Agenda 1. Welcome Tom Bratlie, Communication Director 2. Highlights and operational update Helge Eide, Managing Director 3. Financials Haakon Sandborg, CFO 4. Q&A
Highlights and Operational Update Helge Eide, Managing Director
Year to Date - Third quarter 2011 Improved results and strengthened financial position Increased reserves and production Working interest production of 41,755 bopd 2P reserves of 354 million barrels (as of 1 July) Solid financials…
Production YTD 2011 compared with 2010 YTD 2010 YTD 2011 40,000 36,524 35,000 30,000 25,000 20,000 15,000 10,852 10,000 6,909 WI Bopd 5,231 5,000 0 Kurdistan Yemen 6
Financial results YTD 2011 compared 2010 YTD 2010 YTD 2011 2,500 1,969 2,000 1,500 1,166 950 936 1,000 672 450 500 NOK million 240 -252 0 Revenues Netback Net profit Cash position -500 7
Operations
Yemen operations Q3 production lower than plan due to temporary shut-in of 3 wells work-overs now in progress Yaalen/Sharnah development further delayed with current estimated first oil Q2 2013 Three infill/development wells…
Kurdistan Production Gross capacity at Tawke facilities proved above 70,000 bopd Q3 gross production was 52,235 bopd 49,753 bopd for export 80,000 70,000 60,000 50,000 40,000 66,776 Bopd 30,000 From April 2011, the…
Kurdistan Exploration and Development Tawke PSC Peshkabir-1 exploration well in progress Planning Tawke-16 appraisal well to test additional potential at the northern flank (commencement after Summail-1 testing) Dohuk PSC Summail-1…
Tunisia licenses DNO awarded license in Tunisia - the Fkirine prospecting permit 2 years 2,064 sq km 200 km 2D seismic 300 km seismic reprocessing Increased Tunisia presence after DNO-RAK MENA Merger RAK holds the Hammamet…
DNO-RAK MENA merger: Diversification by adding new reserves and production 52 million boe in new 2P reserves to DNO 7,000 boepd in immediate additional production outside Kurdistan and Yemen Strong synergies expected from…
RAK MENA ASSETS: A balanced portfolio Portfolio of 8 blocks in well defined petroleum systems in Oman, the UAE and Tunisia Producing fields Bukha & West Bukha, Block 8 offshore Oman Development Saleh field, offshore UAE…
The enlarged DNO will be a stronger and more significant E&P player in the MENA region Norway Corporate head office in Oslo The Kurdistan Region of Iraq Listed in Oslo Local administration in Erbil Operator of three licenses: Tawke…
DNOs ambition is to become a significant E&P company in the MENA region 2012 Grow the company through aggressive 2011-2012: participation in Creating a larger, mergers, acquisitions more robust and and restructuring diversified…
Financials Haakon Sandborg, CFO
Financial summary Q3 2011 Accounting for Tawke Export Payments Quarterly key financials First payment of USD 104 million recorded as revenues in Q2 NOK million Q3 2010 Q2 2011 Q3 2011 Second payment of USD 60 million received in…
Key financial indicators EBITDAX* margin EBITDAX* Netback* NOK million NOK million 90 % As reported Incl USD 60 million 700 As reported Incl USD 60 million 700 As reported Incl USD 60 million 83 % 80 % 600 600 77 % 72 % 500 500…
Condensed income statement NOK million Q3 2011 Q2 2011 Q3 2010 YTD 2011 YTD 2010 Sales 152.4 732.0 406.6 1 165.7 949.8 Cost of goods sold -100.1 -300.7 -185.1 -541.0 -474.0 Gross profit 52.3 431.3 221.5 624.7 475.8 Dry well cost…
Pro forma income statement including USD 60 million in Q3 Q3 2011 NOK million Q3 2011 Pro forma incl As reported USD 60 Pro forma figures million Sales 152.4 482.4 Assuming USD 60 million included as revenues. Cost of goods sold…
Higher lifting costs per barrel in Q3 Pro forma (incl export from Tawke) Total lifting costs Yemen Tawke Main Q3 items: 35 31.59 30 Reduced production and increased costs in Yemen due to logistical 25 challenges 22.66 20…
Net finance income in Q3 NOK Million 300 Main Q3 items: 250 Gain on sale of DETNOR NOK 255 million 200 Unrealized FX gain 150 NOK 72 million 100 50 0 -50 -100 Q1 2011 Q2 2011 Q3 2011 Financial Income Sale of…
Strong cash flow increasing cash balances Q3 2011 Year-to-date 2011 800 900 700 800 700 600 600 500 NOK million NOK million 500 400 400 300 300 200 200 100 100 0 0 From Taxes Paid Investing Financing Net…
Investments expecting NOK 500 million in 2011 2011 Guiding Planned investments Capex Exploration Development CAPEX NOK 200 million 160 Exploration NOK 250 million Contingent additional investments 140 Development CAPEX NOK 400…
Solid balance sheet Assets Equity and liabilities Non-current assets Other current assets Cash Shareholders equity Non-current liabilities 6000 6000 5000 5000 Cash: NOK 1,969 million 4000 NOK million 4000 NOK million…
RAK MENA Assets Key financials RAK MENA assets Harmonized with DNO accounting principles Near-term plans USD million 2010 YTD Q2 2011 Targeting accounting consolidation Sales 110 48.5 1 December, 2011 Merger completion early…
Outlook Production Production from Tawke expected to continue at current levels Stabilize Yemen production through work-over of existing wells New production added from RAK MENA assets Appraisal and development Finalize Erbil PSC…
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