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Q1 2015 INTERIM PRESENTATION – Dno International Asa

Dno International Asa · May 6, 2015 · 23 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 2015 INTERIM PRESENTATION – Dno International Asa – slide 1
    Interim Presentation First Quarter 2015
  2. Q1 2015 INTERIM PRESENTATION – Dno International Asa – slide 2
  3. Q1 2015 INTERIM PRESENTATION – Dno International Asa – slide 3
    Operational review Bijan Mossavar-Rahmani, Executive Chairman Page 3 6 May 2015 First Quarter 2015 Interim Presentation
  4. Q1 2015 INTERIM PRESENTATION – Dno International Asa – slide 4
    Operational review Q1 2015 and year-to-date highlights Gross production in Q1 2015 of 121,026 barrels of oil equivalent per day (boepd), of which company working interest (CWI) production was 72,873 boepd In Kurdistan, Tawke field…
  5. Q1 2015 INTERIM PRESENTATION – Dno International Asa – slide 5
    Operational review Q1 2015 and year-to-date highlights (cont.) Faced a difficult quarter, in line with rest of the industry Low oil prices and sharp decline in local sales dropped booked revenues to USD 26 million; Yemen…
  6. Q1 2015 INTERIM PRESENTATION – Dno International Asa – slide 6
    Operational review CWI production Kurdistan local sales and Tawke refinery Kurdistan deliveries at Fish Khabur for pipeline export Oman Yemen 80,000 72,873 68,958 1,571 70,000 5,766 2,705 60,000 7,839 50,000 boepd…
  7. Q1 2015 INTERIM PRESENTATION – Dno International Asa – slide 7
    Operational review Tawke 200,000 project completed New 24 pipeline Tie-in to export system Truck loading station Truck loading station Successfully completed Tawke 200,000 bopd project Doubled capacity in less…
  8. Q1 2015 INTERIM PRESENTATION – Dno International Asa – slide 8
    Operational review World-class facilities at Tawke Total investment to date at Tawke of USD 1 billion Tawke finding and development cost of only USD 1.82 per barrel with remaining 2P reserves of 680 million barrels as of…
  9. Q1 2015 INTERIM PRESENTATION – Dno International Asa – slide 9
    Operational review Yemen update Production from DNO-operated Block 32 and Block 43 suspended in late March and force majeure re-declared due to rapid deterioration in security conditions Expats repatriated and non-essential staff…
  10. Q1 2015 INTERIM PRESENTATION – Dno International Asa – slide 10
    Operational review Solid reserves base CWI 2P reserves Solid reserves base to sustain long-term million barrels of oil equivalent production 600 2014 decrease in CWI 2P reserves reflects shift away from appraisal drilling to…
  11. Q1 2015 INTERIM PRESENTATION – Dno International Asa – slide 11
    Operational review Scaled back drilling program in rest of 2015 Tawke-30 last well in currently budgeted 2015 drilling program Future Tawke development wells and water disposal wells will be needed to sustain production But…
  12. Q1 2015 INTERIM PRESENTATION – Dno International Asa – slide 12
    Financial review Haakon Sandborg, CFO Page 12 6 May 2015 First Quarter 2015 Interim Presentation
  13. Q1 2015 INTERIM PRESENTATION – Dno International Asa – slide 13
    Financial review DNO financial results key figures Revenues Netback Operating profit USD million USD million USD million 160 105 101 270 143 230 140 85 190 120 113 116 60 150 65 110 100 42 45 70 55 80 30 80 30 25 -10…
  14. Q1 2015 INTERIM PRESENTATION – Dno International Asa – slide 14
    Financial review Q1 2015 revenue and gross profit distribution Revenues Gross profit USD million USD million Kurdistan Oman Yemen Kurdistan Oman Yemen 16 5 2.0 13.5 14 0 12 -5 9.4 -4.5 10 -10 8 -15 6 -20 3.2 4…
  15. Q1 2015 INTERIM PRESENTATION – Dno International Asa – slide 15
    Financial review Financial summary USD million Q1 2015 Q4 2014 Q1 2014 2014 2013 Sales 26.0 80.1 112.8 452.0 503.0 Cost of goods sold -61.8 -81.6 -71.1 -316.5 -208.3 Gross profit -35.8 -1.6 41.7 135.5 294.7 Expensed…
  16. Q1 2015 INTERIM PRESENTATION – Dno International Asa – slide 16
    Financial review Investment program Capex and capitalized exploration USD million Kurdistan Oman Yemen UAE Tunisia Other 97.4 100 85.4 80 62.5 60 52.1 40 35.3 20 0 Q1 2014 Q2 2014 Q3 2014 Q4 2014 Q1 2015…
  17. Q1 2015 INTERIM PRESENTATION – Dno International Asa – slide 17
    Financial review Successful completion of equity raise Transaction Details Raised NOK 975 million in equity offering initiated on 9 March and completed following day Allocated 73,584,906 shares at offer price of NOK 13.25 per…
  18. Q1 2015 INTERIM PRESENTATION – Dno International Asa – slide 18
    Financial review Q1 2015 cash flow 200.0 150.0 118.8 15.3 -4.5 -4.4 100.0 -35.3 203.6 113.8 50.0 -39 0.0 Cash at start Cash generated Income taxes Interest Exploration & Financial Cash at end period from…
  19. Q1 2015 INTERIM PRESENTATION – Dno International Asa – slide 19
    Financial review Capital structure Cash deposits Financial assets Equity ratio USD million USD million 250 242 120 70% 104 59% 204 97 60% 57% 57% 195 100 95 200 50% 50% 48% 166 80 150 63 40% 114 60 30% 100 40 28…
  20. Q1 2015 INTERIM PRESENTATION – Dno International Asa – slide 20
  21. Q1 2015 INTERIM PRESENTATION – Dno International Asa – slide 21
  22. Q1 2015 INTERIM PRESENTATION – Dno International Asa – slide 22
  23. Q1 2015 INTERIM PRESENTATION – Dno International Asa – slide 23

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