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MARCH 2010 ANNUAL GENERAL MEETING – Atlantic Petroleum

Atlantic Petroleum · Mar 20, 2010 · 47 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. MARCH 2010 ANNUAL GENERAL MEETING – Atlantic Petroleum – slide 1
    Annual General Meeting 20th March 2010
  2. MARCH 2010 ANNUAL GENERAL MEETING – Atlantic Petroleum – slide 2
    Agenda Annual General Meeting 2010 1. Election of Chairman of the Meeting 2. The Board of Directors statement of the Companys activity during the previous accounting year Company overview 3. Presentation of Audited Annual Accounts for…
  3. MARCH 2010 ANNUAL GENERAL MEETING – Atlantic Petroleum – slide 3
    1. Election of Chairman of the Meeting The Board of Directors proposes to elect Mr. Petur Even Djurhuus as the Chairman of the Meeting 4
  4. MARCH 2010 ANNUAL GENERAL MEETING – Atlantic Petroleum – slide 4
    Agenda Annual General Meeting 2010 1. Election of Chairman of the Meeting 2. The Board of Directors statement of the Companys activity during the previous accounting year Company overview 3. Presentation of Audited Annual Accounts for…
  5. MARCH 2010 ANNUAL GENERAL MEETING – Atlantic Petroleum – slide 5
    The Board of Directors statement 6
  6. MARCH 2010 ANNUAL GENERAL MEETING – Atlantic Petroleum – slide 6
    Decline in value during 2009 7
  7. MARCH 2010 ANNUAL GENERAL MEETING – Atlantic Petroleum – slide 7
    Increasing oil prices 8
  8. MARCH 2010 ANNUAL GENERAL MEETING – Atlantic Petroleum – slide 8
    Lower USD exchange rate 9
  9. MARCH 2010 ANNUAL GENERAL MEETING – Atlantic Petroleum – slide 9
    Positive outlook for oilprices in 2010 10
  10. MARCH 2010 ANNUAL GENERAL MEETING – Atlantic Petroleum – slide 10
    Summary 2009 was a challenging year with large short term debts The debt is reduced by nearly 50% and is refinanced to long term debt Oil production has progressed and the goal is to double the production in 2-3 years time The…
  11. MARCH 2010 ANNUAL GENERAL MEETING – Atlantic Petroleum – slide 11
    Agenda Annual General Meeting 2010 1. Election of Chairman of the Meeting 2. The Board of Directors statement of the Companys activity during the previous accounting year Company overview 3. Presentation of Audited Annual Accounts for…
  12. MARCH 2010 ANNUAL GENERAL MEETING – Atlantic Petroleum – slide 12
    Company Overview 13
  13. MARCH 2010 ANNUAL GENERAL MEETING – Atlantic Petroleum – slide 13
    Board members Birgir Durhuus, Chairman Head of External Solutions & Risk Management at Danske Capital (part of Danske Bank) MSc in Finance from Copenhagen Business School Poul R. Mohr, Deputy Chairman Managing Director of the…
  14. MARCH 2010 ANNUAL GENERAL MEETING – Atlantic Petroleum – slide 14
    Management Sigur Jkupsstovu, CEO and Technical Manager MSc in Mechanical Engineering and PhD in Reservoir Modeling from the Technical University of Denmark Technical Manager and COO of Atlantic Petroleum since 2008 Previously…
  15. MARCH 2010 ANNUAL GENERAL MEETING – Atlantic Petroleum – slide 15
    History of Atlantic Petroleum Diversified E&P company active on the Faroese, UK and Irish Continental Shelves Milestones Upstream oil and gas company active on the Faroese, UK and Irish Continental Shelves 1998 Founded 12 licences…
  16. MARCH 2010 ANNUAL GENERAL MEETING – Atlantic Petroleum – slide 16
    Strengths and competences Two producing oil fields with tie-back opportunities and Oil fields in production potential near term upsides Positive cash flow Extensive geological Strong technical staff and network of consultants with…
  17. MARCH 2010 ANNUAL GENERAL MEETING – Atlantic Petroleum – slide 17
    Business model and strategy Two-legged business model Active involvement in the development and Small niche fields outside the focus area of modelling of fields (cf. the Chestnut field) oil majors Primarily fields in advanced…
  18. MARCH 2010 ANNUAL GENERAL MEETING – Atlantic Petroleum – slide 18
    Market outlook Experts point to oil prices bouncing back at significantly higher levels IEA forecasts the oil price to Brent oil price return to USD 100 per barrel in 2010 150 USD/bbl 140 130 120 110 100 90 80 70 60 50…
  19. MARCH 2010 ANNUAL GENERAL MEETING – Atlantic Petroleum – slide 19
    Licence overview, geography Geographical focus on North West Europe Klubkan Marselius Stella Kristina Brugdan Perth Chestnut Marten Ettrick Hook Head Blackbird Helwick 20
  20. MARCH 2010 ANNUAL GENERAL MEETING – Atlantic Petroleum – slide 20
    Licence overview Prioritisation of projects Highly prioritised projects Prioritised projects Upside projects No reserve or resource estimate indicated by Fugro Exploration Appraisal & Development Production Sigma Terraces Perth…
  21. MARCH 2010 ANNUAL GENERAL MEETING – Atlantic Petroleum – slide 21
    Reserves and resources Total reserves and resources of 9.1 MMboe (P50) per 1 January 2010 Independent Reserve report is based on conservative principles and does not include resource indications on early-stage exploration licences…
  22. MARCH 2010 ANNUAL GENERAL MEETING – Atlantic Petroleum – slide 22
    Fields with near term cash flow generation Two projects in production and two with short time to production Chestnut Ettrick Blackbird Perth Discovery 1986 1981 2008 1992 Entry date by Atlantic 2003 2003 2003 2003 Petroleum…
  23. MARCH 2010 ANNUAL GENERAL MEETING – Atlantic Petroleum – slide 23
    Chestnut field Chestnut is Atlantic Petroleums first producing field Discovered 1986 Entry by Atlantic Petroleum 2003 First producing field in the portfolio Activity status Production Reserves 1.2 MMboe First Hummingbird FPSO in…
  24. MARCH 2010 ANNUAL GENERAL MEETING – Atlantic Petroleum – slide 24
    Ettrick field The Ettrick field commenced production in August 2009 Discovered 1981 Entry by Atlantic Petroleum 2003 Production commenced in August 2009 Activity status Development Reserves 2.5 MMboe Of which Possible tie-back of…
  25. MARCH 2010 ANNUAL GENERAL MEETING – Atlantic Petroleum – slide 25
    Faroese licences Faroese licences are expected to add significant value in the future Atlantic Petroleum has been awarded licences in all licence rounds held in the Faroe Islands The Faroese licences are still in the early exploration…
  26. MARCH 2010 ANNUAL GENERAL MEETING – Atlantic Petroleum – slide 26
    Expected operational news flow in 2010 Strong operational news flow expected in 2010 2 new production wells on Ettrick Blackbird appraisal well to be drilled in the summer, will determine development Promote development of…
  27. MARCH 2010 ANNUAL GENERAL MEETING – Atlantic Petroleum – slide 27
    Highlights Capital share increase completed successfully with proceeds of DKK 188MM First revenues from the Ettrick Field oil production Total production 2009 of 674,000 bbls Revenues 2009 amounted to DKK 219.3MM Maintained focus on…
  28. MARCH 2010 ANNUAL GENERAL MEETING – Atlantic Petroleum – slide 28
    Investment highlights Atlantic Petroleum is an attractive investment opportunity in an attractive industry Cash flow positive Strong pipeline with licences located in politically stable jurisdictions Strong position in the…
  29. MARCH 2010 ANNUAL GENERAL MEETING – Atlantic Petroleum – slide 29
    Agenda Annual General Meeting 2010 1. Election of Chairman of the Meeting 2. The Board of Directors statement of the Companys activity during the previous accounting year Company overview 3. Presentation of Audited Annual Accounts 2009…
  30. MARCH 2010 ANNUAL GENERAL MEETING – Atlantic Petroleum – slide 30
    Financials 31
  31. MARCH 2010 ANNUAL GENERAL MEETING – Atlantic Petroleum – slide 31
    Consolidated Income Statement 2009 2008 DKK DKK Revenue 219,252,477 43,267,047 Cost of sales -164,638,988 -26,818,361 Gross profit 54,613,489 16,448,686 Exploration expense -109,102,756 -2,261,713 Pre-licence exploration costs…
  32. MARCH 2010 ANNUAL GENERAL MEETING – Atlantic Petroleum – slide 32
    Consolidated Income Statement 2009, by Quarters DKK Q1 Q2 Q3 Q4 2009 Revenue 26,617,955 50,012,008 60,698,197 81,924,317 219,252,477 Cost of sales -30,891,663 -34,770,105 -47,562,490 -51,414,730 -164,638,988 Gross profit -4,273,708…
  33. MARCH 2010 ANNUAL GENERAL MEETING – Atlantic Petroleum – slide 33
    Consolidated Balance Sheet 2009 2008 DKK DKK Non-current assets Intangible exploration and evaluation assets 64,625,118 152,372,520 Development and production assets 445,426,063 423,227,716 Property plant and equipment 514,690…
  34. MARCH 2010 ANNUAL GENERAL MEETING – Atlantic Petroleum – slide 34
    Consolidated Cash Flow Statement 2009 2008 DKK DKK Net cash provided by operating activities 54,035,541 -6,282,712 Net cash used in investing activities -135,116,003 -278,452,402 Net cash used in financing activities 95,697,876…
  35. MARCH 2010 ANNUAL GENERAL MEETING – Atlantic Petroleum – slide 35
    Five year summary, Consolidated figures Financials 2009 2008 2007 2006 2005 Accounting basis IFRS IFRS IFRS IFRS IFRS* Sales revenues DKK 219,252,477 43,267,047 0 0 0 Profit before tax DKK -60,442,213 -145,418,901 -76,071,551 -8,088,880…
  36. MARCH 2010 ANNUAL GENERAL MEETING – Atlantic Petroleum – slide 36
    Agenda Annual General Meeting 2010 1. Election of Chairman of the Meeting 2. The Board of Directors statement of the Companys activity during the previous accounting year Company overview 3. Presentation of Audited Annual Accounts for…
  37. MARCH 2010 ANNUAL GENERAL MEETING – Atlantic Petroleum – slide 37
    4. Decision on how to use profit or cover loss The Board of Directors recommends that the loss according to the approved Accounts is carried forward to next year 38
  38. MARCH 2010 ANNUAL GENERAL MEETING – Atlantic Petroleum – slide 38
    Agenda Annual General Meeting 2010 1. Election of Chairman of the Meeting 2. The Board of Directors statement of the Companys activity during the previous accounting year Company overview 3. Presentation of Audited Annual Accounts for…
  39. MARCH 2010 ANNUAL GENERAL MEETING – Atlantic Petroleum – slide 39
    4. Election of Board of Directors Three Members of the Board are to be elected for at period of two years. The three Board Members up for election are Mortan Johannesen, Diana Leo and Jan Edin Evensen. The Board proposes…
  40. MARCH 2010 ANNUAL GENERAL MEETING – Atlantic Petroleum – slide 40
    Agenda Annual General Meeting 2010 1. Election of Chairman of the Meeting 2. The Board of Directors statement of the Companys activity during the previous accounting year Company overview 3. Presentation of Audited Annual Accounts for…
  41. MARCH 2010 ANNUAL GENERAL MEETING – Atlantic Petroleum – slide 41
    5. Election of accountant The present accountant of the Company is Sp/f Grannskoaravirki INPACT lggilt grannskoaravirki, R.C.Effersesgta 26, 100 Trshavn. The board proposes re-election of the present accountant for the period until…
  42. MARCH 2010 ANNUAL GENERAL MEETING – Atlantic Petroleum – slide 42
    Agenda Annual General Meeting 2010 1. Election of Chairman of the Meeting 2. The Board of Directors statement of the Companys activity during the previous accounting year Company overview 3. Presentation of Audited Annual Accounts for…
  43. MARCH 2010 ANNUAL GENERAL MEETING – Atlantic Petroleum – slide 43
    6. Changes of Articles of Association of the Company The Board of Directors proposes changes in the Articles of Association of the Company whereby the present 3 is deleted and replaced by this new 3: 3 Sub clause 1. Until the 31st…
  44. MARCH 2010 ANNUAL GENERAL MEETING – Atlantic Petroleum – slide 44
    6. Changes of Articles of Association of the Company No shareholder can hold more than 20% of the companys share capital, and no one can vote at the general meeting with more than 20% of the votes. Legal persons, who are mutually so…
  45. MARCH 2010 ANNUAL GENERAL MEETING – Atlantic Petroleum – slide 45
    6. Changes of Articles of Association of the Company ---0--- To be adopted the proposal to change the Articles of Association of the Company, according to clause 30 sub-clause 3 and clause 78 sub-clause 1 of the Public Companies…
  46. MARCH 2010 ANNUAL GENERAL MEETING – Atlantic Petroleum – slide 46
    Agenda Annual General Meeting 2010 1. Election of Chairman of the Meeting 2. The Board of Directors statement of the Companys activity during the previous accounting year Company overview 3. Presentation of Audited Annual Accounts for…
  47. MARCH 2010 ANNUAL GENERAL MEETING – Atlantic Petroleum – slide 47
    8. AOB AOB 48

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