Q1 Presentation CEO Karl Johnny Hersvik CFO Alexander Krane Oslo, 30 April 2014
A company set for further growth
Highlights since the fourth quarter Johan Sverdrup Concept selection announced Estimated resources from 1.8-2.9 bn boe Initial production of 315-380 kboepd First phase investments of NOK 100-120bn Geitungen appraisal completed…
Production Q1 2014
Oil and gas production last 12 months Average production in Q1 2014 of 2 895 boepd Total production in Q1 2014 of 261 kboe
Operational updates Jette Net production of 1 458 boepd in Q1 2014 Production in the first quarter was affected as both wells were partially shut in during March for production flow testing Varg Gas export from commenced 6…
Ivar Aasen Q1 2014
Construction ongoing Monday 31 March the fabrication start took place at Apply Leirviks yard at Stord The living quarters will be built in three modules, and will be completed in 2015 This means that the fabrications work on all…
Ivar Aasen project update Ivar Aasen project status Project is on schedule and on cost for first oil in 1H 2013 Approval of development the Q4 2016 Detailed design of jacket and topside Fabrication start-ups Construction of both…
Johan Sverdrup Q1 2014
Key first phase data Resources: Between 1 800 and 2 900 mmboe Ambition to increase the recovery rate from 60% to 70% Capacity: Production capacity in the first phase will be between 315 000 and 380 000 boepd More than 70% of the…
Appraisal programme completed Geitungen appraisal Located in PL 265, on the northern margin of the Johan Sverdrup field 16/2-19 The well encountered a gross oil column of 6 Geitungen appraisal metres in sandstones believed to…
Milestones FEED contract for phase 1 awarded to Aker Solutions Decision Gate 2 passed Phase 1 PDO submittal to the authorities and unitisation process finalised Phase 1 PDO approval Construction & Installation First…
Financials Q1 2014
Key figures Production (boepd) net to Detnor Q1 2014 Q1 2013 Jette 1,458 0 Atla 750 1,253 Varg 500 425 Jotun Unit 188 209 Glitne 0 53 Total production per day 2,895 1,929 Total production in period (Kboe) 261 174 Cash flow from…
Exploration expenses
Statement of income Income statement (NOK mill) Q1 2014 Q1 2013 Q4 2013 Revenues 158 80 254 Production costs 43 42 98 Payroll and payroll-related expenses 5 2 4 Other operating expenses 13 19 9 EBITDAX 98 18 144 Exploration expenses…
Statement of financial position Assets Equity and Liabilities (NOK mill) 31.03.14 31.03.13 31.12.13 (NOK mill) 31.03.14 31.13.13 31.12.13 Intangible assets 2 520 3 296 3 024 Equity 3 210 3 716 3 188 Property, plant and equipment 3…
Sources of funds
Exploration Q1 2014
Discoveries in the first quarter Discovery on Langlitinden Discovery on Trell Well 7222/11-2 encountered an oil-bearing Well 25/5-9 encountered a gross oil column of channel sand of Triassic age 21 metres in the Heimdal formation,…
PL 550 Gotama License located north of Troll Potential gross resources: 10-150 mmboe Prospect information: Main target: Intra Draupne sandstone also target in Fensfjord Fm. and Brent Gp. Source: Upper Jurassic shales Trap:…
PL 558 Terne License located east of Skarv north of Heidrun Potential gross resources: 15-145 mmboe Prospect information: Main target: M-L Jurassic Fangst Gp Source: U Jurassic shales Trap: Truncated and fault bounded structural…
PL 554 Garantiana 2 License located NE Visund Field Prospect information: Main target: Cook Fm and Statfjord Fm. Source: Upper Jurassic shales Trap: Structural 4-way closure Main risk is the reservoir quality Water depth 375…
PL 492 Gohta 2 License located north of Snhvit Prospect information: Main target: Permian karstified carbonates Source: Triassic and Paleozoic shales Trap: Structural 4-way closure Main risk is reservoir presence Water depth 332…
Outlook Q1 2014
Summary and outlook Field developments Johan Sverdrup concept selected, unitisation negotiations have started Ivar Aasen progressing according to plan Exploration Exciting prospects to be drilled for the remainder of the year…
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