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GENERAL PRESENTATION FOR NORNE SECURITIES – Dno International Asa

Dno International Asa · Jun 30, 2010 · 42 slides

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Slides

  1. GENERAL PRESENTATION FOR NORNE SECURITIES – Dno International Asa – slide 1
    DNO International ASA General presentation for Norne Securities, Bergen 30 June 2010 Helge Eide Managing Director and President
  2. GENERAL PRESENTATION FOR NORNE SECURITIES – Dno International Asa – slide 2
    Proven business model Value creation Going forward Organic reserve growth at low cost Increase production from strong reserve base Cash flow return from high margin production Add reserves through high potential exploration Increase…
  3. GENERAL PRESENTATION FOR NORNE SECURITIES – Dno International Asa – slide 3
    Worldwide Operations Det norske oljeselskap ASA Yemen: Oslo PSA interest in 6 blocks DNO licences Producing Kurdistan region of Iraq: PL1067 Development PSC interest in 3 blocks United Kingdom: 50% interest in exploration…
  4. GENERAL PRESENTATION FOR NORNE SECURITIES – Dno International Asa – slide 4
    Organizational setup Technical resource pool Corporate headquarter President & Managing Director 45 employees Helge Eide Chief Petroleum Engineer Located to Oslo Ole Nygaard Total workforce: 513 Chief Geologist (corporate and…
  5. GENERAL PRESENTATION FOR NORNE SECURITIES – Dno International Asa – slide 5
    4 year development in P50 Reserves and Resources, Class 1-7 MMBOE Presentation for Norne Securities, 30 June 2010 5
  6. GENERAL PRESENTATION FOR NORNE SECURITIES – Dno International Asa – slide 6
    Distribution of Reserves and Resources DNOs WI Reserves & Resources as of Year End 2009 Kurdistan: 139.5 Tawke Euphrates: 1.1 Sharnah (BL47): 3.3 Mulle (UK): 10.0 Yemen: 9.9 Eq. Guinea: 1.5 Hekma (BL53): 1.2 Benenan (Erbil): 4.7…
  7. GENERAL PRESENTATION FOR NORNE SECURITIES – Dno International Asa – slide 7
    Highly ranked in the MEA region* 3-year F&D cost (2006-2008) 3-year reserve replacement (2006-2008) Source: JS Herold Inc. Note: * MEA: Middle East and Africa Presentation for Norne Securities, 30 June 2010 7
  8. GENERAL PRESENTATION FOR NORNE SECURITIES – Dno International Asa – slide 8
    Quarterly production in 2009 and 2010 DNOs working interest production incl. Tawke export 45 000 31165 40 000 35 000 30 000 25 000 Tawke export Tawke local 20 000 Yemen 5498 15 000 5 871 5 926 5 005 10 000 2 861 3…
  9. GENERAL PRESENTATION FOR NORNE SECURITIES – Dno International Asa – slide 9
    Quarterly production in 2009 and 2010 DNOs working interest production ex. Tawke export 14 000 5 871 5 926 12 000 5 005 3 438 2 861 10 000 8 000 Tawke 7 925 7 878 7 542 7 655 7 437 Yemen 6 000 4 000 2 000…
  10. GENERAL PRESENTATION FOR NORNE SECURITIES – Dno International Asa – slide 10
    Monthly production in 2010 DNOs working interest production Q1 10 (12 442) 14 000 5 429 12 000 5 091 5 420 4 440 4 404 10 000 8 000 Tawke 7 719 7 371 7 213 7 058 Yemen 7 027 6 000 4 000 2 000 bopd 0 Jan…
  11. GENERAL PRESENTATION FOR NORNE SECURITIES – Dno International Asa – slide 11
    Solid development through 2009 in health and safety performance 4,5 4 3,88 3,91 3,78 3,5 3,46 3,2 2,92 3,09 3,04 3 2,85 3 2,76 2,73 2,81 2,67 2,5 2,45 2,39 2,37 Lost Time Incident Frequency 2,2 2 Total Recordable…
  12. GENERAL PRESENTATION FOR NORNE SECURITIES – Dno International Asa – slide 12
    KURDISTAN Presentation for Norne Securities, 30 June 2010 12
  13. GENERAL PRESENTATION FOR NORNE SECURITIES – Dno International Asa – slide 13
    Increased focus in Kurdistan from international E&P companies DNO entry in 2004 Tawke PSC In the forefront of events DNO Instrumental in developing the local Dohuk PSC oil industry Industrial achievement by DNO Erbil PSC…
  14. GENERAL PRESENTATION FOR NORNE SECURITIES – Dno International Asa – slide 14
    Kurdistan Contracts Tawke PSC DNO (55%), Genel Enerji (25%), KRG (20%) DNO paying interest: 75% Royalty: 10% Net entitlement: R-factor Dohuk PSC DNO (40%), Genel Enerji (40%), KRG (20%) DNO paying interest: 60% Royalty: 10% Net…
  15. GENERAL PRESENTATION FOR NORNE SECURITIES – Dno International Asa – slide 15
    Tawke Main Milestones Tie in completed and export of crude oil initiated Long term test production CPF transported and installed at the Tawke field The Tawke Oil Discovery Acquisition of seismic data Initial…
  16. GENERAL PRESENTATION FOR NORNE SECURITIES – Dno International Asa – slide 16
    5 years from entry to full scale production Agreement Seismic Drilling, Tawke 1 Tawke test production Tawke export 2004 24 months from entry to first discovery 2006 2006 36 months from first discovery to full scale production…
  17. GENERAL PRESENTATION FOR NORNE SECURITIES – Dno International Asa – slide 17
    Tawke Production Monthly production since start-up 60 000 50 000 bopd 40 000 30 000 Export 20 000 Local sales 10 000 0 Jun-07 Dec-07 Jun-08 Dec-08 Jun-09 Dec-09 Presentation for Norne Securities, 30 June…
  18. GENERAL PRESENTATION FOR NORNE SECURITIES – Dno International Asa – slide 18
    Tawke export set-up 12 Oil pipeline 40 and 46 Export pipeline State Oil Marketing Organization (SOMO) Sales at outlet in Turkey Refinery CPF DNO Iraq AS Tawke field Tawke pipeline Turkeys Petroleum Pipeline…
  19. GENERAL PRESENTATION FOR NORNE SECURITIES – Dno International Asa – slide 19
    Local sales Presentation for Norne Securities, 30 June 2010 19
  20. GENERAL PRESENTATION FOR NORNE SECURITIES – Dno International Asa – slide 20
    Water Purification Project Kurdistan Region of Iraq DNO financial commitment of USD 150 mill Presentation for Norne Securities, 30 June 2010 20
  21. GENERAL PRESENTATION FOR NORNE SECURITIES – Dno International Asa – slide 21
    Kurdistan Operational Status Tawke Commenced export of crude oil from Tawke on 1 June which continued until 22 September 2009 Current focus is on local sales Ready for export when payment mechanism is in place Benenan discovery…
  22. GENERAL PRESENTATION FOR NORNE SECURITIES – Dno International Asa – slide 22
    YEMEN Presentation for Norne Securities, 30 June 2010 22
  23. GENERAL PRESENTATION FOR NORNE SECURITIES – Dno International Asa – slide 23
    Yemen Operational Overview Block 52 Block 32 Ansas-1 to be drilled in Next Godah infill wells Q2 2010 planned for Q3 2010 Block 43 Drilling Nabrajah-10S Block 53 (pilot+horizontal) completed Continue Bayoot Results under…
  24. GENERAL PRESENTATION FOR NORNE SECURITIES – Dno International Asa – slide 24
    Sharnah/Yaalen oil discovery (Block 47) Fast-track field development Resource potential prior to Yaalen-1: 10 million barrels Resource potential to be re-evaluated after Yaalen-3 final results Drilling Sharnah-2 in Q2/Q3 Filing…
  25. GENERAL PRESENTATION FOR NORNE SECURITIES – Dno International Asa – slide 25
    Bayoot basement field (Block 53) Production profile Bayoot (gross) Presentation for Norne Securities, 30 June 2010 25
  26. GENERAL PRESENTATION FOR NORNE SECURITIES – Dno International Asa – slide 26
    Yemen (BL72): Basement lead Basement fault blocks with possibilities for oil trapped in fractured basement These basement structures are located in a look alike position to the producing Bayoot and Kharir fractured basement fields…
  27. GENERAL PRESENTATION FOR NORNE SECURITIES – Dno International Asa – slide 27
    MOZAMBIQUE Presentation for Norne Securities, 30 June 2010 27
  28. GENERAL PRESENTATION FOR NORNE SECURITIES – Dno International Asa – slide 28
    Mozambique Summary Entered 4th exploration period for Inhaminga Block (onshore) Acquisition of 2D seismic completed 2009 Farm-down expected to be concluded shortly Next exploration well planned in Q4 2010 Presentation for Norne…
  29. GENERAL PRESENTATION FOR NORNE SECURITIES – Dno International Asa – slide 29
    The Inhaminga Block - Mozambique Block size : 10,715 sqkms Work Commitment 600 km 2D seismic (completed) 1 Exploration well Several drilling targets identified Presentation for Norne Securities, 30 June 2010 29
  30. GENERAL PRESENTATION FOR NORNE SECURITIES – Dno International Asa – slide 30
    New ventures From current core areas Develop current positions in proven basins, both known and new plays Follow potential extensions of proven plays into adjacent basins Potential outside Kurdistan and Yemen Pursue entries into…
  31. GENERAL PRESENTATION FOR NORNE SECURITIES – Dno International Asa – slide 31
    FINANCIALS Presentation for Norne Securities, 30 June 2010 31
  32. GENERAL PRESENTATION FOR NORNE SECURITIES – Dno International Asa – slide 32
    Quarterly key financials (from the Q1 2010 presentation) Increased revenues and cash flow Higher achieved oil prices Revenues EBITDAX EBITDA Lower administrative expenses Strengthened financial position Full cash flow coverage of…
  33. GENERAL PRESENTATION FOR NORNE SECURITIES – Dno International Asa – slide 33
    Improved margins EBITDAX margin EBITDAX Netback Presentation for Norne Securities, 30 June 2010 33
  34. GENERAL PRESENTATION FOR NORNE SECURITIES – Dno International Asa – slide 34
    Performance metrics comparison F&D cost Lifting cost Source: JS Herold Inc. and Company data hman Raw Materials Day 2010 34
  35. GENERAL PRESENTATION FOR NORNE SECURITIES – Dno International Asa – slide 35
    Cash flow coverage of investments Netback coverage Cash flow funding DNO seeks to fund a major part if its investments from cash flow The cash flow coverage ratio increased to 1.8x i Q1 2010 Q1 2009 Q2 2009 Q3 2009 Q4 2009 Q1…
  36. GENERAL PRESENTATION FOR NORNE SECURITIES – Dno International Asa – slide 36
    Capital structure Assets Equity and liabilities Cash: NOK 671 million Net debt to capitalization*: 31 per cent Financial assets: NOK 437 million Equity ratio: 40 per cent *Net interest bearing debt/capitalization…
  37. GENERAL PRESENTATION FOR NORNE SECURITIES – Dno International Asa – slide 37
    CAPEX adjusted in line with market condition changes Total investment per activity Plan for 2010 Planned investments Development CAPEX NOK 130 million 1800 Exploration NOK 230 million 1600 Contingent additional investments 1400…
  38. GENERAL PRESENTATION FOR NORNE SECURITIES – Dno International Asa – slide 38
    Shareholders Ownership Larsen Oil&Gas 3.3 % 38,5 % 61,5 % RAK Petroleum Retail investors 20.0 % 30.0 % Norwegian non-Norwegian Shareholders 15.0 % 445 Other Norwegian 5.4 % Oppenheimer 14 561 26.4 %…
  39. GENERAL PRESENTATION FOR NORNE SECURITIES – Dno International Asa – slide 39
    Shareholders by country Other 8,6 % Denmark 2,5 % Sweden 3,8 % UK 7,1 % Norway 38,5 % USA 9,5 % United Arab Emirates 30,0 % As per 21 June 2010 Presentation for Norne Securities, 30 June 2010 39
  40. GENERAL PRESENTATION FOR NORNE SECURITIES – Dno International Asa – slide 40
    20 largest shareholders, holding 56 % of the shares Holding Percentage Name Account type Citizenship 271,457,075 30.00 RAK PETROLEUM PUBLIC UNITED INSURANCE BUI UAE 49,337,244 5.45 JPMORGAN CHASE BANK A/C OPPENH.NON TREAT NOM USA…
  41. GENERAL PRESENTATION FOR NORNE SECURITIES – Dno International Asa – slide 41
    Outlook Continued value creation Increase production from our strong reserve base Accelerate development programs in Yemen Seek additional reserves and resources through selective exploration Carry out planned 2010 investments,…
  42. GENERAL PRESENTATION FOR NORNE SECURITIES – Dno International Asa – slide 42
    DNO International ASA General presentation for Norne Securities, Bergen 30 June 2010 Helge Eide Managing Director and President

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