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FIRST QUARTER 2008 – Dno International Asa

Dno International Asa · Apr 1, 2008 · 41 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. FIRST QUARTER 2008 – Dno International Asa – slide 1
    D N O i n t er n at i on a l A sa f ir st Q ua rter 20 0 8
  2. FIRST QUARTER 2008 – Dno International Asa – slide 2
  3. FIRST QUARTER 2008 – Dno International Asa – slide 3
    First quarter 2008 2 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 Tawke 3
  4. FIRST QUARTER 2008 – Dno International Asa – slide 4
    3 Dno international asa Q1 2008: OPERATIONAL HIGHLIGHTS STRONG EXPLORATION AND APPRAISAL RESULTS TWO OIL DISCOVERIES IN YEMEN ONE SUCCESSFUL APPRAISAL ONE OIL DISCOVERY IN KURDISTAN REGION OF IRAQ PRODUCTION AHEAD OF PLAN…
  5. FIRST QUARTER 2008 – Dno International Asa – slide 5
    First quarter 2008 4 SUCCESSFUL EXPLORATION AND APPRAISAL KURDISTAN REGION OF IRAQ Oil discovery: Hawler 1 (Erbil PSC) REPUBLIC OF YEMEN Oil discovery: Yaalen 1 (Block 47) Oil discovery: Sharnah 1 (Block 47) Appraisal:…
  6. FIRST QUARTER 2008 – Dno International Asa – slide 6
    5 Dno international asa Q1 2008 - GROSS PRODUCTION GROSS PRODUCTION INCREASED PRODUCTION Yemen Kurdistan Total gross production Q1 2008 from producing 35 000 assets was 31 224 bopd 4 percent ahead of plan 30 000 PLAN Yemen…
  7. FIRST QUARTER 2008 – Dno International Asa – slide 7
    First quarter 2008 6 BUILDING RESERVES AND PRODUCTION WI AND NE PRODUCTION WI AND NE RESERVES AND RESOURCES Net Entitlement (NE) Working Interest (WI) Net Entitlement (NE) Working Interest (WI) 18 000 160 16 000 140 14 000…
  8. FIRST QUARTER 2008 – Dno International Asa – slide 8
    7 Dno international asa Q1 2008 FINANCIAL HIGHLIGHTS SALES NETBACK NET PROFIT 450 250 70 400 60 350 200 50 300 NOK Million NOK Million NOK Million 150 250 40 200 30 100 150 20 100 50 10 50 0 0 0 Q1…
  9. FIRST QUARTER 2008 – Dno International Asa – slide 9
    First quarter 2008 8 OUTLOOK CONTINUE EXPLORATION STRATEGY HIGH EXPLORATION ACTIVITY FORM A STRONG BASIS FOR INCREASED RESERVES INCREASED PRODUCTION POTENTIAL MAINTAIN CURRENT GROSS PRODUCTION LEVEL INTO SECOND QUARTER…
  10. FIRST QUARTER 2008 – Dno International Asa – slide 10
    9 Dno international asa Q1 2008: OPERATIONAL REVIEW IVAR BRANDVOLD CHIEF OPERATING OFFICER
  11. FIRST QUARTER 2008 – Dno International Asa – slide 11
    First quarter 2008 10 OPERATIONAL HIGHLIGHTS OPERATIONAL ACHIEVEMENTS Achieved production level ahead of plan CPF start-up in February on the Tawke field STRONG EXPLORATION RESULTS Discovery in well Hawler 1 well in Kurdistan…
  12. FIRST QUARTER 2008 – Dno International Asa – slide 12
    11 Dno international asa PRODUCTION UPDATE DAILY PRODUCTION (PER MONTH)* GROSS DAILY PRODUCTION (PER MONTH) NCS Bl 32 Bl 43 Bl 53 Tawke Tawke adj Yemen Kurdistan 21 000 40 000 18 000 35 000 30 000 15 000 25 000 12 000…
  13. FIRST QUARTER 2008 – Dno International Asa – slide 13
    First quarter 2008 12 TAWKE WORKING INTEREST PRODUCTION Until 12 March 2008 Interim period* Initial cost recovery phase** Standard PSC terms License interest 55 % 55 % 55 % 55 % Paying interest 100 % 100 % 68.75 % 68.75 %…
  14. FIRST QUARTER 2008 – Dno International Asa – slide 14
    13 Dno international asa YEMEN: UPDATE BL 32 Q1 PRODUCTION (BOPD) 3,153 BL 44 Tasour 2,078 Godah 1,075 Q1 EXPLORATION/DRILLING Re-evaluating the resource potential, assessing well targets Q1 EXPLORATION/DRILLING Maleen 1…
  15. FIRST QUARTER 2008 – Dno International Asa – slide 15
    First quarter 2008 14 YEMEN: EXPLORATION WELL LOCATIONS Sayun-Masila Basin MESARI 1 SHARNAH 1 Drilling ongoing Discovery, test ongoing Well located on the flank of the Mesari 1 prospect Sharnah 1 SUWEHED 1 Suwehed 1…
  16. FIRST QUARTER 2008 – Dno International Asa – slide 16
    15 Dno international asa KURDISTAN: UPDATE Dohuk PSC Tawke PSC Tawke 11 Tawke 15 Tawke 12 TAWKE PSC Q1 PRODUCTION (BOPD) 7,383 Tawke 7,383 DEVELOPMENT Tawke CPF start up 9 February CPF, 12 pipeline and metering station…
  17. FIRST QUARTER 2008 – Dno International Asa – slide 17
    First quarter 2008 16 THE TAWKE PROJECT: DEVELOPMENT OIL FLARE GAS WATER WELL FLUID 2 X 10,000 bbls SEPARATOR - 2 stages CRUDE OIL TANKS 10,000 bopd WELL LOADING CAPACITY PUMP WATER INJECTION TANK (FUTURE) TAWKE FIELD…
  18. FIRST QUARTER 2008 – Dno International Asa – slide 18
    17 Dno international asa TAWKE: TOPPING PLANT Scheduled start-up in August Production of diesel for field consumption Capacity of 1 300-1 500 bbl diesel/day Expect to sell excess diesel in the local market
  19. FIRST QUARTER 2008 – Dno International Asa – slide 19
    First quarter 2008 18 MOZAMBIQUE: UPDATE Main area AEM survey Sangussi 1
  20. FIRST QUARTER 2008 – Dno International Asa – slide 20
    19 Dno international asa MOZAMBIQUE: NEW TECHNOLOGIES SANGUSSI 1 COMMITMENT WELL Scheduled spud in June 2008 High risk high reward prospect Gross recoverable reserves potential of 2.1 Tcf of gas and 40 million bbls of condensate…
  21. FIRST QUARTER 2008 – Dno International Asa – slide 21
    First quarter 2008 20 Q1 2008: FINANCIAL REVIEW HAAKON SANDBORG CHIEF FINANCIAL OFFICER
  22. FIRST QUARTER 2008 – Dno International Asa – slide 22
    21 Dno international asa Q1 2008: FINANCIAL HIGHLIGHTS Q1 2008 Q1 2007 Change Operating revenues 421.9 263.3 +60 % Net profit 62.4 19.0 +228 % EBITDA 290.8 158.7 +83 % Netback 231.5 139.9 +65 %
  23. FIRST QUARTER 2008 – Dno International Asa – slide 23
    First quarter 2008 22 KEY FIGURES THREE MONTHS ENDING 12 MONTHS ENDING Barrels of oil and oil equivalents 31.03.08 31.12.07 31.03.07 31.03.08 31.12.07 Working interest production per day 17,752 15,478 11,823 15,929 14,462 Net…
  24. FIRST QUARTER 2008 – Dno International Asa – slide 24
    23 Dno international asa INCOME STATEMENTS THREE MONTHS ENDING 12 MONTHS ENDING NOK million 31.03.08 31.12.07 31.03.07 31.03.08 31.12.07 Sales 421.9 364.7 263.3 1,478.5 1,319.9 Cost of goods sold -212.8 -187.7 -107.1 -652.8…
  25. FIRST QUARTER 2008 – Dno International Asa – slide 25
    First quarter 2008 24 REVENUES UP ON HIGHER PRODUCTION Q1 2007 VERSUS Q1 2008 Q4 2007 VERSUS Q1 2008 600 600 500 500 400 400 NOK million NOK million 300 300 200 200 100 100 0 0 Q107 Production Price FX…
  26. FIRST QUARTER 2008 – Dno International Asa – slide 26
    25 Dno international asa INCREASED COSTS OF GOODS SOLD COSTS OF GOODS SOLD NON-CASH DD&A UP DOUBLED Lifting costs * Depreciation, depletion and amortisation FROM Q1 2007 220 Yemen reserve revisions Higher production 165 NOK…
  27. FIRST QUARTER 2008 – Dno International Asa – slide 27
    First quarter 2008 26 HIGH EXPLORATION ACTIVITY EXPLORATION EXPENSED LOWER EXPENSED EXPLORATION Yemen Kurdistan Other Q108 expensed exploration of NOK 34.2 million 110 YEMEN (NOK MILLION) Seismic: 10.7 Dry wells: 4.2 80 G&G…
  28. FIRST QUARTER 2008 – Dno International Asa – slide 28
    27 Dno international asa INCREASING TOTAL EXPLORATION EXPENSED AND CAPITALIZED EXPLORATION CAPITALIZED EXPLORATION UP ON NEW Capitalized exploration Other DISCOVERIES AND PLANNED TESTS G&G, Seimsic and field surveys Dry well Q108…
  29. FIRST QUARTER 2008 – Dno International Asa – slide 29
    First quarter 2008 28 TOTAL CAPITAL EXPENDITURE DEVELOPMENT CAPEX AND CAPITALIZED REDUCED CAPEX EXPLORATION Q1 2008 CAPEX of NOK 238.2 million Yemen Kurdistan Other Development CAPEX NOK 115.4 million 400 340 YEMEN NOK 46.5…
  30. FIRST QUARTER 2008 – Dno International Asa – slide 30
    29 Dno international asa NETBACK UP ON PRODUCTION Q1 2007 VERSUS Q1 2008 Q4 2007 VERSUS Q1 2008 400 400 300 300 NOK million NOK million 200 200 100 100 0 0 Q107 Prod Price FX OPEX Tax Q108 Q407 Prod Price FX…
  31. FIRST QUARTER 2008 – Dno International Asa – slide 31
    First quarter 2008 30 STRONG CASH FLOW GENERATION NETBACK* NETBACK PER BARREL* NETBACK PER SHARE* Netback Exploration expensed 30 1,0 1 500 25 0,8 1 200 20 0,6 900 NOK Million NOK USD 15 0,4 600 10 300 0,2…
  32. FIRST QUARTER 2008 – Dno International Asa – slide 32
    31 Dno international asa SOLID CASH FLOW COVERAGE GROWTH IN NETBACK SUPPORTS SOURCES AND USES OF CASH INVESTMENT PROGRAM 350 Netback before exploration covered Total CAPEX 97% of total Q1 2008 investments 300 Netback before…
  33. FIRST QUARTER 2008 – Dno International Asa – slide 33
    First quarter 2008 32 CAPITAL STRUCTURE SOLID CAPITAL STRUCTURE BALANCE SHEETS Equity ratio increase from 19 percent to 48 percent YOY 5 000 Stable net interest bearing debt 4 000 Cash and cash Current MAINTAINING FINANCIAL…
  34. FIRST QUARTER 2008 – Dno International Asa – slide 34
    33 Dno international asa GUIDING 2008 FIRST QUARTER SECOND QUARTER FULL YEAR KURDISTAN 2008 Guided 2008E 2007 2008E 2007 Production, working interest (bopd) 7,383 6,000 6,000 0 6,000 2,826 Number of exploration wells 2 2 2 0 5-6…
  35. FIRST QUARTER 2008 – Dno International Asa – slide 35
    First quarter 2008 34 FINANCIAL SUMMARY SUCCESSFUL EXPLORATION ADDS VALUE Strong start of the year with discoveries in Kurdistan and Yemen Value addition expected through confirmation of new reserves STRONG FINANCIAL…
  36. FIRST QUARTER 2008 – Dno International Asa – slide 36
    35 Dno international asa SECOND QUARTER 2008: 20 AUGUST 2008 WELCOME BACK
  37. FIRST QUARTER 2008 – Dno International Asa – slide 37
  38. FIRST QUARTER 2008 – Dno International Asa – slide 38
    nOTES 38
  39. FIRST QUARTER 2008 – Dno International Asa – slide 39
  40. FIRST QUARTER 2008 – Dno International Asa – slide 40
    nOTES 40
  41. FIRST QUARTER 2008 – Dno International Asa – slide 41
    DNO Interim Report First Quarter 2008 DNO International ASA, Stranden 1, Aker Brygge, 0250 Oslo, NORWAY, Phone: (+47) 23 23 84 80, Fax: (+47) 23 23 84 81 www.dno.no

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