EARNINGS CALL – Noreco – slide 13
    Siri insurance claim Status o Gross book value at the end of Q4 is NOK 440 mill, NOK 385 mill after tax o USD amount unchanged at 59 mill o Total claim is well above NOK 2 billion ( USD 400 mill plus interests) o Continues to…
  14. Q4 2014 EARNINGS CALL – Noreco – slide 14
    Ref.: 133952-v2

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