Faroe Petroleum plc Company Presentation April 2015
Faroe Overview Introduction Faroes exploration-led and production-backed strategy is delivering exceptional results Significant recent exploration successes in Norway: Snilehorn and Pil Substantial potential being realised across…
Faroes growth model Building core value and scale Maintain significant portfolio of Prospective Resources Participate in Licence Rounds excellent track record of awards Proactive approach to farm-ins/farm-outs Grow Contingent…
Robust company going forward Faroe well positioned to take advantage in lower oil price environment Financially robust Uncommitted cash on the balance sheet (92.6m at 31 Dec-14) Significant head-room in existing debt facilities…
Exploration and appraisal Drilling programme: another busy period of E&A Prospect Equity 2015 2016 Q1 Q2 Q3 Q4 Q1 Q2 Shango (Skirne East) 20.0% Bister 7.5% Boomerang (Pil follow up well) 25.0% Blink (Pil follow up well) 25.0% Kvalross…
Exploration and appraisal Shango: near field discovery - April 2015 PL627, Total operator, Faroe 20% Located on the northern part of prolific Utsira High 10 metre gas column in the high quality Middle Jurassic Hugin formation…
Exploration/appraisal Bister near field exploration well scheduled to spud April 2015 PL348, Statoil operator, Faroe 7.5% Building on Snilehorn success from late 2013, (Snilehorn gross recoverable resource range estimate of 57-101…
Exploration and appraisal Significant Pil discovery two follow-up wells scheduled for 2015 2014 discovery Significant success - March 2014 - Faroe 25% Gross columns ca 135m of oil and 91m of gas Well test flowed at a stable rate of…
Producing assets Building production base and growing reserves Diversified production base with infill and near-field upside potential to boost production Brage Oil field in Norwegian Sea - Wintershall operated 2P Reserves (1 Jan-15)…
Production Schooner & Ketch gas fields 2014 acquisition Acquisition in 2014 added production and 2P reserves 2014 average annual production 3,300 boepd (net) Added 5.9 million boe of 2P reserves at 1 Jan-14 Good potential to boost…
Greater Njord Area Development opportunity and strategic position Njord and Hyme: Currently producing above expectation Njord A facility needs lifetime extension - scenarios under assessment HymeBister Faroe very well positioned in…
Contingent Resources Converting 2C Contingent Resources to 2P Reserves Faroe Observations 2C Resources (1 Jan-15) Field WI Operator Others Butch 15% Centrica 2011 discovery Lowlander/Perth/Dolphin (Norway) Concept selection…
Development opportunity Butch (Norway) Butch discovery (Faroe 15%) Southern North Sea; 66m water depth Close to infrastructure: Ula and Gyda Excellent quality reservoir, light oil Centrica operator Development project planning work…
2014 Final Results Financial Highlights 2014 Results Revenue 129.2m (2013: 129.4m) EBITDAX 59.1m (2013: 80.1m) due to lower realised boe price of 71 boe (2013: 105) 38.5m pre-tax impairments of D&P assets and 131.7m exploration write…
Summary and outlook Solid and proven business model delivering sustainable value growth, through drill-bit and transactions Exploration-led strategy continues to deliver material success, underpinned by strong cash flow Balanced…
Differentiators Excellent exploration track Experienced management record & clear strategy Financial strength Sustainable multi-well Excellent monetisation Strong Norway position drilling programme track record 16
Executive team Graham Stewart Helge Hammer Jonathan Cooper Chief Executive Officer Chief Operating Officer Chief Financial Officer Instrumental in founding Faroe Joined Faroe Petroleum in 2006 Joined Faroe Petroleum as Chief…
Appendices 19
Producing Field Brage - Norwegian North Sea Faroe (14.3%), Wintershall (35.2% and operator), VNG (4.4%), Core Energy AS (12.3%), Talisman (33.8%) On stream in 1993 Fixed jacket integrated (PDQ) with 40 well slots, 17 active oil…
Producing Field Ringhorne East - Norwegian North Sea Faroe (7.8%), ExxonMobil (77.4% and operator), Statoil (14.8%) Excellent quality oil field located in Norwegian North Sea at 125m water depth Four horizontal production wells…
Producing Field Blane - UK Central North Sea Faroe (18%), Talisman (43% and operator), Roc Oil (12.5%), Nippon (14%), Dana (12.5%) Prolific Palaeocene Upper Forties sands reservoir, structural closure High quality 42 API oil Two…
Development opportunity Perth, Dolphin & Lowlander significant upside HOA enabling future joint development of Perth (Faroe 34.6%), Dolphin (34.6%) and Lowlander (100%) Lowlander, Dolphin and Perth estimated to contain 270 mmboe of…
Exploration/appraisal Kvalross Frontier exploration well in 2015 PL611, Wintershall operator, Faroe 40% Awarded in May 2011 in the Norwegian 21st Licensing Round Located in the Barents Sea to the south of OMVs significant Wisting…
Loading...
