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Q1 2011 PRESENTATION – Dno International Asa

Dno International Asa · May 11, 2011 · 29 slides

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Slides

  1. Q1 2011 PRESENTATION – Dno International Asa – slide 1
    Q1 2011 Presentation 11 May 2011
  2. Q1 2011 PRESENTATION – Dno International Asa – slide 2
    Agenda 1. Welcome and Introduction Tom Bratlie, Communication Director 2. Highlights and Operational Update Helge Eide, Managing Director 3. Q1 Financials Haakon Sandborg, CFO 4. Q&A All Q1 2011 Presentation 2
  3. Q1 2011 PRESENTATION – Dno International Asa – slide 3
    Q1 Highlights and Operational update Helge Eide Managing Director
  4. Q1 2011 PRESENTATION – Dno International Asa – slide 4
    Q1 2011: Significant increase in production Export production from Tawke re-commenced in February April production at Tawke around 65,000 bopd Peak gross deliveries (DNO and third party) to export pipeline tested at 80,000 bopd…
  5. Q1 2011 PRESENTATION – Dno International Asa – slide 5
    Payment of exports from Tawke DNO has received confirmation by the Kurdistan Regional Government (KRG) that cash advances will be made by the KRG to companies exporting oil from the Kurdistan Region in Iraq. An amount of USD 110…
  6. Q1 2011 PRESENTATION – Dno International Asa – slide 6
    Development in production volumes per quarter 2010-2011 39,945 40,000 35,000 24,956 30,000 25,000 15,748 16,252 bopd (WI) 20,000 12,442 15,000 10,000 5,000 0 Q1 2010 Q2 2010 Q3 2010 Q4 2010 Q1 2011 Q1 2011…
  7. Q1 2011 PRESENTATION – Dno International Asa – slide 7
    RESERVES CLASS 1-3: 30% increase in estimated reserves 6 years development in P50 reserves, Class 1-3 (continued operations) MMBOE 200 194,2 180 162,6 160 151,8 149,4 140 120 100 80 78,7 60 53,5 40 20 0 2005 2006…
  8. Q1 2011 PRESENTATION – Dno International Asa – slide 8
    RESERVES AND RESOURCES Classification of reserves & resources as of year end 2010 MMBOE 250 Kurdistan: 183.4 Yemen: 10.8 211.2 200 194.2 150 100 Tawke Euphrates: 1.1 Yaleen ph2 (Bl47): 0.3 Mulle (UK): 3.3 Sharnah…
  9. Q1 2011 PRESENTATION – Dno International Asa – slide 9
    Tawke reservoir characteristics Fractured carbonate system with oil volumes in the fractures and matrix Bulk Rock Volume In place volumes: Matrix Fractures Recoverable reserves
  10. Q1 2011 PRESENTATION – Dno International Asa – slide 10
    Additional review of DNO reserves Third party assessment of Tawke field as of 31.12.2010 concludes with P50 ultimate gross reserves of 306 million barrels DNO own revised estimates have taken more recent production information and…
  11. Q1 2011 PRESENTATION – Dno International Asa – slide 11
    Significant volumes exported through DNO facilities in Kurdistan Tawke facilities tested above 70,000 bopd Total export from DNO operated facilities including third party export tested above 80,000 bopd 90,000 80,000 Third party…
  12. Q1 2011 PRESENTATION – Dno International Asa – slide 12
    Bastora-1 Horizontal sidetrack completed Production tests will commence mid May Erbil license development plan to be filed with the KRG in June First horizontal oil well to be drilled in Kurdistan Q1 2011 Presentation 12
  13. Q1 2011 PRESENTATION – Dno International Asa – slide 13
    Summail-1 High impact exploration well in the Dohuk license in Kurdistan Spudded on 19 April Q1 2011 Presentation 13
  14. Q1 2011 PRESENTATION – Dno International Asa – slide 14
    Summail-1 Well defined structure First results from drilling expected in Q3 2011 DNO holding 40% WI in the license Q1 2011 Presentation 14
  15. Q1 2011 PRESENTATION – Dno International Asa – slide 15
    A first cash advance to DNO of USD 110 million has now been confirmed by the Kurdistan Regional Government and forms a basis for increased activities by DNO in Kurdistan going forward.
  16. Q1 2011 PRESENTATION – Dno International Asa – slide 16
    Yemen operations WI Production bopd 8000 7000 6000 5000 4000 7719 7371 7213 7058 7027 6489 6695 6332 6394 6256 6281 6125 3000 5935 6040 5492 2000 1000 0 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar 2010…
  17. Q1 2011 PRESENTATION – Dno International Asa – slide 17
    Alsaiq-1 exploration well in Yemen Block 47 currently ongoing Targeting several prospective horizons with planned total depth into basement Block 48
  18. Q1 2011 PRESENTATION – Dno International Asa – slide 18
    Key priorities Sustain production at full capacity Add new production from fast track development of new discoveries Continued focused exploration efforts to add new reserves and resources at low costs Explore strategic options…
  19. Q1 2011 PRESENTATION – Dno International Asa – slide 19
    FINANCIALS Haakon Sandborg CFO Q1 2011 Presentation 19
  20. Q1 2011 PRESENTATION – Dno International Asa – slide 20
    Financial summary Q1 2011 Quarterly key financials Stable sales and cash flow 500 Yemen production and local deliveries in Kurdistan supporting stable first quarter revenues 400 Export sales from Tawke not included in Q1 revenues 300…
  21. Q1 2011 PRESENTATION – Dno International Asa – slide 21
    Key performance indicators Production net entitlement* Achieved oil price Operational costs 18000 120 600 16000 100 500 14000 80 400 12000 NOK million USD/bbl 10000 60 300 BOPD 8000 40 200 6000 20 100…
  22. Q1 2011 PRESENTATION – Dno International Asa – slide 22
    Key financial indicators before special items EBITDAX margin EBITDAX Netback 80 % 350 350 77 % 70 % 300 300 70 % 67 % 60 % 64 % 64 % 250 250 50 % NOK million NOK million 200 200 40 % 150 150 30 % 100 100 20 % 50…
  23. Q1 2011 PRESENTATION – Dno International Asa – slide 23
    Quarterly unit lifting costs USD/Barrel 25 20 19.45 19.04 18.07 17.03 16.58 16.34 15.48 15.10 15 13.51 Total lifting costs 12.59 11.72 Yemen 11.2 11.35 10 10.28 10.27 9.98 Tawke 9.57 8.48 8.46 8.36 8.66 8.17 5 5.31…
  24. Q1 2011 PRESENTATION – Dno International Asa – slide 24
    Quarterly average realized oil price USD/Barrel 80 75 70 65 61.55 60 55 53.54 53.21 51.44 51.88 50 48.65 49.15 45 44.99 40 39.34 35 30 Q1 2009 Q2 2009 Q3 2009 Q4 2009 Q1 2010 Q2 2010 Q3 2010 Q4 2010 Q1 2011 Q1 2011…
  25. Q1 2011 PRESENTATION – Dno International Asa – slide 25
    Condensed income statement Full year Full year NOK million Q1 2011 Q4 2010 Q1 2010 2010 2009 Sales 281.2 302.0 258.6 1,251.8 869.0 Cost of goods sold 140.2 -144.7 -133.3 -618.7 -659.3 Gross profit 141.0 157.3 125.3 633.1 209.7 Dry…
  26. Q1 2011 PRESENTATION – Dno International Asa – slide 26
    Cash flow statement Full year Full year NOK million Q1 2011 Q4 2010 Q1 2010 2010 2009 Profit / (loss) before income tax -22.5 -40.0 50.5 -206.2 28.0 Non cash items and changes in 8.5 222.4 60.1 933.4 124.0 working capital Taxes and…
  27. Q1 2011 PRESENTATION – Dno International Asa – slide 27
    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 984 million 4000…
  28. Q1 2011 PRESENTATION – Dno International Asa – slide 28
    Outlook 2011 Production Production volumes from the Tawke field expected to continue at current high levels Yemen production expected to show some decline Short term production outlook affected by labor strike at Nexen facilities…
  29. Q1 2011 PRESENTATION – Dno International Asa – slide 29
    SECOND QUARTER 2011: 17 AUGUST 2011 WELCOME BACK Q1 2011 Presentation 29

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