DNO International ASA Presentation First Quarter 2009
Agenda Introduction & Operational Review Ivar Brandvold, COO Financial Review Haakon Sandborg, CFO Q&A First Quarter 2009 2
Making positive change Strategy During the last years DNOs strategy has been focused on low cost projects in high potential areas - avoiding long term capital commitments This strategy made the company well prepared to adapt to recent…
Initiation of crude oil export from Kurdistan Start of export on 1 June, 2009 Marketed by SOMO Conrmation received DNO is instructed by KRG to complete any outstanding work and undertake all necessary preparations Ensure safe and…
Key events in the First Quarter 2009 The tie-in of the Tawke pipeline to Iraqs Northern pipeline system was completed by the end of rst quarter 2009 The Annual Statement of Reserves shows an increase to 163 mboe (P50) Exploration…
OPERATIONS
Business Overview Det norske oljeselskap ASA PL1067 Tawke Benenan (Hawler) Dohuk Sharyoof Tasour Nabrajah Bayoot Block 32, 43, 44, 47, 52, 53, 72 and 84 Block P Inhaminga First Quarter 2009 7
HSE summary DNOs approach HSE performance trends 9 YTD Lost Time Incident Frequency YTD Vehicle Incident Frequency Based on continuous improvement processes 8 YTD Total Recordable Incident Frequency aimed to create and maintain a…
Kurdistan high E&P activity High activity Tawke PSC TURKEY More than 30 international DNO companies present in Kurdistan SYRIA Dohuk PSC High drilling and seismic activity IRAN Corporate activity Erbil PSC Genel Enerji; new…
Tie-in area completed First Quarter 2009 13
Diesel topping-plant commissioned First Quarter 2009 14
FINANCIALS
Financial summary Q1 2009 Quarterly key nancials Key points 450 Sales Long-term value addition through low-cost 400 reserve growth and eld development Exploration Drop in cash ow and prots due to lower oil EBITDA 350 prices and…
Financial summary Sales EBITDAX and EBITDA Netback 450 350 250 EBITDAX 400 EBITDA 300 200 350 250 300 150 200 250 NOK million NOK million NOK million 200 150 100 150 100 50 100 50 50 0 0 0 -50 -50 -50…
Condensed income statement NOK Million Q1 2009 Q4 2008 Q1 2008 2008 Sales 183.8 217.3 421.9 1,376.2 Cost of goods sold -190.2 -198.7 -212.8 -745.5 Gross prot -6.4 18.6 209.1 630.7 Dry well cost expensed -8.9 -73,5 -4.1 -158,3 Seismic and…
Net nance NOK Million Q1 2009 Q4 2008 Q1 2008 2008 Other nancial income 23.8 1.2 - 13.9 Impairment/reversal of impairment of nancial assets 229.9 -738.4 - -765.4 Net interest cost -32.4 -52.1 -31.6 -158.3 Exchange rate gain (loss),…
Exploration expenditure Exploration expensed Q1 2009 exploration expenses 140 Yemen Reduced exploration activity, maturing of Kurdistan prospects for later drilling 120 Africa NOK 58 million in expensed exploration in the 100…
Capital expenditure CAPEX per segment Q1 2009 CAPEX 400 Yemen Overall investment levels signicantly down 350 Kurdistan from previous quarters Africa NOK 77 million in Capex in the quarter: 300 NOK 50 million on pipeline tie-in,…
NOK million -100 100 250 150 50 0 -50 200 Netback Q1'08 Production Price Q1 2008 Q1 2009 FX Exploration Netback analysis Other OPEX Tax Netback Q1'09 NOK million -40 -10 -20…
Sources and Uses Q1 2008 Q1 2009 Cash ow coverage 300 300 9.00 Netback (before exploration)/Exploration Netback (before exploration)/Exploration Exploration 8.00 and CAPEX Other 7.78 250 250 Sale of nancial assets 7.00 CAPEX…
Capital structure Assets Equity and liabilities Debt per barrel 2P reserves** 6000 Other non-current assets 6000 Shareholders equity 3 Other current assets Non-current liabilities Financial assets Current liabilities 2.62 Cash and…
Summary and closing remarks Through successful technical completion and pipeline tie-in, the Tawke eld is ready for increased production from a strong proved and developed reserve base Preparations for commencement of crude oil…
SECOND QUARTER 2009: 19 AUGUST 2009 WELCOME BACK DNO International ASA, Stranden 1, Aker Brygge, 0250 Oslo, NORWAY, Phone: (+47) 23 23 84 80, Fax: (+47) 23 23 84 81
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