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Q2 2010 – Dno International Asa

Dno International Asa · Aug 19, 2010 · 31 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. Q2 2010 – Dno International Asa – slide 1
    Helge Eide Managing Director Q2 2010 Presentation
  2. Q2 2010 – Dno International Asa – slide 2
    Agenda 1. Welcome Tom Bratlie, Communication Director 2. Highlights from Q2 and key priorities going forward Helge Eide, Managing Director 3. Q2 Financials Haakon Sandborg, CFO 4. Q&A For participants being present and by e-mail…
  3. Q2 2010 – Dno International Asa – slide 3
    Highlights from Q2 2010 Significant increase in production volumes Good cost control in operations Improved financial results from operations Net profit negatively affected by NOK 199 million in impairment loss, mainly related to…
  4. Q2 2010 – Dno International Asa – slide 4
    Q2 production summary Kurdistan region of Iraq Significant increase in deliveries from Tawke in June New short term local sales contracts for crude oil entered into in June Stable high deliveries from Tawke refinery Yemen Somewhat…
  5. Q2 2010 – Dno International Asa – slide 5
    Continued satisfactory HSE performance Incidents per million working hours 3 2,5 2 Lost time incidents 1,5 Total recordable incidents Vehicle incidents 1 0,5 0 Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun 2009…
  6. Q2 2010 – Dno International Asa – slide 6
    Increase in production volumes Total working interest production up from 12,442 bopd in Q1 to 15,748 bopd in Q2 18 000 16 000 Working interest production I barrels per day 14 000 12 000 6 808 10 000 7 655 7 542 7 437 8…
  7. Q2 2010 – Dno International Asa – slide 7
    Positive trend in financial performance Sales and EBITDA up around 10% from Q1 to Q2 300 284,7 258,6 250 235,5 223,9 225,9 200 183,8 Sales 155,6 171,2 150 140,6 138,7 100 79,5 50 62,8 45,6 5,5 -8,7 EBITDA NOK…
  8. Q2 2010 – Dno International Asa – slide 8
    Lower lifting costs Lifting cost per barrel down by more than 15% from Q1 to Q2 17 16,58 16,31 15 13 11,35 11 Average lifting cost in USD/bbl 10,27 9,98 9,57 9 7 5 Q1 2009 Q2 2009 Q3 2009 Q4 2009 Q1 2010…
  9. Q2 2010 – Dno International Asa – slide 9
    Average sales price down in Q2 Increased share of the production delivered to the local Kurdistan market at discounted prices Price for Yemen production close to Brent market price 65 61,55 60 Achieved sales price (USD/bbl), net…
  10. Q2 2010 – Dno International Asa – slide 10
    Continued improved cash position Tight capital discipline Sound financial platform for new investments 920 821,6 820 720 671,1 620 520 420 320 303,4 282,1 210,0 220 142,7 NOK million 120 20 End Q1 2009…
  11. Q2 2010 – Dno International Asa – slide 11
    License activities 11
  12. Q2 2010 – Dno International Asa – slide 12
    Yemen Block 47 Yaalen / Sharnah Fast Track Development Yaalen-3 well proved up the total field reserves by two successful tests Combined estimated production potential close to 10,000 bopd Notice of Commercial Oil Well submitted to…
  13. Q2 2010 – Dno International Asa – slide 13
    Exploration program DNO is planning to drill at least 5 exploration wells within the next 12 months 3 wells in Kurdistan 1 well in Yemen 1 well in Mozambique Q2 2010 Presentation 13
  14. Q2 2010 – Dno International Asa – slide 14
    Exploration in Kurdistan 3 exploration wells to be drilled Commencing in Q4 2010 Tawke Hawler-1 Dohuk Erbil-2 Peshkabir Q2 2010 Presentation 14
  15. Q2 2010 – Dno International Asa – slide 15
    Yemen BL 72 Basement Prospect NE The Basement Prospect in Block 72 will be drilled in the second half of 2010 This well will test the same play as the producing Kharir and Bayoot fields within the same basin SW Total, the operator…
  16. Q2 2010 – Dno International Asa – slide 16
    Exploration in Mozambique New exploration plays to be tested in the Urema graben Highgrading of prospects ongoing Exploraton well to be spudded in Q4 2010 Farm-ins: Harmattan (5%) and New Age (41%) DNO retains 54% and…
  17. Q2 2010 – Dno International Asa – slide 17
    Key priorities going forward Increase production from a strong, developed reserve base Utilize our production capacity of 40,000 50,000 bopd, net to DNO, without further investments Bring additional production from new fast…
  18. Q2 2010 – Dno International Asa – slide 18
    Haakon Sandborg CFO FINANCIALS
  19. Q2 2010 – Dno International Asa – slide 19
    Key figures Q2 2010 Q2 2009 YTD 2010 YTD 2009 Operating 284.7 223.9 543.2 407.6 revenues Operating profit 99.0 1.9 193.5 -75.3 EBITDA 171.2 79.5 326.8 85.0 Netback 140.6 62.8 279.3 57.2 Q2 2010 Presentation 19
  20. Q2 2010 – Dno International Asa – slide 20
    Improved financial results from operations Quarterly key financials Higher revenues and operating profit Increase in Kurdistan production 325 Low exploration cost expensed 275 Cash increase Solid cash flow from operations 225 Cash…
  21. Q2 2010 – Dno International Asa – slide 21
    Operating profit drivers Production net entitlement Achieved oil price Operational costs 12000 120 1600 1400 10000 100 1200 80 8000 1000 NOK million USD/bbl 60 800 BOPD 6000 600 40 4000 400 20 200 2000 0…
  22. Q2 2010 – Dno International Asa – slide 22
    Netback up on increase in production and oil prices Netback Q2 2010 vs Q2 2009 Netback YTD 2010 vs YTD 2009 180 350 160 300 140 250 120 NOK million 200 NOK million 100 80 150 60 100 40 20 50 0 0…
  23. Q2 2010 – Dno International Asa – slide 23
    Key financial indicators EBITDAX margin EBITDAX Netback 80 % 200 150 180 70 % 67 % 160 100 60 % 64 % 140 50 % 120 50 NOK million NOK million 45 % 45 % 40 % 100 80 0 30 % 60 20 % 40 -50 10 % 20 0% 3% 0 -100…
  24. Q2 2010 – Dno International Asa – slide 24
    Key financial indicators - net of arbitration costs EBITDAX margin EBITDAX Netback 80 % 200 160 180 70 % 140 67 % 160 60 % 64 % 120 140 56 % 50 % 53 % 100 120 NOK million NOK million 45 % 40 % 100 80 80 30 % 60 60 20…
  25. Q2 2010 – Dno International Asa – slide 25
    Condensed income statement NOK million Q2 2010 Q1 2010 Q2 2009 YTD 2010 YTD 2009 Sales 284.7 258.6 223.9 543.2 407.6 Cost of goods sold -155.6 -133.3 -184.0 -288.9 -374.2 Gross profit 129.0 125.3 39.9 254.4 33.4 Dry well cost expensed…
  26. Q2 2010 – Dno International Asa – slide 26
    Cost of goods sold Lifting cost Lifting cost per barrel Yemen Kurdistan Yemen Kurdistan 120 20 18 NOK million 100 16 USD/barrel 80 14 12 60 10 8 40 6 20 4 2 0 0 Q2'09 Q3'09 Q4'09 Q1'10 Q2'10 Q2'09 Q3'09 Q4'09 Q1'10…
  27. Q2 2010 – Dno International Asa – slide 27
    Cash flow statement NOK million Q2 2010 Q1 2010 Q2 2009 YTD 2010 YTD 2009 Profit from operations before exploration 110.1 111.1 23.9 221.2 5.0 Exploration expenses -11.1 -16.6 -22.0 -27.7 -80.2 Taxes paid, DDA, other 83.6 -29.0 80.1…
  28. Q2 2010 – Dno International Asa – slide 28
    Cash flow coverage of investments Netback coverage Cash flow funding Netback before exploration CAPEX Exploration The cash flow coverage ratio increased to 3.2x i Q2 2010 200,0 Increase in netback Reduced investment levels 150,0…
  29. Q2 2010 – Dno International Asa – slide 29
    Capital structure Assets Equity and liabilities 6000 6000 Non-current assets Other current assets Cash and cash equivalents Shareholders equity Non-current liabilities Current liabilities 5000 5000 Cash: NOK 822 million 4000…
  30. Q2 2010 – Dno International Asa – slide 30
    Outlook Oil Production Preliminary figures for July show a WI production of about 27,000 bopd Deliveries to the local market in Kurdistan may continue to show significant fluctuations Some reduction in Yemen production until…
  31. Q2 2010 – Dno International Asa – slide 31
    THIRD QUARTER 2010: 11 NOVEMBER 2010 WELCOME BACK

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