DNO International Q4 and full year 2011 presentation
Q4 and full year 2011 presentation Welcome Tom Bratlie Director Corporate Communications and Public Affairs Operational and financial highlights Helge Eide Chief Executive Officer Nicholas Atencio Country Manager, Kurdistan Key…
Operational and financial highlights Helge Eide CEO and President
Strong development in 2011 2011 vs. 2010 Record high production +130% 2011 WI production of 39,966 bopd WI production up from 17,381 in 2010 Highest operating revenue ever +65% Sales of NOK 2,070 million (1,252) Operating…
The Tawke field produced well above design capacity in 2011 Gross production (bopd) 80,000 70,000 60,000 Average gross production in 2011 50,000 was 52,000 bopd 40,000 71,350 65,333 66,776 65,330 30,000 60,514 54,119 43,946…
Higher production and increasing reserves WI Production (bopd) 2P reserves (mmboe) 45,000 450 40,000 400 RRR=11.0 52 35,000 350 30,000 300 25,000 250 RRR=7.1 200 354.5 20,000 39,966 15,000 150 21,511 100 10,000 194 17,381…
Low cost position maintained Lifting cost per barrel (USD) Finding and development cost per barrel (USD) 14.0 12.0 12.0 10.0 10.0 8.0 8.0 13.0 6.0 6.0 10.6 9.5 4.0 4.0 8.1 5.0 2.0 2.0 1.4 0.0 0.0 2009 2010 2011…
Portfolio evenly spread along value curve DNOs portfolio is diversified across different parts of the field life cycle, delivering optionality and providing unique access to MENA production, development and exploration. Yemen Block…
Extensive multi-region drilling program for 2012 Country JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC Tawke-16 Tawke-14 Tawke-18 Tawke-19 Kurdistan Peshkabir-1 Tawke deep Benenan-1 Bastora-2 Tasour-27 Nabrajah-21…
Short term priorities Kurdistan Increase production capacity to 100,000 bopd at the Tawke field Commence field development of Benenan/Bastora Step-up drilling activities Yemen Maintain stable production and cash flow Prepare for…
www.dno.no 12
DNO-RAK merger completed 10 January 2012 Integration on track CEO Helge Eide General Counsel CFO & Board Secretary Haakon Sandborg Bjrn Dale Director Corporate Communications and Public Director Affairs Human Resources…
DNOs operations in Kurdistan Nicholas Atencio Country Manager Kurdistan
Tawke-16 Green: Current P50 model. Red: Reservoir volume indicated on reprocessed seismic and interference testing T-16 objective is to prove up additional volumes within the northern flank Estimated OIP for the northern…
Tawke deep prospect Well planned to be drilled 2H 2012 Q4 and full year 2011 presentation 18
Peshkabir prospect Well spudded on 4 September 2011 Oil shows observed during drilling Drilling ahead Q4 and full year 2011 presentation 19
Next step at the Summail discovery in the Dohuk license is 3D seismic 11 million scf/d of gas produced during testing Heavy oil confirmed from 3 tests Well discovery report submitted to the Ministry of Natural Resources…
Developing the Benenan/Bastora field in the Erbil license Erbil PSC, license partners: 40% 40% DNO KRG 20% Gas Plus Erbil Q4 and full year 2011 presentation 21
Drilling in Oman Block 8
West Bukha 5 well Drilling with the Noble jack up rig Roy Rhodes Spudded on 2 December 2011 Will be drilled into the Thamama formation with a MD of 4,900m Current status: Drilling 12 1/2 hole to approx. 4,000 meters, running 9 5/8…
Q4 and full year 2011 financials Haakon Sandborg CFO
Financial summary 2011 Clear and compelling strategy Annual key financials A significant E&P player in the MENA region Repositioned asset portfolio to further Revenues Netback Operating Profit strengthen growth potential 1800 Record…
Key figures NOK mill Q4 2011 Q4 2010 Full year 2011 Full year 2010 Operating revenues 904.6 302.0 2,070.2 1,251.8 Operating profit 210.8 86.8 657.7 156.8 EBITDA 662.8 159.3 1,418.6 473.7 Netback 649.3 139.9 1,321.6 379.6 Q4 and…
Condensed income statement NOK mill Q4 2011 Q3 2011 Q4 2010 Full year Full year 2011 2010 Sales 904.6 152.4 302.0 2,070.2 1,251.8 Cost of goods sold -624.8 -100.1 -144.7 -1,165.7 -618.7 Gross profit 279.8 52.3 157.3 904.5 633.1 Dry…
Cash flow statement NOK mill Q4 2011 Q3 2011 Q4 2010 Full year Full year 2011 2010 Profit/(loss) before income tax 191.5 318.6 -40.0 728.2 -206.2 Non cash items and changes in 251.7 107.4 222.4 474.1 933.4 working capital Taxes and…
Strong financial position Cash Net Interest-Bearing Debt 2009 2010 2011 2009 2010 2011 2,000 200 109 1,800 1,752 0 1,600 -200 1,385 1,400 -400 1,200 -430 NOK million NOK million -600 1,000 -800 800 -1,000 600…
Exploration activity 50 Expensed exploration NOK 103 million in 2011 45 Mozambique: NOK 37 million Dry well Inhaminga High-1 40 Seismic, other 35 Kurdistan: NOK 27 million G&G work , other NOK million 30 Other Yemen: NOK 32…
Capital expenditure Capex NOK 422 million in 2011 Yemen Kurdistan 180 Yemen: NOK 78 million 160 Field development 140 Bayoot infill wells 120 NOK million Kurdistan: NOK 338 million 100 Tawke PSC: Field development, T-13,…
Investments funded by cash flow Investment and cash flow Cash flow coverage* Capex + Exploration Netback bef Exploration 300 1600 250 1400 1200 200 1000 NOK million Percent 150 800 600 100 400 50 200 0 0 2009…
Significant step up in 2012 investments 1400 Total investment per activity Development CAPEX NOK 1 billion Development Extensive drilling program 1200 Exploration Increase production capacity at Tawke to 100,000 bopd Development of…
Shareholder structure post RAK merger Geographic distribution* Norway 14,034 Norwegian shareholders holding 35% 100% Rest of World 9% International 90% 4% Sweden 4% 557 international shareholders holding 65% 6% Luxembourg 80% RAK…
Outlook 2012 Production continues to increase into 2012 Building additional production capacity through facility upgrades and new wells Significant reserves upside from high impact exploration and appraisal drilling Continue to…
Thank you for attending FIRST QUARTER 2012: 9 MAY 2012
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