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Q1 2012 EARNINGS CALL – Det Norske

Det Norske · May 9, 2012 · 32 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 2012 EARNINGS CALL – Det Norske – slide 1
    First quarter 2012 presentation TICKER - DETNOR 1
  2. Q1 2012 EARNINGS CALL – Det Norske – slide 2
    Operations Financials Development projects Exploration Outlook 3
  3. Q1 2012 EARNINGS CALL – Det Norske – slide 3
    Operations since the fourth quarter Jette PDO approved Agreement between Draupne and Edvard Grieg Pre unit agreement between Sverdrup partners Awarded nine licenses in APA 2011 Dry wells on Kalvklumpen and Storebjrn Signed…
  4. Q1 2012 EARNINGS CALL – Det Norske – slide 4
    Producing assets Glitne infill well Ongoing projects Infill well on Glitne Jette will add to Jotun economics Project under evaluation Gas blow down on Varg Export via Rev to Brae Photo: Kjetil Alsvik - Statoil Varg gas blow…
  5. Q1 2012 EARNINGS CALL – Det Norske – slide 5
    Operations Financials Development projects Exploration Outlook 6
  6. Q1 2012 EARNINGS CALL – Det Norske – slide 6
    Financial Highlights Q1 12 vs Q1 2012 Q4 2011 Q1 2011 Q1 11 Production boe/day 1352 1495 1811 -25% Achieved Oil Price (USD/bbl) 120.5 110.8 106.1 14% Cashflow from Production, MNOK 50.2 46.6 56.0 -10% Expensed Exploration, MNOK…
  7. Q1 2012 EARNINGS CALL – Det Norske – slide 7
    Continued high oil price, output stabilised Historical Oil Production Producing assets boe/day USD/bbl Four producing fields: 3000 140 Varg 5% 2500 120 Jotun Unit 7% 2000 100 Glitne 10 % Enoch 2% 1500 80 1000 60 500 40 0 20 Q1…
  8. Q1 2012 EARNINGS CALL – Det Norske – slide 8
    P&L and Balance Sheet P&L (MNOK) Q1 2012 Q1 2011 Comment Revenues 97.0 101.6 Lower production offset by higher oil price Production cost, G&A 54.0 50.7 EBITDAX 43.0 50.9 Q1 12: Storebjrn MNOK 247 estimated additionally MNOK Exploration…
  9. Q1 2012 EARNINGS CALL – Det Norske – slide 9
    Cash flow movement, MNOK 1200 998 1000 800 600 515 400 Q1 12 200 105 Q1 11 0 -23 -200 -283 -289 -400 -424 -600 -498 * ** CF Operations CF Capex CF E&A CF Financing Includes all exploration costs except well costs **…
  10. Q1 2012 EARNINGS CALL – Det Norske – slide 10
    Net Cash & Liquidity Net Cash and Liquidity position as of 31 March 2012 (MNOK) Balance Sheet Credit 6000 * 5000 * 600 4000 3000 3000 422 899 4494 2000 1415 586 586 1000 332 889 908 908 908 0 Cash 2012 Tax 2013 Tax Expl…
  11. Q1 2012 EARNINGS CALL – Det Norske – slide 11
    Operations Financials Development projects Exploration Outlook 12
  12. Q1 2012 EARNINGS CALL – Det Norske – slide 12
    Improved project visibility Sverdrup 2018 Draupne 2016 Jette 2013 Production level is dependent on both development solution and interest in unitised Atla 2012 16,000-22,000 boepd field 10,000 boepd 1,000 boepd 13
  13. Q1 2012 EARNINGS CALL – Det Norske – slide 13
    Project inventory 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 Stavanger…
  14. Q1 2012 EARNINGS CALL – Det Norske – slide 14
    Pre unit agreement for J. Sverdrup field Signed pre-unit agreement Between PL 265 and PL 501 Geitungen Estimated gross volumes 900 to 1500 mill barrels in PL 265 Significant volumes also in PL 501 Espevrhgda PL 265 volumes net to…
  15. Q1 2012 EARNINGS CALL – Det Norske – slide 15
    Draupne development Coordinated with the Edvard Grieg field Fixed platform First stage separation at Draupne Final processing at Edvard Grieg Joint oil and gas export Draupne - gross volumes 143 million boe (P50) PDO…
  16. Q1 2012 EARNINGS CALL – Det Norske – slide 16
    Mrsk CJ70 jack-up for Draupne Strike steel ceremony at Keppel FELS performed by Anton Tronstad from Det norske. 17
  17. Q1 2012 EARNINGS CALL – Det Norske – slide 17
    Jette - first production well spudded Production: Plateau gross 14 000 boepd Plateau net 12 500 boepd First oil Q1 2013 Offshore activities Drilling of production wells Subsea installation Well completion Det norske is the…
  18. Q1 2012 EARNINGS CALL – Det Norske – slide 18
    Jette fabrication ongoing Cameron - flow base Transocean Barents Exxon: Jotun modifications Cameron trees Aker S.: Umbilical Subsea7: Installations 19
  19. Q1 2012 EARNINGS CALL – Det Norske – slide 19
    Atla development Gas production Plateau gross 10 000 boepd Plateau net 1000 boepd First gas in 2012 Atla Development Solution Subsea tie-back via Skirne to Heimdal Total is the operator Det norske 10 percent Total (Op) 40…
  20. Q1 2012 EARNINGS CALL – Det Norske – slide 20
    Exploration 21
  21. Q1 2012 EARNINGS CALL – Det Norske – slide 21
    APA 2011- Awards Awarded nine licenses PL659 Operated PL626 50% PL659 30% PL414b 40% PL652 Partner PL619 30% PL627 20% PL652 20% PL035c PL035c 25% PL102d PL414b PL102d 10% PL626 PL494c 30% PL627 PL494c…
  22. Q1 2012 EARNINGS CALL – Det Norske – slide 22
    Drilling schedule for the rest of 2012 North Sea dominated program Operator distribution Det norske 2 1 2 Statoil 1 North Sea Total Barents Sea 1 Faroe 1 Eni 9 1 4 Talisman Repsol PL Prospect Net % Start Gross Mboe Operator…
  23. Q1 2012 EARNINGS CALL – Det Norske – slide 23
    PL 450 Storebjrn, why dry Ula reservoir Possible leakage Storebjrn reservoir Possibilities: 1. Lack of seal against Ula Field 2. Limited source area 3. Key risk pre drilling migration and seal 24
  24. Q1 2012 EARNINGS CALL – Det Norske – slide 24
    PL 440S Clapton Clapton Location - Northeast of the Valhall Field Drilling expected to commence in May Valhall Prospect size and main risks 25-105 Mboe gross unrisked Main risk is the presence of a top seal Water depth is 70…
  25. Q1 2012 EARNINGS CALL – Det Norske – slide 25
    PL 265 Geitungen 16/2-11 Location - north of Johan Sverdrup field Drilling to commence in July Prospect size and main risk 100-300 MBO Main risk is the presence of reservoir Water depth is 112 meters Operator is Statoil Det…
  26. Q1 2012 EARNINGS CALL – Det Norske – slide 26
    PL 554 Garantiana Location - Northeast of the Visund Field 34/6-1S Garantiana Drilling to commence in July Visund 35/4-1 Prospect size and type Gross unrisked resources 25-60 MBOE Rotated fault block down-dip from Visund…
  27. Q1 2012 EARNINGS CALL – Det Norske – slide 27
    PL 356 Ulvetanna the last NCS chalk dome Located in southern North Sea Drilling start in July Prospect: Gross unrisked resources - 70 to 250 MBO Main risk is reservoir presence and quality Water depth 51 meters Det norske is…
  28. Q1 2012 EARNINGS CALL – Det Norske – slide 28
    PL 533 Salina Skrugard Havis Location - south of the Skrugard/Havis in Barents Sea Drilling to commence in August Salina Prospect size and main risk 30-110 Mboe gross unrisked resources (Cretaceous) Additional potential in…
  29. Q1 2012 EARNINGS CALL – Det Norske – slide 29
    Operations Financials Development projects Exploration Outlook 30
  30. Q1 2012 EARNINGS CALL – Det Norske – slide 30
    Outlook and Summary Projects Commenced production drilling on Jette Atla and Jette could lift Det norskes production above 10 000 boepd in 2013 Agreement for coordinated development of Draupne and Edvard Grieg fields Plan to file PDO…
  31. Q1 2012 EARNINGS CALL – Det Norske – slide 31
    Projects for growth Sverdrup 2018 Draupne 2016 Jette 2013 Production level is dependent on both development solution and interest in unitised Atla 2012 16,000-22,000 boepd field 10,000 boepd 1,000 boepd 32
  32. Q1 2012 EARNINGS CALL – Det Norske – slide 32

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