Highlights Financials Exploration D Development l t projects j t Outlook 3
Det norske - well funded growth Listed on OSE USD 2bn Market Cap 74 licences 31 operatorships Exploration Production Financing Discovered between Targeting production of MUSD 500 400 and 550 million boe more than 10,000 10 000…
Headlines since the third quarter Funding in place MUSD 500 corporate credit facility MNOK 451.5 451 5 equity it increase i f from b d conversion bond i att NOK 79.3/share 79 3/ h Changed guidelines for resource reporting from…
A step-by-step strategy Kboepd 100 Large projects Draupne Sverdrup Fry area Small projects Jette, Atla, Krafla, Fulla Low capex Exploration Short lead times MUSD 300 Target: 10-20 000 bpd Build up asset sales Acreage hunt…
Reserves cont. Producing/Approved Justified for development 70 60 50 Mill boe 40 30 20 10 0 Producing/Approved Jette Draupne Dagny* * Pending final outcome of negotiations with the Dagny license 8
Highlights Financials Exploration D Development l t projects j t Outlook 9
Q4 2011 Financial Highlights g g Secured development financing of up to MUSD 600 MUSD 500 corporate p credit facility y + MUSD 100 accordion feature Convertible bond with face value of MNOK 457.5 matured NOK 451.5 million…
Continued high g oil price, p output p stabilised Historical Oil Production Producing assets boe/day USD/bbl Four producing fields: 3000 120 Vargg 5% 2500 100 Jotun Unit 7% 2000 80 Glitne 10 % Enoch 2% 1500 60 1000 40 500 20 0…
P&L and Balance Sheet P&L (MNOK) Q4 2011 Q4 2010 Comment High sales prices in Q411 offset by weaker USD, lower Revenues 92.4 99.5 production and underlift on Varg 3rd party tariff income (MNOK 5.7) reclassified to income for Q4…
Net Cash & Liquidity y Net Cash and Liquidity position as of 31 December 2011 (MNOK) Balance 6000 Sheet C dit Credit * 600 5000 * 4000 3000 3000 2000 380 1397 587 587 40 1000 1900 1313 842 0 Cash 2012 Tax Refund Expl…
Highlights Financials Exploration D Development l t projects j t Outlook 15
PL 659 Caurus Location Barents Sea Frontier play Work program 3D acquisition Firm well Main challange Kobbe reservoir properties Water depth is 350 meters Det norske is the operator Det norske 30 percent Petoro 30 percent…
2012 Drilling g schedule* North Sea dominated program Operator distribution Det norske 2 1 Statoil 1 4 Total North Sea 1 Faroe Barents Sea 1 Lundin 10 1 Eni 3 Talisman PL Prospect Net % Paying % Start Gross Mboe Operator…
PL 414 Kalvklumpen p Located east of the Fry Field Dry Results Good, but water bearing reservoir sands Possibly more drilling to test migration path Water depth 110 metres Kalvklumpen Operator Det norske Det norske 40…
PL 450 Storebjrn j Ula Storebjrn Location - Southern North Sea Tambar Established petroleum region Drilling commenced January 29th Prospect size and main risks: 7/12-13 90 to 160 Mboe gross unrisked Storebjrn Migration and…
PL 440S Clapton Clapton Location - Northeast of the Valhall Field Drilling expected to commence in Q2 Valhall Prospect size and main risks 25-105 Mboe gross unrisked Main risk is the presence of a top seal W t depth Water d…
PL 554 Garantiana Location - Northeast of the Visund Field 34/6-1S Garantiana Drilling to commence in Q2 Visund 35/4-1 Prospect size and type Gross unrisked resources 25-60 MBOE Rotated fault block down-dip from Visund W…
PL 533 Salina Skrugard Havis Location - south of the Skrugard/Havis Prospect size and main risk Salina 30-110 Mboe gross unrisked resources (Cretaceous) Additional potential in the Jurassic Main M i risks i k are the th…
Secured drilling g capacity y Rig secured for Draupne development wells Maersk CJ-70 design (new build) Three year fixed contract Options for additional four years Maersk ae s Guardian Gua d a in 20120 Three slots…
Highlights Financials Exploration D Development l t projects j t Outlook 25
Development portfolio Discoveries Project portfolio key features 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…
Johan Sverdrup - Planned wells 2012-13 Four approved appraisal wells in PL 265 and PL 502 502- three in 2012 1 Geitungen 16/2-10 2 Espevrhgda 16/2-8 Sverdrup Viking Graben PL265 16/2-6 16/2 11 16/2-11 3 Kvitsyhgda PL501…
Johan Sverdrup field Gross volumes 900 to 1500 mill barrels in PL 265 Significant volumes also in PL 501 Net volumes Sverdrup North Sverdrup 180 to 300 million barrels Sverdrup Sverdrup devided between PL 265 & 501 Unitization…
Coordinated development for Draupne and Luno Development solution Jacket platform First phase separation at Draupne Final processing at Luno Joint oil and gas export Benefit reduced capex Luno Draupne Draupne - gross volumes…
Jette PDO Production: Plateau gross 14 000 boepd Net 12 500 boepd First oil in Q1 2013 Short plateau period Capital C it l expenditures dit Net NOKM 1900 for 2012 Development p solution Subsea tie-back to Jotun B Two…
Atla PDO Gas production Gross 10 000 boepd Net 1000 boepd First gas in 2012 Atla Capital expenditures Net NOKM 100 for 2012 Development Solution Subsea tie-back via Skirne to Heimdal Total is the operator Det norske 10…
Highlights Financials Exploration D Development l t projects j t Outlook 32
Outlook and Summary Outstanding exploration results in 2011 Committed to a diversified exploration campaign in 2012 Expect three to four wells on Johan Sverdrup in 2012 Good awards in APA 2011 with 9 licenses (three operatorships)…
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