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Q4 2007 FULL YEAR RESULTS – Dno International Asa

Dno International Asa · Feb 15, 2008 · 51 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. Q4 2007 FULL YEAR RESULTS – Dno International Asa – slide 1
    DNO INTERNATIONAL ASA FOURTH QUARTER AND FULL YEAR 2007 15 FEBRUARY 2008 Helge Eide, President and MD Ivar Brandvold, COO Haakon Sandborg, CFO
  2. Q4 2007 FULL YEAR RESULTS – Dno International Asa – slide 2
    FOURTH QUARTER AND FULL YEAR 2007 AGENDA Summary and Key Events Helge Eide, President and MD Operational Review Ivar Brandvold, COO Financial Review Haakon Sandborg, CFO Closing Remarks and Q&A Copyright 2008, DNO…
  3. Q4 2007 FULL YEAR RESULTS – Dno International Asa – slide 3
    FOURTH QUARTER AND FULL YEAR 2007 2007 OPERATIONAL HIGHLIGHTS PRODUCTION Commenced test production from Tawke field at mid year resulting in increased production Maintained stable production in Yemen through successful infill drilling…
  4. Q4 2007 FULL YEAR RESULTS – Dno International Asa – slide 4
    FOURTH QUARTER AND FULL YEAR 2007 PRODUCTION & RESERVES LAST 3 YEARS Production last three years BOPD P50 reserves & resources last three years MMBOE 16000 140 CONTINUED OPERATIONS ONLY 14000 14 739 14 831 15 198 120 128 12000 100…
  5. Q4 2007 FULL YEAR RESULTS – Dno International Asa – slide 5
    FOURTH QUARTER AND FULL YEAR 2007 2007: GROWING PRODUCTION & RESERVES Exit production - continued operations 1000 BOPD P50 reserves & resources - continued operations MMBOE 20 140 18 16 18,0 120 128 100 + 40 14 12 80 88 10…
  6. Q4 2007 FULL YEAR RESULTS – Dno International Asa – slide 6
    FOURTH QUARTER AND FULL YEAR 2007 2007 FINANCIAL HIGHLIGHTS Sales NOK Million Netback NOK Million Net profit NOK Million 1400 800 1200 1 320 700 1200 1000 1 193 690 1 006 600 1000 800 500 800 400 600 420 600 300 400 400…
  7. Q4 2007 FULL YEAR RESULTS – Dno International Asa – slide 7
    FOURTH QUARTER AND FULL YEAR 2007 Q4 2007 OPERATIONAL HIGHLIGHTS KURDISTAN Re-testing of Tawke 1 delivered 23 000 bopd aggregated from three tests Revised Tawke reserves Re-commenced exploration activity in other areas of the PSAs…
  8. Q4 2007 FULL YEAR RESULTS – Dno International Asa – slide 8
    FOURTH QUARTER AND FULL YEAR 2007 Q4 2007 FINANCIAL HIGHLIGHTS Sales NOK Million Netback NOK Million Net profit NOK Million 400 160 900 800 350 365 140 143 829 700 300 120 600 250 100 500 200 247 80 400 150 60 76 300 200…
  9. Q4 2007 FULL YEAR RESULTS – Dno International Asa – slide 9
    FOURTH QUARTER AND FULL YEAR 2007 RESERVES AND RESOURCES Development of P50 reserves & resources through 2007 (preliminary) MMBOE 250 Yemen revisions *) BL 32: -1,8 +55.7 -10.5 BL 53: -1,8 200 -63.2 BL 47: -7,2 151.2 NOIL…
  10. Q4 2007 FULL YEAR RESULTS – Dno International Asa – slide 10
    FOURTH QUARTER AND FULL YEAR 2007 RESERVES AND RESOURCES Preliminary classification of reserves & resources as of year end 2007 MMBOE 160 Total 140 Kurdistan + Yemen 120 127,9 122,9 100 80 60 40 20 Yemen Equatorial…
  11. Q4 2007 FULL YEAR RESULTS – Dno International Asa – slide 11
    FOURTH QUARTER AND FULL YEAR 2007 POSITIONED FOR GROWTH Continue with high exploration drilling activity targeting a substantial un-risked resource potential in 2008 Step change in production output subject to export of oil from…
  12. Q4 2007 FULL YEAR RESULTS – Dno International Asa – slide 12
    FOURTH QUARTER AND FULL YEAR 2007 OPERATIONAL REVIEW Copyright 2008, DNO International ASA February 15, 2008 Fourth Quarter and Full Year 2007 12
  13. Q4 2007 FULL YEAR RESULTS – Dno International Asa – slide 13
    FOURTH QUARTER AND FULL YEAR 2007 BUSINESS OVERVIEW NCS SYRIA 36.9 % equity interest in Det 19,9 % interest in block 6 norske oljeselskap ASA KURDISTAN / NORTHERN IRAQ PSAs Tawke fast-track development UNITED KINGDOM 2007 exit…
  14. Q4 2007 FULL YEAR RESULTS – Dno International Asa – slide 14
    FOURTH QUARTER AND FULL YEAR 2007 2007 PRODUCTION REVIEW Monthly production bbl/day DNO production 2007: 25 000 Yemen: 11 637 bopd NCS Block 32 Block 43 Block 53 Tawke Kurdistan: 2 826 bopd NCS 735 bopd 20 000 Total 15 198 bopd…
  15. Q4 2007 FULL YEAR RESULTS – Dno International Asa – slide 15
    FOURTH QUARTER AND FULL YEAR 2007 DRILLING SUMMARY EXPLORATION WELLS 2007 DEVELOPMENT WELLS 2007 Planned 07 Actual 07 Ongoing 07 Planned 07 Actual 07 Ongoing 07 Dihok PSA (Tawke) 1 0 1 18 6 1 Erbil PSA 0 0 1 0 0 0 TOTAL KURDISTAN 1 0…
  16. Q4 2007 FULL YEAR RESULTS – Dno International Asa – slide 16
    FOURTH QUARTER AND FULL YEAR 2007 YEMEN: OPERATIONS SUMMARY Map of DNO International assets in Yemen YEMEN MAP BL53 (SHARYOOF+BAYOOT/HEKMA) 31,7% BL44 65,1% 2007 exit production: 3 750 bopd Exploration activity Sharyoof 3 300 boed…
  17. Q4 2007 FULL YEAR RESULTS – Dno International Asa – slide 17
    FOURTH QUARTER AND FULL YEAR 2007 YEMEN: HISTORICAL PRODUCTION Historical production WI bbl/day Entry in 1998 18 000 Tasour Sharyoof Nabrajah Godah 16 000 First Oil in 2000 14 000 Production growth through: 12 000 Successful…
  18. Q4 2007 FULL YEAR RESULTS – Dno International Asa – slide 18
    FOURTH QUARTER AND FULL YEAR 2007 YEMEN: NEW EXPLORATION ERA THIRD PHASE Seismic surveys Extensive exploration drilling SECOND PHASE Discovered Nabrajah, Godah and Bayoot/Hekma fields On stream within a year FIRST PHASE…
  19. Q4 2007 FULL YEAR RESULTS – Dno International Asa – slide 19
    FOURTH QUARTER AND FULL YEAR 2007 YEMEN: BLOCK 53, 52 AND 72 BLOCK 53, 52 and 72 YEMEN MAP Block 52 Seismic acquisition in 2008 Block 53 Fourth Quarter; Sharyoof-27 water injector, completed Sharyoof 28 producer, completed Bayoot…
  20. Q4 2007 FULL YEAR RESULTS – Dno International Asa – slide 20
    FOURTH QUARTER AND FULL YEAR 2007 YEMEN: BLOCK 32 AND 44 BLOCK 32 and 44 YEMEN MAP Block 32 Fourth Quarter; Berhout-1exploration well completed (dry) Godah-8 development well brought on stream 2008 outlook; Three exploration…
  21. Q4 2007 FULL YEAR RESULTS – Dno International Asa – slide 21
    FOURTH QUARTER AND FULL YEAR 2007 YEMEN: BLOCK 43 AND 84 BLOCK 43 and 84 YEMEN MAP Block 43 Fourth Quarter; Nabrajah-16 development well brought on stream Dahgah-1 exploration well in progress 2008 outlook; Three exploration…
  22. Q4 2007 FULL YEAR RESULTS – Dno International Asa – slide 22
    FOURTH QUARTER AND FULL YEAR 2007 YEMEN: BLOCK 47 BLOCK 47 YEMEN MAP Block 47 Fourth Quarter Yaalen-1 exploration well in progress Strong oil shows, testing in progress 2008 outlook Two exploration wells Copyright 2008, DNO…
  23. Q4 2007 FULL YEAR RESULTS – Dno International Asa – slide 23
    FOURTH QUARTER AND FULL YEAR 2007 YEMEN: OUTLOOK Large license holder: Three production PSAs Five exploration PSAs Development and appraisal Nine development wells planned Further appraisal and development of BL53 Bayoot/Hekma…
  24. Q4 2007 FULL YEAR RESULTS – Dno International Asa – slide 24
    FOURTH QUARTER AND FULL YEAR 2007 KURDISTAN: EXPLORING THE POTENTIAL THIRD PHASE Extensive exploration activities Seismic acquisition Exploration drilling SECOND PHASE Exploration activities Tawke discovered in first well…
  25. Q4 2007 FULL YEAR RESULTS – Dno International Asa – slide 25
    FOURTH QUARTER AND FULL YEAR 2007 KURDISTAN: OPERATIONS SUMMARY TAWKE, DIHOK AND ERBIL PSAS KURDISTAN MAP TAWKE FIELD 2007 exit production: 7 000 bopd Test production continued CPF production start-up Carrier rig: Tawke-1…
  26. Q4 2007 FULL YEAR RESULTS – Dno International Asa – slide 26
    FOURTH QUARTER AND FULL YEAR 2007 KURDISTAN: REVIEWED PSAs TAWKE PSA Zakho Working Interest: 55% Paying Interest: 80% Royalty: 10% Dihok DIHOK PSA Working Interest: 40% Paying Interest: 65% Mosul Royalty: 10% Erbil…
  27. Q4 2007 FULL YEAR RESULTS – Dno International Asa – slide 27
    FOURTH QUARTER AND FULL YEAR 2007 KURDISTAN: OUTLOOK Strong position First mover in Kurdistan Unique competence Tawke development Up to 12 development wells planned Preparation for export of oil Evaluation of the full potential of…
  28. Q4 2007 FULL YEAR RESULTS – Dno International Asa – slide 28
    FOURTH QUARTER AND FULL YEAR 2007 KURDISTAN: PROJECT UPDATE PRODUCTION Max delivery of approx. 12 000 bopd Test production from both reservoirs PHASE 1 READY FOR EXPORT Facilities design capacity 50,000 bopd Initial well capacity of…
  29. Q4 2007 FULL YEAR RESULTS – Dno International Asa – slide 29
    FOURTH QUARTER AND FULL YEAR 2007 INTERNATIONAL: OTHER ASSETS United Kingdom UK License 1067 - Operator Re-evaluation work in progress Mozambique Inhaminga block - Operator Planning 2008 exploration well Syria Equatorial Guinea…
  30. Q4 2007 FULL YEAR RESULTS – Dno International Asa – slide 30
    FOURTH QUARTER AND FULL YEAR 2007 DRILLING PLAN 2008 EXPLORATION WELLS 2008 DEVELOPMENT WELLS 2008 Planned 08 Re-entry 08 Spud 07 Planned 08 Re-entry 08 Spud 07 Dihok PSA (Tawke) 3 0 1 10 2 0 Erbil PSA 2 0 1 0 0 0 TOTAL KURDISTAN 5 0…
  31. Q4 2007 FULL YEAR RESULTS – Dno International Asa – slide 31
    FOURTH QUARTER AND FULL YEAR 2007 FINANCIAL REVIEW Copyright 2008, DNO International ASA February 15, 2008 Fourth Quarter and Full Year 2007 31
  32. Q4 2007 FULL YEAR RESULTS – Dno International Asa – slide 32
    FOURTH QUARTER AND FULL YEAR 2007 KEY FIGURES Full year 2007 Full year 2006 Operating NOK 1 320 million NOK 1 193 million +11% revenues Net profit NOK 1 006 million NOK 61 million +1 549% EBITDA NOK 808 million NOK 634…
  33. Q4 2007 FULL YEAR RESULTS – Dno International Asa – slide 33
    FOURTH QUARTER AND FULL YEAR 2007 KEY FIGURES Quarterly figures Full Year Barrels of oil and oil equivalents Q4 2007 Q3 2007 Q4 2006 2007 2006 Working interest production per day 15 478 18 607 12 796 14 462 13 828 Net entitlement…
  34. Q4 2007 FULL YEAR RESULTS – Dno International Asa – slide 34
    FOURTH QUARTER AND FULL YEAR 2007 INCOME STATEMENT NOK Million Quarterly figures Full Year Q4 2007 Q3 2007 Q4 2006 2007 2006 Sales 364,7 375,2 247,4 1 319,9 1 192,5 Cost of goods sold -187,7 -129,7 -110,6 -547,1 -381,1 Gross profit…
  35. Q4 2007 FULL YEAR RESULTS – Dno International Asa – slide 35
    FOURTH QUARTER AND FULL YEAR 2007 HIGHER DD&A Cost of Goods Sold NOK Million Non-Cash DD&A up on Yemen 200 Lifting costs * Depreciation, depletion and amortisation Reserve Revisions 118 Q4 2007 increase of NOK 50 million 180 2007…
  36. Q4 2007 FULL YEAR RESULTS – Dno International Asa – slide 36
    FOURTH QUARTER AND FULL YEAR 2007 FOCUSED EXPLORATION ACTIVITY Exploration Expensed NOK Million Exploration Expensed Q4 2007: Yemen Kurdistan Africa Other International Activities NOK 100 million Northern Europe Yemen: NOK 39…
  37. Q4 2007 FULL YEAR RESULTS – Dno International Asa – slide 37
    FOURTH QUARTER AND FULL YEAR 2007 STRENGTHENING OF KEY MARGINS Margin development Percent Robust 2007 gross margin, although 80% Gross margin Netback margin reduced by higher DD&A costs 70% Strong increase in 2007 netback margin:…
  38. Q4 2007 FULL YEAR RESULTS – Dno International Asa – slide 38
    FOURTH QUARTER AND FULL YEAR 2007 CASH FLOW STATEMENT Quarterly figures Full Year NOK Million Q4 2007 Q3 2007 Q4 2006 2007 2006 Profit from operations before exploration 164,0 240,7 151,3 755,8 800,0 Exploration expenses -99,6 -90,5…
  39. Q4 2007 FULL YEAR RESULTS – Dno International Asa – slide 39
    FOURTH QUARTER AND FULL YEAR 2007 ACCELERATED DEVELOPMENT CAPEX Quarterly CAPEX per segment NOK Million Capex Q4 2007: NOK 295 million Yemen Kurdistan Africa Other Yemen: NOK 86 million Drilling NOK 47 million 400 Facilities NOK 35…
  40. Q4 2007 FULL YEAR RESULTS – Dno International Asa – slide 40
    FOURTH QUARTER AND FULL YEAR 2007 MERGER ACCOUNTING EFFECTS Initial reduction in NOIL Energy from 83.7% to 60.0% No P&L effect - considered as an equity transaction for the Group Gross cash/equity effect approximately NOK 660 million…
  41. Q4 2007 FULL YEAR RESULTS – Dno International Asa – slide 41
    FOURTH QUARTER AND FULL YEAR 2007 ANNUAL FINANCIAL REVIEW Copyright 2008, DNO International ASA February 15, 2008 Fourth Quarter and Full Year 2007 41
  42. Q4 2007 FULL YEAR RESULTS – Dno International Asa – slide 42
    FOURTH QUARTER AND FULL YEAR 2007 INCREASING CASH FLOW FUNDING Sources and Uses of Cash NOK Million Growth in Netback Supports New Interest-Bearing Debt Divestment Investment Program 2500 Netback bef. Exploration Netback before…
  43. Q4 2007 FULL YEAR RESULTS – Dno International Asa – slide 43
    FOURTH QUARTER AND FULL YEAR 2007 TARGETING RESERVES GROWTH Expensed and Capitalized Exploration NOK Million 2007 Exploration Expensed: Yemen Kurdistan NOK 264 million Africa Other Seismic NOK 51 million Northern Europe Capitalized…
  44. Q4 2007 FULL YEAR RESULTS – Dno International Asa – slide 44
    FOURTH QUARTER AND FULL YEAR 2007 ADDING PRODUCTION CAPACITY Development CAPEX NOK Million 2007 CAPEX: NOK 1.2 billion Drilling NOK 614 million Yemen Kurdistan Africa Northern Europe Facilities NOK 402 million 1400 Other NOK 201…
  45. Q4 2007 FULL YEAR RESULTS – Dno International Asa – slide 45
    FOURTH QUARTER AND FULL YEAR 2007 STRONGER BALANCE SHEET Balance Sheets NOK Million Solid capital structure Assets Equity and Liabilities NCS combination contributes strong group Other current assets Current liabilities Cash and…
  46. Q4 2007 FULL YEAR RESULTS – Dno International Asa – slide 46
    FOURTH QUARTER AND FULL YEAR 2007 SHAREHOLDER MATTERS Geographic distribution Shareholder categories Percent Percent High retail distribution 100% 100% 14 063 Norwegian shareholders holding 57 Rest of World 90% 90% Other Investors…
  47. Q4 2007 FULL YEAR RESULTS – Dno International Asa – slide 47
    FOURTH QUARTER AND FULL YEAR 2007 CLOSING REMARKS AND OUTLOOK Copyright 2008, DNO International ASA February 15, 2008 Fourth Quarter and Full Year 2007 47
  48. Q4 2007 FULL YEAR RESULTS – Dno International Asa – slide 48
    FOURTH QUARTER AND FULL YEAR 2007 SUMMARY 2007 Building Value through Exploration and Development 45% reserves growth and 5x increase in production capacity Yemen exploration drilling results below expectations for the year…
  49. Q4 2007 FULL YEAR RESULTS – Dno International Asa – slide 49
    FOURTH QUARTER AND FULL YEAR 2007 GUIDING 2008 Q1 2008 Q1 2007 2008 2007 Kurdistan Production, working interest (bopd) 6 000 0 6 000 2 826 Number of exploration wells 2 0 7 0 Number of development wells 1 3 12 6 Exploration expenses,…
  50. Q4 2007 FULL YEAR RESULTS – Dno International Asa – slide 50
    FOURTH QUARTER AND FULL YEAR 2007 KEY MESSAGES 2008 Potential step change in production Production to increase when export permit granted Extensive exploration program Total unrisked potential of 280-390 million boe net to DNO…
  51. Q4 2007 FULL YEAR RESULTS – Dno International Asa – slide 51
    Capital Markets Day: April 3, 2008 WELCOME BACK Copyright 2008, DNO International ASA February 15, 2008 Fourth Quarter and Full Year 2007 51

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