Skip to main content Q4 2010 EARNINGS CALL – Det Norske Investor Presentation | Shale Experts
Loading...
Pm

Q4 2010 EARNINGS CALL – Det Norske

Det Norske · Feb 16, 2011 · 29 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 2010 EARNINGS CALL – Det Norske – slide 1
    Fourth quarter 2010 presentation - CEO Erik Haugane - CFO Teitur Poulsen
  2. Q4 2010 EARNINGS CALL – Det Norske – slide 2
    Agenda Highlights & operations Projects Exploration Financials Outlook
  3. Q4 2010 EARNINGS CALL – Det Norske – slide 3
    Highligts Awarded 8 lisences in APA 2010 Three operatorships Dry exploration wells on Dalsnuten and Stirby Increased long term financial strength Issued unsecured 5 year bond of MNOK 600 Drilling on Dovregubben in PL 468 Q4…
  4. Q4 2010 EARNINGS CALL – Det Norske – slide 4
    Production of 2040 bpd in Q4 Production and realised oil price Factors Boepd /boe Varg production in Q4 10 up 3000 90 24% relative to Q3 10 2500 85 Glitne production in Q4 10 reduced due to maintenance 2000 80 1500 75 Historically…
  5. Q4 2010 EARNINGS CALL – Det Norske – slide 5
    Solid platform for further growth Licenses Reserves & resources Production & revenues MMBOE MMBOE MBOE MNOK 100 200 1000 1000 1000 80 160 800 800 800 60 120 600 600 600 40 80 400 400 400 20 40 200 200 200 0 0 0 0 0 '05 '06…
  6. Q4 2010 EARNINGS CALL – Det Norske – slide 6
    Agenda Highlights & operations Projects & discoveries Exploration Financials Outlook
  7. Q4 2010 EARNINGS CALL – Det Norske – slide 7
    Developments in the pipeline Discoveries Possible production profile Fulla 50000 Storklakken East Frigg Fry 25000 David Jetta Draupne 0 Dagny 2012 2013 2014 2015 2016 2017 Grevling Existing fields Jetta Fry Draupne Net…
  8. Q4 2010 EARNINGS CALL – Det Norske – slide 8
    Draupne 112 192 MBOE 9
  9. Q4 2010 EARNINGS CALL – Det Norske – slide 9
    Jetta & Fry Fry Jetta tie back to Jotun Pending results from WAG/SWAG Pending commercial negotiations subsurface analysis with Jotun Unit Det norske holds 50% interest Det norske holds 60% interest Gross reserves of 60 mmboe…
  10. Q4 2010 EARNINGS CALL – Det Norske – slide 10
    Agenda Highlights & operations Projects & discoveries Exploration Financials Outlook
  11. Q4 2010 EARNINGS CALL – Det Norske – slide 11
    Offered eight lisences in APA 2010 North Sea Three as operator Six licenses in the North Sea Additional acreage to two existing licenses Two licenses in the Norwegian Sea Both are additional acreage to existing licenses…
  12. Q4 2010 EARNINGS CALL – Det Norske – slide 12
    Norvarg 2011 Exploration roadmap Salina PL Prospect & (operator) Net Drilling Gross % start resources Mboe 468 Dovregubben (DN) 95** Ongoing 100-220 522 Gullris (BG) 20 Q1 700-1700 Gullris 035 Krafla (Statoil) 25 Q1 10-50 535…
  13. Q4 2010 EARNINGS CALL – Det Norske – slide 13
    PL522 - Gullris Located in the Norwegian Sea Vring Basin Prospect Gross unrisked resources 700-1700 MBOE Gullris Upper Cretaceous play Main risk: Trap integrity To be drilled by Aker Barents in early March Water depth 1 260 to…
  14. Q4 2010 EARNINGS CALL – Det Norske – slide 14
    PL 272 Krafla Located in the North Sea Prospect Krafla Gross unrisked resources 10-50 MBOE Jurassic play Main risk is seal Water depth 110 meters Operator Statoil Det norske holds 25 percent Spud in March 15
  15. Q4 2010 EARNINGS CALL – Det Norske – slide 15
    PL 416 Breiflabb Located in the North Sea south of Troll, east of Oseberg Prospect Gross unrisked resources 15-180 MBOE Breiflabb Multizone play Main risk is source/migration Water depth 300 metres Operator EON Ruhrgas…
  16. Q4 2010 EARNINGS CALL – Det Norske – slide 16
    PL 535 - Norvarg Located in the Barents Sea, Bjarmeland Platform Norvarg Prospect Gross unrisked reserves 80-160 MBOE Multitarget play Main risk is trap integrity (retention) Norvarg Snhvit Goliat Water depth 320 metres…
  17. Q4 2010 EARNINGS CALL – Det Norske – slide 17
    PL 265 - Aldous Major & Aldous North Aldous Major and Aldous North are located next to the North Sea Avaldsnes discovery Draupne Plans for exploration well on both Aldous Major and Aldous North in 2011 Avaldsnes (Lundin)…
  18. Q4 2010 EARNINGS CALL – Det Norske – slide 18
    Agenda Highlights & operations Projects & discoveries Exploration Financials Outlook
  19. Q4 2010 EARNINGS CALL – Det Norske – slide 19
    Financial Highlights Q4 10 Q4 09 2010 2009 Production boe/day 2040 1951 2092 1845 Achieved Oil Price (/bbl) 87,1 73,4 80,2 59,7 Cashflow from Production, MNOK 58,6 42,2 207,2 110,7 Net Profit, MNOK -312,1 -379,3 -671,4 -520,7…
  20. Q4 2010 EARNINGS CALL – Det Norske – slide 20
    Successful unsecured bond issue Volume of MNOK 600 Tenor: 5 years maturity 28th January 2016 Coupon: 3m NIBOR + 675 basis points Unsecured Standard covenants Bought back MNOK 137 of the convertible bond AKX01 at par…
  21. Q4 2010 EARNINGS CALL – Det Norske – slide 21
    High net back from production Historical Oil Production Producing assets boe/day Net Production Four producing fields: 3000 Varg 5% 2500 Jotun Unit 7% 2000 Glitne 10% 1500 Jotun Enoch 2% Enoch 1000 Glitne 500 Varg 0 Q1 Q2 Q3…
  22. Q4 2010 EARNINGS CALL – Det Norske – slide 22
    Liquidity position as of end Q4 2010 Liquidity position as of end 2010 (MNOK) Elements 3500 3000 Liquidity position: 1 283 MNOK, down from 1 380 2500 1111 MNOK at the end of Q3 2010 (incl. net working 2000 2278 capital) 422…
  23. Q4 2010 EARNINGS CALL – Det Norske – slide 23
    Profit & Loss MNOK Q4 2010 Q3 2010 Comment Operating revenues 99.5 80.6 Higher production and sales prices Production cost 40.1 36.5 Higher Production Payroll expenses 4.7 7.5 EBITDAX 54.7 36.6 Exploration expenses 570.6 209.1 2…
  24. Q4 2010 EARNINGS CALL – Det Norske – slide 24
    Exploration expenses MNOK Q4 2010 Q3 2010 Comment Seismic, license G&G etc 104.7 198.4 Expensed capitalized exploration wells 10.5 0.0 previous years Expensed dry wells this quarter 474.7 10.5 Dalsnuten (incl. carry), Stirby (30%).…
  25. Q4 2010 EARNINGS CALL – Det Norske – slide 25
    Balance Sheet Assets (MNOK) 31.12.10 31.12.09 Comment Fixed Assets, Goodwill, Other 4 017.7 3 377.4 Increase in capitalised exploration costs Pre payments 106.3 240.4 Related to Aker Barents rig contract Total Fixed Assets 4 124.0 3…
  26. Q4 2010 EARNINGS CALL – Det Norske – slide 26
    Financial outlook 2011 Production of 2,000 boe/day net in 2011 Expected 2011 capital investment budget NOK 300 million 3 infill wells on producing assets - NOK 80 million Development assets NOK 220 million Expected post-tax…
  27. Q4 2010 EARNINGS CALL – Det Norske – slide 27
    Agenda Highlights & operations Projects & discoveries Exploration Financials Outlook
  28. Q4 2010 EARNINGS CALL – Det Norske – slide 28
    Outlook and Summary Exploration No major HSE events High activity but disappointing exploration results in 2010 A significant exploration portfolio to be drilled in 2011, several high impact prospects Projects Draupne progressing…
  29. Q4 2010 EARNINGS CALL – Det Norske – slide 29

From the store

Browse maps, data & reports in the Shale Experts store