WEBCAST PRESENTATION 2011 2Q RESULT 17th August 2011
ATLANTIC PETROLEUM LICENCES AUGUST 2011 3
2011 HIGHLIGHTS Total production in 1H 2011 429,000 boe 2,370 boepd net to AP EBIT in 2Q 2011 of DKK 50.3MM (2Q 2010: DKK 35.8MM) EBIT 1H 2011 DKK 77.0MM (1H 2010: DKK 58.1MM) Net Cash from operating activities 1H DKK 168.2MM (1H…
INCOME STATEMENT 2Q 2011 3 months 3 months to 30th June to 30th June 2011 2010 DKK DKK Revenue 129.017.237 104.236.391 Cost of sales -66.366.280 -64.742.349 Gross profit 62.650.957 39.494.042 Exploration expense -6.324.950…
INCOME STATEMENT 1H 2011 6 months 6 months to 30th June to 30th June 2011 2010 DKK DKK Revenue 241.043.078 181.090.994 Cost of sales -145.463.749 -115.552.289 Gross profit 95.579.328 65.538.705 Exploration expense -6.324.950…
BALANCE SHEET AND CASH FLOW 2nd Quarter 2011 DKK MM At end 1H At end Balance Sheet 2011 2010 Total assets 679.5 671.8 Equity 365.9 377.9 Bank debt 140.2 182.1 - Long term 97.5 97.5 - Short term 42.7 84.6 Cash Flow 1H 2011…
2011 OUTLOOK Production is expected to be towards the lower end of the guidance which was 2,100 - 2,600 boepd Operating profit (EBIT) for the year 2011 is expected to be in the range DKK 90MM - 150MM The Blackbird field…
RESERVES Proven reserves Contingent resources Prospective resources (risked) MMBoe MMBoe MMBoe Start of 2010 3.4 5.3 0.4 Production -0.96 Net additions & revisions 0.5 0.5 15.8 End of 2010 2.9 5.8 16.2 9
SHARE PERFORMANCE 1H 2010 1H 2011 OMX C20 AP_Nasdaq OMX Denmark 200 180 160 140 120 100 80 1 Jul 1 Aug 1 Sep 1 Oct 1 Nov 1 Dec 1 Jan 1 Feb 1 Mar 1 Apr 1 May 1 Jun 1 Jul 10
VOLANTIS ACQUISITION The Volantis acquisition was completed in 2Q 2011 15 new licenses 6 Licences pending 5 UK & 1 Holland Staff expansion With the addition of Volantis staff Atlantic Petroleum has built a very strong technical…
AP LICENCES & WELLS PLANNED FOR 2011-2012 Brugdan II 2012 well Spaniards 2012 well Orchid October 2011 well Foxtrot August 2011 well 12
UK P.1716, BLOCKS 49/29e & 49/30b, FOXTROT Tullow farmed into the licence in February 2011 Well spudded 5th August 2011 The Foxtrot prospect is a 4 way dip closed Bunter sand Estimated resources of over 100BCF at 50% POS…
UK P.1655, 15/21g, SPANIARDS 2012 well 100% carried by EnCore Group Spaniards equities EnCore 28% (op), Nautical 21%, Serica 21%, DEO 12.62%, Faroe Petroleum 8.4%, Maersk 5.74%, AP 3.24% Spaniards well will be appraising…
FAROES L006, BRUGDAN II Brugdan Deep well planned for spudding April 2012 Water Depth 400 500m Partners: Statoil 50%, ExxonMobil 49%, Atlantic Petroleum 1% P50 prospective resources net to AP 9.2mmboe unrisked. Risked:…
UK P.1556, 29/1c, ORCHID PROSPECT 25km Summit 45%, Reach 5%, Valiant 30%, Trap Oil 10%, AP 10% WI 15km 4 way dip closure at Andrew sand & Chalk Drill well end Q3 2011 5km Resources base of 57 - 91 MMboe 16
TIMELINE FIRM EXPLORATION WELLS 17
GLOBAL ENERGY OUTLOOK IEA foresee higher mid-decade demand of +1,2mb/d per year during 2010-2016 IEA Oil&Gas Markets 2011, page 3 18 Source: IEA Medium-Term Oil&Gas Markets 2011
GLOBAL ENERGY OUTLOOK World Gas demand is anticipated to grow at rapid pace (2,4%/y) during 2010-2016 IEA Oil&Gas Markets 2011, page 170 19 Source: IEA Medium-Term Oil&Gas Markets 2011
GOING FORWARD Increase production from existing assets Bring Blackbird and Perth developments on stream New asset acquisition Farm in or acquire new development and appraisal fields Acquire new exploration acreage Create value…
INVESTMENT RATIONALE Atlantic Petroleum is an attractive investment opportunity in an attractive industry Strategy for Growth in place with clear targets and deliverables Strong near term cash flow New oil production coming…
THE FUTURE We are embarking on the next step which will secure further value for the shareholders and secure Atlantic Petroleums place as a leading independent European E&P company. 22
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