Agenda 1. Welcome and Introduction Tom Bratlie, Communication Director 2. Highlights and Operational Update Helge Eide, Managing Director 3. Q4 and Full Year 2010 Financials Haakon Sandborg, CFO 4. Q&A All Q4 2010 presentation…
2010 Highlights and Operational Update Helge Eide Managing Director
Positive results in 2010 Sales increased by 44 %, from NOK 869 million in 2009 to NOK 1.25 billion in 2010 Increase mainly driven by strong increase in Kurdistan local sales Group cash position increased from NOK 303 million at year…
Continued satisfactory HSE performance Incidents per million working hours Q4 2010 presentation 5
Lower Q4 production due to reduced local deliveries in Kurdistan in November DNO working interest production down from 24 956 bopd in Q3 to 16 251 in Q4 Q4 2010 well above Q4 2009 figures and second best quarter in two years 30 000…
Q4 2010 financial results impacted by lower volumes This graph is adjusted for special (non-operational) items with negative effects in 2009 and 2010 on EBITDA and net back 450 400 406,6 350 309,2 302,0 300 284,7 281,9 258,6 250…
Lifting cost somewhat up in Q4 due to lower volumes from Tawke 20 19,04 18 18,07 17,03 16,58 16,34 16 15,48 15,10 14 13,51 12,59 12 11,72 11,2 11,35 10,28 10,27 Total lifting costs 10 9,98 9,57 Yemen 8,48 8,46 8,17 8,36 8…
Average sales price up in Q4 Some effect from higher international market oil price, but main impact from relatively higher share of volumes from Yemen in Q4 65 61,55 60 55 53,54 51,44 51,88 50 48,65 49,15 45 44,99 40…
Further increase in cash position Cash position increased by NOK 449 million in Q4 1 600 1 385 1 400 1 200 936 1 000 NOK million 822 800 671 600 400 303 282 210 200 143 0 Q1 2009 Q2 2009 Q3 2009 Q4 2009 Q1…
Key figures 2008-2010 1600 1376 1385 1400 1252 1200 1000 869 804 Sales NOK Million 800 651 Adjusted EBITDA 600 Cash at year end 400 303 262 176 200 0 2008* 2009** 2010** * Adjusted for impairment Bl 43 **…
Corporate management Helge Eide Managing Director Haakon Sandborg Trond Myrseth CFO COO Tom Bratlie Tore Lilloe-Olsen Corporate Head of Communication Director Exploration Ole-Andreas Isdahl QHSE Director Magne…
Drilling the Bastora-1 exploration well in the Erbil license in the Kurdistan Region of Iraq. Operations Managing Director Helge Eide
Export production tests started in Kurdistan Testing of export production from the Tawke field commenced on 2 February We are now testing at full capacity of 50,000 bopd Close cooperation between KRG, North Oil Company, and DNO…
The Tawke facilities and connection CPF and refinery to the export pipeline State Oil Marketing Organization (SOMO) Sales at outlet in Turkey Turkeys Petroleum Pipeline Corporation (BOTAS) Pipeline system in Turkey 50 000…
Exploration and production in Kurdistan 25 000 20 000 15 000 10 000 5 000 0 Jan Feb Mar Apr May June July Aug Sept Oct Nov Dec 2010 Tawke WI production bopd Bastora Summail-1 Q4 2010 presentation 17
Bastora-1 Preliminary test results Test 4 Upper Behme Tested 400-500 bopd. 18-20 API Rate not stable. Expect no fracture system; producing from matrix. 1 acid job; 400 bbls with balls dropped 50% acid pumped Test 3 Lower Bekme Tested…
2010 Yemen production 8 000 7 000 7 719 7 371 7 213 7 058 7 027 6 695 6 489 6 394 6 000 6 332 6 256 6 281 5 935 5 000 4 000 Yemen 3 000 2 000 1 000 0 Jan Feb Mar Apr May June July Aug Sept Oct Nov Dec Block 48 Some…
Yemen Block 72: Hydrocarbons in Gabdain-1 Qishn Oil-shows on core-samples Basement probably not sufficiently fractured at location Kohlan Kohlan sandstone tested 37API oil Basement at 130180 bopd Well suspended
Yemen Block 72: Drilling Gabdain-2 Gabdain-1 Gas may fit w/ HC-colomn Gabdain-1 Gabdain-2 *) Gas data are shifted 13m down due to depth difference between the Top Qishn pick on the mud log and the PEX log
Mozambique Q4 2010 presentation 22
Exploration in Mozambique Ihaminga High-1 Chite-1 well completed in December (no discovery) Inhaminga High-1 well spudded on 13 February Q4 2010 presentation 23
Key priorities going forward Ramp up and fully utilize production capacity Add new production from fast track development of new discoveries Continued increased exploration efforts to add new reserves and resources at low costs…
FINANCIALS Haakon Sandborg CFO
Financial summary 2010 Annual key financials Higher sales and cash flow Increased sales through local deliveries from the 2000 Revenues Exploration Expensed Tawke field in Kurdistan Operating Profit Development activity supports…
Key performance indicators Production net entitlement Achieved oil price Operational costs 12000 120 1600 1400 10000 100 1200 80 8000 1000 NOK million USD/bbl 60 800 BOPD 6000 600 40 4000 400 20 200 2000…
Key figures As reported Q4 2010 Q4 2009 Full year 2010 Full year 2009 Operating revenues 302.0 225.9 1,251.8 869.0 Operating profit 86.8 -75.2 156.8 -179.1 EBITDA 159.3 -8.7 473.7 121.9 Netback 139.9 -44.2 379.6 29.8 Net of…
Key financial indicators before special items EBITDAX margin EBITDAX Netback 80 % 350 350 77 % 70 % 300 300 67 % 60 % 64 % 64 % 250 250 56 % 50 % NOK million NOK million 200 200 40 % 150 150 30 % 100 100 20 % 50 50…
Condensed income statement NOK million Q4 2010 Q3 2010 Q4 2009 Full year 2010 Full year 2009 Sales 302.0 406.6 225.9 1,251.8 869.0 Cost of goods sold -144.7 -185.1 -135.8 -618.7 -659.3 Gross profit 157.3 221.4 90.2 633.1 209.7 Dry…
Cash flow statement NOK million Q4 2010 Q3 2010 Q4 2009 Full year 2010 Full year 2009 Profit / (loss) before income tax -40.0 -118.2 -99.3 -206.2 28.0 Non cash items and changes in 222.4 312.9 42.0 933.4 124.0 working capital Taxes and…
Exploration activity Exploration expensed per segment Expensed exploration NOK 56 million in 2010 30 Mozambique: NOK 31 million Yemen Kurdistan Africa Other Dry well Chite-1 25 Seismic, other 20 Kurdistan: NOK 23 million G&G…
Capital expenditure CAPEX per segment Capex NOK 152 million in 2010 Yemen Kurdistan Africa 80 Yemen: NOK 131 million Discovery of Yaalen in BL 47 60 Field development plan approved by partners Infill drilling on Godah and Bayoot…
2011 Guiding Total investment per activity Plan for 2011 WPP Planned investments 1800 Exploration Development CAPEX NOK 200 million 1600 Development Exploration NOK 250 million Contingent additional investments 1400 Development…
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 1385 million 4000…
Shareholder matters Geographic distribution* Norway Rest of World 13,878 Norwegian shareholders 100 % 6% holding 35 percent Sweden 4% 90 % 5% Luxembourg International 80 % 8% 476 international shareholders UK 12 % holding 65…
Outlook 2011 Production Substantially higher deliveries from the Tawke field Somewhat lower production in Yemen Development Complete Yaalen development Initiate additional development projects at the Tawke field Evaluate possible…
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