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Q1 2011 EARNINGS CALL – Det Norske

Det Norske · May 10, 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. Q1 2011 EARNINGS CALL – Det Norske – slide 1
    First quarter 2011 presentation - CEO Erik Haugane - CFO Teitur Poulsen
  2. Q1 2011 EARNINGS CALL – Det Norske – slide 2
    Agenda g Highlights & operations Projects Exploration E l ti Financials Outlook
  3. Q1 2011 EARNINGS CALL – Det Norske – slide 3
    Highligts g g Dry wells on Dovregubben (PL 468) and Gullris (PL 522) Sold 10 percent in the Gullris prospect against carry Bought 10 percent in the Skalle prospect (PL 438) Decided to postpone the Fry field development Jetta and…
  4. Q1 2011 EARNINGS CALL – Det Norske – slide 4
    Production of 1811 bpd in Q1 Production and realised oil price Factors Boepd /boe 3000 110 New production well on Glitne 105 has been pushed back towards 2500 year-end d 100 95 2000 90 Realised oil sales price in Q1 of 1500 85…
  5. Q1 2011 EARNINGS CALL – Det Norske – slide 5
    Considering gggas export from Varg g 2 most recent infill wells were dry Indications of water breakthrough in one producer Evaluating additional targets in the area Gas export under evaluation 6
  6. Q1 2011 EARNINGS CALL – Det Norske – slide 6
    Agenda g Highlights & operations Projects & discoveries Exploration E l ti Financials Outlook
  7. Q1 2011 EARNINGS CALL – Det Norske – slide 7
    Developments in the pipeline Discoveries Possible production profile Fulla 40000 East Frigg 30000 Storklakken 20000 Fry Atla/David 10000 Jetta 0 Draupne 2012 2013 2014 2015 2016 2017 Dagny Existing fields Atla Jetta Draupne…
  8. Q1 2011 EARNINGS CALL – Det Norske – slide 8
    Two alternatives for Draupne Platform drilling & quarters (PdQ) Well head platform with FPSO E Earliest li fifirst oilil iin 2016 E Earliest li fifirst oilil iin 2015 Oil export to Grane or shutling Oil export by shutling Gas…
  9. Q1 2011 EARNINGS CALL – Det Norske – slide 9
    Jetta & Fry y Jetta tie back to Jotun Fry Jetta is a time-critical resource Fry is not a time-critical resource Plan for PDO summer 2011 PDO has been postponed First oil in 2013 Det norske holds 50% interest Det norske holds…
  10. Q1 2011 EARNINGS CALL – Det Norske – slide 10
    Atla (David) ( ) David has been renamed Atla Gas/condensate discovery 11 MBOE in estimated total recoverable volumes Atla Subsea tie-back via Skirne to Heimdal The exploration well will be reused as a production well. p…
  11. Q1 2011 EARNINGS CALL – Det Norske – slide 11
    Agenda g Highlights & operations Projects & discoveries Exploration E l ti Financials Outlook
  12. Q1 2011 EARNINGS CALL – Det Norske – slide 12
    Norvarg 2011 Exploration roadmap Skalle PL Prospect & (operator) Net Drilling Gross % start resources Mboe 035 Krafla (Statoil) 25 ongoing 10-50 535 Norvarg (Total) 20 ongoing 80-160 265 Aldous Major (Statoil) 20 Q2 140-500 265…
  13. Q1 2011 EARNINGS CALL – Det Norske – slide 13
    PL 265 - Aldous Major j & Aldous North The Aldous prospects are direct Four appraisal wells are lined up for extensions of the Avaldsnes Aldous and Avaldsnes in 2011, two discovery on Aldous and two on Avaldsnes Combined gross 140…
  14. Q1 2011 EARNINGS CALL – Det Norske – slide 14
    PL 416 Breiflabb Located in the North Sea south of Troll, east of Osebergg Prospect Gross unrisked resources 15-180 MBOE Multizone play Main risk is source/migration Water depth 300 metres Breiflabb Operator EON Ruhrgas Det…
  15. Q1 2011 EARNINGS CALL – Det Norske – slide 15
    Det norskes Barents Sea licenses PL613 35% PL535, Norvarg 20% Skrugard Skrugard Snhvit PL533 20% Goliat PL438 10% PL492 30% PL563 30% 16
  16. Q1 2011 EARNINGS CALL – Det Norske – slide 16
    Ongoing g g exploration well Norvarg in PL 535 spudded Prospect Gross unrisked reserves 80-160 MBOE Multitarget play Main risk is trap integrity (retention) Water depth 380 metres Operator is Total Det norske holds 20…
  17. Q1 2011 EARNINGS CALL – Det Norske – slide 17
    21st round award 613 A Det norske awarded 35% in PL 613 DONG is Operator 226 B B 610 226 A B 18
  18. Q1 2011 EARNINGS CALL – Det Norske – slide 18
    Agenda g Highlights & operations Projects & discoveries Exploration E l ti Financials Outlook
  19. Q1 2011 EARNINGS CALL – Det Norske – slide 19
    Financial Highlights g g Q1 2011 Q1 2010 Change Production boe/day 1811 2420 -25% Achieved Oil Price (/bbl) 106.1 76.0 40% Cashflow from Production, MNOK 57.0 55.9 2% Expensed Exploration, MNOK 609.1 544.2 12% Net Profit,…
  20. Q1 2011 EARNINGS CALL – Det Norske – slide 20
    High g net back from p production Historical Oil Production Producing assets boe/day Net Production Four producing fields: 3000 Varg 5% 2500 Jotun Unit 7% 2000 Jotun Glitne 10 % 1500 Enoch Enoch 2% 1000 Gli Glitne 500 Varg Varg:…
  21. Q1 2011 EARNINGS CALL – Det Norske – slide 21
    Liquidity y position as of end Q1 2011 Liquidity position as of end Q1 2011 (MNOK) Elements 4000 3500 478 Q1 2011 events 3000 1664 Issued a new bond of 2500 MNOK 600 2000 2355 307 Repaid MNOK 137 of 1500 the convertible bond…
  22. Q1 2011 EARNINGS CALL – Det Norske – slide 22
    Profit & Loss MNOK Q1 2011 Q1 2010 Comment High sales prices offset by lower production, Operating revenues 101.6 97.1 lower lifting and weaker USD costs 3rd party tariff Varg well maintenance costs. Production cost 44.0 40.3 income…
  23. Q1 2011 EARNINGS CALL – Det Norske – slide 23
    Exploration expenses MNOK Q1 2011 Q1 2010 Comment Seismic, license G&G etc 92.3 155.8 High seismic activity in Q1 2010 Expensed E pensed capitali capitalized ed exploration e ploration wells ells 5.8 0.0 PL 522 Gulris relating to…
  24. Q1 2011 EARNINGS CALL – Det Norske – slide 24
    Balance Sheet Assets (MNOK) 31.03.11 31.12.10 Comment Write down of Dovregubben capitalised costs and Fixed Assets, Goodwill, Other 3 856.8 3 931.5 impairment carrying value Calculated tax receivable (expl 2011) 477.6 Q1 2011…
  25. Q1 2011 EARNINGS CALL – Det Norske – slide 25
    Q1 2011 Financial summary y Good cashflow from production - strong oil price but reduced production Cl Close tto MNOK 1 1,100 100 iin nett cash h Liquidity strengthen with issue of MNOK 600 unsecured 5 year bond In excess of…
  26. Q1 2011 EARNINGS CALL – Det Norske – slide 26
    Agenda g Highlights & operations Projects & discoveries Exploration E l ti Financials Outlook
  27. Q1 2011 EARNINGS CALL – Det Norske – slide 27
    Norway on its way to a new reality 2 mbopd in 1991 from 11 fields 2 mbopd in 2021 requires 50 fields Rystad Energy 28
  28. Q1 2011 EARNINGS CALL – Det Norske – slide 28
    Outlook and Summary Exploration No major HSE events Dry wells on Dovregubben and Gullris Several high impact prospects lined up including Aldous North/Major Projects Jetta and Atla through concept selection PDO next Draupne…
  29. Q1 2011 EARNINGS CALL – Det Norske – slide 29

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