Rocksource ASA First Quarter 2015 21 May 2015 CEO Terje Arnesen
Table of contents Update on strategy 1Q highlights and financials Portfolio update Summary and outlook Appendix Slide: 3
Rocksource A NCS explorer Value creation CORE NON - CORE + + - - M A D T P E U R A V R O D P E E D I P L R U S O A C C P I P T O M S D I V E E O O E N N ACTIVE R T PORTFOLIO Y MANAGEMENT APA, Rounds,…
Focusing on two Core Areas going forward The objective is to discover commercial hydrocarbons through active portfolio management by integrating relevant technology for prospect analysis and risk assessment CORE I: Frya High,…
Table of contents Update on strategy 1Q highlights and financials Portfolio update Summary and outlook Appendix Slide: 6
1Q highlights and subsequent events Successful awards in APA 2014 Two new licenses awarded, both in the North Sea 50 per cent and operatorship in PL 791, and 20 per cent in PL 784 Relinquishment of five US GoM leases Part over the…
1Q highlights and subsequent events (continued) NOK 210 million rights issue successfully concluded in February Issuance of 60,000,000 new shares, subscription price of NOK 3.50 per share 2015 drilling programme fully funded A new…
Two North Sea licences awarded in APA 2014 Rocksource was awarded 50% and operatorship in PL 791 in the northern part of the North Sea Partner in the licence is Tullow In PL 784 in the central North Sea Rocksource was awarded…
1Q key figures NOK 000 1Q 2015 1Q 2014 2014 Total operating income 17 813 1 290 16 432 Exploration expenses (50 202) (71 350) (282 335) EBITDA (41 412) (72 666) (279 456) Total financial income / (expenses) 14 331 (4 530) 34 602…
Table of contents Update on strategy 1Q highlights and financials Portfolio update Summary and outlook Appendix Slide: 11
Goal to repeat 2014 success on Pil Well 1Q 14 2Q 14 3Q 14 4Q 14 1Q 15 2Q 15 3Q 15 4Q 15 2016 Pil Pil appraisal Bue Boomerang Blink * Potential follow up * * Optional in the event of success Slide: 12
PL 586, Pil The core value driver in Rocksource Located 32km southwest of Njord in the Norwegian Sea (water depth of 300m) Rocksource 15%. Operated by VNG (30%), with Spike (30%) and Faroe (25%) as partners Three successful wells…
Material upside potential to be drilled in 2015 2015 drilling campaign to explore the large structure adjacent to existing discoveries Gross unrisked resources of 200 500 mmboe*, Considered medium to low risk* (similar seismic…
PL 746S, Hernar Potential 2016/17 drill candidate Awarded in APA 2013 Key prospect name: Hernar Producible hydrocarbons proved and tested (29/31) within the licence (Brent Group). Additional volume potential identified in deeper…
US GoM: Portfolio trimmed, negotiations continue Five leases recently relinquished Part over the Groups overall strategy to preserve cash Core leases including Trident and AC855 retained Significant potential combined resource…
Table of contents Update on strategy 1Q highlights and financials Portfolio update Summary and outlook Appendix Slide: 17
All set to explore the significant upside in Pil 2015 followup programme on Pil will seek to prove standalone commerciality Potential to more than double the current resource base Two back to back slots, with one firm side track…
Table of contents Update on strategy 1Q highlights and financials Portfolio update Summary and outlook Appendix Slide: 19
Profit and loss statement NOK '000 1Q 2015 4Q 2014 3Q 2014 2Q 2014 1Q 2014 Revenue 12 245 4 987 2 815 7 340 1 290 Other operation income 5 568 - - - - Total operating income 17 813 4 987 2 815 7 340 1 290 Other general and…
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