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Q1 2014 EARNINGS CALL – Atlantic Petroleum

Atlantic Petroleum · May 21, 2014 · 26 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 2014 EARNINGS CALL – Atlantic Petroleum – slide 1
    WEBCAST PRESENTATION 21st MAY 2014 1Q 2014 RESULTS
  2. Q1 2014 EARNINGS CALL – Atlantic Petroleum – slide 2
    WEBCAST PRESENTATION 21st MAY 2014 1Q 2014 PERFORMANCE
  3. Q1 2014 EARNINGS CALL – Atlantic Petroleum – slide 3
    TARGETS 2014 PRODUCTION FINANCIAL EXPLORATION Production in 2014 average EBITDAX in the range DKK Drill 4 exploration/appraisal between 1,6501,900 125MM - 175MM wells targetting 86MMboe boepd net of net unrisked resources…
  4. Q1 2014 EARNINGS CALL – Atlantic Petroleum – slide 4
    HIGHLIGHTS & OUTLOOK - 1Q 2014 Net production to Atlantic Petroleum was 179,000 boe (1,993 boepd) Above target 1,650-1,900 boepd Revenue of DKK 112.7MM (Average realized oil price USD 108.3) EBITDAX of DKK 47.5MM Within guidance…
  5. Q1 2014 EARNINGS CALL – Atlantic Petroleum – slide 5
    INCOME STATEMENT - 1Q 2014 3 months 3 months to 31st March to 31st March DKK MM 2014 2013 Revenue 112.7 121.7 Costs of sales -73.9 -67.5 Gross profit 38.8 54.2 Exploration expenses -81.3 -35.7 Pre-licence exploration costs -3.5 -3.4…
  6. Q1 2014 EARNINGS CALL – Atlantic Petroleum – slide 6
    INCOME STATEMENT - 1Q 2014 3 months 3 months to 31st March to 31st March DKK MM 2014 2013 Revenue 112.7 121.7 Costs of sales -73.9 -67.5 Gross profit 38.8 54.2 Exploration expenses -81.3 -35.7 Pre-licence exploration costs -3.5 -3.4…
  7. Q1 2014 EARNINGS CALL – Atlantic Petroleum – slide 7
    FINANCIAL POSITION & CASH FLOW - 1Q 2014 Balance sheet DKK MM 1Q 2014 1Q 2013 Total assets 1,354.2 1,081.3 Cash and cash equivalents 173.2 73.1 Equity 594.9 519.3 Bank debt 119.3 78.0 Long term 60.8 19.5 Short term 58.5 58.5 Cash…
  8. Q1 2014 EARNINGS CALL – Atlantic Petroleum – slide 8
    ORLANDO FIELD DEVELOPMENT Orlando Field UK Block 3/3b Iona Energy 75% (Operator), Atlantic Petroleum 25% Development Re-entry of the existing 3/3b-13z well and completed as a horizontal producer with dual electric submersible…
  9. Q1 2014 EARNINGS CALL – Atlantic Petroleum – slide 9
    PERTH Comments Perth P588 15/21b & 15/21c Located in the UK sector of the Central North Sea JV partners and interests: Parkmead Group (Operator) 52.13% Faroe Petroleum Limited 34.62% Atlantic Petroleum 13.35% CPR Estimates 5.1MMBbl…
  10. Q1 2014 EARNINGS CALL – Atlantic Petroleum – slide 10
    PERTH & LOWLANDER Source: Faroe Petroleum Unlocking the assets has potential to generate exceptional return 11
  11. Q1 2014 EARNINGS CALL – Atlantic Petroleum – slide 11
    NORWAY Barents Sea - PL659 JV partners & equities: Det Norske (operator) 20% Petoro 30% Lundin 20% Tullow 15% Rocksource 5% Atlantic Petroleum Norge 10% Area: 1426 Km2 on the Bjarmeland Platform in the Barents Sea. Recent…
  12. Q1 2014 EARNINGS CALL – Atlantic Petroleum – slide 12
    BUILDING A POSITION AROUND NEW INFRASTRUCTURE PL5228 Ivory (Blocks 6707/8,9,11 and 6707/10 (part)) Farm in 2013 See next slide PL 763 Karius (Blocks 6606/2,3) APA 2013 award Repsol 40% (Op), Rocksource 30%, Atlantic 30% Several…
  13. Q1 2014 EARNINGS CALL – Atlantic Petroleum – slide 13
    PL528/528B NORWEGIAN SEA IVORY Blocks 6707/8,9,11 and 6707/10 (part) Centrica 40% (Op.), Statoil 35%, Rocksource 10%, Atlantic 15% Gross recoverable resources up to 306 MMboe Gas prone area with possibility for oil Adjacent to Aasta…
  14. Q1 2014 EARNINGS CALL – Atlantic Petroleum – slide 14
    NORWAY Norwegian Sea PL705 JV partners & equities: Repsol (operator) 40% E.ON Ruhrgas 30% Atlantic Petroleum Norge 30% Area: 1039 Km2 in the Vring Basin. Multiple upper Cretaceous structures, Intra-Springar and Nise/ Campanian…
  15. Q1 2014 EARNINGS CALL – Atlantic Petroleum – slide 15
    FAROES L006 - BRUGDAN JV partners & equities: Statoil (operator) 35% ExxonMobil 49% OMV 15% Atlantic Petroleum 1% Area: Faroe Shetland Basin Extremely large four way dip closure with prognosed Palaeocene Vaila Formation…
  16. Q1 2014 EARNINGS CALL – Atlantic Petroleum – slide 16
    UK P1724 - PEGASUS JV partners & equities: Centrica (operator) 55% Viking UK Gas (Third Energy) 35% Atlantic Petroleum (Volantis) 10% - 5% carried Area: Southern North Sea, close to Cavendish Field Intra- Carboniferous…
  17. Q1 2014 EARNINGS CALL – Atlantic Petroleum – slide 17
    UK P2082 - SKERRYVORE JV partners & equities: Parkmead (operator) 30.5% Atlantic Petroleum 30.5% Bridge Energy 25% Dyas 14% Area: Central North Sea, close to Orion, Affleck, Cawdor and Flyndre. Adjacent to salt diapir.…
  18. Q1 2014 EARNINGS CALL – Atlantic Petroleum – slide 18
    SNS CARBONIFEROUS PLAY FAIRWAY Atlantic Petroleum accessed considerable expertise and exposure to SNS, especially the emerging Carboniferous play fairway through its purchase of Volantis Several TCF of gas have been discovered…
  19. Q1 2014 EARNINGS CALL – Atlantic Petroleum – slide 19
    UK P2126 - AURORA JV partners & equities: Centrica (operator) 45% GDF Suez 45% Atlantic Petroleum 10% Area: Southern North Sea, close to Breagh Field Intra-Carboniferous structures, reservoirs & seals Large untested prospect:…
  20. Q1 2014 EARNINGS CALL – Atlantic Petroleum – slide 20
    UK P1906 - YORK AREA JV partners & equities: Centrica (operator) 52.5% Serica 37.5% Atlantic Petroleum (Volantis) 10% - 5% carried Area: Southern North Sea, close to York Field Rotliegend & Intra-Carboniferous structures,…
  21. Q1 2014 EARNINGS CALL – Atlantic Petroleum – slide 21
    2014 ACTIVITY OUTLOOK 2014 LICENCE 1Q 2Q 3Q 4Q UK P1724 Pegasus West (Committed) Exploration well Exploration PL528 Ivory (Committed) Exploration well Norway PL659 Langlitinden (Committed) Exploration well Faroe…
  22. Q1 2014 EARNINGS CALL – Atlantic Petroleum – slide 22
    EXPLORATION PORTFOLIO (4 YEAR PROJECTION) net resources net risked resources 300 250 200 mm boe 150 100 50 0 2014 2015 2016 2017 WEBCAST PRESENTATION MAY 2014 23
  23. Q1 2014 EARNINGS CALL – Atlantic Petroleum – slide 23
    EXPLORATION PORTFOLIO (4 YEAR PROJECTION) Drilling programme 2014 2015 2016 2017 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Brugdan - FO (Firm) Pegasus - UK (Firm) Ivory - NO (Firm) York Area - UK (Tentative) Farm-in - NO (Tentative)…
  24. Q1 2014 EARNINGS CALL – Atlantic Petroleum – slide 24
    ANALYST UPDATE MAY 2014 Atlantic Petroleum is now covered by 3 analysts - Nordea - Carnegie - ABG Sundal Huge dispersion in valuations Target price - Nordea: (Sell DKK 92) - Carnegie: (Buy DKK 180) - ABG Sundal : (Buy NOK…
  25. Q1 2014 EARNINGS CALL – Atlantic Petroleum – slide 25
    SUMMARY AP will continue to pursue a sustainable model where cashflow funds growth Aspire to high impact exploration with limited downside expenditure AP will leverage its position to get carried exploration where possible Current…
  26. Q1 2014 EARNINGS CALL – Atlantic Petroleum – slide 26
    CONTACT Headquarters, Faroe Islands P/F Atlantic Petroleum Yviri vi Strond 4 P.O.Box 1228 Faroe Islands Tel +298 350100 Norway office, Bergen Atlantic Petroleum Norge AS Edvard Griegsvei 3c 5059 Bergen Norway Tel +47…

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