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CORPORATE PRESENTATION – Dno International Asa

Dno International Asa · Apr 10, 2008 · 47 slides

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Slides

  1. CORPORATE PRESENTATION – Dno International Asa – slide 1
    APRIL 2008: DNO INTERNATIONAL ASA CORPORATE PRESENTATION
  2. CORPORATE PRESENTATION – Dno International Asa – slide 2
    INVESTMENT HIGHLIGHTS DNO INTERNATIONAL: An exploration focused company with strong reserve growth potential Exploration activities funded by high margin production Unique position in the Middle East Rig capacity for extensive…
  3. CORPORATE PRESENTATION – Dno International Asa – slide 3
    DNO IN BRIEF PRESENT IN SEVEN COUNTRIES ON THREE CONTINENTS 500 staff 15 nationalities Corporate headquarter in Norway International offices in: London, UK Sana'a, Yemen Dubai, UAE Erbil, Northern Iraq Beira, Mozambique…
  4. CORPORATE PRESENTATION – Dno International Asa – slide 4
    BUSINESS OVERVIEW NORWAY (PARTICIPATING INTEREST) UNITED KINGDOM 50 % in an exploration license 36.9 % equity interest in Det norske oljeselskap ASA 1 promote licenses KURDISTAN REGION OF IRAQ Three PSCs signed March 2008…
  5. CORPORATE PRESENTATION – Dno International Asa – slide 5
    OPERATIONAL ACHIEVEMENTS GROWTH IN CYCLES RESERVES First cycle from 1996 until divestment of UK an 160 NCS assets in 2003 Realized and returned values to shareholders 120 MMbbl Second cycle from 2003 with exploration 80…
  6. CORPORATE PRESENTATION – Dno International Asa – slide 6
    COMPETING IN A GLOBAL ENVIRONMENT EXPLORATION DRIVEN STRATEGY With suitable risk mitigation VALUE CREATION KEY ATTRIBUTES ENTREPRENEURIAL COMPANY Quick decisions/Risk taker OPERATING COMPANY Controlling the asset base…
  7. CORPORATE PRESENTATION – Dno International Asa – slide 7
    EXPLORATION DRIVEN COMPANY PROMOTE EXPLORATION PRODUCTION Market Value Acquire Explore Appraise Development commitment Develop and produce E&P Cycle CORPORATE PRESENTATION APRIL 2008 8
  8. CORPORATE PRESENTATION – Dno International Asa – slide 8
    CONTROLLING THE PACE OF DEVELOPMENT PROJECT TIMING Tullow Uganda Nexen Buzzard Cairn India Tullow Ghana DNO Yemen DNO Iraq 2 4 6 8 10 Number of Years CORPORATE PRESENTATION APRIL 2008 9
  9. CORPORATE PRESENTATION – Dno International Asa – slide 9
    HIGHLY RANKED IN THE MIDDLE EAST 3-YEAR F&D COST (2004-06) 3-YEAR RESERVE REPLACEMENT (2004-06) Marathon DNO DNO Marathon Noble Tullow Apache Hess Petro-Canada Canadian BASF ConocoPhillips OMV Apache Corp. Canadian TransGlobe Eni…
  10. CORPORATE PRESENTATION – Dno International Asa – slide 10
    2007: AN IMPORTANT YEAR PRODUCTION RESERVES STRATEGY Commenced test production from Successful exploration and Restructured the NCS operations Tawke field at mid year resulting in increased production delineation drilling at the…
  11. CORPORATE PRESENTATION – Dno International Asa – slide 11
    RECENT OPERATIONAL HIGHLIGHTS KURDISTAN REGION OF IRAQ Appraisal and Development Tawke well T-12 completed; tested gross rate of 9,000 bopd Exploration Discovery in well Hawler-1 in Erbil PSC tested 9,000 bopd and 11MM scf/d gas in…
  12. CORPORATE PRESENTATION – Dno International Asa – slide 12
    PRODUCTION UPDATE MONTHLY PRODUCTION* DNO PRODUCTION 2008 (JAN/FEB): 25 000 NCS Block 32 Block 43 Block 53 Tawke Yemen: 10,691 bopd Kurdistan: 6,860 bopd Total 17,551 bopd 20 000 DNOS PRODUCTION CAPACITY: 15 000 Yemen: 12,000…
  13. CORPORATE PRESENTATION – Dno International Asa – slide 13
    REPUBLIC OF YEMEN
  14. CORPORATE PRESENTATION – Dno International Asa – slide 14
    YEMEN: A PROMISING OIL REGION A COUNTRY WITH POTENTIAL The search and exploration for oil in Yemen goes back to the 1930s Oil discovery in the summer of 1984, when Hunt Oil Company successfully drilled the wildcat well in the Marib…
  15. CORPORATE PRESENTATION – Dno International Asa – slide 15
    DNO IN YEMEN 10 YEARS IN YEMEN Strong organization to handle exploration, field development and production Proud of the HSE history Good reputation and excellent cooperation with Ministry Already proved success in four of the…
  16. CORPORATE PRESENTATION – Dno International Asa – slide 16
    DNO ASSETS CORPORATE PRESENTATION APRIL 2008 17
  17. CORPORATE PRESENTATION – Dno International Asa – slide 17
    TASOUR AND GODAH BARRELS OF OIL PER DAY (GROSS) 15 000 13 500 AVERAGE DAILY PRODUCTION: 8,987 BOPD BLOCK 32 12 000 Tasour Godah 10 500 9 000 T HE TASOU R FIEL D Tasour-13 Tasour-4 7 500 Tasour-1 Tasour-5S Tasour-6 Tasour-14…
  18. CORPORATE PRESENTATION – Dno International Asa – slide 18
    SHARYOOF AND BAYOOT/HEKMA BARRELS OF OIL PER DAY (GROSS) T HE S HARYOOF FIEL D Sharyoof-14 16 000 Sharyoof-11 AVERAGE DAILY PRODUCTION: 10,820 BOPD Sharyoof-18 BLOCK 53 14 000 Sharyoof-16 Sharyoof-9 Sharyoof-23 Sharyoof-18…
  19. CORPORATE PRESENTATION – Dno International Asa – slide 19
    NABRAJAH BARRELS OF OIL PER DAY (GROSS) 10 000 9 000 BLOCK 43 8 000 AVERAGE DAILY PRODUCTION: 6,987 BOPD Nabrajah 7 000 6 000 5 000 4 000 T HE N AB RAJAH FIEL D Nabrajah-3 3 000 Nabrajah-17 Nabrajah-12 Nabrajah-14…
  20. CORPORATE PRESENTATION – Dno International Asa – slide 20
    EXPLORING YEMEN
  21. CORPORATE PRESENTATION – Dno International Asa – slide 21
    BLOCK 32: OVERVIEW DNOS FIRST BLOCK IN YEMEN Partners Participating interest Paying interest The block covers an area of 592 km2 DNO Yemen 38.95% 41.00% DNO-operated since 1998 Ansn Wikfs Trans Globe 42.93% 13.12% 45.19% 13.81%…
  22. CORPORATE PRESENTATION – Dno International Asa – slide 22
    BLOCK 43: OVERVIEW AN IMPORTANT CONTRIBUTOR The block covers an area of 2,026 km2 Huge exploration potential Exploration costs repaid by cost-oil The block is situated on the rim of the Ghayl Bin Yumain basin - south/west of Block…
  23. CORPORATE PRESENTATION – Dno International Asa – slide 23
    BLOCK 53: OVERVIEW AT THE START OF A SECOND GROWTH The block covers and area of 457 km2 and is operated by Dove Energy The Sharyoof field came on production late 2001 Still successful contribution from infill drilling 2 infill wells…
  24. CORPORATE PRESENTATION – Dno International Asa – slide 24
    BLOCK 53: BAYOOT/HEKMA THE START OF A SECOND DEVELOPMENT GROSS PRODUCTION FROM BAYOOT/HEKMA Successful exploration and appraisal drilling 5 000 through 2007 and 2008 has provided 4 wells already completed for production from this area…
  25. CORPORATE PRESENTATION – Dno International Asa – slide 25
    BLOCK 47: OVERVIEW A HUGE EXPLORATION BLOCK The Block covers and area of 7 606 km2 partly situated along the flank of the prolific GBY-basin and adjacent to Block 84 and Block 43 EXPLORATION/APPRAISAL WORK IN 2008 The Yaalen-1…
  26. CORPORATE PRESENTATION – Dno International Asa – slide 26
    YEMEN: UNRISKED RESOURCE POTENTIAL 44 52 47 72 84 Unrisked recoverable reserves Unrisked recoverable reserves 100% (MMboe) Net to DNO (MMboe) Total 1,000-1,500 400-600 CORPORATE PRESENTATION APRIL 2008 27
  27. CORPORATE PRESENTATION – Dno International Asa – slide 27
    THE KURDISTAN REGION OF IRAQ
  28. CORPORATE PRESENTATION – Dno International Asa – slide 28
    THE NEW FRONTIER A REGION WITH HIGH POTENTIAL Attractive Kurdistan is unexplored relative to the rest of Iraq Highly prospective area combined with early entry opportunity at a low cost on trend with very large fields including…
  29. CORPORATE PRESENTATION – Dno International Asa – slide 29
    DNO IN KURDISTAN FIRST IN IRAQ DNO was the first foreign company to explore for oil in Iraq for decades We have a strong and competent organization divided between Kurdistan, Dubai, and Oslo Excellent cooperation with Kurdistan…
  30. CORPORATE PRESENTATION – Dno International Asa – slide 30
    INFRASTRUCTURE IN IRAQ ESTABLISHED OIL EXPORT ROUTES Mosul IRAQ Iraq has 6,960 kilometers network of KIRKUK International boundary Oil pipeline pipelines Kirkuk Oil Gas Two major pipelines are installed from Beiji Tanker…
  31. CORPORATE PRESENTATION – Dno International Asa – slide 31
    COMPANIES IN KURDISTAN Company name of Blocks Aspect energy 1 Crescent 1 Perenco DNO Dana Gas 1 Hillwood DNO 3 Open DNO Aspect Open Gulf Key Stone 1 Gulf Key Stone Heritage 1 Hunt Oil MOL Reliance Open Hillwood 1 Open Reliance Open…
  32. CORPORATE PRESENTATION – Dno International Asa – slide 32
    THE TAWKE PROJECT: OVERVIEW OIL FLARE GAS WATER WELL FLUID 2 X 10,000 bbls SEPARATOR - 2 stages CRUDE OIL TANKS 10,000 bopd WELL LOADING CAPACITY PUMP WATER INJECTION TANK (FUTURE) TAWKE FIELD PIPELINE TIE-IN AREA 45 km 12…
  33. CORPORATE PRESENTATION – Dno International Asa – slide 33
    GROSS DAILY PRODUCTION FROM TAWKE BARRELS OF OIL PER DAY 15 000 13 500 2007 AVERAGE PRODUCTION: 5,645 BOPD 2008 AVERAGE PRODUCTION: 7,278 BOPD 12 000 10 500 9 000 7 500 6 000 4 500 3 000 2007 2008 1 500 0 17 June 2007…
  34. CORPORATE PRESENTATION – Dno International Asa – slide 34
    EXPLORING KURDISTAN
  35. CORPORATE PRESENTATION – Dno International Asa – slide 35
    THE TAWKE PSC: OVERVIEW RING-FENCED TAWKE OIL FIELD: The license cover 406 km2 Two producing horizons DEVELOPMENT/APPRAISAL WORK To date DNO has performed a 3D seismic campaign of 200 km2 and a 2D seismic campaign of 81 km 10…
  36. CORPORATE PRESENTATION – Dno International Asa – slide 36
    THE DOHUK PSC: OVERVIEW REVISED DOHUK PSC PSC Agreement Area: 1,652 km2 Dihok West Tawke field is ring-fenced and defined Dihok Central as a separate PSC EXPLORATION WORK Linava More than 475 km of 2D seismic have been acquired…
  37. CORPORATE PRESENTATION – Dno International Asa – slide 37
    THE ERBIL PSC: OVERVIEW AGREEMENT AREA PSC Agreement Area: 313 km2 EXPLORATION WORK DNO have acquired 133 km of 2D seismic since 2005 Hawler-1 Hawler 1 exploration well has been drilled Bastora and is currently being tested In…
  38. CORPORATE PRESENTATION – Dno International Asa – slide 38
    KURDISTAN: UNRISKED RESOURCE POTENTIAL Tawke PSC Dohuk PSC Unrisked recoverable reserves Unrisked recoverable reserves Erbil PSC 100% (MMboe) Net to DNO (MMboe) Total 1,500-2,500 600-1,000 CORPORATE PRESENTATION APRIL…
  39. CORPORATE PRESENTATION – Dno International Asa – slide 39
    VALUE CREATION
  40. CORPORATE PRESENTATION – Dno International Asa – slide 40
    STABLE, HIGH MARGIN PRODUCTION PRODUCTION LIFTING COST 6 8,0 7,2 5 6,4 5,6 4 4,8 USD/BBL MBOE 3 4,0 3,2 2 2,4 1,6 1 0,8 0 0 2003 2004 2005 2006 2007 2003 2004 2005 2006 2007 CORPORATE PRESENTATION APRIL…
  41. CORPORATE PRESENTATION – Dno International Asa – slide 41
    STRONG CASH FLOW GENERATION NETBACK NETBACK PER BARREL NETBACK PER SHARE Netback Exploration expensed 1 000 25 0,8 0,7 800 20 0,6 0,5 600 15 NOK Million NOK USD 0,4 400 10 0,3 0,2 200 5 0,1 0 0 0 2005…
  42. CORPORATE PRESENTATION – Dno International Asa – slide 42
    TRANSFORMING RESOURCES TO RESERVES EXPLORATION EXPENDITURE CAPEX Yemen Kurdistan Other Yemen Kurdistan Other 600 1 400 1 200 500 1 000 400 NOK Million NOK Million 800 300 600 200 400 100 200 0 0 2003…
  43. CORPORATE PRESENTATION – Dno International Asa – slide 43
    CASH FLOW FUNDING GROWTH IN NETBACK SUPPORTS SOURCES AND USES OF CASH INVESTMENT PROGRAM Exploration Expensed Development Capex Netback bef. Exploration Divestment Netback before exploration covered 64% of New Interest-Bearing Debt…
  44. CORPORATE PRESENTATION – Dno International Asa – slide 44
    BUILDING VALUE THROUGH EXPLORATION CLASS 1-5 RESERVES* RESERVE REPLACEMENT RECYCLE RATIO 150 10 5 120 8 4 90 6 3 MBOE Times Times 60 4 2 30 2 1 0 0 0 2005 2006 2007 2005 2006 2007 2005 2006 2007…
  45. CORPORATE PRESENTATION – Dno International Asa – slide 45
    FINDING RESERVES AT LOW COST INDUSTRY FD&A COST DNO ANNUAL AVERAGE FD&A COST Proved acquisition Cost Finding and development cost 30 30 25 25 20 20 14 USD/boe USD/boe 15 15 11 10 10 7 11 8 6 5 11 5 6 6 7 4 4 3…
  46. CORPORATE PRESENTATION – Dno International Asa – slide 46
    SUMMARY BUILDING VALUE THROUGH EXPLORATION AND DEVELOPMENT Strong organic growth in reserves and production capacity Sector leading reserve economics Continuing extensive exploration program SOLID FINANCIAL PERFORMANCE High margin…
  47. CORPORATE PRESENTATION – Dno International Asa – slide 47
    GOING FORWARD EXPLORATION Build up prospect portfolio on existing assets Extensive exploration drilling Assess emerging areas DEVELOPMENT POTENTIAL FOR Mature new discoveries to STEP-CHANGE production Fast-track, flexible and…

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