Agenda Highlights and Operational Review Helge Eide, Managing Director Financial Review Haakon Sandborg, CFO Q&A Third Quarter 2009 2
Highlights third quarter Operations DNO delivered 44,500 bopd in the third quarter Tawke export commenced 1 June 2009 and the facilities were tested at the design capacity of 50,000 bopd The Bayoot eld development in Yemen was…
Q3 2009: Key nancials Sales Netback Net prot 1000 350 50 900 300 40 800 700 250 30 600 714 NOK million NOK million NOK million 200 45 500 20 150 314 400 10 300 100 200 325 0 50 100 236 65 -3 0 0 -10 Q3…
YTD 2009: Key nancials Sales Netback Net prot 1600 600 450 1400 400 500 350 1200 844 400 300 1000 NOK million NOK million NOK million 250 800 300 414 200 481 506 600 1,159 200 150 400 100 648 100 200 50…
THE DNO GROWTH STORY
DNOs Growth Cycles First growth cycle Reserves 1st 2nd 3rd Focus on offshore mature elds located in UKCS and NCS. Realized values and paid out 160 dividends in 2004 120 MMBOE 80 Second growth cycle 40 Exploration focused…
Yemen: Historical production Key Facts 50 Gross WI Gross WI 100 Entry in 1998 45 90 40 80 First oil in 2000 35 70 Cumulative oil volumes produced to date Thousand bopd Milllion barrels 30 60 Gross: 87 million barrels 25…
Yemen: Success to contractors creates value to the country Fast-track and low cost developments Cash ow from Yemen 100% Project payback within 12-18 months Net CF DNO 90% Net CF Partners Strong cash ow funding other investments 80%…
Kurdistan: Quickly developed full scale E&P operations Agreement Seismic Drilling, Tawke 1 Tawke test production Tawke export 2004 24 months from entry to rst discovery 2006 2006 36 months from rst discovery to full scale…
Kurdistan high E&P activity High activity Tawke PSC TURKEY 35 international companies DNO present in Kurdistan SYRIA Dohuk PSC 16 nationalities IRAN High drilling and seismic activity Erbil PSC Pioneers DNO and Genel Enerji…
Arbitration As previously reported, DNO is involved in arbitration proceedings related to certain third party interests in the Kurdistan region of Iraq. Such third parties were not approved to be part of or have any rights in the PSC's…
Stock Exchange Notice, 6 October 2009 DNO INTERNATIONAL ASA - RESTARTING OPERATIONS IN KURDISTAN REGION OF IRAQ 06.10.2009 Reference is made to DNO's Stock Exchange Notice dated 21 September 2009 in relation to the notice of the same…
Suspension and reinstatements of the Kurdistan PSCs The KRG suspended all of DNO's operations in the Kurdistan region of Iraq on 21 September. All issues with respect to the suspension were resolved and on 5 October DNO's rights to its…
Operations Det norske oljeselskap ASA PL1067 Tawke Benenan (Hawler) Dohuk Sharyoof Tasour Nabrajah Bayoot Block 32, 43, 47, 52, 53, 72 and 84 Block P Inhaminga Third Quarter 2009 17
Tawke production Start-up of export in line with Tawke production prole Export agreed step-up plan 70,000 Local sales 60,000 Tawke facilities tested at the design 50,000 capacity 40,000 Max eld delivery to date has been…
New Venture Projects Tunisia Chorbane Exploration Permit LOI with Audax signed DNO works in several new regions to build up Farm-in process ongoing our knowledge base and to be ready for new entries Tunisia ts well into DNOs…
HSE Summary Continued positive trend through Q309 HSE performance trends No serious incidents year to date 4 Lost Time Incident Frequency* Vehicle Incident Frequency* 3.5 Total Recordable Incident Frequency* KPIs by end of third…
FINANCIALS
Financial summary Q3 2009 Quarterly key nancials Key points 1200 Sales Tawke exports increase production and sales, Exploration export revenues of NOK 714 million recognized 1000 EBITDA in the quarter A provision of NOK 396 million…
Financial summary (net of export and provision) Sales EBITDAX Netback 1000 900 800 900 700 600 800 700 500 400 600 NOK million NOK million NOK million 500 300 200 400 100 0 300 200 -100 -200 100 0 -300…
Financial summary (net of provision) Sales EBITDAX Netback 1000 900 800 900 Export Q309: 700 600 800 NOK 714 million 700 500 400 600 NOK million NOK million NOK million 500 Export Q209: 300 200 NOK 129 million…
Financial summary (as reported) Sales EBITDAX Netback 1000 900 800 900 Export Q309: 700 600 800 NOK 714 million 700 500 400 600 NOK million NOK million NOK million 500 Export Q209: 300 200 NOK 129 million 400…
Condensed income statement NOK million Q3 2009 Q2 2009 Q3 2008 YTD 2009 YTD 2008 Sales 949.9 358.7 324.5 1,492.3 1,158.9 Cost of goods sold -282.5 -203.1 -156.1 -675.8 -546.7 Gross prot 667.3 155.6 168.4 816.5 612.1 Dry well cost…
Cost of Goods Sold Lifting cost Lifting cost per barrel Yemen Kurdistan Yemen Kurdistan 150 20 15 100 USD/barrel NOK million 10 50 5 0 0 Q3 2008 Q4 2008 Q1 2009 Q2 2009 Q3 2009 Q3 2008 Q4 2008 Q1 2009 Q2 2009 Q3…
Water Purication Project Kurdistan Region of Iraq Third Quarter 2009 34
Water Purication Project Kurdistan Region of Iraq Social Responsibility Program DNO and other contractors operating in the region are making substantial contributions to local society as part of oil rights under PSCs DNO support and…
Investments in Q3 2009 Exploration expensed per segment CAPEX per segment 140 800 Yemen Yemen Kurdistan 700 Kurdistan 120 Africa Africa 600 100 500 NOK million NOK million 80 400 60 300 200 40 100 20 0 0…
NOK million 100 300 500 800 600 900 0 400 700 200 Netback Q3'08 Production Price Q3 2008 Q3 2009 FX OPEX Netback analysis Tax Other Netback Q3'09 NOK million 100 300 500…
Sources and Uses Q3 2008 Q3 2009 Cash ow in the third quarter 2009 500 500 Cash ow from operations before exploration of 450 Exploration 450 NOK 161 million Tawke export receivable included under working 400 400 Other capital…
Capital structure Assets Equity and liabilities 6000 Non-current assets Cash and cash equivalents 6000 Shareholders equity Non-current liabilities Other current assets Current liabilities 5000 5000 Cash: NOK 282 million 4000…
Summary and key priorities Restore market condence and valuation All issues are resolved with the KRG related to the suspension Focus on operations and strategic development Resume export sales once payment procedures are in place…
FOURTH QUARTER 2009: 17 FEBRUARY 201O WELCOME BACK
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