Q3 COO yvind Bratsberg CFO Alexander Krane Oslo, 1 November 2013
Highlights since the second quarter Gohta oil and gas discovery New play in the Barents Sea Encouraging production test Preliminary estimated volumes between 113 and 239 mmboe Development projects on schedule Ivar Aasen Ocean…
Q3 OPERATIONS AND PROJECTS 3
Oil and gas production last 12 months Jette Varg Glitne Jotun Atla Sale Atla TOTAL 12000 10000 Average production in 8000 Q3 2013 of 5,940 boepd Total production in Q3 2013 of 546,513 boe 6000 4000 2000 0 okt.12…
Jette production Production Net production of 4,378 boepd in Q3 The production level is declining more slowly, and is currently around 4,700 boepd (gross) Productivity Data indicate that most of the production comes from one…
Det norskes position on the Utsira High Johan Sverdrup PL 265: Det norske 20% Statoil (Op) 40% Petoro 30% Lundin 10% Johan Sverdrup Ivar Aasen PL 501: PL 001B/028B/242 Lundin (Op) 40% Det norske (Op) 35% Statoil 40%…
Q3 IVAR AASEN
SMOE: Cutting first steel today 8
Construction of jacket commenced 9
Key project milestones The Ivar Aasen project When What 1H 2013 Approval of development Project is on schedule first oil Q4 2016 Detailed design of jacket and topside Cost estimate unchanged NOK 24.7 2H 2013 Start-up of construction…
A larger and more profitable development Ivar Aasen extends into PL 457 Ivar Aasen Pre-unitisation agreement signed 25/10-8 Unitisation has commenced and 16/1-16 will be concluded by June 2014 Hanz 16/1-2 16/1-11 16/1-9 The…
Q3 JOHAN SVERDRUP
Geitungen appraisal well planned in 4Q Programme 27 wells Well tests Geitungen appraisal Enormous amount of data Geitungen appraisal well in PL 265 planned for late Q413 Results Excellent reservoirs Very good production test…
Johan Sverdrup near-term milestones Concept Unitisation and Construction selection PDO submission 2013 2014 2018 Concept selection How many phases The size of each phase The timing between phases Concept selection will…
Q3 FINANCIALS
Key financials Production (boepd) net to Det norske Q3 2013 Q3 2012 Production (boepd) Jette 4 378 - Jotun Atla 981 - Varg 3% 6% Varg 377 481 Jotun Unit 204 206 Atla 17 % Glitne - 95 Total production per day 5 940 782 Total production…
Debt funding Committed and uncommitted debt financing end of period (excluding the exploration facility) 15000 14500 14500 14500 13900 13900 14000 13000 12000 RCF uncommitted accordion 6000 6000 6000 RCF committed 11000 6000 6000…
Exploration expenses 700 600 166 136 500 400 300 618 588 200 100 0 Q3 exploration expenses Expenses from previous Net capitalised in Q3 Total exploration periods expenditures in Q3 18
Statement of income Income statement (NOK mill) Q3 2013 Q3 2012 Q2 2013 Revenues 324 49 286 Production costs, G&A 53 46 57 EBITDAX 271 3 229 Exploration expenses 588 403 271 Payroll and payroll-related expenses 4 1 29 Other operating…
Statement of financial position Assets (NOK mill) 30.09.13 30.09.12 30.06.13 Intangible assets 3 342 3 060 3 446 Property, plant and equipment 2 868 1 078 2 651 Calculated tax receivables (long) 1 057 988 576 Receivables and other assets…
Strong liquidity position going forward Net debt Liquidity position 12760 5276 Cash 504 Tax refund 2013 Net debt MNOK 1 713 Tax refund 2014 RCF 6000 EFF 3563 Bonds 2473 Working Capital 1057 1288 975 4676 1218…
Q3 EXPLORATION
Exciting discovery in the Barents Sea Gohta (PL 492) discovery Gohta Barents Sea Preliminary estimate 113-239 mmboe Permian carbonate reservoirs: 25 metre gas cap over a 75 metre oil column Successful production test showed a stable…
PL 272 Askja West Drilling started 23 September near Askja West North Sea the Krafla discovery Potential gross resources: 20-70 mmboe Prospect information: Middle Jurassic sandstone Structural trap Upper Jurassic source Main…
PL 551 Mantra/Kuro License located north of Troll Mantra/Kuro North Sea Potential gross resources: 35-750 mmboe Prospect information: Targeting upper Jurassic sandstone (Mantra), paleocene reservoir (Kuro) Structural trap Main…
Q3 OUTLOOK
Outlook Field developments Concept selection on Johan Sverdrup expected by year end 2013 The Ivar Aasen project is on track first steel cut for topsides and jacket Exploration High exploration activity with 10-13 wells the next 12…
Loading...
