Skip to main content SECOND QUARTER UPDATE – Dno International Asa Investor Presentation | Shale Experts
Loading...
Pm

SECOND QUARTER UPDATE – Dno International Asa

Dno International Asa · Aug 19, 2008 · 43 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. SECOND QUARTER UPDATE – Dno International Asa – slide 1
    D N O i n t er n at i on a l A sa seco n d Q ua rter 20 0 8
  2. SECOND QUARTER UPDATE – Dno International Asa – slide 2
  3. SECOND QUARTER UPDATE – Dno International Asa – slide 3
    second quarter 2008 2 AGENDA SUMMARY AND KEY EVENTS Helge Eide, President and MD OPERATIONAL REVIEW Ivar Brandvold, COO FINANCIAL REVIEW Haakon Sandborg, CFO Q&A
  4. SECOND QUARTER UPDATE – Dno International Asa – slide 4
    3 Dno international asa HIGHLIGHTS IN Q2 AND YEAR TO DATE INCREASED PRODUCTION AND STRONG CASH FLOW Q2 Working interest production increased 70 percent Y/Y Q2 Revenues of NOK 412.5 million, up 30 percent from Q207 Year to…
  5. SECOND QUARTER UPDATE – Dno International Asa – slide 5
    second quarter 2008 4 EXPLORATION YEAR TO DATE KURDISTAN Oil discovery: Hawler 1 (Erbil PSC) YEMEN Oil discovery: Yaalen 1 (Block 47) Oil discovery: Sharnah 1 (Block 47) Oil discovery: Yaalen 2 (Block 47)
  6. SECOND QUARTER UPDATE – Dno International Asa – slide 6
    5 Dno international asa DEVELOPMENT YEAR TO DATE KURDISTAN Infill, appraisal and development: Tawke Field Appraisal: Hawler discovery (Erbil PSC) YEMEN Appraisal: Bayoot (Block 53) Initiated development: Bayoot (Block…
  7. SECOND QUARTER UPDATE – Dno International Asa – slide 7
    second quarter 2008 6 Q2 2008: GROSS PRODUCTION GROSS PRODUCTION PRODUCTION AHEAD OF PLAN Total gross production Q2 2008 from producing assets was 34 777 bopd 20 percent ahead of plan 27 percent up from Q2 2007
  8. SECOND QUARTER UPDATE – Dno International Asa – slide 8
    7 Dno international asa YTD 2008: GROSS PRODUCTION GROSS PRODUCTION PRODUCTION AHEAD OF PLAN 35 000 Total gross production YTD 2008 from Yemen Kurdistan producing assets was 33 000 bopd 12 percent ahead of plan 30 000 22…
  9. SECOND QUARTER UPDATE – Dno International Asa – slide 9
    second quarter 2008 8 Q2 2008: PRODUCTION TO DNO WI AND NE PRODUCTION STRONG GROWTH 25 000 Q208 WI production up 70 percent Y/Y Working Interest Net Entitlement Q208 NE production up 45 percent Y/Y Average realized oil price (NE)…
  10. SECOND QUARTER UPDATE – Dno International Asa – slide 10
    9 Dno international asa YTD 2008: PRODUCTION TO DNO WI AND NE PRODUCTION WELL AHEAD OF GUIDANCE YTD08 WI production up 60 percent 20 000 Working Interest Net Entitlement YTD08 NE production up 56 percent 18 000 Average realized…
  11. SECOND QUARTER UPDATE – Dno International Asa – slide 11
    second quarter 2008 10 Q2 2008: KEY FINANCIALS SALES NETBACK NET PROFIT* 70 60 50 NOK million 40 30 20 10 0 Q2'07 Q2'08 GROWTH IN SALES HIGHER EXPLORATION Sales increased by NOK 95.9 million to NOK 412.5…
  12. SECOND QUARTER UPDATE – Dno International Asa – slide 12
    11 Dno international asa YTD 2008: KEY FINANCIALS SALES NETBACK NET PROFIT* 120 100 80 NOK million 60 40 20 0 YTD'07 YTD'08 GROWTH IN SALES AND CASH FLOW HIGHER EXPLORATION Sales increased by NOK 254.5…
  13. SECOND QUARTER UPDATE – Dno International Asa – slide 13
    second quarter 2008 12 TAWKE STATUS DEVELOPMENT Phase I completed Facility capacity 50 000 bopd 12 oil producers with initial gross capacity in excess of 100 000 bopd EXPORT KRG is progressing work with respect to grant export…
  14. SECOND QUARTER UPDATE – Dno International Asa – slide 14
    13 Dno international asa OUTLOOK EXPLORATION New discoveries YTD will add new reserves Additional potential from remaining exploration program PRODUCTION 2008 production higher than guidance Step change in production with…
  15. SECOND QUARTER UPDATE – Dno International Asa – slide 15
    second quarter 2008 14 Q2 2008: OPERATIONAL REVIEW IVAR BRANDVOLD CHIEF OPERATING OFFICER
  16. SECOND QUARTER UPDATE – Dno International Asa – slide 16
    15 Dno international asa HIGH OPERATIONAL ACTIVITY OPERATIONAL ACHIEVEMENTS Increased oil production from Tawke in Q2 2008 Production in Yemen above expectations due to successful infill drilling HIGH EXPLORATION ACTIVITY…
  17. SECOND QUARTER UPDATE – Dno International Asa – slide 17
    second quarter 2008 16 PRODUCTION UPDATE DAILY PRODUCTION (PER MONTH)* GROSS DAILY PRODUCTION (PER MONTH) DNO Q2 2008 WI PRODUCTION Actual Guided * Working interest production net to DNO Yemen: 9,924 bopd 9,500 bopd ** Volume…
  18. SECOND QUARTER UPDATE – Dno International Asa – slide 18
    17 Dno international asa YEMEN: UPDATE BL 32 Exploration/Drilling Godah 9 completed 15 April, initial gross rate of 340 bopd Tasour 17S spudded 2 August BL 53 Projects Bayoot area: Field development project initiated…
  19. SECOND QUARTER UPDATE – Dno International Asa – slide 19
    second quarter 2008 18 YEMEN: WELLS GOING FORWARD BL 52 BL 44 Q3/Q4 Exploration/Drilling Q3/Q4 Exploration/Drilling Drill exploration well spud December Drill exploration well Gahtel 1 spud October BL 53 Q3/Q4…
  20. SECOND QUARTER UPDATE – Dno International Asa – slide 20
    19 Dno international asa KURDISTAN: UPDATE Tawke PSC Projects Phase I completed and Phase II in progress Topping plant for diesel production being assembled at CPF location Exploration/Drilling Tawke 11 re-entered; tested…
  21. SECOND QUARTER UPDATE – Dno International Asa – slide 21
    second quarter 2008 20 TAWKE: PROJECT DEVELOPMENT PHASE I COMPLETED Phase I completed to the extent possible for production and export (CPF, pipeline and metering station) Physical tie-in will be completed when approval for export…
  22. SECOND QUARTER UPDATE – Dno International Asa – slide 22
    21 Dno international asa MOZAMBIQUE: UPDATE EXPLORATION STATUS Sangussi-1 well spudded in July - the well is currently being further deepened AEM Acquisition program in Main area final acquisition phase AEM survey Fieldwork…
  23. SECOND QUARTER UPDATE – Dno International Asa – slide 23
    second quarter 2008 22 UK: PROJECT STATUS PL 1067 ON UKCS DNO is Operator Completed re-evaluation of well 211/22-2 discovery P50 resources: Gross: 17 million boe Net to DNO: 8,5 million boe GOING FORWARD Mature the discovery…
  24. SECOND QUARTER UPDATE – Dno International Asa – slide 24
    23 Dno international asa FINANCIAL REVIEW HAAKON SANDBORG CHIEF FINANCIAL OFFICER
  25. SECOND QUARTER UPDATE – Dno International Asa – slide 25
    second quarter 2008 24 FINANCIAL SUMMARY MAINTAINING STRONG CASH FLOW Strong production providing netback of NOK 185 million in Q208 Expensed NOK 86 million exploration investments, aimed at expanding portfolio of discoveries,…
  26. SECOND QUARTER UPDATE – Dno International Asa – slide 26
    25 Dno international asa Q2 2008: FINANCIAL HIGHLIGHTS Q2 2008 Q2 2007 Change Operating revenues 412.5 316.6 +30.3% Exploration expensed 85.9 10.4 +726% EBITDAX 328.7 259.2 +26.8% EBITDA 242.8 248.8 -2.4% Netback 185.4…
  27. SECOND QUARTER UPDATE – Dno International Asa – slide 27
    second quarter 2008 26 YTD 2008: FINANCIAL HIGHLIGHTS YTD 2008 YTD 2007 Change Operating revenues 834.4 579.9 + 43.9% Exploration expensed 120.1 73.5 +63.4% EBITDAX 653.7 481.0 +35.9% EBITDA 533.6 407.5 + 30.9% Netback 416.9…
  28. SECOND QUARTER UPDATE – Dno International Asa – slide 28
    27 Dno international asa KEY FIGURES THREE MONTHS ENDING SIX MONTHS ENDING Barrels of oil and oil equivalents 30.06.08 31.03.08 30.06.07 30.06.08 30.06.07 Working interest production per day 20,151 17,752 11,855 18,952 11,839 Net…
  29. SECOND QUARTER UPDATE – Dno International Asa – slide 29
    second quarter 2008 28 INCOME STATEMENT THREE MONTHS ENDING SIX MONTHS ENDING NOK Million 30.06.08 31.03.08 30.06.07 30.06.08 30.06.07 Sales 412.5 421.9 316.6 834.4 579.9 Cost of goods sold -177.8 -212.8 -122.5 -390.7 -229.7 Gross…
  30. SECOND QUARTER UPDATE – Dno International Asa – slide 30
    29 Dno international asa REVENUES UP ON HIGHER PRODUCTION Y/Y Q2 2007 VERSUS Q2 2008 Q1 2008 VERSUS Q2 2008 600 500 400 NOK million 300 200 100 0 Q1 2008 Production Price FX Q2 2008
  31. SECOND QUARTER UPDATE – Dno International Asa – slide 31
    second quarter 2008 30 LOWER COSTS OF GOODS SOLD COSTS OF GOODS SOLD DECREASE IN COST OF GOODS SOLD Reduction of previous lifting cost accruals vs. actual billings in Yemen Drop in DD&A due to lower net entitlement production…
  32. SECOND QUARTER UPDATE – Dno International Asa – slide 32
    31 Dno international asa HIGH EXPLORATION ACTIVITY EXPLORATION EXPENSED HIGH ACTIVITY IN KURDISTAN Yemen Kurdistan Other YEMEN (NOK million) Q208 YTD08 110 Seismic 7.7 18.5 Dry wells 0.0 4.1 G&G and other 5.6 7.2 90 Total 13.3…
  33. SECOND QUARTER UPDATE – Dno International Asa – slide 33
    second quarter 2008 32 INCREASING TOTAL EXPLORATION EXPENSED AND CAPITALIZED EXPLORATION HIGHER EXPLORATION YEMEN (NOK million) Q208 YTD08 Expensed exploration 13.3 31.3 Capitalized exploration wells 49.3 107.3 Total 62.6 138.6…
  34. SECOND QUARTER UPDATE – Dno International Asa – slide 34
    33 Dno international asa TAX RECOVERY OF EXPLORATION INVESTMENTS DNOS PRODUCTION SHARING AGREEMENTS All recoverable costs add to DNOs cost oil positions under the PSAs Recoverable costs include exploration investments such as…
  35. SECOND QUARTER UPDATE – Dno International Asa – slide 35
    second quarter 2008 34 TOTAL CAPITAL EXPENDITURE DEVELOPMENT CAPEX & CAPITALIZED TOTAL CAPEX OF NOK 344.6 MILLION EXPLORATION Yemen Kurdistan Other NOK 113.2 million in capitalized exploration wells NOK 231.4 million in development…
  36. SECOND QUARTER UPDATE – Dno International Asa – slide 36
    35 Dno international asa MAINTAINING SOLID NETBACK Q2 2007 VERSUS Q2 2008 Q1 2008 VERSUS Q2 2008 450 400 350 300 NOK million 250 200 150 100 50 0 Q207 Prod Price FX OPEX* Tax Q208 *OPEX includes…
  37. SECOND QUARTER UPDATE – Dno International Asa – slide 37
    second quarter 2008 36 SOLID CASH FLOW COVERAGE STRONG YTD COVERAGE SOURCES AND USES OF CASH Netback before exploration 800 Total covered 63% of high Q208 CAPEX investments 700 Total Netback before exploration CAPEX Total Capex…
  38. SECOND QUARTER UPDATE – Dno International Asa – slide 38
    37 Dno international asa CAPITAL STRUCTURE EQUITY AND DEBT BALANCE SHEETS Equity ratio increase from 29 percent to 48 percent YOY Stable interest bearing debt Cash and Current cash equiv. liabilities FINANCIAL POSITION End of…
  39. SECOND QUARTER UPDATE – Dno International Asa – slide 39
    second quarter 2008 38 GUIDING 2008 THREE MONTHS SIX MONTHS KURDISTAN Q208 Q308E 1H08 2H08E Production, working interest (bopd) 12,989 7,000 8,805 8,500 Number of exploration wells* 2 0 4 1-2 Number of development wells* 1 1 2 1-3…
  40. SECOND QUARTER UPDATE – Dno International Asa – slide 40
    39 Dno international asa SUMMARY - YEAR TO DATE BUILDING VALUE THROUGH EXPLORATION Value addition through several new oil discoveries Expanding portfolio of prospects and leads Extensive seismic surveys on high potential areas…
  41. SECOND QUARTER UPDATE – Dno International Asa – slide 41
    second quarter 2008 40 THIRD QUARTER 2008: 12 NOVEMBER 2008 WELCOME BACK
  42. SECOND QUARTER UPDATE – Dno International Asa – slide 42
    Notes 42
  43. SECOND QUARTER UPDATE – Dno International Asa – slide 43
    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

From the store

Browse maps, data & reports in the Shale Experts store