2Q12 highlighs and operations Financials Development projects and producing fields Exploration Outlook 3
Highlights Key financials 2Q 2012 Revenues MNOK 69.6 Net loss MNOK 217.4 Atla development on track Production well successfully completed Jette challenges with completion of the first production well, redesigning well…
Jette Subsea tie-back to Jotun field Subsea production system on schedule Planned developed with two 2000 metres horizontal production wells The Jette Umbilical First production well drilled to TD verified reservoir sands in the…
Jette way forward Drilling side track from existing production well for shorter horizontal section, 800 1200 meters Assessing to relocate the northern well to the southernmost reservoir section and deferring the northern well into a…
2Q12 highlighs and operations Financials Development projects and producing fields Exploration Outlook 7
Financial highlights Q2 12 vs. Q2 2012 Q1 2012 Q2 2011 Q2 11 Production boe/day 1,042 1,352 1,399 -26% Achieved oil price (USD/boe) 106.5 120.5 116.3 -8% Cash flow from production, NOK mill. 22.0 50.2 41.1 -46% Expensed…
Production and cost development Oil production Producing assets boe/day USD/bbl Ownership position 2500 140 Varg 5% 2000 120 Jotun Unit 7% 100 Glitne 10% 1500 80 Enoch 2% 1000 60 500 40 0 20 Q2 2010 Q3 2010 Q4 2010 Q1 2011…
Net cash & liquidity Net cash and liquidity position as of 30 June 2012 (NOK mill.) Balance Sheet Credit 4500 4000 * 600 3500 * 3000 560 2500 1590 2780 2000 1421 3570 1500 220 1000 585 500 1115 701 716 805 790 -15 0 0 -15…
P&L and Balance Sheet P&L (MNOK) Q2 2012 Q2 2011 Comment Revenues 69.6 96.3 Reduced production and lower oil price Production cost, G&A 46.9 62.5 EBITDAX 22.7 33.8 Skaugumsaasen MNOK 146. Storebjrn MNOK 99. Ulvetanna Exploration…
2Q12 highlighs and operations Financials Development projects and producing fields Exploration Outlook 12
Producing assets Close down on Glitne planned in 2013 2Q12 volume: 1,042 boed The infill production well on Glitne was dry. The licence is planning to shut-in the Glitne field in 2013 Gas blow down on Varg is under evaluation…
Project inventory Discoveries Key features of the portfolio Krafla Fulla North Sea projects only East Frigg Strong joint ventures in all the projects Storklakken Fry A good step-up programme with gradually Atla Jette Stavanger…
The Johan Sverdrup field Current estimated gross volumes 900 to 1,500 mill. barrels in PL 265 Significant volumes also in PL 501 Geitungen PL 265 volumes net to Det norske 180 to 300 million barrels Espevrhgda Signed pre-unit…
2Q12 highlighs and operations Financials Development projects and producing fields Exploration Outlook 16
Near-term drilling schedule North Sea dominated program Operator distribution Det norske 2 1 1 Statoil North Sea 1 Total Barents Sea 1 Eni 7 4 Talisman 1 Repsol PL Prospect Net % Start Gross Mboe Operator Rigg 265 Geitungen…
PL 265 Geitungen North of Johan Sverdrup field Draupne Geitungen Drilling start: 22 July 2012 Luno Gross unrisked resources: Johan Sverdrup 100-300 mmboe Main risk: presence and quality of reservoir Water depth: 112…
PL 554 Garantiana Northeast of the Visund Field Garantiana Drilling start: 6 August 2012 Gross unrisked resources: 25-60 mmboe Visund Main risk: Seal towards the west Water depth: 125 meters Partners Det norske 20% (10% of…
PL 533 Salina South of the oil discoveries Skrugard/Havis in the Barents Sea Drilling start: 7 August 2012 Salina Gross unrisked resources: 30-110 mmboe (Cretaceous) Main risk: reservoir quality and hydrocarbon phase Water…
2Q12 highlighs and operations Financials Development projects and producing fields Exploration Outlook 21
Summary and outlook Projects Atla the first new project to come on-stream Jette challenges with completing first production well The plan is to file a PDO for Draupne in late 2012 Active appraisal programme on Johan Sverdrup…
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